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

Archbold, OH

LEI: 254900LDNBFL67R4FW27

Tax ID: 34-4230390

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

The Farmers & Merchants State Bank is a smaller bank specializing in Home Purchase and Refi loans. The Farmers & Merchants State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Toledo, St. Marys, Defiance, Tampa, and Dayton among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

The Farmers & Merchants State Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Farmers & Merchants State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.27%	4/21/24
30 Year Conventional Purchase	7.16%	4/21/24
30 Year Conventional Refi	6.90%	4/21/24
30 Year Cash-out Refi	7.06%	4/21/24
15 Year Conventional Purchase	6.38%	4/21/24
15 Year Conventional Refi	6.15%	4/21/24
15 Year Cash-out Refi	6.15%	4/21/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

The Farmers & Merchants State Bank Mortgage Calculator

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from The Farmers & Merchants State Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

441

Origination Dollar Volume (All Markets)

$74,055,000

Employee count

288

Awards

The Farmers & Merchants State Bank 30 Year Conventional Loans gold

The Farmers & Merchants State Bank 30 Year Conventional Loans silver

Show all (4) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
TOLEDO, OH (FHA\|USDA\|VA)	211	$41,025,000	$194,431	$2,220	5.11%
Outside of Metro Areas	136	$12,620,000	$92,794	$1,815	5.04%
St. Marys, GA (FHA\|USDA\|VA)	1	$3,695,000	$3,695,000	$0	4.65%
Defiance, OH (FHA\|USDA\|VA)	37	$3,475,000	$93,919	$2,066	5.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$2,105,000	$2,105,000	$0	4.65%
DAYTON-KETTERING, OH (FHA\|USDA\|VA)	1	$2,005,000	$2,005,000	$0	4.95%
Auburn, IN (FHA\|USDA\|VA)	11	$1,925,000	$175,000	$2,475	4.85%
Angola, IN (FHA\|USDA\|VA)	7	$1,455,000	$207,857	$2,355	5.27%
Adrian, MI (FHA\|USDA\|VA)	6	$1,230,000	$205,000	$2,510	5.26%
FORT WAYNE, IN (FHA\|USDA\|VA)	8	$820,000	$102,500	$2,260	5.78%
Kendallville, IN (FHA\|USDA\|VA)	3	$595,000	$198,333	$2,235	5.23%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	1	$455,000	$455,000	$2,259	4.25%
Coldwater, MI (FHA\|USDA\|VA)	3	$425,000	$141,667	$2,136	5.17%
WILMINGTON, NC (FHA\|USDA\|VA)	1	$315,000	$315,000	$2,823	4.88%
Hillsdale, MI (FHA\|USDA\|VA)	1	$295,000	$295,000	$2,462	4.88%
CINCINNATI, OH-KY-IN (FHA\|USDA\|VA)	1	$295,000	$295,000	$0	4.95%
Fremont, OH (FHA\|USDA\|VA)	1	$215,000	$215,000	$3,034	4.88%
MONROE, MI (FHA\|USDA\|VA)	2	$190,000	$95,000	$2,261	5.56%
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,276	5.25%
Warsaw, IN (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,083	5.13%
Findlay, OH (FHA\|USDA\|VA)	1	$145,000	$145,000	$3,423	4.75%
COLUMBUS, OH (FHA\|USDA\|VA)	2	$140,000	$70,000	$0	5.85%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA\|USDA\|VA)	1	$125,000	$125,000	$1,592	4.50%
Sturgis, MI (FHA\|USDA\|VA)	1	$105,000	$105,000	$2,426	5.00%
CLEVELAND-ELYRIA, OH (FHA\|USDA\|VA)	1	$55,000	$55,000	$0	4.75%
Huntington, IN (FHA\|USDA\|VA)	1	$25,000	$25,000	$0	7.00%

The Farmers & Merchants State Bank's top markets include Toledo, St. Marys, Defiance, Tampa, and Dayton among others.

