Farmers And Merchants Bank Of Long Beach Mortgage Rates, Fees & Info
Long Beach, CALEI: 25490049RRVB8S6CG210
Tax ID: 95-0726412
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Mortgage Data
Bank Data
Overview
Farmers And Merchants Bank Of Long Beach is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Farmers And Merchants Bank Of Long Beach has a high proportion of conventional loans. Their top markets include Los Angeles, Santa Maria, Riverside, Memphis, and Phoenix among others. Farmers And Merchants Bank Of Long Beach has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Farmers And Merchants Bank Of Long Beach is typically a high fee lendor.Originations
456Origination Dollar Volume (All Markets)
$416,260,000Employee count
749Awards
Farmers and Merchants Bank of Long Beach - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Farmers And Merchants Bank Of Long Beach's average 30 year fixed rate mortgage of loans were
2.91%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.24%.
Relative Fees
Farmers And Merchants Bank Of Long Beach's average total fees for a 30 year fixed rate
mortgage are $6,062.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 389 | $350,525,000 | $901,093 | $5,982 | 3.09% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 16 | $21,330,000 | $1,333,125 | $8,139 | 3.26% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 29 | $17,845,000 | $615,345 | $4,282 | 3.05% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $12,255,000 | $12,255,000 | $0 | 4.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $4,510,000 | $2,255,000 | $0 | 3.88% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 5 | $3,515,000 | $703,000 | $11,519 | 3.02% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 7 | $3,135,000 | $447,857 | $6,123 | 2.64% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 4 | $1,540,000 | $385,000 | $6,100 | 2.78% |
| Outside of Metro Areas | 1 | $1,325,000 | $1,325,000 | $0 | 3.95% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 3.94% |
Farmers And Merchants Bank Of Long Beach's top markets include Los Angeles, Santa Maria, Riverside, Memphis, and Phoenix among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 456 | $416,260,000 | $912,851 | $5,973 | 3.10% |
For the 2021 period, Farmers And Merchants Bank Of Long Beach's most frequently originated loan type of loans were Conventional, with 456 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 237 | $195,005,000 | $822,806 | $5,126 | 3.01% |
| Cash Out Refi | 123 | $84,895,000 | $690,203 | $6,086 | 2.92% |
| Home Purchase | 63 | $111,875,000 | $1,775,794 | $11,654 | 3.68% |
| Other | 18 | $11,060,000 | $614,444 | $6,642 | 3.04% |
| Home Improvement | 15 | $13,425,000 | $895,000 | $4,121 | 3.50% |
For the 2021, Farmers And Merchants Bank Of Long Beach's most frequently cited loan purpose of loans were Refi, with 237 originations. The 2nd most popular reason of loans were Cash Out Refi, with 123 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 234 | $147,810,000 | $631,667 | $6,062 | 2.91% |
| Other | 78 | $133,800,000 | $1,715,385 | $11,678 | 3.71% |
| 15 Year | 77 | $49,845,000 | $647,338 | $5,114 | 2.78% |
| 10 Year | 53 | $79,135,000 | $1,493,113 | $3,346 | 3.45% |
| 20 Year | 11 | $3,765,000 | $342,273 | $3,091 | 2.78% |
| 3 Year | 2 | $700,000 | $350,000 | $0 | 4.50% |
| 1 Year | 1 | $1,205,000 | $1,205,000 | $0 | 4.50% |
For the 2021, Farmers And Merchants Bank Of Long Beach's most frequently cited loan length of loans were 30 Year, with 234 originations. The 2nd most popular length of loans were Other, with 78 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 148 | $50,500,000 | $341,216 |
