The Farmers & Merchants Bank Mortgage Rates, Fees & Info
Stuttgart, ARLEI: 54930009DUZUXUZIDL84
Tax ID: 71-0203044
2021 Data | 2020 Data | 2019 Data | 2018 Data
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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
583Origination Dollar Volume (All Markets)
$108,715,000Employee count
322Awards
The Farmers & Merchants Bank - 2021
The Farmers & Merchants Bank is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications86.38%
The Farmers & Merchants Bank has an average approval rate.
Pick Rate
Approvals leading to origination83.15%
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 |
