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, Cookeville, and Sevierville among others. We have data for 7 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.54% 4/21/24
    30 Year Conventional Refi 6.68% 4/21/24
    30 Year Cash-out Refi 6.68% 4/21/24
    30 Year FHA Purchase 6.95% 4/21/24
    30 Year USDA Purchase 6.44% 4/21/24
    15 Year Conventional Purchase 5.98% 4/21/24
    15 Year Conventional Refi 6.15% 4/21/24
    15 Year Cash-out Refi 6.15% 4/21/24
    15 Year FHA Purchase 7.32% 4/21/24
    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

    502

    Origination Dollar Volume (All Markets)

    $97,180,000

    Employee count

    148 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) 469 $92,345,000 $196,898 $3,160 5.70%
    Outside of Metro Areas 10 $1,190,000 $119,000 $2,838 5.88%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 7 $1,165,000 $166,429 $5,389 5.29%
    BOWLING GREEN, KY (FHA|USDA|VA) 7 $925,000 $132,143 $2,100 6.77%
    Cookeville, TN (FHA|USDA|VA) 5 $835,000 $167,000 $3,438 4.73%
    Sevierville, TN (FHA|USDA|VA) 3 $525,000 $175,000 $2,278 5.58%
    Martin, TN (FHA|USDA|VA) 1 $195,000 $195,000 $2,697 4.75%
    The Farmers Bank's top markets include Nashville, Clarksville, Bowling Green, Cookeville, and Sevierville among others.

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

    US COMMUNITY
    Similarity Rank: 64
    First Advantage Bank
    Similarity Rank: 650
    THE TENNESSEE CREDIT UNION
    Similarity Rank: 720
    KELLEY MORTGAGE, LLC
    Similarity Rank: 945
    First Farmers and Merchants Bank
    Similarity Rank: 986
    The Farmers Bank
    Similarity Rank: 1120
    InterContinental Capital Group, Inc
    Similarity Rank: 1938
    First Financial Bank
    Similarity Rank: 2352
    RBC Bank, (Georgia)
    Similarity Rank: 2983
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 3132

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 452 $86,650,000 $191,704 $2,627 5.89%
    FHA 31 $6,805,000 $219,516 $6,552 3.92%
    USDA 13 $1,915,000 $147,308 $4,283 4.03%
    VA 6 $1,810,000 $301,667 $5,715 3.46%

    For 2019, The Farmers Bank's most frequently originated type of loan was Conventional, with 452 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 268 $64,110,000 $239,216 $3,583 5.46%
    Refi 213 $30,795,000 $144,577 $2,638 5.87%
    Other 11 $935,000 $85,000 $1,899 7.22%
    Home Improvement 9 $1,065,000 $118,333 $1,723 7.11%
    Cash Out Refi 1 $275,000 $275,000 $3,664 3.38%

    For 2019, The Farmers Bank's most frequently cited loan purpose was Home Purchase, with 268 originations. The 2nd most popular reason was Refi, with 213 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 181 $45,875,000 $253,453 $3,852 4.10%
    Other 99 $15,145,000 $152,980 $2,022 7.28%
    1 Year 67 $14,275,000 $213,060 $792 6.91%
    5 Year 63 $7,285,000 $115,635 $1,457 7.08%
    3 Year 46 $6,240,000 $135,652 $1,456 6.94%
    15 Year 28 $4,940,000 $176,429 $2,796 3.50%
    20 Year 13 $3,015,000 $231,923 $2,830 3.88%
    10 Year 5 $405,000 $81,000 $2,105 3.25%

    For 2019, The Farmers Bank's most frequently cited loan duration was 30 Year, with 181 originations. The 2nd most popular length was Other, with 99 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 167 $33,795,000 $202,365
    $1k-2k 126 $28,530,000 $226,429
    $2k-3k 10 $2,150,000 $215,000
    $3k-4k 2 $380,000 $190,000
    $5k+ 2 $1,040,000 $520,000

    The Farmers Bank's average total fees were $3,852, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 167 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 166 $30,400,000 $183,133
    3-4% 126 $31,360,000 $248,889
    4-5% 84 $19,230,000 $228,929
    7-8% 63 $7,535,000 $119,603
    Over 8% 26 $1,760,000 $67,692
    5-6% 25 $4,705,000 $188,200
    2.5-3% 11 $2,175,000 $197,727

    During 2019, The Farmers Bank's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 6-7%, with 166 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 166 $45,250,000 $272,590 $3,708 4.99%
    $100k-200k 153 $22,805,000 $149,052 $3,183 5.53%
    $100,000 or less 139 $7,395,000 $53,201 $1,798 6.94%
    $400k-600k 39 $17,625,000 $451,923 $3,216 4.92%
    $600k-1MM 4 $3,020,000 $755,000 $8,310 6.19%
    $1MM+ 1 $1,085,000 $1,085,000 $0 5.75%

