Farmers And Miners Bank Mortgage Rates, Fees & Info

Pennington Gap, VA

LEI: 5493001HYUPH0X6FT603

Tax ID: 54-1050774

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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 And Miners Bank is a smaller bank specializing in Refi and Home Purchase loans. Farmers And Miners Bank has a high proportion of conventional loans. Their top markets by origination volume include: Big Stone Gap, Kingsport, Morristown, and Middlesborough among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Farmers And Miners 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.

    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

    73

    Origination Dollar Volume (All Markets)

    $4,505,000

    Employee count

    58

    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
    Outside of Metro Areas 55 $3,285,000 $59,727 $0 0.00%
    Big Stone Gap, VA (FHA|USDA|VA) 10 $820,000 $82,000 $0 0.00%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 5 $245,000 $49,000 $0 0.00%
    MORRISTOWN, TN (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.00%
    Middlesborough, KY (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
    Farmers And Miners Bank's top markets include Big Stone Gap, Kingsport, Morristown, and Middlesborough among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $4,505,000 $61,712 $0 0.00%

    For 2018, Farmers And Miners Bank's most frequently originated type of loan was Conventional, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 41 $2,765,000 $67,439 $0 0.00%
    Home Purchase 28 $1,640,000 $58,571 $0 0.00%
    Home Improvement 3 $85,000 $28,333 $0 0.00%
    Other 1 $15,000 $15,000 $0 0.00%

    For 2018, Farmers And Miners Bank's most frequently cited loan purpose was Refi, with 41 originations. The 2nd most popular reason was Home Purchase, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 73 $4,505,000 $61,712 $0 0.00%

    For 2018, Farmers And Miners Bank's most frequently cited loan duration was Other, with 73 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 62 $2,820,000 $45,484 $0 0.00%
    $100k-200k 9 $1,195,000 $132,778 $0 0.00%
    $200k-400k 2 $490,000 $245,000 $0 0.00%

    2018 saw Farmers And Miners Bank place emphasis on $100,000 or less loans with 62 originations, totaling $2,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 27 $935,000 $34,630 $0 0.00%
    $50k-75k 16 $920,000 $57,500 $0 0.00%
    $75k-100k 9 $715,000 $79,444 $0 0.00%
    $150k-250k 6 $830,000 $138,333 $0 0.00%
    $100k-150k 5 $335,000 $67,000 $0 0.00%
    $250k+ 1 $45,000 $45,000 $0 0.00%

    Farmers And Miners Bank lent most frequently to those with incomes in the $50k or less range, with 27 originations. The second most popular income band? $50k-75k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 73 $4,505,000 $61,712 $0 0.00%

    Farmers And Miners Bank lent most frequently to those with DTI ratios of Exempt%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 65 $3,955,000 $60,846 $0 0.00%
    Not applicable 7 $465,000 $66,429 $0 0.00%
    Not provided 1 $85,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.47%

    Farmers And Miners Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.56%

    Farmers And Miners Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 73 $4,505,000 $61,712

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $15,000 $15,000
    Single Family (1-4 Units):Manufactured 21 $975,000 $46,429
    Single Family (1-4 Units):Site-Built 51 $3,515,000 $68,922

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Farmers and Miners Bank 248 Station Creek Road Ewing, VA 24248 Full Service B&M $12,466
    Farmers and Miners Bank 2944 Us Hwy 23 North Weber City, VA 24290 Full Service B&M $9,830
    Farmers and Miners Bank 331 East Main Street Wise, VA 24293 Full Service B&M $17,724
    Farmers and Miners Bank 41526 West Morgan Avenue Pennington Gap, VA 24277 Full Service B&M $31,789
    Farmers and Miners Bank 5283 Dickenson Highway Clintwood, VA 24228 Full Service B&M $29,945
    Farmers and Miners Bank 6489 Dr. Thomas Walker Rd Rose Hill, VA 24281 Full Service B&M $17,521

    For 2018, Farmers And Miners Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,308
    Net interest income $5,934
    Total noninterest income $938
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $368
    Trading account gains and fees $0
    Additional Noninterest Income $570
    Pre-tax net operating income $1,639
    Securities gains (or losses, -) $-3
    Income before extraordinary items $1,336
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,336
    Minority interest net income $0
    Net income $1,336
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,338

