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 Refi and Home Purchase loans. First Farmers And Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Lawrenceburg, Miami, Lewisburg, and Naples among others. We have data for 15 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% 10/13/24
30 Year Conventional Purchase 5.94% 10/13/24
30 Year Conventional Refi 6.87% 10/13/24
30 Year Cash-out Refi 6.64% 10/13/24
15 Year Conventional Purchase 6.22% 10/13/24
15 Year Conventional Refi 6.76% 10/13/24
15 Year Cash-out Refi 6.76% 10/13/24
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)

$76,640,000

Employee count

252

Awards

First Farmers and Merchants Bank 30 Year Conventional Loans gold
Show all (1) 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
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 137 $50,795,000 $370,766 $3,095 3.84%
Lawrenceburg, TN (FHA|USDA|VA) 79 $11,485,000 $145,380 $2,441 4.00%
Outside of Metro Areas 25 $3,435,000 $137,400 $2,735 4.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $2,180,000 $1,090,000 $6,814 3.68%
Lewisburg, TN (FHA|USDA|VA) 15 $2,025,000 $135,000 $2,549 4.46%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,395,000 $1,395,000 $6,545 3.50%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $1,270,000 $635,000 $2,383 3.88%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $955,000 $955,000 $7,383 3.50%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 3 $875,000 $291,667 $2,658 3.38%
Shelbyville, TN (FHA|USDA|VA) 2 $730,000 $365,000 $3,313 3.55%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $455,000 $455,000 $0 4.05%
OCALA, FL (FHA|USDA|VA) 1 $455,000 $455,000 $4,945 3.62%
Cookeville, TN (FHA|USDA|VA) 1 $335,000 $335,000 $3,211 3.37%
Paris, TN (FHA|USDA|VA) 1 $135,000 $135,000 $2,716 3.24%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $115,000 $115,000 $2,551 3.99%
First Farmers And Merchants Bank's top markets include Nashville, Lawrenceburg, Miami, Lewisburg, and Naples among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 272 $76,640,000 $281,765 $2,881 3.93%

    For 2020, 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
    Refi 155 $42,585,000 $274,742 $2,754 3.94%
    Home Purchase 94 $30,140,000 $320,638 $3,251 3.86%
    Other 14 $2,640,000 $188,571 $2,547 4.26%
    Home Improvement 9 $1,275,000 $141,667 $2,399 4.12%

    For 2020, First Farmers And Merchants Bank's most frequently cited loan purpose was Refi, with 155 originations. The 2nd most popular reason was Home Purchase, with 94 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 100 $38,540,000 $385,400 $3,092 3.54%
    20 Year 55 $10,795,000 $196,273 $2,647 4.08%
    15 Year 52 $7,000,000 $134,615 $2,355 4.46%
    5 Year 27 $10,495,000 $388,704 $3,012 3.92%
    Other 20 $5,810,000 $290,500 $5,111 4.05%
    10 Year 12 $1,320,000 $110,000 $2,265 3.99%
    1 Year 6 $2,680,000 $446,667 $3,379 4.23%

    For 2020, First Farmers And Merchants Bank's most frequently cited loan duration was 30 Year, with 100 originations. The 2nd most popular length was 20 Year, with 55 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 209 $55,435,000 $265,239
    $<1k 17 $4,715,000 $277,353
    $2k-3k 3 $705,000 $235,000
    $5k+ 1 $565,000 $565,000

    First Farmers And Merchants Bank's average total fees were $3,092, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 209 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 187 $60,475,000 $323,396
    4-5% 53 $10,595,000 $199,906
    5-6% 20 $1,770,000 $88,500
    2.5-3% 10 $3,740,000 $374,000
    6-7% 2 $60,000 $30,000

    During 2020, First Farmers And Merchants Bank's average interest rate for loans was 3.54%, while their most frequently originated rate bucket for loans was 3-4%, with 187 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 91 $13,445,000 $147,747 $2,493 4.04%
    $100,000 or less 62 $3,900,000 $62,903 $2,189 4.33%
    $200k-400k 60 $17,140,000 $285,667 $3,233 3.73%
    $400k-600k 35 $16,885,000 $482,429 $3,458 3.53%
    $600k-1MM 14 $10,650,000 $760,714 $4,157 3.63%
    $1MM+ 10 $14,620,000 $1,462,000 $5,801 3.65%

    2020 saw First Farmers And Merchants Bank place emphasis on $100k-200k loans with 91 originations, totaling $13,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 48 $4,170,000 $86,875 $2,157 4.03%
    $50k-75k 47 $6,575,000 $139,894 $2,629 4.10%
    $100k-150k 46 $11,320,000 $246,087 $2,686 3.82%
    $250k+ 37 $25,595,000 $691,757 $4,330 3.59%
    $75k-100k 33 $6,045,000 $183,182 $2,679 4.15%
    $150k-250k 32 $9,940,000 $310,625 $3,352 4.01%

