Farmers & Mechanics Bank Mortgage Rates, Fees & Info

Galesburg, IL

LEI: 54930073P3QM9MWXOT53

Tax ID: 37-0269420

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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 & Mechanics Bank is a smaller bank specializing in Home Purchase loans. Farmers & Mechanics Bank has a high proportion of conventional loans. Their top markets by origination volume include: Galesburg, Peoria, Davenport, Chicago, and Seattle among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Farmers & Mechanics Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Farmers & Mechanics 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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    Originations

    413

    Origination Dollar Volume (All Markets)

    $48,285,000

    Employee count

    67

    Awards

    Farmers & Mechanics Bank USDA Loans gold Farmers & Mechanics Bank USDA Loans gold Farmers & Mechanics Bank 30 Year Conventional Loans silver Farmers & Mechanics Bank USDA Loans gold
    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
    Galesburg, IL (FHA|USDA|VA) 238 $20,200,000 $84,874 $1,857 5.06%
    PEORIA, IL (FHA|USDA|VA) 76 $18,780,000 $247,105 $2,333 5.09%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 62 $4,500,000 $72,581 $2,481 5.00%
    Outside of Metro Areas 25 $2,685,000 $107,400 $2,295 4.82%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $390,000 $195,000 $5,583 4.25%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $365,000 $365,000 $3,365 4.13%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $295,000 $295,000 $4,567 4.63%
    Macomb, IL (FHA|USDA|VA) 2 $270,000 $135,000 $2,551 4.81%
    Spearfish, SD (FHA|USDA|VA) 1 $235,000 $235,000 $2,885 4.63%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $175,000 $175,000 $6,048 4.88%
    Burlington, IA-IL (FHA|USDA|VA) 2 $140,000 $70,000 $2,652 4.56%
    Rochelle, IL (FHA|USDA|VA) 1 $135,000 $135,000 $2,429 5.25%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $115,000 $115,000 $2,974 5.13%
    Farmers & Mechanics Bank's top markets include Galesburg, Peoria, Davenport, Chicago, and Seattle among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)

    • Similar Lenders

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

    R.I.A. Federal Credit Union
    Similarity Rank: 120
    THE FAMILY CREDIT UNION
    Similarity Rank: 125
    ASCENTRA
    Similarity Rank: 156
    VERIDIAN CREDIT UNION
    Similarity Rank: 230
    First Mid Bank & Trust
    Similarity Rank: 406
    GREENSTATE CREDIT UNION
    Similarity Rank: 406
    Heartland Bank and Trust Company
    Similarity Rank: 528
    Petefish, Skiles & Co.
    Similarity Rank: 544
    RUHL MORTGAGE, LLC
    Similarity Rank: 608
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 630

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 337 $42,415,000 $125,861 $1,867 5.05%
    USDA 67 $4,575,000 $68,284 $2,839 4.98%
    VA 9 $1,295,000 $143,889 $4,315 4.64%

    For 2018, Farmers & Mechanics Bank's most frequently originated type of loan was Conventional, with 337 originations. Their 2nd most popular type was USDA, with 67 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 282 $36,330,000 $128,830 $2,433 4.92%
    Refi 55 $7,005,000 $127,364 $1,037 5.37%
    Cash Out Refi 41 $3,795,000 $92,561 $2,254 4.62%
    Other 21 $735,000 $35,000 $891 6.06%
    Home Improvement 14 $420,000 $30,000 $631 5.59%

    For 2018, Farmers & Mechanics Bank's most frequently cited loan purpose was Home Purchase, with 282 originations. The 2nd most popular reason was Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 224 $23,090,000 $103,080 $2,509 4.90%
    Other 53 $8,585,000 $161,981 $731 5.44%
    5 Year 53 $9,035,000 $170,472 $556 5.74%
    15 Year 45 $3,965,000 $88,111 $2,077 4.41%
    20 Year 18 $1,530,000 $85,000 $2,016 4.72%
    10 Year 12 $1,310,000 $109,167 $1,987 4.76%
    3 Year 7 $735,000 $105,000 $0 5.86%
    1 Year 1 $35,000 $35,000 $0 5.00%

    For 2018, Farmers & Mechanics Bank's most frequently cited loan duration was 30 Year, with 224 originations. The 2nd most popular length was Other, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 285 $20,345,000 $71,386
    $1k-2k 72 $11,180,000 $155,278
    $3k-4k 3 $715,000 $238,333
    $2k-3k 2 $170,000 $85,000
    $4k-5k 1 $405,000 $405,000

    Farmers & Mechanics Bank's average total fees were $2,509, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 285 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 254 $33,710,000 $132,717
    5-6% 120 $9,220,000 $76,833
    6-7% 16 $810,000 $50,625
    3-4% 12 $4,270,000 $355,833
    7-8% 11 $275,000 $25,000

