The Farmers & Merchants Bank Mortgage Rates, Fees & Info

Stuttgart, AR

LEI: 54930009DUZUXUZIDL84

Tax ID: 71-0203044

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Farmers & Merchants Bank is a smaller bank specializing in Home Purchase and Refi loans. The Farmers & Merchants Bank has a high proportion of conventional loans. Their top markets include Fayetteville, Jonesboro, Mountain Home, Little Rock, and Pine Bluff among others. The Farmers & Merchants Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Farmers & Merchants Bank is typically a low fee lendor.


Originations

583

Origination Dollar Volume (All Markets)

$108,715,000

Employee count

322 Show all (9) awards

Relative Rate

The Farmers & Merchants Bank's average 30 year fixed rate mortgage of loans were 2.9%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.25%.

Relative Fees

The Farmers & Merchants Bank's average total fees for a 30 year fixed rate mortgage are $2,717.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 130 $38,700,000 $297,692 $3,004 3.44%
Outside of Metro Areas 271 $31,745,000 $117,140 $2,032 3.96%
JONESBORO, AR (FHA|USDA|VA) 77 $17,665,000 $229,416 $2,159 3.75%
Mountain Home, AR (FHA|USDA|VA) 66 $9,990,000 $151,364 $1,808 3.50%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 23 $8,335,000 $362,391 $3,122 3.66%
PINE BLUFF, AR (FHA|USDA|VA) 4 $530,000 $132,500 $2,393 3.53%
Paragould, AR (FHA|USDA|VA) 4 $430,000 $107,500 $1,693 3.41%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $405,000 $405,000 $5,479 3.52%
FORT SMITH, AR-OK (FHA|USDA|VA) 1 $325,000 $325,000 $0 4.15%
Blytheville, AR (FHA|USDA|VA) 1 $275,000 $275,000 $2,769 2.75%
Searcy, AR (FHA|USDA|VA) 2 $140,000 $70,000 $1,656 4.25%
Batesville, AR (FHA|USDA|VA) 1 $85,000 $85,000 $1,167 5.00%
TEXARKANA, TX-AR (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.35%
HOT SPRINGS, AR (FHA|USDA|VA) 1 $25,000 $25,000 $1,212 4.00%

The Farmers & Merchants Bank's top markets include Fayetteville, Jonesboro, Mountain Home, Little Rock, and Pine Bluff among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 583 $108,715,000 $186,475 $2,267 3.75%

For the 2021 period, The Farmers & Merchants Bank's most frequently originated loan type of loans were Conventional, with 583 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 288 $49,440,000 $171,667 $2,257 4.05%
Refi 211 $50,845,000 $240,972 $2,320 3.38%
Other 30 $2,120,000 $70,667 $1,701 4.01%
Cash Out Refi 30 $4,940,000 $164,667 $2,966 2.77%
Home Improvement 24 $1,370,000 $57,083 $1,442 4.30%

For the 2021, The Farmers & Merchants Bank's most frequently cited loan purpose of loans were Home Purchase, with 288 originations. The 2nd most popular reason of loans were Refi, with 211 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 192 $20,530,000 $106,927 $1,695 4.43%
30 Year 145 $27,035,000 $186,448 $2,717 2.90%
5 Year 128 $27,450,000 $214,453 $1,355 4.11%
15 Year 63 $12,405,000 $196,905 $2,777 2.46%
3 Year 27 $5,375,000 $199,074 $0 4.59%
1 Year 13 $2,055,000 $158,077 $0 4.87%
10 Year 8 $12,650,000 $1,581,250 $2,340 3.39%
20 Year 7 $1,215,000 $173,571 $2,660 2.64%

For the 2021, The Farmers & Merchants Bank's most frequently cited loan length of loans were Other, with 192 originations. The 2nd most popular length of loans were 30 Year, with 145 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 205 $29,495,000 $143,878
$1k-2k 156 $19,470,000 $124,808
$2k-3k 26 $6,830,000 $262,692
$3k-4k 2 $590,000 $295,000
$5k+ 1 $305,000 $305,000