| $5k+ | 58 | $92,060,000 | $1,587,241 |
| $2k-3k | 38 | $11,940,000 | $314,211 |
| $3k-4k | 34 | $17,640,000 | $518,824 |
$6,062 of loans were Farmers And Merchants Bank Of Long Beach's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 148 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 207 | $155,985,000 | $753,551 |
| 3-4% | 149 | $160,625,000 | $1,078,020 |
| <2.5% | 63 | $34,795,000 | $552,302 |
| 4-5% | 37 | $64,855,000 | $1,752,838 |
During 2021, Farmers And Merchants Bank Of Long Beach's average interest rate of loans were 2.91%, while their most frequently originated rate bucket of loans were 2.5-3%, with 207 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 134 | $39,980,000 | $298,358 | $3,601 | 2.91% |
| $1MM+ | 113 | $268,785,000 | $2,378,628 | $15,914 | 3.35% |
| $400k-600k | 102 | $49,960,000 | $489,804 | $4,097 | 3.03% |
| $600k-1MM | 67 | $51,785,000 | $772,910 | $7,729 | 3.22% |
| $100k-200k | 35 | $5,385,000 | $153,857 | $3,209 | 2.95% |
| $100,000 or less | 5 | $365,000 | $73,000 | $3,186 | 2.80% |
2021 saw Farmers And Merchants Bank Of Long Beach place emphasis on $200k-400k loans with 134 originations, totaling $39,980,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 99 | $110,585,000 | $1,117,020 | $11,229 | 2.91% |
| $100k-150k | 65 | $28,855,000 | $443,923 | $4,658 | 2.83% |
| $150k-250k | 62 | $32,320,000 | $521,290 | $4,985 | 2.80% |
| $50k-75k | 40 | $10,310,000 | $257,750 | $3,435 | 2.83% |
| $75k-100k | 38 | $13,320,000 | $350,526 | $3,867 | 2.89% |
| $50k or less | 15 | $4,895,000 | $326,333 | $4,201 | 3.07% |
Farmers And Merchants Bank Of Long Beach lent most frequently to those with incomes in the $250k+ range, with 99 originations. The second most popular income band? $100k-150k, with 65 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 71 | $35,385,000 | $498,380 | $5,387 | 2.85% |
| 30-36% | 61 | $37,105,000 | $608,279 | $4,995 | 2.84% |
| <20% | 53 | $35,155,000 | $663,302 | $6,052 | 2.76% |
| 43% | 16 | $14,500,000 | $906,250 | $8,071 | 2.89% |
| 41% | 15 | $9,895,000 | $659,667 | $7,128 | 2.87% |
| 37% | 15 | $7,215,000 | $481,000 | $4,242 | 2.98% |
| 42% | 12 | $13,320,000 | $1,110,000 | $10,633 | 2.86% |
| 44% | 11 | $6,845,000 | $622,273 | $7,065 | 2.75% |
| 36% | 11 | $4,595,000 | $417,727 | $3,777 | 2.76% |
| 47% | 10 | $3,400,000 | $340,000 | $3,495 | 2.96% |
| 46% | 10 | $8,430,000 | $843,000 | $8,329 | 2.90% |
| 40% | 9 | $3,695,000 | $410,556 | $4,472 | 3.00% |
| 45% | 9 | $3,375,000 | $375,000 | $4,530 | 3.00% |
| 48% | 8 | $4,680,000 | $585,000 | $5,401 | 2.97% |
| 38% | 7 | $3,015,000 | $430,714 | $4,997 | 2.93% |
| 50-60% | 7 | $6,755,000 | $965,000 | $11,308 | 2.93% |
| 39% | 5 | $2,615,000 | $523,000 | $6,688 | 2.88% |
| >60% | 4 | $5,610,000 | $1,402,500 | $12,583 | 3.50% |
| 49% | 3 | $2,125,000 | $708,333 | $5,497 | 2.54% |
Farmers And Merchants Bank Of Long Beach lent most frequently to those with DTI ratios of 20-30%, with 71 originations. The next most common DTI ratio? 30-36%, with 61 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 114 | $203,240,000 | $1,782,807 | $0 | 3.75% |
| White | 272 | $182,410,000 | $670,625 | $6,327 | 2.89% |
| Asian | 33 | $13,615,000 | $412,576 | $4,540 | 2.77% |
| Not provided | 25 | $12,415,000 | $496,600 | $5,458 | 2.89% |
| Black | 9 | $3,225,000 | $358,333 | $3,181 | 3.03% |
| American Indian | 2 | $960,000 | $480,000 | $2,558 | 2.75% |
| Filipino | 1 | $395,000 | $395,000 | $4,235 | 2.63% |
Approval Rates
Total approvals of all applications80.09%
Farmers And Merchants Bank Of Long Beach has a below average approval rate.
