The Merchants National Bank Mortgage Rates, Fees & Info

Hillsboro, OH

LEI: 254900PJ63T7KFSHAV90

Tax ID: 31-0373340

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

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    The Merchants National Bank is a smaller bank specializing in Home Purchase loans. The Merchants National Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Columbus, Cincinnati, Washington Court House, Chillicothe, and Dayton among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Merchants National 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 Merchants National 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 relatively high 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.91% 12/4/24
    30 Year Conventional Refi 6.99% 12/4/24
    30 Year Cash-out Refi 7.24% 12/4/24
    30 Year USDA Purchase 7.62% 12/4/24
    15 Year Conventional Purchase 6.49% 12/4/24
    15 Year Conventional Refi 6.78% 12/4/24
    15 Year Cash-out Refi 6.78% 12/4/24
    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 Merchants National Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from The Merchants National 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

    305

    Origination Dollar Volume (All Markets)

    $44,475,000

    Employee count

    136 Show all (6) 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
    COLUMBUS, OH (FHA|USDA|VA) 77 $13,235,000 $171,883 $2,108 5.18%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 57 $10,405,000 $182,544 $2,168 5.22%
    Outside of Metro Areas 84 $9,820,000 $116,905 $1,728 5.42%
    Washington Court House, OH (FHA|USDA|VA) 46 $5,790,000 $125,870 $1,930 5.08%
    Chillicothe, OH (FHA|USDA|VA) 19 $1,545,000 $81,316 $1,425 5.68%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 5 $865,000 $173,000 $2,192 5.28%
    SPRINGFIELD, OH (FHA|USDA|VA) 6 $840,000 $140,000 $2,188 5.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $505,000 $505,000 $4,840 5.50%
    Wilmington, OH (FHA|USDA|VA) 5 $455,000 $91,000 $1,664 5.38%
    Urbana, OH (FHA|USDA|VA) 3 $435,000 $145,000 $1,622 5.25%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $365,000 $365,000 $3,087 4.95%
    Richmond-Berea, KY (FHA|USDA|VA) 1 $215,000 $215,000 $2,506 4.38%
    The Merchants National Bank's top markets include Columbus, Cincinnati, Washington Court House, Chillicothe, and Dayton among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)

    • Similar Lenders

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

    HOMELAND CREDIT UNION, INC.
    Similarity Rank: 36
    MIAMI UNIVERSITY COMMUNITY
    Similarity Rank: 120
    Greenville Federal
    Similarity Rank: 144
    CINCINNATI OHIO POLICE
    Similarity Rank: 172
    Columbus Metro Federal Credit Union
    Similarity Rank: 224
    Firefighters & Company FCU
    Similarity Rank: 235
    New Carlisle Federal Savings Bank
    Similarity Rank: 294
    TrueCore Federal Credit Union
    Similarity Rank: 360
    CINFED Federal Credit Union
    Similarity Rank: 385
    RIVER VALLEY CREDIT UNION, INC.
    Similarity Rank: 393

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 302 $44,200,000 $146,358 $1,936 5.27%
    USDA 3 $275,000 $91,667 $3,194 4.88%

    For 2018, The Merchants National Bank's most frequently originated type of loan was Conventional, with 302 originations. Their 2nd most popular type was USDA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 200 $31,460,000 $157,300 $2,119 5.19%
    Cash Out Refi 58 $5,500,000 $94,828 $1,644 5.57%
    Refi 39 $5,955,000 $152,692 $1,655 5.18%
    Home Improvement 4 $1,380,000 $345,000 $1,799 5.41%
    Other 4 $180,000 $45,000 $1,440 5.41%

    For 2018, The Merchants National Bank's most frequently cited loan purpose was Home Purchase, with 200 originations. The 2nd most popular reason was Cash Out Refi, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 186 $30,850,000 $165,860 $2,032 5.23%
    15 Year 49 $4,515,000 $92,143 $1,841 5.16%
    20 Year 43 $5,795,000 $134,767 $1,808 5.33%
    10 Year 13 $895,000 $68,846 $1,267 6.01%
    Other 11 $1,505,000 $136,818 $1,641 5.13%
    1 Year 2 $320,000 $160,000 $3,621 6.13%
    5 Year 1 $595,000 $595,000 $0 5.50%

    For 2018, The Merchants National Bank's most frequently cited loan duration was 30 Year, with 186 originations. The 2nd most popular length was 15 Year, with 49 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 269 $38,335,000 $142,509
    $1k-2k 1 $215,000 $215,000

    The Merchants National Bank's average total fees were $2,032, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 269 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 161 $21,955,000 $136,366
    4-5% 106 $18,100,000 $170,755
    6-7% 18 $2,130,000 $118,333
    3-4% 14 $1,990,000 $142,143
    7-8% 5 $245,000 $49,000
    Over 8% 1 $55,000 $55,000