Their top states include:

Ohio (FHA|USDA|VA)

Indiana (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Michigan (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against The Farmers & Merchants State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	441	$74,055,000	$167,925	$2,084	5.09%

For 2018, The Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 441 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	254	$34,360,000	$135,276	$2,300	5.11%
Cash Out Refi	88	$14,190,000	$161,250	$1,758	4.98%
Refi	69	$17,535,000	$254,130	$1,903	5.12%
Other	18	$1,350,000	$75,000	$1,728	5.16%
Home Improvement	12	$6,620,000	$551,667	$1,515	5.39%

For 2018, The Farmers & Merchants State Bank's most frequently cited loan purpose was Home Purchase, with 254 originations. The 2nd most popular reason was Cash Out Refi, with 88 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	225	$27,795,000	$123,533	$2,272	5.08%
15 Year	86	$13,890,000	$161,512	$1,866	4.57%
20 Year	38	$10,670,000	$280,789	$1,936	4.78%
5 Year	32	$6,220,000	$194,375	$1,343	6.06%
10 Year	29	$10,345,000	$356,724	$1,328	5.48%
Other	26	$4,430,000	$170,385	$1,591	5.61%
3 Year	5	$705,000	$141,000	$0	5.96%

For 2018, The Farmers & Merchants State Bank's most frequently cited loan duration was 30 Year, with 225 originations. The 2nd most popular length was 15 Year, with 86 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	304	$35,020,000	$115,197
$1k-2k	13	$1,825,000	$140,385
$2k-3k	2	$210,000	$105,000
$4k-5k	1	$275,000	$275,000

The Farmers & Merchants State Bank's average total fees were $2,272, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 304 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	237	$52,665,000	$222,215
5-6%	148	$15,640,000	$105,676
6-7%	31	$4,075,000	$131,452
3-4%	17	$1,335,000	$78,529
7-8%	7	$285,000	$40,714
Over 8%	1	$55,000	$55,000

During 2018, The Farmers & Merchants State Bank's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 4-5%, with 237 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	236	$14,370,000	$60,890	$1,874	5.18%
$100k-200k	148	$20,520,000	$138,649	$2,181	4.96%
$200k-400k	40	$10,630,000	$265,750	$2,676	5.14%
$1MM+	8	$23,830,000	$2,978,750	$0	4.67%
$400k-600k	6	$2,660,000	$443,333	$2,908	5.30%
$600k-1MM	3	$2,045,000	$681,667	$0	4.92%

2018 saw The Farmers & Merchants State Bank place emphasis on $100,000 or less loans with 236 originations, totaling $14,370,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	104	$7,640,000	$73,462	$1,913	4.96%
$50k-75k	86	$8,550,000	$99,419	$2,047	4.83%
$75k-100k	68	$7,710,000	$113,382	$2,039	4.93%
$100k-150k	67	$8,465,000	$126,343	$2,265	4.97%
$150k-250k	21	$4,455,000	$212,143	$2,780	4.98%
$250k+	6	$1,730,000	$288,333	$2,361	4.75%

The Farmers & Merchants State Bank lent most frequently to those with incomes in the $50k or less range, with 104 originations. The second most popular income band? $50k-75k, with 86 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	123	$13,325,000	$108,333	$2,049	4.85%
30-36%	70	$7,300,000	$104,286	$1,962	5.05%
<20%	49	$5,275,000	$107,653	$2,225	4.88%
38%	17	$1,755,000	$103,235	$1,788	4.95%
37%	15	$1,675,000	$111,667	$2,052	4.91%
39%	15	$1,485,000	$99,000	$2,257	4.71%
43%	11	$1,095,000	$99,545	$2,193	5.11%
40%	11	$1,755,000	$159,545	$2,140	5.30%
44%	10	$1,240,000	$124,000	$2,413	5.01%
42%	9	$785,000	$87,222	$2,384	5.01%
36%	8	$1,280,000	$160,000	$2,307	4.77%
49%	7	$1,045,000	$149,286	$2,233	4.79%
45%	4	$480,000	$120,000	$2,408	4.97%
47%	4	$320,000	$80,000	$1,805	4.78%
46%	3	$285,000	$95,000	$1,711	5.25%
50-60%	2	$200,000	$100,000	$2,135	4.69%
48%	2	$260,000	$130,000	$1,896	4.19%
41%	1	$45,000	$45,000	$2,390	5.13%

The Farmers & Merchants State Bank lent most frequently to those with DTI ratios of 20-30%, with 123 originations. The next most common DTI ratio? 30-36%, with 70 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	379	$40,805,000	$107,665	$2,080	5.01%
Not applicable	49	$31,465,000	$642,143	$0	5.73%
Not provided	9	$1,195,000	$132,778	$2,389	4.82%
Asian	3	$495,000	$165,000	$1,592	5.52%
American Indian	1	$95,000	$95,000	$1,679	5.25%

