Virginia National Bank Mortgage Rates, Fees & Info

Charlottesville, VA

LEI: 549300XE6SNRPD2GUD44

Tax ID: 54-1902129

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Mortgage Data

Bank Data

Review & Overview

Virginia National Bank is a smaller bank specializing in Home Purchase and Refi loans. Virginia National Bank has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Charlottesville, Hagerstown, Washington, and Winchester among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

Virginia National Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

113

Origination Dollar Volume (All Markets)

$77,165,000

Employee count

84

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
RICHMOND, VA (FHA|USDA|VA) 62 $42,960,000 $692,903 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 23 $15,435,000 $671,087 $0 0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $7,805,000 $7,805,000 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $3,280,000 $1,640,000 $0 0.00%
Outside of Metro Areas 9 $2,755,000 $306,111 $0 0.00%
WINCHESTER, VA-WV (FHA|USDA|VA) 4 $1,250,000 $312,500 $0 0.00%
HARRISONBURG, VA (FHA|USDA|VA) 1 $715,000 $715,000 $0 0.00%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $605,000 $605,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $535,000 $535,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $425,000 $425,000 $0 0.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
Mount Airy, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
Virginia National Bank's top markets include Richmond, Charlottesville, Hagerstown, Washington, and Winchester among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 113 $77,165,000 $682,876 $0 0.00%

    For 2020, Virginia National Bank's most frequently originated type of loan was Conventional, with 113 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 63 $41,695,000 $661,825 $0 0.00%
    Refi 50 $35,470,000 $709,400 $0 0.00%

    For 2020, Virginia National Bank's most frequently cited loan purpose was Home Purchase, with 63 originations. The 2nd most popular reason was Refi, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 113 $77,165,000 $682,876 $0 0.00%

    For 2020, Virginia National Bank's most frequently cited loan duration was Other, with 113 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 35 $4,885,000 $139,571 $0 0.00%
    $1MM+ 20 $50,640,000 $2,532,000 $0 0.00%
    $200k-400k 18 $4,820,000 $267,778 $0 0.00%
    $400k-600k 17 $8,245,000 $485,000 $0 0.00%
    $100,000 or less 12 $890,000 $74,167 $0 0.00%
    $600k-1MM 11 $7,685,000 $698,636 $0 0.00%

    2020 saw Virginia National Bank place emphasis on $100k-200k loans with 35 originations, totaling $4,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 16 $7,340,000 $458,750 $0 0.00%
    $150k-250k 12 $5,150,000 $429,167 $0 0.00%
    $75k-100k 3 $1,255,000 $418,333 $0 0.00%
    $50k or less 2 $780,000 $390,000 $0 0.00%
    $100k-150k 1 $185,000 $185,000 $0 0.00%

    Virginia National Bank lent most frequently to those with incomes in the $250k+ range, with 16 originations. The second most popular income band? $150k-250k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 113 $77,165,000 $682,876 $0 0.00%

    Virginia National Bank lent most frequently to those with DTI ratios of Exempt%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 78 $62,230,000 $797,821 $0 0.00%
    White 27 $12,525,000 $463,889 $0 0.00%
    Black 3 $1,085,000 $361,667 $0 0.00%
    Asian 3 $685,000 $228,333 $0 0.00%
    Not provided 2 $640,000 $320,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.79%

    Virginia National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.88%

    Virginia National Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 113 $77,165,000 $682,876

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 21 $44,995,000 $2,142,619
    Single Family (1-4 Units):Manufactured 1 $165,000 $165,000
    Single Family (1-4 Units):Site-Built 91 $32,005,000 $351,703

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY FHA mortgage Struggling to pay mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Virginia National Bank 1580 Seminole Trail Charlottesville, VA 22901 Full Service B&M $31,053
    Virginia National Bank 1900 Arlington Blvd. Charlottesville, VA 22903 Full Service B&M $169,187
    Virginia National Bank 222 East Main Street Charlottesville, VA 22902 Full Service B&M $176,914
    Virginia National Bank 301 East Water Street Charlottesville, VA 22902 Limited, Drive-thru $0
    Virginia National Bank 3119 Valley Avenue #102 Winchester, VA 22601 Full Service B&M $31,586
    Virginia National Bank 404 People Place Charlottesville, VA 22911 Full Service B&M $307,256

    For 2020, Virginia National Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,230
    Net interest income $23,879
    Total noninterest income $5,411
    Gross Fiduciary activities income $722
    Service charges on deposit accounts $651
    Trading account gains and fees $0
    Additional Noninterest Income $4,038
    Pre-tax net operating income $10,818
    Securities gains (or losses, -) $744
    Income before extraordinary items $9,260
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,260
    Minority interest net income $0
    Net income $9,260
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $8,664

