Farmers State Bank Mortgage Rates, Fees & Info

Lagrange, IN

LEI: 549300H3GIHYP3MB0302

Tax ID: 35-0303690

5 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Farmers State Bank is a smaller bank specializing in Refi and Home Purchase loans. Farmers State Bank has a high proportion of conventional loans. Their top markets include Elkhart, Angola, Kendallville, Sturgis, and Fort Wayne among others. Farmers State Bank has an average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Farmers State Bank is typically a low fee lendor.


Originations

504

Origination Dollar Volume (All Markets)

$126,940,000

Employee count

159 Show all (6) awards

Relative Rate

Farmers State Bank's average 30 year fixed rate mortgage of loans were 3.32%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.17%.

Relative Fees

Farmers State Bank's average total fees for a 30 year fixed rate mortgage are $2,243.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 266 $67,950,000 $255,451 $2,365 3.31%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 64 $19,250,000 $300,781 $2,406 3.41%
Angola, IN (FHA|USDA|VA) 74 $14,250,000 $192,568 $2,253 3.27%
Kendallville, IN (FHA|USDA|VA) 46 $13,900,000 $302,174 $2,497 3.38%
Sturgis, MI (FHA|USDA|VA) 27 $4,525,000 $167,593 $2,820 3.51%
FORT WAYNE, IN (FHA|USDA|VA) 3 $1,785,000 $595,000 $2,763 3.49%
Coldwater, MI (FHA|USDA|VA) 8 $1,560,000 $195,000 $2,265 3.46%
Warsaw, IN (FHA|USDA|VA) 5 $1,445,000 $289,000 $2,413 3.35%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $815,000 $271,667 $2,493 2.98%
Auburn, IN (FHA|USDA|VA) 5 $645,000 $129,000 $2,397 3.37%
Hillsdale, MI (FHA|USDA|VA) 2 $540,000 $270,000 $2,369 2.88%
Plymouth, IN (FHA|USDA|VA) 1 $275,000 $275,000 $1,902 3.39%

Farmers State Bank's top markets include Elkhart, Angola, Kendallville, Sturgis, and Fort Wayne among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 504 $126,940,000 $251,865 $2,389 3.34%

For the 2021 period, Farmers State Bank's most frequently originated loan type of loans were Conventional, with 504 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 228 $59,070,000 $259,079 $2,288 3.28%
Home Purchase 210 $56,060,000 $266,952 $2,536 3.47%
Cash Out Refi 44 $9,540,000 $216,818 $2,369 2.74%
Other 13 $1,545,000 $118,846 $1,930 3.34%
Home Improvement 9 $725,000 $80,556 $2,464 4.62%

For the 2021, Farmers State Bank's most frequently cited loan purpose of loans were Refi, with 228 originations. The 2nd most popular reason of loans were Home Purchase, with 210 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 308 $82,750,000 $268,669 $2,243 3.32%
20 Year 70 $11,850,000 $169,286 $2,223 3.41%
15 Year 56 $9,680,000 $172,857 $2,211 2.99%
30+ year 45 $16,915,000 $375,889 $3,895 3.41%
Other 15 $5,035,000 $335,667 $2,372 3.43%
10 Year 5 $265,000 $53,000 $1,882 3.53%
5 Year 5 $445,000 $89,000 $719 6.08%

For the 2021, Farmers State Bank's most frequently cited loan length of loans were 30 Year, with 308 originations. The 2nd most popular length of loans were 20 Year, with 70 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 435 $105,975,000 $243,621
$1k-2k 46 $17,110,000 $371,957

$2,243 of loans were Farmers State Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 435 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 366 $101,280,000 $276,721
2.5-3% 85 $17,875,000 $210,294
<2.5% 32 $4,690,000 $146,563
4-5% 15 $2,585,000 $172,333
5-6% 4 $470,000 $117,500
Over 8% 2 $40,000 $20,000

During 2021, Farmers State Bank's average interest rate of loans were 3.32%, while their most frequently originated rate bucket of loans were 3-4%, with 366 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 204 $59,150,000 $289,951 $2,423 3.38%
$100k-200k 159 $23,525,000 $147,956 $2,235 3.17%
$400k-600k 70 $33,120,000 $473,143 $2,760 3.33%
$100,000 or less 62 $4,160,000 $67,097 $2,114 3.60%
$600k-1MM 7 $4,685,000 $669,286 $2,705 3.51%
$1MM+ 2 $2,300,000 $1,150,000 $4,224 3.32%

2021 saw Farmers State Bank place emphasis on $200k-400k loans with 204 originations, totaling $59,150,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$75k-100k 166 $47,170,000 $284,157 $2,436 3.35%
$50k-75k 112 $24,520,000 $218,929 $2,402 3.30%
$100k-150k 81 $23,105,000 $285,247 $2,502 3.30%
$50k or less 80 $11,320,000 $141,500 $2,225 3.34%
$150k-250k 32 $10,830,000 $338,438 $2,383 3.34%
$250k+ 15 $6,545,000 $436,333 $2,718 3.08%

