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 Refi, Home Purchase, and Cash Out Refi loans. Farmers & Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Raleigh, Durham, Hickory, and Boone among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

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Originations

279

Origination Dollar Volume (All Markets)

$59,105,000

Employee count

116

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)	246	$48,150,000	$195,732	$0	0.00%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	10	$4,390,000	$439,000	$0	0.00%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	5	$1,515,000	$303,000	$0	0.00%
HICKORY-LENOIR-MORGANTON, NC (FHA\|USDA\|VA)	2	$820,000	$410,000	$0	0.00%
Boone, NC (FHA\|USDA\|VA)	2	$710,000	$355,000	$0	0.00%
NEW BERN, NC (FHA\|USDA\|VA)	2	$600,000	$300,000	$0	0.00%
WINSTON-SALEM, NC (FHA\|USDA\|VA)	2	$540,000	$270,000	$0	0.00%
Albemarle, NC (FHA\|USDA\|VA)	3	$535,000	$178,333	$0	0.00%
Outside of Metro Areas	2	$470,000	$235,000	$0	0.00%
Marion, NC (FHA\|USDA\|VA)	1	$375,000	$375,000	$0	0.00%
WILMINGTON, NC (FHA\|USDA\|VA)	1	$335,000	$335,000	$0	0.00%
ASHEVILLE, NC (FHA\|USDA\|VA)	1	$285,000	$285,000	$0	0.00%
CHAMPAIGN-URBANA, IL (FHA\|USDA\|VA)	1	$275,000	$275,000	$0	0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	0.00%

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

Their top states include:

North Carolina (FHA|USDA|VA)

South Carolina (FHA|USDA|VA)

Illinois (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	279	$59,105,000	$211,846	$0	0.00%

For 2020, Farmers & Merchants Bank's most frequently originated type of loan was Conventional, with 279 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	131	$29,265,000	$223,397	$0	0.00%
Home Purchase	72	$15,960,000	$221,667	$0	0.00%
Cash Out Refi	68	$12,920,000	$190,000	$0	0.00%
Other	7	$925,000	$132,143	$0	0.00%
Home Improvement	1	$35,000	$35,000	$0	0.00%

For 2020, Farmers & Merchants Bank's most frequently cited loan purpose was Refi, with 131 originations. The 2nd most popular reason was Home Purchase, with 72 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	279	$59,105,000	$211,846	$0	0.00%

For 2020, Farmers & Merchants Bank's most frequently cited loan duration was Other, with 279 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	121	$17,415,000	$143,926	$0	0.00%
$200k-400k	74	$19,790,000	$267,432	$0	0.00%
$100,000 or less	54	$3,870,000	$71,667	$0	0.00%
$400k-600k	24	$11,230,000	$467,917	$0	0.00%
$1MM+	3	$4,235,000	$1,411,667	$0	0.00%
$600k-1MM	3	$2,565,000	$855,000	$0	0.00%

2020 saw Farmers & Merchants Bank place emphasis on $100k-200k loans with 121 originations, totaling $17,415,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	49	$6,575,000	$134,184	$0	0.00%
$75k-100k	49	$8,095,000	$165,204	$0	0.00%
$100k-150k	42	$9,290,000	$221,190	$0	0.00%
$50k or less	42	$4,090,000	$97,381	$0	0.00%
$150k-250k	29	$8,915,000	$307,414	$0	0.00%
$250k+	21	$8,185,000	$389,762	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with incomes in the $50k-75k range, with 49 originations. The second most popular income band? $75k-100k, with 49 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	279	$59,105,000	$211,846	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with DTI ratios of Exempt%, with 279 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	238	$47,390,000	$199,118	$0	0.00%
Not applicable	30	$10,090,000	$336,333	$0	0.00%
Black	7	$775,000	$110,714	$0	0.00%
Asian	2	$660,000	$330,000	$0	0.00%
Not provided	2	$190,000	$95,000	$0	0.00%

Approval Rates

Total approvals of all applications
91.69%

Farmers & Merchants Bank has an average approval rate.

Pick Rate

Approvals leading to origination
90.68%

Farmers & Merchants Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	279	$59,105,000	$211,846

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	4	$2,030,000	$507,500
Single Family (1-4 Units):Manufactured	8	$620,000	$77,500
Single Family (1-4 Units):Site-Built	267	$56,455,000	$211,442

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Farmers & Merchants Bank	102 Avalon Drive Salisbury, NC 28146	Full Service B&M	$32,831
Farmers & Merchants Bank	115 South Main Faith Street Faith, NC 28041	Full Service B&M	$19,055
Farmers & Merchants Bank	116 North Main Street China Grove, NC 28023	Full Service B&M	$56,472
Farmers & Merchants Bank	138 North Salisbury Avenue Granite Quarry, NC 28072	Full Service B&M	$85,641
Farmers & Merchants Bank	221 Statesville Boulevard Salisbury, NC 28144	Full Service B&M	$12,293
Farmers & Merchants Bank	2975 Dale Earnhardt Boulevard Kannapolis, NC 28083	Full Service B&M	$72,187
Farmers & Merchants Bank	418 W Main Street Rockwell, NC 28138	Full Service B&M	$53,812
Farmers & Merchants Bank	420 North Main Street Salisbury, NC 28144	Full Service B&M	$141,082
Farmers & Merchants Bank	630 Jake Alexander Boulevard West Salisbury, NC 28147	Full Service B&M	$79,490
Farmers & Merchants Bank	635 North Church Street Concord, NC 28025	Full Service B&M	$82,381
Farmers & Merchants Bank	728 Klumac Road Salisbury, NC 28144	Full Service B&M	$5,828

