Farmers & Merchants Savings Bank Mortgage Rates, Fees & Info
Manchester, IALEI: 5493003SVUBV3VW5CT40
Tax ID: 42-0245460
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Bank Data
Review & Overview
Farmers & Merchants Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers & Merchants Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Minneapolis, Chicago, Cape Coral, and Fort Dodge among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Farmers & Merchants Savings 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.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.59% | 5/4/24 |
| 30 Year Conventional Refi | 6.38% | 5/4/24 |
| 30 Year Cash-out Refi | 6.63% | 5/4/24 |
| 15 Year Conventional Purchase | 5.67% | 5/4/24 |
| 15 Year Conventional Refi | 5.86% | 5/4/24 |
| 15 Year Cash-out Refi | 5.86% | 5/4/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Farmers & Merchants Savings Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
217Origination Dollar Volume (All Markets)
$37,105,000Employee count
101Top 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 |
|---|---|---|---|---|---|
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 75 | $10,545,000 | $140,600 | $0 | 0.00% |
| Outside of Metro Areas | 76 | $8,630,000 | $113,553 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 34 | $6,380,000 | $187,647 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 3 | $6,305,000 | $2,101,667 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $955,000 | $955,000 | $0 | 0.00% |
| Fort Dodge, IA (FHA|USDA|VA) | 7 | $945,000 | $135,000 | $0 | 0.00% |
| IOWA CITY, IA (FHA|USDA|VA) | 4 | $910,000 | $227,500 | $0 | 0.00% |
| DUBUQUE, IA (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 3 | $295,000 | $98,333 | $0 | 0.00% |
| Mason City, IA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| LINCOLN, NE (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 2 | $20,000 | $10,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Farmers & Merchants Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 217 | $37,105,000 | $170,991 | $0 | 0.00% |
For 2018, Farmers & Merchants Savings Bank's most frequently originated type of loan was Conventional, with 217 originations.
Loan Reason
For 2018, Farmers & Merchants Savings Bank's most frequently cited loan purpose was Home Purchase, with 114 originations. The 2nd most popular reason was Refi, with 64 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 217 | $37,105,000 | $170,991 | $0 | 0.00% |
For 2018, Farmers & Merchants Savings Bank's most frequently cited loan duration was Other, with 217 originations.
Loan Sizing
2018 saw Farmers & Merchants Savings Bank place emphasis on $100,000 or less loans with 92 originations, totaling $4,990,000 in origination value.
Applicant Income
Farmers & Merchants Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $150k-250k, with 37 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 217 | $37,105,000 | $170,991 | $0 | 0.00% |
Farmers & Merchants Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 217 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.58%
Farmers & Merchants Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination95.39%
Farmers & Merchants Savings Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 217 | $37,105,000 | $170,991 |
Occupancy Type Mix
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Farmers & Merchants Savings Bank | 101 E Main Street Manchester, IA 52057 | Full Service B&M | $126,785 |
| Farmers & Merchants Savings Bank | 111 E 1st Street Monticello, IA 52310 | Full Service B&M | $12,569 |
| Farmers & Merchants Savings Bank | 200 1st St Sw Cedar Rapids, IA 52404 | Full Service B&M | $100,940 |
| Farmers & Merchants Savings Bank | 201 West Broadway Eagle Grove, IA 50533 | Full Service B&M | $64,369 |
| Farmers & Merchants Savings Bank | 220 West Main Street Anamosa, IA 52205 | Full Service B&M | $34,205 |
| Farmers & Merchants Savings Bank | 2350 Edgewood Rd Sw Cedar Rapids, IA 52404 | Full Service B&M | $1,528 |
| Farmers & Merchants Savings Bank | 322 Central Avenue East Clarion, IA 50525 | Full Service B&M | $10,602 |
| Farmers & Merchants Savings Bank | 4000 1st Avenue, N.E. Cedar Rapids, IA 52402 | Full Service B&M | $52,594 |
| Farmers & Merchants Savings Bank | 435 Main Street Goldfield, IA 50542 | Full Service B&M | $14,995 |
| Farmers & Merchants Savings Bank | 7641 Lake Drive Lino Lakes, MN 55014 | Full Service B&M | $29,537 |
| Farmers & Merchants Savings Bank | 845 East County Road 32 Vadnais Heights, MN 55127 | Full Service B&M | $45,047 |
For 2018, Farmers & Merchants Savings Bank had 11 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $26,333 |
| Net interest income | $22,075 |
| Total noninterest income | $2,941 |
| Gross Fiduciary activities income | $43 |
| Service charges on deposit accounts | $684 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,214 |
| Pre-tax net operating income | $9,970 |
| Securities gains (or losses, -) | $4 |
| Income before extraordinary items | $9,551 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $9,551 |
| Minority interest net income | $0 |
| Net income | $9,551 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $9,547 |
Farmers & Merchants Savings Bank's gross interest income from loans was $26,333,000.
Farmers & Merchants Savings Bank's net interest income from loans was $22,075,000.
Farmers & Merchants Savings Bank's fee based income from loans was $684,000.
