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, Cash Out Refi, 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, Washington Court House, Cincinnati, 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 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

    712

    Origination Dollar Volume (All Markets)

    $136,660,000

    Employee count

    184 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) 175 $41,655,000 $238,029 $1,432 3.47%
    Outside of Metro Areas 168 $25,140,000 $149,643 $1,246 3.56%
    Washington Court House, OH (FHA|USDA|VA) 117 $20,205,000 $172,692 $1,054 3.43%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 98 $17,310,000 $176,633 $1,252 3.35%
    Wilmington, OH (FHA|USDA|VA) 59 $13,125,000 $222,458 $1,300 3.46%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 24 $8,500,000 $354,167 $2,106 3.96%
    SPRINGFIELD, OH (FHA|USDA|VA) 22 $2,910,000 $132,273 $1,007 3.55%
    Chillicothe, OH (FHA|USDA|VA) 20 $2,530,000 $126,500 $1,066 3.50%
    Urbana, OH (FHA|USDA|VA) 8 $1,690,000 $211,250 $2,004 3.63%
    Athens, OH (FHA|USDA|VA) 9 $1,065,000 $118,333 $575 3.62%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $775,000 $775,000 $4,284 3.75%
    PARKERSBURG-VIENNA, WV (FHA|USDA|VA) 1 $345,000 $345,000 $3,601 3.00%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $285,000 $285,000 $0 3.50%
    Portsmouth, OH (FHA|USDA|VA) 2 $200,000 $100,000 $2,998 3.56%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $185,000 $185,000 $2,710 2.88%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $165,000 $165,000 $1,098 2.60%
    Bellefontaine, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,230 3.25%
    Sidney, OH (FHA|USDA|VA) 1 $135,000 $135,000 $495 2.95%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,937 3.50%
    Point Pleasant, WV-OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,103 3.75%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.99%
    The Merchants National Bank's top markets include Columbus, Washington Court House, Cincinnati, Wilmington, and Dayton among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • West Virginia (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: 72
    The North Side Bank & Trust Company
    Similarity Rank: 246
    CINFED Federal Credit Union
    Similarity Rank: 288
    Greenville Federal
    Similarity Rank: 396
    Day Air Credit Union, Inc
    Similarity Rank: 432
    Sharefax Credit Union
    Similarity Rank: 505
    EDUCATION FIRST CREDIT UNION, INC.
    Similarity Rank: 567
    TrueCore Federal Credit Union
    Similarity Rank: 716
    First Federal Savings and Loan Association
    Similarity Rank: 979
    Liberty National Bank
    Similarity Rank: 1104

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 709 $136,275,000 $192,207 $1,281 3.49%
    USDA 3 $385,000 $128,333 $3,949 2.88%

    For 2021, The Merchants National Bank's most frequently originated type of loan was Conventional, with 709 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 246 $53,630,000 $218,008 $1,956 3.64%
    Cash Out Refi 233 $38,195,000 $163,927 $921 3.56%
    Refi 215 $41,515,000 $193,093 $1,055 3.22%
    Home Improvement 10 $2,080,000 $208,000 $639 3.79%
    Other 8 $1,240,000 $155,000 $1,569 3.48%

    For 2021, The Merchants National Bank's most frequently cited loan purpose was Home Purchase, with 246 originations. The 2nd most popular reason was Cash Out Refi, with 233 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 406 $87,300,000 $215,025 $1,458 3.53%
    15 Year 143 $19,015,000 $132,972 $1,062 3.06%
    20 Year 98 $18,130,000 $185,000 $886 3.81%
    10 Year 35 $2,805,000 $80,143 $637 3.38%
    Other 27 $9,095,000 $336,852 $1,876 4.06%
    5 Year 2 $180,000 $90,000 $1,901 4.63%
    1 Year 1 $135,000 $135,000 $0 4.50%

    For 2021, The Merchants National Bank's most frequently cited loan duration was 30 Year, with 406 originations. The 2nd most popular length was 15 Year, with 143 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 568 $96,930,000 $170,651
    $1k-2k 50 $17,220,000 $344,400

    The Merchants National Bank's average total fees were $1,458, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 568 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 415 $85,655,000 $206,398
    2.5-3% 188 $33,340,000 $177,340
    4-5% 88 $14,470,000 $164,432
    <2.5% 15 $2,655,000 $177,000
    5-6% 6 $540,000 $90,000

    During 2021, The Merchants National Bank's average interest rate for loans was 3.53%, while their most frequently originated rate bucket for loans was 3-4%, with 415 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 278 $40,330,000 $145,072 $1,202 3.47%
    $100,000 or less 214 $14,350,000 $67,056 $835 3.52%
    $200k-400k 169 $46,875,000 $277,367 $1,654 3.47%
    $400k-600k 30 $15,220,000 $507,333 $2,228 3.55%
    $600k-1MM 15 $11,155,000 $743,667 $3,417 3.55%
    $1MM+ 6 $8,730,000 $1,455,000 $2,362 3.57%

