The Farmers & Merchants State Bank Mortgage Rates, Fees & Info

Archbold, OH

LEI: 254900LDNBFL67R4FW27

Tax ID: 34-4230390

5 stars - out of 5 stars, based on 32 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Farmers & Merchants State Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. The Farmers & Merchants State Bank has a high proportion of conventional loans. Their top markets include Columbus, Toledo, Decatur, Cincinnati, and Urbana among others. The Farmers & Merchants State Bank 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. The Farmers & Merchants State Bank is typically a low fee lendor.


Originations

1,040

Origination Dollar Volume (All Markets)

$231,450,000

Employee count

385 Show all (5) awards

Relative Rate

The Farmers & Merchants State Bank's average 30 year fixed rate mortgage of loans were 3.35%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.2%.

Relative Fees

The Farmers & Merchants State Bank's average total fees for a 30 year fixed rate mortgage are $2,438.

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
COLUMBUS, OH (FHA|USDA|VA) 74 $49,840,000 $673,514 $2,707 4.05%
TOLEDO, OH (FHA|USDA|VA) 244 $42,960,000 $176,066 $2,462 3.23%
Outside of Metro Areas 236 $28,270,000 $119,788 $2,161 3.18%
Decatur, IN (FHA|USDA|VA) 118 $17,930,000 $151,949 $2,375 3.34%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 23 $17,605,000 $765,435 $2,595 3.70%
Urbana, OH (FHA|USDA|VA) 60 $10,770,000 $179,500 $1,365 3.15%
FORT WAYNE, IN (FHA|USDA|VA) 43 $10,455,000 $243,140 $2,427 3.53%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $7,385,000 $7,385,000 $0 2.82%
SPRINGFIELD, OH (FHA|USDA|VA) 39 $6,715,000 $172,179 $1,131 3.88%
MUNCIE, IN (FHA|USDA|VA) 23 $5,435,000 $236,304 $0 4.17%
Defiance, OH (FHA|USDA|VA) 38 $5,310,000 $139,737 $2,252 3.11%
Angola, IN (FHA|USDA|VA) 20 $4,050,000 $202,500 $1,990 3.29%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 6 $2,890,000 $481,667 $0 4.09%
Auburn, IN (FHA|USDA|VA) 16 $2,310,000 $144,375 $1,967 3.08%
Bluffton, IN (FHA|USDA|VA) 16 $2,270,000 $141,875 $2,275 3.39%
Findlay, OH (FHA|USDA|VA) 8 $2,190,000 $273,750 $3,763 3.74%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,665,000 $1,665,000 $0 4.00%
DAYTON-KETTERING, OH (FHA|USDA|VA) 5 $1,445,000 $289,000 $2,633 3.98%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 6 $990,000 $165,000 $1,932 3.92%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $865,000 $865,000 $0 4.75%
Norwalk, OH (FHA|USDA|VA) 1 $855,000 $855,000 $0 3.99%
Coldwater, MI (FHA|USDA|VA) 2 $780,000 $390,000 $2,333 3.25%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 3 $695,000 $231,667 $2,923 3.63%
Hillsdale, MI (FHA|USDA|VA) 5 $655,000 $131,000 $2,421 3.18%
Adrian, MI (FHA|USDA|VA) 5 $615,000 $123,000 $2,426 3.30%
Kendallville, IN (FHA|USDA|VA) 3 $575,000 $191,667 $2,701 3.17%
Connersville, IN (FHA|USDA|VA) 5 $545,000 $109,000 $2,383 3.42%
Warsaw, IN (FHA|USDA|VA) 3 $525,000 $175,000 $1,713 2.71%
Richmond, IN (FHA|USDA|VA) 3 $495,000 $165,000 $2,314 3.54%
ASHEVILLE, NC (FHA|USDA|VA) 1 $465,000 $465,000 $3,470 2.75%
Van Wert, OH (FHA|USDA|VA) 4 $430,000 $107,500 $2,565 3.72%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $385,000 $385,000 $2,365 3.50%
New Castle, IN (FHA|USDA|VA) 3 $375,000 $125,000 $3,266 3.87%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $290,000 $145,000 $2,653 2.56%
Fremont, OH (FHA|USDA|VA) 2 $270,000 $135,000 $2,711 2.94%
MONROE, MI (FHA|USDA|VA) 2 $260,000 $130,000 $2,321 2.88%
Wilmington, OH (FHA|USDA|VA) 1 $255,000 $255,000 $0 4.50%
Celina, OH (FHA|USDA|VA) 2 $240,000 $120,000 $2,984 3.37%
LIMA, OH (FHA|USDA|VA) 2 $210,000 $105,000 $3,093 3.19%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $195,000 $195,000 $1,748 3.00%
Peru, IN (FHA|USDA|VA) 1 $175,000 $175,000 $4,092 3.99%
Sturgis, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,606 2.38%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,133 2.63%
Bellefontaine, OH (FHA|USDA|VA) 2 $130,000 $65,000 $2,313 3.58%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.25%
Huntington, IN (FHA|USDA|VA) 2 $100,000 $50,000 $2,097 3.75%
Sandusky, OH (FHA|USDA|VA) 1 $95,000 $95,000 $2,870 3.25%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,090 3.63%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $25,000 $25,000 $1,584 6.50%

