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

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 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 by origination volume include: Nashville, Bowling Green, Clarksville, Crestview, and Central City 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%	11/21/24
30 Year Conventional Refi	6.68%	11/21/24
30 Year Cash-out Refi	6.68%	11/21/24
30 Year FHA Purchase	6.95%	11/21/24
30 Year USDA Purchase	6.44%	11/21/24
15 Year Conventional Purchase	5.98%	11/21/24
15 Year Conventional Refi	6.15%	11/21/24
15 Year Cash-out Refi	6.15%	11/21/24
15 Year FHA Purchase	7.32%	11/21/24
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

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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

640

Origination Dollar Volume (All Markets)

$145,790,000

Employee count

148

Awards

The Farmers Bank 30 Year Conventional Loans bronze

Show all (9) 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)	608	$137,500,000	$226,151	$3,141	4.45%
Outside of Metro Areas	11	$4,715,000	$428,636	$2,849	3.80%
BOWLING GREEN, KY (FHA\|USDA\|VA)	8	$1,100,000	$137,500	$3,197	5.08%
CLARKSVILLE, TN-KY (FHA\|USDA\|VA)	6	$750,000	$125,000	$3,711	5.15%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	1	$435,000	$435,000	$0	5.00%
Central City, KY (FHA\|USDA\|VA)	1	$335,000	$335,000	$0	5.75%
Oxford, MS (FHA\|USDA\|VA)	1	$295,000	$295,000	$8,575	2.50%
PANAMA CITY, FL (FHA\|USDA\|VA)	1	$245,000	$245,000	$0	6.50%
MEMPHIS, TN-MS-AR (FHA\|USDA\|VA)	1	$185,000	$185,000	$4,111	5.75%
Crossville, TN (FHA\|USDA\|VA)	1	$155,000	$155,000	$2,806	2.25%
Paris, TN (FHA\|USDA\|VA)	1	$75,000	$75,000	$2,801	2.50%

The Farmers Bank's top markets include Nashville, Bowling Green, Clarksville, Crestview, and Central City among others.

Their top states include:

Tennessee (FHA|USDA|VA)

Kentucky (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Mississippi (FHA|USDA|VA)

Alabama (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.

Old Hickory Credit Union
Similarity Rank: 680

TENNESSEE TRUST MORTGAGE, INC
Similarity Rank: 684

Legacy Home Loans, LLC
Similarity Rank: 832

First Advantage Bank
Similarity Rank: 834

KELLEY MORTGAGE, LLC
Similarity Rank: 1350

The Farmers Bank
Similarity Rank: 1430

SHELTER MORTGAGE COMPANY, L.L.C.
Similarity Rank: 1771

Leaders Credit Union
Similarity Rank: 1786

US COMMUNITY
Similarity Rank: 1818

Independent Bank
Similarity Rank: 2175

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	603	$138,305,000	$229,362	$2,849	4.55%
FHA	21	$4,685,000	$223,095	$6,758	2.92%
USDA	14	$2,410,000	$172,143	$4,862	2.87%
VA	2	$390,000	$195,000	$6,212	3.19%

For 2020, The Farmers Bank's most frequently originated type of loan was Conventional, with 603 originations. Their 2nd most popular type was FHA, with 21 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	309	$72,085,000	$233,285	$3,473	4.74%
Refi	241	$54,165,000	$224,751	$2,787	4.33%
Cash Out Refi	63	$14,905,000	$236,587	$3,309	3.04%
Home Improvement	21	$3,715,000	$176,905	$4,403	5.75%
Other	6	$920,000	$153,333	$2,340	4.69%

For 2020, The Farmers Bank's most frequently cited loan purpose was Home Purchase, with 309 originations. The 2nd most popular reason was Refi, with 241 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	255	$63,225,000	$247,941	$3,499	3.11%
5 Year	103	$25,255,000	$245,194	$1,052	6.22%
Other	77	$17,355,000	$225,390	$2,258	6.35%
1 Year	75	$17,525,000	$233,667	$0	6.18%
15 Year	66	$12,380,000	$187,576	$2,852	2.66%
3 Year	39	$4,545,000	$116,538	$0	5.40%
20 Year	19	$3,895,000	$205,000	$2,790	3.03%
10 Year	6	$1,610,000	$268,333	$2,304	3.45%

For 2020, The Farmers Bank's most frequently cited loan duration was 30 Year, with 255 originations. The 2nd most popular length was 5 Year, with 103 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	287	$67,035,000	$233,571
$<1k	85	$19,025,000	$223,824
$2k-3k	8	$2,460,000	$307,500
$5k+	3	$1,465,000	$488,333
$3k-4k	1	$95,000	$95,000

The Farmers Bank's average total fees were $3,499, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 287 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	132	$31,610,000	$239,470
3-4%	132	$31,260,000	$236,818
6-7%	107	$18,945,000	$177,056
5-6%	102	$27,450,000	$269,118
<2.5%	74	$15,870,000	$214,459
4-5%	64	$17,780,000	$277,813
7-8%	19	$2,215,000	$116,579
Over 8%	10	$660,000	$66,000