    2021 saw The Merchants National Bank place emphasis on $100k-200k loans with 278 originations, totaling $40,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 155 $30,905,000 $199,387 $1,374 3.48%
    $50k or less 143 $13,615,000 $95,210 $953 3.48%
    $50k-75k 134 $18,660,000 $139,254 $1,203 3.43%
    $75k-100k 108 $18,230,000 $168,796 $1,415 3.51%
    $150k-250k 90 $25,660,000 $285,111 $1,450 3.34%
    $250k+ 35 $14,395,000 $411,286 $2,086 3.40%

    The Merchants National Bank lent most frequently to those with incomes in the $100k-150k range, with 155 originations. The second most popular income band? $50k or less, with 143 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 235 $42,035,000 $178,872 $1,207 3.41%
    30-36% 156 $27,440,000 $175,897 $1,333 3.46%
    <20% 94 $15,290,000 $162,660 $1,230 3.35%
    38% 29 $5,835,000 $201,207 $1,195 3.41%
    37% 27 $6,145,000 $227,593 $1,492 3.57%
    39% 24 $4,650,000 $193,750 $1,775 3.43%
    41% 20 $3,830,000 $191,500 $1,185 3.74%
    36% 19 $4,625,000 $243,421 $1,342 3.48%
    40% 15 $2,945,000 $196,333 $1,645 3.51%
    50-60% 14 $2,010,000 $143,571 $1,258 3.65%
    42% 9 $1,735,000 $192,778 $953 3.37%
    43% 8 $2,770,000 $346,250 $1,935 3.58%
    >60% 7 $1,195,000 $170,714 $2,395 4.07%
    44% 4 $720,000 $180,000 $1,112 3.78%
    46% 1 $55,000 $55,000 $795 3.13%
    48% 1 $15,000 $15,000 $0 4.00%
    45% 1 $235,000 $235,000 $895 4.00%

    The Merchants National Bank lent most frequently to those with DTI ratios of 20-30%, with 235 originations. The next most common DTI ratio? 30-36%, with 156 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 642 $117,260,000 $182,648 $1,284 3.45%
    Not applicable 41 $13,835,000 $337,439 $0 4.12%
    Not provided 18 $3,330,000 $185,000 $1,666 3.43%
    Asian 5 $1,145,000 $229,000 $1,134 3.33%
    Black 5 $695,000 $139,000 $1,221 3.53%
    Native Hawaiian or Islander 1 $395,000 $395,000 $3,363 2.75%

    Approval Rates

    Total approvals of all applications
    90.23%

    The Merchants National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.83%

    The Merchants National Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 712 $136,660,000 $191,938

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    712 $136,660,000 $191,938

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 94 $11,760,000 $125,106 $960 3.31%
    40-60% 161 $26,255,000 $163,075 $1,113 3.39%
    60-80% 330 $74,860,000 $226,848 $1,381 3.58%
    80-100% 110 $22,370,000 $203,364 $1,624 3.44%
    Over 100% 2 $680,000 $340,000 $0 4.00%
    Under 20% 14 $680,000 $48,571 $915 4.09%

    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 $115,301
    The Merchants National Bank 102 W. State St. Georgetown, OH 45121 Full Service B&M $45,070
    The Merchants National Bank 104 Jefferson Street Greenfield, OH 45123 Full Service B&M $35,485
    The Merchants National Bank 117-119 South Washington Street Greenfield, OH 45123 Full Service B&M $43,371
    The Merchants National Bank 128 South North Street Washington Court House, OH 43160 Full Service B&M $200,204
    The Merchants National Bank 1288 Wayne Road Wilmington, OH 45177 Full Service B&M $13,023
    The Merchants National Bank 145 W. Beech St. Hillsboro, OH 45133 Full Service B&M $100,862
    The Merchants National Bank 1470 North High Street Hillsboro, OH 45133 Full Service B&M $72,044
    The Merchants National Bank 181 North Coleman Crossing Blvd Marysville, OH 43040 Full Service B&M $31,123
    The Merchants National Bank 188 West Main Street Logan, OH 43138 Full Service B&M $153,841
    The Merchants National Bank 20 East Stimson Ave Athens, OH 45701 Full Service B&M $16,602
    The Merchants National Bank 2033 Hospital Drive Batavia, OH 45103 Full Service B&M $48,585
    The Merchants National Bank 279 Lafayette Street London, OH 43140 Full Service B&M $86,780
    The Merchants National Bank 2829 Rombach Ave. Wilmington, OH 45177 Full Service B&M $20,987
    The Merchants National Bank 31348 Primmer Road Logan, OH 43138 Full Service B&M $26,482
    The Merchants National Bank 3473 E National Road Springfield, OH 45505 Full Service B&M $16,656
    The Merchants National Bank 370 North High Street Mount Orab, OH 45154 Full Service Retail $24,066

    For 2021, The Merchants National Bank had 17 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $43,348
    Net interest income $39,879
    Total noninterest income $5,382
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,314
    Trading account gains and fees $0
    Additional Noninterest Income $4,068
    Pre-tax net operating income $17,337
    Securities gains (or losses, -) $0
    Income before extraordinary items $13,632
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,632
    Minority interest net income $0
    Net income $13,632
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $13,632

