Farmers & Merchants Bank Mortgage Rates, Fees & Info

Lakeland, GA

LEI: 549300ELFWNRX6MLE444

Tax ID: 58-0239830

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

Review & Overview

Farmers & Merchants Bank is a smaller bank specializing in Refi and Home Purchase loans. Farmers & Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Valdosta, Atlanta, Tifton, Seneca, and Brunswick among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

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Originations

313

Origination Dollar Volume (All Markets)

$32,545,000

Employee count

119

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
VALDOSTA, GA (FHA\|USDA\|VA)	180	$22,490,000	$124,944	$0	0.00%
Outside of Metro Areas	110	$7,190,000	$65,364	$0	0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	6	$1,030,000	$171,667	$0	0.00%
Tifton, GA (FHA\|USDA\|VA)	2	$390,000	$195,000	$0	0.00%
Seneca, SC (FHA\|USDA\|VA)	1	$385,000	$385,000	$0	0.00%
BRUNSWICK, GA (FHA\|USDA\|VA)	2	$250,000	$125,000	$0	0.00%
Waycross, GA (FHA\|USDA\|VA)	5	$195,000	$39,000	$0	0.00%
Douglas, GA (FHA\|USDA\|VA)	2	$170,000	$85,000	$0	0.00%
Moultrie, GA (FHA\|USDA\|VA)	1	$145,000	$145,000	$0	0.00%
JACKSONVILLE, FL (FHA\|USDA\|VA)	1	$145,000	$145,000	$0	0.00%
ALBANY, GA (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	0.00%
WARNER ROBINS, GA (FHA\|USDA\|VA)	2	$40,000	$20,000	$0	0.00%

Farmers & Merchants Bank's top markets include Valdosta, Atlanta, Tifton, Seneca, and Brunswick among others.

Their top states include:

Georgia (FHA|USDA|VA)

Florida (FHA|USDA|VA)

South Carolina (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	313	$32,545,000	$103,978	$0	0.00%

For 2018, Farmers & Merchants Bank's most frequently originated type of loan was Conventional, with 313 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	196	$24,080,000	$122,857	$0	0.00%
Home Purchase	92	$7,420,000	$80,652	$0	0.00%
Home Improvement	15	$565,000	$37,667	$0	0.00%
Other	10	$480,000	$48,000	$0	0.00%

For 2018, Farmers & Merchants Bank's most frequently cited loan purpose was Refi, with 196 originations. The 2nd most popular reason was Home Purchase, with 92 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	313	$32,545,000	$103,978	$0	0.00%

For 2018, Farmers & Merchants Bank's most frequently cited loan duration was Other, with 313 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	211	$8,655,000	$41,019	$0	0.00%
$100k-200k	69	$9,505,000	$137,754	$0	0.00%
$200k-400k	23	$6,315,000	$274,565	$0	0.00%
$400k-600k	6	$2,700,000	$450,000	$0	0.00%
$1MM+	3	$4,475,000	$1,491,667	$0	0.00%
$600k-1MM	1	$895,000	$895,000	$0	0.00%

2018 saw Farmers & Merchants Bank place emphasis on $100,000 or less loans with 211 originations, totaling $8,655,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	84	$3,520,000	$41,905	$0	0.00%
$50k-75k	56	$4,300,000	$76,786	$0	0.00%
$100k-150k	31	$3,165,000	$102,097	$0	0.00%
$75k-100k	26	$2,550,000	$98,077	$0	0.00%
$150k-250k	14	$2,110,000	$150,714	$0	0.00%
$250k+	8	$1,050,000	$131,250	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 84 originations. The second most popular income band? $50k-75k, with 56 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	313	$32,545,000	$103,978	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with DTI ratios of Exempt%, with 313 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	215	$16,825,000	$78,256	$0	0.00%
Not applicable	74	$14,140,000	$191,081	$0	0.00%
Black	21	$1,455,000	$69,286	$0	0.00%
American Indian	2	$120,000	$60,000	$0	0.00%
Other Asian	1	$5,000	$5,000	$0	0.00%

Approval Rates

Total approvals of all applications
98.52%

Farmers & Merchants Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
94.25%

Farmers & Merchants Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	313	$32,545,000	$103,978

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	2	$140,000	$70,000
Multifamily:Site-Built	5	$1,085,000	$217,000
Single Family (1-4 Units):Manufactured	71	$2,425,000	$34,155
Single Family (1-4 Units):Site-Built	235	$28,895,000	$122,957

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Farmers & Merchants Bank	1201 South Patterson Valdosta, GA 31601	Limited, Drive-thru	$0
Farmers & Merchants Bank	202 West Washington Avenue Nashville, GA 31639	Full Service B&M	$88,702
Farmers & Merchants Bank	2140 Old Covington Road Conyers, GA 30013	Full Service B&M	$56,838
Farmers & Merchants Bank	3303 Inner Perimeter Rd Valdosta, GA 31602	Full Service B&M	$124,134
Farmers & Merchants Bank	4 N Carter St Lakeland, GA 31635	Full Service B&M	$97,733
Farmers & Merchants Bank	Northwest U.S. 84 And Lakeview Drive Homerville, GA 31634	Full Service B&M	$94,336