Farmers & Merchants Savings Bank's net income from loans was $9,551,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,258 |
| Provision for credit losses | $1,320 |
| Total noninterest expense | $13,726 |
| Salaries and employee benefits | $8,892 |
| Premises and equipment expense | $1,344 |
| Additional noninterest expense | $3,490 |
| Applicable income taxes | $423 |
| Net charge-offs | $523 |
| Cash dividends | $3,125 |
Farmers & Merchants Savings Bank's interest expense for loans was $4,258,000.
Farmers & Merchants Savings Bank's payroll and benefits expense were $8,892,000.
Farmers & Merchants Savings Bank's property, plant and equipment expenses $1,344,000.
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 | 0.0% |
| HELOC loans | 0.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 1.0% |
| 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 | $492,300 |
| Deposits held in domestic offices | $492,300 |
| Deposits by Individuals, partnerships, and corporations | $445,689 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $46,366 |
| Deposits by Commercial banks and other depository institutions in U.S. | $245 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $172,103 |
| Demand deposits | $107,708 |
| Nontransaction accounts | $320,197 |
| Money market deposit accounts (MMDAs) | $106,859 |
| Other savings deposits (excluding MMDAs) | $67,152 |
| Total time deposits | $146,186 |
| Total time and savings deposits | $384,592 |
| Noninterest-bearing deposits | $107,708 |
| Interest-bearing deposits | $384,592 |
| Retail deposits | $444,772 |
| IRAs and Keogh plan accounts | $15,739 |
| Brokered deposits | $20,425 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $598,700 |
| Cash & Balances due from depository institutions | $19,162 |
| Interest-bearing balances | $6,333 |
| Total securities | $30,474 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $528,689 |
| Loan and leases loss allowance | $10,567 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $6,992 |
| Other real estate owned | $325 |
| Goodwill and other intangibles | $1,079 |
| All other assets | $11,979 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $598,700 |
| Total Liabilities | $532,046 |
| Total deposits | $492,300 |
| Interest-bearing deposits | $384,592 |
| Deposits held in domestic offices | $492,300 |
| % insured (estimated) | $72 |
| Federal funds purchased and repurchase agreements | $24,030 |
| Trading liabilities | $0 |
| Other borrowed funds | $12,000 |
| Subordinated debt | $0 |
| All other liabilities | $3,716 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $528,689 |
| Loan and leases loss allowance | $10,567 |
| Total loans and leases (domestic) | $539,256 |
| All real estate loans | $245,111 |
| Real estate loans in domestic offices | $245,111 |
| Construction and development loans | $26,768 |
| Residential 1-4 family construction | $11,529 |
| Other construction, all land development and other land | $15,239 |
| Loans secured by nonfarm nonresidential properties | $103,015 |
| Nonfarm nonresidential secured by owner-occupied properties | $52,588 |
| Commercial real estate & other non-farm, non-residential | $50,427 |
| Multifamily residential real estate | $4,877 |
| 1-4 family residential loans | $48,926 |
| Farmland loans | $61,525 |
| Loans held in foreign offices | $0 |
| Farm loans | $65,041 |
| Commercial and industrial loans | $220,484 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $3,898 |
| Credit card loans | $1,679 |
| Related Plans | $144 |
| Consumer Auto Loans | $960 |
| Other loans to individuals | $1,115 |
| All other loans & leases | $4,722 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $0 |
| Loans to depository institutions and acceptances of other banks | $1,000 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $0 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Farmers & Merchants Savings Bank had $528,689,000 of loans outstanding in 2018. $245,111,000 of loans were in real estate loans. $26,768,000 of loans were in development loans. $4,877,000 of loans were in multifamily mortgage loans. $48,926,000 of loans were in 1-4 family mortgage loans. $65,041,000 of loans were in farm loans. $1,679,000 of loans were in credit card loans. $960,000 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 | 202 | $46,614 | $230,762 |
| Nonfarm, nonresidential loans - <$100k | 44 | $1,787 | $40,614 |
| Nonfarm, nonresidential loans - $100-250k | 66 | $8,472 | $128,364 |
| Nonfarm, nonresidential loans - $250k-1MM | 92 | $36,355 | $395,163 |
| Commercial & Industrial, US addressed loans - <$1MM | 669 | $67,350 | $100,673 |
| Commercial & Industrial, US addressed loans - <$100k | 369 | $8,539 | $23,141 |
| Commercial & Industrial, US addressed loans - $100-250k | 154 | $16,042 | $104,169 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 146 | $42,769 | $292,938 |
| Farmland loans - <$1MM | 121 | $18,509 | $152,967 |
| Farmland loans - <$100k | 29 | $1,190 | $41,034 |
| Farmland loans - $100-250k | 55 | $7,575 | $137,727 |
| Farmland loans - $250k-1MM | 37 | $9,744 | $263,351 |
| Agriculture operations loans - <$1MM | 213 | $19,005 | $89,225 |
| Agriculture operations loans - <$100k | 115 | $2,627 | $22,843 |
| Agriculture operations loans - $100-250k | 45 | $4,077 | $90,600 |
| Agriculture operations loans - $250k-1MM | 53 | $12,301 | $232,094 |