Farmers And Miners Bank Mortgage Rates, Fees & Info

Pennington Gap, VA

LEI: 5493001HYUPH0X6FT603

Tax ID: 54-1050774

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

Jump to:

Mortgage Data

Bank Data

Review & Overview

Farmers And Miners Bank is a smaller bank specializing in Home Purchase and Refi 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 Knoxville 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 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


Originations

95

Origination Dollar Volume (All Markets)

$7,705,000

Employee count

53

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 62 $4,560,000 $73,548 $0 0.00%
Big Stone Gap, VA (FHA|USDA|VA) 23 $2,215,000 $96,304 $0 0.00%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 8 $680,000 $85,000 $0 0.00%
MORRISTOWN, TN (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Farmers And Miners Bank's top markets include Big Stone Gap, Kingsport, Morristown, and Knoxville among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 95 $7,705,000 $81,105 $0 0.00%

    For 2020, Farmers And Miners Bank's most frequently originated type of loan was Conventional, with 95 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 44 $3,770,000 $85,682 $0 0.00%
    Refi 39 $3,425,000 $87,821 $0 0.00%
    Home Improvement 6 $320,000 $53,333 $0 0.00%
    Other 6 $190,000 $31,667 $0 0.00%

    For 2020, Farmers And Miners Bank's most frequently cited loan purpose was Home Purchase, with 44 originations. The 2nd most popular reason was Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 95 $7,705,000 $81,105 $0 0.00%

    For 2020, Farmers And Miners Bank's most frequently cited loan duration was Other, with 95 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 73 $3,495,000 $47,877 $0 0.00%
    $100k-200k 17 $2,325,000 $136,765 $0 0.00%
    $200k-400k 3 $785,000 $261,667 $0 0.00%
    $400k-600k 2 $1,100,000 $550,000 $0 0.00%

    2020 saw Farmers And Miners Bank place emphasis on $100,000 or less loans with 73 originations, totaling $3,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 33 $1,535,000 $46,515 $0 0.00%
    $50k-75k 21 $1,445,000 $68,810 $0 0.00%
    $100k-150k 13 $1,345,000 $103,462 $0 0.00%
    $75k-100k 8 $770,000 $96,250 $0 0.00%
    $150k-250k 6 $570,000 $95,000 $0 0.00%
    $250k+ 1 $95,000 $95,000 $0 0.00%

    Farmers And Miners Bank lent most frequently to those with incomes in the $50k or less range, with 33 originations. The second most popular income band? $50k-75k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 95 $7,705,000 $81,105 $0 0.00%

    Farmers And Miners Bank lent most frequently to those with DTI ratios of Exempt%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 82 $5,760,000 $70,244 $0 0.00%
    Not applicable 13 $1,945,000 $149,615 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.04%

    Farmers And Miners Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.58%

    Farmers And Miners Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 95 $7,705,000 $81,105

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $175,000 $175,000
    Multifamily:Site-Built 3 $815,000 $271,667
    Single Family (1-4 Units):Manufactured 29 $1,565,000 $53,966
    Single Family (1-4 Units):Site-Built 62 $5,150,000 $83,065

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Farmers and Miners Bank 331 East Main Street Wise, VA 24293 Full Service B&M $17,924
    Farmers and Miners Bank 6489 Dr. Thomas Walker Rd Rose Hill, VA 24281 Full Service B&M $18,240
    Farmers and Miners Bank 41526 West Morgan Avenue Pennington Gap, VA 24277 Full Service B&M $34,267
    Farmers and Miners Bank 5283 Dickenson Highway Clintwood, VA 24228 Full Service B&M $30,948
    Farmers and Miners Bank 248 Station Creek Road Ewing, VA 24248 Full Service B&M $14,359
    Farmers and Miners Bank 2944 Us Hwy 23 North Weber City, VA 24290 Full Service B&M $9,043

    For 2020, Farmers And Miners Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $5,912
    Net interest income $5,501
    Total noninterest income $933
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $298
    Trading account gains and fees $0
    Additional Noninterest Income $635
    Pre-tax net operating income $1,314
    Securities gains (or losses, -) $6
    Income before extraordinary items $1,074
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,074
    Minority interest net income $0
    Net income $1,074
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,069

