The Farmers & Merchants Bank Of Craig County Mortgage Rates, Fees & Info
New Castle, VALEI: 254900R8ZBXT7V5OH304
Tax ID: 54-0208020
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Mortgage Data
Bank Data
Review & Overview
The Farmers & Merchants Bank Of Craig County is a smaller bank specializing in Refi loans. The Farmers & Merchants Bank Of Craig County has a high proportion of conventional loans. Their top two markets are Roanoke and Blacksburg .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
31Origination Dollar Volume (All Markets)
$2,465,000Employee count
16Top 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) | 30 | $2,380,000 | $79,333 | $773 | 5.89% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $250 | 5.90% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 31 | $2,465,000 | $79,516 | $754 | 5.89% |
For 2019, The Farmers & Merchants Bank Of Craig County's most frequently originated type of loan was Conventional, with 31 originations.
Loan Reason
For 2019, The Farmers & Merchants Bank Of Craig County's most frequently cited loan purpose was Refi, with 23 originations. The 2nd most popular reason was Home Purchase, with 5 originations.
Loan Duration/Length
For 2019, The Farmers & Merchants Bank Of Craig County's most frequently cited loan duration was 5 Year, with 16 originations. The 2nd most popular length was Other, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 27 | $2,075,000 | $76,852 |
| $1k-2k | 1 | $105,000 | $105,000 |
The Farmers & Merchants Bank Of Craig County's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 27 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 25 | $1,865,000 | $74,600 |
| 4-5% | 2 | $220,000 | $110,000 |
| 6-7% | 2 | $70,000 | $35,000 |
| 3-4% | 1 | $265,000 | $265,000 |
| 7-8% | 1 | $45,000 | $45,000 |
During 2019, The Farmers & Merchants Bank Of Craig County's average interest rate for loans was 4.00%, while their most frequently originated rate bucket for loans was 5-6%, with 25 originations.
Loan Sizing
2019 saw The Farmers & Merchants Bank Of Craig County place emphasis on $100,000 or less loans with 23 originations, totaling $1,255,000 in origination value.
Applicant Income
The Farmers & Merchants Bank Of Craig County lent most frequently to those with incomes in the $50k or less range, with 13 originations. The second most popular income band? $50k-75k, with 10 originations.
Applicant Debt to Income Ratio
The Farmers & Merchants Bank Of Craig County lent most frequently to those with DTI ratios of <20%, with 6 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 31 | $2,465,000 | $79,516 | $754 | 5.89% |
Approval Rates
Total approvals of all applications94.29%
The Farmers & Merchants Bank Of Craig County has an average approval rate.
Pick Rate
Approvals leading to origination93.55%
The Farmers & Merchants Bank Of Craig County has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 31 | $2,465,000 | $79,516 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 14 | $860,000 | $61,429 |
| Single Family (1-4 Units):Site-Built | 17 | $1,605,000 | $94,412 |
LTV Distribution
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 | $50,363 |
For 2019, The Farmers & Merchants Bank Of Craig County had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $2,691 |
| Net interest income | $2,465 |
| Total noninterest income | $127 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $13 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $114 |
| Pre-tax net operating income | $951 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $751 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $751 |
| Minority interest net income | $0 |
| Net income | $751 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $751 |
The Farmers & Merchants Bank Of Craig County's gross interest income from loans was $2,691,000.
The Farmers & Merchants Bank Of Craig County's net interest income from loans was $2,465,000.
The Farmers & Merchants Bank Of Craig County's fee based income from loans was $13,000.
The Farmers & Merchants Bank Of Craig County's net income from loans was $751,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $226 |
| Provision for credit losses | $10 |
| Total noninterest expense | $1,631 |
| Salaries and employee benefits | $944 |
| Premises and equipment expense | $135 |
| Additional noninterest expense | $552 |
| Applicable income taxes | $200 |
| Net charge-offs | $52 |
| Cash dividends | $199 |
The Farmers & Merchants Bank Of Craig County's interest expense for loans was $226,000.
The Farmers & Merchants Bank Of Craig County's payroll and benefits expense were $944,000.
The Farmers & Merchants Bank Of Craig County's property, plant and equipment expenses $135,000.
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 | $48,526 |
| Deposits held in domestic offices | $48,526 |
| Deposits by Individuals, partnerships, and corporations | $44,598 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $3,928 |
| 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 | $17,643 |
| Demand deposits | $9,925 |
| Nontransaction accounts | $30,883 |
| Money market deposit accounts (MMDAs) | $2,705 |
| Other savings deposits (excluding MMDAs) | $12,084 |
| Total time deposits | $16,094 |
| Total time and savings deposits | $38,601 |
| Noninterest-bearing deposits | $9,925 |
| Interest-bearing deposits | $38,601 |
| Retail deposits | $46,652 |
| IRAs and Keogh plan accounts | $5,602 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $61,108 |
| Cash & Balances due from depository institutions | $3,667 |
| Interest-bearing balances | $2,227 |
| Total securities | $21,877 |
| Federal funds sold & reverse repurchase | $126 |
| Net loans and leases | $32,800 |
| Loan and leases loss allowance | $417 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,950 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $688 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $61,108 |
| Total Liabilities | $48,716 |
| Total deposits | $48,526 |
| Interest-bearing deposits | $38,601 |
| Deposits held in domestic offices | $48,526 |
| % insured (estimated) | $91 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $190 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $32,800 |
| Loan and leases loss allowance | $417 |
| Total loans and leases (domestic) | $33,217 |
| All real estate loans | $28,478 |
| Real estate loans in domestic offices | $28,478 |
| Construction and development loans | $1,864 |
| Residential 1-4 family construction | $629 |
| Other construction, all land development and other land | $1,235 |
| Loans secured by nonfarm nonresidential properties | $1,142 |
| Nonfarm nonresidential secured by owner-occupied properties | $556 |
| Commercial real estate & other non-farm, non-residential | $586 |
| Multifamily residential real estate | $0 |
| 1-4 family residential loans | $18,575 |
| Farmland loans | $6,897 |
| Loans held in foreign offices | $0 |
| Farm loans | $696 |
| Commercial and industrial loans | $1,020 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $3,080 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $1,760 |
| Other loans to individuals | $1,320 |
| 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 | $0 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
The Farmers & Merchants Bank of Craig County had $32,800,000 of loans outstanding in 2019. $28,478,000 of loans were in real estate loans. $1,864,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $18,575,000 of loans were in 1-4 family mortgage loans. $696,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,760,000 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 | 13 | $1,142 | $87,846 |
| Nonfarm, nonresidential loans - <$100k | 9 | $422 | $46,889 |
| Nonfarm, nonresidential loans - $100-250k | 2 | $281 | $140,500 |
| Nonfarm, nonresidential loans - $250k-1MM | 2 | $439 | $219,500 |
| Commercial & Industrial, US addressed loans - <$1MM | 40 | $1,020 | $25,500 |
| Commercial & Industrial, US addressed loans - <$100k | 39 | $620 | $15,897 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 1 | $400 | $400,000 |
| Farmland loans - <$1MM | 60 | $6,836 | $113,933 |
| Farmland loans - <$100k | 28 | $1,277 | $45,607 |
| Farmland loans - $100-250k | 23 | $2,795 | $121,522 |
| Farmland loans - $250k-1MM | 9 | $2,764 | $307,111 |
| Agriculture operations loans - <$1MM | 60 | $696 | $11,600 |
| Agriculture operations loans - <$100k | 60 | $696 | $11,600 |