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 Refi, Cash Out Refi, and 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, Washington Court House, Cincinnati, Athens, and Wilmington among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Merchants National Bank has an above 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

    799

    Origination Dollar Volume (All Markets)

    $157,895,000

    Employee count

    174 Show all (8) 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) 181 $37,525,000 $207,320 $1,760 3.43%
    Outside of Metro Areas 210 $30,710,000 $146,238 $1,342 3.48%
    Washington Court House, OH (FHA|USDA|VA) 116 $21,460,000 $185,000 $1,564 3.37%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 99 $20,995,000 $212,071 $1,643 3.33%
    Athens, OH (FHA|USDA|VA) 26 $16,020,000 $616,154 $2,560 3.46%
    Wilmington, OH (FHA|USDA|VA) 79 $15,655,000 $198,165 $1,672 3.26%
    Chillicothe, OH (FHA|USDA|VA) 33 $5,535,000 $167,727 $1,421 3.45%
    SPRINGFIELD, OH (FHA|USDA|VA) 26 $3,990,000 $153,462 $1,830 3.83%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 15 $3,415,000 $227,667 $1,689 3.73%
    Portsmouth, OH (FHA|USDA|VA) 2 $460,000 $230,000 $1,301 3.38%
    Urbana, OH (FHA|USDA|VA) 3 $425,000 $141,667 $2,380 3.00%
    Norwalk, OH (FHA|USDA|VA) 1 $325,000 $325,000 $495 2.95%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,077 2.99%
    MORGANTOWN, WV (FHA|USDA|VA) 1 $275,000 $275,000 $3,025 3.00%
    Zanesville, OH (FHA|USDA|VA) 1 $195,000 $195,000 $495 4.50%
    Sidney, OH (FHA|USDA|VA) 1 $175,000 $175,000 $1,346 5.25%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.25%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $115,000 $115,000 $3,505 4.13%
    Ashtabula, OH (FHA|USDA|VA) 1 $105,000 $105,000 $495 2.75%
    Tiffin, OH (FHA|USDA|VA) 1 $85,000 $85,000 $495 3.24%
    The Merchants National Bank's top markets include Columbus, Washington Court House, Cincinnati, Athens, and Wilmington among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Pennsylvania (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.

    Commodore Bank
    Similarity Rank: 153
    HOMELAND CREDIT UNION, INC.
    Similarity Rank: 160
    Day Air Credit Union, Inc
    Similarity Rank: 264
    The North Side Bank & Trust Company
    Similarity Rank: 350
    Mechanics Bank
    Similarity Rank: 396
    Greenville Federal
    Similarity Rank: 405
    First Federal Savings and Loan Association
    Similarity Rank: 620
    CINFED Federal Credit Union
    Similarity Rank: 651
    Kingston National Bank
    Similarity Rank: 738
    First State Bank
    Similarity Rank: 770

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 793 $157,155,000 $198,178 $1,578 3.43%
    USDA 6 $740,000 $123,333 $3,626 3.29%

    For 2020, The Merchants National Bank's most frequently originated type of loan was Conventional, with 793 originations. Their 2nd most popular type was USDA, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 280 $65,000,000 $232,143 $1,463 3.18%
    Cash Out Refi 256 $41,870,000 $163,555 $1,426 3.45%
    Home Purchase 241 $48,375,000 $200,726 $2,006 3.65%
    Home Improvement 12 $1,250,000 $104,167 $596 3.35%
    Other 10 $1,400,000 $140,000 $1,461 4.61%

    For 2020, The Merchants National Bank's most frequently cited loan purpose was Refi, with 280 originations. The 2nd most popular reason was Cash Out Refi, with 256 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 454 $89,590,000 $197,335 $1,627 3.50%
    15 Year 191 $29,645,000 $155,209 $1,551 3.08%
    20 Year 93 $22,575,000 $242,742 $1,675 3.71%
    10 Year 44 $4,910,000 $111,591 $1,243 3.30%
    Other 15 $11,125,000 $741,667 $2,035 4.25%
    1 Year 1 $35,000 $35,000 $2,027 4.88%
    5 Year 1 $15,000 $15,000 $0 4.00%