For 2020, Farmers & Merchants Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$25,151
Net interest income	$24,165
Total noninterest income	$9,889
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,409
Trading account gains and fees	$0
Additional Noninterest Income	$8,480
Pre-tax net operating income	$11,196
Securities gains (or losses, -)	$0
Income before extraordinary items	$8,955
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,955
Minority interest net income	$0
Net income	$8,955
Sale, conversion, retirement of capital stock, net	$-158
Net operating income	$8,955

Farmers & Merchants Bank's gross interest income from loans was $25,151,000.
Farmers & Merchants Bank's net interest income from loans was $24,165,000.
Farmers & Merchants Bank's fee based income from loans was $1,409,000.
Farmers & Merchants Bank's net income from loans was $8,955,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$986
Provision for credit losses	$1,740
Total noninterest expense	$21,118
Salaries and employee benefits	$13,044
Premises and equipment expense	$2,173
Additional noninterest expense	$5,901
Applicable income taxes	$2,241
Net charge-offs	$56
Cash dividends	$3,205

Farmers & Merchants Bank's interest expense for loans was $986,000.
Farmers & Merchants Bank's payroll and benefits expense were $13,044,000.
Farmers & Merchants Bank's property, plant and equipment expenses $2,173,000.

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	1.0%
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	$667,894
Deposits held in domestic offices	$667,894
Deposits by Individuals, partnerships, and corporations	$652,677
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$15,217
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	$76,441
Demand deposits	$48,758
Nontransaction accounts	$591,453
Money market deposit accounts (MMDAs)	$149,850
Other savings deposits (excluding MMDAs)	$375,400
Total time deposits	$66,202
Total time and savings deposits	$619,136
Noninterest-bearing deposits	$239,183
Interest-bearing deposits	$428,711
Retail deposits	$658,165
IRAs and Keogh plan accounts	$11,041
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$754,129
Cash & Balances due from depository institutions	$300,705
Interest-bearing balances	$290,880
Total securities	$452
Federal funds sold & reverse repurchase	$0
Net loans and leases	$426,806
Loan and leases loss allowance	$9,493
Trading account assets	$0
Bank premises and fixed assets	$14,661
Other real estate owned	$2,942
Goodwill and other intangibles	$686
All other assets	$7,877

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$754,129
Total Liabilities	$674,349
Total deposits	$667,894
Interest-bearing deposits	$428,711
Deposits held in domestic offices	$667,894
% insured (estimated)	$79
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$6,455

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$426,806
Loan and leases loss allowance	$9,493
Total loans and leases (domestic)	$436,299
All real estate loans	$390,586
Real estate loans in domestic offices	$390,586
Construction and development loans	$93,679
Residential 1-4 family construction	$49,238
Other construction, all land development and other land	$44,441
Loans secured by nonfarm nonresidential properties	$181,302
Nonfarm nonresidential secured by owner-occupied properties	$56,565
Commercial real estate & other non-farm, non-residential	$124,737
Multifamily residential real estate	$3,481
1-4 family residential loans	$111,344
Farmland loans	$780
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$44,542
To non-U.S. addressees	$0
Loans to individuals	$1,990
Credit card loans	$0
Related Plans	$1,337
Consumer Auto Loans	$207
Other loans to individuals	$446
All other loans & leases	$1,421
Loans to foreign governments and official institutions	$0
Other loans	$25
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	$3,850
Non 1-4 family restructured loans & leases	$3,003
Total loans and leases (foreign)	$0

Farmers & Merchants Bank had $426,806,000 of loans outstanding in 2020. $390,586,000 of loans were in real estate loans. $93,679,000 of loans were in development loans. $3,481,000 of loans were in multifamily mortgage loans. $111,344,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $207,000 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	221	$44,005	$199,118
Nonfarm, nonresidential loans - <$100k	44	$1,729	$39,295
Nonfarm, nonresidential loans - $100-250k	82	$7,918	$96,561
Nonfarm, nonresidential loans - $250k-1MM	95	$34,358	$361,663
Commercial & Industrial, US addressed loans - <$1MM	396	$24,933	$62,962
Commercial & Industrial, US addressed loans - <$100k	279	$6,150	$22,043
Commercial & Industrial, US addressed loans - $100-250k	69	$6,064	$87,884
Commercial & Industrial, US addressed loans - $250k-1MM	48	$12,719	$264,979
Farmland loans - <$1MM	3	$557	$185,667
Farmland loans - $100-250k	3	$557	$185,667