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 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, Clarksville, Bowling Green, Panama City, and North Port among others. We have data for 15 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






    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

    592

    Origination Dollar Volume (All Markets)

    $160,400,000

    Employee count

    150 Show all (11) 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) 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.

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

    KELLEY MORTGAGE, LLC
    Similarity Rank: 336
    First Vision Bank of Tennessee
    Similarity Rank: 657
    US COMMUNITY
    Similarity Rank: 686
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 952
    Southeast Financial Credit Union
    Similarity Rank: 990
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1932
    HERITAGE SOUTH COMMUNITY CU
    Similarity Rank: 2010
    The Farmers Bank
    Similarity Rank: 2295
    First Farmers and Merchants Bank
    Similarity Rank: 2592
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 3328

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, The Farmers Bank's most frequently originated type of loan was Conventional, with 549 originations. Their 2nd most popular type was VA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, The Farmers Bank's most frequently cited loan purpose was Home Purchase, with 297 originations. The 2nd most popular reason was 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 2021, The Farmers Bank's most frequently cited loan duration was 30 Year, with 240 originations. The 2nd most popular length was 1 Year, with 96 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 2 $680,000 $340,000
    $4k-5k 2 $960,000 $480,000
    $5k+ 2 $1,070,000 $535,000

    The Farmers Bank's average total fees were $3,684, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.85%, while their most frequently originated rate bucket for loans was 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
    92.16%

    The Farmers Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.82%

    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 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
    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

    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