$2,717 of loans were The Farmers & Merchants Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 205 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 187 $53,655,000 $286,925
4-5% 183 $18,245,000 $99,699
2.5-3% 111 $23,225,000 $209,234
<2.5% 67 $11,295,000 $168,582
5-6% 34 $2,250,000 $66,176
6-7% 1 $45,000 $45,000

During 2021, The Farmers & Merchants Bank's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 3-4%, with 187 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 237 $13,815,000 $58,291 $1,655 4.18%
$100k-200k 218 $31,270,000 $143,440 $2,409 3.56%
$200k-400k 98 $25,510,000 $260,306 $3,011 3.23%
$400k-600k 19 $8,805,000 $463,421 $3,097 3.20%
$1MM+ 8 $26,970,000 $3,371,250 $0 3.57%
$600k-1MM 3 $2,345,000 $781,667 $0 3.73%

2021 saw The Farmers & Merchants Bank place emphasis on $100,000 or less loans with 237 originations, totaling $13,815,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 134 $10,800,000 $80,597 $1,990 3.88%
$50k-75k 115 $14,545,000 $126,478 $2,159 3.72%
$75k-100k 94 $13,820,000 $147,021 $2,234 3.52%
$100k-150k 63 $10,405,000 $165,159 $2,656 3.67%
$150k-250k 48 $9,840,000 $205,000 $2,920 3.56%
$250k+ 19 $6,125,000 $322,368 $2,795 3.22%

The Farmers & Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 134 originations. The second most popular income band? $50k-75k, with 115 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 124 $17,010,000 $137,177 $2,225 3.44%
30-36% 88 $13,030,000 $148,068 $2,385 3.63%
<20% 71 $11,315,000 $159,366 $2,261 3.33%
39% 19 $2,115,000 $111,316 $2,055 3.76%
38% 15 $2,295,000 $153,000 $2,492 3.76%
42% 14 $1,620,000 $115,714 $2,263 4.04%
36% 13 $1,995,000 $153,462 $2,458 3.74%
37% 12 $1,720,000 $143,333 $2,064 3.71%
41% 11 $2,065,000 $187,727 $2,475 3.72%
40% 9 $1,135,000 $126,111 $2,349 3.53%
44% 8 $1,350,000 $168,750 $1,862 3.86%
>60% 6 $600,000 $100,000 $1,568 5.05%
46% 6 $960,000 $160,000 $2,250 3.60%
43% 5 $415,000 $83,000 $1,571 4.43%
48% 5 $855,000 $171,000 $2,664 2.75%
50-60% 5 $705,000 $141,000 $1,242 4.40%
47% 4 $820,000 $205,000 $2,292 3.12%
45% 4 $450,000 $112,500 $2,546 3.84%
49% 3 $325,000 $108,333 $2,764 2.67%

The Farmers & Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 124 originations. The next most common DTI ratio? 30-36%, with 88 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 430 $58,470,000 $135,977 $2,271 3.65%
Not applicable 100 $41,690,000 $416,900 $0 4.11%
Not provided 38 $6,210,000 $163,421 $2,377 3.62%
Asian 4 $1,310,000 $327,500 $2,379 4.02%
Black 10 $780,000 $78,000 $1,560 4.59%
American Indian 1 $255,000 $255,000 $1,984 2.75%

Approval Rates

Total approvals of all applications
86.38%

The Farmers & Merchants Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.15%

The Farmers & Merchants Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 583 $108,715,000 $186,475

