First Farmers And Merchants Bank Mortgage Rates, Fees & Info

Columbia, TN

LEI: 254900VKT2R0R20CR104

Tax ID: 62-0198110

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Bank Data

Review & Overview

First Farmers And Merchants Bank is a smaller bank specializing in Home Purchase and Refi loans. First Farmers And Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Lawrenceburg, Bowling Green, Miami, and Tullahoma among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Farmers And Merchants Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Farmers And Merchants 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
Home Equity Line of Credit (HELOC) 6.31% 12/16/24
30 Year Conventional Purchase 5.94% 12/16/24
30 Year Conventional Refi 6.87% 12/16/24
30 Year Cash-out Refi 6.64% 12/16/24
15 Year Conventional Purchase 6.22% 12/16/24
15 Year Conventional Refi 6.76% 12/16/24
15 Year Cash-out Refi 6.76% 12/16/24
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.

First Farmers And Merchants Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Farmers And Merchants 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

272

Origination Dollar Volume (All Markets)

$64,440,000

Employee count

284

Awards

First Farmers and Merchants Bank 30 Year Conventional Loans gold
Show all (1) awards

Top Markets

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    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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 128 $40,520,000 $316,563 $3,416 4.98%
    Lawrenceburg, TN (FHA|USDA|VA) 79 $12,895,000 $163,228 $2,996 5.08%
    Outside of Metro Areas 40 $4,830,000 $120,750 $2,453 5.39%
    BOWLING GREEN, KY (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $0 5.15%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,010,000 $505,000 $6,900 4.63%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 3 $915,000 $305,000 $2,719 4.74%
    Lewisburg, TN (FHA|USDA|VA) 8 $870,000 $108,750 $2,383 5.25%
    KNOXVILLE, TN (FHA|USDA|VA) 2 $490,000 $245,000 $2,772 4.75%
    Sevierville, TN (FHA|USDA|VA) 2 $450,000 $225,000 $3,138 4.56%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 3 $415,000 $138,333 $2,695 4.86%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $245,000 $245,000 $2,028 4.63%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $225,000 $225,000 $2,663 4.75%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $175,000 $175,000 $2,673 4.00%
    Dayton, TN (FHA|USDA|VA) 1 $95,000 $95,000 $1,980 4.88%
    First Farmers And Merchants Bank's top markets include Nashville, Lawrenceburg, Bowling Green, Miami, and Tullahoma among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Similar Lenders

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 272 $64,440,000 $236,912 $3,072 5.06%

    For 2018, First Farmers And Merchants Bank's most frequently originated type of loan was Conventional, with 272 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 152 $42,610,000 $280,329 $3,438 5.01%
    Refi 97 $19,575,000 $201,804 $2,692 5.03%
    Other 13 $1,305,000 $100,385 $2,428 5.47%
    Home Improvement 10 $950,000 $95,000 $2,628 5.64%

    For 2018, First Farmers And Merchants Bank's most frequently cited loan purpose was Home Purchase, with 152 originations. The 2nd most popular reason was Refi, with 97 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 156 $42,120,000 $270,000 $3,351 4.91%
    15 Year 51 $7,375,000 $144,608 $2,553 5.11%
    5 Year 26 $6,640,000 $255,385 $1,429 5.49%
    20 Year 14 $2,300,000 $164,286 $2,650 5.42%
    10 Year 11 $1,415,000 $128,636 $2,262 5.23%
    Other 7 $3,565,000 $509,286 $2,677 5.23%
    3 Year 4 $480,000 $120,000 $0 5.31%
    1 Year 3 $545,000 $181,667 $3,127 5.33%

    For 2018, First Farmers And Merchants Bank's most frequently cited loan duration was 30 Year, with 156 originations. The 2nd most popular length was 15 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 203 $40,795,000 $200,961
    $2k-3k 12 $3,380,000 $281,667
    $<1k 9 $1,495,000 $166,111
    $3k-4k 7 $2,425,000 $346,429
    $5k+ 4 $5,000,000 $1,250,000

