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 Refi and Home Purchase loans. Farmers & Mechanics Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Peoria, Galesburg, Bloomington, Seattle, and Davenport among others. We have data for 34 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.

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    Originations

    772

    Origination Dollar Volume (All Markets)

    $128,260,000

    Employee count

    66 Show all (6) 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
    PEORIA, IL (FHA|USDA|VA) 219 $50,855,000 $232,215 $2,148 3.10%
    Galesburg, IL (FHA|USDA|VA) 417 $44,675,000 $107,134 $2,033 3.25%
    BLOOMINGTON, IL (FHA|USDA|VA) 4 $7,000,000 $1,750,000 $2,109 2.81%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 11 $5,155,000 $468,636 $2,744 2.30%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 36 $4,690,000 $130,278 $2,187 3.20%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 12 $3,070,000 $255,833 $2,179 2.64%
    Outside of Metro Areas 32 $2,810,000 $87,813 $1,923 3.35%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 5 $1,755,000 $351,000 $2,089 2.55%
    Quincy, IL-MO (FHA|USDA|VA) 1 $1,035,000 $1,035,000 $0 4.85%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $910,000 $455,000 $2,820 2.50%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $405,000 $405,000 $3,278 3.00%
    COLUMBIA, SC (FHA|USDA|VA) 1 $405,000 $405,000 $3,649 2.75%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $385,000 $385,000 $3,121 2.38%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $360,000 $180,000 $3,244 3.00%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $345,000 $345,000 $1,917 2.75%
    Burlington, IA-IL (FHA|USDA|VA) 3 $325,000 $108,333 $2,274 2.71%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $315,000 $315,000 $3,568 2.50%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $315,000 $315,000 $3,256 3.00%
    Ottawa, IL (FHA|USDA|VA) 3 $295,000 $98,333 $2,718 2.96%
    Macomb, IL (FHA|USDA|VA) 3 $295,000 $98,333 $2,622 3.38%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $290,000 $145,000 $2,219 2.38%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $2,946 2.75%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $275,000 $275,000 $2,333 2.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $275,000 $275,000 $2,454 2.63%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $235,000 $235,000 $2,622 2.63%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 2 $230,000 $115,000 $1,791 2.13%
    BOISE CITY, ID (FHA|USDA|VA) 1 $225,000 $225,000 $3,339 3.00%
    DECATUR, IL (FHA|USDA|VA) 1 $225,000 $225,000 $4,790 2.13%
    IOWA CITY, IA (FHA|USDA|VA) 1 $205,000 $205,000 $2,294 3.00%
    Nogales, AZ (FHA|USDA|VA) 1 $185,000 $185,000 $2,904 2.50%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $155,000 $155,000 $3,364 2.38%
    Rochelle, IL (FHA|USDA|VA) 1 $135,000 $135,000 $2,145 2.50%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $115,000 $115,000 $2,804 3.13%
    LAS CRUCES, NM (FHA|USDA|VA) 1 $35,000 $35,000 $420 4.55%
    Farmers & Mechanics Bank's top markets include Peoria, Galesburg, Bloomington, Seattle, and Davenport among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Florida (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.

    Collins Community Credit Union
    Similarity Rank: 42
    R.I.A. Federal Credit Union
    Similarity Rank: 126
    CBI Bank & Trust
    Similarity Rank: 264
    Prairie State Bank and Trust
    Similarity Rank: 280
    THE FAMILY CREDIT UNION
    Similarity Rank: 350
    ASCENTRA
    Similarity Rank: 374
    GAS AND ELECTRIC CREDIT UNION
    Similarity Rank: 414
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 476
    Petefish, Skiles & Co.
    Similarity Rank: 754
    Marine Bank
    Similarity Rank: 826

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 747 $125,485,000 $167,985 $2,058 3.15%
    USDA 17 $1,435,000 $84,412 $3,227 3.71%
    VA 8 $1,340,000 $167,500 $4,303 3.34%