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
583 $108,715,000 $186,475

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 43 $3,215,000 $74,767 $2,058 3.74%
40-60% 77 $13,425,000 $174,351 $2,404 3.58%
60-80% 232 $52,200,000 $225,000 $2,408 3.61%
80-100% 210 $38,790,000 $184,714 $2,215 3.88%
Over 100% 1 $105,000 $105,000 $1,878 5.00%
Under 20% 20 $980,000 $49,000 $1,169 4.55%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Farmers & Merchants Bank Seventh And Maple Streets Stuttgart, AR 72160 Limited, Drive-thru $0
The Farmers & Merchants Bank 2696 Highway 62 East Mountain Home, AR 72653 Full Service B&M $0
The Farmers & Merchants Bank 3120 North College Avenue Fayetteville, AR 72703 Full Service B&M $33,115
The Farmers & Merchants Bank 3150 Wedington Drive Fayetteville, AR 72704 Limited, Drive-thru $15,457
The Farmers & Merchants Bank 3210 Sw Regency Pkwy Bentonville, AR 72712 Full Service B&M $24,687
The Farmers & Merchants Bank 400 East Highland Drive Jonesboro, AR 72401 Full Service B&M $84,979
The Farmers & Merchants Bank 502 South Hickory Street Mountain Home, AR 72653 Full Service B&M $226,097
The Farmers & Merchants Bank 542 West Dickson Street Fayetteville, AR 72701 Limited, Drive-thru $7,472
The Farmers & Merchants Bank 701 East Main Street Gassville, AR 72635 Full Service B&M $15,197
The Farmers & Merchants Bank 708 South Main Street Stuttgart, AR 72160 Full Service B&M $223,395
The Farmers & Merchants Bank 801 North Main Street Stuttgart, AR 72160 Limited, Drive-thru $0
The Farmers & Merchants Bank 813 North Fourche Avenue Perryville, AR 72126 Full Service B&M $62,353
The Farmers & Merchants Bank One South Block Fayetteville, AR 72703 Full Service B&M $191,816
The Farmers & Merchants Bank 1 Bank Plaza Pocahontas, AR 72455 Full Service B&M $135,008
The Farmers & Merchants Bank 102 East 22nd Street Stuttgart, AR 72160 Limited, Drive-thru $0
The Farmers & Merchants Bank 108 West Front Street Hazen, AR 72064 Full Service B&M $43,217
The Farmers & Merchants Bank 110 W Third Des Arc, AR 72040 Full Service B&M $59,819
The Farmers & Merchants Bank 1600 North Oak Street Morrilton, AR 72110 Full Service B&M $25,498
The Farmers & Merchants Bank 1608 U S Highway 67 South Pocahontas, AR 72455 Limited, Drive-thru $0
The Farmers & Merchants Bank 1846 North Crossover Road Fayetteville, AR 72701 Full Service B&M $88,469
The Farmers & Merchants Bank 1960 Whitehead Drive Dewitt, AR 72042 Full Service B&M $76,430
The Farmers & Merchants Bank 200 Main Street West Fork, AR 72774 Full Service B&M $32,702
The Farmers & Merchants Bank 202 Hindman St Prairie Grove, AR 72753 Full Service B&M $20,819
The Farmers & Merchants Bank 203 North 1st Street Flippin, AR 72634 Full Service B&M $16,216
The Farmers & Merchants Bank 21st And Buerkle Streets Stuttgart, AR 72160 Limited, Drive-thru $0
The Farmers & Merchants Bank 257 West Main Farmington, AR 72730 Full Service B&M $13,511
The Farmers & Merchants Bank Sheffield Road And Highway 178 East Lakeview, AR 72642 Full Service B&M $19,003

For 2021, The Farmers & Merchants Bank had 27 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $54,604
Net interest income $50,739
Total noninterest income $12,622
Gross Fiduciary activities income $2,120
Service charges on deposit accounts $2,642
Trading account gains and fees $0
Additional Noninterest Income $7,860
Pre-tax net operating income $17,622
Securities gains (or losses, -) $23
Income before extraordinary items $13,436
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $13,436
Minority interest net income $0
Net income $13,436
Sale, conversion, retirement of capital stock, net $0
Net operating income $13,417

The Farmers & Merchants Bank's gross interest income from loans was $54,604,000.
The Farmers & Merchants Bank's net interest income from loans was $50,739,000.
The Farmers & Merchants Bank's fee based income from loans was $2,642,000.
The Farmers & Merchants Bank's net income from loans was $13,436,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,865
Provision for credit losses $2,350
Total noninterest expense $43,389
Salaries and employee benefits $24,143
Premises and equipment expense $4,553
Additional noninterest expense $14,693
Applicable income taxes $4,209
Net charge-offs $512
Cash dividends $8,000

The Farmers & Merchants Bank's interest expense for loans was $3,865,000.
The Farmers & Merchants Bank's payroll and benefits expense were $24,143,000.
The Farmers & Merchants Bank's property, plant and equipment expenses $4,553,000.