During 2020, The Farmers Bank's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 132 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	238	$65,800,000	$276,471	$3,417	4.01%
$100k-200k	216	$31,650,000	$146,528	$3,043	4.21%
$100,000 or less	124	$7,140,000	$57,581	$2,169	5.79%
$400k-600k	45	$21,025,000	$467,222	$3,223	4.00%
$600k-1MM	11	$8,175,000	$743,182	$4,654	5.38%
$1MM+	6	$12,000,000	$2,000,000	$0	5.00%

2020 saw The Farmers Bank place emphasis on $200k-400k loans with 238 originations, totaling $65,800,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	112	$20,310,000	$181,339	$3,141	4.07%
$50k or less	110	$14,090,000	$128,091	$2,948	4.66%
$100k-150k	99	$27,205,000	$274,798	$3,347	3.78%
$75k-100k	97	$22,165,000	$228,505	$3,090	3.93%
$150k-250k	75	$19,185,000	$255,800	$3,633	4.86%
$250k+	32	$10,870,000	$339,688	$3,812	5.51%

The Farmers Bank lent most frequently to those with incomes in the $50k-75k range, with 112 originations. The second most popular income band? $50k or less, with 110 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	104	$22,490,000	$216,250	$3,055	3.18%
30-36%	60	$12,960,000	$216,000	$3,137	3.53%
<20%	50	$8,580,000	$171,600	$2,768	3.55%
41%	23	$6,245,000	$271,522	$3,102	3.18%
43%	19	$5,115,000	$269,211	$3,581	3.46%
38%	19	$4,425,000	$232,895	$2,911	3.68%
40%	18	$4,260,000	$236,667	$3,256	3.33%
45%	13	$3,835,000	$295,000	$4,310	3.38%
36%	13	$3,965,000	$305,000	$3,146	3.53%
47%	12	$2,760,000	$230,000	$3,513	3.53%
48%	10	$2,970,000	$297,000	$3,589	3.28%
44%	10	$2,700,000	$270,000	$3,341	4.25%
42%	9	$2,525,000	$280,556	$2,951	3.64%
39%	9	$2,015,000	$223,889	$3,079	3.29%
50-60%	9	$2,025,000	$225,000	$4,093	5.14%
37%	8	$1,970,000	$246,250	$3,389	3.36%
46%	8	$1,910,000	$238,750	$3,181	3.27%
>60%	6	$1,400,000	$233,333	$2,062	6.96%
49%	3	$755,000	$251,667	$2,739	2.79%

The Farmers Bank lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? 30-36%, with 60 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	530	$114,170,000	$215,415	$3,148	4.28%
Not applicable	89	$26,995,000	$303,315	$0	5.61%
Not provided	9	$2,695,000	$299,444	$3,144	3.13%
Black	9	$1,585,000	$176,111	$3,941	4.50%
Asian	3	$345,000	$115,000	$2,575	4.92%

Approval Rates

Total approvals of all applications
92.90%

The Farmers Bank has an average approval rate.

Pick Rate

Approvals leading to origination
87.50%

The Farmers Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	640	$145,790,000	$227,797

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	8	$6,820,000	$852,500
Single Family (1-4 Units):Manufactured	47	$4,165,000	$88,617
Single Family (1-4 Units):Site-Built	585	$134,805,000	$230,436

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	56	$5,200,000	$92,857	$2,214	5.17%
40-60%	95	$17,445,000	$183,632	$2,771	4.05%
60-80%	287	$70,805,000	$246,707	$3,026	4.30%
80-100%	175	$47,295,000	$270,257	$3,962	4.49%
Over 100%	8	$2,910,000	$363,750	$2,828	5.41%
Under 20%	10	$570,000	$57,000	$1,650	5.79%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
The Farmers Bank	120 Village Drive Portland, TN 37148	Full Service B&M	$255,448
The Farmers Bank	1203 Memorial Boulevard Springfield, TN 37172	Full Service B&M	$84,895
The Farmers Bank	1250 Louisville Highway Goodlettsville, TN 37072	Full Service B&M	$32,941
The Farmers Bank	1765 Hwy 41 South Ridgetop, TN 37152	Full Service B&M	$44,620
The Farmers Bank	2787 Highway 31w White House, TN 37188	Full Service B&M	$42,044
The Farmers Bank	3490 Tom Austin Highway Springfield, TN 37172	Full Service B&M	$42,902
The Farmers Bank	515 Highway 76 White House, TN 37188	Full Service B&M	$73,317
The Farmers Bank	5804 Austin Peay Highway Westmoreland, TN 37186	Full Service B&M	$36,155
The Farmers Bank	7836 Highway 25 Cross Plains, TN 37049	Full Service B&M	$17,305

