The Farmers & Merchants State Bank Mortgage Rates, Fees & Info
Archbold, OHLEI: 254900LDNBFL67R4FW27
Tax ID: 34-4230390
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Review & Overview
The Farmers & Merchants State Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. The Farmers & Merchants State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Toledo, Detroit, Decatur, Pittsburgh, and Auburn among others. We have data for 45 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
692Origination Dollar Volume (All Markets)
$141,150,000Employee count
357Awards
The Farmers & Merchants State Bank - 2019
The Farmers & Merchants State Bank is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 268 | $46,450,000 | $173,321 | $2,210 | 4.48% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $20,915,000 | $6,971,667 | $0 | 5.28% |
| Decatur, IN (FHA|USDA|VA) | 106 | $16,290,000 | $153,679 | $2,741 | 4.25% |
| Outside of Metro Areas | 151 | $16,285,000 | $107,848 | $1,932 | 4.42% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $4,205,000 | $4,205,000 | $0 | 5.19% |
| Auburn, IN (FHA|USDA|VA) | 18 | $3,630,000 | $201,667 | $2,094 | 4.01% |
| FORT WAYNE, IN (FHA|USDA|VA) | 22 | $3,480,000 | $158,182 | $2,385 | 4.60% |
| Defiance, OH (FHA|USDA|VA) | 30 | $3,450,000 | $115,000 | $2,134 | 4.29% |
| Findlay, OH (FHA|USDA|VA) | 4 | $3,400,000 | $850,000 | $2,685 | 4.63% |
| Angola, IN (FHA|USDA|VA) | 16 | $2,930,000 | $183,125 | $2,310 | 4.08% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $2,205,000 | $2,205,000 | $0 | 4.20% |
| Tiffin, OH (FHA|USDA|VA) | 3 | $1,675,000 | $558,333 | $2,095 | 5.50% |
| Adrian, MI (FHA|USDA|VA) | 7 | $1,625,000 | $232,143 | $2,585 | 4.12% |
| COLUMBUS, OH (FHA|USDA|VA) | 3 | $1,605,000 | $535,000 | $0 | 5.52% |
| Richmond, IN (FHA|USDA|VA) | 6 | $1,440,000 | $240,000 | $3,968 | 4.48% |
| SYRACUSE, NY (FHA|USDA|VA) | 1 | $1,355,000 | $1,355,000 | $0 | 5.21% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 2 | $960,000 | $480,000 | $2,222 | 3.81% |
| Van Wert, OH (FHA|USDA|VA) | 6 | $960,000 | $160,000 | $2,510 | 4.31% |
| Coldwater, MI (FHA|USDA|VA) | 4 | $930,000 | $232,500 | $2,305 | 5.25% |
| Traverse City, MI (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $4,546 | 3.63% |
| Kendallville, IN (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $3,422 | 4.19% |
| Hillsdale, MI (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $2,182 | 4.44% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $2,130 | 4.22% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $4,742 | 3.50% |
| MONROE, MI (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $2,656 | 5.19% |
| Connersville, IN (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $1,528 | 4.09% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $2,125 | 3.13% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,783 | 3.38% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,938 | 3.88% |
| Holland, MI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,397 | 3.88% |
| New Castle, IN (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $5,553 | 5.50% |
| Bluffton, IN (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $2,948 | 5.30% |
| Celina, OH (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,562 | 4.97% |
| MUNCIE, IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,653 | 3.99% |
| Sandusky, OH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,283 | 6.63% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,912 | 3.69% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,464 | 4.25% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 5.50% |
| Ashland, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,449 | 4.13% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,486 | 4.38% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,617 | 3.25% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,536 | 3.13% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,929 | 4.85% |
| Bucyrus-Galion, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,065 | 4.50% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $2,394 | 3.88% |
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 692 | $141,150,000 | $203,974 | $2,312 | 4.41% |
For 2019, The Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 692 originations.
Loan Reason
For 2019, The Farmers & Merchants State Bank's most frequently cited loan purpose was Home Purchase, with 338 originations. The 2nd most popular reason was Cash Out Refi, with 173 originations.
Loan Duration/Length
For 2019, The Farmers & Merchants State Bank's most frequently cited loan duration was 30 Year, with 373 originations. The 2nd most popular length was 15 Year, with 139 originations.
Origination Fees/Closing Costs
The Farmers & Merchants State Bank's average total fees were $2,538, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 427 originations.
Interest Rates
During 2019, The Farmers & Merchants State Bank's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 3-4%, with 325 originations.
Loan Sizing
2019 saw The Farmers & Merchants State Bank place emphasis on $100k-200k loans with 281 originations, totaling $40,055,000 in origination value.
Applicant Income
The Farmers & Merchants State Bank lent most frequently to those with incomes in the $50k or less range, with 213 originations. The second most popular income band? $50k-75k, with 129 originations.
Applicant Debt to Income Ratio
The Farmers & Merchants State Bank lent most frequently to those with DTI ratios of 20-30%, with 197 originations. The next most common DTI ratio? <20%, with 105 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.31%
The Farmers & Merchants State Bank has an average approval rate.