    The Merchants National Bank's gross interest income from loans was $43,348,000.
    The Merchants National Bank's net interest income from loans was $39,879,000.
    The Merchants National Bank's fee based income from loans was $1,314,000.
    The Merchants National Bank's net income from loans was $13,632,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,469
    Provision for credit losses $600
    Total noninterest expense $27,324
    Salaries and employee benefits $15,048
    Premises and equipment expense $3,014
    Additional noninterest expense $9,262
    Applicable income taxes $3,705
    Net charge-offs $4
    Cash dividends $6,812

    The Merchants National Bank's interest expense for loans was $3,469,000.
    The Merchants National Bank's payroll and benefits expense were $15,048,000.
    The Merchants National Bank's property, plant and equipment expenses $3,014,000.

    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 $1,079,179
    Deposits held in domestic offices $1,079,179
    Deposits by Individuals, partnerships, and corporations $891,855
    Deposits by U.S. Government $360
    Deposits by States and political subdivisions in the U.S. $185,912
    Deposits by Commercial banks and other depository institutions in U.S. $1,052
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $585,414
    Demand deposits $351,375
    Nontransaction accounts $493,765
    Money market deposit accounts (MMDAs) $138,061
    Other savings deposits (excluding MMDAs) $180,648
    Total time deposits $175,054
    Total time and savings deposits $727,804
    Noninterest-bearing deposits $237,945
    Interest-bearing deposits $841,234
    Retail deposits $1,043,129
    IRAs and Keogh plan accounts $44,569
    Brokered deposits $11,321
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,207,782
    Cash & Balances due from depository institutions $51,677
    Interest-bearing balances $34,539
    Total securities $210,321
    Federal funds sold & reverse repurchase $789
    Net loans and leases $888,074
    Loan and leases loss allowance $8,746
    Trading account assets $0
    Bank premises and fixed assets $12,888
    Other real estate owned $51
    Goodwill and other intangibles $14,574
    All other assets $29,408

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,207,782
    Total Liabilities $1,100,727
    Total deposits $1,079,179
    Interest-bearing deposits $841,234
    Deposits held in domestic offices $1,079,179
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $9,520
    Trading liabilities $0
    Other borrowed funds $3,273
    Subordinated debt $0
    All other liabilities $8,755

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $888,074
    Loan and leases loss allowance $8,746
    Total loans and leases (domestic) $896,820
    All real estate loans $761,083
    Real estate loans in domestic offices $761,083
    Construction and development loans $30,056
    Residential 1-4 family construction $17,710
    Other construction, all land development and other land $12,346
    Loans secured by nonfarm nonresidential properties $193,913
    Nonfarm nonresidential secured by owner-occupied properties $91,515
    Commercial real estate & other non-farm, non-residential $102,398
    Multifamily residential real estate $28,622
    1-4 family residential loans $355,233
    Farmland loans $153,259
    Loans held in foreign offices $0
    Farm loans $45,639
    Commercial and industrial loans $56,814
    To non-U.S. addressees $0
    Loans to individuals $24,207
    Credit card loans $1,533
    Related Plans $71
    Consumer Auto Loans $15,744
    Other loans to individuals $6,859
    All other loans & leases $9,076
    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 $102
    Non 1-4 family restructured loans & leases $102
    Total loans and leases (foreign) $0

    The Merchants National Bank had $888,074,000 of loans outstanding in 2021. $761,083,000 of loans were in real estate loans. $30,056,000 of loans were in development loans. $28,622,000 of loans were in multifamily mortgage loans. $355,233,000 of loans were in 1-4 family mortgage loans. $45,639,000 of loans were in farm loans. $1,533,000 of loans were in credit card loans. $15,744,000 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 440 $99,405 $225,920
    Nonfarm, nonresidential loans - <$100k 109 $5,277 $48,413
    Nonfarm, nonresidential loans - $100-250k 121 $14,617 $120,802
    Nonfarm, nonresidential loans - $250k-1MM 210 $79,511 $378,624
    Commercial & Industrial, US addressed loans - <$1MM 822 $45,870 $55,803
    Commercial & Industrial, US addressed loans - <$100k 634 $16,270 $25,662
    Commercial & Industrial, US addressed loans - $100-250k 125 $13,753 $110,024
    Commercial & Industrial, US addressed loans - $250k-1MM 63 $15,847 $251,540
    Farmland loans - <$1MM 409 $63,872 $156,166
    Farmland loans - <$100k 99 $4,659 $47,061
    Farmland loans - $100-250k 169 $21,946 $129,858
    Farmland loans - $250k-1MM 141 $37,267 $264,305
    Agriculture operations loans - <$1MM 453 $27,867 $61,517
    Agriculture operations loans - <$100k 325 $8,377 $25,775
    Agriculture operations loans - $100-250k 86 $9,895 $115,058
    Agriculture operations loans - $250k-1MM 42 $9,595 $228,452