    Farmers And Miners Bank's gross interest income from loans was $6,308,000.
    Farmers And Miners Bank's net interest income from loans was $5,934,000.
    Farmers And Miners Bank's fee based income from loans was $368,000.
    Farmers And Miners Bank's net income from loans was $1,336,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $374
    Provision for credit losses $0
    Total noninterest expense $5,233
    Salaries and employee benefits $3,118
    Premises and equipment expense $726
    Additional noninterest expense $1,389
    Applicable income taxes $300
    Net charge-offs $212
    Cash dividends $800

    Farmers And Miners Bank's interest expense for loans was $374,000.
    Farmers And Miners Bank's payroll and benefits expense were $3,118,000.
    Farmers And Miners Bank's property, plant and equipment expenses $726,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 3.0%
    HELOC loans 0.0%
    All other family 3.0%
    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 $116,512
    Deposits held in domestic offices $116,512
    Deposits by Individuals, partnerships, and corporations $107,889
    Deposits by U.S. Government $6
    Deposits by States and political subdivisions in the U.S. $8,617
    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 $47,177
    Demand deposits $37,756
    Nontransaction accounts $69,335
    Money market deposit accounts (MMDAs) $2,866
    Other savings deposits (excluding MMDAs) $25,610
    Total time deposits $40,859
    Total time and savings deposits $78,756
    Noninterest-bearing deposits $37,756
    Interest-bearing deposits $78,756
    Retail deposits $109,543
    IRAs and Keogh plan accounts $7,712
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $135,181
    Cash & Balances due from depository institutions $41,441
    Interest-bearing balances $37,950
    Total securities $28,881
    Federal funds sold & reverse repurchase $597
    Net loans and leases $61,138
    Loan and leases loss allowance $1,317
    Trading account assets $0
    Bank premises and fixed assets $1,707
    Other real estate owned $148
    Goodwill and other intangibles $0
    All other assets $1,269

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $135,181
    Total Liabilities $116,873
    Total deposits $116,512
    Interest-bearing deposits $78,756
    Deposits held in domestic offices $116,512
    % insured (estimated) $96
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $361

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $61,138
    Loan and leases loss allowance $1,317
    Total loans and leases (domestic) $62,455
    All real estate loans $47,736
    Real estate loans in domestic offices $47,736
    Construction and development loans $1,912
    Residential 1-4 family construction $152
    Other construction, all land development and other land $1,760
    Loans secured by nonfarm nonresidential properties $13,146
    Nonfarm nonresidential secured by owner-occupied properties $7,572
    Commercial real estate & other non-farm, non-residential $5,574
    Multifamily residential real estate $1,034
    1-4 family residential loans $27,194
    Farmland loans $4,450
    Loans held in foreign offices $0
    Farm loans $358
    Commercial and industrial loans $3,276
    To non-U.S. addressees $0
    Loans to individuals $10,410
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $3,867
    Other loans to individuals $6,543
    All other loans & leases $675
    Loans to foreign governments and official institutions $0
    Other loans $55
    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 $484
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Farmers and Miners Bank had $61,138,000 of loans outstanding in 2018. $47,736,000 of loans were in real estate loans. $1,912,000 of loans were in development loans. $1,034,000 of loans were in multifamily mortgage loans. $27,194,000 of loans were in 1-4 family mortgage loans. $358,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,867,000 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 97 $9,489 $97,825
    Nonfarm, nonresidential loans - <$100k 60 $1,500 $25,000
    Nonfarm, nonresidential loans - $100-250k 21 $2,170 $103,333
    Nonfarm, nonresidential loans - $250k-1MM 16 $5,819 $363,688
    Commercial & Industrial, US addressed loans - <$1MM 112 $3,276 $29,250
    Commercial & Industrial, US addressed loans - <$100k 104 $1,727 $16,606
    Commercial & Industrial, US addressed loans - $100-250k 6 $596 $99,333
    Commercial & Industrial, US addressed loans - $250k-1MM 2 $953 $476,500
    Farmland loans - <$1MM 42 $2,016 $48,000
    Farmland loans - <$100k 36 $1,098 $30,500
    Farmland loans - $100-250k 5 $682 $136,400
    Farmland loans - $250k-1MM 1 $236 $236,000
    Agriculture operations loans - <$1MM 36 $358 $9,944
    Agriculture operations loans - <$100k 36 $358 $9,944