Pick Rate
Approvals leading to origination80.20%
The Farmers & Merchants State Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 692 | $141,150,000 | $203,974 |
Occupancy Type Mix
LTV Distribution
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 | $22,453 |
| The Farmers & Merchants State Bank | 100 Ushy 27 N Berne, IN 46711 | Full Service B&M | $45,517 |
| The Farmers & Merchants State Bank | 1000 South Main Street Bryan, OH 43506 | Full Service B&M | $59,429 |
| The Farmers & Merchants State Bank | 101 Main Street Delta, OH 43515 | Full Service B&M | $44,174 |
| The Farmers & Merchants State Bank | 103 Main St Monroeville, IN 46773 | Full Service B&M | $28,583 |
| The Farmers & Merchants State Bank | 1072 N. Main Street Bowling Green, OH 43402 | Full Service B&M | $3,654 |
| The Farmers & Merchants State Bank | 1118 South 13th Street Decatur, IN 46733 | Full Service B&M | $12,841 |
| The Farmers & Merchants State Bank | 1130 North Shoop Avenue Wauseon, OH 43567 | Full Service B&M | $56,850 |
| The Farmers & Merchants State Bank | 1150 E Main St Montpelier, OH 43543 | Full Service B&M | $39,509 |
| The Farmers & Merchants State Bank | 1175 Hotel Drive Defiance, OH 43512 | Full Service B&M | $38,346 |
| The Farmers & Merchants State Bank | 119 North Fulton Street Wauseon, OH 43567 | Full Service B&M | $49,518 |
| The Farmers & Merchants State Bank | 12106 Lima Road Fort Wayne, IN 46818 | Full Service B&M | $14,649 |
| The Farmers & Merchants State Bank | 1313 S Defiance Street Archbold, OH 43502 | Full Service B&M | $38,744 |
| The Farmers & Merchants State Bank | 1451 North Meridian Street Portland, IN 47371 | Full Service B&M | $16,004 |
| The Farmers & Merchants State Bank | 150 West Washington Street Monroe, IN 46772 | Full Service B&M | $44,437 |
| The Farmers & Merchants State Bank | 1660 Tiffin Avenue Findlay, OH 45840 | Full Service B&M | $11,404 |
| The Farmers & Merchants State Bank | 200 South Broadway Butler, IN 46721 | Full Service B&M | $38,607 |
| The Farmers & Merchants State Bank | 200 West Jackson Street West Unity, OH 43570 | Full Service B&M | $45,197 |
| The Farmers & Merchants State Bank | 215 East Line Street Geneva, IN 46740 | Full Service B&M | $66,282 |
| The Farmers & Merchants State Bank | 2255 North Scott Street Napoleon, OH 43545 | Full Service B&M | $60,893 |
| The Farmers & Merchants State Bank | 22973 Defiance Pike Custar, OH 43511 | Full Service B&M | $26,931 |
| The Farmers & Merchants State Bank | 2310 North Wayne Street Angola, IN 46703 | Full Service B&M | $37,121 |
| The Farmers & Merchants State Bank | 300 South Defiance Street Stryker, OH 43557 | Full Service B&M | $39,616 |
| The Farmers & Merchants State Bank | 307-11 Defiance Street Archbold, OH 43502 | Full Service B&M | $250,291 |
| The Farmers & Merchants State Bank | 403 Erie Pass Auburn, IN 46706 | Full Service B&M | $8,486 |
| The Farmers & Merchants State Bank | 5830 Monroe Street Sylvania, OH 43560 | Full Service B&M | $14,227 |
| The Farmers & Merchants State Bank | 7 Turtle Creek Circle Swanton, OH 43558 | Full Service B&M | $29,895 |
| The Farmers & Merchants State Bank | 7001 Lighthouse Way Perrysburg, OH 43551 | Full Service B&M | $42,976 |
| The Farmers & Merchants State Bank | 8720 Waterville-Swanton Road Waterville, OH 43566 | Full Service B&M | $13,523 |
| The Farmers & Merchants State Bank | 929 East High Street Bryan, OH 43506 | Full Service B&M | $42,714 |
For 2019, The Farmers & Merchants State Bank had 30 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $67,860 |
| Net interest income | $53,101 |
| Total noninterest income | $11,250 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $4,443 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $6,807 |
| Pre-tax net operating income | $21,887 |
| Securities gains (or losses, -) | $20 |
| Income before extraordinary items | $17,522 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $17,522 |
| Minority interest net income | $0 |
| Net income | $17,522 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $17,506 |
The Farmers & Merchants State Bank's gross interest income from loans was $67,860,000.
The Farmers & Merchants State Bank's net interest income from loans was $53,101,000.
The Farmers & Merchants State Bank's fee based income from loans was $4,443,000.
The Farmers & Merchants State Bank's net income from loans was $17,522,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $14,759 |
| Provision for credit losses | $1,138 |
| Total noninterest expense | $41,326 |
| Salaries and employee benefits | $21,865 |
| Premises and equipment expense | $6,341 |
| Additional noninterest expense | $13,120 |
| Applicable income taxes | $4,385 |
| Net charge-offs | $685 |
| Cash dividends | $12,087 |
The Farmers & Merchants State Bank's interest expense for loans was $14,759,000.