The Farmers & Merchants State Bank's top markets include Columbus, Toledo, Decatur, Cincinnati, and Urbana among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,040 $231,450,000 $222,548 $2,255 3.38%

For the 2021 period, The Farmers & Merchants State Bank's most frequently originated loan type of loans were Conventional, with 1,040 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 461 $104,415,000 $226,497 $2,524 3.58%
Cash Out Refi 308 $78,950,000 $256,331 $2,160 3.33%
Refi 241 $44,225,000 $183,506 $2,005 3.04%
Other 18 $2,580,000 $143,333 $2,197 3.11%
Home Improvement 12 $1,280,000 $106,667 $1,692 4.37%

For the 2021, The Farmers & Merchants State Bank's most frequently cited loan purpose of loans were Home Purchase, with 461 originations. The 2nd most popular reason of loans were Cash Out Refi, with 308 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 446 $73,860,000 $165,605 $2,438 3.35%
15 Year 274 $39,540,000 $144,307 $2,092 2.98%
20 Year 181 $64,585,000 $356,823 $2,023 3.69%
Other 65 $35,125,000 $540,385 $1,753 3.96%
10 Year 49 $7,425,000 $151,531 $1,639 3.47%
5 Year 18 $9,660,000 $536,667 $2,151 4.32%
1 Year 4 $440,000 $110,000 $0 4.38%
3 Year 2 $560,000 $280,000 $0 4.12%
30+ year 1 $255,000 $255,000 $1,323 3.15%

For the 2021, The Farmers & Merchants State Bank's most frequently cited loan length of loans were 30 Year, with 446 originations. The 2nd most popular length of loans were 15 Year, with 274 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 635 $89,855,000 $141,504
$1k-2k 72 $11,510,000 $159,861
$2k-3k 38 $7,260,000 $191,053
$3k-4k 8 $2,220,000 $277,500
$5k+ 3 $1,025,000 $341,667

$2,438 of loans were The Farmers & Merchants State Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 635 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 527 $134,325,000 $254,886
2.5-3% 239 $40,315,000 $168,682
4-5% 154 $41,460,000 $269,221
<2.5% 115 $14,995,000 $130,391
5-6% 3 $315,000 $105,000
6-7% 2 $40,000 $20,000

During 2021, The Farmers & Merchants State Bank's average interest rate of loans were 3.35%, while their most frequently originated rate bucket of loans were 3-4%, with 527 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 448 $63,370,000 $141,451 $2,258 3.31%
$100,000 or less 315 $21,175,000 $67,222 $1,934 3.27%
$200k-400k 184 $50,450,000 $274,185 $2,761 3.47%
$400k-600k 46 $22,770,000 $495,000 $2,926 3.78%
$1MM+ 24 $56,510,000 $2,354,583 $0 3.94%
$600k-1MM 23 $17,175,000 $746,739 $0 4.08%

