The Farmers Bank Mortgage Rates, Fees & Info

Portland, TN

LEI: 549300C4CKL0HRXJ3085

Tax ID: 62-0197640

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Farmers Bank is a smaller bank specializing in Home Purchase and Refi loans. The Farmers Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Nashville, Clarksville, Bowling Green, Panama City, and North Port among others. The Farmers Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Farmers Bank is typically an average fee lendor.


Originations

592

Origination Dollar Volume (All Markets)

$160,400,000

Employee count

150 Show all (11) awards

Relative Rate

The Farmers Bank's average 30 year fixed rate mortgage of loans were 2.85%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.3%.

Relative Fees

The Farmers Bank's average total fees for a 30 year fixed rate mortgage are $3,684.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 537 $143,715,000 $267,626 $3,321 4.07%
Outside of Metro Areas 26 $9,560,000 $367,692 $3,500 4.03%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 11 $1,775,000 $161,364 $3,142 4.92%
BOWLING GREEN, KY (FHA|USDA|VA) 5 $1,195,000 $239,000 $4,792 4.13%
PANAMA CITY, FL (FHA|USDA|VA) 2 $1,040,000 $520,000 $0 4.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $475,000 $475,000 $0 5.25%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $425,000 $425,000 $0 5.50%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $365,000 $365,000 $3,401 2.88%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $365,000 $365,000 $3,074 2.75%
Cookeville, TN (FHA|USDA|VA) 1 $345,000 $345,000 $3,335 2.88%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $340,000 $170,000 $3,107 2.56%
OWENSBORO, KY (FHA|USDA|VA) 1 $245,000 $245,000 $2,749 3.13%
Sevierville, TN (FHA|USDA|VA) 1 $225,000 $225,000 $2,661 2.63%
Glasgow, KY (FHA|USDA|VA) 1 $205,000 $205,000 $2,771 2.25%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.00%

The Farmers Bank's top markets include Nashville, Clarksville, Bowling Green, Panama City, and North Port among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 549 $149,125,000 $271,630 $2,966 4.20%
VA 16 $5,200,000 $325,000 $6,103 2.43%
FHA 15 $3,505,000 $233,667 $7,180 2.49%
USDA 12 $2,570,000 $214,167 $5,428 2.53%

For the 2021 period, The Farmers Bank's most frequently originated loan type of loans were Conventional, with 549 originations. Their 2nd most popular type is VA, with 16 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 297 $92,185,000 $310,387 $3,764 4.33%
Refi 165 $40,295,000 $244,212 $2,827 4.17%
Cash Out Refi 98 $22,480,000 $229,388 $3,238 2.84%
Home Improvement 20 $3,780,000 $189,000 $3,690 5.40%
Other 12 $1,660,000 $138,333 $2,743 4.59%

For the 2021, The Farmers Bank's most frequently cited loan purpose of loans were Home Purchase, with 297 originations. The 2nd most popular reason of loans were Refi, with 165 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 240 $64,690,000 $269,542 $3,684 2.85%
1 Year 96 $27,370,000 $285,104 $0 5.82%
5 Year 95 $26,865,000 $282,789 $1,794 5.47%
Other 66 $20,230,000 $306,515 $2,568 5.81%
15 Year 46 $9,620,000 $209,130 $2,883 2.33%
20 Year 26 $6,070,000 $233,462 $3,028 2.73%
10 Year 21 $5,375,000 $255,952 $2,633 3.67%
3 Year 2 $180,000 $90,000 $0 6.88%

For the 2021, The Farmers Bank's most frequently cited loan length of loans were 30 Year, with 240 originations. The 2nd most popular length of loans were 1 Year, with 96 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 272 $66,730,000 $245,331
$<1k 92 $25,000,000 $271,739
$2k-3k 5 $1,515,000 $303,000
$3k-4k 4 $1,640,000 $410,000
$5k+ 2 $1,070,000 $535,000

$3,684 of loans were The Farmers Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 272 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 158 $42,150,000 $266,772
5-6% 115 $27,405,000 $238,304
<2.5% 108 $24,500,000 $226,852
3-4% 72 $27,630,000 $383,750
4-5% 71 $26,395,000 $371,761
6-7% 57 $10,795,000 $189,386
7-8% 7 $995,000 $142,143
Over 8% 3 $175,000 $58,333

During 2021, The Farmers Bank's average interest rate of loans were 2.85%, while their most frequently originated rate bucket of loans were 2.5-3%, with 158 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 233 $66,145,000 $283,884 $3,532 3.68%
$100k-200k 210 $31,780,000 $151,333 $2,971 4.14%
$100,000 or less 60 $3,980,000 $66,333 $2,009 5.33%
$400k-600k 58 $27,650,000 $476,724 $4,123 3.85%
$600k-1MM 22 $16,360,000 $743,636 $8,135 4.78%
$1MM+ 9 $14,485,000 $1,609,444 $332 4.36%

