Farmers & Mechanics Bank Mortgage Rates, Fees & Info

Galesburg, IL

LEI: 54930073P3QM9MWXOT53

Tax ID: 37-0269420

Latest/2023 | 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 & Mechanics Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers & Mechanics Bank has a high proportion of conventional loans. Their top markets by origination volume include: Galesburg, Peoria, Davenport, Chicago, and Springfield among others. We have data for 25 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

    469

    Origination Dollar Volume (All Markets)

    $48,085,000

    Employee count

    69 Show all (5) 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) 277 $24,995,000 $90,235 $1,932 4.62%
    PEORIA, IL (FHA|USDA|VA) 83 $10,745,000 $129,458 $2,354 4.49%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 51 $4,015,000 $78,725 $2,589 4.51%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 9 $2,315,000 $257,222 $4,082 4.58%
    Outside of Metro Areas 25 $1,735,000 $69,400 $2,008 4.68%
    SPRINGFIELD, MO (FHA|USDA|VA) 1 $465,000 $465,000 $3,920 3.00%
    COLUMBIA, SC (FHA|USDA|VA) 1 $455,000 $455,000 $5,723 3.88%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $385,000 $385,000 $5,413 3.88%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $315,000 $315,000 $4,307 3.25%
    Macomb, IL (FHA|USDA|VA) 3 $315,000 $105,000 $2,705 4.33%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $295,000 $295,000 $0 4.40%
    Rochelle, IL (FHA|USDA|VA) 2 $250,000 $125,000 $2,934 3.63%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 5.50%
    Spearfish, SD (FHA|USDA|VA) 1 $235,000 $235,000 $3,040 3.25%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $3,496 4.25%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $215,000 $215,000 $3,307 4.00%
    LAS CRUCES, NM (FHA|USDA|VA) 1 $195,000 $195,000 $3,216 3.63%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.83%
    Ottawa, IL (FHA|USDA|VA) 2 $150,000 $75,000 $2,700 4.44%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $145,000 $145,000 $4,354 4.75%
    Manitowoc, WI (FHA|USDA|VA) 1 $75,000 $75,000 $1,550 4.00%
    Pontiac, IL (FHA|USDA|VA) 1 $45,000 $45,000 $2,018 4.50%
    ROCKFORD, IL (FHA|USDA|VA) 1 $35,000 $35,000 $1,906 5.00%
    Jacksonville, IL (FHA|USDA|VA) 1 $35,000 $35,000 $1,946 3.63%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $15,000 $15,000 $427 4.73%
    Farmers & Mechanics Bank's top markets include Galesburg, Peoria, Davenport, Chicago, and Springfield among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • North Carolina (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.

    ASCENTRA
    Similarity Rank: 180
    THE FAMILY CREDIT UNION
    Similarity Rank: 217
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 320
    CBI Bank & Trust
    Similarity Rank: 372
    First Mid Bank & Trust
    Similarity Rank: 450
    RUHL MORTGAGE, LLC
    Similarity Rank: 476
    Morton Community Bank
    Similarity Rank: 527
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 576
    CITIZENS EQUITY FIRST
    Similarity Rank: 654
    Heartland Bank and Trust Company
    Similarity Rank: 693

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 412 $42,790,000 $103,859 $2,003 4.58%
    USDA 49 $4,115,000 $83,980 $3,057 4.54%
    VA 8 $1,180,000 $147,500 $4,486 3.84%

    For 2019, Farmers & Mechanics Bank's most frequently originated type of loan was Conventional, with 412 originations. Their 2nd most popular type was USDA, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 313 $33,085,000 $105,703 $2,430 4.54%
    Refi 92 $9,740,000 $105,870 $1,632 4.60%
    Cash Out Refi 38 $4,240,000 $111,579 $2,652 4.03%
    Other 15 $685,000 $45,667 $655 5.55%
    Home Improvement 11 $335,000 $30,455 $548 5.25%

    For 2019, Farmers & Mechanics Bank's most frequently cited loan purpose was Home Purchase, with 313 originations. The 2nd most popular reason was Refi, with 92 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 248 $26,470,000 $106,734 $2,482 4.40%
    Other 62 $4,900,000 $79,032 $599 5.21%
    15 Year 59 $7,475,000 $126,695 $2,387 3.84%
    5 Year 56 $4,980,000 $88,929 $463 5.46%
    20 Year 24 $2,760,000 $115,000 $2,517 3.98%
    10 Year 10 $850,000 $85,000 $2,388 3.88%
    1 Year 5 $455,000 $91,000 $0 5.75%
    3 Year 5 $195,000 $39,000 $403 5.84%

    For 2019, Farmers & Mechanics Bank's most frequently cited loan duration was 30 Year, with 248 originations. The 2nd most popular length was Other, with 62 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 306 $23,150,000 $75,654
    $1k-2k 91 $14,495,000 $159,286
    $2k-3k 13 $2,085,000 $160,385
    $3k-4k 5 $1,285,000 $257,000
    $4k-5k 2 $720,000 $360,000
    $5k+ 1 $285,000 $285,000

