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™
  • Mortgage Calculator

    • 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 and Refi 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, Wilmington, and Dayton among others. We have data for 21 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 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.

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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

    399

    Origination Dollar Volume (All Markets)

    $66,735,000

    Employee count

    178 Show all (5) 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
    Outside of Metro Areas 104 $14,940,000 $143,654 $2,092 4.90%
    COLUMBUS, OH (FHA|USDA|VA) 86 $13,900,000 $161,628 $2,192 4.56%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 71 $11,085,000 $156,127 $2,069 4.89%
    Washington Court House, OH (FHA|USDA|VA) 56 $10,820,000 $193,214 $2,391 4.64%
    Wilmington, OH (FHA|USDA|VA) 26 $4,380,000 $168,462 $2,173 4.55%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 4 $1,780,000 $445,000 $3,081 3.34%
    Chillicothe, OH (FHA|USDA|VA) 15 $1,675,000 $111,667 $1,940 4.89%
    Athens, OH (FHA|USDA|VA) 10 $1,470,000 $147,000 $2,196 4.97%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,430,000 $715,000 $4,488 4.88%
    SPRINGFIELD, OH (FHA|USDA|VA) 11 $1,295,000 $117,727 $2,244 4.73%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $915,000 $305,000 $3,544 3.72%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $620,000 $310,000 $2,217 3.44%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $415,000 $415,000 $0 4.95%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $415,000 $415,000 $4,118 5.00%
    Richmond, IN (FHA|USDA|VA) 1 $395,000 $395,000 $0 5.00%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $385,000 $385,000 $4,372 3.13%
    Jackson, OH (FHA|USDA|VA) 1 $265,000 $265,000 $4,200 5.50%
    Zanesville, OH (FHA|USDA|VA) 1 $175,000 $175,000 $3,574 5.13%
    Bellefontaine, OH (FHA|USDA|VA) 1 $145,000 $145,000 $2,679 4.38%
    Portsmouth, OH (FHA|USDA|VA) 1 $125,000 $125,000 $1,701 5.25%
    Urbana, OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,434 3.88%
    The Merchants National Bank's top markets include Columbus, Cincinnati, Washington Court House, Wilmington, and Dayton among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Nevada (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: 49
    The North Side Bank & Trust Company
    Similarity Rank: 55
    CINFED Federal Credit Union
    Similarity Rank: 162
    KH NETWORK CREDIT UNION
    Similarity Rank: 304
    Columbus Metro Federal Credit Union
    Similarity Rank: 392
    HOPEWELL Federal Credit Union
    Similarity Rank: 510
    First Federal Savings and Loan Association
    Similarity Rank: 575
    EDUCATION FIRST CREDIT UNION, INC.
    Similarity Rank: 630
    RIVER VALLEY CREDIT UNION, INC.
    Similarity Rank: 716
    TrueCore Federal Credit Union
    Similarity Rank: 980

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 392 $66,050,000 $168,495 $2,196 4.73%
    USDA 7 $685,000 $97,857 $3,247 4.38%

    For 2019, The Merchants National Bank's most frequently originated type of loan was Conventional, with 392 originations. Their 2nd most popular type was USDA, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 232 $38,250,000 $164,871 $2,336 4.83%
    Cash Out Refi 87 $12,265,000 $140,977 $2,070 4.70%
    Refi 66 $14,470,000 $219,242 $2,124 4.30%
    Other 8 $970,000 $121,250 $1,778 5.04%
    Home Improvement 6 $780,000 $130,000 $1,638 5.11%

    For 2019, The Merchants National Bank's most frequently cited loan purpose was Home Purchase, with 232 originations. The 2nd most popular reason was Cash Out Refi, with 87 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 248 $40,900,000 $164,919 $2,253 4.68%
    15 Year 68 $11,040,000 $162,353 $2,240 4.33%
    20 Year 42 $10,060,000 $239,524 $2,121 5.42%
    10 Year 20 $1,410,000 $70,500 $1,707 4.62%
    Other 14 $2,130,000 $152,143 $1,578 5.09%
    1 Year 4 $840,000 $210,000 $2,717 5.75%
    5 Year 3 $355,000 $118,333 $2,539 5.25%

