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 Refi and Home Purchase 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, Milwaukee, Racine, and Beaver Dam among others. We have data for 12 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

    206

    Origination Dollar Volume (All Markets)

    $56,530,000

    Employee count

    32

    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) 103 $32,965,000 $320,049 $0 0.00%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 52 $10,280,000 $197,692 $0 0.00%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 14 $3,650,000 $260,714 $0 0.00%
    RACINE, WI (FHA|USDA|VA) 1 $2,395,000 $2,395,000 $0 0.00%
    Outside of Metro Areas 14 $1,810,000 $129,286 $0 0.00%
    Beaver Dam, WI (FHA|USDA|VA) 9 $1,745,000 $193,889 $0 0.00%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 4 $1,400,000 $350,000 $0 0.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,025,000 $341,667 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $650,000 $325,000 $0 0.00%
    Whitewater, WI (FHA|USDA|VA) 2 $300,000 $150,000 $0 0.00%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
    Baraboo, WI (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Farmers & Merchants State Bank's top markets include Madison, Watertown, Milwaukee, Racine, and Beaver Dam 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: 8
    NORTHWESTERN MUTUAL
    Similarity Rank: 117
    Empower Credit Union
    Similarity Rank: 144
    EDUCATORS CREDIT UNION
    Similarity Rank: 220
    First Community Credit Union
    Similarity Rank: 290
    Dane County Credit Union
    Similarity Rank: 315
    Heartland Credit Union (Madison)
    Similarity Rank: 384
    Kohler Credit Union
    Similarity Rank: 418
    The Park Bank
    Similarity Rank: 425
    Westbury Bank
    Similarity Rank: 437

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 204 $56,240,000 $275,686 $0 0.00%
    USDA 2 $290,000 $145,000 $0 0.00%

    For 2019, Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 204 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 103 $30,535,000 $296,456 $0 0.00%
    Home Purchase 80 $21,640,000 $270,500 $0 0.00%
    Cash Out Refi 19 $3,685,000 $193,947 $0 0.00%
    Home Improvement 2 $510,000 $255,000 $0 0.00%
    Other 2 $160,000 $80,000 $0 0.00%

    For 2019, Farmers & Merchants State Bank's most frequently cited loan purpose was Refi, with 103 originations. The 2nd most popular reason was Home Purchase, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 206 $56,530,000 $274,417 $0 0.00%

    For 2019, Farmers & Merchants State Bank's most frequently cited loan duration was Other, with 206 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 87 $13,095,000 $150,517 $0 0.00%
    $200k-400k 78 $21,650,000 $277,564 $0 0.00%
    $100,000 or less 18 $1,220,000 $67,778 $0 0.00%
    $400k-600k 16 $7,420,000 $463,750 $0 0.00%
    $1MM+ 4 $10,970,000 $2,742,500 $0 0.00%
    $600k-1MM 3 $2,175,000 $725,000 $0 0.00%

    2019 saw Farmers & Merchants State Bank place emphasis on $100k-200k loans with 87 originations, totaling $13,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 56 $13,170,000 $235,179 $0 0.00%
    $50k-75k 39 $6,225,000 $159,615 $0 0.00%
    $75k-100k 30 $5,380,000 $179,333 $0 0.00%
    $150k-250k 22 $6,520,000 $296,364 $0 0.00%
    $50k or less 15 $2,305,000 $153,667 $0 0.00%
    $250k+ 11 $3,735,000 $339,545 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $50k-75k, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 206 $56,530,000 $274,417 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with DTI ratios of Exempt%, with 206 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 166 $35,010,000 $210,904 $0 0.00%
    Not applicable 23 $17,525,000 $761,957 $0 0.00%
    Not provided 16 $3,720,000 $232,500 $0 0.00%
    Native Hawaiian or Islander 1 $275,000 $275,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.14%

    Farmers & Merchants State 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
    81.55%

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

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 206 $56,530,000 $274,417

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $14,750,000 $1,229,167
    Single Family (1-4 Units):Site-Built 194 $41,780,000 $215,361

    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 $80,561
    Farmers & Merchants State Bank 218 West Main Marshall, WI 53559 Full Service B&M $51,153

    For 2019, Farmers & Merchants State Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,818
    Net interest income $6,164
    Total noninterest income $1,343
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $201
    Trading account gains and fees $0
    Additional Noninterest Income $1,142
    Pre-tax net operating income $3,246
    Securities gains (or losses, -) $-15
    Income before extraordinary items $2,361
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,361
    Minority interest net income $0
    Net income $2,361
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,372

