Farmers & Merchants State Bank Mortgage Rates, Fees & Info

Waterloo, WI

LEI: 5493006S21NZTF9Y1L04

Tax ID: 39-0273610

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

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  • 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 State Bank is a smaller bank specializing in Refi, Cash Out 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, Fond Du Lac, and Chicago among others. We have data for 16 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. Farmers & Merchants State 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.42% 4/28/24
    30 Year Conventional Refi 6.43% 4/28/24
    30 Year Cash-out Refi 6.19% 4/28/24
    15 Year Conventional Purchase 6.16% 4/28/24
    15 Year Conventional Refi 5.66% 4/28/24
    15 Year Cash-out Refi 5.66% 4/28/24
    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






    Your Estimates

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

    This is not an official calculator from Farmers & Merchants State 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

    267

    Origination Dollar Volume (All Markets)

    $71,645,000

    Employee count

    31

    Awards

    Farmers & Merchants State Bank 30 Year Conventional Loans bronze Farmers & Merchants State Bank 30 Year Conventional Loans gold Farmers & Merchants State Bank 30 Year Conventional Loans silver Farmers & Merchants State Bank 30 Year Conventional Loans bronze
    Show all (4) 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
    MADISON, WI (FHA|USDA|VA) 112 $32,790,000 $292,768 $1,918 2.72%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 62 $12,240,000 $197,419 $1,917 2.85%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 41 $11,545,000 $281,585 $1,868 2.81%
    FOND DU LAC, WI (FHA|USDA|VA) 3 $3,175,000 $1,058,333 $2,602 3.33%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $2,845,000 $406,429 $2,567 2.57%
    Beaver Dam, WI (FHA|USDA|VA) 14 $2,830,000 $202,143 $1,801 2.54%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $1,440,000 $360,000 $2,762 2.38%
    Whitewater, WI (FHA|USDA|VA) 6 $1,360,000 $226,667 $1,924 2.81%
    Outside of Metro Areas 7 $1,175,000 $167,857 $2,101 2.59%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 4 $870,000 $217,500 $2,397 2.72%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 2 $260,000 $130,000 $1,499 2.63%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $255,000 $255,000 $1,599 2.13%
    Stevens Point, WI (FHA|USDA|VA) 1 $245,000 $245,000 $0 3.25%
    RACINE, WI (FHA|USDA|VA) 1 $235,000 $235,000 $0 3.38%
    ROCKFORD, IL (FHA|USDA|VA) 1 $215,000 $215,000 $1,587 2.25%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $165,000 $165,000 $1,999 3.00%
    Farmers & Merchants State Bank's top markets include Madison, Watertown, Milwaukee, Fond Du Lac, and Chicago among others.

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

    DMB Community Bank
    Similarity Rank: 400
    Dane County Credit Union
    Similarity Rank: 531
    NORTHWESTERN MUTUAL
    Similarity Rank: 670
    Monona Bank
    Similarity Rank: 793
    Starion Bank
    Similarity Rank: 900
    Mound City Bank
    Similarity Rank: 966
    Westbury Bank
    Similarity Rank: 1007
    Bank of Sun Prairie
    Similarity Rank: 1056
    The Peoples Community Bank
    Similarity Rank: 1079
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 265 $71,195,000 $268,660 $1,921 2.76%
    USDA 2 $450,000 $225,000 $4,922 2.38%

    For 2021, Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 265 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 110 $27,650,000 $251,364 $1,626 2.61%
    Cash Out Refi 81 $17,755,000 $219,198 $1,812 2.65%
    Home Purchase 76 $26,240,000 $345,263 $2,699 3.07%

    For 2021, Farmers & Merchants State Bank's most frequently cited loan purpose was Refi, with 110 originations. The 2nd most popular reason was Cash Out Refi, with 81 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 124 $30,410,000 $245,242 $2,197 3.03%
    15 Year 90 $16,920,000 $188,000 $1,710 2.22%
    5 Year 27 $15,795,000 $585,000 $0 3.41%
    20 Year 21 $5,105,000 $243,095 $1,753 2.56%
    Other 4 $2,950,000 $737,500 $1,486 2.84%
    10 Year 1 $465,000 $465,000 $1,499 2.25%

    For 2021, Farmers & Merchants State Bank's most frequently cited loan duration was 30 Year, with 124 originations. The 2nd most popular length was 15 Year, with 90 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 213 $48,835,000 $229,272
    $1k-2k 1 $415,000 $415,000