    For 2019, The Merchants National Bank's most frequently cited loan duration was 30 Year, with 248 originations. The 2nd most popular length was 15 Year, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 354 $56,050,000 $158,333
    $1k-2k 1 $255,000 $255,000

    The Merchants National Bank's average total fees were $2,253, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 354 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 165 $28,495,000 $172,697
    5-6% 115 $16,815,000 $146,217
    3-4% 94 $17,600,000 $187,234
    6-7% 14 $1,880,000 $134,286
    2.5-3% 9 $1,845,000 $205,000
    7-8% 2 $100,000 $50,000

    During 2019, The Merchants National Bank's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 165 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 148 $9,040,000 $61,081 $1,826 5.01%
    $100k-200k 144 $20,720,000 $143,889 $2,210 4.52%
    $200k-400k 82 $21,760,000 $265,366 $2,668 4.61%
    $400k-600k 20 $9,240,000 $462,000 $2,981 4.52%
    $600k-1MM 4 $3,270,000 $817,500 $4,207 4.69%
    $1MM+ 1 $2,705,000 $2,705,000 $0 5.00%

    2019 saw The Merchants National Bank place emphasis on $100,000 or less loans with 148 originations, totaling $9,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 93 $8,805,000 $94,677 $1,949 4.85%
    $50k-75k 77 $9,395,000 $122,013 $2,026 4.65%
    $100k-150k 71 $10,905,000 $153,592 $2,262 4.59%
    $75k-100k 65 $10,575,000 $162,692 $2,356 4.71%
    $150k-250k 41 $10,245,000 $249,878 $2,769 4.44%
    $250k+ 22 $8,530,000 $387,727 $2,931 4.71%

    The Merchants National Bank lent most frequently to those with incomes in the $50k or less range, with 93 originations. The second most popular income band? $50k-75k, with 77 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 99 $13,845,000 $139,848 $2,118 4.52%
    30-36% 84 $14,410,000 $171,548 $2,265 4.64%
    <20% 50 $9,990,000 $199,800 $2,386 4.29%
    >60% 40 $6,800,000 $170,000 $2,611 5.05%
    36% 17 $2,115,000 $124,412 $1,937 5.13%
    38% 14 $1,790,000 $127,857 $1,755 5.12%
    39% 13 $1,555,000 $119,615 $1,807 4.84%
    50-60% 9 $1,965,000 $218,333 $2,614 4.79%
    40% 8 $890,000 $111,250 $2,175 5.14%
    42% 7 $1,085,000 $155,000 $2,388 4.55%
    41% 6 $1,040,000 $173,333 $1,980 4.10%
    37% 5 $745,000 $149,000 $1,604 4.73%
    43% 5 $715,000 $143,000 $1,979 4.35%
    47% 4 $320,000 $80,000 $2,020 5.43%
    45% 3 $415,000 $138,333 $2,255 5.58%
    44% 3 $545,000 $181,667 $2,712 4.00%
    48% 2 $80,000 $40,000 $1,796 5.50%
    49% 2 $250,000 $125,000 $2,027 5.81%
    46% 1 $55,000 $55,000 $1,576 5.38%

    The Merchants National Bank lent most frequently to those with DTI ratios of 20-30%, with 99 originations. The next most common DTI ratio? 30-36%, with 84 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 329 $49,345,000 $149,985 $2,177 4.69%
    Not provided 40 $8,350,000 $208,750 $2,485 4.65%
    Not applicable 25 $7,845,000 $313,800 $0 5.37%
    Asian 3 $705,000 $235,000 $2,387 4.25%
    Black 2 $490,000 $245,000 $2,686 4.00%

