Farmers & Merchants State Bank Mortgage Rates, Fees & Info

Waterloo, WI

LEI: 5493006S21NZTF9Y1L04

Tax ID: 39-0273610

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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 State Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers & Merchants State Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Madison, Watertown, Beaver Dam, Milwaukee, and Baraboo among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Farmers & Merchants State 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.

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    Originations

    102

    Origination Dollar Volume (All Markets)

    $21,920,000

    Employee count

    31

    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
    MADISON, WI (FHA|USDA|VA) 40 $11,490,000 $287,250 $0 0.00%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 24 $3,810,000 $158,750 $0 0.00%
    Beaver Dam, WI (FHA|USDA|VA) 19 $2,875,000 $151,316 $0 0.00%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 6 $1,250,000 $208,333 $0 0.00%
    Outside of Metro Areas 8 $1,170,000 $146,250 $0 0.00%
    Baraboo, WI (FHA|USDA|VA) 2 $830,000 $415,000 $0 0.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    Whitewater, WI (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
    Farmers & Merchants State Bank's top markets include Madison, Watertown, Beaver Dam, Milwaukee, and Baraboo among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Farmers & Merchants State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    AppleTree Credit Union
    Similarity Rank: 10
    NORTHWESTERN MUTUAL
    Similarity Rank: 12
    Kohler Credit Union
    Similarity Rank: 128
    Empower Credit Union
    Similarity Rank: 135
    United Community Bank
    Similarity Rank: 147
    The Greenwood's State Bank
    Similarity Rank: 195
    State Bank of Cross Plains
    Similarity Rank: 207
    HERITAGE CREDIT UNION
    Similarity Rank: 221
    PRIME FINANCIAL CREDIT UNION
    Similarity Rank: 275
    Mound City Bank
    Similarity Rank: 280

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 98 $21,370,000 $218,061 $0 0.00%
    USDA 4 $550,000 $137,500 $0 0.00%

    For 2018, Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 98 originations. Their 2nd most popular type was USDA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 70 $14,850,000 $212,143 $0 0.00%
    Refi 22 $5,540,000 $251,818 $0 0.00%
    Cash Out Refi 8 $1,480,000 $185,000 $0 0.00%
    Home Improvement 1 $15,000 $15,000 $0 0.00%
    Other 1 $35,000 $35,000 $0 0.00%

    For 2018, Farmers & Merchants State Bank's most frequently cited loan purpose was Home Purchase, with 70 originations. The 2nd most popular reason was Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 102 $21,920,000 $214,902 $0 0.00%

    For 2018, Farmers & Merchants State Bank's most frequently cited loan duration was Other, with 102 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 39 $10,665,000 $273,462 $0 0.00%
    $100k-200k 36 $5,570,000 $154,722 $0 0.00%
    $100,000 or less 21 $1,395,000 $66,429 $0 0.00%
    $400k-600k 5 $2,245,000 $449,000 $0 0.00%
    $1MM+ 1 $2,045,000 $2,045,000 $0 0.00%

    2018 saw Farmers & Merchants State Bank place emphasis on $200k-400k loans with 39 originations, totaling $10,665,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 24 $5,760,000 $240,000 $0 0.00%
    $75k-100k 24 $4,530,000 $188,750 $0 0.00%
    $50k-75k 19 $3,205,000 $168,684 $0 0.00%
    $50k or less 14 $1,600,000 $114,286 $0 0.00%
    $150k-250k 10 $2,320,000 $232,000 $0 0.00%
    $250k+ 3 $1,105,000 $368,333 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with incomes in the $100k-150k range, with 24 originations. The second most popular income band? $75k-100k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 102 $21,920,000 $214,902 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with DTI ratios of Exempt%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 90 $17,840,000 $198,222 $0 0.00%
    Not applicable 7 $3,385,000 $483,571 $0 0.00%
    Not provided 4 $600,000 $150,000 $0 0.00%
    Other Asian 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.58%

    Farmers & Merchants State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.49%

    Farmers & Merchants State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 102 $21,920,000 $214,902

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $3,005,000 $601,000
    Single Family (1-4 Units):Site-Built 97 $18,915,000 $195,000

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Farmers & Merchants State Bank 210 West Madison Waterloo, WI 53594 Full Service B&M $72,616
    Farmers & Merchants State Bank 218 West Main Marshall, WI 53559 Full Service B&M $51,833

    For 2018, Farmers & Merchants State Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $6,991
    Net interest income $5,817
    Total noninterest income $1,181
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $213
    Trading account gains and fees $0
    Additional Noninterest Income $968
    Pre-tax net operating income $2,860
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,087
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,087
    Minority interest net income $0
    Net income $2,087
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,087