    Virginia National Bank's gross interest income from loans was $27,230,000.
    Virginia National Bank's net interest income from loans was $23,879,000.
    Virginia National Bank's fee based income from loans was $651,000.
    Virginia National Bank's net income from loans was $9,260,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,351
    Provision for credit losses $1,622
    Total noninterest expense $16,850
    Salaries and employee benefits $8,924
    Premises and equipment expense $2,341
    Additional noninterest expense $5,585
    Applicable income taxes $2,302
    Net charge-offs $376
    Cash dividends $4,400

    Virginia National Bank's interest expense for loans was $3,351,000.
    Virginia National Bank's payroll and benefits expense were $8,924,000.
    Virginia National Bank's property, plant and equipment expenses $2,341,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $732,624
    Deposits held in domestic offices $732,624
    Deposits by Individuals, partnerships, and corporations $684,889
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $45,251
    Deposits by Commercial banks and other depository institutions in U.S. $2,484
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $78,242
    Demand deposits $57,418
    Nontransaction accounts $654,382
    Money market deposit accounts (MMDAs) $552,669
    Other savings deposits (excluding MMDAs) $2,611
    Total time deposits $99,102
    Total time and savings deposits $675,206
    Noninterest-bearing deposits $211,632
    Interest-bearing deposits $520,992
    Retail deposits $698,162
    IRAs and Keogh plan accounts $7,829
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $848,730
    Cash & Balances due from depository institutions $34,695
    Interest-bearing balances $26,579
    Total securities $174,085
    Federal funds sold & reverse repurchase $0
    Net loans and leases $603,951
    Loan and leases loss allowance $5,455
    Trading account assets $0
    Bank premises and fixed assets $8,734
    Other real estate owned $0
    Goodwill and other intangibles $713
    All other assets $26,552

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $848,730
    Total Liabilities $766,811
    Total deposits $732,624
    Interest-bearing deposits $520,992
    Deposits held in domestic offices $732,624
    % insured (estimated) $69
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $33,589
    Subordinated debt $0
    All other liabilities $598

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $603,951
    Loan and leases loss allowance $5,455
    Total loans and leases (domestic) $609,406
    All real estate loans $432,584
    Real estate loans in domestic offices $432,584
    Construction and development loans $22,509
    Residential 1-4 family construction $2,238
    Other construction, all land development and other land $20,271
    Loans secured by nonfarm nonresidential properties $233,619
    Nonfarm nonresidential secured by owner-occupied properties $95,551
    Commercial real estate & other non-farm, non-residential $138,068
    Multifamily residential real estate $43,490
    1-4 family residential loans $127,294
    Farmland loans $5,672
    Loans held in foreign offices $0
    Farm loans $62
    Commercial and industrial loans $113,574
    To non-U.S. addressees $0
    Loans to individuals $58,135
    Credit card loans $0
    Related Plans $17,624
    Consumer Auto Loans $16
    Other loans to individuals $40,495
    All other loans & leases $5,051
    Loans to foreign governments and official institutions $0
    Other loans $5,051
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,265
    Non 1-4 family restructured loans & leases $1,156
    Total loans and leases (foreign) $0

    Virginia National Bank had $603,951,000 of loans outstanding in 2020. $432,584,000 of loans were in real estate loans. $22,509,000 of loans were in development loans. $43,490,000 of loans were in multifamily mortgage loans. $127,294,000 of loans were in 1-4 family mortgage loans. $62,000 of loans were in farm loans. $0 of loans were in credit card loans. $16,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 152 $47,163 $310,283
    Nonfarm, nonresidential loans - <$100k 7 $306 $43,714
    Nonfarm, nonresidential loans - $100-250k 30 $3,310 $110,333
    Nonfarm, nonresidential loans - $250k-1MM 115 $43,547 $378,670
    Commercial & Industrial, US addressed loans - <$1MM 668 $54,043 $80,903
    Commercial & Industrial, US addressed loans - <$100k 419 $8,639 $20,618
    Commercial & Industrial, US addressed loans - $100-250k 137 $13,326 $97,270
    Commercial & Industrial, US addressed loans - $250k-1MM 112 $32,078 $286,411
    Farmland loans - <$1MM 11 $2,411 $219,182
    Farmland loans - <$100k 2 $160 $80,000
    Farmland loans - $100-250k 4 $442 $110,500
    Farmland loans - $250k-1MM 5 $1,809 $361,800
    Agriculture operations loans - <$1MM 1 $62 $62,000
    Agriculture operations loans - <$100k 1 $62 $62,000