    Farmers & Mechanics Bank's average total fees were $2,482, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 306 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 224 $22,710,000 $101,384
    3-4% 142 $17,770,000 $125,141
    5-6% 79 $6,015,000 $76,139
    6-7% 17 $875,000 $51,471
    7-8% 4 $90,000 $22,500
    2.5-3% 3 $625,000 $208,333

    During 2019, Farmers & Mechanics Bank's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 224 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 295 $16,055,000 $54,424 $1,796 4.68%
    $100k-200k 127 $17,105,000 $134,685 $2,701 4.39%
    $200k-400k 39 $10,925,000 $280,128 $3,059 4.30%
    $400k-600k 7 $3,135,000 $447,857 $4,834 3.96%
    $600k-1MM 1 $865,000 $865,000 $0 5.00%

    2019 saw Farmers & Mechanics Bank place emphasis on $100,000 or less loans with 295 originations, totaling $16,055,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 130 $8,370,000 $64,385 $2,156 4.56%
    $50k-75k 101 $8,435,000 $83,515 $2,147 4.47%
    $100k-150k 91 $10,415,000 $114,451 $2,140 4.46%
    $75k-100k 63 $6,135,000 $97,381 $2,202 4.68%
    $150k-250k 34 $5,060,000 $148,824 $2,164 4.80%
    $250k+ 24 $6,090,000 $253,750 $3,163 4.25%

    Farmers & Mechanics Bank lent most frequently to those with incomes in the $50k or less range, with 130 originations. The second most popular income band? $50k-75k, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 120 $12,310,000 $102,583 $2,149 4.48%
    30-36% 100 $9,980,000 $99,800 $2,295 4.52%
    <20% 72 $6,100,000 $84,722 $1,849 4.56%
    41% 21 $2,215,000 $105,476 $2,526 4.37%
    37% 18 $2,310,000 $128,333 $2,361 4.63%
    39% 18 $1,740,000 $96,667 $2,606 4.54%
    36% 17 $1,565,000 $92,059 $2,214 4.60%
    40% 15 $1,345,000 $89,667 $2,388 4.42%
    38% 11 $975,000 $88,636 $2,273 4.71%
    >60% 9 $965,000 $107,222 $1,242 5.39%
    43% 9 $795,000 $88,333 $1,881 4.51%
    42% 8 $710,000 $88,750 $1,715 4.85%
    46% 8 $800,000 $100,000 $1,980 4.57%
    49% 7 $655,000 $93,571 $2,029 4.48%
    44% 6 $860,000 $143,333 $2,869 4.44%
    45% 6 $830,000 $138,333 $2,097 3.96%
    47% 5 $865,000 $173,000 $2,271 4.08%
    48% 2 $510,000 $255,000 $2,430 4.19%
    50-60% 2 $70,000 $35,000 $397 6.06%

    Farmers & Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 120 originations. The next most common DTI ratio? 30-36%, with 100 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 441 $44,265,000 $100,374 $2,164 4.55%
    Not applicable 10 $1,770,000 $177,000 $0 5.36%
    Black 12 $870,000 $72,500 $2,182 4.64%
    Asian 4 $790,000 $197,500 $3,707 3.75%
    Native Hawaiian or Islander 1 $315,000 $315,000 $3,220 3.88%
    American Indian 1 $75,000 $75,000 $1,948 4.25%

    Approval Rates

    Total approvals of all applications
    93.81%

    Farmers & Mechanics Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.82%

    Farmers & Mechanics Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 469 $48,085,000 $102,527

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $1,295,000 $185,000
    Single Family (1-4 Units):Site-Built 462 $46,790,000 $101,277

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $1,685,000 $54,355 $1,035 5.10%
    40-60% 47 $5,805,000 $123,511 $2,190 4.53%
    60-80% 141 $15,715,000 $111,454 $2,191 4.40%
    80-100% 226 $24,430,000 $108,097 $2,507 4.48%
    Under 20% 24 $450,000 $18,750 $375 5.62%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Farmers & Mechanics Bank 21 East Main Street Galesburg, IL 61401 Full Service B&M $188,912
    Farmers & Mechanics Bank 2616 Veterans Drive Galesburg, IL 61401 Full Service B&M $5,167
    Farmers & Mechanics Bank 4620 N University Peoria, IL 61614 Full Service B&M $15,086
    Farmers & Mechanics Bank 123 East Knoxville Street Brimfield, IL 61517 Full Service B&M $32,587
    Farmers & Mechanics Bank 1230 N Henderson St Galesburg, IL 61401 Full Service B&M $68,522

    For 2019, Farmers & Mechanics Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,842
    Net interest income $11,351
    Total noninterest income $5,321
    Gross Fiduciary activities income $699
    Service charges on deposit accounts $840
    Trading account gains and fees $0
    Additional Noninterest Income $3,782
    Pre-tax net operating income $5,150
    Securities gains (or losses, -) $-7
    Income before extraordinary items $3,897
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,897
    Minority interest net income $0
    Net income $3,897
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,902

