Farmers & Merchants Bank Mortgage Rates, Fees & Info

Salisbury, NC

LEI: 54930018CRFUH37BKR13

Tax ID: 56-0220355

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

Review & Overview

Farmers & Merchants Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers & Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Myrtle Beach, Raleigh, Durham, and Albemarle among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Farmers & Merchants Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

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Originations

154

Origination Dollar Volume (All Markets)

$28,130,000

Employee count

117

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
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	127	$20,725,000	$163,189	$0	0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	3	$2,035,000	$678,333	$0	0.00%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	7	$1,425,000	$203,571	$0	0.00%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	4	$1,100,000	$275,000	$0	0.00%
Albemarle, NC (FHA\|USDA\|VA)	4	$590,000	$147,500	$0	0.00%
Morehead City, NC (FHA\|USDA\|VA)	1	$545,000	$545,000	$0	0.00%
HICKORY-LENOIR-MORGANTON, NC (FHA\|USDA\|VA)	1	$515,000	$515,000	$0	0.00%
WINSTON-SALEM, NC (FHA\|USDA\|VA)	2	$370,000	$185,000	$0	0.00%
ASHEVILLE, NC (FHA\|USDA\|VA)	1	$295,000	$295,000	$0	0.00%
NEW BERN, NC (FHA\|USDA\|VA)	1	$215,000	$215,000	$0	0.00%
Outside of Metro Areas	2	$200,000	$100,000	$0	0.00%
GREENVILLE, NC (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	0.00%

Farmers & Merchants Bank's top markets include Charlotte, Myrtle Beach, Raleigh, Durham, and Albemarle among others.

Their top states include:

North Carolina (FHA|USDA|VA)

South Carolina (FHA|USDA|VA)

Virginia (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	154	$28,130,000	$182,662	$0	0.00%

For 2018, Farmers & Merchants Bank's most frequently originated type of loan was Conventional, with 154 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	82	$15,540,000	$189,512	$0	0.00%
Refi	50	$9,590,000	$191,800	$0	0.00%
Cash Out Refi	13	$1,845,000	$141,923	$0	0.00%
Home Improvement	8	$900,000	$112,500	$0	0.00%
Other	1	$255,000	$255,000	$0	0.00%

For 2018, Farmers & Merchants Bank's most frequently cited loan purpose was Home Purchase, with 82 originations. The 2nd most popular reason was Refi, with 50 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	154	$28,130,000	$182,662	$0	0.00%

For 2018, Farmers & Merchants Bank's most frequently cited loan duration was Other, with 154 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	51	$3,405,000	$66,765	$0	0.00%
$100k-200k	48	$6,690,000	$139,375	$0	0.00%
$200k-400k	43	$11,365,000	$264,302	$0	0.00%
$400k-600k	9	$4,125,000	$458,333	$0	0.00%
$600k-1MM	3	$2,545,000	$848,333	$0	0.00%

2018 saw Farmers & Merchants Bank place emphasis on $100,000 or less loans with 51 originations, totaling $3,405,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	32	$2,860,000	$89,375	$0	0.00%
$50k-75k	30	$3,830,000	$127,667	$0	0.00%
$100k-150k	22	$4,470,000	$203,182	$0	0.00%
$75k-100k	19	$3,575,000	$188,158	$0	0.00%
$150k-250k	16	$4,750,000	$296,875	$0	0.00%
$250k+	6	$2,340,000	$390,000	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $50k-75k, with 30 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	154	$28,130,000	$182,662	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with DTI ratios of Exempt%, with 154 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	123	$22,255,000	$180,935	$0	0.00%
Not applicable	27	$5,565,000	$206,111	$0	0.00%
Black	4	$310,000	$77,500	$0	0.00%

Approval Rates

Total approvals of all applications
87.44%

Farmers & Merchants Bank has an average approval rate.

Pick Rate

Approvals leading to origination
92.21%

Farmers & Merchants Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	154	$28,130,000	$182,662

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$410,000	$205,000
Single Family (1-4 Units):Manufactured	8	$920,000	$115,000
Single Family (1-4 Units):Site-Built	144	$26,800,000	$186,111

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Farmers & Merchants Bank	102 Avalon Drive Salisbury, NC 28146	Full Service B&M	$31,461
Farmers & Merchants Bank	115 South Main Faith Street Faith, NC 28041	Full Service B&M	$18,143
Farmers & Merchants Bank	116 North Main Street China Grove, NC 28023	Full Service B&M	$50,701
Farmers & Merchants Bank	138 North Salisbury Avenue Granite Quarry, NC 28072	Full Service B&M	$72,313
Farmers & Merchants Bank	221 Statesville Boulevard Salisbury, NC 28144	Full Service B&M	$10,482
Farmers & Merchants Bank	2975 Dale Earnhardt Boulevard Kannapolis, NC 28083	Full Service B&M	$58,972
Farmers & Merchants Bank	418 W Main Street Rockwell, NC 28138	Full Service B&M	$44,293
Farmers & Merchants Bank	420 North Main Street Salisbury, NC 28144	Full Service B&M	$122,247
Farmers & Merchants Bank	630 Jake Alexander Boulevard West Salisbury, NC 28147	Full Service B&M	$70,663
Farmers & Merchants Bank	635 North Church Street Concord, NC 28025	Full Service B&M	$57,187
Farmers & Merchants Bank	728 Klumac Road Salisbury, NC 28144	Full Service B&M	$6,402

