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, Beaver Dam, and Racine among others. We have data for 18 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
537Origination Dollar Volume (All Markets)
$142,335,000Employee count
29Top 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) | 247 | $71,305,000 | $288,684 | $0 | 0.00% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 104 | $20,960,000 | $201,538 | $0 | 0.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 67 | $19,705,000 | $294,104 | $0 | 0.00% |
| Beaver Dam, WI (FHA|USDA|VA) | 44 | $10,850,000 | $246,591 | $0 | 0.00% |
| Outside of Metro Areas | 19 | $3,815,000 | $200,789 | $0 | 0.00% |
| RACINE, WI (FHA|USDA|VA) | 6 | $3,660,000 | $610,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 16 | $3,400,000 | $212,500 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 8 | $2,140,000 | $267,500 | $0 | 0.00% |
| Baraboo, WI (FHA|USDA|VA) | 6 | $1,890,000 | $315,000 | $0 | 0.00% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 4 | $1,630,000 | $407,500 | $0 | 0.00% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $0 | 0.00% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $0 | 0.00% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $0 | 0.00% |
| Whitewater, WI (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Menomonie, WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $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 | 532 | $141,460,000 | $265,902 | $0 | 0.00% |
| USDA | 5 | $875,000 | $175,000 | $0 | 0.00% |
For 2020, Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 532 originations. Their 2nd most popular type was USDA, with 5 originations.
Loan Reason
For 2020, Farmers & Merchants State Bank's most frequently cited loan purpose was Refi, with 367 originations. The 2nd most popular reason was Home Purchase, with 95 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 537 | $142,335,000 | $265,056 | $0 | 0.00% |
For 2020, Farmers & Merchants State Bank's most frequently cited loan duration was Other, with 537 originations.
Loan Sizing
2020 saw Farmers & Merchants State Bank place emphasis on $200k-400k loans with 249 originations, totaling $70,235,000 in origination value.
Applicant Income
Farmers & Merchants State Bank lent most frequently to those with incomes in the $100k-150k range, with 147 originations. The second most popular income band? $150k-250k, with 114 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 537 | $142,335,000 | $265,056 | $0 | 0.00% |
Farmers & Merchants State Bank lent most frequently to those with DTI ratios of Exempt%, with 537 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.10%
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 origination84.92%
Farmers & Merchants State Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 537 | $142,335,000 | $265,056 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 25 | $23,575,000 | $943,000 |
| Single Family (1-4 Units):Site-Built | 512 | $118,760,000 | $231,953 |
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 | $86,433 |
| Farmers & Merchants State Bank | 218 West Main Marshall, WI 53559 | Full Service B&M | $62,501 |
For 2020, Farmers & Merchants State Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $7,839 |
| Net interest income | $6,386 |
| Total noninterest income | $2,949 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $148 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,801 |
| Pre-tax net operating income | $4,284 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $3,119 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $3,119 |
| Minority interest net income | $0 |
| Net income | $3,119 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $3,119 |
Farmers & Merchants State Bank's gross interest income from loans was $7,839,000.
Farmers & Merchants State Bank's net interest income from loans was $6,386,000.
Farmers & Merchants State Bank's fee based income from loans was $148,000.
Farmers & Merchants State Bank's net income from loans was $3,119,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,453 |
| Provision for credit losses | $250 |
| Total noninterest expense | $4,801 |
| Salaries and employee benefits | $2,748 |
| Premises and equipment expense | $352 |
| Additional noninterest expense | $1,701 |
| Applicable income taxes | $1,165 |
| Net charge-offs | $4 |
| Cash dividends | $1,800 |
Farmers & Merchants State Bank's interest expense for loans was $1,453,000.
Farmers & Merchants State Bank's payroll and benefits expense were $2,748,000.
Farmers & Merchants State Bank's property, plant and equipment expenses $352,000.