2021 saw The Farmers & Merchants State Bank place emphasis on $100k-200k loans with 448 originations, totaling $63,370,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 236 $26,120,000 $110,678 $2,160 3.22%
$50k-75k 189 $23,985,000 $126,905 $2,256 3.13%
$100k-150k 121 $21,975,000 $181,612 $2,220 2.99%
$75k-100k 121 $18,265,000 $150,950 $2,329 3.08%
$150k-250k 67 $15,695,000 $234,254 $2,512 3.08%
$250k+ 25 $6,235,000 $249,400 $2,667 3.05%

The Farmers & Merchants State Bank lent most frequently to those with incomes in the $50k or less range, with 236 originations. The second most popular income band? $50k-75k, with 189 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 265 $38,445,000 $145,075 $2,202 3.11%
<20% 162 $20,730,000 $127,963 $2,148 2.94%
30-36% 133 $18,725,000 $140,789 $2,309 3.12%
39% 26 $4,120,000 $158,462 $2,513 3.38%
37% 24 $3,360,000 $140,000 $2,189 3.24%
36% 20 $2,600,000 $130,000 $2,122 3.10%
40% 20 $3,620,000 $181,000 $2,616 3.38%
38% 17 $2,495,000 $146,765 $2,170 3.18%
>60% 16 $3,450,000 $215,625 $2,678 3.41%
45% 14 $2,250,000 $160,714 $2,340 3.03%
41% 13 $2,055,000 $158,077 $2,244 3.28%
50-60% 12 $2,260,000 $188,333 $2,603 3.58%
43% 10 $2,390,000 $239,000 $2,561 3.30%
42% 9 $1,715,000 $190,556 $2,214 3.16%
44% 9 $815,000 $90,556 $2,103 3.29%
48% 9 $1,965,000 $218,333 $2,642 3.17%
49% 7 $1,065,000 $152,143 $2,349 3.04%
46% 7 $1,605,000 $229,286 $2,533 3.03%
47% 6 $960,000 $160,000 $2,091 3.33%

The Farmers & Merchants State Bank lent most frequently to those with DTI ratios of 20-30%, with 265 originations. The next most common DTI ratio? <20%, with 162 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 795 $120,935,000 $152,119 $2,256 3.19%
Not applicable 202 $104,580,000 $517,723 $0 4.15%
Not provided 34 $4,670,000 $137,353 $2,232 3.19%
American Indian 4 $560,000 $140,000 $2,292 3.14%
Black 3 $435,000 $145,000 $2,056 3.59%
Asian 1 $145,000 $145,000 $0 4.25%
Other Pacific Islander 1 $125,000 $125,000 $0 4.00%

Approval Rates

Total approvals of all applications
88.12%

The Farmers & Merchants State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.15%

The Farmers & Merchants State Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,040 $231,450,000 $222,548

