The Farmers Bank Mortgage Rates, Fees & Info
Portland, TNLEI: 549300C4CKL0HRXJ3085
Tax ID: 62-0197640
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Bank 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
592Origination Dollar Volume (All Markets)
$160,400,000Employee count
150Awards
The Farmers Bank - 2021
The Farmers Bank is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications92.51%
The Farmers Bank has an average approval rate.
Pick Rate
Approvals leading to origination87.06%
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 |