Approval Rates

Total approvals of all applications
85.08%

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

Pick Rate

Approvals leading to origination
80.95%

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

Points and Fees

Points	Originations	Total Value	Average Loan
NA	441	$74,055,000	$167,925

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	3	$1,085,000	$361,667
Multifamily:Site-Built	27	$28,625,000	$1,060,185
Single Family (1-4 Units):Manufactured	14	$1,080,000	$77,143
Single Family (1-4 Units):Site-Built	397	$43,265,000	$108,980

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	37	$5,365,000	$145,000	$1,648	5.45%
40-60%	74	$16,510,000	$223,108	$1,835	5.21%
60-80%	162	$31,780,000	$196,173	$2,089	5.02%
80-100%	156	$19,610,000	$125,705	$2,240	5.00%
Under 20%	12	$790,000	$65,833	$1,548	5.55%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
The Farmers & Merchants State Bank	100 North Main Street Hicksville, OH 43526	Full Service B&M	$22,088
The Farmers & Merchants State Bank	1000 South Main Street Bryan, OH 43506	Full Service B&M	$50,855
The Farmers & Merchants State Bank	101 Main Street Delta, OH 43515	Full Service B&M	$43,990
The Farmers & Merchants State Bank	1072 N. Main Street Bowling Green, OH 43402	Full Service B&M	$2,122
The Farmers & Merchants State Bank	1130 North Shoop Avenue Wauseon, OH 43567	Full Service B&M	$55,774
The Farmers & Merchants State Bank	1150 E Main St Montpelier, OH 43543	Full Service B&M	$35,424
The Farmers & Merchants State Bank	1175 Hotel Drive Defiance, OH 43512	Full Service B&M	$31,098
The Farmers & Merchants State Bank	119 North Fulton Street Wauseon, OH 43567	Full Service B&M	$59,629
The Farmers & Merchants State Bank	12106 Lima Road Fort Wayne, IN 46818	Full Service B&M	$10,462
The Farmers & Merchants State Bank	1313 S Defiance Street Archbold, OH 43502	Full Service B&M	$34,518
The Farmers & Merchants State Bank	1660 Tiffin Avenue Findlay, OH 45840	Full Service B&M	$2,621
The Farmers & Merchants State Bank	200 South Broadway Butler, IN 46721	Full Service B&M	$36,016
The Farmers & Merchants State Bank	200 West Jackson Street West Unity, OH 43570	Full Service B&M	$43,685
The Farmers & Merchants State Bank	2255 North Scott Street Napoleon, OH 43545	Full Service B&M	$50,464
The Farmers & Merchants State Bank	22973 Defiance Pike Custar, OH 43511	Full Service B&M	$26,304
The Farmers & Merchants State Bank	2310 North Wayne Street Angola, IN 46703	Full Service B&M	$16,483
The Farmers & Merchants State Bank	300 South Defiance Street Stryker, OH 43557	Full Service B&M	$37,817
The Farmers & Merchants State Bank	307-11 Defiance Street Archbold, OH 43502	Full Service B&M	$236,544
The Farmers & Merchants State Bank	403 Erie Pass Auburn, IN 46706	Full Service B&M	$6,994
The Farmers & Merchants State Bank	5830 Monroe Street Sylvania, OH 43560	Full Service B&M	$12,643
The Farmers & Merchants State Bank	7 Turtle Creek Circle Swanton, OH 43558	Full Service B&M	$31,103
The Farmers & Merchants State Bank	7001 Lighthouse Way Perrysburg, OH 43551	Full Service B&M	$32,487
The Farmers & Merchants State Bank	8720 Waterville-Swanton Road Waterville, OH 43566	Full Service B&M	$9,897
The Farmers & Merchants State Bank	929 East High Street Bryan, OH 43506	Full Service B&M	$42,346

For 2018, The Farmers & Merchants State Bank had 24 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$45,997
Net interest income	$39,425
Total noninterest income	$10,389
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$4,181
Trading account gains and fees	$0
Additional Noninterest Income	$6,208
Pre-tax net operating income	$17,567
Securities gains (or losses, -)	$93
Income before extraordinary items	$14,079
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$14,079
Minority interest net income	$0
Net income	$14,079
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$14,004

The Farmers & Merchants State Bank's gross interest income from loans was $45,997,000.
The Farmers & Merchants State Bank's net interest income from loans was $39,425,000.
The Farmers & Merchants State Bank's fee based income from loans was $4,181,000.
The Farmers & Merchants State Bank's net income from loans was $14,079,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$6,572
Provision for credit losses	$324
Total noninterest expense	$31,923
Salaries and employee benefits	$17,733
Premises and equipment expense	$4,996
Additional noninterest expense	$9,194
Applicable income taxes	$3,581
Net charge-offs	$417
Cash dividends	$6,500

The Farmers & Merchants State Bank's interest expense for loans was $6,572,000.
The Farmers & Merchants State Bank's payroll and benefits expense were $17,733,000.
The Farmers & Merchants State Bank's property, plant and equipment expenses $4,996,000.