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,040 $231,450,000 $222,548

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 74 $7,570,000 $102,297 $2,015 2.95%
40-60% 207 $32,375,000 $156,401 $2,098 3.14%
60-80% 507 $146,345,000 $288,649 $2,274 3.52%
80-100% 243 $43,985,000 $181,008 $2,467 3.39%
Under 20% 9 $1,175,000 $130,556 $1,221 4.26%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Farmers & Merchants State Bank 1000 South Main Street Bryan, OH 43506 Full Service B&M $132,009
The Farmers & Merchants State Bank 100 North Main Street Hicksville, OH 43526 Full Service B&M $28,127
The Farmers & Merchants State Bank 100 Ushy 27 N Berne, IN 46711 Full Service B&M $50,408
The Farmers & Merchants State Bank 7001 Lighthouse Way Perrysburg, OH 43551 Full Service B&M $74,049
The Farmers & Merchants State Bank 7370 Illinois Road Fort Wayne, IN 46804 Full Service B&M $31,334
The Farmers & Merchants State Bank 8720 Waterville-Swanton Road Waterville, OH 43566 Full Service B&M $29,778
The Farmers & Merchants State Bank 200 South Broadway Butler, IN 46721 Full Service B&M $49,457
The Farmers & Merchants State Bank 200 West Jackson Street West Unity, OH 43570 Full Service B&M $56,083
The Farmers & Merchants State Bank 215 East Line Street Geneva, IN 46740 Full Service B&M $67,195
The Farmers & Merchants State Bank 2255 North Scott Street Napoleon, OH 43545 Full Service B&M $77,684
The Farmers & Merchants State Bank 22973 Defiance Pike Custar, OH 43511 Full Service B&M $33,625
The Farmers & Merchants State Bank 2310 North Wayne Street Angola, IN 46703 Full Service B&M $69,394
The Farmers & Merchants State Bank 300 South Defiance Street Stryker, OH 43557 Full Service B&M $51,000
The Farmers & Merchants State Bank 307-11 Defiance Street Archbold, OH 43502 Full Service B&M $398,084
The Farmers & Merchants State Bank 403 Erie Pass Auburn, IN 46706 Full Service B&M $17,957
The Farmers & Merchants State Bank 5830 Monroe Street Sylvania, OH 43560 Full Service B&M $28,277
The Farmers & Merchants State Bank 620 S. Clyde's Way Archbold, OH 43502 Limited, Drive-thru $0
The Farmers & Merchants State Bank 620 S. Clyde's Way Archbold, OH 43502 Limited, Drive-thru $0
The Farmers & Merchants State Bank 7 Turtle Creek Circle Swanton, OH 43558 Full Service B&M $52,925
The Farmers & Merchants State Bank 101 Main Street Delta, OH 43515 Full Service B&M $53,180
The Farmers & Merchants State Bank 102 North Jefferson Street Ossian, IN 46777 Full Service B&M $98,559
The Farmers & Merchants State Bank 1072 N. Main Street Bowling Green, OH 43402 Full Service B&M $13,630
The Farmers & Merchants State Bank 111 East Oak Forest Drive Bluffton, IN 46714 Full Service B&M $22,605
The Farmers & Merchants State Bank 1118 South 13th Street Decatur, IN 46733 Full Service B&M $31,055
The Farmers & Merchants State Bank 1130 North Shoop Avenue Wauseon, OH 43567 Full Service B&M $160,505
The Farmers & Merchants State Bank 1150 E Main St Montpelier, OH 43543 Full Service B&M $49,550
The Farmers & Merchants State Bank 1175 Hotel Drive Defiance, OH 43512 Full Service B&M $61,464
The Farmers & Merchants State Bank 12106 Lima Road Fort Wayne, IN 46818 Full Service B&M $15,679
The Farmers & Merchants State Bank 1451 North Meridian Street Portland, IN 47371 Full Service B&M $18,456
The Farmers & Merchants State Bank 150 West Washington Street Monroe, IN 46772 Full Service B&M $56,074
The Farmers & Merchants State Bank 1660 Tiffin Avenue Findlay, OH 45840 Full Service B&M $26,618

For 2021, The Farmers & Merchants State Bank had 31 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $76,545
Net interest income $69,946
Total noninterest income $15,207
Gross Fiduciary activities income $0
Service charges on deposit accounts $3,748
Trading account gains and fees $0
Additional Noninterest Income $11,459
Pre-tax net operating income $29,443
Securities gains (or losses, -) $152
Income before extraordinary items $23,252
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $23,252
Minority interest net income $0
Net income $23,252
Sale, conversion, retirement of capital stock, net $0
Net operating income $23,131

The Farmers & Merchants State Bank's gross interest income from loans was $76,545,000.
The Farmers & Merchants State Bank's net interest income from loans was $69,946,000.
The Farmers & Merchants State Bank's fee based income from loans was $3,748,000.
The Farmers & Merchants State Bank's net income from loans was $23,252,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $6,599
Provision for credit losses $3,444
Total noninterest expense $52,266
Salaries and employee benefits $27,337
Premises and equipment expense $6,881
Additional noninterest expense $18,048
Applicable income taxes $6,343
Net charge-offs $874
Cash dividends $22,000

The Farmers & Merchants State Bank's interest expense for loans was $6,599,000.
The Farmers & Merchants State Bank's payroll and benefits expense were $27,337,000.
The Farmers & Merchants State Bank's property, plant and equipment expenses $6,881,000.