Pick Rate
Approvals leading to origination86.28%
Farmers And Merchants Bank Of Long Beach has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 456 | $416,260,000 | $912,851 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 456 | $416,260,000 | $912,851 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 138 | $90,500,000 | $655,797 | $5,050 | 3.03% |
| 40-60% | 191 | $203,875,000 | $1,067,408 | $6,836 | 3.08% |
| 60-80% | 63 | $82,555,000 | $1,310,397 | $6,883 | 3.25% |
| 80-100% | 7 | $6,705,000 | $957,857 | $9,112 | 3.41% |
| Under 20% | 57 | $32,625,000 | $572,368 | $3,820 | 3.10% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Farmers and Merchants Bank of Long Beach | 10422 Garden Grove Boulevard Garden Grove, CA 92843 | Full Service B&M | $255,815 |
| Farmers and Merchants Bank of Long Beach | 4827 East Second Street Long Beach, CA 90803 | Full Service B&M | $353,337 |
| Farmers and Merchants Bank of Long Beach | 501 N El Camino Real San Clemente, CA 92672 | Full Service B&M | $228,173 |
| Farmers and Merchants Bank of Long Beach | 5101 Lakewood Boulevard Lakewood, CA 90712 | Full Service B&M | $454,887 |
| Farmers and Merchants Bank of Long Beach | 7125 Yorktown Avenue Huntington Beach, CA 92648 | Full Service B&M | $310,081 |
| Farmers and Merchants Bank of Long Beach | 9001 Firestone Blvd Downey, CA 90241 | Full Service B&M | $144,738 |
| Farmers and Merchants Bank of Long Beach | 24300 Paseo De Valencia Laguna Hills, CA 92653 | Full Service B&M | $198,387 |
| Farmers and Merchants Bank of Long Beach | 2691 Park Avenue Tustin, CA 92780 | Full Service B&M | $199,932 |
| Farmers and Merchants Bank of Long Beach | 27525 Indian Peak Road, Suite 3 Rolling Hills, CA 90274 | Full Service B&M | $380,021 |
| Farmers and Merchants Bank of Long Beach | 2801 Atlantic Avenue Long Beach, CA 90806 | Full Service B&M | $136,308 |
| Farmers and Merchants Bank of Long Beach | 302 Pine Avenue Long Beach, CA 90802 | Full Service B&M | $1,006,462 |
| Farmers and Merchants Bank of Long Beach | 3140 Anaheim Street Long Beach, CA 90802 | Full Service B&M | $381,531 |
| Farmers and Merchants Bank of Long Beach | 315 North Harbor Boulevard Fullerton, CA 92832 | Full Service B&M | $404,615 |
| Farmers and Merchants Bank of Long Beach | 31873 Del Obispo Street San Juan Capistrano, CA 92675 | Full Service B&M | $345,222 |
| Farmers and Merchants Bank of Long Beach | 33 East Carrillo Street Santa Barbara, CA 93101 | Full Service B&M | $48,467 |
| Farmers and Merchants Bank of Long Beach | 4545 California Avenue Long Beach, CA 90807 | Full Service B&M | $434,721 |
| Farmers and Merchants Bank of Long Beach | 4695 Macarthur Ct Newport Beach, CA 92660 | Full Service B&M | $308,663 |
| Farmers and Merchants Bank of Long Beach | 1220 East Katella Avenue Orange, CA 92867 | Full Service B&M | $476,208 |
| Farmers and Merchants Bank of Long Beach | 12535 Seal Beach Boulevard Seal Beach, CA 90740 | Full Service B&M | $539,444 |
| Farmers and Merchants Bank of Long Beach | 1333 S Pacific Coast Highway Redondo Beach, CA 90277 | Full Service B&M | $78,305 |
| Farmers and Merchants Bank of Long Beach | 1750 East Seventeenth Street Santa Ana, CA 92701 | Full Service B&M | $260,432 |
| Farmers and Merchants Bank of Long Beach | 22400 Hawthorne Boulevard Torrance, CA 90505 | Full Service B&M | $223,388 |
| Farmers and Merchants Bank of Long Beach | 2302 Bellflower Boulevard Long Beach, CA 90815 | Full Service B&M | $420,831 |
| Farmers and Merchants Bank of Long Beach | 23772 Rockfield Boulevard El Toro, CA 92630 | Full Service B&M | $252,741 |
| Farmers and Merchants Bank of Long Beach | 2421 East Coast Hwy Corona Del Mar, CA 92625 | Full Service B&M | $529,262 |
For 2021, Farmers And Merchants Bank Of Long Beach had 25 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $307,546 |
| Net interest income | $295,314 |
| Total noninterest income | $18,409 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $5,697 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $12,712 |
| Pre-tax net operating income | $144,525 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $115,205 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $115,205 |
| Minority interest net income | $0 |
| Net income | $115,205 |
| Sale, conversion, retirement of capital stock, net | $-563 |
| Net operating income | $115,205 |
Farmers And Merchants Bank Of Long Beach's gross interest income from loans was $307,546,000.
Farmers And Merchants Bank Of Long Beach's net interest income from loans was $295,314,000.
Farmers And Merchants Bank Of Long Beach's fee based income from loans was $5,697,000.
Farmers And Merchants Bank Of Long Beach's net income from loans was $115,205,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $12,232 |
| Provision for credit losses | $0 |
| Total noninterest expense | $169,198 |
| Salaries and employee benefits | $111,590 |
| Premises and equipment expense | $15,400 |
| Additional noninterest expense | $42,208 |
| Applicable income taxes | $29,320 |
| Net charge-offs | $-613 |
| Cash dividends | $15,494 |
Farmers And Merchants Bank Of Long Beach's interest expense for loans was $12,232,000.