    For 2020, Farmers & Mechanics Bank's most frequently originated type of loan was Conventional, with 747 originations. Their 2nd most popular type was USDA, with 17 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 333 $75,465,000 $226,622 $1,992 2.92%
    Home Purchase 301 $35,175,000 $116,860 $2,240 3.43%
    Cash Out Refi 112 $16,390,000 $146,339 $2,411 2.80%
    Home Improvement 16 $740,000 $46,250 $787 4.75%
    Other 10 $490,000 $49,000 $852 4.81%

    For 2020, Farmers & Mechanics Bank's most frequently cited loan purpose was Refi, with 333 originations. The 2nd most popular reason was Home Purchase, with 301 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 313 $46,485,000 $148,514 $2,303 3.13%
    15 Year 234 $37,060,000 $158,376 $2,130 2.47%
    5 Year 77 $15,215,000 $197,597 $514 4.78%
    Other 57 $11,825,000 $207,456 $1,390 4.10%
    20 Year 57 $7,445,000 $130,614 $2,096 3.11%
    10 Year 27 $3,205,000 $118,704 $2,043 2.63%
    3 Year 4 $6,580,000 $1,645,000 $0 5.13%
    1 Year 3 $445,000 $148,333 $0 4.17%

    For 2020, Farmers & Mechanics Bank's most frequently cited loan duration was 30 Year, with 313 originations. The 2nd most popular length was 15 Year, with 234 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 580 $80,940,000 $139,552
    $1k-2k 105 $16,205,000 $154,333
    $2k-3k 14 $3,290,000 $235,000
    $3k-4k 2 $540,000 $270,000

    Farmers & Mechanics Bank's average total fees were $2,303, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 580 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 247 $43,375,000 $175,607
    2.5-3% 232 $35,440,000 $152,759
    3-4% 158 $29,080,000 $184,051
    4-5% 97 $18,425,000 $189,948
    5-6% 26 $1,590,000 $61,154
    6-7% 12 $350,000 $29,167

    During 2020, Farmers & Mechanics Bank's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was <2.5%, with 247 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 351 $20,875,000 $59,473 $1,931 3.53%
    $100k-200k 251 $35,265,000 $140,498 $2,165 2.86%
    $200k-400k 132 $36,490,000 $276,439 $2,317 2.76%
    $400k-600k 26 $12,170,000 $468,077 $2,704 2.96%
    $600k-1MM 7 $5,425,000 $775,000 $3,087 3.33%
    $1MM+ 5 $18,035,000 $3,607,000 $0 4.17%

    2020 saw Farmers & Mechanics Bank place emphasis on $100,000 or less loans with 351 originations, totaling $20,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 162 $25,420,000 $156,914 $2,163 3.01%
    $50k or less 142 $9,290,000 $65,423 $2,024 3.36%
    $50k-75k 138 $14,010,000 $101,522 $2,082 3.14%
    $75k-100k 118 $13,320,000 $112,881 $2,116 3.22%
    $150k-250k 105 $22,215,000 $211,571 $2,136 2.96%
    $250k+ 61 $18,825,000 $308,607 $2,422 2.77%