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	$929,434
Deposits held in domestic offices	$929,434
Deposits by Individuals, partnerships, and corporations	$873,346
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$55,039
Deposits by Commercial banks and other depository institutions in U.S.	$1,049
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$284,489
Demand deposits	$120,975
Nontransaction accounts	$644,945
Money market deposit accounts (MMDAs)	$39,699
Other savings deposits (excluding MMDAs)	$417,833
Total time deposits	$187,413
Total time and savings deposits	$808,459
Noninterest-bearing deposits	$216,066
Interest-bearing deposits	$713,368
Retail deposits	$907,798
IRAs and Keogh plan accounts	$37,734
Brokered deposits	$1,268
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,087,497
Cash & Balances due from depository institutions	$34,513
Interest-bearing balances	$13,534
Total securities	$155,590
Federal funds sold & reverse repurchase	$873
Net loans and leases	$840,094
Loan and leases loss allowance	$6,775
Trading account assets	$0
Bank premises and fixed assets	$22,615
Other real estate owned	$600
Goodwill and other intangibles	$6,786
All other assets	$26,426

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,087,497
Total Liabilities	$971,001
Total deposits	$929,434
Interest-bearing deposits	$713,368
Deposits held in domestic offices	$929,434
% insured (estimated)	$91
Federal funds purchased and repurchase agreements	$32,181
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$9,386

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$840,094
Loan and leases loss allowance	$6,775
Total loans and leases (domestic)	$846,869
All real estate loans	$569,654
Real estate loans in domestic offices	$569,654
Construction and development loans	$53,911
Residential 1-4 family construction	$2,028
Other construction, all land development and other land	$51,883
Loans secured by nonfarm nonresidential properties	$320,931
Nonfarm nonresidential secured by owner-occupied properties	$144,695
Commercial real estate & other non-farm, non-residential	$176,236
Multifamily residential real estate	$46,970
1-4 family residential loans	$78,834
Farmland loans	$69,008
Loans held in foreign offices	$0
Farm loans	$108,495
Commercial and industrial loans	$121,793
To non-U.S. addressees	$0
Loans to individuals	$41,738
Credit card loans	$3,928
Related Plans	$39
Consumer Auto Loans	$28,484
Other loans to individuals	$9,287
All other loans & leases	$6,104
Loans to foreign governments and official institutions	$0
Other loans	$215
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	$104
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

The Farmers & Merchants State Bank had $840,094,000 of loans outstanding in 2018. $569,654,000 of loans were in real estate loans. $53,911,000 of loans were in development loans. $46,970,000 of loans were in multifamily mortgage loans. $78,834,000 of loans were in 1-4 family mortgage loans. $108,495,000 of loans were in farm loans. $3,928,000 of loans were in credit card loans. $28,484,000 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	509	$107,857	$211,900
Nonfarm, nonresidential loans - <$100k	152	$6,284	$41,342
Nonfarm, nonresidential loans - $100-250k	171	$21,347	$124,836
Nonfarm, nonresidential loans - $250k-1MM	186	$80,226	$431,323
Commercial & Industrial, US addressed loans - <$1MM	918	$67,220	$73,224
Commercial & Industrial, US addressed loans - <$100k	601	$16,187	$26,933
Commercial & Industrial, US addressed loans - $100-250k	187	$18,692	$99,957
Commercial & Industrial, US addressed loans - $250k-1MM	130	$32,341	$248,777
Farmland loans - <$1MM	740	$46,334	$62,614
Farmland loans - <$100k	188	$5,245	$27,899
Farmland loans - $100-250k	340	$18,650	$54,853
Farmland loans - $250k-1MM	212	$22,439	$105,844
Agriculture operations loans - <$1MM	911	$58,969	$64,730
Agriculture operations loans - <$100k	631	$18,185	$28,819
Agriculture operations loans - $100-250k	211	$23,589	$111,796
Agriculture operations loans - $250k-1MM	69	$17,195	$249,203