    During 2018, The Merchants National Bank's average interest rate for loans was 5.23%, while their most frequently originated rate bucket for loans was 5-6%, with 161 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 128 $7,490,000 $58,516 $1,604 5.53%
    $100k-200k 102 $13,670,000 $134,020 $2,021 5.00%
    $200k-400k 61 $16,005,000 $262,377 $2,331 5.21%
    $400k-600k 13 $6,255,000 $481,154 $3,000 5.13%
    $1MM+ 1 $1,055,000 $1,055,000 $0 4.88%

    2018 saw The Merchants National Bank place emphasis on $100,000 or less loans with 128 originations, totaling $7,490,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 76 $5,750,000 $75,658 $1,706 5.43%
    $50k-75k 73 $9,045,000 $123,904 $1,966 5.19%
    $100k-150k 64 $11,730,000 $183,281 $2,072 5.27%
    $75k-100k 44 $6,210,000 $141,136 $2,028 5.24%
    $150k-250k 23 $5,925,000 $257,609 $2,111 5.25%
    $250k+ 12 $2,590,000 $215,833 $2,621 5.34%

    The Merchants National Bank lent most frequently to those with incomes in the $50k or less range, with 76 originations. The second most popular income band? $50k-75k, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 85 $11,375,000 $133,824 $1,918 5.34%
    30-36% 81 $11,405,000 $140,802 $1,862 5.26%
    <20% 33 $2,955,000 $89,545 $1,713 5.34%
    50-60% 13 $2,165,000 $166,538 $2,094 5.37%
    38% 13 $2,325,000 $178,846 $2,099 5.29%
    36% 10 $1,740,000 $174,000 $2,069 5.26%
    42% 9 $1,865,000 $207,222 $2,524 5.18%
    37% 9 $1,075,000 $119,444 $2,366 5.02%
    41% 7 $1,195,000 $170,714 $2,526 5.02%
    >60% 7 $1,385,000 $197,857 $2,031 5.36%
    40% 6 $1,240,000 $206,667 $2,297 5.13%
    39% 6 $550,000 $91,667 $1,346 5.51%
    46% 3 $595,000 $198,333 $2,279 5.32%
    43% 3 $545,000 $181,667 $1,915 5.00%
    44% 3 $415,000 $138,333 $2,004 5.92%
    49% 1 $225,000 $225,000 $2,381 4.63%
    47% 1 $155,000 $155,000 $1,671 4.25%
    45% 1 $75,000 $75,000 $1,794 4.75%

    The Merchants National Bank lent most frequently to those with DTI ratios of 20-30%, with 85 originations. The next most common DTI ratio? 30-36%, with 81 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 279 $39,005,000 $139,803 $1,936 5.29%
    Not applicable 13 $3,345,000 $257,308 $2,582 4.82%
    Not provided 13 $2,125,000 $163,462 $2,176 5.30%

    Approval Rates

    Total approvals of all applications
    87.58%

    The Merchants National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.43%

    The Merchants National Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 305 $44,475,000 $145,820

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $2,250,000 $375,000
    Single Family (1-4 Units):Manufactured 20 $1,210,000 $60,500
    Single Family (1-4 Units):Site-Built 279 $41,015,000 $147,007

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $4,260,000 $142,000 $1,641 5.36%
    40-60% 57 $6,615,000 $116,053 $1,838 5.33%
    60-80% 137 $22,335,000 $163,029 $1,881 5.25%
    80-100% 66 $10,260,000 $155,455 $2,348 5.10%
    Over 100% 2 $290,000 $145,000 $2,727 5.00%
    Under 20% 10 $400,000 $40,000 $1,553 6.14%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Merchants National Bank 100 North High Street Hillsboro, OH 45133 Full Service B&M $90,273
    The Merchants National Bank 104 Jefferson Street Greenfield, OH 45123 Full Service B&M $34,435
    The Merchants National Bank 117-119 South Washington Street Greenfield, OH 45123 Full Service B&M $28,174
    The Merchants National Bank 120 South Main Street Georgetown, OH 45121 Full Service B&M $17,693
    The Merchants National Bank 128 South North Street Washington Court House, OH 43160 Full Service B&M $116,098
    The Merchants National Bank 145 W. Beech St. Hillsboro, OH 45133 Full Service B&M $78,848
    The Merchants National Bank 1470 North High Street Hillsboro, OH 45133 Full Service B&M $56,320
    The Merchants National Bank 181 North Coleman Crossing Blvd Marysville, OH 43040 Full Service B&M $35,169
    The Merchants National Bank 2033 Hospital Drive Batavia, OH 45103 Full Service B&M $38,549
    The Merchants National Bank 279 Lafayette Street London, OH 43140 Full Service B&M $73,906
    The Merchants National Bank 314 Washington Street Higginsport, OH 45131 Full Service B&M $26,854
    The Merchants National Bank 3473 E National Road Springfield, OH 45505 Full Service B&M $11,600
    The Merchants National Bank 370 North High Street Mount Orab, OH 45154 Full Service Retail $17,930

    For 2018, The Merchants National Bank had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $31,221
    Net interest income $26,864
    Total noninterest income $3,572
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,468
    Trading account gains and fees $0
    Additional Noninterest Income $2,104
    Pre-tax net operating income $12,868
    Securities gains (or losses, -) $5
    Income before extraordinary items $10,236
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,236
    Minority interest net income $0
    Net income $10,236
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,232