    For 2020, The Merchants National Bank's most frequently cited loan duration was 30 Year, with 454 originations. The 2nd most popular length was 15 Year, with 191 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 674 $116,220,000 $172,433
    $1k-2k 53 $14,275,000 $269,340

    The Merchants National Bank's average total fees were $1,627, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 674 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 357 $79,005,000 $221,303
    2.5-3% 224 $40,930,000 $182,723
    4-5% 111 $20,095,000 $181,036
    <2.5% 84 $15,530,000 $184,881
    5-6% 21 $2,165,000 $103,095
    6-7% 2 $170,000 $85,000

    During 2020, The Merchants National Bank's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 3-4%, with 357 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 338 $48,790,000 $144,349 $1,506 3.34%
    $200k-400k 214 $58,110,000 $271,542 $1,991 3.34%
    $100,000 or less 199 $13,685,000 $68,769 $1,177 3.65%
    $400k-600k 33 $15,375,000 $465,909 $2,218 3.41%
    $600k-1MM 9 $5,985,000 $665,000 $539 3.89%
    $1MM+ 6 $15,950,000 $2,658,333 $6,656 3.69%

    2020 saw The Merchants National Bank place emphasis on $100k-200k loans with 338 originations, totaling $48,790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 189 $37,735,000 $199,656 $1,819 3.33%
    $50k-75k 176 $25,310,000 $143,807 $1,488 3.37%
    $50k or less 144 $14,020,000 $97,361 $1,178 3.62%
    $75k-100k 129 $20,715,000 $160,581 $1,602 3.41%
    $150k-250k 100 $26,590,000 $265,900 $1,827 3.29%
    $250k+ 30 $12,050,000 $401,667 $2,032 3.29%

    The Merchants National Bank lent most frequently to those with incomes in the $100k-150k range, with 189 originations. The second most popular income band? $50k-75k, with 176 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 249 $42,265,000 $169,739 $1,546 3.32%
    30-36% 186 $33,740,000 $181,398 $1,737 3.48%
    <20% 133 $23,355,000 $175,602 $1,586 3.28%
    36% 35 $6,035,000 $172,429 $1,623 3.32%
    38% 28 $5,280,000 $188,571 $1,734 3.42%
    37% 27 $6,505,000 $240,926 $1,815 3.54%
    >60% 26 $6,130,000 $235,769 $820 3.74%
    40% 21 $3,365,000 $160,238 $1,711 3.50%
    39% 20 $4,080,000 $204,000 $1,427 3.73%
    41% 14 $2,500,000 $178,571 $1,784 3.32%
    43% 8 $1,420,000 $177,500 $1,683 2.86%
    42% 8 $1,260,000 $157,500 $1,390 3.49%
    44% 6 $1,100,000 $183,333 $1,013 3.91%
    50-60% 3 $1,115,000 $371,667 $0 4.13%
    45% 2 $310,000 $155,000 $495 3.56%
    48% 2 $180,000 $90,000 $2,076 4.88%
    47% 1 $235,000 $235,000 $495 2.99%

    The Merchants National Bank lent most frequently to those with DTI ratios of 20-30%, with 249 originations. The next most common DTI ratio? 30-36%, with 186 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 731 $131,685,000 $180,144 $1,587 3.38%
    Not applicable 31 $19,155,000 $617,903 $495 4.10%
    Not provided 31 $5,625,000 $181,452 $1,738 3.81%
    Asian 3 $825,000 $275,000 $2,933 3.04%
    Black 2 $570,000 $285,000 $495 3.81%
    American Indian 1 $35,000 $35,000 $495 3.50%

