Farmers & Merchants Bank Mortgage Rates, Fees & Info

Salisbury, NC

LEI: 54930018CRFUH37BKR13

Tax ID: 56-0220355

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Farmers & Merchants Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Farmers & Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Durham, Myrtle Beach, Fayetteville, and Raleigh among others. We have data for 10 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 a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    166

    Origination Dollar Volume (All Markets)

    $33,080,000

    Employee count

    124

    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) 146 $25,590,000 $175,274 $0 0.00%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 5 $2,025,000 $405,000 $0 0.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $1,560,000 $780,000 $0 0.00%
    FAYETTEVILLE, NC (FHA|USDA|VA) 3 $975,000 $325,000 $0 0.00%
    RALEIGH-CARY, NC (FHA|USDA|VA) 2 $920,000 $460,000 $0 0.00%
    Boone, NC (FHA|USDA|VA) 2 $680,000 $340,000 $0 0.00%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
    WINSTON-SALEM, NC (FHA|USDA|VA) 3 $385,000 $128,333 $0 0.00%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    GREENVILLE, NC (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
    Farmers & Merchants Bank's top markets include Charlotte, Durham, Myrtle Beach, Fayetteville, and Raleigh 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 166 $33,080,000 $199,277 $0 0.00%

    For 2021, Farmers & Merchants Bank's most frequently originated type of loan was Conventional, with 166 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 66 $16,270,000 $246,515 $0 0.00%
    Cash Out Refi 53 $9,525,000 $179,717 $0 0.00%
    Refi 46 $7,200,000 $156,522 $0 0.00%
    Home Improvement 1 $85,000 $85,000 $0 0.00%

    For 2021, Farmers & Merchants Bank's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Cash Out Refi, with 53 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 166 $33,080,000 $199,277 $0 0.00%

    For 2021, Farmers & Merchants Bank's most frequently cited loan duration was Other, with 166 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 63 $8,855,000 $140,556 $0 0.00%
    $200k-400k 46 $12,830,000 $278,913 $0 0.00%
    $100,000 or less 43 $3,065,000 $71,279 $0 0.00%
    $400k-600k 12 $6,010,000 $500,833 $0 0.00%
    $1MM+ 1 $1,355,000 $1,355,000 $0 0.00%
    $600k-1MM 1 $965,000 $965,000 $0 0.00%

    2021 saw Farmers & Merchants Bank place emphasis on $100k-200k loans with 63 originations, totaling $8,855,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 32 $3,280,000 $102,500 $0 0.00%
    $100k-150k 31 $6,185,000 $199,516 $0 0.00%
    $50k-75k 26 $3,270,000 $125,769 $0 0.00%
    $75k-100k 21 $3,645,000 $173,571 $0 0.00%
    $150k-250k 19 $5,255,000 $276,579 $0 0.00%
    $250k+ 17 $6,225,000 $366,176 $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? $100k-150k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 166 $33,080,000 $199,277 $0 0.00%

    Farmers & Merchants Bank lent most frequently to those with DTI ratios of Exempt%, with 166 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 144 $27,620,000 $191,806 $0 0.00%
    Not applicable 20 $5,220,000 $261,000 $0 0.00%
    Black 2 $240,000 $120,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.07%

    Farmers & Merchants Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.34%

    Farmers & Merchants Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 166 $33,080,000 $199,277

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    166 $33,080,000 $199,277

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Farmers & Merchants Bank 102 Avalon Drive Salisbury, NC 28146 Full Service B&M $42,487
    Farmers & Merchants Bank 115 South Main Faith Street Faith, NC 28041 Full Service B&M $0
    Farmers & Merchants Bank 116 North Main Street China Grove, NC 28023 Full Service B&M $65,553
    Farmers & Merchants Bank 138 North Salisbury Avenue Granite Quarry, NC 28072 Full Service B&M $123,029
    Farmers & Merchants Bank 221 Statesville Boulevard Salisbury, NC 28144 Full Service B&M $0
    Farmers & Merchants Bank 2975 Dale Earnhardt Boulevard Kannapolis, NC 28083 Full Service B&M $78,171
    Farmers & Merchants Bank 418 W Main Street Rockwell, NC 28138 Full Service B&M $62,138
    Farmers & Merchants Bank 420 North Main Street Salisbury, NC 28144 Full Service B&M $174,173
    Farmers & Merchants Bank 630 Jake Alexander Boulevard West Salisbury, NC 28147 Full Service B&M $123,374
    Farmers & Merchants Bank 635 North Church Street Concord, NC 28025 Full Service B&M $85,952
    Farmers & Merchants Bank 6801 Falls Of Neuse Road Raleigh, NC 27615 Full Service B&M $553
    Farmers & Merchants Bank 728 Klumac Road Salisbury, NC 28144 Full Service B&M $5,039

