Farmers & Merchants Savings Bank Mortgage Rates, Fees & Info

Manchester, IA

LEI: 5493003SVUBV3VW5CT40

Tax ID: 42-0245460

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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 Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Farmers & Merchants Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Minneapolis, Killeen, Palm Bay, and Iowa City among others. We have data for 30 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. Farmers & Merchants Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.59% 12/16/24
    30 Year Conventional Refi 6.38% 12/16/24
    30 Year Cash-out Refi 6.63% 12/16/24
    15 Year Conventional Purchase 5.67% 12/16/24
    15 Year Conventional Refi 5.86% 12/16/24
    15 Year Cash-out Refi 5.86% 12/16/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Farmers & Merchants Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    369

    Origination Dollar Volume (All Markets)

    $78,565,000

    Employee count

    90 Show all (8) awards

    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
    CEDAR RAPIDS, IA (FHA|USDA|VA) 123 $24,805,000 $201,667 $1,224 2.93%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 103 $23,825,000 $231,311 $1,586 2.86%
    Outside of Metro Areas 92 $15,450,000 $167,935 $1,210 2.89%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 2 $2,210,000 $1,105,000 $0 4.38%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $1,910,000 $955,000 $0 3.88%
    IOWA CITY, IA (FHA|USDA|VA) 9 $1,795,000 $199,444 $1,095 3.11%
    DUBUQUE, IA (FHA|USDA|VA) 7 $1,705,000 $243,571 $1,138 2.88%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,075,000 $358,333 $3,308 2.33%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 4 $950,000 $237,500 $1,152 3.63%
    ROCHESTER, MN (FHA|USDA|VA) 1 $545,000 $545,000 $3,198 2.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $505,000 $168,333 $1,835 3.25%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $425,000 $425,000 $4,428 3.00%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $375,000 $375,000 $0 4.25%
    Brainerd, MN (FHA|USDA|VA) 2 $320,000 $160,000 $1,452 2.56%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $295,000 $295,000 $1,723 2.25%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $245,000 $245,000 $1,479 2.50%
    MANKATO, MN (FHA|USDA|VA) 1 $215,000 $215,000 $2,269 3.00%
    Marshalltown, IA (FHA|USDA|VA) 1 $205,000 $205,000 $1,168 3.00%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $195,000 $195,000 $2,394 2.63%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $195,000 $195,000 $1,941 2.63%
    Mason City, IA (FHA|USDA|VA) 1 $175,000 $175,000 $1,350 3.00%
    LAFAYETTE, LA (FHA|USDA|VA) 1 $165,000 $165,000 $1,823 2.88%
    Hutchinson, KS (FHA|USDA|VA) 1 $165,000 $165,000 $1,767 2.63%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $165,000 $165,000 $1,375 2.38%
    URBAN HONOLULU, HI (FHA|USDA|VA) 1 $155,000 $155,000 $1,731 2.75%
    Durango, CO (FHA|USDA|VA) 1 $145,000 $145,000 $1,700 2.25%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.00%
    Clinton, IA (FHA|USDA|VA) 1 $95,000 $95,000 $1,085 2.00%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $85,000 $85,000 $886 2.00%
    Freeport, IL (FHA|USDA|VA) 1 $65,000 $65,000 $1,709 2.63%
    Farmers & Merchants Savings Bank's top markets include Cedar Rapids, Minneapolis, Killeen, Palm Bay, and Iowa City among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)

    • 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.