For 2018, Farmers & Merchants Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$23,208
Net interest income	$18,622
Total noninterest income	$-356
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,115
Trading account gains and fees	$0
Additional Noninterest Income	$-1,471
Pre-tax net operating income	$2,358
Securities gains (or losses, -)	$0
Income before extraordinary items	$1,831
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,831
Minority interest net income	$0
Net income	$1,831
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,831

Farmers & Merchants Bank's gross interest income from loans was $23,208,000.
Farmers & Merchants Bank's net interest income from loans was $18,622,000.
Farmers & Merchants Bank's fee based income from loans was $1,115,000.
Farmers & Merchants Bank's net income from loans was $1,831,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,586
Provision for credit losses	$1,700
Total noninterest expense	$14,208
Salaries and employee benefits	$7,879
Premises and equipment expense	$1,126
Additional noninterest expense	$5,203
Applicable income taxes	$527
Net charge-offs	$4,021
Cash dividends	$0

Farmers & Merchants Bank's interest expense for loans was $4,586,000.
Farmers & Merchants Bank's payroll and benefits expense were $7,879,000.
Farmers & Merchants Bank's property, plant and equipment expenses $1,126,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	6.0%
Real Estate loans	7.0%
Construction & Land Development loans	11.0%
Nonfarm, nonresidential loans	6.0%
Multifamily residential loans	0.0%
1-4 family residential loans	4.0%
HELOC loans	11.0%
All other family	4.0%
Commercial & industrial loans	4.0%
Personal loans	1.0%
Credit card loans	0.0%
Other individual loans	1.0%
Auto loans	2.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$433,674
Deposits held in domestic offices	$433,674
Deposits by Individuals, partnerships, and corporations	$401,010
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$32,664
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	$121,651
Demand deposits	$121,651
Nontransaction accounts	$312,023
Money market deposit accounts (MMDAs)	$49,622
Other savings deposits (excluding MMDAs)	$26,071
Total time deposits	$236,330
Total time and savings deposits	$312,023
Noninterest-bearing deposits	$54,707
Interest-bearing deposits	$378,967
Retail deposits	$387,944
IRAs and Keogh plan accounts	$31,627
Brokered deposits	$19,415
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$488,016
Cash & Balances due from depository institutions	$39,169
Interest-bearing balances	$29,646
Total securities	$46,183
Federal funds sold & reverse repurchase	$0
Net loans and leases	$367,766
Loan and leases loss allowance	$5,557
Trading account assets	$0
Bank premises and fixed assets	$7,983
Other real estate owned	$14,466
Goodwill and other intangibles	$0
All other assets	$12,449

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$488,016
Total Liabilities	$458,017
Total deposits	$433,674
Interest-bearing deposits	$378,967
Deposits held in domestic offices	$433,674
% insured (estimated)	$87
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$23,316
Subordinated debt	$0
All other liabilities	$1,027

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$367,766
Loan and leases loss allowance	$5,557
Total loans and leases (domestic)	$373,323
All real estate loans	$281,412
Real estate loans in domestic offices	$281,412
Construction and development loans	$26,618
Residential 1-4 family construction	$6,884
Other construction, all land development and other land	$19,734
Loans secured by nonfarm nonresidential properties	$79,139
Nonfarm nonresidential secured by owner-occupied properties	$52,137
Commercial real estate & other non-farm, non-residential	$27,002
Multifamily residential real estate	$3,168
1-4 family residential loans	$106,790
Farmland loans	$65,697
Loans held in foreign offices	$0
Farm loans	$18,705
Commercial and industrial loans	$39,934
To non-U.S. addressees	$0
Loans to individuals	$30,527
Credit card loans	$2,511
Related Plans	$0
Consumer Auto Loans	$15,551
Other loans to individuals	$12,465
All other loans & leases	$2,745
Loans to foreign governments and official institutions	$0
Other loans	$0
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$400
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$5,222
Non 1-4 family restructured loans & leases	$3,226
Total loans and leases (foreign)	$0

Farmers & Merchants Bank had $367,766,000 of loans outstanding in 2018. $281,412,000 of loans were in real estate loans. $26,618,000 of loans were in development loans. $3,168,000 of loans were in multifamily mortgage loans. $106,790,000 of loans were in 1-4 family mortgage loans. $18,705,000 of loans were in farm loans. $2,511,000 of loans were in credit card loans. $15,551,000 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	253	$42,055	$166,225
Nonfarm, nonresidential loans - <$100k	112	$4,078	$36,411
Nonfarm, nonresidential loans - $100-250k	70	$9,795	$139,929
Nonfarm, nonresidential loans - $250k-1MM	71	$28,182	$396,930
Commercial & Industrial, US addressed loans - <$1MM	920	$36,065	$39,201
Commercial & Industrial, US addressed loans - <$100k	811	$16,749	$20,652
Commercial & Industrial, US addressed loans - $100-250k	78	$9,553	$122,474
Commercial & Industrial, US addressed loans - $250k-1MM	31	$9,763	$314,935
Farmland loans - <$1MM	280	$28,801	$102,861
Farmland loans - <$100k	156	$5,721	$36,673
Farmland loans - $100-250k	82	$11,137	$135,817
Farmland loans - $250k-1MM	42	$11,943	$284,357
Agriculture operations loans - <$1MM	231	$11,573	$50,100
Agriculture operations loans - <$100k	185	$4,353	$23,530
Agriculture operations loans - $100-250k	34	$4,048	$119,059
Agriculture operations loans - $250k-1MM	12	$3,172	$264,333