    Farmers & Mechanics Bank's gross interest income from loans was $13,842,000.
    Farmers & Mechanics Bank's net interest income from loans was $11,351,000.
    Farmers & Mechanics Bank's fee based income from loans was $840,000.
    Farmers & Mechanics Bank's net income from loans was $3,897,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,491
    Provision for credit losses $370
    Total noninterest expense $11,152
    Salaries and employee benefits $5,308
    Premises and equipment expense $864
    Additional noninterest expense $4,980
    Applicable income taxes $1,246
    Net charge-offs $196
    Cash dividends $7,020

    Farmers & Mechanics Bank's interest expense for loans was $2,491,000.
    Farmers & Mechanics Bank's payroll and benefits expense were $5,308,000.
    Farmers & Mechanics Bank's property, plant and equipment expenses $864,000.

    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 $303,165
    Deposits held in domestic offices $303,165
    Deposits by Individuals, partnerships, and corporations $263,352
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $39,813
    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 $29,349
    Demand deposits $29,349
    Nontransaction accounts $273,816
    Money market deposit accounts (MMDAs) $165,049
    Other savings deposits (excluding MMDAs) $45,120
    Total time deposits $63,647
    Total time and savings deposits $273,816
    Noninterest-bearing deposits $46,718
    Interest-bearing deposits $256,447
    Retail deposits $293,592
    IRAs and Keogh plan accounts $5,395
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $364,964
    Cash & Balances due from depository institutions $5,651
    Interest-bearing balances $318
    Total securities $85,844
    Federal funds sold & reverse repurchase $10,100
    Net loans and leases $230,744
    Loan and leases loss allowance $2,487
    Trading account assets $0
    Bank premises and fixed assets $9,000
    Other real estate owned $0
    Goodwill and other intangibles $13,424
    All other assets $10,201

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $364,964
    Total Liabilities $318,572
    Total deposits $303,165
    Interest-bearing deposits $256,447
    Deposits held in domestic offices $303,165
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $1,085
    Trading liabilities $0
    Other borrowed funds $10,500
    Subordinated debt $0
    All other liabilities $3,822

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $230,744
    Loan and leases loss allowance $2,487
    Total loans and leases (domestic) $233,231
    All real estate loans $163,788
    Real estate loans in domestic offices $163,788
    Construction and development loans $14,541
    Residential 1-4 family construction $3,598
    Other construction, all land development and other land $10,943
    Loans secured by nonfarm nonresidential properties $54,604
    Nonfarm nonresidential secured by owner-occupied properties $26,168
    Commercial real estate & other non-farm, non-residential $28,436
    Multifamily residential real estate $17,629
    1-4 family residential loans $58,305
    Farmland loans $18,709
    Loans held in foreign offices $0
    Farm loans $10,197
    Commercial and industrial loans $39,814
    To non-U.S. addressees $0
    Loans to individuals $18,447
    Credit card loans $0
    Related Plans $28
    Consumer Auto Loans $17,075
    Other loans to individuals $1,344
    All other loans & leases $985
    Loans to foreign governments and official institutions $0
    Other loans $42
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,048
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,382
    Non 1-4 family restructured loans & leases $624
    Total loans and leases (foreign) $0

    Farmers & Mechanics Bank had $230,744,000 of loans outstanding in 2019. $163,788,000 of loans were in real estate loans. $14,541,000 of loans were in development loans. $17,629,000 of loans were in multifamily mortgage loans. $58,305,000 of loans were in 1-4 family mortgage loans. $10,197,000 of loans were in farm loans. $0 of loans were in credit card loans. $17,075,000 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 $23,917 $221,454
    Nonfarm, nonresidential loans - <$100k 35 $1,412 $40,343
    Nonfarm, nonresidential loans - $100-250k 28 $3,630 $129,643
    Nonfarm, nonresidential loans - $250k-1MM 45 $18,875 $419,444
    Commercial & Industrial, US addressed loans - <$1MM 158 $14,025 $88,766
    Commercial & Industrial, US addressed loans - <$100k 93 $1,976 $21,247
    Commercial & Industrial, US addressed loans - $100-250k 33 $2,905 $88,030
    Commercial & Industrial, US addressed loans - $250k-1MM 32 $9,144 $285,750
    Farmland loans - <$1MM 42 $5,789 $137,833
    Farmland loans - <$100k 15 $587 $39,133
    Farmland loans - $100-250k 11 $1,039 $94,455
    Farmland loans - $250k-1MM 16 $4,163 $260,188
    Agriculture operations loans - <$1MM 44 $3,880 $88,182
    Agriculture operations loans - <$100k 25 $994 $39,760
    Agriculture operations loans - $100-250k 14 $1,641 $117,214
    Agriculture operations loans - $250k-1MM 5 $1,245 $249,000