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

New Castle, VA

LEI: 254900R8ZBXT7V5OH304

Tax ID: 54-0208020

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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 Refi and Home Purchase 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.

    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.

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    Originations

    81

    Origination Dollar Volume (All Markets)

    $6,885,000

    Employee count

    16

    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) 79 $6,815,000 $86,266 $838 4.53%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 2 $70,000 $35,000 $1,045 5.70%
    The Farmers & Merchants Bank Of Craig County's top markets include Roanoke and Blacksburg among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 81 $6,885,000 $85,000 $843 4.56%

    For 2020, The Farmers & Merchants Bank Of Craig County's most frequently originated type of loan was Conventional, with 81 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 51 $3,955,000 $77,549 $232 4.62%
    Home Purchase 17 $1,995,000 $117,353 $2,560 4.40%
    Cash Out Refi 8 $540,000 $67,500 $705 4.56%
    Home Improvement 4 $260,000 $65,000 $1,074 4.65%
    Other 1 $135,000 $135,000 $3,040 3.90%

    For 2020, The Farmers & Merchants Bank Of Craig County's most frequently cited loan purpose was Refi, with 51 originations. The 2nd most popular reason was Home Purchase, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 46 $4,640,000 $100,870 $1,052 4.29%
    Other 15 $755,000 $50,333 $466 5.07%
    15 Year 9 $615,000 $68,333 $469 4.89%
    10 Year 6 $290,000 $48,333 $895 4.73%
    30 Year 2 $490,000 $245,000 $1,359 3.90%
    20 Year 2 $80,000 $40,000 $188 5.40%
    3 Year 1 $15,000 $15,000 $250 4.90%

    For 2020, The Farmers & Merchants Bank Of Craig County's most frequently cited loan duration was 5 Year, with 46 originations. The 2nd most popular length was Other, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 73 $5,855,000 $80,205
    $1k-2k 8 $1,030,000 $128,750

    The Farmers & Merchants Bank Of Craig County's average total fees were $1,359, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 73 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 40 $3,100,000 $77,500
    3-4% 32 $3,400,000 $106,250
    5-6% 9 $385,000 $42,778

    During 2020, The Farmers & Merchants Bank Of Craig County's average interest rate for loans was 3.90%, while their most frequently originated rate bucket for loans was 4-5%, with 40 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 51 $2,605,000 $51,078 $620 4.71%
    $100k-200k 29 $3,975,000 $137,069 $1,214 4.31%
    $200k-400k 1 $305,000 $305,000 $1,474 3.90%

    2020 saw The Farmers & Merchants Bank Of Craig County place emphasis on $100,000 or less loans with 51 originations, totaling $2,605,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 30 $2,520,000 $84,000 $713 4.59%
    $50k or less 28 $1,970,000 $70,357 $706 4.68%
    $75k-100k 12 $980,000 $81,667 $493 4.45%
    $100k-150k 10 $1,290,000 $129,000 $1,784 4.33%
    $150k-250k 1 $125,000 $125,000 $3,397 3.90%

    The Farmers & Merchants Bank Of Craig County lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $50k or less, with 28 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 21 $1,735,000 $82,619 $709 4.70%
    <20% 13 $695,000 $53,462 $747 4.54%
    >60% 11 $1,025,000 $93,182 $901 4.67%
    30-36% 8 $800,000 $100,000 $1,087 4.65%
    50-60% 6 $680,000 $113,333 $653 4.54%
    44% 4 $350,000 $87,500 $712 4.48%
    39% 3 $315,000 $105,000 $125 4.57%
    47% 3 $325,000 $108,333 $1,653 4.18%
    41% 2 $110,000 $55,000 $270 4.20%
    40% 2 $100,000 $50,000 $586 4.70%
    46% 2 $250,000 $125,000 $1,761 3.90%
    45% 1 $55,000 $55,000 $250 4.50%
    42% 1 $125,000 $125,000 $3,374 3.90%
    43% 1 $35,000 $35,000 $125 5.90%
    36% 1 $135,000 $135,000 $3,177 3.90%
    48% 1 $75,000 $75,000 $725 3.90%
    49% 1 $75,000 $75,000 $125 3.90%

    The Farmers & Merchants Bank Of Craig County lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? <20%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 81 $6,885,000 $85,000 $843 4.56%

    Approval Rates

    Total approvals of all applications
    94.38%

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

    Pick Rate

    Approvals leading to origination
    96.30%

    The Farmers & Merchants Bank Of Craig County has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 81 $6,885,000 $85,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 30 $2,110,000 $70,333
    Single Family (1-4 Units):Site-Built 51 $4,775,000 $93,627