    BankIowa of Cedar Rapids
    Similarity Rank: 75
    Hills Bank and Trust Company
    Similarity Rank: 308
    FIRST
    Similarity Rank: 308
    LINN AREA
    Similarity Rank: 390
    Fidelity Bank & Trust
    Similarity Rank: 390
    Community Savings Bank
    Similarity Rank: 399
    Collins Community Credit Union
    Similarity Rank: 399
    RUHL MORTGAGE, LLC
    Similarity Rank: 420
    DuTrac Community Credit Union
    Similarity Rank: 564
    Ohnward Bank & Trust
    Similarity Rank: 624

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 369 $78,565,000 $212,913 $1,388 2.91%

    For 2021, Farmers & Merchants Savings Bank's most frequently originated type of loan was Conventional, with 369 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 185 $40,275,000 $217,703 $1,298 2.68%
    Home Purchase 109 $24,145,000 $221,514 $1,647 3.41%
    Cash Out Refi 69 $13,125,000 $190,217 $1,389 2.60%
    Home Improvement 5 $1,015,000 $203,000 $225 4.28%
    Other 1 $5,000 $5,000 $138 4.50%

    For 2021, Farmers & Merchants Savings Bank's most frequently cited loan purpose was Refi, with 185 originations. The 2nd most popular reason was Home Purchase, with 109 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 138 $33,030,000 $239,348 $1,523 2.87%
    15 Year 118 $22,210,000 $188,220 $1,358 2.22%
    5 Year 39 $10,585,000 $271,410 $0 4.18%
    Other 26 $4,570,000 $175,769 $915 4.50%
    20 Year 20 $3,910,000 $195,500 $1,430 2.67%
    10 Year 17 $2,795,000 $164,412 $1,092 2.08%
    1 Year 8 $1,310,000 $163,750 $742 4.16%
    3 Year 3 $155,000 $51,667 $0 4.42%

    For 2021, Farmers & Merchants Savings Bank's most frequently cited loan duration was 30 Year, with 138 originations. The 2nd most popular length was 15 Year, with 118 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 300 $61,430,000 $204,767
    $1k-2k 3 $675,000 $225,000
    $3k-4k 1 $195,000 $195,000
    $4k-5k 1 $455,000 $455,000

    Farmers & Merchants Savings Bank's average total fees were $1,523, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 300 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 160 $30,630,000 $191,438
    2.5-3% 100 $21,840,000 $218,400
    3-4% 66 $19,400,000 $293,939
    4-5% 39 $6,535,000 $167,564
    5-6% 3 $145,000 $48,333
    7-8% 1 $15,000 $15,000

    During 2021, Farmers & Merchants Savings Bank's average interest rate for loans was 2.87%, while their most frequently originated rate bucket for loans was <2.5%, with 160 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 141 $20,875,000 $148,050 $1,298 2.74%
    $200k-400k 133 $36,375,000 $273,496 $1,499 2.86%
    $100,000 or less 65 $3,995,000 $61,462 $929 3.31%
    $400k-600k 24 $11,230,000 $467,917 $2,246 2.79%
    $1MM+ 3 $3,605,000 $1,201,667 $0 3.88%
    $600k-1MM 3 $2,485,000 $828,333 $0 4.13%

    2021 saw Farmers & Merchants Savings Bank place emphasis on $100k-200k loans with 141 originations, totaling $20,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 74 $16,150,000 $218,243 $1,366 2.80%
    $50k-75k 61 $9,925,000 $162,705 $1,291 2.79%
    $75k-100k 61 $10,875,000 $178,279 $1,371 2.83%
    $150k-250k 57 $14,495,000 $254,298 $1,533 2.78%
    $50k or less 39 $4,465,000 $114,487 $1,176 2.83%
    $250k+ 33 $11,135,000 $337,424 $1,666 2.70%

