Summit Community Bank Mortgage Rates, Fees & Info
Moorefield, WVLEI: Z867SNMO7WGY8TTGQG78
Tax ID: 55-0744997
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Bank Data
Review & Overview
Summit Community Bank is a smaller bank specializing in Home Purchase and Refi loans. Summit Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Washington, Harrisonburg, Charleston, and Winchester among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)Summit Community 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. Summit Community Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
Home Equity Line of Credit (HELOC) | 6.86% | 10/29/24 |
30 Year Conventional Purchase | 7.04% | 10/29/24 |
30 Year Conventional Refi | 6.85% | 10/29/24 |
30 Year Cash-out Refi | 6.63% | 10/29/24 |
15 Year Conventional Purchase | 7.63% | 10/29/24 |
15 Year Conventional Refi | 6.97% | 10/29/24 |
15 Year Cash-out Refi | 6.97% | 10/29/24 |
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. |
Summit Community Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
735Origination Dollar Volume (All Markets)
$159,155,000Employee count
354 Show all (2) awardsSummit Community Bank - 2019
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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) | 5 | $38,695,000 | $7,739,000 | $9,789 | 4.67% |
Outside of Metro Areas | 293 | $27,745,000 | $94,693 | $2,796 | 5.55% |
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 55 | $14,955,000 | $271,909 | $4,268 | 5.31% |
HARRISONBURG, VA (FHA|USDA|VA) | 43 | $13,675,000 | $318,023 | $3,667 | 4.58% |
CHARLESTON, WV (FHA|USDA|VA) | 72 | $11,390,000 | $158,194 | $3,313 | 5.50% |
WINCHESTER, VA-WV (FHA|USDA|VA) | 43 | $10,235,000 | $238,023 | $3,000 | 5.24% |
Bluefield, WV-VA (FHA|USDA|VA) | 73 | $6,175,000 | $84,589 | $2,855 | 5.52% |
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 25 | $6,165,000 | $246,600 | $3,622 | 5.30% |
MORGANTOWN, WV (FHA|USDA|VA) | 8 | $6,140,000 | $767,500 | $2,911 | 5.15% |
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 29 | $5,995,000 | $206,724 | $3,497 | 5.60% |
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 9 | $2,525,000 | $280,556 | $0 | 4.53% |
BECKLEY, WV (FHA|USDA|VA) | 27 | $2,505,000 | $92,778 | $2,573 | 5.41% |
STAUNTON, VA (FHA|USDA|VA) | 9 | $1,885,000 | $209,444 | $3,082 | 5.31% |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $1,610,000 | $805,000 | $0 | 5.78% |
Edwards, CO (FHA|USDA|VA) | 1 | $1,435,000 | $1,435,000 | $0 | 5.50% |
SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $1,355,000 | $1,355,000 | $0 | 6.69% |
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $900,000 | $450,000 | $3,510 | 4.06% |
CUMBERLAND, MD-WV (FHA|USDA|VA) | 8 | $800,000 | $100,000 | $3,040 | 6.39% |
Athens, OH (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $2,740 | 4.56% |
Martinsville, VA (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $0 | 5.20% |
Elkins, WV (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $0 | 5.76% |
CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $3,159 | 4.81% |
PARKERSBURG-VIENNA, WV (FHA|USDA|VA) | 4 | $460,000 | $115,000 | $3,624 | 5.59% |
ROANOKE, VA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $2,484 | 4.24% |
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 5 | $325,000 | $65,000 | $0 | 6.25% |
PITTSBURGH, PA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 4.94% |
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 5.50% |
Mount Gay-Shamrock, WV (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $3,382 | 5.45% |
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,412 | 6.09% |
Point Pleasant, WV-OH (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $3,007 | 5.67% |
Portsmouth, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,893 | 5.72% |
LYNCHBURG, VA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Summit Community Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 509 | $144,555,000 | $283,998 | $3,120 | 5.34% |
HELOC | 226 | $14,600,000 | $64,602 | n/a | 6.80% |
For 2019, Summit Community Bank's most frequently originated type of loan was Conventional, with 509 originations. Their 2nd most popular type was HELOC, with 226 originations.
Loan Reason
For 2019, Summit Community Bank's most frequently cited loan purpose was Home Purchase, with 328 originations. The 2nd most popular reason was Refi, with 222 originations.