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $330,000 $33,000 $298 4.51%
    40-60% 21 $1,785,000 $85,000 $465 4.56%
    60-80% 22 $2,310,000 $105,000 $1,489 4.59%
    80-100% 22 $2,080,000 $94,545 $986 4.54%
    Over 100% 2 $210,000 $105,000 $125 4.90%
    Under 20% 4 $170,000 $42,500 $219 4.40%

    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 $53,031

    For 2020, The Farmers & Merchants Bank Of Craig County had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $2,501
    Net interest income $2,308
    Total noninterest income $156
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $12
    Trading account gains and fees $0
    Additional Noninterest Income $144
    Pre-tax net operating income $851
    Securities gains (or losses, -) $0
    Income before extraordinary items $670
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $670
    Minority interest net income $0
    Net income $670
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $670

    The Farmers & Merchants Bank Of Craig County's gross interest income from loans was $2,501,000.
    The Farmers & Merchants Bank Of Craig County's net interest income from loans was $2,308,000.
    The Farmers & Merchants Bank Of Craig County's fee based income from loans was $12,000.
    The Farmers & Merchants Bank Of Craig County's net income from loans was $670,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $193
    Provision for credit losses $5
    Total noninterest expense $1,608
    Salaries and employee benefits $951
    Premises and equipment expense $134
    Additional noninterest expense $523
    Applicable income taxes $181
    Net charge-offs $1
    Cash dividends $210

    The Farmers & Merchants Bank Of Craig County's interest expense for loans was $193,000.
    The Farmers & Merchants Bank Of Craig County's payroll and benefits expense were $951,000.
    The Farmers & Merchants Bank Of Craig County's property, plant and equipment expenses $134,000.

    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 $57,346
    Deposits held in domestic offices $57,346
    Deposits by Individuals, partnerships, and corporations $51,853
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $5,493
    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 $23,449
    Demand deposits $13,903
    Nontransaction accounts $33,897
    Money market deposit accounts (MMDAs) $2,967
    Other savings deposits (excluding MMDAs) $14,753
    Total time deposits $16,177
    Total time and savings deposits $43,443
    Noninterest-bearing deposits $13,903
    Interest-bearing deposits $43,443
    Retail deposits $55,397
    IRAs and Keogh plan accounts $6,460
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $70,543
    Cash & Balances due from depository institutions $12,905
    Interest-bearing balances $11,033
    Total securities $23,038
    Federal funds sold & reverse repurchase $114
    Net loans and leases $32,110
    Loan and leases loss allowance $421
    Trading account assets $0
    Bank premises and fixed assets $1,918
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $458

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $70,543
    Total Liabilities $57,691
    Total deposits $57,346
    Interest-bearing deposits $43,443
    Deposits held in domestic offices $57,346
    % insured (estimated) $90
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $345

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $32,110
    Loan and leases loss allowance $421
    Total loans and leases (domestic) $32,531
    All real estate loans $28,801
    Real estate loans in domestic offices $28,801
    Construction and development loans $1,469
    Residential 1-4 family construction $0
    Other construction, all land development and other land $1,469
    Loans secured by nonfarm nonresidential properties $981
    Nonfarm nonresidential secured by owner-occupied properties $428
    Commercial real estate & other non-farm, non-residential $553
    Multifamily residential real estate $0
    1-4 family residential loans $17,764
    Farmland loans $8,587
    Loans held in foreign offices $0
    Farm loans $610
    Commercial and industrial loans $626
    To non-U.S. addressees $0
    Loans to individuals $2,568
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,569
    Other loans to individuals $999
    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 $32,110,000 of loans outstanding in 2020. $28,801,000 of loans were in real estate loans. $1,469,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $17,764,000 of loans were in 1-4 family mortgage loans. $610,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,569,000 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 11 $981 $89,182
    Nonfarm, nonresidential loans - <$100k 8 $392 $49,000
    Nonfarm, nonresidential loans - $100-250k 1 $161 $161,000
    Nonfarm, nonresidential loans - $250k-1MM 2 $428 $214,000
    Commercial & Industrial, US addressed loans - <$1MM 35 $626 $17,886
    Commercial & Industrial, US addressed loans - <$100k 35 $626 $17,886
    Farmland loans - <$1MM 67 $8,587 $128,164
    Farmland loans - <$100k 26 $1,172 $45,077
    Farmland loans - $100-250k 28 $3,658 $130,643
    Farmland loans - $250k-1MM 13 $3,757 $289,000
    Agriculture operations loans - <$1MM 47 $610 $12,979
    Agriculture operations loans - <$100k 47 $610 $12,979