    For 2021, Farmers & Merchants Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $24,537
    Net interest income $23,960
    Total noninterest income $9,847
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,441
    Trading account gains and fees $0
    Additional Noninterest Income $8,406
    Pre-tax net operating income $10,809
    Securities gains (or losses, -) $0
    Income before extraordinary items $8,537
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,537
    Minority interest net income $0
    Net income $8,537
    Sale, conversion, retirement of capital stock, net $-609
    Net operating income $8,537

    Farmers & Merchants Bank's gross interest income from loans was $24,537,000.
    Farmers & Merchants Bank's net interest income from loans was $23,960,000.
    Farmers & Merchants Bank's fee based income from loans was $1,441,000.
    Farmers & Merchants Bank's net income from loans was $8,537,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $577
    Provision for credit losses $0
    Total noninterest expense $22,998
    Salaries and employee benefits $14,034
    Premises and equipment expense $2,372
    Additional noninterest expense $6,592
    Applicable income taxes $2,272
    Net charge-offs $-604
    Cash dividends $3,079

    Farmers & Merchants Bank's interest expense for loans was $577,000.
    Farmers & Merchants Bank's payroll and benefits expense were $14,034,000.
    Farmers & Merchants Bank's property, plant and equipment expenses $2,372,000.

    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 1.0%
    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 $854,348
    Deposits held in domestic offices $854,348
    Deposits by Individuals, partnerships, and corporations $835,430
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $18,918
    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 $85,200
    Demand deposits $56,149
    Nontransaction accounts $769,148
    Money market deposit accounts (MMDAs) $226,795
    Other savings deposits (excluding MMDAs) $479,437
    Total time deposits $62,917
    Total time and savings deposits $798,199
    Noninterest-bearing deposits $291,102
    Interest-bearing deposits $563,246
    Retail deposits $846,957
    IRAs and Keogh plan accounts $12,150
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $945,608
    Cash & Balances due from depository institutions $452,872
    Interest-bearing balances $446,449
    Total securities $0
    Federal funds sold & reverse repurchase $0
    Net loans and leases $467,326
    Loan and leases loss allowance $10,097
    Trading account assets $0
    Bank premises and fixed assets $15,582
    Other real estate owned $1,795
    Goodwill and other intangibles $703
    All other assets $7,330

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $945,608
    Total Liabilities $860,984
    Total deposits $854,348
    Interest-bearing deposits $563,246
    Deposits held in domestic offices $854,348
    % insured (estimated) $72
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $6,636

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $467,326
    Loan and leases loss allowance $10,097
    Total loans and leases (domestic) $477,423
    All real estate loans $446,695
    Real estate loans in domestic offices $446,695
    Construction and development loans $124,820
    Residential 1-4 family construction $64,317
    Other construction, all land development and other land $60,503
    Loans secured by nonfarm nonresidential properties $219,487
    Nonfarm nonresidential secured by owner-occupied properties $70,878
    Commercial real estate & other non-farm, non-residential $148,609
    Multifamily residential real estate $5,719
    1-4 family residential loans $96,081
    Farmland loans $588
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $28,952
    To non-U.S. addressees $0
    Loans to individuals $3,001
    Credit card loans $0
    Related Plans $777
    Consumer Auto Loans $310
    Other loans to individuals $1,914
    All other loans & leases $1,112
    Loans to foreign governments and official institutions $0
    Other loans $28
    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 $2,284
    Non 1-4 family restructured loans & leases $2,021
    Total loans and leases (foreign) $0

    Farmers & Merchants Bank had $467,326,000 of loans outstanding in 2021. $446,695,000 of loans were in real estate loans. $124,820,000 of loans were in development loans. $5,719,000 of loans were in multifamily mortgage loans. $96,081,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $310,000 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 223 $53,921 $241,798
    Nonfarm, nonresidential loans - <$100k 38 $1,326 $34,895
    Nonfarm, nonresidential loans - $100-250k 77 $7,314 $94,987
    Nonfarm, nonresidential loans - $250k-1MM 108 $45,281 $419,269
    Commercial & Industrial, US addressed loans - <$1MM 253 $11,973 $47,324
    Commercial & Industrial, US addressed loans - <$100k 179 $2,274 $12,704
    Commercial & Industrial, US addressed loans - $100-250k 36 $1,961 $54,472
    Commercial & Industrial, US addressed loans - $250k-1MM 38 $7,738 $203,632
    Farmland loans - <$1MM 2 $378 $189,000
    Farmland loans - $100-250k 2 $378 $189,000