    Approval Rates

    Total approvals of all applications
    91.58%

    The Merchants National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.23%

    The Merchants National Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 799 $157,895,000 $197,616

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 17 $20,075,000 $1,180,882
    Single Family (1-4 Units):Manufactured 17 $1,335,000 $78,529
    Single Family (1-4 Units):Site-Built 765 $136,485,000 $178,412

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $6,695,000 $103,000 $1,158 3.41%
    40-60% 195 $28,855,000 $147,974 $1,347 3.31%
    60-80% 416 $98,900,000 $237,740 $1,638 3.46%
    80-100% 111 $21,385,000 $192,658 $2,082 3.40%
    Over 100% 2 $1,360,000 $680,000 $4,329 4.56%
    Under 20% 10 $700,000 $70,000 $1,023 4.39%

    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 $102,535
    The Merchants National Bank 104 Jefferson Street Greenfield, OH 45123 Full Service B&M $34,020
    The Merchants National Bank 117-119 South Washington Street Greenfield, OH 45123 Full Service B&M $41,580
    The Merchants National Bank 120 South Main Street Georgetown, OH 45121 Full Service B&M $20,758
    The Merchants National Bank 128 South North Street Washington Court House, OH 43160 Full Service B&M $150,826
    The Merchants National Bank 1288 Wayne Road Wilmington, OH 45177 Full Service B&M $9,650
    The Merchants National Bank 145 W. Beech St. Hillsboro, OH 45133 Full Service B&M $89,718
    The Merchants National Bank 1470 North High Street Hillsboro, OH 45133 Full Service B&M $64,084
    The Merchants National Bank 181 North Coleman Crossing Blvd Marysville, OH 43040 Full Service B&M $27,008
    The Merchants National Bank 188 West Main Street Logan, OH 43138 Full Service B&M $149,840
    The Merchants National Bank 20 East Stimson Ave Athens, OH 45701 Full Service B&M $17,839
    The Merchants National Bank 2033 Hospital Drive Batavia, OH 45103 Full Service B&M $38,362
    The Merchants National Bank 279 Lafayette Street London, OH 43140 Full Service B&M $77,575
    The Merchants National Bank 2829 Rombach Ave. Wilmington, OH 45177 Full Service B&M $14,413
    The Merchants National Bank 31348 Primmer Road Logan, OH 43138 Full Service B&M $24,559
    The Merchants National Bank 314 Washington Street Higginsport, OH 45131 Full Service B&M $27,260
    The Merchants National Bank 3473 E National Road Springfield, OH 45505 Full Service B&M $16,337
    The Merchants National Bank 370 North High Street Mount Orab, OH 45154 Full Service Retail $21,098

    For 2020, The Merchants National Bank had 18 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $42,999
    Net interest income $37,203
    Total noninterest income $5,466
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,398
    Trading account gains and fees $0
    Additional Noninterest Income $4,068
    Pre-tax net operating income $15,729
    Securities gains (or losses, -) $0
    Income before extraordinary items $12,480
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,480
    Minority interest net income $0
    Net income $12,480
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,480

    The Merchants National Bank's gross interest income from loans was $42,999,000.
    The Merchants National Bank's net interest income from loans was $37,203,000.
    The Merchants National Bank's fee based income from loans was $1,398,000.
    The Merchants National Bank's net income from loans was $12,480,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,796
    Provision for credit losses $1,650
    Total noninterest expense $25,290
    Salaries and employee benefits $14,870
    Premises and equipment expense $3,086
    Additional noninterest expense $7,334
    Applicable income taxes $3,249
    Net charge-offs $304
    Cash dividends $5,944

    The Merchants National Bank's interest expense for loans was $5,796,000.
    The Merchants National Bank's payroll and benefits expense were $14,870,000.
    The Merchants National Bank's property, plant and equipment expenses $3,086,000.