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 0.0%
HELOC loans 0.0%
All other family 0.0%
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 $2,197,311
Deposits held in domestic offices $2,197,311
Deposits by Individuals, partnerships, and corporations $1,942,532
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $247,882
Deposits by Commercial banks and other depository institutions in U.S. $6,897
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $588,791
Demand deposits $294,070
Nontransaction accounts $1,608,520
Money market deposit accounts (MMDAs) $216,793
Other savings deposits (excluding MMDAs) $920,248
Total time deposits $471,479
Total time and savings deposits $1,903,241
Noninterest-bearing deposits $477,538
Interest-bearing deposits $1,719,773
Retail deposits $2,122,934
IRAs and Keogh plan accounts $91,577
Brokered deposits $1,598
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,608,177
Cash & Balances due from depository institutions $124,790
Interest-bearing balances $95,773
Total securities $421,495
Federal funds sold & reverse repurchase $45,338
Net loans and leases $1,848,891
Loan and leases loss allowance $16,242
Trading account assets $0
Bank premises and fixed assets $26,913
Other real estate owned $159
Goodwill and other intangibles $88,024
All other assets $52,567

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,608,177
Total Liabilities $2,269,739
Total deposits $2,197,311
Interest-bearing deposits $1,719,773
Deposits held in domestic offices $2,197,311
% insured (estimated) $80
Federal funds purchased and repurchase agreements $29,268
Trading liabilities $0
Other borrowed funds $24,065
Subordinated debt $0
All other liabilities $19,095

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,848,891
Loan and leases loss allowance $16,242
Total loans and leases (domestic) $1,865,133
All real estate loans $1,450,407
Real estate loans in domestic offices $1,450,407
Construction and development loans $115,422
Residential 1-4 family construction $15,879
Other construction, all land development and other land $99,543
Loans secured by nonfarm nonresidential properties $613,244
Nonfarm nonresidential secured by owner-occupied properties $249,505
Commercial real estate & other non-farm, non-residential $363,739
Multifamily residential real estate $139,147
1-4 family residential loans $381,732
Farmland loans $200,862
Loans held in foreign offices $0
Farm loans $118,368
Commercial and industrial loans $208,270
To non-U.S. addressees $0
Loans to individuals $56,557
Credit card loans $3,914
Related Plans $72
Consumer Auto Loans $36,985
Other loans to individuals $15,586
All other loans & leases $33,269
Loans to foreign governments and official institutions $0
Other loans $1,180
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,077
Non 1-4 family restructured loans & leases $982
Total loans and leases (foreign) $0

The Farmers & Merchants State Bank had $1,848,891,000 of loans outstanding in 2021. $1,450,407,000 of loans were in real estate loans. $115,422,000 of loans were in development loans. $139,147,000 of loans were in multifamily mortgage loans. $381,732,000 of loans were in 1-4 family mortgage loans. $118,368,000 of loans were in farm loans. $3,914,000 of loans were in credit card loans. $36,985,000 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 695 $162,043 $233,155
Nonfarm, nonresidential loans - <$100k 157 $6,752 $43,006
Nonfarm, nonresidential loans - $100-250k 230 $28,481 $123,830
Nonfarm, nonresidential loans - $250k-1MM 308 $126,810 $411,721
Commercial & Industrial, US addressed loans - <$1MM 1,148 $99,172 $86,387
Commercial & Industrial, US addressed loans - <$100k 665 $16,171 $24,317
Commercial & Industrial, US addressed loans - $100-250k 254 $21,991 $86,579
Commercial & Industrial, US addressed loans - $250k-1MM 229 $61,010 $266,419
Farmland loans - <$1MM 1,000 $86,557 $86,557
Farmland loans - <$100k 227 $7,182 $31,639
Farmland loans - $100-250k 449 $31,464 $70,076
Farmland loans - $250k-1MM 324 $47,911 $147,873
Agriculture operations loans - <$1MM 1,071 $65,177 $60,856
Agriculture operations loans - <$100k 743 $20,399 $27,455
Agriculture operations loans - $100-250k 226 $22,236 $98,389
Agriculture operations loans - $250k-1MM 102 $22,542 $221,000