For 2018, Farmers & Merchants Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$26,203
Net interest income	$25,317
Total noninterest income	$6,977
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,746
Trading account gains and fees	$0
Additional Noninterest Income	$5,231
Pre-tax net operating income	$11,300
Securities gains (or losses, -)	$0
Income before extraordinary items	$8,952
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,952
Minority interest net income	$0
Net income	$8,952
Sale, conversion, retirement of capital stock, net	$-244
Net operating income	$8,952

Farmers & Merchants Bank's gross interest income from loans was $26,203,000.
Farmers & Merchants Bank's net interest income from loans was $25,317,000.
Farmers & Merchants Bank's fee based income from loans was $1,746,000.
Farmers & Merchants Bank's net income from loans was $8,952,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$886
Provision for credit losses	$950
Total noninterest expense	$20,044
Salaries and employee benefits	$12,089
Premises and equipment expense	$2,134
Additional noninterest expense	$5,821
Applicable income taxes	$2,348
Net charge-offs	$271
Cash dividends	$5,216

Farmers & Merchants Bank's interest expense for loans was $886,000.
Farmers & Merchants Bank's payroll and benefits expense were $12,089,000.
Farmers & Merchants Bank's property, plant and equipment expenses $2,134,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
Real Estate loans	1.0%
Construction & Land Development loans	1.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	1.0%
HELOC loans	1.0%
All other family	1.0%
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	$534,788
Deposits held in domestic offices	$534,788
Deposits by Individuals, partnerships, and corporations	$523,045
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$11,743
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$52,814
Demand deposits	$33,897
Nontransaction accounts	$481,974
Money market deposit accounts (MMDAs)	$113,926
Other savings deposits (excluding MMDAs)	$286,417
Total time deposits	$81,631
Total time and savings deposits	$500,891
Noninterest-bearing deposits	$164,384
Interest-bearing deposits	$370,404
Retail deposits	$525,902
IRAs and Keogh plan accounts	$12,353
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$608,865
Cash & Balances due from depository institutions	$131,880
Interest-bearing balances	$123,466
Total securities	$9,923
Federal funds sold & reverse repurchase	$0
Net loans and leases	$440,186
Loan and leases loss allowance	$7,538
Trading account assets	$0
Bank premises and fixed assets	$14,754
Other real estate owned	$2,552
Goodwill and other intangibles	$546
All other assets	$9,024

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$608,865
Total Liabilities	$540,403
Total deposits	$534,788
Interest-bearing deposits	$370,404
Deposits held in domestic offices	$534,788
% insured (estimated)	$84
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$5,615

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$440,186
Loan and leases loss allowance	$7,538
Total loans and leases (domestic)	$447,724
All real estate loans	$416,022
Real estate loans in domestic offices	$416,022
Construction and development loans	$99,448
Residential 1-4 family construction	$54,592
Other construction, all land development and other land	$44,856
Loans secured by nonfarm nonresidential properties	$174,403
Nonfarm nonresidential secured by owner-occupied properties	$61,531
Commercial real estate & other non-farm, non-residential	$112,872
Multifamily residential real estate	$4,470
1-4 family residential loans	$136,840
Farmland loans	$861
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$28,776
To non-U.S. addressees	$0
Loans to individuals	$2,457
Credit card loans	$0
Related Plans	$1,696
Consumer Auto Loans	$233
Other loans to individuals	$528
All other loans & leases	$2,156
Loans to foreign governments and official institutions	$0
Other loans	$12
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	$5,535
Non 1-4 family restructured loans & leases	$4,474
Total loans and leases (foreign)	$0

Farmers & Merchants Bank had $440,186,000 of loans outstanding in 2018. $416,022,000 of loans were in real estate loans. $99,448,000 of loans were in development loans. $4,470,000 of loans were in multifamily mortgage loans. $136,840,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $233,000 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	243	$49,749	$204,728
Nonfarm, nonresidential loans - <$100k	53	$1,981	$37,377
Nonfarm, nonresidential loans - $100-250k	90	$10,235	$113,722
Nonfarm, nonresidential loans - $250k-1MM	100	$37,533	$375,330
Commercial & Industrial, US addressed loans - <$1MM	195	$12,714	$65,200
Commercial & Industrial, US addressed loans - <$100k	118	$1,425	$12,076
Commercial & Industrial, US addressed loans - $100-250k	35	$2,235	$63,857
Commercial & Industrial, US addressed loans - $250k-1MM	42	$9,054	$215,571
Farmland loans - <$1MM	4	$614	$153,500
Farmland loans - <$100k	1	$6	$6,000
Farmland loans - $100-250k	3	$608	$202,667