Farmers And Merchants Bank Of Long Beach's payroll and benefits expense were $111,590,000.
Farmers And Merchants Bank Of Long Beach's property, plant and equipment expenses $15,400,000.
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 | 1.0% |
| HELOC loans | 0.0% |
| All other family | 1.0% |
| 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 | $9,241,490 |
| Deposits held in domestic offices | $9,241,490 |
| Deposits by Individuals, partnerships, and corporations | $8,953,298 |
| Deposits by U.S. Government | $54 |
| Deposits by States and political subdivisions in the U.S. | $157,427 |
| Deposits by Commercial banks and other depository institutions in U.S. | $130,706 |
| Deposits by Banks in foreign countries | $4 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $404,571 |
| Demand deposits | $375,812 |
| Nontransaction accounts | $8,836,918 |
| Money market deposit accounts (MMDAs) | $7,048,064 |
| Other savings deposits (excluding MMDAs) | $1,043,471 |
| Total time deposits | $745,382 |
| Total time and savings deposits | $8,865,677 |
| Noninterest-bearing deposits | $3,552,247 |
| Interest-bearing deposits | $5,689,243 |
| Retail deposits | $8,827,037 |
| IRAs and Keogh plan accounts | $101,632 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $11,438,260 |
| Cash & Balances due from depository institutions | $1,301,671 |
| Interest-bearing balances | $1,252,646 |
| Total securities | $4,506,768 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $5,381,179 |
| Loan and leases loss allowance | $72,880 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $120,846 |
| Other real estate owned | $966 |
| Goodwill and other intangibles | $0 |
| All other assets | $126,830 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $11,438,260 |
| Total Liabilities | $10,196,698 |
| Total deposits | $9,241,490 |
| Interest-bearing deposits | $5,689,243 |
| Deposits held in domestic offices | $9,241,490 |
| % insured (estimated) | $41 |
| Federal funds purchased and repurchase agreements | $916,672 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $38,536 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $5,381,179 |
| Loan and leases loss allowance | $72,880 |
| Total loans and leases (domestic) | $5,454,059 |
| All real estate loans | $4,806,936 |
| Real estate loans in domestic offices | $4,806,936 |
| Construction and development loans | $537,593 |
| Residential 1-4 family construction | $135,846 |
| Other construction, all land development and other land | $401,747 |
| Loans secured by nonfarm nonresidential properties | $3,359,070 |
| Nonfarm nonresidential secured by owner-occupied properties | $633,746 |
| Commercial real estate & other non-farm, non-residential | $2,725,324 |
| Multifamily residential real estate | $257,571 |
| 1-4 family residential loans | $649,036 |
| Farmland loans | $3,666 |
| Loans held in foreign offices | $0 |
| Farm loans | $275 |
| Commercial and industrial loans | $138,044 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $115,629 |
| Credit card loans | $0 |
| Related Plans | $23,351 |
| Consumer Auto Loans | $7 |
| Other loans to individuals | $92,271 |
| All other loans & leases | $393,175 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $147,578 |
| Loans to depository institutions and acceptances of other banks | $1 |
| Loans not secured by real estate | $132,561 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $34,350 |
| Non 1-4 family restructured loans & leases | $34,350 |
| Total loans and leases (foreign) | $0 |
Farmers and Merchants Bank of Long Beach had $5,381,179,000 of loans outstanding in 2021. $4,806,936,000 of loans were in real estate loans. $537,593,000 of loans were in development loans. $257,571,000 of loans were in multifamily mortgage loans. $649,036,000 of loans were in 1-4 family mortgage loans. $275,000 of loans were in farm loans. $0 of loans were in credit card loans. $7,000 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 | 528 | $224,616 | $425,409 |
| Nonfarm, nonresidential loans - <$100k | 8 | $316 | $39,500 |
| Nonfarm, nonresidential loans - $100-250k | 61 | $6,714 | $110,066 |
| Nonfarm, nonresidential loans - $250k-1MM | 459 | $217,586 | $474,044 |
| Commercial & Industrial, US addressed loans - <$1MM | 243 | $36,573 | $150,506 |
| Commercial & Industrial, US addressed loans - <$100k | 63 | $973 | $15,444 |
| Commercial & Industrial, US addressed loans - $100-250k | 67 | $5,874 | $87,672 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 113 | $29,726 | $263,062 |
| Farmland loans - <$1MM | 2 | $473 | $236,500 |
| Farmland loans - $250k-1MM | 2 | $473 | $236,500 |
| Agriculture operations loans - <$1MM | 1 | $275 | $275,000 |
| Agriculture operations loans - $250k-1MM | 1 | $275 | $275,000 |