    Farmers & Mechanics Bank lent most frequently to those with incomes in the $100k-150k range, with 162 originations. The second most popular income band? $50k or less, with 142 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 244 $34,690,000 $142,172 $2,122 3.04%
    <20% 178 $29,730,000 $167,022 $2,107 2.73%
    30-36% 120 $15,910,000 $132,583 $2,060 3.18%
    37% 24 $3,120,000 $130,000 $2,316 2.97%
    39% 19 $3,395,000 $178,684 $1,915 3.09%
    40% 19 $2,265,000 $119,211 $2,079 3.38%
    44% 15 $2,035,000 $135,667 $2,291 3.11%
    41% 14 $1,830,000 $130,714 $2,090 3.02%
    38% 13 $1,345,000 $103,462 $2,250 3.38%
    36% 13 $1,145,000 $88,077 $2,341 3.39%
    42% 11 $1,915,000 $174,091 $2,096 3.73%
    43% 10 $1,200,000 $120,000 $2,188 2.84%
    49% 5 $465,000 $93,000 $1,940 3.03%
    50-60% 5 $685,000 $137,000 $2,300 3.67%
    45% 5 $675,000 $135,000 $2,324 2.98%
    47% 5 $325,000 $65,000 $1,941 3.05%
    48% 3 $135,000 $45,000 $1,164 4.03%
    46% 3 $335,000 $111,667 $2,135 3.08%
    >60% 1 $65,000 $65,000 $1,888 3.00%

    Farmers & Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 244 originations. The next most common DTI ratio? <20%, with 178 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 690 $95,290,000 $138,101 $2,113 3.13%
    Not applicable 28 $21,880,000 $781,429 $0 4.56%
    Asian 41 $10,085,000 $245,976 $2,152 2.33%
    Black 12 $970,000 $80,833 $2,120 4.33%
    Not provided 1 $35,000 $35,000 $420 4.55%

    Approval Rates

    Total approvals of all applications
    96.12%

    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
    94.04%

    Farmers & Mechanics Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 772 $128,260,000 $166,140

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 16 $21,730,000 $1,358,125
    Single Family (1-4 Units):Manufactured 1 $65,000 $65,000
    Single Family (1-4 Units):Site-Built 755 $106,465,000 $141,013

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $4,275,000 $137,903 $1,381 3.96%
    40-60% 95 $14,625,000 $153,947 $1,976 2.89%
    60-80% 340 $70,260,000 $206,647 $2,158 3.04%
    80-100% 287 $38,565,000 $134,373 $2,254 3.19%
    Over 100% 1 $85,000 $85,000 $2,977 3.50%
    Under 20% 18 $450,000 $25,000 $589 5.18%

    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 $32,858
    Farmers & Mechanics Bank 1230 N Henderson St Galesburg, IL 61401 Full Service B&M $71,639
    Farmers & Mechanics Bank 21 East Main Street Galesburg, IL 61401 Full Service B&M $204,927
    Farmers & Mechanics Bank 2616 Veterans Drive Galesburg, IL 61401 Full Service B&M $7,450
    Farmers & Mechanics Bank 4620 N University Peoria, IL 61614 Full Service B&M $23,266

    For 2020, Farmers & Mechanics Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,914
    Net interest income $12,609
    Total noninterest income $6,445
    Gross Fiduciary activities income $705
    Service charges on deposit accounts $706
    Trading account gains and fees $0
    Additional Noninterest Income $5,034
    Pre-tax net operating income $6,123
    Securities gains (or losses, -) $-12
    Income before extraordinary items $4,583
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,583
    Minority interest net income $0
    Net income $4,583
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,592

    Farmers & Mechanics Bank's gross interest income from loans was $13,914,000.
    Farmers & Mechanics Bank's net interest income from loans was $12,609,000.
    Farmers & Mechanics Bank's fee based income from loans was $706,000.
    Farmers & Mechanics Bank's net income from loans was $4,583,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,305
    Provision for credit losses $1,050
    Total noninterest expense $11,881
    Salaries and employee benefits $5,972
    Premises and equipment expense $854
    Additional noninterest expense $5,055
    Applicable income taxes $1,528
    Net charge-offs $233
    Cash dividends $1,080

    Farmers & Mechanics Bank's interest expense for loans was $1,305,000.
    Farmers & Mechanics Bank's payroll and benefits expense were $5,972,000.
    Farmers & Mechanics Bank's property, plant and equipment expenses $854,000.