    First Farmers And Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 48 originations. The second most popular income band? $50k-75k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 81 $19,915,000 $245,864 $2,840 3.96%
    30-36% 43 $13,985,000 $325,233 $2,878 4.01%
    <20% 32 $9,830,000 $307,188 $3,033 3.60%
    42% 16 $3,520,000 $220,000 $3,046 3.77%
    40% 12 $3,160,000 $263,333 $2,933 3.90%
    37% 10 $2,000,000 $200,000 $2,284 4.05%
    39% 9 $2,195,000 $243,889 $3,270 3.79%
    36% 9 $1,085,000 $120,556 $2,514 4.58%
    38% 8 $2,660,000 $332,500 $3,171 3.63%
    41% 6 $2,190,000 $365,000 $3,101 4.03%
    45% 2 $710,000 $355,000 $2,672 5.37%
    47% 1 $115,000 $115,000 $2,476 3.37%
    >60% 1 $55,000 $55,000 $1,179 5.37%

    First Farmers And Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 81 originations. The next most common DTI ratio? 30-36%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 233 $59,785,000 $256,588 $2,871 3.95%
    Not applicable 27 $12,515,000 $463,519 $0 3.83%
    Asian 3 $2,635,000 $878,333 $4,850 3.62%
    Black 8 $1,540,000 $192,500 $2,362 4.01%
    Not provided 1 $165,000 $165,000 $2,688 3.62%

    Approval Rates

    Total approvals of all applications
    84.96%

    First Farmers And Merchants Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    70.96%

    First Farmers And Merchants Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 272 $76,640,000 $281,765

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $7,585,000 $842,778
    Single Family (1-4 Units):Manufactured 7 $785,000 $112,143
    Single Family (1-4 Units):Site-Built 256 $68,270,000 $266,680

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $2,415,000 $96,600 $2,265 4.08%
    40-60% 54 $11,250,000 $208,333 $2,825 4.07%
    60-80% 121 $38,725,000 $320,041 $2,993 3.91%
    80-100% 60 $23,230,000 $387,167 $3,096 3.71%
    Under 20% 12 $1,020,000 $85,000 $2,266 4.45%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 13.3%
    FIRST HORIZON BANK Other type of mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%

    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 $5,960
    First Farmers and Merchants Bank 116 Church Street Centerville, TN 37033 Full Service B&M $54,089
    First Farmers and Merchants Bank 116 West Gaines Street Lawrenceburg, TN 38464 Full Service B&M $65,787
    First Farmers and Merchants Bank 121 1st Ave S Franklin, TN 37064 Full Service B&M $10,464
    First Farmers and Merchants Bank 128 North Main Street Mount Pleasant, TN 38474 Full Service B&M $48,721
    First Farmers and Merchants Bank 1501 North Locust Avenue Lawrenceburg, TN 38464 Full Service B&M $105,925
    First Farmers and Merchants Bank 1536 West Mcewen Drive Franklin, TN 37067 Full Service B&M $7,306
    First Farmers and Merchants Bank 1618 Hatcher Lane Columbia, TN 38401 Full Service B&M $98,968
    First Farmers and Merchants Bank 2306 21st Avenue South Nashville, TN 37212 Full Service B&M $1,702
    First Farmers and Merchants Bank 260 North Ellington Parkway Lewisburg, TN 37091 Full Service B&M $95,853
    First Farmers and Merchants Bank 300 Billingsley Court Franklin, TN 37067 Full Service B&M $48,510
    First Farmers and Merchants Bank 302 South Second Street Pulaski, TN 38478 Full Service B&M $30,319
    First Farmers and Merchants Bank 4013 Hillsboro Circle Nashville, TN 37215 Full Service B&M $28,788
    First Farmers and Merchants Bank 4871 Port Royal Road Spring Hill, TN 37174 Full Service B&M $44,957
    First Farmers and Merchants Bank 5020 Harpeth Drive Brentwood, TN 37027 Full Service B&M $9,159
    First Farmers and Merchants Bank 515 North High Street Columbia, TN 38401 Limited, Drive-thru $7,792
    First Farmers and Merchants Bank 5398 Main Street Spring Hill, TN 37174 Full Service B&M $78,682
    First Farmers and Merchants Bank 816 South Garden Street Columbia, TN 38401 Full Service B&M $487,125
    First Farmers and Merchants Bank 901 Nashville Highway Columbia, TN 38401 Full Service B&M $62,575
    First Farmers and Merchants Bank 9512 Highway 46 Bon Aqua, TN 37025 Full Service B&M $32,165
    First Farmers and Merchants Bank James M. Campbell Boulevard Columbia, TN 38401 Full Service Retail $12,983
    First Farmers and Merchants Bank U.S. Highway 43 Loretto, TN 38469 Full Service B&M $78,817

    For 2020, First Farmers And Merchants Bank had 22 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $47,653
    Net interest income $43,859
    Total noninterest income $13,746
    Gross Fiduciary activities income $3,643
    Service charges on deposit accounts $2,602
    Trading account gains and fees $0
    Additional Noninterest Income $7,501
    Pre-tax net operating income $17,087
    Securities gains (or losses, -) $129
    Income before extraordinary items $14,431
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,431
    Minority interest net income $16
    Net income $14,415
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,322

