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, Thomasville, Brunswick, and Waycross among others. We have data for 15 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

324

Origination Dollar Volume (All Markets)

$35,780,000

Employee count

120

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	$23,340,000	$129,667	$0	0.00%
Outside of Metro Areas	106	$7,020,000	$66,226	$0	0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	11	$2,205,000	$200,455	$0	0.00%
Thomasville, GA (FHA\|USDA\|VA)	6	$530,000	$88,333	$0	0.00%
BRUNSWICK, GA (FHA\|USDA\|VA)	2	$480,000	$240,000	$0	0.00%
Waycross, GA (FHA\|USDA\|VA)	5	$415,000	$83,000	$0	0.00%
TALLAHASSEE, FL (FHA\|USDA\|VA)	1	$395,000	$395,000	$0	0.00%
Seneca, SC (FHA\|USDA\|VA)	1	$375,000	$375,000	$0	0.00%
GAINESVILLE, FL (FHA\|USDA\|VA)	1	$205,000	$205,000	$0	0.00%
Douglas, GA (FHA\|USDA\|VA)	3	$205,000	$68,333	$0	0.00%
ALBANY, GA (FHA\|USDA\|VA)	3	$185,000	$61,667	$0	0.00%
CLARKSVILLE, TN-KY (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	0.00%
Americus, GA (FHA\|USDA\|VA)	1	$135,000	$135,000	$0	0.00%
ATHENS-CLARKE COUNTY, GA (FHA\|USDA\|VA)	2	$70,000	$35,000	$0	0.00%
Tifton, GA (FHA\|USDA\|VA)	1	$65,000	$65,000	$0	0.00%

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

Their top states include:

Georgia (FHA|USDA|VA)

Florida (FHA|USDA|VA)

South Carolina (FHA|USDA|VA)

Tennessee (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	324	$35,780,000	$110,432	$0	0.00%

For 2020, Farmers & Merchants Bank's most frequently originated type of loan was Conventional, with 324 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	199	$25,095,000	$126,106	$0	0.00%
Home Purchase	99	$9,645,000	$97,424	$0	0.00%
Home Improvement	16	$660,000	$41,250	$0	0.00%
Other	10	$380,000	$38,000	$0	0.00%

For 2020, Farmers & Merchants Bank's most frequently cited loan purpose was Refi, with 199 originations. The 2nd most popular reason was Home Purchase, with 99 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	324	$35,780,000	$110,432	$0	0.00%

For 2020, Farmers & Merchants Bank's most frequently cited loan duration was Other, with 324 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	222	$9,860,000	$44,414	$0	0.00%
$100k-200k	60	$8,150,000	$135,833	$0	0.00%
$200k-400k	30	$8,650,000	$288,333	$0	0.00%
$400k-600k	8	$3,850,000	$481,250	$0	0.00%
$1MM+	3	$4,535,000	$1,511,667	$0	0.00%
$600k-1MM	1	$735,000	$735,000	$0	0.00%

2020 saw Farmers & Merchants Bank place emphasis on $100,000 or less loans with 222 originations, totaling $9,860,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	85	$4,235,000	$49,824	$0	0.00%
$50k-75k	53	$4,855,000	$91,604	$0	0.00%
$75k-100k	27	$1,925,000	$71,296	$0	0.00%
$150k-250k	23	$3,065,000	$133,261	$0	0.00%
$100k-150k	21	$3,365,000	$160,238	$0	0.00%
$250k+	21	$2,975,000	$141,667	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 85 originations. The second most popular income band? $50k-75k, with 53 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	324	$35,780,000	$110,432	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with DTI ratios of Exempt%, with 324 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	219	$19,585,000	$89,429	$0	0.00%
Not applicable	78	$14,380,000	$184,359	$0	0.00%
Black	27	$1,815,000	$67,222	$0	0.00%

Approval Rates

Total approvals of all applications
94.61%

Farmers & Merchants Bank has an average approval rate.

Pick Rate

Approvals leading to origination
91.67%

Farmers & Merchants Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	324	$35,780,000	$110,432

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	4	$1,320,000	$330,000
Multifamily:Site-Built	7	$4,345,000	$620,714
Single Family (1-4 Units):Manufactured	72	$3,360,000	$46,667
Single Family (1-4 Units):Site-Built	241	$26,755,000	$111,017

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	$101,210
Farmers & Merchants Bank	2140 Old Covington Road Conyers, GA 30013	Full Service B&M	$59,197
Farmers & Merchants Bank	3303 Inner Perimeter Rd Valdosta, GA 31602	Full Service B&M	$145,239
Farmers & Merchants Bank	4 N Carter St Lakeland, GA 31635	Full Service B&M	$110,320
Farmers & Merchants Bank	Northwest U.S. 84 And Lakeview Drive Homerville, GA 31634	Full Service B&M	$117,836

For 2020, Farmers & Merchants Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$24,741
Net interest income	$18,408
Total noninterest income	$805
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$851
Trading account gains and fees	$0
Additional Noninterest Income	$-46
Pre-tax net operating income	$1,826
Securities gains (or losses, -)	$283
Income before extraordinary items	$1,595
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,595
Minority interest net income	$0
Net income	$1,595
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,371