    Farmers & Merchants State Bank's gross interest income from loans was $7,818,000.
    Farmers & Merchants State Bank's net interest income from loans was $6,164,000.
    Farmers & Merchants State Bank's fee based income from loans was $201,000.
    Farmers & Merchants State Bank's net income from loans was $2,361,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,654
    Provision for credit losses $0
    Total noninterest expense $4,261
    Salaries and employee benefits $2,492
    Premises and equipment expense $334
    Additional noninterest expense $1,435
    Applicable income taxes $870
    Net charge-offs $-664
    Cash dividends $1,300

    Farmers & Merchants State Bank's interest expense for loans was $1,654,000.
    Farmers & Merchants State Bank's payroll and benefits expense were $2,492,000.
    Farmers & Merchants State Bank's property, plant and equipment expenses $334,000.

    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 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 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 $137,193
    Deposits held in domestic offices $137,193
    Deposits by Individuals, partnerships, and corporations $109,553
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $27,148
    Deposits by Commercial banks and other depository institutions in U.S. $493
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $40,344
    Demand deposits $29,376
    Nontransaction accounts $96,850
    Money market deposit accounts (MMDAs) $13,795
    Other savings deposits (excluding MMDAs) $46,679
    Total time deposits $36,376
    Total time and savings deposits $107,818
    Noninterest-bearing deposits $29,376
    Interest-bearing deposits $107,817
    Retail deposits $134,338
    IRAs and Keogh plan accounts $8,268
    Brokered deposits $5
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $179,274
    Cash & Balances due from depository institutions $12,169
    Interest-bearing balances $10,426
    Total securities $15,649
    Federal funds sold & reverse repurchase $2,803
    Net loans and leases $144,425
    Loan and leases loss allowance $2,035
    Trading account assets $0
    Bank premises and fixed assets $1,645
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $2,583

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $179,274
    Total Liabilities $159,233
    Total deposits $137,193
    Interest-bearing deposits $107,817
    Deposits held in domestic offices $137,193
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $20,084
    Subordinated debt $0
    All other liabilities $1,956

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $144,425
    Loan and leases loss allowance $2,035
    Total loans and leases (domestic) $146,460
    All real estate loans $141,360
    Real estate loans in domestic offices $141,360
    Construction and development loans $3,720
    Residential 1-4 family construction $3,140
    Other construction, all land development and other land $580
    Loans secured by nonfarm nonresidential properties $36,600
    Nonfarm nonresidential secured by owner-occupied properties $12,911
    Commercial real estate & other non-farm, non-residential $23,689
    Multifamily residential real estate $49,590
    1-4 family residential loans $40,193
    Farmland loans $11,257
    Loans held in foreign offices $0
    Farm loans $502
    Commercial and industrial loans $2,529
    To non-U.S. addressees $0
    Loans to individuals $1,843
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,611
    Other loans to individuals $232
    All other loans & leases $226
    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 $293
    Non 1-4 family restructured loans & leases $123
    Total loans and leases (foreign) $0

    Farmers & Merchants State Bank had $144,425,000 of loans outstanding in 2019. $141,360,000 of loans were in real estate loans. $3,720,000 of loans were in development loans. $49,590,000 of loans were in multifamily mortgage loans. $40,193,000 of loans were in 1-4 family mortgage loans. $502,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,611,000 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 55 $12,995 $236,273
    Nonfarm, nonresidential loans - <$100k 15 $530 $35,333
    Nonfarm, nonresidential loans - $100-250k 19 $2,789 $146,789
    Nonfarm, nonresidential loans - $250k-1MM 21 $9,676 $460,762
    Commercial & Industrial, US addressed loans - <$1MM 61 $2,529 $41,459
    Commercial & Industrial, US addressed loans - <$100k 51 $994 $19,490
    Commercial & Industrial, US addressed loans - $100-250k 7 $845 $120,714
    Commercial & Industrial, US addressed loans - $250k-1MM 3 $690 $230,000
    Farmland loans - <$1MM 45 $6,021 $133,800
    Farmland loans - <$100k 13 $428 $32,923
    Farmland loans - $100-250k 18 $2,221 $123,389
    Farmland loans - $250k-1MM 14 $3,372 $240,857
    Agriculture operations loans - <$1MM 12 $502 $41,833
    Agriculture operations loans - <$100k 9 $244 $27,111
    Agriculture operations loans - $100-250k 3 $258 $86,000