Loan Duration/Length
For 2019, Summit Community Bank's most frequently cited loan duration was 30+ year, with 297 originations. The 2nd most popular length was 30 Year, with 165 originations.
Origination Fees/Closing Costs
Summit Community Bank's average total fees were $3,060, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 193 originations.
Interest Rates
During 2019, Summit Community Bank's average interest rate for loans was 4.96%, while their most frequently originated rate bucket for loans was 5-6%, with 216 originations.
Loan Sizing
2019 saw Summit Community Bank place emphasis on $100,000 or less loans with 359 originations, totaling $19,335,000 in origination value.
Applicant Income
Summit Community Bank lent most frequently to those with incomes in the $50k or less range, with 155 originations. The second most popular income band? $50k-75k, with 148 originations.
Applicant Debt to Income Ratio
Summit Community Bank lent most frequently to those with DTI ratios of 20-30%, with 177 originations. The next most common DTI ratio? 30-36%, with 145 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.31%
Summit Community Bank has an average approval rate.
Pick Rate
Approvals leading to origination73.06%
Summit Community Bank has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
579.0 | 1 | $15,000 | $15,000 |
NA | 734 | $159,140,000 | $216,812 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
Bank Name | Branch | Branch Type | Deposits (000's) |
---|---|---|---|
Summit Community Bank, Inc | 1826 Harper Road Beckley, WV 25801 | Full Service B&M | $8,624 |
Summit Community Bank, Inc | 300 North Main Street Moorefield, WV 26836 | Full Service Cyber Office | $285,697 |
Summit Community Bank, Inc | 100 West Jubal Early Drive Winchester, VA 22601 | Full Service B&M | $111,157 |
Summit Community Bank, Inc | 1049 Cook Parkway Oceana, WV 24870 | Full Service B&M | $46,138 |
Summit Community Bank, Inc | 108 Spruce Street Bluefield, VA 24605 | Full Service B&M | $33,472 |
Summit Community Bank, Inc | 114 James River & Kanawha Turnpike Rainelle, WV 25962 | Full Service B&M | $42,610 |
Summit Community Bank, Inc | 1223 Stafford Drive Princeton, WV 24740 | Full Service B&M | $50,888 |
Summit Community Bank, Inc | 123 Bethel Rd Mac Arthur, WV 25873 | Full Service B&M | $7,841 |
Summit Community Bank, Inc | 1321 Edwin Miller Blvd. Martinsburg, WV 25401 | Full Service B&M | $17,026 |
Summit Community Bank, Inc | 145 Springhaven Drive Princeton, WV 24740 | Full Service B&M | $25,008 |
Summit Community Bank, Inc | 148 Ivanhoe Road Max Meadows, VA 24360 | Full Service B&M | $15,635 |
Summit Community Bank, Inc | 1925 Stone Spring Road, Suite 200 Rockingham, VA 22801 | Full Service B&M | $20,825 |
Summit Community Bank, Inc | 195 West Main Strret Monterey, VA 24465 | Full Service B&M | $64,403 |
Summit Community Bank, Inc | 200 First Street Mullens, WV 25882 | Full Service B&M | $79,850 |
Summit Community Bank, Inc | 200 Peppers Ferry Road Wytheville, VA 24382 | Full Service B&M | $26,005 |
Summit Community Bank, Inc | 2020 College Avenue Bluefield, WV 24701 | Full Service B&M | $22,023 |
Summit Community Bank, Inc | 204 Catoctin Circle Se Leesburg, VA 20175 | Full Service B&M | $42,045 |
Summit Community Bank, Inc | 224 South Main Street Harrisonburg, VA 22801 | Full Service B&M | $57,524 |