The Farmers & Merchants State Bank's payroll and benefits expense were $21,865,000.
The Farmers & Merchants State Bank's property, plant and equipment expenses $6,341,000.
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 | $1,289,151 |
| Deposits held in domestic offices | $1,289,151 |
| Deposits by Individuals, partnerships, and corporations | $1,075,290 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $205,913 |
| Deposits by Commercial banks and other depository institutions in U.S. | $7,948 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $352,524 |
| Demand deposits | $291,476 |
| Nontransaction accounts | $936,627 |
| Money market deposit accounts (MMDAs) | $65,566 |
| Other savings deposits (excluding MMDAs) | $594,497 |
| Total time deposits | $276,564 |
| Total time and savings deposits | $997,675 |
| Noninterest-bearing deposits | $265,960 |
| Interest-bearing deposits | $1,023,191 |
| Retail deposits | $1,245,081 |
| IRAs and Keogh plan accounts | $42,700 |
| Brokered deposits | $11,598 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,582,933 |
| Cash & Balances due from depository institutions | $46,541 |
| Interest-bearing balances | $25,664 |
| Total securities | $205,275 |
| Federal funds sold & reverse repurchase | $1,159 |
| Net loans and leases | $1,216,019 |
| Loan and leases loss allowance | $7,228 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $26,351 |
| Other real estate owned | $214 |
| Goodwill and other intangibles | $53,490 |
| All other assets | $33,884 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,582,933 |
| Total Liabilities | $1,378,324 |
| Total deposits | $1,289,151 |
| Interest-bearing deposits | $1,023,191 |
| Deposits held in domestic offices | $1,289,151 |
| % insured (estimated) | $83 |
| Federal funds purchased and repurchase agreements | $48,073 |
| Trading liabilities | $0 |
| Other borrowed funds | $24,806 |
| Subordinated debt | $0 |
| All other liabilities | $16,294 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,216,019 |
| Loan and leases loss allowance | $7,228 |
| Total loans and leases (domestic) | $1,223,247 |
| All real estate loans | $920,011 |
| Real estate loans in domestic offices | $920,011 |
| Construction and development loans | $126,733 |
| Residential 1-4 family construction | $5,210 |
| Other construction, all land development and other land | $121,523 |
| Loans secured by nonfarm nonresidential properties | $382,105 |
| Nonfarm nonresidential secured by owner-occupied properties | $205,115 |
| Commercial real estate & other non-farm, non-residential | $176,990 |
| Multifamily residential real estate | $47,681 |
| 1-4 family residential loans | $160,877 |
| Farmland loans | $202,615 |
| Loans held in foreign offices | $0 |
| Farm loans | $111,820 |
| Commercial and industrial loans | $135,631 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $48,923 |
| Credit card loans | $4,091 |
| Related Plans | $165 |
| Consumer Auto Loans | $32,990 |
| Other loans to individuals | $11,677 |
| All other loans & leases | $8,628 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $314 |
| 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 | $906 |
| Non 1-4 family restructured loans & leases | $812 |
| Total loans and leases (foreign) | $0 |
The Farmers & Merchants State Bank had $1,216,019,000 of loans outstanding in 2019. $920,011,000 of loans were in real estate loans. $126,733,000 of loans were in development loans. $47,681,000 of loans were in multifamily mortgage loans. $160,877,000 of loans were in 1-4 family mortgage loans. $111,820,000 of loans were in farm loans. $4,091,000 of loans were in credit card loans. $32,990,000 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 | 583 | $120,865 | $207,316 |
| Nonfarm, nonresidential loans - <$100k | 172 | $7,124 | $41,419 |
| Nonfarm, nonresidential loans - $100-250k | 195 | $23,851 | $122,313 |
| Nonfarm, nonresidential loans - $250k-1MM | 216 | $89,890 | $416,157 |
| Commercial & Industrial, US addressed loans - <$1MM | 1,108 | $90,215 | $81,421 |
| Commercial & Industrial, US addressed loans - <$100k | 697 | $18,284 | $26,232 |
| Commercial & Industrial, US addressed loans - $100-250k | 223 | $21,353 | $95,753 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 188 | $50,578 | $269,032 |
| Farmland loans - <$1MM | 1,033 | $95,428 | $92,379 |
| Farmland loans - <$100k | 276 | $9,445 | $34,221 |
| Farmland loans - $100-250k | 452 | $34,995 | $77,423 |
| Farmland loans - $250k-1MM | 305 | $50,988 | $167,174 |
| Agriculture operations loans - <$1MM | 1,098 | $62,966 | $57,346 |
| Agriculture operations loans - <$100k | 784 | $22,126 | $28,222 |
| Agriculture operations loans - $100-250k | 230 | $23,013 | $100,057 |
| Agriculture operations loans - $250k-1MM | 84 | $17,827 | $212,226 |