2021 saw The Farmers Bank place emphasis on $200k-400k loans with 233 originations, totaling $66,145,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 115 $24,825,000 $215,870 $3,255 3.67%
$75k-100k 104 $25,590,000 $246,058 $3,599 3.41%
$100k-150k 87 $25,495,000 $293,046 $3,674 3.69%
$50k or less 81 $12,235,000 $151,049 $2,875 4.41%
$150k-250k 73 $21,805,000 $298,699 $3,255 4.58%
$250k+ 42 $15,310,000 $364,524 $3,850 4.99%

The Farmers Bank lent most frequently to those with incomes in the $50k-75k range, with 115 originations. The second most popular income band? $75k-100k, with 104 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 98 $22,790,000 $232,551 $3,193 2.90%
30-36% 75 $20,395,000 $271,933 $3,580 3.03%
<20% 42 $7,410,000 $176,429 $2,876 3.15%
40% 18 $5,110,000 $283,889 $2,844 3.12%
38% 17 $5,075,000 $298,529 $3,232 3.65%
42% 13 $2,495,000 $191,923 $4,014 3.46%
45% 13 $3,535,000 $271,923 $3,462 3.57%
36% 12 $2,940,000 $245,000 $3,146 3.48%
39% 11 $3,545,000 $322,273 $3,265 2.75%
46% 10 $2,530,000 $253,000 $3,438 4.22%
41% 10 $2,300,000 $230,000 $3,324 3.28%
50-60% 10 $3,180,000 $318,000 $4,601 4.58%
47% 9 $3,135,000 $348,333 $3,927 3.24%
43% 9 $2,035,000 $226,111 $3,723 3.33%
37% 9 $1,725,000 $191,667 $3,207 3.14%
44% 7 $2,225,000 $317,857 $3,306 2.98%
48% 6 $1,700,000 $283,333 $4,128 3.33%
>60% 6 $2,550,000 $425,000 $2,263 5.65%
49% 6 $1,930,000 $321,667 $3,474 3.40%

The Farmers Bank lent most frequently to those with DTI ratios of 20-30%, with 98 originations. The next most common DTI ratio? 30-36%, with 75 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 448 $109,900,000 $245,313 $3,226 4.05%
Not applicable 67 $29,775,000 $444,403 $0 5.18%
Not provided 59 $16,465,000 $279,068 $3,790 2.87%
Asian 9 $2,225,000 $247,222 $2,420 5.10%
Black 8 $1,840,000 $230,000 $5,591 4.30%
American Indian 1 $195,000 $195,000 $6,091 2.25%

Approval Rates

Total approvals of all applications
92.51%

The Farmers Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.06%

The Farmers Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 592 $160,400,000 $270,946

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
592 $160,400,000 $270,946

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 52 $6,780,000 $130,385 $2,532 4.42%
40-60% 111 $26,155,000 $235,631 $2,848 3.60%
60-80% 215 $62,895,000 $292,535 $3,130 3.87%
80-100% 187 $58,535,000 $313,021 $4,535 4.33%
Over 100% 4 $1,840,000 $460,000 $5,994 4.91%
Under 20% 9 $475,000 $52,778 $2,047 5.13%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Farmers Bank 120 Village Drive Portland, TN 37148 Full Service B&M $278,476
The Farmers Bank 5804 Austin Peay Highway Westmoreland, TN 37186 Full Service B&M $39,338
The Farmers Bank 7836 Highway 25 Cross Plains, TN 37049 Full Service B&M $18,913
The Farmers Bank 1203 Memorial Boulevard Springfield, TN 37172 Full Service B&M $88,175
The Farmers Bank 1250 Louisville Highway Goodlettsville, TN 37072 Full Service B&M $32,773
The Farmers Bank 1765 Hwy 41 South Ridgetop, TN 37152 Full Service B&M $51,430
The Farmers Bank 2787 Highway 31w White House, TN 37188 Full Service B&M $47,562
The Farmers Bank 3490 Tom Austin Highway Springfield, TN 37172 Full Service B&M $53,622
The Farmers Bank 515 Highway 76 White House, TN 37188 Full Service B&M $97,857