    Approval Rates

    Total approvals of all applications
    88.56%

    The Merchants National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.45%

    The Merchants National Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 399 $66,735,000 $167,256

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $4,125,000 $1,375,000
    Single Family (1-4 Units):Manufactured 17 $1,575,000 $92,647
    Single Family (1-4 Units):Site-Built 379 $61,035,000 $161,042

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 36 $3,360,000 $93,333 $1,813 4.99%
    40-60% 61 $11,765,000 $192,869 $2,066 4.58%
    60-80% 184 $33,110,000 $179,946 $2,312 4.69%
    80-100% 96 $15,920,000 $165,833 $2,362 4.73%
    Over 100% 7 $1,755,000 $250,714 $2,404 4.64%
    Under 20% 15 $825,000 $55,000 $1,605 5.11%

    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 $96,248
    The Merchants National Bank 104 Jefferson Street Greenfield, OH 45123 Full Service B&M $35,712
    The Merchants National Bank 117-119 South Washington Street Greenfield, OH 45123 Full Service B&M $29,219
    The Merchants National Bank 120 South Main Street Georgetown, OH 45121 Full Service B&M $19,114
    The Merchants National Bank 128 South North Street Washington Court House, OH 43160 Full Service B&M $122,703
    The Merchants National Bank 1288 Wayne Road Wilmington, OH 45177 Full Service B&M $4,699
    The Merchants National Bank 145 W. Beech St. Hillsboro, OH 45133 Full Service B&M $84,120
    The Merchants National Bank 1470 North High Street Hillsboro, OH 45133 Full Service B&M $60,086
    The Merchants National Bank 181 North Coleman Crossing Blvd Marysville, OH 43040 Full Service B&M $27,964
    The Merchants National Bank 188 West Main Street Logan, OH 43138 Full Service B&M $151,251
    The Merchants National Bank 20 East Stimson Ave Athens, OH 45701 Full Service B&M $16,172
    The Merchants National Bank 2033 Hospital Drive Batavia, OH 45103 Full Service B&M $32,204
    The Merchants National Bank 279 Lafayette Street London, OH 43140 Full Service B&M $68,130
    The Merchants National Bank 2829 Rombach Ave. Wilmington, OH 45177 Full Service B&M $3,371
    The Merchants National Bank 31348 Primmer Road Logan, OH 43138 Full Service B&M $21,814
    The Merchants National Bank 314 Washington Street Higginsport, OH 45131 Full Service B&M $24,444
    The Merchants National Bank 3473 E National Road Springfield, OH 45505 Full Service B&M $13,365
    The Merchants National Bank 370 North High Street Mount Orab, OH 45154 Full Service Retail $15,791

    For 2019, The Merchants National Bank had 18 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $40,505
    Net interest income $33,757
    Total noninterest income $4,596
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,603
    Trading account gains and fees $0
    Additional Noninterest Income $2,993
    Pre-tax net operating income $12,690
    Securities gains (or losses, -) $0
    Income before extraordinary items $10,152
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,152
    Minority interest net income $0
    Net income $10,152
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,152

    The Merchants National Bank's gross interest income from loans was $40,505,000.
    The Merchants National Bank's net interest income from loans was $33,757,000.
    The Merchants National Bank's fee based income from loans was $1,603,000.
    The Merchants National Bank's net income from loans was $10,152,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,748
    Provision for credit losses $854
    Total noninterest expense $24,809
    Salaries and employee benefits $13,022
    Premises and equipment expense $2,353
    Additional noninterest expense $9,434
    Applicable income taxes $2,538
    Net charge-offs $322
    Cash dividends $17,701

    The Merchants National Bank's interest expense for loans was $6,748,000.
    The Merchants National Bank's payroll and benefits expense were $13,022,000.
    The Merchants National Bank's property, plant and equipment expenses $2,353,000.

