Farmers & Merchants State Bank Mortgage Rates, Fees & Info
Waterloo, WILEI: 5493006S21NZTF9Y1L04
Tax ID: 39-0273610
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Mortgage Data
Bank Data
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.42% | 12/16/24 |
| 30 Year Conventional Refi | 6.43% | 12/16/24 |
| 30 Year Cash-out Refi | 6.19% | 12/16/24 |
| 15 Year Conventional Purchase | 6.16% | 12/16/24 |
| 15 Year Conventional Refi | 5.66% | 12/16/24 |
| 15 Year Cash-out Refi | 5.66% | 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 State Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
206Origination Dollar Volume (All Markets)
$56,530,000Employee count
32Top 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% |
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.
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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
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
2019 saw Farmers & Merchants State Bank place emphasis on $100k-200k loans with 87 originations, totaling $13,095,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications95.14%
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 origination81.55%
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 |