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 | $154,425 |
| Deposits held in domestic offices | $154,425 |
| Deposits by Individuals, partnerships, and corporations | $130,575 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $23,847 |
| Deposits by Commercial banks and other depository institutions in U.S. | $3 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $51,673 |
| Demand deposits | $38,270 |
| Nontransaction accounts | $102,752 |
| Money market deposit accounts (MMDAs) | $20,040 |
| Other savings deposits (excluding MMDAs) | $48,725 |
| Total time deposits | $33,985 |
| Total time and savings deposits | $116,155 |
| Noninterest-bearing deposits | $38,562 |
| Interest-bearing deposits | $115,863 |
| Retail deposits | $151,842 |
| IRAs and Keogh plan accounts | $8,019 |
| Brokered deposits | $5 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $197,577 |
| Cash & Balances due from depository institutions | $6,005 |
| Interest-bearing balances | $3,953 |
| Total securities | $14,971 |
| Federal funds sold & reverse repurchase | $9,571 |
| Net loans and leases | $162,471 |
| Loan and leases loss allowance | $2,281 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,650 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $2,909 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $197,577 |
| Total Liabilities | $176,035 |
| Total deposits | $154,425 |
| Interest-bearing deposits | $115,863 |
| Deposits held in domestic offices | $154,425 |
| % insured (estimated) | $82 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $19,395 |
| Subordinated debt | $0 |
| All other liabilities | $2,215 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $162,471 |
| Loan and leases loss allowance | $2,281 |
| Total loans and leases (domestic) | $164,752 |
| All real estate loans | $156,763 |
| Real estate loans in domestic offices | $156,763 |
| Construction and development loans | $4,608 |
| Residential 1-4 family construction | $1,647 |
| Other construction, all land development and other land | $2,961 |
| Loans secured by nonfarm nonresidential properties | $40,704 |
| Nonfarm nonresidential secured by owner-occupied properties | $11,838 |
| Commercial real estate & other non-farm, non-residential | $28,866 |
| Multifamily residential real estate | $57,504 |
| 1-4 family residential loans | $44,053 |
| Farmland loans | $9,894 |
| Loans held in foreign offices | $0 |
| Farm loans | $694 |
| Commercial and industrial loans | $4,912 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,795 |
| Credit card loans | $0 |
| Related Plans | $1 |
| Consumer Auto Loans | $1,633 |
| Other loans to individuals | $161 |
| All other loans & leases | $588 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $359 |
| 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 | $167 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Farmers & Merchants State Bank had $162,471,000 of loans outstanding in 2020. $156,763,000 of loans were in real estate loans. $4,608,000 of loans were in development loans. $57,504,000 of loans were in multifamily mortgage loans. $44,053,000 of loans were in 1-4 family mortgage loans. $694,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,633,000 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 | 63 | $15,984 | $253,714 |
| Nonfarm, nonresidential loans - <$100k | 17 | $809 | $47,588 |
| Nonfarm, nonresidential loans - $100-250k | 19 | $2,791 | $146,895 |
| Nonfarm, nonresidential loans - $250k-1MM | 27 | $12,384 | $458,667 |
| Commercial & Industrial, US addressed loans - <$1MM | 118 | $4,911 | $41,619 |
| Commercial & Industrial, US addressed loans - <$100k | 102 | $2,145 | $21,029 |
| Commercial & Industrial, US addressed loans - $100-250k | 10 | $944 | $94,400 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 6 | $1,822 | $303,667 |
| Farmland loans - <$1MM | 36 | $4,889 | $135,806 |
| Farmland loans - <$100k | 7 | $161 | $23,000 |
| Farmland loans - $100-250k | 17 | $1,917 | $112,765 |
| Farmland loans - $250k-1MM | 12 | $2,811 | $234,250 |
| Agriculture operations loans - <$1MM | 14 | $694 | $49,571 |
| Agriculture operations loans - <$100k | 11 | $206 | $18,727 |
| Agriculture operations loans - $100-250k | 2 | $192 | $96,000 |
| Agriculture operations loans - $250k-1MM | 1 | $296 | $296,000 |