    Farmers And Miners Bank's gross interest income from loans was $5,912,000.
    Farmers And Miners Bank's net interest income from loans was $5,501,000.
    Farmers And Miners Bank's fee based income from loans was $298,000.
    Farmers And Miners Bank's net income from loans was $1,074,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $411
    Provision for credit losses $0
    Total noninterest expense $5,120
    Salaries and employee benefits $3,012
    Premises and equipment expense $705
    Additional noninterest expense $1,403
    Applicable income taxes $246
    Net charge-offs $70
    Cash dividends $600

    Farmers And Miners Bank's interest expense for loans was $411,000.
    Farmers And Miners Bank's payroll and benefits expense were $3,012,000.
    Farmers And Miners Bank's property, plant and equipment expenses $705,000.

    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 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    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 $128,798
    Deposits held in domestic offices $128,798
    Deposits by Individuals, partnerships, and corporations $121,259
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $7,538
    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 $60,239
    Demand deposits $48,592
    Nontransaction accounts $68,559
    Money market deposit accounts (MMDAs) $3,323
    Other savings deposits (excluding MMDAs) $28,866
    Total time deposits $36,370
    Total time and savings deposits $80,206
    Noninterest-bearing deposits $48,592
    Interest-bearing deposits $80,206
    Retail deposits $122,438
    IRAs and Keogh plan accounts $7,349
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $148,893
    Cash & Balances due from depository institutions $55,924
    Interest-bearing balances $52,073
    Total securities $22,306
    Federal funds sold & reverse repurchase $1,581
    Net loans and leases $66,180
    Loan and leases loss allowance $1,147
    Trading account assets $0
    Bank premises and fixed assets $1,812
    Other real estate owned $86
    Goodwill and other intangibles $0
    All other assets $1,004

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $148,893
    Total Liabilities $129,246
    Total deposits $128,798
    Interest-bearing deposits $80,206
    Deposits held in domestic offices $128,798
    % insured (estimated) $95
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $448

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $66,180
    Loan and leases loss allowance $1,147
    Total loans and leases (domestic) $67,327
    All real estate loans $49,002
    Real estate loans in domestic offices $49,002
    Construction and development loans $3,309
    Residential 1-4 family construction $272
    Other construction, all land development and other land $3,037
    Loans secured by nonfarm nonresidential properties $12,295
    Nonfarm nonresidential secured by owner-occupied properties $7,850
    Commercial real estate & other non-farm, non-residential $4,445
    Multifamily residential real estate $1,463
    1-4 family residential loans $27,858
    Farmland loans $4,077
    Loans held in foreign offices $0
    Farm loans $517
    Commercial and industrial loans $7,426
    To non-U.S. addressees $0
    Loans to individuals $9,975
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $4,233
    Other loans to individuals $5,742
    All other loans & leases $407
    Loans to foreign governments and official institutions $0
    Other loans $76
    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 $294
    Non 1-4 family restructured loans & leases $22
    Total loans and leases (foreign) $0

    Farmers and Miners Bank had $66,180,000 of loans outstanding in 2020. $49,002,000 of loans were in real estate loans. $3,309,000 of loans were in development loans. $1,463,000 of loans were in multifamily mortgage loans. $27,858,000 of loans were in 1-4 family mortgage loans. $517,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,233,000 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 76 $8,804 $115,842
    Nonfarm, nonresidential loans - <$100k 39 $1,300 $33,333
    Nonfarm, nonresidential loans - $100-250k 22 $2,681 $121,864
    Nonfarm, nonresidential loans - $250k-1MM 15 $4,823 $321,533
    Commercial & Industrial, US addressed loans - <$1MM 206 $7,426 $36,049
    Commercial & Industrial, US addressed loans - <$100k 190 $3,595 $18,921
    Commercial & Industrial, US addressed loans - $100-250k 8 $820 $102,500
    Commercial & Industrial, US addressed loans - $250k-1MM 8 $3,011 $376,375
    Farmland loans - <$1MM 26 $1,150 $44,231
    Farmland loans - <$100k 23 $760 $33,043
    Farmland loans - $100-250k 3 $390 $130,000
    Agriculture operations loans - <$1MM 39 $517 $13,256
    Agriculture operations loans - <$100k 39 $517 $13,256