    2019 saw The Farmers Bank place emphasis on $200k-400k loans with 166 originations, totaling $45,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 99 $9,925,000 $100,253 $2,714 6.25%
    $50k-75k 93 $17,255,000 $185,538 $3,339 5.44%
    $75k-100k 85 $17,895,000 $210,529 $3,613 5.33%
    $100k-150k 81 $18,975,000 $234,259 $3,124 5.39%
    $150k-250k 61 $13,435,000 $220,246 $2,925 6.06%
    $250k+ 20 $5,060,000 $253,000 $4,299 5.95%

    The Farmers Bank lent most frequently to those with incomes in the $50k or less range, with 99 originations. The second most popular income band? $50k-75k, with 93 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 78 $17,500,000 $224,359 $3,175 4.68%
    30-36% 45 $9,495,000 $211,000 $3,318 4.66%
    <20% 37 $5,055,000 $136,622 $2,430 5.37%
    50-60% 19 $3,725,000 $196,053 $3,807 6.30%
    >60% 13 $3,195,000 $245,769 $2,245 7.31%
    41% 13 $2,705,000 $208,077 $3,342 4.78%
    40% 12 $2,020,000 $168,333 $2,965 5.55%
    42% 12 $2,790,000 $232,500 $3,786 4.96%
    43% 12 $3,930,000 $327,500 $3,202 3.86%
    37% 11 $2,095,000 $190,455 $3,683 4.63%
    48% 11 $2,855,000 $259,545 $3,092 4.03%
    39% 11 $1,745,000 $158,636 $2,830 6.50%
    38% 9 $1,995,000 $221,667 $3,509 4.18%
    36% 9 $1,885,000 $209,444 $2,464 4.81%
    49% 8 $2,140,000 $267,500 $4,750 4.02%
    47% 6 $1,190,000 $198,333 $3,179 4.29%
    46% 4 $470,000 $117,500 $2,045 7.09%
    45% 4 $1,630,000 $407,500 $3,695 4.50%
    44% 4 $780,000 $195,000 $2,579 4.31%

    The Farmers Bank lent most frequently to those with DTI ratios of 20-30%, with 78 originations. The next most common DTI ratio? 30-36%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 443 $84,325,000 $190,350 $3,129 5.59%
    Not applicable 42 $10,100,000 $240,476 $0 6.71%
    Black 11 $1,515,000 $137,727 $4,311 6.77%
    Asian 2 $410,000 $205,000 $3,182 5.75%
    Not provided 2 $380,000 $190,000 $2,890 3.75%
    American Indian 1 $225,000 $225,000 $3,248 3.75%
    Asian Indian 1 $225,000 $225,000 $2,927 4.25%

    Approval Rates

    Total approvals of all applications
    91.54%

    The Farmers Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.85%

    The Farmers Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 502 $97,180,000 $193,586

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $770,000 $385,000
    Multifamily:Site-Built 3 $875,000 $291,667
    Single Family (1-4 Units):Manufactured 52 $3,630,000 $69,808
    Single Family (1-4 Units):Site-Built 445 $91,905,000 $206,528

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 68 $5,430,000 $79,853 $1,901 6.60%
    40-60% 67 $11,055,000 $165,000 $2,846 5.62%
    60-80% 166 $40,580,000 $244,458 $2,915 5.38%
    80-100% 164 $37,550,000 $228,963 $4,075 5.44%
    Over 100% 6 $1,120,000 $186,667 $5,043 5.54%
    Under 20% 18 $530,000 $29,444 $1,135 7.28%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Farmers Bank 107 North Broadway Portland, TN 37148 Full Service B&M $28,554
    The Farmers Bank 120 Village Drive Portland, TN 37148 Full Service B&M $209,242
    The Farmers Bank 1203 Memorial Boulevard Springfield, TN 37172 Full Service B&M $71,828
    The Farmers Bank 1250 Louisville Highway Goodlettsville, TN 37072 Full Service B&M $23,721
    The Farmers Bank 1765 Hwy 41 South Ridgetop, TN 37152 Full Service B&M $43,528
    The Farmers Bank 2787 Highway 31w White House, TN 37188 Full Service B&M $38,430
    The Farmers Bank 3490 Tom Austin Highway Springfield, TN 37172 Full Service B&M $44,035
    The Farmers Bank 515 Highway 76 White House, TN 37188 Full Service B&M $63,528
    The Farmers Bank 5804 Austin Peay Highway Westmoreland, TN 37186 Full Service B&M $35,306
    The Farmers Bank 7836 Highway 25 Cross Plains, TN 37049 Full Service B&M $14,807

