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Distressed Note Industry
Virginia Construction & Development
Analyzing construction & development loan performance across 163 Virginia banks
As of Q2 2025, 163 Virginia banks report construction & development portfolios totaling $26.7B. Non-performing loans in this category total $597.1M — an average NPL ratio of 2.23% — with $226.2M 30-89 days delinquent, $47.6M 90+ days delinquent, and $549.5M in nonaccrual status. The most distressed lender in this category is FREEDOM BANK OF VIRGINIA, THE (VA) with an NPL ratio of 14.76%.
Total Lenders
163
Total Loan Portfolio
$26.7B
Total NPL
$597.1M
Average NPL %
2.23%
Delinquency Breakdown
30-89 Days
$226.2M
90+ Days
$47.6M
Nonaccrual
$549.5M
Charge-offs
$48.1M
Banks by NPL Ratio
Distribution of banks by non-performing loan ratio
Top Distressed Banks - Construction & Development in Virginia
Highest NPL %| Bank Name | State | Portfolio | NPL | NPL % |
|---|---|---|---|---|
| FREEDOM BANK OF VIRGINIA, THE | VA | $8.2M | $1.2M | 14.76% |
| FREEDOM BANK OF VIRGINIA, THE | VA | $10.6M | $1.2M | 11.46% |
| CARTER BANK & TRUST | VA | $481.1M | $49.3M | 10.25% |
| CARTER BANK & TRUST | VA | $492.7M | $49.3M | 10.01% |
| CAPITAL ONE, NATIONAL ASSOCIATION | VA | $1.8B | $154.5M | 8.36% |
| CAPITAL ONE, NATIONAL ASSOCIATION | VA | $1.8B | $154.5M | 8.36% |
| ATLANTIC UNION BANK | VA | $1.7B | $72.2M | 4.32% |
| BURKE AND HERBERT BANK AND TRUST COMPANY | VA | $336.5M | $13.0M | 3.86% |
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Construction & Development in Other States
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