    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 1.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $340,324
    Deposits held in domestic offices $340,324
    Deposits by Individuals, partnerships, and corporations $300,581
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $39,743
    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 $37,137
    Demand deposits $37,137
    Nontransaction accounts $303,187
    Money market deposit accounts (MMDAs) $45,817
    Other savings deposits (excluding MMDAs) $207,729
    Total time deposits $49,641
    Total time and savings deposits $303,187
    Noninterest-bearing deposits $73,380
    Interest-bearing deposits $266,944
    Retail deposits $331,675
    IRAs and Keogh plan accounts $5,188
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $408,276
    Cash & Balances due from depository institutions $7,115
    Interest-bearing balances $2,211
    Total securities $99,541
    Federal funds sold & reverse repurchase $10,100
    Net loans and leases $258,874
    Loan and leases loss allowance $3,304
    Trading account assets $0
    Bank premises and fixed assets $8,759
    Other real estate owned $178
    Goodwill and other intangibles $13,305
    All other assets $10,404

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $408,276
    Total Liabilities $357,476
    Total deposits $340,324
    Interest-bearing deposits $266,944
    Deposits held in domestic offices $340,324
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $1,071
    Trading liabilities $0
    Other borrowed funds $12,000
    Subordinated debt $0
    All other liabilities $4,081

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $258,874
    Loan and leases loss allowance $3,304
    Total loans and leases (domestic) $262,178
    All real estate loans $177,740
    Real estate loans in domestic offices $177,740
    Construction and development loans $13,242
    Residential 1-4 family construction $3,147
    Other construction, all land development and other land $10,095
    Loans secured by nonfarm nonresidential properties $60,261
    Nonfarm nonresidential secured by owner-occupied properties $27,834
    Commercial real estate & other non-farm, non-residential $32,427
    Multifamily residential real estate $27,917
    1-4 family residential loans $60,823
    Farmland loans $15,497
    Loans held in foreign offices $0
    Farm loans $11,880
    Commercial and industrial loans $57,278
    To non-U.S. addressees $0
    Loans to individuals $14,728
    Credit card loans $0
    Related Plans $22
    Consumer Auto Loans $13,193
    Other loans to individuals $1,513
    All other loans & leases $552
    Loans to foreign governments and official institutions $0
    Other loans $23
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,001
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $510
    Non 1-4 family restructured loans & leases $510
    Total loans and leases (foreign) $0

    Farmers & Mechanics Bank had $258,874,000 of loans outstanding in 2020. $177,740,000 of loans were in real estate loans. $13,242,000 of loans were in development loans. $27,917,000 of loans were in multifamily mortgage loans. $60,823,000 of loans were in 1-4 family mortgage loans. $11,880,000 of loans were in farm loans. $0 of loans were in credit card loans. $13,193,000 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 113 $24,363 $215,602
    Nonfarm, nonresidential loans - <$100k 36 $1,582 $43,944
    Nonfarm, nonresidential loans - $100-250k 32 $4,402 $137,563
    Nonfarm, nonresidential loans - $250k-1MM 45 $18,379 $408,422
    Commercial & Industrial, US addressed loans - <$1MM 292 $22,810 $78,116
    Commercial & Industrial, US addressed loans - <$100k 193 $4,791 $24,824
    Commercial & Industrial, US addressed loans - $100-250k 61 $6,513 $106,770
    Commercial & Industrial, US addressed loans - $250k-1MM 38 $11,506 $302,789
    Farmland loans - <$1MM 38 $5,317 $139,921
    Farmland loans - <$100k 13 $534 $41,077
    Farmland loans - $100-250k 11 $1,281 $116,455
    Farmland loans - $250k-1MM 14 $3,502 $250,143
    Agriculture operations loans - <$1MM 50 $4,893 $97,860
    Agriculture operations loans - <$100k 27 $898 $33,259
    Agriculture operations loans - $100-250k 13 $1,509 $116,077
    Agriculture operations loans - $250k-1MM 10 $2,486 $248,600