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 7.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 1.0%
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 $1,497,951
Deposits held in domestic offices $1,497,951
Deposits by Individuals, partnerships, and corporations $1,309,021
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $185,961
Deposits by Commercial banks and other depository institutions in U.S. $2,969
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $295,242
Demand deposits $286,375
Nontransaction accounts $1,202,709
Money market deposit accounts (MMDAs) $111,438
Other savings deposits (excluding MMDAs) $876,654
Total time deposits $214,617
Total time and savings deposits $1,211,576
Noninterest-bearing deposits $358,621
Interest-bearing deposits $1,139,330
Retail deposits $1,441,344
IRAs and Keogh plan accounts $32,306
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,737,079
Cash & Balances due from depository institutions $41,644
Interest-bearing balances $15,068
Total securities $365,052
Federal funds sold & reverse repurchase $165,119
Net loans and leases $1,001,259
Loan and leases loss allowance $12,484
Trading account assets $0
Bank premises and fixed assets $34,370
Other real estate owned $0
Goodwill and other intangibles $54,460
All other assets $75,175

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,737,079
Total Liabilities $1,526,887
Total deposits $1,497,951
Interest-bearing deposits $1,139,330
Deposits held in domestic offices $1,497,951
% insured (estimated) $78
Federal funds purchased and repurchase agreements $9,229
Trading liabilities $0
Other borrowed funds $10,288
Subordinated debt $0
All other liabilities $9,419

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,001,259
Loan and leases loss allowance $12,484
Total loans and leases (domestic) $1,013,743
All real estate loans $775,895
Real estate loans in domestic offices $775,895
Construction and development loans $84,237
Residential 1-4 family construction $31,833
Other construction, all land development and other land $52,404
Loans secured by nonfarm nonresidential properties $344,537
Nonfarm nonresidential secured by owner-occupied properties $114,347
Commercial real estate & other non-farm, non-residential $230,190
Multifamily residential real estate $18,684
1-4 family residential loans $239,415
Farmland loans $89,022
Loans held in foreign offices $0
Farm loans $92,662
Commercial and industrial loans $119,145
To non-U.S. addressees $0
Loans to individuals $19,773
Credit card loans $3,078
Related Plans $470
Consumer Auto Loans $5,903
Other loans to individuals $10,322
All other loans & leases $6,268
Loans to foreign governments and official institutions $0
Other loans $3,739
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 $43
Non 1-4 family restructured loans & leases $36
Total loans and leases (foreign) $0

The Farmers & Merchants Bank had $1,001,259,000 of loans outstanding in 2021. $775,895,000 of loans were in real estate loans. $84,237,000 of loans were in development loans. $18,684,000 of loans were in multifamily mortgage loans. $239,415,000 of loans were in 1-4 family mortgage loans. $92,662,000 of loans were in farm loans. $3,078,000 of loans were in credit card loans. $5,903,000 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 524 $97,965 $186,956
Nonfarm, nonresidential loans - <$100k 177 $6,675 $37,712
Nonfarm, nonresidential loans - $100-250k 164 $20,390 $124,329
Nonfarm, nonresidential loans - $250k-1MM 183 $70,900 $387,432
Commercial & Industrial, US addressed loans - <$1MM 1,184 $61,104 $51,608
Commercial & Industrial, US addressed loans - <$100k 965 $20,205 $20,938
Commercial & Industrial, US addressed loans - $100-250k 133 $14,503 $109,045
Commercial & Industrial, US addressed loans - $250k-1MM 86 $26,396 $306,930
Farmland loans - <$1MM 424 $57,838 $136,410
Farmland loans - <$100k 208 $7,718 $37,106
Farmland loans - $100-250k 118 $13,546 $114,797
Farmland loans - $250k-1MM 98 $36,574 $373,204
Agriculture operations loans - <$1MM 526 $47,637 $90,565
Agriculture operations loans - <$100k 304 $8,130 $26,743
Agriculture operations loans - $100-250k 106 $10,452 $98,604
Agriculture operations loans - $250k-1MM 116 $29,055 $250,474