The Farmers & Merchants Bank Of Craig County Mortgage Rates, Fees & Info

New Castle, VA

LEI: 254900R8ZBXT7V5OH304

Tax ID: 54-0208020

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Farmers & Merchants Bank Of Craig County is a smaller bank specializing in Home Purchase and Refi loans. The Farmers & Merchants Bank Of Craig County has a high proportion of conventional loans. Their top (well, only) market is Roanoke.

    The Farmers & Merchants Bank Of Craig County has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. The Farmers & Merchants Bank Of Craig County 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.

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    Originations

    29

    Origination Dollar Volume (All Markets)

    $2,875,000

    Employee count

    15

    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
    ROANOKE, VA (FHA|USDA|VA) 29 $2,875,000 $99,138 $1,349 5.79%
    The Farmers & Merchants Bank Of Craig County's top markets include and Roanoke among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 29 $2,875,000 $99,138 $1,349 5.79%

    For 2018, The Farmers & Merchants Bank Of Craig County's most frequently originated type of loan was Conventional, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 16 $1,810,000 $113,125 $1,952 5.65%
    Refi 8 $630,000 $78,750 $469 5.64%
    Home Improvement 4 $240,000 $60,000 $1,206 6.65%
    Cash Out Refi 1 $195,000 $195,000 $515 5.90%

    For 2018, The Farmers & Merchants Bank Of Craig County's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 20 $2,160,000 $108,000 $1,414 5.61%
    10 Year 3 $345,000 $115,000 $1,698 6.23%
    1 Year 2 $200,000 $100,000 $1,326 5.75%
    Other 2 $60,000 $30,000 $365 6.90%
    15 Year 1 $35,000 $35,000 $1,625 6.90%
    30 Year 1 $75,000 $75,000 $868 5.00%

    For 2018, The Farmers & Merchants Bank Of Craig County's most frequently cited loan duration was 5 Year, with 20 originations. The 2nd most popular length was 10 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 20 $1,760,000 $88,000
    $1k-2k 7 $805,000 $115,000

    The Farmers & Merchants Bank Of Craig County's average total fees were $868, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 18 $1,700,000 $94,444
    4-5% 5 $865,000 $173,000
    6-7% 5 $225,000 $45,000
    2.5-3% 1 $85,000 $85,000

    During 2018, The Farmers & Merchants Bank Of Craig County's average interest rate for loans was 5.00%, while their most frequently originated rate bucket for loans was 5-6%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 16 $930,000 $58,125 $850 5.84%
    $100k-200k 10 $1,220,000 $122,000 $2,138 5.99%
    $200k-400k 3 $725,000 $241,667 $1,147 4.90%

    2018 saw The Farmers & Merchants Bank Of Craig County place emphasis on $100,000 or less loans with 16 originations, totaling $930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 16 $1,290,000 $80,625 $1,380 5.78%
    $75k-100k 6 $690,000 $115,000 $1,414 6.04%
    $100k-150k 3 $525,000 $175,000 $1,113 4.90%
    $50k-75k 3 $235,000 $78,333 $434 6.23%
    $150k-250k 1 $135,000 $135,000 $3,438 5.90%

    The Farmers & Merchants Bank Of Craig County lent most frequently to those with incomes in the $50k or less range, with 16 originations. The second most popular income band? $75k-100k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 6 $600,000 $100,000 $1,353 5.88%
    30-36% 4 $280,000 $70,000 $1,387 5.90%
    >60% 3 $385,000 $128,333 $1,289 5.90%
    50-60% 3 $215,000 $71,667 $1,333 5.88%
    43% 2 $290,000 $145,000 $716 5.90%
    40% 2 $210,000 $105,000 $1,328 6.40%
    37% 2 $310,000 $155,000 $0 4.90%
    45% 2 $90,000 $45,000 $1,680 6.40%
    41% 1 $45,000 $45,000 $675 5.90%
    36% 1 $115,000 $115,000 $698 5.90%
    <20% 1 $125,000 $125,000 $2,957 5.90%
    42% 1 $85,000 $85,000 $250 3.00%
    47% 1 $125,000 $125,000 $2,862 5.90%

    The Farmers & Merchants Bank Of Craig County lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 29 $2,875,000 $99,138 $1,349 5.79%

    Approval Rates

    Total approvals of all applications
    96.88%

    The Farmers & Merchants Bank Of Craig County has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    93.10%

    The Farmers & Merchants Bank Of Craig County has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 29 $2,875,000 $99,138

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 10 $710,000 $71,000
    Single Family (1-4 Units):Site-Built 19 $2,165,000 $113,947

