First Farmers And Merchants Bank Mortgage Rates, Fees & Info

Columbia, TN

LEI: 254900VKT2R0R20CR104

Tax ID: 62-0198110

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    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. They have a low ratio of USDA loans. Their top markets by origination volume include: Nashville, Lawrenceburg, Bowling Green, Lewisburg, and Florence among others. We have data for 9 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.31% 4/28/24
    30 Year Conventional Purchase 5.94% 4/28/24
    30 Year Conventional Refi 6.87% 4/28/24
    30 Year Cash-out Refi 6.64% 4/28/24
    15 Year Conventional Purchase 6.22% 4/28/24
    15 Year Conventional Refi 6.76% 4/28/24
    15 Year Cash-out Refi 6.76% 4/28/24
    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

    229

    Origination Dollar Volume (All Markets)

    $71,925,000

    Employee count

    244

    Awards

    First Farmers and Merchants Bank 30 Year Conventional Loans gold First Farmers and Merchants Bank 30 Year Conventional Loans bronze
    Show all (2) 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) 104 $41,460,000 $398,654 $3,521 3.64%
    Lawrenceburg, TN (FHA|USDA|VA) 68 $12,800,000 $188,235 $2,883 3.69%
    Outside of Metro Areas 39 $6,535,000 $167,564 $2,793 3.83%
    BOWLING GREEN, KY (FHA|USDA|VA) 2 $6,170,000 $3,085,000 $0 3.48%
    Lewisburg, TN (FHA|USDA|VA) 6 $2,810,000 $468,333 $2,243 3.80%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 5 $925,000 $185,000 $3,159 3.77%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 2 $630,000 $315,000 $3,099 3.63%
    HUNTSVILLE, AL (FHA|USDA|VA) 2 $390,000 $195,000 $2,778 3.45%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $205,000 $205,000 $3,016 3.13%
    First Farmers And Merchants Bank's top markets include Nashville, Lawrenceburg, Bowling Green, Lewisburg, and Florence among others.

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

    • 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.

    KELLEY MORTGAGE, LLC
    Similarity Rank: 336
    First Vision Bank of Tennessee
    Similarity Rank: 657
    US COMMUNITY
    Similarity Rank: 686
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 952
    Southeast Financial Credit Union
    Similarity Rank: 990
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1932
    HERITAGE SOUTH COMMUNITY CU
    Similarity Rank: 2010
    The Farmers Bank
    Similarity Rank: 2295
    First Farmers and Merchants Bank
    Similarity Rank: 2664
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 3328

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 228 $71,840,000 $315,088 $3,119 3.69%
    USDA 1 $85,000 $85,000 $2,747 3.63%

    For 2021, First Farmers And Merchants Bank's most frequently originated type of loan was Conventional, with 228 originations. Their 2nd most popular type was USDA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 104 $32,260,000 $310,192 $2,674 3.69%
    Home Purchase 102 $34,380,000 $337,059 $3,752 3.65%
    Other 12 $3,290,000 $274,167 $2,996 3.83%
    Home Improvement 9 $1,595,000 $177,222 $2,795 3.92%
    Cash Out Refi 2 $400,000 $200,000 $2,896 3.25%

    For 2021, First Farmers And Merchants Bank's most frequently cited loan purpose was Refi, with 104 originations. The 2nd most popular reason was Home Purchase, with 102 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 85 $31,215,000 $367,235 $3,086 3.29%
    20 Year 52 $10,420,000 $200,385 $2,867 3.77%
    15 Year 36 $4,780,000 $132,778 $2,492 4.28%
    Other 25 $12,695,000 $507,800 $6,812 3.73%
    5 Year 25 $5,995,000 $239,800 $0 3.88%
    1 Year 3 $795,000 $265,000 $1,970 4.54%
    10 Year 2 $5,720,000 $2,860,000 $2,206 3.58%
    3 Year 1 $305,000 $305,000 $0 3.39%