    First Farmers And Merchants Bank's average total fees were $3,351, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 203 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 151 $39,635,000 $262,483
    5-6% 85 $19,835,000 $233,353
    6-7% 23 $1,715,000 $74,565
    3-4% 10 $3,060,000 $306,000
    7-8% 3 $195,000 $65,000

    During 2018, First Farmers And Merchants Bank's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 4-5%, with 151 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 88 $12,640,000 $143,636 $2,637 5.07%
    $100,000 or less 75 $5,055,000 $67,400 $2,197 5.44%
    $200k-400k 73 $19,835,000 $271,712 $3,598 4.82%
    $400k-600k 19 $8,945,000 $470,789 $3,078 4.83%
    $600k-1MM 9 $6,235,000 $692,778 $6,038 4.44%
    $1MM+ 8 $11,730,000 $1,466,250 $9,305 4.95%

    2018 saw First Farmers And Merchants Bank place emphasis on $100k-200k loans with 88 originations, totaling $12,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 62 $6,010,000 $96,935 $2,385 5.21%
    $50k-75k 55 $8,205,000 $149,182 $2,648 5.08%
    $100k-150k 44 $10,180,000 $231,364 $3,506 5.08%
    $75k-100k 34 $5,990,000 $176,176 $3,024 5.10%
    $150k-250k 27 $9,335,000 $345,741 $3,650 4.89%
    $250k+ 27 $16,655,000 $616,852 $4,529 4.50%

    First Farmers And Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 62 originations. The second most popular income band? $50k-75k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 58 $10,680,000 $184,138 $2,863 5.06%
    30-36% 49 $9,785,000 $199,694 $2,853 4.94%
    <20% 24 $7,600,000 $316,667 $3,139 4.94%
    42% 17 $2,845,000 $167,353 $2,721 5.24%
    38% 16 $5,310,000 $331,875 $3,904 5.36%
    39% 16 $4,530,000 $283,125 $4,165 4.96%
    41% 16 $5,180,000 $323,750 $3,492 4.49%
    37% 14 $2,850,000 $203,571 $2,805 4.86%
    40% 12 $2,450,000 $204,167 $3,026 4.97%
    36% 12 $1,580,000 $131,667 $2,523 5.00%
    43% 1 $285,000 $285,000 $3,523 5.60%

    First Farmers And Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 58 originations. The next most common DTI ratio? 30-36%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 237 $52,875,000 $223,101 $3,096 5.04%
    Not applicable 21 $7,925,000 $377,381 $0 5.35%
    Not provided 4 $2,240,000 $560,000 $2,515 4.19%
    Asian 4 $730,000 $182,500 $3,475 5.31%
    Chinese 2 $370,000 $185,000 $2,675 4.57%
    American Indian 2 $160,000 $80,000 $2,344 5.88%
    Black 2 $140,000 $70,000 $2,210 5.81%

    Approval Rates

    Total approvals of all applications
    86.30%

    First Farmers And Merchants Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    65.07%

    First Farmers And Merchants Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 272 $64,440,000 $236,912

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $2,780,000 $1,390,000
    Single Family (1-4 Units):Manufactured 5 $355,000 $71,000
    Single Family (1-4 Units):Site-Built 265 $61,305,000 $231,340