    Farmers & Merchants State Bank's average total fees were $2,197, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 213 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 105 $21,275,000 $202,619
    2.5-3% 90 $22,410,000 $249,000
    3-4% 71 $27,855,000 $392,324
    4-5% 1 $105,000 $105,000

    During 2021, Farmers & Merchants State Bank's average interest rate for loans was 3.03%, while their most frequently originated rate bucket for loans was <2.5%, with 105 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 115 $31,225,000 $271,522 $2,031 2.74%
    $100k-200k 95 $14,635,000 $154,053 $1,817 2.69%
    $100,000 or less 26 $1,960,000 $75,385 $1,654 2.73%
    $400k-600k 20 $9,340,000 $467,000 $2,332 2.84%
    $1MM+ 7 $11,625,000 $1,660,714 $0 3.30%
    $600k-1MM 4 $2,860,000 $715,000 $0 3.39%

    2021 saw Farmers & Merchants State Bank place emphasis on $200k-400k loans with 115 originations, totaling $31,225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 73 $16,745,000 $229,384 $1,865 2.68%
    $75k-100k 52 $10,910,000 $209,808 $1,868 2.75%
    $50k-75k 45 $7,595,000 $168,778 $2,025 2.60%
    $150k-250k 38 $11,990,000 $315,526 $2,096 2.57%
    $50k or less 17 $2,275,000 $133,824 $1,987 2.93%
    $250k+ 12 $3,620,000 $301,667 $2,007 2.44%

    Farmers & Merchants State Bank lent most frequently to those with incomes in the $100k-150k range, with 73 originations. The second most popular income band? $75k-100k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 79 $18,175,000 $230,063 $1,999 2.61%
    30-36% 47 $11,325,000 $240,957 $1,930 2.79%
    <20% 42 $8,680,000 $206,667 $1,677 2.52%
    36% 19 $3,735,000 $196,579 $2,129 2.76%
    37% 10 $2,500,000 $250,000 $1,923 2.76%
    39% 8 $1,490,000 $186,250 $2,051 2.67%
    40% 7 $1,765,000 $252,143 $2,438 2.93%
    38% 6 $1,220,000 $203,333 $1,997 2.58%
    41% 5 $1,085,000 $217,000 $1,486 2.93%
    43% 4 $1,050,000 $262,500 $2,846 2.50%
    >60% 3 $625,000 $208,333 $1,604 3.54%
    42% 3 $365,000 $121,667 $1,756 2.50%
    44% 3 $555,000 $185,000 $1,799 2.38%
    45% 2 $710,000 $355,000 $2,002 3.13%
    48% 1 $365,000 $365,000 $3,102 3.00%

    Farmers & Merchants State Bank lent most frequently to those with DTI ratios of 20-30%, with 79 originations. The next most common DTI ratio? 30-36%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 207 $46,145,000 $222,923 $1,914 2.70%
    Not applicable 21 $17,455,000 $831,190 $0 3.35%
    Not provided 31 $6,845,000 $220,806 $2,063 2.76%
    Black 2 $500,000 $250,000 $3,851 2.69%
    Asian 4 $480,000 $120,000 $1,899 2.41%
    American Indian 1 $115,000 $115,000 $2,575 2.75%
    Native Hawaiian or Islander 1 $105,000 $105,000 $1,460 2.13%

    Approval Rates

    Total approvals of all applications
    97.27%

    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
    82.77%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 267 $71,645,000 $268,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    267 $71,645,000 $268,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $2,590,000 $143,889 $1,828 2.52%
    40-60% 82 $19,200,000 $234,146 $1,670 2.54%
    60-80% 124 $35,640,000 $287,419 $1,899 2.86%
    80-100% 43 $14,215,000 $330,581 $2,664 2.93%

    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 $94,857
    Farmers & Merchants State Bank 218 West Main Marshall, WI 53559 Full Service B&M $67,422

    For 2021, Farmers & Merchants State Bank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,310
    Net interest income $6,395
    Total noninterest income $1,779
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $169
    Trading account gains and fees $0
    Additional Noninterest Income $1,610
    Pre-tax net operating income $3,370
    Securities gains (or losses, -) $0
    Income before extraordinary items $2,457
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,457
    Minority interest net income $0
    Net income $2,457
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,457