Summit Community Bank, Inc | 23 Scenic Highway Churchville, VA 24421 | Full Service B&M | $10,866 |
Summit Community Bank, Inc | 2350 South Pleasant Valley Road Winchester, VA 22601 | Full Service Retail | $8,616 |
Summit Community Bank, Inc | 2402 Mountaineer Boulevard Charleston, WV 25309 | Full Service B&M | $72,528 |
Summit Community Bank, Inc | 251 West Lee Highway, Suite 730 Warrenton, VA 20186 | Full Service B&M | $31,638 |
Summit Community Bank, Inc | 300 North Main Street Moorefield, WV 26836 | Full Service Cyber Office | $141,252 |
Summit Community Bank, Inc | 310 North Main Street Moorefield, WV 26836 | Full Service B&M | $109,503 |
Summit Community Bank, Inc | 321 Temple Street Hinton, WV 25951 | Full Service B&M | $61,814 |
Summit Community Bank, Inc | 500 Federal Street Bluefield, WV 24701 | Full Service B&M | $81,889 |
Summit Community Bank, Inc | 515 Appalachian Highway Pineville, WV 24874 | Full Service B&M | $16,212 |
Summit Community Bank, Inc | 525 Federal Street Bluefield, WV 24701 | Limited, Drive-thru | $0 |
Summit Community Bank, Inc | 564 North Main St. Franklin, WV 26807 | Full Service B&M | $35,609 |
Summit Community Bank, Inc | 59 Upper Cove Rd. Mathias, WV 26812 | Full Service B&M | $16,810 |
Summit Community Bank, Inc | 620 Virginia Street East Charleston, WV 25301 | Full Service B&M | $57,329 |
Summit Community Bank, Inc | 90 South Grove Street Petersburg, WV 26847 | Full Service B&M | $120,693 |
Summit Community Bank, Inc | 910 Clay Street Rupert, WV 25984 | Full Service B&M | $21,012 |
Summit Community Bank, Inc | 9406 Sam Snead Highway Hot Springs, VA 24445 | Full Service B&M | $33,868 |
Summit Community Bank, Inc | Williamson Avenue Pineville, WV 24874 | Full Service B&M | $25,150 |
For 2019, Summit Community Bank had 35 branches.
Yearly Performance Overview
Bank Income
Item | Value (in 000's) |
---|---|
Total interest income | $107,041 |
Net interest income | $78,003 |
Total noninterest income | $11,661 |
Gross Fiduciary activities income | $2,055 |
Service charges on deposit accounts | $5,276 |
Trading account gains and fees | $0 |
Additional Noninterest Income | $4,330 |
Pre-tax net operating income | $38,244 |
Securities gains (or losses, -) | $1,938 |
Income before extraordinary items | $32,273 |
Discontinued Operations (Extraordinary gains, net) | $0 |
Net income of bank and minority interests | $32,273 |
Minority interest net income | $0 |
Net income | $32,273 |
Sale, conversion, retirement of capital stock, net | $200 |
Net operating income | $30,722 |
Summit Community Bank's gross interest income from loans was $107,041,000.
Summit Community Bank's net interest income from loans was $78,003,000.
Summit Community Bank's fee based income from loans was $5,276,000.
Summit Community Bank's net income from loans was $32,273,000.
Bank Expenses
Item | Value (in 000's) |
---|---|
Total interest expense | $29,038 |
Provision for credit losses | $1,550 |
Total noninterest expense | $49,870 |
Salaries and employee benefits | $25,531 |
Premises and equipment expense | $8,234 |
Additional noninterest expense | $16,105 |
Applicable income taxes | $7,909 |
Net charge-offs | $1,523 |
Cash dividends | $9,000 |
Summit Community Bank's interest expense for loans was $29,038,000.
Summit Community Bank's payroll and benefits expense were $25,531,000.
Summit Community Bank's property, plant and equipment expenses $8,234,000.