Farmers & Merchants Bank's gross interest income from loans was $24,741,000.
Farmers & Merchants Bank's net interest income from loans was $18,408,000.
Farmers & Merchants Bank's fee based income from loans was $851,000.
Farmers & Merchants Bank's net income from loans was $1,595,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$6,333
Provision for credit losses	$2,940
Total noninterest expense	$14,447
Salaries and employee benefits	$7,967
Premises and equipment expense	$1,252
Additional noninterest expense	$5,228
Applicable income taxes	$514
Net charge-offs	$1,870
Cash dividends	$0

Farmers & Merchants Bank's interest expense for loans was $6,333,000.
Farmers & Merchants Bank's payroll and benefits expense were $7,967,000.
Farmers & Merchants Bank's property, plant and equipment expenses $1,252,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	3.0%
Real Estate loans	3.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	4.0%
Multifamily residential loans	0.0%
1-4 family residential loans	1.0%
HELOC loans	0.0%
All other family	1.0%
Commercial & industrial loans	3.0%
Personal loans	1.0%
Credit card loans	0.5%
Other individual loans	1.0%
Auto loans	1.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$549,449
Deposits held in domestic offices	$549,449
Deposits by Individuals, partnerships, and corporations	$493,846
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$55,603
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	$192,445
Demand deposits	$192,445
Nontransaction accounts	$357,004
Money market deposit accounts (MMDAs)	$64,571
Other savings deposits (excluding MMDAs)	$36,178
Total time deposits	$256,256
Total time and savings deposits	$357,004
Noninterest-bearing deposits	$90,101
Interest-bearing deposits	$459,348
Retail deposits	$489,392
IRAs and Keogh plan accounts	$31,345
Brokered deposits	$8,165
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$611,828
Cash & Balances due from depository institutions	$133,780
Interest-bearing balances	$123,376
Total securities	$74,702
Federal funds sold & reverse repurchase	$0
Net loans and leases	$378,611
Loan and leases loss allowance	$6,547
Trading account assets	$0
Bank premises and fixed assets	$7,566
Other real estate owned	$6,579
Goodwill and other intangibles	$0
All other assets	$10,590

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$611,828
Total Liabilities	$577,061
Total deposits	$549,449
Interest-bearing deposits	$459,348
Deposits held in domestic offices	$549,449
% insured (estimated)	$81
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$26,250
Subordinated debt	$0
All other liabilities	$1,362

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$378,611
Loan and leases loss allowance	$6,547
Total loans and leases (domestic)	$385,158
All real estate loans	$269,209
Real estate loans in domestic offices	$269,209
Construction and development loans	$30,288
Residential 1-4 family construction	$6,727
Other construction, all land development and other land	$23,561
Loans secured by nonfarm nonresidential properties	$72,697
Nonfarm nonresidential secured by owner-occupied properties	$45,647
Commercial real estate & other non-farm, non-residential	$27,050
Multifamily residential real estate	$4,112
1-4 family residential loans	$94,633
Farmland loans	$67,479
Loans held in foreign offices	$0
Farm loans	$16,061
Commercial and industrial loans	$71,259
To non-U.S. addressees	$0
Loans to individuals	$25,836
Credit card loans	$2,336
Related Plans	$0
Consumer Auto Loans	$12,807
Other loans to individuals	$10,693
All other loans & leases	$2,793
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	$277
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$3,242
Non 1-4 family restructured loans & leases	$1,462
Total loans and leases (foreign)	$0

Farmers & Merchants Bank had $378,611,000 of loans outstanding in 2020. $269,209,000 of loans were in real estate loans. $30,288,000 of loans were in development loans. $4,112,000 of loans were in multifamily mortgage loans. $94,633,000 of loans were in 1-4 family mortgage loans. $16,061,000 of loans were in farm loans. $2,336,000 of loans were in credit card loans. $12,807,000 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	241	$38,711	$160,627
Nonfarm, nonresidential loans - <$100k	100	$3,395	$33,950
Nonfarm, nonresidential loans - $100-250k	74	$10,244	$138,432
Nonfarm, nonresidential loans - $250k-1MM	67	$25,072	$374,209
Commercial & Industrial, US addressed loans - <$1MM	1,185	$55,884	$47,159
Commercial & Industrial, US addressed loans - <$100k	1,017	$23,222	$22,834
Commercial & Industrial, US addressed loans - $100-250k	121	$14,853	$122,752
Commercial & Industrial, US addressed loans - $250k-1MM	47	$17,809	$378,915
Farmland loans - <$1MM	236	$26,248	$111,220
Farmland loans - <$100k	137	$5,395	$39,380
Farmland loans - $100-250k	56	$8,091	$144,482
Farmland loans - $250k-1MM	43	$12,762	$296,791
Agriculture operations loans - <$1MM	201	$9,800	$48,756
Agriculture operations loans - <$100k	159	$3,609	$22,698
Agriculture operations loans - $100-250k	31	$3,149	$101,581
Agriculture operations loans - $250k-1MM	11	$3,042	$276,545