    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 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 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $820,652
    Deposits held in domestic offices $820,652
    Deposits by Individuals, partnerships, and corporations $722,558
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $98,063
    Deposits by Commercial banks and other depository institutions in U.S. $28
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $80,455
    Demand deposits $64,672
    Nontransaction accounts $740,197
    Money market deposit accounts (MMDAs) $100,598
    Other savings deposits (excluding MMDAs) $382,513
    Total time deposits $257,085
    Total time and savings deposits $755,980
    Noninterest-bearing deposits $168,528
    Interest-bearing deposits $652,124
    Retail deposits $757,235
    IRAs and Keogh plan accounts $49,082
    Brokered deposits $24,850
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $933,467
    Cash & Balances due from depository institutions $41,943
    Interest-bearing balances $18,796
    Total securities $25,032
    Federal funds sold & reverse repurchase $3,029
    Net loans and leases $811,970
    Loan and leases loss allowance $6,805
    Trading account assets $0
    Bank premises and fixed assets $14,715
    Other real estate owned $17
    Goodwill and other intangibles $15,223
    All other assets $21,538

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $933,467
    Total Liabilities $839,412
    Total deposits $820,652
    Interest-bearing deposits $652,124
    Deposits held in domestic offices $820,652
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $5,720
    Trading liabilities $0
    Other borrowed funds $5,848
    Subordinated debt $0
    All other liabilities $7,192

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $811,970
    Loan and leases loss allowance $6,805
    Total loans and leases (domestic) $818,775
    All real estate loans $684,236
    Real estate loans in domestic offices $684,236
    Construction and development loans $30,760
    Residential 1-4 family construction $18,250
    Other construction, all land development and other land $12,510
    Loans secured by nonfarm nonresidential properties $146,501
    Nonfarm nonresidential secured by owner-occupied properties $77,791
    Commercial real estate & other non-farm, non-residential $68,710
    Multifamily residential real estate $12,831
    1-4 family residential loans $330,326
    Farmland loans $163,818
    Loans held in foreign offices $0
    Farm loans $44,288
    Commercial and industrial loans $52,128
    To non-U.S. addressees $0
    Loans to individuals $30,725
    Credit card loans $1,963
    Related Plans $135
    Consumer Auto Loans $22,405
    Other loans to individuals $6,222
    All other loans & leases $7,398
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Merchants National Bank had $811,970,000 of loans outstanding in 2019. $684,236,000 of loans were in real estate loans. $30,760,000 of loans were in development loans. $12,831,000 of loans were in multifamily mortgage loans. $330,326,000 of loans were in 1-4 family mortgage loans. $44,288,000 of loans were in farm loans. $1,963,000 of loans were in credit card loans. $22,405,000 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 496 $93,640 $188,790
    Nonfarm, nonresidential loans - <$100k 160 $10,454 $65,338
    Nonfarm, nonresidential loans - $100-250k 135 $16,291 $120,674
    Nonfarm, nonresidential loans - $250k-1MM 201 $66,895 $332,811
    Commercial & Industrial, US addressed loans - <$1MM 824 $42,977 $52,157
    Commercial & Industrial, US addressed loans - <$100k 668 $15,387 $23,034
    Commercial & Industrial, US addressed loans - $100-250k 101 $11,450 $113,366
    Commercial & Industrial, US addressed loans - $250k-1MM 55 $16,140 $293,455
    Farmland loans - <$1MM 454 $69,236 $152,502
    Farmland loans - <$100k 131 $6,074 $46,366
    Farmland loans - $100-250k 184 $24,380 $132,500
    Farmland loans - $250k-1MM 139 $38,782 $279,007
    Agriculture operations loans - <$1MM 505 $30,932 $61,251
    Agriculture operations loans - <$100k 363 $9,575 $26,377
    Agriculture operations loans - $100-250k 92 $10,185 $110,707
    Agriculture operations loans - $250k-1MM 50 $11,172 $223,440