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $2,610,000 $100,385 $2,404 5.23%
    40-60% 40 $8,140,000 $203,500 $2,497 5.11%
    60-80% 133 $32,405,000 $243,647 $3,370 5.05%
    80-100% 66 $20,980,000 $317,879 $3,241 4.89%
    Under 20% 7 $305,000 $43,571 $1,788 5.93%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Incorrect information on your report 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 3 21.4%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 5 35.7%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Farmers and Merchants Bank 1004 Village Plains Blvd Franklin, TN 37064 Full Service B&M $2,987
    First Farmers and Merchants Bank 116 Church Street Centerville, TN 37033 Full Service B&M $53,219
    First Farmers and Merchants Bank 116 West Gaines Street Lawrenceburg, TN 38464 Full Service B&M $44,643
    First Farmers and Merchants Bank 121 1st Ave S Franklin, TN 37064 Full Service B&M $7,248
    First Farmers and Merchants Bank 128 North Main Street Mount Pleasant, TN 38474 Full Service B&M $49,481
    First Farmers and Merchants Bank 1501 North Locust Avenue Lawrenceburg, TN 38464 Full Service B&M $89,305
    First Farmers and Merchants Bank 1536 West Mcewen Drive Franklin, TN 37067 Full Service B&M $10,943
    First Farmers and Merchants Bank 1618 Hatcher Lane Columbia, TN 38401 Full Service B&M $80,709
    First Farmers and Merchants Bank 2011 Tennessee Highway 47 White Bluff, TN 37187 Full Service B&M $29,180
    First Farmers and Merchants Bank 260 North Ellington Parkway Lewisburg, TN 37091 Full Service B&M $87,153
    First Farmers and Merchants Bank 300 Billingsley Court Franklin, TN 37067 Full Service B&M $39,681
    First Farmers and Merchants Bank 302 South Second Street Pulaski, TN 38478 Full Service B&M $27,021
    First Farmers and Merchants Bank 4013 Hillsboro Circle Nashville, TN 37215 Full Service B&M $18,994
    First Farmers and Merchants Bank 4871 Port Royal Road Spring Hill, TN 37174 Full Service B&M $34,313
    First Farmers and Merchants Bank 5020 Harpeth Drive Brentwood, TN 37027 Full Service B&M $84
    First Farmers and Merchants Bank 515 North High Street Columbia, TN 38401 Limited, Drive-thru $7,968
    First Farmers and Merchants Bank 5398 Main Street Spring Hill, TN 37174 Full Service B&M $67,519
    First Farmers and Merchants Bank 816 South Garden Street Columbia, TN 38401 Full Service B&M $388,604
    First Farmers and Merchants Bank 901 Nashville Highway Columbia, TN 38401 Full Service B&M $49,816
    First Farmers and Merchants Bank 9512 Highway 46 Bon Aqua, TN 37025 Full Service B&M $26,739
    First Farmers and Merchants Bank James M. Campbell Boulevard Columbia, TN 38401 Full Service Retail $13,004
    First Farmers and Merchants Bank U.S. Highway 43 Loretto, TN 38469 Full Service B&M $63,689

    For 2018, First Farmers And Merchants Bank had 22 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $46,411
    Net interest income $42,239
    Total noninterest income $13,715
    Gross Fiduciary activities income $3,650
    Service charges on deposit accounts $3,276
    Trading account gains and fees $0
    Additional Noninterest Income $6,789
    Pre-tax net operating income $17,356
    Securities gains (or losses, -) $-211
    Income before extraordinary items $14,552
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,552
    Minority interest net income $16
    Net income $14,536
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,731

    First Farmers And Merchants Bank's gross interest income from loans was $46,411,000.
    First Farmers And Merchants Bank's net interest income from loans was $42,239,000.
    First Farmers And Merchants Bank's fee based income from loans was $3,276,000.
    First Farmers And Merchants Bank's net income from loans was $14,536,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,172
    Provision for credit losses $50
    Total noninterest expense $38,548
    Salaries and employee benefits $22,893
    Premises and equipment expense $3,018
    Additional noninterest expense $12,637
    Applicable income taxes $2,593
    Net charge-offs $-110
    Cash dividends $5,774

    First Farmers And Merchants Bank's interest expense for loans was $4,172,000.
    First Farmers And Merchants Bank's payroll and benefits expense were $22,893,000.
    First Farmers And Merchants Bank's property, plant and equipment expenses $3,018,000.

