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, Greensboro, Raleigh, Wilmington, and Hickory among others. We have data for 13 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 a below average pick rate when compared to similar lenders.

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Originations

140

Origination Dollar Volume (All Markets)

$27,290,000

Employee count

120

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)	118	$20,950,000	$177,542	$0	0.00%
Outside of Metro Areas	5	$1,045,000	$209,000	$0	0.00%
GREENSBORO-HIGH POINT, NC (FHA\|USDA\|VA)	1	$1,005,000	$1,005,000	$0	0.00%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	3	$995,000	$331,667	$0	0.00%
WILMINGTON, NC (FHA\|USDA\|VA)	2	$610,000	$305,000	$0	0.00%
HICKORY-LENOIR-MORGANTON, NC (FHA\|USDA\|VA)	1	$485,000	$485,000	$0	0.00%
Boone, NC (FHA\|USDA\|VA)	1	$445,000	$445,000	$0	0.00%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	1	$405,000	$405,000	$0	0.00%
Albemarle, NC (FHA\|USDA\|VA)	2	$370,000	$185,000	$0	0.00%
WINSTON-SALEM, NC (FHA\|USDA\|VA)	3	$365,000	$121,667	$0	0.00%
NEW BERN, NC (FHA\|USDA\|VA)	1	$345,000	$345,000	$0	0.00%
Morehead City, NC (FHA\|USDA\|VA)	1	$205,000	$205,000	$0	0.00%
Pinehurst-Southern Pines, NC (FHA\|USDA\|VA)	1	$65,000	$65,000	$0	0.00%

Farmers & Merchants Bank's top markets include Charlotte, Greensboro, Raleigh, Wilmington, and Hickory among others.

Their top states include:

North Carolina (FHA|USDA|VA)

Virginia (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	140	$27,290,000	$194,929	$0	0.00%

For 2019, Farmers & Merchants Bank's most frequently originated type of loan was Conventional, with 140 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	61	$12,875,000	$211,066	$0	0.00%
Refi	49	$9,875,000	$201,531	$0	0.00%
Cash Out Refi	24	$3,900,000	$162,500	$0	0.00%
Home Improvement	3	$245,000	$81,667	$0	0.00%
Other	3	$395,000	$131,667	$0	0.00%

For 2019, Farmers & Merchants Bank's most frequently cited loan purpose was Home Purchase, with 61 originations. The 2nd most popular reason was Refi, with 49 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	140	$27,290,000	$194,929	$0	0.00%

For 2019, Farmers & Merchants Bank's most frequently cited loan duration was Other, with 140 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	43	$2,765,000	$64,302	$0	0.00%
$200k-400k	43	$11,395,000	$265,000	$0	0.00%
$100k-200k	41	$5,675,000	$138,415	$0	0.00%
$400k-600k	9	$4,185,000	$465,000	$0	0.00%
$600k-1MM	3	$2,265,000	$755,000	$0	0.00%
$1MM+	1	$1,005,000	$1,005,000	$0	0.00%

2019 saw Farmers & Merchants Bank place emphasis on $100,000 or less loans with 43 originations, totaling $2,765,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$75k-100k	27	$4,235,000	$156,852	$0	0.00%
$50k-75k	25	$3,915,000	$156,600	$0	0.00%
$50k or less	25	$2,185,000	$87,400	$0	0.00%
$100k-150k	18	$3,820,000	$212,222	$0	0.00%
$150k-250k	11	$3,775,000	$343,182	$0	0.00%
$250k+	9	$3,135,000	$348,333	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with incomes in the $75k-100k range, with 27 originations. The second most popular income band? $50k-75k, with 25 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	140	$27,290,000	$194,929	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with DTI ratios of Exempt%, with 140 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	115	$21,715,000	$188,826	$0	0.00%
Not applicable	22	$5,430,000	$246,818	$0	0.00%
Black	2	$100,000	$50,000	$0	0.00%
Asian	1	$45,000	$45,000	$0	0.00%

Approval Rates

Total approvals of all applications
81.95%

Farmers & Merchants Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
80.71%

Farmers & Merchants Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	140	$27,290,000	$194,929

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	3	$2,035,000	$678,333
Single Family (1-4 Units):Manufactured	6	$480,000	$80,000
Single Family (1-4 Units):Site-Built	131	$24,775,000	$189,122

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Farmers & Merchants Bank	102 Avalon Drive Salisbury, NC 28146	Full Service B&M	$31,593
Farmers & Merchants Bank	115 South Main Faith Street Faith, NC 28041	Full Service B&M	$23,746
Farmers & Merchants Bank	116 North Main Street China Grove, NC 28023	Full Service B&M	$51,704
Farmers & Merchants Bank	138 North Salisbury Avenue Granite Quarry, NC 28072	Full Service B&M	$90,845
Farmers & Merchants Bank	221 Statesville Boulevard Salisbury, NC 28144	Full Service B&M	$10,710
Farmers & Merchants Bank	2975 Dale Earnhardt Boulevard Kannapolis, NC 28083	Full Service B&M	$54,564
Farmers & Merchants Bank	418 W Main Street Rockwell, NC 28138	Full Service B&M	$45,460
Farmers & Merchants Bank	420 North Main Street Salisbury, NC 28144	Full Service B&M	$125,743
Farmers & Merchants Bank	630 Jake Alexander Boulevard West Salisbury, NC 28147	Full Service B&M	$66,403
Farmers & Merchants Bank	635 North Church Street Concord, NC 28025	Full Service B&M	$59,703
Farmers & Merchants Bank	728 Klumac Road Salisbury, NC 28144	Full Service B&M	$6,103

