Farmers And Merchants Bank Of Long Beach Mortgage Rates, Fees & Info

Long Beach, CA

LEI: 25490049RRVB8S6CG210

Tax ID: 95-0726412

4.4 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

456

Origination Dollar Volume (All Markets)

$416,260,000

Employee count

749

Awards

Farmers and Merchants Bank of Long Beach 30 Year Conventional Loans silver Farmers and Merchants Bank of Long Beach 30 Year Conventional Loans gold Farmers and Merchants Bank of Long Beach 30 Year Conventional Loans bronze
Show all (3) awards

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 applications
80.09%

Farmers And Merchants Bank Of Long Beach has a below average approval rate.

Pick Rate

Approvals leading to origination
86.28%

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