    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 $960,920
    Deposits held in domestic offices $960,920
    Deposits by Individuals, partnerships, and corporations $823,522
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $136,944
    Deposits by Commercial banks and other depository institutions in U.S. $451
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $483,262
    Demand deposits $292,453
    Nontransaction accounts $477,658
    Money market deposit accounts (MMDAs) $116,223
    Other savings deposits (excluding MMDAs) $146,127
    Total time deposits $215,307
    Total time and savings deposits $668,467
    Noninterest-bearing deposits $216,867
    Interest-bearing deposits $744,053
    Retail deposits $912,015
    IRAs and Keogh plan accounts $47,562
    Brokered deposits $18,246
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,082,752
    Cash & Balances due from depository institutions $161,991
    Interest-bearing balances $141,309
    Total securities $22,059
    Federal funds sold & reverse repurchase $546
    Net loans and leases $847,773
    Loan and leases loss allowance $8,151
    Trading account assets $0
    Bank premises and fixed assets $13,925
    Other real estate owned $0
    Goodwill and other intangibles $15,004
    All other assets $21,454

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,082,751
    Total Liabilities $981,056
    Total deposits $960,920
    Interest-bearing deposits $744,053
    Deposits held in domestic offices $960,920
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $8,707
    Trading liabilities $0
    Other borrowed funds $4,491
    Subordinated debt $0
    All other liabilities $6,938

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $847,773
    Loan and leases loss allowance $8,151
    Total loans and leases (domestic) $855,924
    All real estate loans $710,598
    Real estate loans in domestic offices $710,598
    Construction and development loans $30,194
    Residential 1-4 family construction $17,894
    Other construction, all land development and other land $12,300
    Loans secured by nonfarm nonresidential properties $164,358
    Nonfarm nonresidential secured by owner-occupied properties $83,066
    Commercial real estate & other non-farm, non-residential $81,292
    Multifamily residential real estate $19,630
    1-4 family residential loans $341,970
    Farmland loans $154,446
    Loans held in foreign offices $0
    Farm loans $43,293
    Commercial and industrial loans $69,653
    To non-U.S. addressees $0
    Loans to individuals $26,006
    Credit card loans $1,504
    Related Plans $90
    Consumer Auto Loans $16,809
    Other loans to individuals $7,603
    All other loans & leases $6,374
    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 $632
    Non 1-4 family restructured loans & leases $632
    Total loans and leases (foreign) $0

    The Merchants National Bank had $847,773,000 of loans outstanding in 2020. $710,598,000 of loans were in real estate loans. $30,194,000 of loans were in development loans. $19,630,000 of loans were in multifamily mortgage loans. $341,970,000 of loans were in 1-4 family mortgage loans. $43,293,000 of loans were in farm loans. $1,504,000 of loans were in credit card loans. $16,809,000 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 468 $96,078 $205,295
    Nonfarm, nonresidential loans - <$100k 135 $6,937 $51,385
    Nonfarm, nonresidential loans - $100-250k 132 $15,958 $120,894
    Nonfarm, nonresidential loans - $250k-1MM 201 $73,183 $364,095
    Commercial & Industrial, US addressed loans - <$1MM 942 $52,142 $55,352
    Commercial & Industrial, US addressed loans - <$100k 761 $17,558 $23,072
    Commercial & Industrial, US addressed loans - $100-250k 110 $12,509 $113,718
    Commercial & Industrial, US addressed loans - $250k-1MM 71 $22,075 $310,915
    Farmland loans - <$1MM 409 $62,127 $151,900
    Farmland loans - <$100k 110 $4,981 $45,282
    Farmland loans - $100-250k 173 $22,618 $130,740
    Farmland loans - $250k-1MM 126 $34,528 $274,032
    Agriculture operations loans - <$1MM 464 $27,726 $59,754
    Agriculture operations loans - <$100k 334 $8,744 $26,180
    Agriculture operations loans - $100-250k 84 $9,583 $114,083
    Agriculture operations loans - $250k-1MM 46 $9,399 $204,326