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 | 2.9% |
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 | $1,915,412 |
Deposits held in domestic offices | $1,915,412 |
Deposits by Individuals, partnerships, and corporations | $1,827,571 |
Deposits by U.S. Government | $5 |
Deposits by States and political subdivisions in the U.S. | $79,169 |
Deposits by Commercial banks and other depository institutions in U.S. | $8,667 |
Deposits by Banks in foreign countries | $0 |
Deposits by Foreign governments and official institutions | $0 |
Transaction accounts | $65,082 |
Demand deposits | $44,040 |
Nontransaction accounts | $1,850,330 |
Money market deposit accounts (MMDAs) | $827,997 |
Other savings deposits (excluding MMDAs) | $418,096 |
Total time deposits | $604,237 |
Total time and savings deposits | $1,871,372 |
Noninterest-bearing deposits | $262,727 |
Interest-bearing deposits | $1,652,685 |
Retail deposits | $1,726,224 |
IRAs and Keogh plan accounts | $64,594 |
Brokered deposits | $150,554 |
Deposits held in foreign offices | $0 |
Assets
Asset | Value (in 000's) |
---|---|
Total Assets | $2,401,941 |
Cash & Balances due from depository institutions | $61,878 |
Interest-bearing balances | $33,751 |
Total securities | $276,416 |
Federal funds sold & reverse repurchase | $0 |
Net loans and leases | $1,901,744 |
Loan and leases loss allowance | $13,074 |
Trading account assets | $0 |
Bank premises and fixed assets | $45,074 |
Other real estate owned | $19,276 |
Goodwill and other intangibles | $23,779 |
All other assets | $73,774 |
Liabilities
Liabilities | Value (in 000's) |
---|---|
Total liabilities and capital | $2,401,941 |
Total Liabilities | $2,134,809 |
Total deposits | $1,915,412 |
Interest-bearing deposits | $1,652,685 |
Deposits held in domestic offices | $1,915,412 |
% insured (estimated) | $82 |
Federal funds purchased and repurchase agreements | $145 |
Trading liabilities | $0 |
Other borrowed funds | $200,722 |
Subordinated debt | $0 |
All other liabilities | $18,530 |
Issued Loan Types
Type | Value (in 000's) |
---|---|
Net loans and leases | $1,901,744 |
Loan and leases loss allowance | $13,074 |
Total loans and leases (domestic) | $1,914,818 |
All real estate loans | $1,530,857 |
Real estate loans in domestic offices | $1,530,857 |
Construction and development loans | $121,635 |
Residential 1-4 family construction | $8,393 |
Other construction, all land development and other land | $113,242 |
Loans secured by nonfarm nonresidential properties | $712,276 |
Nonfarm nonresidential secured by owner-occupied properties | $276,218 |
Commercial real estate & other non-farm, non-residential | $436,058 |
Multifamily residential real estate | $164,645 |
1-4 family residential loans | $503,798 |
Farmland loans | $28,503 |
Loans held in foreign offices | $0 |
Farm loans | $9,717 |
Commercial and industrial loans | $197,426 |
To non-U.S. addressees | $0 |
Loans to individuals | $36,470 |
Credit card loans | $1,457 |
Related Plans | $614 |
Consumer Auto Loans | $17,271 |
Other loans to individuals | $17,128 |
All other loans & leases | $140,349 |
Loans to foreign governments and official institutions | $0 |
Other loans | $127,031 |
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 | $1,073 |
Restructured Loans & leases | $723 |
Non 1-4 family restructured loans & leases | $424 |
Total loans and leases (foreign) | $0 |
Summit Community Bank had $1,901,744,000 of loans outstanding in 2019. $1,530,857,000 of loans were in real estate loans. $121,635,000 of loans were in development loans. $164,645,000 of loans were in multifamily mortgage loans. $503,798,000 of loans were in 1-4 family mortgage loans. $9,717,000 of loans were in farm loans. $1,457,000 of loans were in credit card loans. $17,271,000 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 | 580 | $142,807 | $246,219 |
Nonfarm, nonresidential loans - <$100k | 102 | $4,779 | $46,853 |
Nonfarm, nonresidential loans - $100-250k | 171 | $21,407 | $125,187 |
Nonfarm, nonresidential loans - $250k-1MM | 307 | $116,621 | $379,873 |
Commercial & Industrial, US addressed loans - <$1MM | 894 | $76,213 | $85,249 |
Commercial & Industrial, US addressed loans - <$100k | 584 | $15,424 | $26,411 |
Commercial & Industrial, US addressed loans - $100-250k | 187 | $19,673 | $105,203 |
Commercial & Industrial, US addressed loans - $250k-1MM | 123 | $41,116 | $334,276 |
Farmland loans - <$1MM | 61 | $8,411 | $137,885 |
Farmland loans - <$100k | 20 | $903 | $45,150 |
Farmland loans - $100-250k | 24 | $2,912 | $121,333 |
Farmland loans - $250k-1MM | 17 | $4,596 | $270,353 |
Agriculture operations loans - <$1MM | 96 | $3,489 | $36,344 |
Agriculture operations loans - <$100k | 87 | $1,879 | $21,598 |
Agriculture operations loans - $100-250k | 5 | $429 | $85,800 |
Agriculture operations loans - $250k-1MM | 4 | $1,181 | $295,250 |