    During 2018, Farmers & Mechanics Bank's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 4-5%, with 254 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 284 $15,310,000 $53,908 $1,895 5.13%
    $100k-200k 94 $13,200,000 $140,426 $2,574 4.78%
    $200k-400k 29 $7,845,000 $270,517 $2,653 4.93%
    $1MM+ 3 $10,645,000 $3,548,333 $0 4.33%
    $400k-600k 3 $1,285,000 $428,333 $5,740 4.81%

    2018 saw Farmers & Mechanics Bank place emphasis on $100,000 or less loans with 284 originations, totaling $15,310,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 149 $8,835,000 $59,295 $2,081 5.04%
    $50k-75k 83 $6,905,000 $83,193 $2,200 4.93%
    $75k-100k 56 $4,620,000 $82,500 $1,932 5.06%
    $100k-150k 55 $6,655,000 $121,000 $1,989 5.15%
    $150k-250k 33 $5,225,000 $158,333 $2,622 5.07%
    $250k+ 20 $3,620,000 $181,000 $2,009 4.88%

    Farmers & Mechanics Bank lent most frequently to those with incomes in the $50k or less range, with 149 originations. The second most popular income band? $50k-75k, with 83 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 105 $8,345,000 $79,476 $1,883 5.05%
    30-36% 86 $8,220,000 $95,581 $2,236 4.80%
    <20% 49 $4,245,000 $86,633 $1,956 4.99%
    37% 19 $1,855,000 $97,632 $2,272 4.94%
    41% 19 $1,655,000 $87,105 $2,317 5.10%
    40% 15 $975,000 $65,000 $1,886 5.41%
    36% 14 $2,040,000 $145,714 $2,402 4.91%
    39% 13 $1,295,000 $99,615 $2,306 5.05%
    43% 12 $1,610,000 $134,167 $2,606 4.77%
    44% 10 $980,000 $98,000 $2,562 4.85%
    50-60% 8 $950,000 $118,750 $772 5.63%
    38% 8 $510,000 $63,750 $2,148 4.78%
    45% 7 $685,000 $97,857 $2,254 4.79%
    42% 5 $545,000 $109,000 $2,617 4.87%
    47% 4 $260,000 $65,000 $1,683 5.40%
    >60% 4 $570,000 $142,500 $1,720 5.92%
    46% 3 $405,000 $135,000 $2,159 5.46%
    48% 1 $75,000 $75,000 $3,198 5.75%
    49% 1 $235,000 $235,000 $2,885 4.63%

    Farmers & Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 105 originations. The next most common DTI ratio? 30-36%, with 86 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 378 $35,000,000 $92,593 $2,123 5.01%
    Not applicable 14 $12,000,000 $857,143 $0 4.97%
    Black 14 $750,000 $53,571 $1,783 5.81%
    Native Hawaiian or Islander 2 $220,000 $110,000 $2,009 4.25%
    Asian 4 $210,000 $52,500 $2,014 4.75%
    Not provided 1 $105,000 $105,000 $2,332 5.00%

    Approval Rates

    Total approvals of all applications
    95.60%

    Farmers & Mechanics 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
    94.67%

    Farmers & Mechanics Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 413 $48,285,000 $116,913

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 15 $12,675,000 $845,000
    Single Family (1-4 Units):Manufactured 1 $75,000 $75,000
    Single Family (1-4 Units):Site-Built 397 $35,535,000 $89,509

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 35 $2,015,000 $57,571 $863 5.68%
    40-60% 38 $2,870,000 $75,526 $1,705 4.91%
    60-80% 117 $18,545,000 $158,504 $2,175 4.82%
    80-100% 195 $23,705,000 $121,564 $2,454 4.91%
    Over 100% 3 $535,000 $178,333 $5,702 4.96%
    Under 20% 25 $615,000 $24,600 $513 6.18%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Farmers & Mechanics Bank 123 East Knoxville Street Brimfield, IL 61517 Full Service B&M $30,705
    Farmers & Mechanics Bank 1230 N Henderson St Galesburg, IL 61401 Full Service B&M $70,189
    Farmers & Mechanics Bank 21 East Main Street Galesburg, IL 61401 Full Service B&M $197,981
    Farmers & Mechanics Bank 4620 N University Peoria, IL 61614 Full Service B&M $11,341

    For 2018, Farmers & Mechanics Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,476
    Net interest income $10,733
    Total noninterest income $5,176
    Gross Fiduciary activities income $723
    Service charges on deposit accounts $812
    Trading account gains and fees $0
    Additional Noninterest Income $3,641
    Pre-tax net operating income $4,724
    Securities gains (or losses, -) $3
    Income before extraordinary items $3,659
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,659
    Minority interest net income $0
    Net income $3,659
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,656