For 2021, The Farmers Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $33,178
Net interest income $30,733
Total noninterest income $7,046
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,811
Trading account gains and fees $0
Additional Noninterest Income $5,235
Pre-tax net operating income $14,902
Securities gains (or losses, -) $95
Income before extraordinary items $11,586
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,586
Minority interest net income $0
Net income $11,586
Sale, conversion, retirement of capital stock, net $0
Net operating income $11,510

The Farmers Bank's gross interest income from loans was $33,178,000.
The Farmers Bank's net interest income from loans was $30,733,000.
The Farmers Bank's fee based income from loans was $1,811,000.
The Farmers Bank's net income from loans was $11,586,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,445
Provision for credit losses $30
Total noninterest expense $22,847
Salaries and employee benefits $14,798
Premises and equipment expense $2,290
Additional noninterest expense $5,759
Applicable income taxes $3,411
Net charge-offs $-43
Cash dividends $2,880

The Farmers Bank's interest expense for loans was $2,445,000.
The Farmers Bank's payroll and benefits expense were $14,798,000.
The Farmers Bank's property, plant and equipment expenses $2,290,000.

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 $755,852
Deposits held in domestic offices $755,852
Deposits by Individuals, partnerships, and corporations $639,555
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $116,297
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 $297,318
Demand deposits $199,100
Nontransaction accounts $458,534
Money market deposit accounts (MMDAs) $111,181
Other savings deposits (excluding MMDAs) $125,600
Total time deposits $221,753
Total time and savings deposits $556,752
Noninterest-bearing deposits $198,100
Interest-bearing deposits $557,752
Retail deposits $691,528
IRAs and Keogh plan accounts $31,950
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $865,802
Cash & Balances due from depository institutions $69,945
Interest-bearing balances $61,887
Total securities $233,078
Federal funds sold & reverse repurchase $40,000
Net loans and leases $483,358
Loan and leases loss allowance $5,801
Trading account assets $0
Bank premises and fixed assets $9,110
Other real estate owned $0
Goodwill and other intangibles $2,363
All other assets $27,948

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $865,802
Total Liabilities $766,050
Total deposits $755,852
Interest-bearing deposits $557,752
Deposits held in domestic offices $755,852
% insured (estimated) $76
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $10,198

Issued Loan Types

Type Value (in 000's)
Net loans and leases $483,358
Loan and leases loss allowance $5,801
Total loans and leases (domestic) $489,159
All real estate loans $427,590
Real estate loans in domestic offices $427,590
Construction and development loans $122,853
Residential 1-4 family construction $73,920
Other construction, all land development and other land $48,933
Loans secured by nonfarm nonresidential properties $128,177
Nonfarm nonresidential secured by owner-occupied properties $42,468
Commercial real estate & other non-farm, non-residential $85,709
Multifamily residential real estate $8,349
1-4 family residential loans $140,441
Farmland loans $27,770
Loans held in foreign offices $0
Farm loans $2,826
Commercial and industrial loans $46,169
To non-U.S. addressees $0
Loans to individuals $8,656
Credit card loans $0
Related Plans $168
Consumer Auto Loans $1,842
Other loans to individuals $6,646
All other loans & leases $3,918
Loans to foreign governments and official institutions $0
Other loans $3,585
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 $4,014
Non 1-4 family restructured loans & leases $2,614
Total loans and leases (foreign) $0

The Farmers Bank had $483,358,000 of loans outstanding in 2021. $427,590,000 of loans were in real estate loans. $122,853,000 of loans were in development loans. $8,349,000 of loans were in multifamily mortgage loans. $140,441,000 of loans were in 1-4 family mortgage loans. $2,826,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,842,000 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 82 $21,323 $260,037
Nonfarm, nonresidential loans - <$100k 17 $872 $51,294
Nonfarm, nonresidential loans - $100-250k 25 $3,521 $140,840
Nonfarm, nonresidential loans - $250k-1MM 40 $16,930 $423,250
Commercial & Industrial, US addressed loans - <$1MM 561 $35,813 $63,838
Commercial & Industrial, US addressed loans - <$100k 432 $10,735 $24,850
Commercial & Industrial, US addressed loans - $100-250k 88 $11,353 $129,011
Commercial & Industrial, US addressed loans - $250k-1MM 41 $13,725 $334,756
Farmland loans - <$1MM 89 $14,475 $162,640
Farmland loans - <$100k 22 $1,086 $49,364
Farmland loans - $100-250k 40 $5,833 $145,825
Farmland loans - $250k-1MM 27 $7,556 $279,852
Agriculture operations loans - <$1MM 79 $2,210 $27,975
Agriculture operations loans - <$100k 73 $1,353 $18,534
Agriculture operations loans - $100-250k 4 $397 $99,250
Agriculture operations loans - $250k-1MM 2 $460 $230,000