The Farmers Bank Mortgage Rates, Fees & Info

Portland, TN

LEI: 549300C4CKL0HRXJ3085

Tax ID: 62-0197640

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • 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

    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 an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Nashville, Clarksville, Bowling Green, Crestview, and Cookeville among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Farmers Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. The Farmers 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.54% 12/3/24
    30 Year Conventional Refi 6.68% 12/3/24
    30 Year Cash-out Refi 6.68% 12/3/24
    30 Year FHA Purchase 6.95% 12/3/24
    30 Year USDA Purchase 6.44% 12/3/24
    15 Year Conventional Purchase 5.98% 12/3/24
    15 Year Conventional Refi 6.15% 12/3/24
    15 Year Cash-out Refi 6.15% 12/3/24
    15 Year FHA Purchase 7.32% 12/3/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    The Farmers Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The Farmers Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    523

    Origination Dollar Volume (All Markets)

    $90,555,000

    Employee count

    156 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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 495 $86,515,000 $174,778 $2,862 5.90%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 7 $825,000 $117,857 $7,675 5.70%
    Outside of Metro Areas 8 $820,000 $102,500 $2,790 6.00%
    BOWLING GREEN, KY (FHA|USDA|VA) 3 $515,000 $171,667 $3,243 5.21%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $415,000 $415,000 $0 6.50%
    Cookeville, TN (FHA|USDA|VA) 3 $375,000 $125,000 $2,482 4.92%
    Glasgow, KY (FHA|USDA|VA) 2 $370,000 $185,000 $2,701 5.31%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $265,000 $265,000 $7,405 4.38%
    Sevierville, TN (FHA|USDA|VA) 1 $215,000 $215,000 $0 7.00%
    Lewisburg, TN (FHA|USDA|VA) 1 $185,000 $185,000 $6,181 4.25%
    McMinnville, TN (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.75%
    The Farmers Bank's top markets include Nashville, Clarksville, Bowling Green, Crestview, and Cookeville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    KELLEY MORTGAGE, LLC
    Similarity Rank: 412
    US COMMUNITY
    Similarity Rank: 555
    Southeast Financial Credit Union
    Similarity Rank: 742
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 750
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1228
    Volunteer State Bank
    Similarity Rank: 1728
    Listerhill Credit Union
    Similarity Rank: 1824
    The Farmers Bank
    Similarity Rank: 2013
    First Farmers and Merchants Bank
    Similarity Rank: 2338
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 2548

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 470 $80,710,000 $171,723 $2,377 5.87%
    FHA 31 $6,235,000 $201,129 $6,073 7.38%
    USDA 17 $2,515,000 $147,941 $4,148 4.22%
    VA 5 $1,095,000 $219,000 $4,229 4.00%

    For 2018, The Farmers Bank's most frequently originated type of loan was Conventional, with 470 originations. Their 2nd most popular type was FHA, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 298 $62,880,000 $211,007 $3,365 5.69%
    Refi 160 $19,700,000 $123,125 $1,885 6.30%
    Home Improvement 28 $2,730,000 $97,500 $1,673 6.11%
    Cash Out Refi 21 $3,725,000 $177,381 $3,522 4.56%
    Other 16 $1,520,000 $95,000 $1,698 6.83%

    For 2018, The Farmers Bank's most frequently cited loan purpose was Home Purchase, with 298 originations. The 2nd most popular reason was Refi, with 160 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 156 $34,220,000 $219,359 $3,686 5.15%
    Other 108 $15,870,000 $146,944 $1,982 6.57%
    5 Year 75 $8,925,000 $119,000 $1,211 6.23%
    1 Year 64 $13,730,000 $214,531 $1,437 6.19%
    3 Year 51 $7,165,000 $140,490 $0 6.52%
    10 Year 50 $7,770,000 $155,400 $2,026 5.81%
    15 Year 17 $2,655,000 $156,176 $2,767 4.10%
    20 Year 2 $220,000 $110,000 $2,363 4.69%

    For 2018, The Farmers Bank's most frequently cited loan duration was 30 Year, with 156 originations. The 2nd most popular length was Other, with 108 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 235 $40,605,000 $172,787
    $1k-2k 30 $5,200,000 $173,333
    $2k-3k 9 $3,025,000 $336,111
    $3k-4k 5 $1,705,000 $341,000
    $4k-5k 2 $800,000 $400,000

    The Farmers Bank's average total fees were $3,686, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 235 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 181 $31,165,000 $172,182
    4-5% 148 $33,540,000 $226,622
    6-7% 124 $16,500,000 $133,065
    3-4% 26 $5,290,000 $203,462
    7-8% 25 $2,215,000 $88,600
    Over 8% 16 $1,380,000 $86,250