    Farmers & Mechanics Bank's gross interest income from loans was $12,476,000.
    Farmers & Mechanics Bank's net interest income from loans was $10,733,000.
    Farmers & Mechanics Bank's fee based income from loans was $812,000.
    Farmers & Mechanics Bank's net income from loans was $3,659,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,743
    Provision for credit losses $502
    Total noninterest expense $10,683
    Salaries and employee benefits $4,933
    Premises and equipment expense $775
    Additional noninterest expense $4,975
    Applicable income taxes $1,068
    Net charge-offs $279
    Cash dividends $630

    Farmers & Mechanics Bank's interest expense for loans was $1,743,000.
    Farmers & Mechanics Bank's payroll and benefits expense were $4,933,000.
    Farmers & Mechanics Bank's property, plant and equipment expenses $775,000.

    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 $291,595
    Deposits held in domestic offices $291,595
    Deposits by Individuals, partnerships, and corporations $240,601
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $50,994
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $28,644
    Demand deposits $28,644
    Nontransaction accounts $262,951
    Money market deposit accounts (MMDAs) $160,583
    Other savings deposits (excluding MMDAs) $43,325
    Total time deposits $59,043
    Total time and savings deposits $262,951
    Noninterest-bearing deposits $47,271
    Interest-bearing deposits $244,324
    Retail deposits $283,437
    IRAs and Keogh plan accounts $5,651
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $373,415
    Cash & Balances due from depository institutions $8,230
    Interest-bearing balances $3,252
    Total securities $98,492
    Federal funds sold & reverse repurchase $0
    Net loans and leases $233,692
    Loan and leases loss allowance $2,313
    Trading account assets $0
    Bank premises and fixed assets $9,245
    Other real estate owned $61
    Goodwill and other intangibles $13,544
    All other assets $10,151

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $373,415
    Total Liabilities $325,614
    Total deposits $291,595
    Interest-bearing deposits $244,324
    Deposits held in domestic offices $291,595
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $21,100
    Trading liabilities $0
    Other borrowed funds $10,000
    Subordinated debt $0
    All other liabilities $2,919

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $233,692
    Loan and leases loss allowance $2,313
    Total loans and leases (domestic) $236,005
    All real estate loans $172,695
    Real estate loans in domestic offices $172,695
    Construction and development loans $11,323
    Residential 1-4 family construction $2,919
    Other construction, all land development and other land $8,404
    Loans secured by nonfarm nonresidential properties $61,912
    Nonfarm nonresidential secured by owner-occupied properties $30,420
    Commercial real estate & other non-farm, non-residential $31,492
    Multifamily residential real estate $16,513
    1-4 family residential loans $62,962
    Farmland loans $19,985
    Loans held in foreign offices $0
    Farm loans $6,459
    Commercial and industrial loans $38,144
    To non-U.S. addressees $0
    Loans to individuals $16,907
    Credit card loans $0
    Related Plans $36
    Consumer Auto Loans $15,319
    Other loans to individuals $1,552
    All other loans & leases $1,800
    Loans to foreign governments and official institutions $0
    Other loans $37
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,016
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,514
    Non 1-4 family restructured loans & leases $704
    Total loans and leases (foreign) $0

    Farmers & Mechanics Bank had $233,692,000 of loans outstanding in 2018. $172,695,000 of loans were in real estate loans. $11,323,000 of loans were in development loans. $16,513,000 of loans were in multifamily mortgage loans. $62,962,000 of loans were in 1-4 family mortgage loans. $6,459,000 of loans were in farm loans. $0 of loans were in credit card loans. $15,319,000 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 108 $22,024 $203,926
    Nonfarm, nonresidential loans - <$100k 38 $1,589 $41,816
    Nonfarm, nonresidential loans - $100-250k 26 $3,225 $124,038
    Nonfarm, nonresidential loans - $250k-1MM 44 $17,210 $391,136
    Commercial & Industrial, US addressed loans - <$1MM 150 $14,252 $95,013
    Commercial & Industrial, US addressed loans - <$100k 84 $1,751 $20,845
    Commercial & Industrial, US addressed loans - $100-250k 42 $4,382 $104,333
    Commercial & Industrial, US addressed loans - $250k-1MM 24 $8,119 $338,292
    Farmland loans - <$1MM 43 $5,590 $130,000
    Farmland loans - <$100k 18 $732 $40,667
    Farmland loans - $100-250k 10 $932 $93,200
    Farmland loans - $250k-1MM 15 $3,926 $261,733
    Agriculture operations loans - <$1MM 37 $3,362 $90,865
    Agriculture operations loans - <$100k 18 $742 $41,222
    Agriculture operations loans - $100-250k 13 $1,438 $110,615
    Agriculture operations loans - $250k-1MM 6 $1,182 $197,000