    For 2021, First Farmers And Merchants Bank's most frequently cited loan duration was 30 Year, with 85 originations. The 2nd most popular length was 20 Year, with 52 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 152 $40,180,000 $264,342
    $<1k 22 $5,940,000 $270,000
    $2k-3k 5 $1,205,000 $241,000
    $3k-4k 4 $1,860,000 $465,000
    $4k-5k 1 $535,000 $535,000
    $5k+ 1 $855,000 $855,000

    First Farmers And Merchants Bank's average total fees were $3,086, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 152 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 177 $61,675,000 $348,446
    4-5% 22 $3,700,000 $168,182
    2.5-3% 20 $5,290,000 $264,500
    5-6% 8 $1,090,000 $136,250
    6-7% 2 $170,000 $85,000

    During 2021, First Farmers And Merchants Bank's average interest rate for loans was 3.29%, while their most frequently originated rate bucket for loans was 3-4%, with 177 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 76 $21,020,000 $276,579 $3,272 3.50%
    $100k-200k 63 $9,195,000 $145,952 $2,616 3.76%
    $100,000 or less 48 $3,230,000 $67,292 $2,318 4.05%
    $400k-600k 24 $11,280,000 $470,000 $3,868 3.46%
    $1MM+ 10 $20,780,000 $2,078,000 $5,912 3.53%
    $600k-1MM 8 $6,420,000 $802,500 $6,257 3.55%

    2021 saw First Farmers And Merchants Bank place emphasis on $200k-400k loans with 76 originations, totaling $21,020,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 40 $6,280,000 $157,000 $2,627 3.76%
    $50k or less 39 $3,975,000 $101,923 $2,402 3.80%
    $75k-100k 38 $7,930,000 $208,684 $3,015 3.66%
    $100k-150k 29 $7,795,000 $268,793 $3,186 3.69%
    $150k-250k 28 $10,110,000 $361,071 $3,209 3.59%
    $250k+ 21 $16,115,000 $767,381 $5,665 3.56%

    First Farmers And Merchants Bank lent most frequently to those with incomes in the $50k-75k range, with 40 originations. The second most popular income band? $50k or less, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $10,975,000 $199,545 $3,059 3.70%
    30-36% 33 $10,305,000 $312,273 $3,208 3.72%
    <20% 26 $5,910,000 $227,308 $3,126 3.36%
    42% 15 $5,595,000 $373,000 $3,090 3.71%
    37% 15 $3,815,000 $254,333 $2,662 3.56%
    39% 12 $4,390,000 $365,833 $2,863 3.69%
    40% 8 $3,030,000 $378,750 $3,655 3.51%
    41% 7 $1,065,000 $152,143 $2,639 3.92%
    36% 7 $2,855,000 $407,857 $4,107 4.11%
    38% 5 $2,245,000 $449,000 $3,678 3.73%
    45% 1 $155,000 $155,000 $2,821 5.75%
    49% 1 $235,000 $235,000 $2,971 3.24%

    First Farmers And Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 186 $47,530,000 $255,538 $3,078 3.69%
    Not applicable 32 $19,220,000 $600,625 $0 3.69%
    Not provided 8 $4,120,000 $515,000 $3,855 3.44%
    Asian 1 $855,000 $855,000 $6,028 3.63%
    Black 2 $200,000 $100,000 $2,714 4.85%

    Approval Rates

    Total approvals of all applications
    88.00%

    First Farmers And Merchants Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.11%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 229 $71,925,000 $314,083

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    229 $71,925,000 $314,083

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $2,460,000 $94,615 $2,455 4.04%
    40-60% 44 $20,200,000 $459,091 $3,155 3.55%
    60-80% 101 $32,435,000 $321,139 $3,518 3.69%
    80-100% 49 $15,875,000 $323,980 $2,961 3.56%
    Under 20% 8 $910,000 $113,750 $2,172 3.98%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    FIRST MERCHANTS CORPORATION Conventional home mortgage Trouble during payment process 2 100.0%