    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 $1,175,302
    Deposits held in domestic offices $1,175,302
    Deposits by Individuals, partnerships, and corporations $939,608
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $235,684
    Deposits by Commercial banks and other depository institutions in U.S. $10
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $296,048
    Demand deposits $176,421
    Nontransaction accounts $879,254
    Money market deposit accounts (MMDAs) $553,738
    Other savings deposits (excluding MMDAs) $136,247
    Total time deposits $189,269
    Total time and savings deposits $998,881
    Noninterest-bearing deposits $176,421
    Interest-bearing deposits $998,881
    Retail deposits $1,140,386
    IRAs and Keogh plan accounts $38,485
    Brokered deposits $11,632
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,365,071
    Cash & Balances due from depository institutions $40,273
    Interest-bearing balances $4,173
    Total securities $350,881
    Federal funds sold & reverse repurchase $246
    Net loans and leases $885,909
    Loan and leases loss allowance $9,282
    Trading account assets $0
    Bank premises and fixed assets $31,605
    Other real estate owned $0
    Goodwill and other intangibles $9,018
    All other assets $47,139

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,365,071
    Total Liabilities $1,233,709
    Total deposits $1,175,302
    Interest-bearing deposits $998,881
    Deposits held in domestic offices $1,175,302
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $40,579
    Trading liabilities $0
    Other borrowed funds $4,000
    Subordinated debt $0
    All other liabilities $13,828

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $885,909
    Loan and leases loss allowance $9,282
    Total loans and leases (domestic) $895,191
    All real estate loans $703,862
    Real estate loans in domestic offices $703,862
    Construction and development loans $93,813
    Residential 1-4 family construction $11,180
    Other construction, all land development and other land $82,633
    Loans secured by nonfarm nonresidential properties $212,304
    Nonfarm nonresidential secured by owner-occupied properties $86,701
    Commercial real estate & other non-farm, non-residential $125,603
    Multifamily residential real estate $24,819
    1-4 family residential loans $349,820
    Farmland loans $23,106
    Loans held in foreign offices $0
    Farm loans $1,043
    Commercial and industrial loans $99,212
    To non-U.S. addressees $0
    Loans to individuals $14,704
    Credit card loans $0
    Related Plans $1,758
    Consumer Auto Loans $5,983
    Other loans to individuals $6,963
    All other loans & leases $76,370
    Loans to foreign governments and official institutions $0
    Other loans $9,913
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,012
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $367
    Non 1-4 family restructured loans & leases $8
    Total loans and leases (foreign) $0

    First Farmers and Merchants Bank had $885,909,000 of loans outstanding in 2018. $703,862,000 of loans were in real estate loans. $93,813,000 of loans were in development loans. $24,819,000 of loans were in multifamily mortgage loans. $349,820,000 of loans were in 1-4 family mortgage loans. $1,043,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,983,000 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 153 $25,089 $163,980
    Nonfarm, nonresidential loans - <$100k 36 $1,793 $49,806
    Nonfarm, nonresidential loans - $100-250k 59 $6,264 $106,169
    Nonfarm, nonresidential loans - $250k-1MM 58 $17,032 $293,655
    Commercial & Industrial, US addressed loans - <$1MM 274 $19,352 $70,628
    Commercial & Industrial, US addressed loans - <$100k 151 $3,341 $22,126
    Commercial & Industrial, US addressed loans - $100-250k 72 $6,208 $86,222
    Commercial & Industrial, US addressed loans - $250k-1MM 51 $9,803 $192,216
    Farmland loans - <$1MM 82 $6,468 $78,878
    Farmland loans - <$100k 33 $1,045 $31,667
    Farmland loans - $100-250k 37 $3,586 $96,919
    Farmland loans - $250k-1MM 12 $1,837 $153,083
    Agriculture operations loans - <$1MM 13 $257 $19,769
    Agriculture operations loans - <$100k 12 $148 $12,333
    Agriculture operations loans - $250k-1MM 1 $109 $109,000