    Farmers & Merchants Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 74 originations. The second most popular income band? $50k-75k, with 61 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 97 $19,915,000 $205,309 $1,333 2.65%
    <20% 69 $13,805,000 $200,072 $1,314 2.51%
    30-36% 44 $9,310,000 $211,591 $1,487 2.72%
    40% 12 $2,970,000 $247,500 $1,364 2.78%
    44% 12 $1,970,000 $164,167 $1,305 2.68%
    36% 11 $2,635,000 $239,545 $1,676 2.88%
    41% 10 $2,540,000 $254,000 $1,821 2.81%
    38% 10 $1,800,000 $180,000 $1,130 2.58%
    39% 8 $1,570,000 $196,250 $1,511 2.66%
    37% 8 $1,930,000 $241,250 $1,981 2.84%
    43% 6 $1,120,000 $186,667 $1,319 2.98%
    46% 6 $1,130,000 $188,333 $1,108 2.56%
    45% 6 $830,000 $138,333 $1,340 2.75%
    42% 6 $1,400,000 $233,333 $1,503 2.83%
    48% 4 $850,000 $212,500 $1,261 2.91%
    47% 3 $635,000 $211,667 $1,303 2.33%
    49% 3 $635,000 $211,667 $1,371 2.92%

    Farmers & Merchants Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 97 originations. The next most common DTI ratio? <20%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 326 $65,850,000 $201,994 $1,363 2.86%
    Not provided 20 $5,530,000 $276,500 $1,706 2.75%
    Not applicable 17 $5,505,000 $323,824 $0 4.18%
    Other Asian 1 $505,000 $505,000 $1,361 2.63%
    American Indian 2 $430,000 $215,000 $1,246 2.38%
    Asian 1 $325,000 $325,000 $2,625 3.13%
    Asian Indian 1 $265,000 $265,000 $1,436 3.13%
    Chinese 1 $155,000 $155,000 $1,993 2.50%

    Approval Rates

    Total approvals of all applications
    97.67%

    Farmers & Merchants Savings 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
    97.83%

    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
    NA 369 $78,565,000 $212,913

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    369 $78,565,000 $212,913

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $6,225,000 $144,767 $1,202 2.96%
    40-60% 80 $16,260,000 $203,250 $1,302 2.59%
    60-80% 159 $39,525,000 $248,585 $1,426 2.90%
    80-100% 69 $14,915,000 $216,159 $1,631 2.91%
    Over 100% 1 $165,000 $165,000 $0 4.50%
    Under 20% 16 $1,360,000 $85,000 $514 4.29%

    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 $146,635
    Farmers & Merchants Savings Bank 111 E 1st Street Monticello, IA 52310 Full Service B&M $13,917
    Farmers & Merchants Savings Bank 200 1st St Sw Cedar Rapids, IA 52404 Full Service B&M $133,317
    Farmers & Merchants Savings Bank 220 West Main Street Anamosa, IA 52205 Full Service B&M $32,385
    Farmers & Merchants Savings Bank 4000 1st Avenue, N.E. Cedar Rapids, IA 52402 Full Service B&M $90,016
    Farmers & Merchants Savings Bank 7641 Lake Drive Lino Lakes, MN 55014 Full Service B&M $48,644
    Farmers & Merchants Savings Bank 845 East County Road 32 Vadnais Heights, MN 55127 Full Service B&M $69,153

    For 2021, Farmers & Merchants Savings Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $22,803
    Net interest income $18,922
    Total noninterest income $2,548
    Gross Fiduciary activities income $20
    Service charges on deposit accounts $283
    Trading account gains and fees $0
    Additional Noninterest Income $2,245
    Pre-tax net operating income $10,444
    Securities gains (or losses, -) $134
    Income before extraordinary items $10,157
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,157
    Minority interest net income $0
    Net income $10,157
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,028

    Farmers & Merchants Savings Bank's gross interest income from loans was $22,803,000.
    Farmers & Merchants Savings Bank's net interest income from loans was $18,922,000.
    Farmers & Merchants Savings Bank's fee based income from loans was $283,000.
    Farmers & Merchants Savings Bank's net income from loans was $10,157,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,881
    Provision for credit losses $-2,800
    Total noninterest expense $13,826
    Salaries and employee benefits $9,088
    Premises and equipment expense $981
    Additional noninterest expense $3,757
    Applicable income taxes $421
    Net charge-offs $178
    Cash dividends $12,453

    Farmers & Merchants Savings Bank's interest expense for loans was $3,881,000.
    Farmers & Merchants Savings Bank's payroll and benefits expense were $9,088,000.
    Farmers & Merchants Savings Bank's property, plant and equipment expenses $981,000.