    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 $8,261
    First Farmers and Merchants Bank 116 Church Street Centerville, TN 37033 Full Service B&M $67,172
    First Farmers and Merchants Bank 116 West Gaines Street Lawrenceburg, TN 38464 Full Service B&M $84,493
    First Farmers and Merchants Bank 121 1st Ave S Franklin, TN 37064 Full Service B&M $10,814
    First Farmers and Merchants Bank 128 North Main Street Mount Pleasant, TN 38474 Full Service B&M $58,109
    First Farmers and Merchants Bank 1501 North Locust Avenue Lawrenceburg, TN 38464 Full Service B&M $143,853
    First Farmers and Merchants Bank 1536 West Mcewen Drive Franklin, TN 37067 Full Service B&M $10,034
    First Farmers and Merchants Bank 1618 Hatcher Lane Columbia, TN 38401 Full Service B&M $114,016
    First Farmers and Merchants Bank 2306 21st Avenue South Nashville, TN 37212 Full Service B&M $3,403
    First Farmers and Merchants Bank 260 North Ellington Parkway Lewisburg, TN 37091 Full Service B&M $105,391
    First Farmers and Merchants Bank 300 Billingsley Court Franklin, TN 37067 Full Service B&M $57,967
    First Farmers and Merchants Bank 302 South Second Street Pulaski, TN 38478 Full Service B&M $34,525
    First Farmers and Merchants Bank 4013 Hillsboro Circle Nashville, TN 37215 Full Service B&M $32,044
    First Farmers and Merchants Bank 4871 Port Royal Road Spring Hill, TN 37174 Full Service B&M $67,298
    First Farmers and Merchants Bank 5020 Harpeth Drive Brentwood, TN 37027 Full Service B&M $12,250
    First Farmers and Merchants Bank 515 North High Street Columbia, TN 38401 Limited, Drive-thru $7,786
    First Farmers and Merchants Bank 5398 Main Street Spring Hill, TN 37174 Full Service B&M $116,059
    First Farmers and Merchants Bank 816 South Garden Street Columbia, TN 38401 Full Service B&M $543,679
    First Farmers and Merchants Bank 901 Nashville Highway Columbia, TN 38401 Full Service B&M $76,821
    First Farmers and Merchants Bank 9512 Highway 46 Bon Aqua, TN 37025 Full Service B&M $36,306
    First Farmers and Merchants Bank James M. Campbell Boulevard Columbia, TN 38401 Full Service Retail $12,938
    First Farmers and Merchants Bank U.S. Highway 43 Loretto, TN 38469 Full Service B&M $93,075

    For 2021, First Farmers And Merchants Bank had 22 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $47,736
    Net interest income $45,355
    Total noninterest income $15,725
    Gross Fiduciary activities income $4,045
    Service charges on deposit accounts $2,584
    Trading account gains and fees $0
    Additional Noninterest Income $9,096
    Pre-tax net operating income $18,727
    Securities gains (or losses, -) $621
    Income before extraordinary items $15,860
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $15,860
    Minority interest net income $16
    Net income $15,844
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $15,350

    First Farmers And Merchants Bank's gross interest income from loans was $47,736,000.
    First Farmers And Merchants Bank's net interest income from loans was $45,355,000.
    First Farmers And Merchants Bank's fee based income from loans was $2,584,000.
    First Farmers And Merchants Bank's net income from loans was $15,844,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,381
    Provision for credit losses $-150
    Total noninterest expense $42,503
    Salaries and employee benefits $26,608
    Premises and equipment expense $4,116
    Additional noninterest expense $11,779
    Applicable income taxes $3,488
    Net charge-offs $-40
    Cash dividends $5,649

    First Farmers And Merchants Bank's interest expense for loans was $2,381,000.
    First Farmers And Merchants Bank's payroll and benefits expense were $26,608,000.
    First Farmers And Merchants Bank's property, plant and equipment expenses $4,116,000.