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $25,000 $25,000 $1,450 6.90%
    40-60% 9 $925,000 $102,778 $959 5.90%
    60-80% 6 $530,000 $88,333 $2,113 6.18%
    80-100% 11 $1,295,000 $117,727 $1,286 5.37%
    Under 20% 2 $100,000 $50,000 $480 5.90%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Farmers & Merchants Bank of Craig County 189 Main Street New Castle, VA 24127 Full Service B&M $50,841

    For 2018, The Farmers & Merchants Bank Of Craig County had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $2,563
    Net interest income $2,375
    Total noninterest income $103
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $15
    Trading account gains and fees $0
    Additional Noninterest Income $88
    Pre-tax net operating income $964
    Securities gains (or losses, -) $0
    Income before extraordinary items $761
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $761
    Minority interest net income $0
    Net income $761
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $761

    The Farmers & Merchants Bank Of Craig County's gross interest income from loans was $2,563,000.
    The Farmers & Merchants Bank Of Craig County's net interest income from loans was $2,375,000.
    The Farmers & Merchants Bank Of Craig County's fee based income from loans was $15,000.
    The Farmers & Merchants Bank Of Craig County's net income from loans was $761,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $188
    Provision for credit losses $3
    Total noninterest expense $1,511
    Salaries and employee benefits $911
    Premises and equipment expense $85
    Additional noninterest expense $515
    Applicable income taxes $203
    Net charge-offs $31
    Cash dividends $189

    The Farmers & Merchants Bank Of Craig County's interest expense for loans was $188,000.
    The Farmers & Merchants Bank Of Craig County's payroll and benefits expense were $911,000.
    The Farmers & Merchants Bank Of Craig County's property, plant and equipment expenses $85,000.

    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 $49,498
    Deposits held in domestic offices $49,498
    Deposits by Individuals, partnerships, and corporations $44,706
    Deposits by U.S. Government $5
    Deposits by States and political subdivisions in the U.S. $4,787
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $19,580
    Demand deposits $10,039
    Nontransaction accounts $29,918
    Money market deposit accounts (MMDAs) $2,238
    Other savings deposits (excluding MMDAs) $11,919
    Total time deposits $15,762
    Total time and savings deposits $39,459
    Noninterest-bearing deposits $10,039
    Interest-bearing deposits $39,459
    Retail deposits $47,986
    IRAs and Keogh plan accounts $5,992
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $61,457
    Cash & Balances due from depository institutions $4,703
    Interest-bearing balances $3,388
    Total securities $21,756
    Federal funds sold & reverse repurchase $132
    Net loans and leases $33,279
    Loan and leases loss allowance $459
    Trading account assets $0
    Bank premises and fixed assets $1,065
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $522

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $61,457
    Total Liabilities $49,617
    Total deposits $49,498
    Interest-bearing deposits $39,459
    Deposits held in domestic offices $49,498
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $119

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $33,279
    Loan and leases loss allowance $459
    Total loans and leases (domestic) $33,738
    All real estate loans $28,904
    Real estate loans in domestic offices $28,904
    Construction and development loans $1,600
    Residential 1-4 family construction $186
    Other construction, all land development and other land $1,414
    Loans secured by nonfarm nonresidential properties $1,107
    Nonfarm nonresidential secured by owner-occupied properties $549
    Commercial real estate & other non-farm, non-residential $558
    Multifamily residential real estate $0
    1-4 family residential loans $19,469
    Farmland loans $6,728
    Loans held in foreign offices $0
    Farm loans $753
    Commercial and industrial loans $1,093
    To non-U.S. addressees $0
    Loans to individuals $3,047
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,709
    Other loans to individuals $1,338
    All other loans & leases $0
    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 $140
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    The Farmers & Merchants Bank of Craig County had $33,279,000 of loans outstanding in 2018. $28,904,000 of loans were in real estate loans. $1,600,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $19,469,000 of loans were in 1-4 family mortgage loans. $753,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,709,000 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 14 $992 $70,857
    Nonfarm, nonresidential loans - <$100k 11 $558 $50,727
    Nonfarm, nonresidential loans - $100-250k 1 $2 $2,000
    Nonfarm, nonresidential loans - $250k-1MM 2 $432 $216,000
    Commercial & Industrial, US addressed loans - <$1MM 43 $1,093 $25,419
    Commercial & Industrial, US addressed loans - <$100k 42 $693 $16,500
    Commercial & Industrial, US addressed loans - $250k-1MM 1 $400 $400,000
    Farmland loans - <$1MM 58 $6,572 $113,310
    Farmland loans - <$100k 28 $1,332 $47,571
    Farmland loans - $100-250k 21 $2,449 $116,619
    Farmland loans - $250k-1MM 9 $2,791 $310,111
    Agriculture operations loans - <$1MM 66 $753 $11,409
    Agriculture operations loans - <$100k 65 $703 $10,815
    Agriculture operations loans - $100-250k 1 $50 $50,000