Locus Bank, Inc.

Headquarters

7814 Carousel Ln
Richmond, VA 23294
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 5.50% →
1-Year CD N.A. 4.80% →
2-Year CD N.A. 4.25% →
5-Year CD N.A. 4.05% →
30-Year Mortgage N.A. 4.91% →
15-Year Mortgage N.A. 4.39% →
HELOC N.A. 0.99% →

2024 Overview

General Bank Information

Locus Bank, Inc. is an FDIC insured institution located in Richmond, VA. It was founded in 2008 and has approximately $0.31 billion in assets. Customers can open an account at one of its 2 branches.

FDIC Insured Yes
FDIC Certificate # 58658
Date Established 2008
Assets $ 314.73 million
Loans $ 256.18 million
Deposits $ 204.81 million
Capital $ 67.52 million
 

For a more detailed analysis of Locus Bank, Inc.'s financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - December 10, 2024

Your Current Location: Washington, WA 98109


Loan Rates - December 10, 2024

Your Current Location: Washington, WA 98109

There are currently no loan rates available for Locus Bank, Inc.

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Washington 30 Year Fixed Mortgage Rates 2024

Lender APR Rate (%) Monthly
Payment
Learn More
Basis Lending, LLC
NMLS ID: 2463124
License#: Yes
6.048% 5.875%
0.88 points
$6,000 fees
$1,893 Learn More
Sammamish Mortgage Company
NMLS ID: 118653
License#: CL-118653
6.340% 6.250%
1.00 points
$3,034 fees
$1,971 Learn More
Infinity Mortgage Group
NMLS ID: 35972
License#: NMLS 35972
6.340% 6.250%
0.63 points
$3,094 fees
$1,971 Learn More
Mutual of Omaha Mortgage, Inc.
NMLS ID: 1025894
6.580% 6.490%
0.75 points
$3,020 fees
$2,021 Learn More

Featured - Washington Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Rate
Rate
See Table
Intro APR 9.600 %
After Intro: 9.600 %
$25,000 Learn More
More Info

Note to Locus Bank, Inc.
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Branches

Locus Bank, Inc. branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Seattle,Washington


Locus Bank, Inc. Locations around zip code 98109


BranchDistance Map View Lobby Hours

Vcc Bank

2337.95 A View Lobby Hours

Richmond Branch

2479.68 B View Lobby Hours


Climate Policy and Initiatives

Locus Bank, Inc. is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.


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Financial Details

Locus Bank, Inc. Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Locus Bank, Inc.. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Locus Bank, Inc. U.S. Bank Average
6.77% 4.48%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2024, Locus Bank, Inc. had $4,718,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $67,522,000 in equity and $2,163,000 in loans loss reserves. That gives it a Texas Ratio of 6.77%.

Return on Equity
Locus Bank, Inc. U.S. Bank Average
3.01% 10.46%

Locus Bank, Inc. has a Return on Equity of 3.01% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Locus Bank, Inc. U.S. Bank Average
21.45% 10.84%

Locus Bank, Inc. has a Capitalization of 21.45% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Locus Bank, Inc. Balance Sheet Analysis

As of June 30, 2024, Locus Bank, Inc. had assets of $314,734,000, loans of $256,176,000, and deposits of $204,814,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2024
ASSETS
Cash & Balances due from depository institutions $ 9.55 million
Interest-bearing balances $ 9.44 million
Total securities $ 34.55 million
Federal funds sold and reverse repurchase $ 0.27 million
Net loans and leases $ 256.18 million
Loan loss allowance $ 2.16 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 7.76 million
     Total Assets $ 247.21 million
LIABILITIES
Total deposits $ 204.81 million
      Interest-bearing deposits $ 176.51 million
      Deposits held in domestic offices $ 204.81 million
      % insured (estimated) 64.85%
Federal funds purchased and repurchase agreements $ 7.76 million
Trading liabilities N.A.
Other borrowed funds $ 6.98 million
Subordinated debt N.A.
All other liabilities $ 0.93 million
      Total Liabilities $ 247.21 million
      Shareholders’ Equity $ 67.52 million

Summary Income Statement

June 30, 2024
INCOME AND EXPENSES
Total Interest Income $ 8.29 million
Total Interest Expense $ 3.81 million
Net interest income $ 4.48 million
Provision for loan and lease losses $ 0.23 million
Total non interest income $ 0.21 million
Total non interest expense $ 3.31 million
Pre-tax Net Operating Income $ 1.02 million

Bank Loan Profile?

The top three loan types in Locus Bank, Inc.’s loan portfolio are Multifamily Mortgages, Commercial Real Estate, and Commercial and Industrial Loans.

Compared to other banks in Virginia, Locus Bank, Inc. has a significantly higher percent of Multifamily Mortgages on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 7.65
Multifamily
Mortgages
24.69
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 4.61
Construction and Development Loans 7.92
Commercial Real Estate 18.27
Commercial and Industrial Loans 10.16
Farm Loans 0.00

Customer Reviews for Locus Bank, Inc.

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