For 2019, Farmers & Merchants Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$27,815
Net interest income	$26,552
Total noninterest income	$7,645
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,723
Trading account gains and fees	$0
Additional Noninterest Income	$5,922
Pre-tax net operating income	$13,227
Securities gains (or losses, -)	$0
Income before extraordinary items	$10,287
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$10,287
Minority interest net income	$0
Net income	$10,287
Sale, conversion, retirement of capital stock, net	$-128
Net operating income	$10,287

Farmers & Merchants Bank's gross interest income from loans was $27,815,000.
Farmers & Merchants Bank's net interest income from loans was $26,552,000.
Farmers & Merchants Bank's fee based income from loans was $1,723,000.
Farmers & Merchants Bank's net income from loans was $10,287,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,263
Provision for credit losses	$240
Total noninterest expense	$20,730
Salaries and employee benefits	$12,640
Premises and equipment expense	$2,136
Additional noninterest expense	$5,954
Applicable income taxes	$2,940
Net charge-offs	$-30
Cash dividends	$4,462

Farmers & Merchants Bank's interest expense for loans was $1,263,000.
Farmers & Merchants Bank's payroll and benefits expense were $12,640,000.
Farmers & Merchants Bank's property, plant and equipment expenses $2,136,000.

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	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	$571,507
Deposits held in domestic offices	$571,507
Deposits by Individuals, partnerships, and corporations	$558,849
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$12,657
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	$57,104
Demand deposits	$36,768
Nontransaction accounts	$514,402
Money market deposit accounts (MMDAs)	$135,926
Other savings deposits (excluding MMDAs)	$307,129
Total time deposits	$71,348
Total time and savings deposits	$534,738
Noninterest-bearing deposits	$179,231
Interest-bearing deposits	$392,276
Retail deposits	$562,022
IRAs and Keogh plan accounts	$11,304
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$651,435
Cash & Balances due from depository institutions	$202,853
Interest-bearing balances	$196,240
Total securities	$1,470
Federal funds sold & reverse repurchase	$0
Net loans and leases	$421,067
Loan and leases loss allowance	$7,809
Trading account assets	$0
Bank premises and fixed assets	$13,391
Other real estate owned	$2,375
Goodwill and other intangibles	$545
All other assets	$9,734

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$651,435
Total Liabilities	$577,236
Total deposits	$571,507
Interest-bearing deposits	$392,276
Deposits held in domestic offices	$571,507
% insured (estimated)	$78
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$5,729

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$421,067
Loan and leases loss allowance	$7,809
Total loans and leases (domestic)	$428,876
All real estate loans	$399,000
Real estate loans in domestic offices	$399,000
Construction and development loans	$104,428
Residential 1-4 family construction	$60,743
Other construction, all land development and other land	$43,685
Loans secured by nonfarm nonresidential properties	$167,968
Nonfarm nonresidential secured by owner-occupied properties	$59,921
Commercial real estate & other non-farm, non-residential	$108,047
Multifamily residential real estate	$2,999
1-4 family residential loans	$122,786
Farmland loans	$819
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$27,661
To non-U.S. addressees	$0
Loans to individuals	$1,935
Credit card loans	$0
Related Plans	$1,051
Consumer Auto Loans	$263
Other loans to individuals	$621
All other loans & leases	$1,949
Loans to foreign governments and official institutions	$0
Other loans	$30
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	$5,171
Non 1-4 family restructured loans & leases	$4,316
Total loans and leases (foreign)	$0

Farmers & Merchants Bank had $421,067,000 of loans outstanding in 2019. $399,000,000 of loans were in real estate loans. $104,428,000 of loans were in development loans. $2,999,000 of loans were in multifamily mortgage loans. $122,786,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $263,000 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	231	$49,082	$212,476
Nonfarm, nonresidential loans - <$100k	44	$1,933	$43,932
Nonfarm, nonresidential loans - $100-250k	85	$8,803	$103,565
Nonfarm, nonresidential loans - $250k-1MM	102	$38,346	$375,941
Commercial & Industrial, US addressed loans - <$1MM	231	$11,561	$50,048
Commercial & Industrial, US addressed loans - <$100k	152	$1,546	$10,171
Commercial & Industrial, US addressed loans - $100-250k	40	$1,891	$47,275
Commercial & Industrial, US addressed loans - $250k-1MM	39	$8,124	$208,308
Farmland loans - <$1MM	3	$583	$194,333
Farmland loans - $100-250k	3	$583	$194,333