First Farmers And Merchants Bank Mortgage Rates, Fees & Info
Columbia, TNLEI: 254900VKT2R0R20CR104
Tax ID: 62-0198110
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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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
272Origination Dollar Volume (All Markets)
$76,640,000Employee count
252Awards
First Farmers and Merchants Bank - 2020
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For 2020, less than of lenders were eligible for this award.
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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% |
Similar Lenders
We use machine learning to identify the top lenders compared against First Farmers and Merchants Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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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
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
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
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
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
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
Approval Rates
Total approvals of all applications84.96%
First Farmers And Merchants Bank has a below average approval rate.
Pick Rate
Approvals leading to origination70.96%
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
LTV Distribution
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 |