    During 2018, The Farmers Bank's average interest rate for loans was 5.15%, while their most frequently originated rate bucket for loans was 5-6%, with 181 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 185 $27,085,000 $146,405 $3,078 6.05%
    $100,000 or less 183 $10,365,000 $56,639 $1,715 6.31%
    $200k-400k 119 $32,365,000 $271,975 $3,393 5.16%
    $400k-600k 28 $13,260,000 $473,571 $3,962 5.26%
    $600k-1MM 5 $3,635,000 $727,000 $0 5.80%
    $1MM+ 3 $3,845,000 $1,281,667 $0 4.95%

    2018 saw The Farmers Bank place emphasis on $100k-200k loans with 185 originations, totaling $27,085,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 115 $10,715,000 $93,174 $2,431 6.75%
    $50k-75k 109 $17,725,000 $162,615 $2,852 5.58%
    $75k-100k 103 $19,975,000 $193,932 $3,211 5.64%
    $100k-150k 57 $10,855,000 $190,439 $3,364 5.66%
    $150k-250k 53 $13,945,000 $263,113 $3,289 5.88%
    $250k+ 18 $3,780,000 $210,000 $3,336 5.60%

    The Farmers Bank lent most frequently to those with incomes in the $50k or less range, with 115 originations. The second most popular income band? $50k-75k, with 109 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 74 $11,800,000 $159,459 $2,672 5.41%
    30-36% 64 $10,510,000 $164,219 $3,086 5.27%
    <20% 33 $4,215,000 $127,727 $2,332 5.87%
    50-60% 19 $4,005,000 $210,789 $2,645 11.03%
    >60% 11 $2,655,000 $241,364 $1,885 6.99%
    37% 11 $2,185,000 $198,636 $2,514 5.08%
    40% 10 $1,830,000 $183,000 $3,408 4.31%
    41% 10 $2,140,000 $214,000 $3,659 4.86%
    39% 10 $1,790,000 $179,000 $2,658 5.94%
    49% 10 $1,820,000 $182,000 $3,283 4.75%
    47% 9 $2,425,000 $269,444 $3,734 5.11%
    46% 9 $2,175,000 $241,667 $3,135 4.54%
    43% 8 $1,910,000 $238,750 $3,549 4.88%
    36% 7 $675,000 $96,429 $3,422 5.71%
    42% 7 $1,115,000 $159,286 $2,837 5.02%
    45% 6 $1,690,000 $281,667 $3,647 4.60%
    44% 5 $755,000 $151,000 $2,553 4.65%
    38% 4 $880,000 $220,000 $4,224 4.88%
    48% 3 $995,000 $331,667 $2,780 4.58%

    The Farmers Bank lent most frequently to those with DTI ratios of 20-30%, with 74 originations. The next most common DTI ratio? 30-36%, with 64 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 457 $77,205,000 $168,939 $2,896 5.91%
    Not applicable 53 $10,645,000 $200,849 $0 5.73%
    Asian 4 $1,230,000 $307,500 $4,574 5.50%
    Black 7 $925,000 $132,143 $2,100 5.88%
    Not provided 1 $285,000 $285,000 $0 0.00%
    American Indian 1 $265,000 $265,000 $2,580 4.63%

    Approval Rates

    Total approvals of all applications
    93.33%

    The Farmers Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.04%

    The Farmers Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 523 $90,555,000 $173,145

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $2,215,000 $738,333
    Single Family (1-4 Units):Manufactured 60 $4,570,000 $76,167
    Single Family (1-4 Units):Site-Built 460 $83,770,000 $182,109

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $5,235,000 $80,538 $1,611 6.16%
    40-60% 72 $10,690,000 $148,472 $2,072 5.98%
    60-80% 163 $31,135,000 $191,012 $2,731 5.53%
    80-100% 179 $40,375,000 $225,559 $3,835 5.97%
    Over 100% 8 $1,170,000 $146,250 $3,663 5.16%
    Under 20% 18 $720,000 $40,000 $1,243 6.82%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Farmers Bank 107 North Broadway Portland, TN 37148 Full Service B&M $28,217
    The Farmers Bank 120 Village Drive Portland, TN 37148 Full Service B&M $202,675
    The Farmers Bank 1203 Memorial Boulevard Springfield, TN 37172 Full Service B&M $71,850
    The Farmers Bank 1250 Louisville Highway Goodlettsville, TN 37072 Full Service B&M $23,024
    The Farmers Bank 1765 Hwy 41 South Ridgetop, TN 37152 Full Service B&M $40,544
    The Farmers Bank 2790 Highway 31-W White House, TN 37188 Limited, Drive-thru $13,995
    The Farmers Bank 3490 Tom Austin Highway Springfield, TN 37172 Full Service B&M $35,621
    The Farmers Bank 515 Highway 76 White House, TN 37188 Full Service B&M $79,308
    The Farmers Bank 5804 Austin Peay Highway Westmoreland, TN 37186 Full Service B&M $29,572
    The Farmers Bank 7836 Highway 25 Cross Plains, TN 37049 Full Service B&M $13,592