    For 2019, The Farmers Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $33,541
    Net interest income $26,135
    Total noninterest income $6,494
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,723
    Trading account gains and fees $0
    Additional Noninterest Income $3,771
    Pre-tax net operating income $12,132
    Securities gains (or losses, -) $45
    Income before extraordinary items $9,493
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,493
    Minority interest net income $0
    Net income $9,493
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,457

    The Farmers Bank's gross interest income from loans was $33,541,000.
    The Farmers Bank's net interest income from loans was $26,135,000.
    The Farmers Bank's fee based income from loans was $2,723,000.
    The Farmers Bank's net income from loans was $9,493,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,406
    Provision for credit losses $210
    Total noninterest expense $20,287
    Salaries and employee benefits $13,150
    Premises and equipment expense $2,256
    Additional noninterest expense $4,881
    Applicable income taxes $2,684
    Net charge-offs $75
    Cash dividends $2,400

    The Farmers Bank's interest expense for loans was $7,406,000.
    The Farmers Bank's payroll and benefits expense were $13,150,000.
    The Farmers Bank's property, plant and equipment expenses $2,256,000.

    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 $593,378
    Deposits held in domestic offices $593,378
    Deposits by Individuals, partnerships, and corporations $493,372
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $100,006
    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 $185,098
    Demand deposits $123,631
    Nontransaction accounts $408,280
    Money market deposit accounts (MMDAs) $81,670
    Other savings deposits (excluding MMDAs) $67,700
    Total time deposits $258,910
    Total time and savings deposits $469,747
    Noninterest-bearing deposits $123,631
    Interest-bearing deposits $469,747
    Retail deposits $524,727
    IRAs and Keogh plan accounts $33,888
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $697,513
    Cash & Balances due from depository institutions $31,704
    Interest-bearing balances $22,885
    Total securities $161,979
    Federal funds sold & reverse repurchase $15,000
    Net loans and leases $448,507
    Loan and leases loss allowance $5,351
    Trading account assets $0
    Bank premises and fixed assets $10,111
    Other real estate owned $0
    Goodwill and other intangibles $2,401
    All other assets $27,811

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $697,513
    Total Liabilities $613,365
    Total deposits $593,378
    Interest-bearing deposits $469,747
    Deposits held in domestic offices $593,378
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,000
    Subordinated debt $0
    All other liabilities $9,987

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $448,507
    Loan and leases loss allowance $5,351
    Total loans and leases (domestic) $453,858
    All real estate loans $404,592
    Real estate loans in domestic offices $404,592
    Construction and development loans $105,643
    Residential 1-4 family construction $58,913
    Other construction, all land development and other land $46,730
    Loans secured by nonfarm nonresidential properties $123,139
    Nonfarm nonresidential secured by owner-occupied properties $51,880
    Commercial real estate & other non-farm, non-residential $71,259
    Multifamily residential real estate $5,181
    1-4 family residential loans $138,504
    Farmland loans $32,125
    Loans held in foreign offices $0
    Farm loans $3,389
    Commercial and industrial loans $34,638
    To non-U.S. addressees $0
    Loans to individuals $9,853
    Credit card loans $0
    Related Plans $90
    Consumer Auto Loans $1,849
    Other loans to individuals $7,914
    All other loans & leases $1,386
    Loans to foreign governments and official institutions $0
    Other loans $466
    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 $3,064
    Non 1-4 family restructured loans & leases $2,718
    Total loans and leases (foreign) $0

    The Farmers Bank had $448,507,000 of loans outstanding in 2019. $404,592,000 of loans were in real estate loans. $105,643,000 of loans were in development loans. $5,181,000 of loans were in multifamily mortgage loans. $138,504,000 of loans were in 1-4 family mortgage loans. $3,389,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,849,000 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 106 $26,792 $252,755
    Nonfarm, nonresidential loans - <$100k 20 $1,048 $52,400
    Nonfarm, nonresidential loans - $100-250k 40 $5,431 $135,775
    Nonfarm, nonresidential loans - $250k-1MM 46 $20,313 $441,587
    Commercial & Industrial, US addressed loans - <$1MM 680 $30,525 $44,890
    Commercial & Industrial, US addressed loans - <$100k 572 $12,599 $22,026
    Commercial & Industrial, US addressed loans - $100-250k 78 $8,817 $113,038
    Commercial & Industrial, US addressed loans - $250k-1MM 30 $9,109 $303,633
    Farmland loans - <$1MM 108 $16,077 $148,861
    Farmland loans - <$100k 37 $1,769 $47,811
    Farmland loans - $100-250k 38 $5,117 $134,658
    Farmland loans - $250k-1MM 33 $9,191 $278,515
    Agriculture operations loans - <$1MM 78 $2,811 $36,038
    Agriculture operations loans - <$100k 70 $1,434 $20,486
    Agriculture operations loans - $100-250k 6 $714 $119,000
    Agriculture operations loans - $250k-1MM 2 $663 $331,500