    The Merchants National Bank's gross interest income from loans was $31,221,000.
    The Merchants National Bank's net interest income from loans was $26,864,000.
    The Merchants National Bank's fee based income from loans was $1,468,000.
    The Merchants National Bank's net income from loans was $10,236,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,357
    Provision for credit losses $460
    Total noninterest expense $17,108
    Salaries and employee benefits $9,423
    Premises and equipment expense $1,722
    Additional noninterest expense $5,963
    Applicable income taxes $2,637
    Net charge-offs $335
    Cash dividends $5,597

    The Merchants National Bank's interest expense for loans was $4,357,000.
    The Merchants National Bank's payroll and benefits expense were $9,423,000.
    The Merchants National Bank's property, plant and equipment expenses $1,722,000.

    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 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 1.0%
    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 $642,384
    Deposits held in domestic offices $642,384
    Deposits by Individuals, partnerships, and corporations $569,371
    Deposits by U.S. Government $4
    Deposits by States and political subdivisions in the U.S. $72,794
    Deposits by Commercial banks and other depository institutions in U.S. $214
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $62,852
    Demand deposits $37,018
    Nontransaction accounts $579,531
    Money market deposit accounts (MMDAs) $66,887
    Other savings deposits (excluding MMDAs) $328,964
    Total time deposits $183,680
    Total time and savings deposits $605,365
    Noninterest-bearing deposits $125,504
    Interest-bearing deposits $516,880
    Retail deposits $588,624
    IRAs and Keogh plan accounts $35,038
    Brokered deposits $42,041
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $736,716
    Cash & Balances due from depository institutions $60,018
    Interest-bearing balances $42,046
    Total securities $29,211
    Federal funds sold & reverse repurchase $6,661
    Net loans and leases $617,216
    Loan and leases loss allowance $6,272
    Trading account assets $0
    Bank premises and fixed assets $8,138
    Other real estate owned $97
    Goodwill and other intangibles $997
    All other assets $14,378

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $736,715
    Total Liabilities $665,493
    Total deposits $642,384
    Interest-bearing deposits $516,880
    Deposits held in domestic offices $642,384
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $10,410
    Trading liabilities $0
    Other borrowed funds $7,351
    Subordinated debt $0
    All other liabilities $5,348

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $617,216
    Loan and leases loss allowance $6,272
    Total loans and leases (domestic) $623,488
    All real estate loans $515,012
    Real estate loans in domestic offices $515,012
    Construction and development loans $20,720
    Residential 1-4 family construction $9,674
    Other construction, all land development and other land $11,046
    Loans secured by nonfarm nonresidential properties $95,509
    Nonfarm nonresidential secured by owner-occupied properties $58,486
    Commercial real estate & other non-farm, non-residential $37,023
    Multifamily residential real estate $6,049
    1-4 family residential loans $242,831
    Farmland loans $149,903
    Loans held in foreign offices $0
    Farm loans $41,340
    Commercial and industrial loans $40,010
    To non-U.S. addressees $0
    Loans to individuals $21,345
    Credit card loans $145
    Related Plans $116
    Consumer Auto Loans $16,774
    Other loans to individuals $4,310
    All other loans & leases $5,781
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $2,401
    Non 1-4 family restructured loans & leases $1,319
    Total loans and leases (foreign) $0

    The Merchants National Bank had $617,216,000 of loans outstanding in 2018. $515,012,000 of loans were in real estate loans. $20,720,000 of loans were in development loans. $6,049,000 of loans were in multifamily mortgage loans. $242,831,000 of loans were in 1-4 family mortgage loans. $41,340,000 of loans were in farm loans. $145,000 of loans were in credit card loans. $16,774,000 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 368 $62,158 $168,908
    Nonfarm, nonresidential loans - <$100k 119 $4,678 $39,311
    Nonfarm, nonresidential loans - $100-250k 105 $11,933 $113,648
    Nonfarm, nonresidential loans - $250k-1MM 144 $45,547 $316,299
    Commercial & Industrial, US addressed loans - <$1MM 718 $29,419 $40,974
    Commercial & Industrial, US addressed loans - <$100k 618 $13,154 $21,285
    Commercial & Industrial, US addressed loans - $100-250k 61 $6,036 $98,951
    Commercial & Industrial, US addressed loans - $250k-1MM 39 $10,229 $262,282
    Farmland loans - <$1MM 446 $68,142 $152,785
    Farmland loans - <$100k 130 $5,952 $45,785
    Farmland loans - $100-250k 186 $25,303 $136,038
    Farmland loans - $250k-1MM 130 $36,887 $283,746
    Agriculture operations loans - <$1MM 495 $29,659 $59,917
    Agriculture operations loans - <$100k 368 $10,252 $27,859
    Agriculture operations loans - $100-250k 86 $9,991 $116,174
    Agriculture operations loans - $250k-1MM 41 $9,416 $229,659