SONABANK

Headquarters

307 Church Lane
Tappahannock, VA 22560
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 0.66% →
1-Year CD N.A. 0.71% →
2-Year CD N.A. 0.81% →
5-Year CD N.A. 1.15% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

SONABANK is an FDIC insured institution located in Tappahannock, VA. It was founded in 2005 and has approximately $3.16 billion in assets. Customers can open an account at one of its 50 branches.

FDIC Insured Yes
FDIC Certificate # 57968
Date Established 2005
Assets $ 3.16 billion
Loans $ 2.50 billion
Deposits $ 2.28 billion
Capital $ 440.45 million
 

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

Deposit Rates - February 27, 2021

Your Current Location: Virginia, VA 20146

 

Loan Rates - February 27, 2021

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for SONABANK

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




Featured - Virginia 30 Year Fixed Mortgage Rates 2021

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Morty, Inc.
NMLS ID: 1429243
2.971% 2.875% 0.88 $3,118 $1,038 Learn More
Beeline Loans, Inc.
NMLS ID: 1799947
2.923% 2.875% 0.63 $1,542 $1,038 Learn More
CityWorth Loans
NMLS ID: 925476
3.309% 3.250% 0.38 $1,862 $1,089 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR
2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info

Note to SONABANK
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

SONABANK 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:
Ashburn,Virginia


SONABANK Locations


Financial Details

SONABANK Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of SONABANK. 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
SONABANK U.S. Bank Average
4.43% 6.14%

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 September 30, 2020, SONABANK had $15,270,000 in non-current loans and $5,388,000 in owned real estate. To cover these potential losses it had $440,445,000 in equity and $25,779,000 in loans loss reserves. That gives it a Texas Ratio of 4.43%.

Return on Equity
SONABANK U.S. Bank Average
5.28% 9.23%

SONABANK has a Return on Equity of 5.28% versus the BestCashCow average of 9.23%. 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
SONABANK U.S. Bank Average
13.95% 12.07%

SONABANK has a Capitalization of 13.95% versus the BestCashCow average of 12.07. 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.

SONABANK Balance Sheet Analysis

As of September 30, 2020, SONABANK had assets of $3,156,527,000, loans of $2,497,930,000, and deposits of $2,281,544,000. 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

September 30, 2020
ASSETS
Cash & Balances due from depository institutions $ 151.59 million
Interest-bearing balances $ 132.86 million
Total securities $ 207.22 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 2.50 billion
Loan loss allowance $ 25.78 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 5.39 million
Goodwill and other intangibles $ 108.12 million
All other assets $ 148.56 million
     Total Assets $ 2.72 billion
LIABILITIES
Total deposits $ 2.28 billion
      Interest-bearing deposits $ 1,945.01 million
      Deposits held in domestic offices $ 2.28 billion
      % insured (estimated) 67.68%
Federal funds purchased and repurchase agreements $ 16.18 million
Trading liabilities N.A.
Other borrowed funds $ 383.91 million
Subordinated debt N.A.
All other liabilities $ 34.45 million
      Total Liabilities $ 2.72 billion
      Shareholders’ Equity $ 440.45 million

Summary Income Statement

September 30, 2020
INCOME AND EXPENSES
Total Interest Income $ 85.86 million
Total Interest Expense $ 17.13 million
Net interest income $ 68.73 million
Provision for loan and lease losses $ 16.35 million
Total non interest income $ 17.43 million
Total non interest expense $ 48.51 million
Pre-tax Net Operating Income $ 21.29 million

Bank Loan Profile?

The top three loan types in SONABANK’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Commercial and Industrial Loans.

Compared to other banks in Virginia, SONABANK has a significantly higher percent of Commercial Real Estate 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 27.18
Multifamily
Mortgages
4.31
Credit Card Loans 0.01
Consumer Auto Loans 0.04
Small Business Loans 5.89
Construction and Development Loans 4.81
Commercial Real Estate 40.90
Commercial and Industrial Loans 19.69
Farm Loans 0.32

Frequently Asked Questions About Sonabank

Branches and Savings

Is Sonabank FDIC insured?

Yes. It is covered under FDIC Certificate #57968.

Why does Sonabank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Sonabank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Sonabank a commercial bank?

Yes

Where are Sonabank locations?

See branch locations nearby.

Is Sonabank open on Saturdays?

Is Sonabank open on Sundays?

What time does Sonabank open?

What time does Sonabank close?

Are Sonabank ATMs Open 24/7?

Do Sonabank ATMs accept cash deposits?

Can Sonabank customers use other ATMs?

Do Sonabank branches have notaries?

Will Sonabank notarize my document?

What address for Sonabank should I put for incoming ACH transfers?

Will the Sonabank branch print checks?

Do Sonabank checks expire?

Does Sonabank require US citizenship to open account?

Can Sonabank close my account?

Does Sonabank Report to credit bureaus?

Does Sonabank Use Equifax?

What is Sonabank's ACH Routing Number?

What is Sonabank's SWIFT code?

Products

Does Sonabank offer mortgages?

Compare mortgage rates here.

Does Sonabank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Sonabank offer personal loans?

Compare personal loan rates here.

Does Sonabank offer student loans?

Will Sonabank cash a check?

Will Sonabank redeem a savings bond?

Does Sonabank cash savings bonds?

Will Sonabank cash money orders?

Can Sonabank issue a money order?

Does Sonabank do currency exchange?

Background on The Bank

Who owns Sonabank?

How long has Sonabank been around?

Can Sonabank transfer to other banks?

Does Sonabank have quick pay?

Does Sonabank accept rolled coins?

Will Sonabank accept loose change?

Where is Sonabank headquarters?

Customer Reviews for SONABANK


  • November 21, 2018 |

    Sonabank acquired a small local bank in our area and since then I have closed all accounts and safety deposit boxes. I have been with the local bank and Sona acquired for 25 years. Unfortunately they hold the mortgage on my home. They stated I had not made payments for more than six months stating I defaulted on the loan. I was able to pull every check that had been sent and cashed by them. To resolve the matter I had to hire an attorney. After proving this issue they started holding my payments and not applying them at all. For the past 18 months Sona has been trying to take my home there tactics are unethical and boarder on criminal.

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