    For 2018, The Farmers Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $30,909
    Net interest income $26,458
    Total noninterest income $5,646
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,372
    Trading account gains and fees $0
    Additional Noninterest Income $3,274
    Pre-tax net operating income $11,470
    Securities gains (or losses, -) $63
    Income before extraordinary items $9,101
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,101
    Minority interest net income $0
    Net income $9,101
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,051

    The Farmers Bank's gross interest income from loans was $30,909,000.
    The Farmers Bank's net interest income from loans was $26,458,000.
    The Farmers Bank's fee based income from loans was $2,372,000.
    The Farmers Bank's net income from loans was $9,101,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,451
    Provision for credit losses $870
    Total noninterest expense $19,764
    Salaries and employee benefits $12,767
    Premises and equipment expense $1,944
    Additional noninterest expense $5,053
    Applicable income taxes $2,432
    Net charge-offs $668
    Cash dividends $2,556

    The Farmers Bank's interest expense for loans was $4,451,000.
    The Farmers Bank's payroll and benefits expense were $12,767,000.
    The Farmers Bank's property, plant and equipment expenses $1,944,000.

    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 1.0%
    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 $556,240
    Deposits held in domestic offices $556,240
    Deposits by Individuals, partnerships, and corporations $466,254
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $89,986
    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 $169,672
    Demand deposits $112,744
    Nontransaction accounts $386,568
    Money market deposit accounts (MMDAs) $68,997
    Other savings deposits (excluding MMDAs) $63,234
    Total time deposits $254,337
    Total time and savings deposits $443,496
    Noninterest-bearing deposits $112,744
    Interest-bearing deposits $443,496
    Retail deposits $483,509
    IRAs and Keogh plan accounts $33,681
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $667,611
    Cash & Balances due from depository institutions $18,821
    Interest-bearing balances $11,078
    Total securities $153,452
    Federal funds sold & reverse repurchase $9,000
    Net loans and leases $447,293
    Loan and leases loss allowance $5,216
    Trading account assets $0
    Bank premises and fixed assets $8,811
    Other real estate owned $0
    Goodwill and other intangibles $2,411
    All other assets $27,823

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $667,611
    Total Liabilities $592,309
    Total deposits $556,240
    Interest-bearing deposits $443,496
    Deposits held in domestic offices $556,240
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $30,000
    Subordinated debt $0
    All other liabilities $6,069

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $447,293
    Loan and leases loss allowance $5,216
    Total loans and leases (domestic) $452,509
    All real estate loans $404,640
    Real estate loans in domestic offices $404,640
    Construction and development loans $100,749
    Residential 1-4 family construction $59,350
    Other construction, all land development and other land $41,399
    Loans secured by nonfarm nonresidential properties $122,614
    Nonfarm nonresidential secured by owner-occupied properties $56,026
    Commercial real estate & other non-farm, non-residential $66,588
    Multifamily residential real estate $2,682
    1-4 family residential loans $147,212
    Farmland loans $31,383
    Loans held in foreign offices $0
    Farm loans $3,290
    Commercial and industrial loans $33,021
    To non-U.S. addressees $0
    Loans to individuals $9,795
    Credit card loans $0
    Related Plans $49
    Consumer Auto Loans $1,853
    Other loans to individuals $7,893
    All other loans & leases $1,763
    Loans to foreign governments and official institutions $0
    Other loans $326
    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 $598
    Non 1-4 family restructured loans & leases $410
    Total loans and leases (foreign) $0

    The Farmers Bank had $447,293,000 of loans outstanding in 2018. $404,640,000 of loans were in real estate loans. $100,749,000 of loans were in development loans. $2,682,000 of loans were in multifamily mortgage loans. $147,212,000 of loans were in 1-4 family mortgage loans. $3,290,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,853,000 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 104 $26,698 $256,712
    Nonfarm, nonresidential loans - <$100k 16 $892 $55,750
    Nonfarm, nonresidential loans - $100-250k 41 $5,512 $134,439
    Nonfarm, nonresidential loans - $250k-1MM 47 $20,294 $431,787
    Commercial & Industrial, US addressed loans - <$1MM 663 $28,500 $42,986
    Commercial & Industrial, US addressed loans - <$100k 570 $12,321 $21,616
    Commercial & Industrial, US addressed loans - $100-250k 62 $6,776 $109,290
    Commercial & Industrial, US addressed loans - $250k-1MM 31 $9,403 $303,323
    Farmland loans - <$1MM 96 $15,342 $159,813
    Farmland loans - <$100k 34 $1,669 $49,088
    Farmland loans - $100-250k 30 $4,149 $138,300
    Farmland loans - $250k-1MM 32 $9,524 $297,625
    Agriculture operations loans - <$1MM 88 $2,625 $29,830
    Agriculture operations loans - <$100k 81 $1,751 $21,617
    Agriculture operations loans - $100-250k 6 $586 $97,667
    Agriculture operations loans - $250k-1MM 1 $288 $288,000