    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 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 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 $511,687
    Deposits held in domestic offices $511,687
    Deposits by Individuals, partnerships, and corporations $480,532
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $31,155
    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 $233,277
    Demand deposits $155,323
    Nontransaction accounts $278,410
    Money market deposit accounts (MMDAs) $97,912
    Other savings deposits (excluding MMDAs) $86,962
    Total time deposits $93,536
    Total time and savings deposits $356,364
    Noninterest-bearing deposits $155,323
    Interest-bearing deposits $356,364
    Retail deposits $485,758
    IRAs and Keogh plan accounts $10,731
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $593,413
    Cash & Balances due from depository institutions $26,419
    Interest-bearing balances $8,482
    Total securities $172,556
    Federal funds sold & reverse repurchase $1,848
    Net loans and leases $375,906
    Loan and leases loss allowance $7,474
    Trading account assets $0
    Bank premises and fixed assets $5,285
    Other real estate owned $389
    Goodwill and other intangibles $1,207
    All other assets $9,803

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $593,413
    Total Liabilities $514,908
    Total deposits $511,687
    Interest-bearing deposits $356,364
    Deposits held in domestic offices $511,687
    % insured (estimated) $68
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,221

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $375,906
    Loan and leases loss allowance $7,474
    Total loans and leases (domestic) $383,380
    All real estate loans $165,770
    Real estate loans in domestic offices $165,770
    Construction and development loans $17,052
    Residential 1-4 family construction $6,082
    Other construction, all land development and other land $10,970
    Loans secured by nonfarm nonresidential properties $66,975
    Nonfarm nonresidential secured by owner-occupied properties $37,852
    Commercial real estate & other non-farm, non-residential $29,123
    Multifamily residential real estate $5,737
    1-4 family residential loans $36,465
    Farmland loans $39,541
    Loans held in foreign offices $0
    Farm loans $32,945
    Commercial and industrial loans $169,367
    To non-U.S. addressees $0
    Loans to individuals $2,291
    Credit card loans $977
    Related Plans $0
    Consumer Auto Loans $581
    Other loans to individuals $733
    All other loans & leases $13,007
    Loans to foreign governments and official institutions $0
    Other loans $9,355
    Loans to depository institutions and acceptances of other banks $2,000
    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 $375,906,000 of loans outstanding in 2021. $165,770,000 of loans were in real estate loans. $17,052,000 of loans were in development loans. $5,737,000 of loans were in multifamily mortgage loans. $36,465,000 of loans were in 1-4 family mortgage loans. $32,945,000 of loans were in farm loans. $977,000 of loans were in credit card loans. $581,000 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 127 $26,526 $208,866
    Nonfarm, nonresidential loans - <$100k 23 $1,068 $46,435
    Nonfarm, nonresidential loans - $100-250k 47 $6,246 $132,894
    Nonfarm, nonresidential loans - $250k-1MM 57 $19,212 $337,053
    Commercial & Industrial, US addressed loans - <$1MM 538 $48,587 $90,310
    Commercial & Industrial, US addressed loans - <$100k 302 $5,518 $18,272
    Commercial & Industrial, US addressed loans - $100-250k 114 $10,607 $93,044
    Commercial & Industrial, US addressed loans - $250k-1MM 122 $32,462 $266,082
    Farmland loans - <$1MM 95 $13,472 $141,811
    Farmland loans - <$100k 17 $685 $40,294
    Farmland loans - $100-250k 48 $6,284 $130,917
    Farmland loans - $250k-1MM 30 $6,503 $216,767
    Agriculture operations loans - <$1MM 133 $8,271 $62,188
    Agriculture operations loans - <$100k 75 $1,657 $22,093
    Agriculture operations loans - $100-250k 32 $2,943 $91,969
    Agriculture operations loans - $250k-1MM 26 $3,671 $141,192