    Farmers & Merchants State Bank's gross interest income from loans was $7,310,000.
    Farmers & Merchants State Bank's net interest income from loans was $6,395,000.
    Farmers & Merchants State Bank's fee based income from loans was $169,000.
    Farmers & Merchants State Bank's net income from loans was $2,457,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $915
    Provision for credit losses $120
    Total noninterest expense $4,684
    Salaries and employee benefits $2,739
    Premises and equipment expense $342
    Additional noninterest expense $1,603
    Applicable income taxes $913
    Net charge-offs $3
    Cash dividends $1,540

    Farmers & Merchants State Bank's interest expense for loans was $915,000.
    Farmers & Merchants State Bank's payroll and benefits expense were $2,739,000.
    Farmers & Merchants State Bank's property, plant and equipment expenses $342,000.

    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 $168,122
    Deposits held in domestic offices $168,122
    Deposits by Individuals, partnerships, and corporations $143,541
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $24,574
    Deposits by Commercial banks and other depository institutions in U.S. $8
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $57,585
    Demand deposits $43,126
    Nontransaction accounts $110,538
    Money market deposit accounts (MMDAs) $25,418
    Other savings deposits (excluding MMDAs) $56,203
    Total time deposits $28,916
    Total time and savings deposits $124,997
    Noninterest-bearing deposits $43,126
    Interest-bearing deposits $124,996
    Retail deposits $165,696
    IRAs and Keogh plan accounts $7,723
    Brokered deposits $8
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $208,121
    Cash & Balances due from depository institutions $4,778
    Interest-bearing balances $3,312
    Total securities $17,944
    Federal funds sold & reverse repurchase $17,109
    Net loans and leases $163,017
    Loan and leases loss allowance $2,398
    Trading account assets $0
    Bank premises and fixed assets $2,121
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $3,152

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $208,121
    Total Liabilities $185,918
    Total deposits $168,122
    Interest-bearing deposits $124,996
    Deposits held in domestic offices $168,122
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $15,955
    Subordinated debt $0
    All other liabilities $1,841

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $163,017
    Loan and leases loss allowance $2,398
    Total loans and leases (domestic) $165,415
    All real estate loans $160,720
    Real estate loans in domestic offices $160,720
    Construction and development loans $4,495
    Residential 1-4 family construction $1,064
    Other construction, all land development and other land $3,431
    Loans secured by nonfarm nonresidential properties $42,495
    Nonfarm nonresidential secured by owner-occupied properties $12,729
    Commercial real estate & other non-farm, non-residential $29,766
    Multifamily residential real estate $66,268
    1-4 family residential loans $36,494
    Farmland loans $10,968
    Loans held in foreign offices $0
    Farm loans $558
    Commercial and industrial loans $2,261
    To non-U.S. addressees $0
    Loans to individuals $1,479
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,316
    Other loans to individuals $163
    All other loans & leases $397
    Loans to foreign governments and official institutions $0
    Other loans $19
    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 $344
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Farmers & Merchants State Bank had $163,017,000 of loans outstanding in 2021. $160,720,000 of loans were in real estate loans. $4,495,000 of loans were in development loans. $66,268,000 of loans were in multifamily mortgage loans. $36,494,000 of loans were in 1-4 family mortgage loans. $558,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,316,000 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 $17,491 $282,113
    Nonfarm, nonresidential loans - <$100k 14 $509 $36,357
    Nonfarm, nonresidential loans - $100-250k 21 $3,325 $158,333
    Nonfarm, nonresidential loans - $250k-1MM 27 $13,657 $505,815
    Commercial & Industrial, US addressed loans - <$1MM 53 $2,261 $42,660
    Commercial & Industrial, US addressed loans - <$100k 43 $813 $18,907
    Commercial & Industrial, US addressed loans - $100-250k 5 $341 $68,200
    Commercial & Industrial, US addressed loans - $250k-1MM 5 $1,107 $221,400
    Farmland loans - <$1MM 35 $4,296 $122,743
    Farmland loans - <$100k 6 $220 $36,667
    Farmland loans - $100-250k 19 $2,253 $118,579
    Farmland loans - $250k-1MM 10 $1,823 $182,300
    Agriculture operations loans - <$1MM 8 $558 $69,750
    Agriculture operations loans - <$100k 6 $114 $19,000
    Agriculture operations loans - $100-250k 1 $170 $170,000
    Agriculture operations loans - $250k-1MM 1 $274 $274,000