    Farmers & Merchants State Bank's gross interest income from loans was $6,991,000.
    Farmers & Merchants State Bank's net interest income from loans was $5,817,000.
    Farmers & Merchants State Bank's fee based income from loans was $213,000.
    Farmers & Merchants State Bank's net income from loans was $2,087,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,174
    Provision for credit losses $75
    Total noninterest expense $4,063
    Salaries and employee benefits $2,434
    Premises and equipment expense $321
    Additional noninterest expense $1,308
    Applicable income taxes $773
    Net charge-offs $148
    Cash dividends $1,301

    Farmers & Merchants State Bank's interest expense for loans was $1,174,000.
    Farmers & Merchants State Bank's payroll and benefits expense were $2,434,000.
    Farmers & Merchants State Bank's property, plant and equipment expenses $321,000.

    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 3.0%
    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 $119,844
    Deposits held in domestic offices $119,844
    Deposits by Individuals, partnerships, and corporations $102,631
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $15,975
    Deposits by Commercial banks and other depository institutions in U.S. $1,237
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $38,227
    Demand deposits $28,015
    Nontransaction accounts $81,616
    Money market deposit accounts (MMDAs) $19,749
    Other savings deposits (excluding MMDAs) $31,013
    Total time deposits $30,854
    Total time and savings deposits $91,828
    Noninterest-bearing deposits $28,015
    Interest-bearing deposits $91,829
    Retail deposits $119,142
    IRAs and Keogh plan accounts $8,531
    Brokered deposits $4
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $166,758
    Cash & Balances due from depository institutions $5,364
    Interest-bearing balances $2,544
    Total securities $15,907
    Federal funds sold & reverse repurchase $1,758
    Net loans and leases $139,589
    Loan and leases loss allowance $1,821
    Trading account assets $0
    Bank premises and fixed assets $1,686
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $2,454

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $166,758
    Total Liabilities $148,074
    Total deposits $119,844
    Interest-bearing deposits $91,829
    Deposits held in domestic offices $119,844
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $26,839
    Subordinated debt $0
    All other liabilities $1,391

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $139,589
    Loan and leases loss allowance $1,821
    Total loans and leases (domestic) $141,410
    All real estate loans $135,300
    Real estate loans in domestic offices $135,300
    Construction and development loans $4,096
    Residential 1-4 family construction $3,144
    Other construction, all land development and other land $952
    Loans secured by nonfarm nonresidential properties $32,793
    Nonfarm nonresidential secured by owner-occupied properties $14,235
    Commercial real estate & other non-farm, non-residential $18,558
    Multifamily residential real estate $47,785
    1-4 family residential loans $38,756
    Farmland loans $11,870
    Loans held in foreign offices $0
    Farm loans $468
    Commercial and industrial loans $2,757
    To non-U.S. addressees $0
    Loans to individuals $1,506
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,235
    Other loans to individuals $271
    All other loans & leases $1,379
    Loans to foreign governments and official institutions $0
    Other loans $14
    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 $329
    Non 1-4 family restructured loans & leases $157
    Total loans and leases (foreign) $0

    Farmers & Merchants State Bank had $139,589,000 of loans outstanding in 2018. $135,300,000 of loans were in real estate loans. $4,096,000 of loans were in development loans. $47,785,000 of loans were in multifamily mortgage loans. $38,756,000 of loans were in 1-4 family mortgage loans. $468,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,235,000 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 62 $13,495 $217,661
    Nonfarm, nonresidential loans - <$100k 16 $582 $36,375
    Nonfarm, nonresidential loans - $100-250k 23 $3,037 $132,043
    Nonfarm, nonresidential loans - $250k-1MM 23 $9,876 $429,391
    Commercial & Industrial, US addressed loans - <$1MM 61 $2,757 $45,197
    Commercial & Industrial, US addressed loans - <$100k 51 $914 $17,922
    Commercial & Industrial, US addressed loans - $100-250k 6 $781 $130,167
    Commercial & Industrial, US addressed loans - $250k-1MM 4 $1,062 $265,500
    Farmland loans - <$1MM 46 $5,096 $110,783
    Farmland loans - <$100k 21 $773 $36,810
    Farmland loans - $100-250k 15 $1,938 $129,200
    Farmland loans - $250k-1MM 10 $2,385 $238,500
    Agriculture operations loans - <$1MM 17 $468 $27,529
    Agriculture operations loans - <$100k 13 $177 $13,615
    Agriculture operations loans - $100-250k 4 $291 $72,750