    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 $1,791,291
    Deposits held in domestic offices $1,791,291
    Deposits by Individuals, partnerships, and corporations $1,402,264
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $388,272
    Deposits by Commercial banks and other depository institutions in U.S. $755
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $1,113,822
    Demand deposits $1,113,822
    Nontransaction accounts $677,469
    Money market deposit accounts (MMDAs) $309,872
    Other savings deposits (excluding MMDAs) $204,780
    Total time deposits $162,817
    Total time and savings deposits $677,469
    Noninterest-bearing deposits $522,810
    Interest-bearing deposits $1,268,481
    Retail deposits $1,723,886
    IRAs and Keogh plan accounts $37,461
    Brokered deposits $41,063
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,970,197
    Cash & Balances due from depository institutions $94,856
    Interest-bearing balances $75,065
    Total securities $892,115
    Federal funds sold & reverse repurchase $8,374
    Net loans and leases $879,483
    Loan and leases loss allowance $9,605
    Trading account assets $0
    Bank premises and fixed assets $32,627
    Other real estate owned $0
    Goodwill and other intangibles $9,018
    All other assets $53,724

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,970,197
    Total Liabilities $1,811,661
    Total deposits $1,791,291
    Interest-bearing deposits $1,268,481
    Deposits held in domestic offices $1,791,291
    % insured (estimated) $63
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $3,867
    Subordinated debt $0
    All other liabilities $16,503

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $879,483
    Loan and leases loss allowance $9,605
    Total loans and leases (domestic) $889,088
    All real estate loans $746,929
    Real estate loans in domestic offices $746,929
    Construction and development loans $118,413
    Residential 1-4 family construction $12,833
    Other construction, all land development and other land $105,580
    Loans secured by nonfarm nonresidential properties $261,373
    Nonfarm nonresidential secured by owner-occupied properties $86,236
    Commercial real estate & other non-farm, non-residential $175,137
    Multifamily residential real estate $29,630
    1-4 family residential loans $326,735
    Farmland loans $10,778
    Loans held in foreign offices $0
    Farm loans $306
    Commercial and industrial loans $85,959
    To non-U.S. addressees $0
    Loans to individuals $11,809
    Credit card loans $0
    Related Plans $1,268
    Consumer Auto Loans $4,311
    Other loans to individuals $6,230
    All other loans & leases $44,085
    Loans to foreign governments and official institutions $0
    Other loans $14,461
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $99
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $376
    Non 1-4 family restructured loans & leases $74
    Total loans and leases (foreign) $0

    First Farmers and Merchants Bank had $879,483,000 of loans outstanding in 2021. $746,929,000 of loans were in real estate loans. $118,413,000 of loans were in development loans. $29,630,000 of loans were in multifamily mortgage loans. $326,735,000 of loans were in 1-4 family mortgage loans. $306,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,311,000 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 112 $20,435 $182,455
    Nonfarm, nonresidential loans - <$100k 20 $810 $40,500
    Nonfarm, nonresidential loans - $100-250k 38 $3,673 $96,658
    Nonfarm, nonresidential loans - $250k-1MM 54 $15,952 $295,407
    Commercial & Industrial, US addressed loans - <$1MM 214 $11,706 $54,701
    Commercial & Industrial, US addressed loans - <$100k 119 $2,807 $23,588
    Commercial & Industrial, US addressed loans - $100-250k 64 $5,031 $78,609
    Commercial & Industrial, US addressed loans - $250k-1MM 31 $3,868 $124,774
    Farmland loans - <$1MM 48 $2,637 $54,938
    Farmland loans - <$100k 17 $422 $24,824
    Farmland loans - $100-250k 24 $1,654 $68,917
    Farmland loans - $250k-1MM 7 $561 $80,143
    Agriculture operations loans - <$1MM 3 $127 $42,333
    Agriculture operations loans - <$100k 3 $127 $42,333