For 2020, The Farmers Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$33,447
Net interest income	$28,607
Total noninterest income	$6,654
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$2,005
Trading account gains and fees	$0
Additional Noninterest Income	$4,649
Pre-tax net operating income	$13,167
Securities gains (or losses, -)	$27
Income before extraordinary items	$10,351
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$10,351
Minority interest net income	$0
Net income	$10,351
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$10,329

The Farmers Bank's gross interest income from loans was $33,447,000.
The Farmers Bank's net interest income from loans was $28,607,000.
The Farmers Bank's fee based income from loans was $2,005,000.
The Farmers Bank's net income from loans was $10,351,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,840
Provision for credit losses	$480
Total noninterest expense	$21,614
Salaries and employee benefits	$13,933
Premises and equipment expense	$2,263
Additional noninterest expense	$5,418
Applicable income taxes	$2,843
Net charge-offs	$103
Cash dividends	$2,506

The Farmers Bank's interest expense for loans was $4,840,000.
The Farmers Bank's payroll and benefits expense were $13,933,000.
The Farmers Bank's property, plant and equipment expenses $2,263,000.

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	$656,427
Deposits held in domestic offices	$656,427
Deposits by Individuals, partnerships, and corporations	$558,638
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$97,789
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	$237,640
Demand deposits	$164,072
Nontransaction accounts	$418,787
Money market deposit accounts (MMDAs)	$97,089
Other savings deposits (excluding MMDAs)	$90,370
Total time deposits	$231,328
Total time and savings deposits	$492,355
Noninterest-bearing deposits	$164,072
Interest-bearing deposits	$492,355
Retail deposits	$591,859
IRAs and Keogh plan accounts	$32,370
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$760,136
Cash & Balances due from depository institutions	$37,754
Interest-bearing balances	$29,707
Total securities	$178,059
Federal funds sold & reverse repurchase	$47,500
Net loans and leases	$457,897
Loan and leases loss allowance	$5,728
Trading account assets	$0
Bank premises and fixed assets	$9,660
Other real estate owned	$0
Goodwill and other intangibles	$2,387
All other assets	$26,879

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$760,136
Total Liabilities	$667,661
Total deposits	$656,427
Interest-bearing deposits	$492,355
Deposits held in domestic offices	$656,427
% insured (estimated)	$79
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$11,234

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$457,897
Loan and leases loss allowance	$5,728
Total loans and leases (domestic)	$463,625
All real estate loans	$410,220
Real estate loans in domestic offices	$410,220
Construction and development loans	$114,172
Residential 1-4 family construction	$62,216
Other construction, all land development and other land	$51,956
Loans secured by nonfarm nonresidential properties	$121,323
Nonfarm nonresidential secured by owner-occupied properties	$45,740
Commercial real estate & other non-farm, non-residential	$75,583
Multifamily residential real estate	$5,470
1-4 family residential loans	$141,125
Farmland loans	$28,130
Loans held in foreign offices	$0
Farm loans	$2,170
Commercial and industrial loans	$41,377
To non-U.S. addressees	$0
Loans to individuals	$8,596
Credit card loans	$0
Related Plans	$67
Consumer Auto Loans	$1,759
Other loans to individuals	$6,770
All other loans & leases	$1,262
Loans to foreign governments and official institutions	$0
Other loans	$143
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	$3,156
Non 1-4 family restructured loans & leases	$2,656
Total loans and leases (foreign)	$0

The Farmers Bank had $457,897,000 of loans outstanding in 2020. $410,220,000 of loans were in real estate loans. $114,172,000 of loans were in development loans. $5,470,000 of loans were in multifamily mortgage loans. $141,125,000 of loans were in 1-4 family mortgage loans. $2,170,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,759,000 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	94	$23,710	$252,234
Nonfarm, nonresidential loans - <$100k	20	$1,066	$53,300
Nonfarm, nonresidential loans - $100-250k	34	$4,814	$141,588
Nonfarm, nonresidential loans - $250k-1MM	40	$17,830	$445,750
Commercial & Industrial, US addressed loans - <$1MM	617	$30,712	$49,776
Commercial & Industrial, US addressed loans - <$100k	511	$11,694	$22,885
Commercial & Industrial, US addressed loans - $100-250k	70	$8,674	$123,914
Commercial & Industrial, US addressed loans - $250k-1MM	36	$10,344	$287,333
Farmland loans - <$1MM	102	$14,990	$146,961
Farmland loans - <$100k	30	$1,504	$50,133
Farmland loans - $100-250k	38	$5,357	$140,974
Farmland loans - $250k-1MM	34	$8,129	$239,088
Agriculture operations loans - <$1MM	75	$2,170	$28,933
Agriculture operations loans - <$100k	70	$1,335	$19,071
Agriculture operations loans - $100-250k	3	$345	$115,000
Agriculture operations loans - $250k-1MM	2	$490	$245,000