    First Farmers And Merchants Bank's gross interest income from loans was $47,653,000.
    First Farmers And Merchants Bank's net interest income from loans was $43,859,000.
    First Farmers And Merchants Bank's fee based income from loans was $2,602,000.
    First Farmers And Merchants Bank's net income from loans was $14,415,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,794
    Provision for credit losses $700
    Total noninterest expense $39,818
    Salaries and employee benefits $24,344
    Premises and equipment expense $4,021
    Additional noninterest expense $11,453
    Applicable income taxes $2,785
    Net charge-offs $-55
    Cash dividends $4,582

    First Farmers And Merchants Bank's interest expense for loans was $3,794,000.
    First Farmers And Merchants Bank's payroll and benefits expense were $24,344,000.
    First Farmers And Merchants Bank's property, plant and equipment expenses $4,021,000.

    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 $1,608,478
    Deposits held in domestic offices $1,608,478
    Deposits by Individuals, partnerships, and corporations $1,227,440
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $380,041
    Deposits by Commercial banks and other depository institutions in U.S. $997
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $1,011,614
    Demand deposits $427,377
    Nontransaction accounts $596,864
    Money market deposit accounts (MMDAs) $256,968
    Other savings deposits (excluding MMDAs) $170,702
    Total time deposits $169,193
    Total time and savings deposits $1,181,101
    Noninterest-bearing deposits $427,377
    Interest-bearing deposits $1,181,101
    Retail deposits $1,546,638
    IRAs and Keogh plan accounts $37,211
    Brokered deposits $37,843
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,800,117
    Cash & Balances due from depository institutions $134,596
    Interest-bearing balances $105,470
    Total securities $611,908
    Federal funds sold & reverse repurchase $3,774
    Net loans and leases $958,659
    Loan and leases loss allowance $9,715
    Trading account assets $0
    Bank premises and fixed assets $34,705
    Other real estate owned $0
    Goodwill and other intangibles $9,018
    All other assets $47,457

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,800,117
    Total Liabilities $1,640,092
    Total deposits $1,608,478
    Interest-bearing deposits $1,181,101
    Deposits held in domestic offices $1,608,478
    % insured (estimated) $62
    Federal funds purchased and repurchase agreements $11,691
    Trading liabilities $0
    Other borrowed funds $4,333
    Subordinated debt $0
    All other liabilities $15,590

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $958,659
    Loan and leases loss allowance $9,715
    Total loans and leases (domestic) $968,374
    All real estate loans $746,064
    Real estate loans in domestic offices $746,064
    Construction and development loans $77,263
    Residential 1-4 family construction $8,453
    Other construction, all land development and other land $68,810
    Loans secured by nonfarm nonresidential properties $267,498
    Nonfarm nonresidential secured by owner-occupied properties $102,567
    Commercial real estate & other non-farm, non-residential $164,931
    Multifamily residential real estate $31,847
    1-4 family residential loans $357,066
    Farmland loans $12,390
    Loans held in foreign offices $0
    Farm loans $497
    Commercial and industrial loans $151,380
    To non-U.S. addressees $0
    Loans to individuals $12,880
    Credit card loans $0
    Related Plans $1,200
    Consumer Auto Loans $4,703
    Other loans to individuals $6,977
    All other loans & leases $57,553
    Loans to foreign governments and official institutions $0
    Other loans $21,533
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,447
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $247
    Non 1-4 family restructured loans & leases $75
    Total loans and leases (foreign) $0

    First Farmers and Merchants Bank had $958,659,000 of loans outstanding in 2020. $746,064,000 of loans were in real estate loans. $77,263,000 of loans were in development loans. $31,847,000 of loans were in multifamily mortgage loans. $357,066,000 of loans were in 1-4 family mortgage loans. $497,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,703,000 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 126 $22,095 $175,357
    Nonfarm, nonresidential loans - <$100k 28 $1,382 $49,357
    Nonfarm, nonresidential loans - $100-250k 43 $3,941 $91,651
    Nonfarm, nonresidential loans - $250k-1MM 55 $16,772 $304,945
    Commercial & Industrial, US addressed loans - <$1MM 832 $50,617 $60,838
    Commercial & Industrial, US addressed loans - <$100k 663 $17,212 $25,961
    Commercial & Industrial, US addressed loans - $100-250k 116 $13,255 $114,267
    Commercial & Industrial, US addressed loans - $250k-1MM 53 $20,150 $380,189
    Farmland loans - <$1MM 57 $3,983 $69,877
    Farmland loans - <$100k 18 $521 $28,944
    Farmland loans - $100-250k 29 $2,304 $79,448
    Farmland loans - $250k-1MM 10 $1,158 $115,800
    Agriculture operations loans - <$1MM 2 $21 $10,500
    Agriculture operations loans - <$100k 2 $21 $10,500