Farmers State Bank lent most frequently to those with incomes in the $75k-100k range, with 166 originations. The second most popular income band? $50k-75k, with 112 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 172 $44,920,000 $261,163 $2,381 3.27%
<20% 112 $22,310,000 $199,196 $2,266 3.22%
30-36% 78 $19,550,000 $250,641 $2,405 3.22%
39% 19 $3,855,000 $202,895 $2,199 3.26%
42% 12 $3,270,000 $272,500 $2,721 3.40%
37% 12 $3,190,000 $265,833 $2,206 3.56%
40% 12 $2,820,000 $235,000 $2,821 3.31%
36% 11 $3,315,000 $301,364 $2,239 3.42%
38% 10 $2,590,000 $259,000 $2,344 3.21%
>60% 9 $2,645,000 $293,889 $2,489 3.37%
50-60% 9 $2,875,000 $319,444 $2,332 3.37%
41% 8 $2,930,000 $366,250 $2,807 3.21%
47% 4 $910,000 $227,500 $2,131 3.34%
49% 3 $1,325,000 $441,667 $2,655 3.39%
44% 3 $945,000 $315,000 $3,514 3.41%
46% 3 $1,905,000 $635,000 $2,499 3.37%
43% 2 $1,810,000 $905,000 $3,896 3.39%
45% 2 $530,000 $265,000 $1,316 2.67%
48% 2 $540,000 $270,000 $4,694 3.84%

Farmers State Bank lent most frequently to those with DTI ratios of 20-30%, with 172 originations. The next most common DTI ratio? <20%, with 112 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 496 $124,930,000 $251,875 $2,389 3.31%
Not applicable 7 $1,755,000 $250,714 $0 4.81%
Asian 1 $255,000 $255,000 $2,397 3.39%

Approval Rates

Total approvals of all applications
87.64%

Farmers State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
93.68%

Farmers State Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 504 $126,940,000 $251,865

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
504 $126,940,000 $251,865

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 54 $10,390,000 $192,407 $2,352 3.43%
40-60% 108 $25,610,000 $237,130 $2,377 3.26%
60-80% 233 $63,145,000 $271,009 $2,470 3.31%
80-100% 91 $25,375,000 $278,846 $2,277 3.36%
Over 100% 1 $235,000 $235,000 $0 4.79%
Under 20% 17 $2,185,000 $128,529 $2,060 3.70%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Farmers State Bank 100 N Main Street Stroh, IN 46789 Full Service B&M $47,673
Farmers State Bank 103 North Indiana Highway, Suite 9 Howe, IN 46746 Full Service B&M $39,341
Farmers State Bank 106 East Toledo Street Fremont, IN 46737 Full Service B&M $97,243
Farmers State Bank 107 N Main Street Wolcottville, IN 46795 Full Service B&M $41,077
Farmers State Bank 109 North Main Street Topeka, IN 46571 Full Service B&M $110,841
Farmers State Bank 1800 North Wayne Street Angola, IN 46703 Full Service B&M $177,789
Farmers State Bank 220 South Detroit Street Lagrange, IN 46761 Full Service B&M $0
Farmers State Bank 315 North Vanburen Street Shipshewana, IN 46565 Full Service B&M $100,966
Farmers State Bank 3840 East Bellfountaine Hamilton, IN 46742 Full Service B&M $55,029
Farmers State Bank 400 North Benton Street Millersburg, IN 46543 Full Service B&M $18,420
Farmers State Bank 516 S Detroit St Lagrange, IN 46761 Full Service B&M $215,729
Farmers State Bank 809 West Chicago Road Sturgis, MI 49091 Full Service B&M $23,297

For 2021, Farmers State Bank had 12 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $34,183
Net interest income $32,754
Total noninterest income $7,496
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,706
Trading account gains and fees $0
Additional Noninterest Income $5,790
Pre-tax net operating income $17,561
Securities gains (or losses, -) $146
Income before extraordinary items $14,739
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $14,739
Minority interest net income $0
Net income $14,739
Sale, conversion, retirement of capital stock, net $184
Net operating income $14,617

Farmers State Bank's gross interest income from loans was $34,183,000.
Farmers State Bank's net interest income from loans was $32,754,000.
Farmers State Bank's fee based income from loans was $1,706,000.
Farmers State Bank's net income from loans was $14,739,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,429
Provision for credit losses $0
Total noninterest expense $22,689
Salaries and employee benefits $12,467
Premises and equipment expense $1,946
Additional noninterest expense $8,276
Applicable income taxes $2,968
Net charge-offs $33
Cash dividends $3,999

Farmers State Bank's interest expense for loans was $1,429,000.
Farmers State Bank's payroll and benefits expense were $12,467,000.
Farmers State Bank's property, plant and equipment expenses $1,946,000.

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 $980,687
Deposits held in domestic offices $980,687
Deposits by Individuals, partnerships, and corporations $788,083
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $192,604
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 $700,475
Demand deposits $700,164
Nontransaction accounts $280,212
Money market deposit accounts (MMDAs) $31,895
Other savings deposits (excluding MMDAs) $156,605
Total time deposits $91,712
Total time and savings deposits $280,523
Noninterest-bearing deposits $276,095
Interest-bearing deposits $704,591
Retail deposits $956,901
IRAs and Keogh plan accounts $23,726
Brokered deposits $4,710
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,091,851
Cash & Balances due from depository institutions $70,385
Interest-bearing balances $53,076
Total securities $317,758
Federal funds sold & reverse repurchase $0
Net loans and leases $666,252
Loan and leases loss allowance $6,598
Trading account assets $0
Bank premises and fixed assets $10,340
Other real estate owned $0
Goodwill and other intangibles $2,909
All other assets $24,207

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,091,851
Total Liabilities $993,163
Total deposits $980,687
Interest-bearing deposits $704,591
Deposits held in domestic offices $980,687
% insured (estimated) $70
Federal funds purchased and repurchase agreements $7,607
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $4,869

Issued Loan Types

Type Value (in 000's)
Net loans and leases $666,252
Loan and leases loss allowance $6,598
Total loans and leases (domestic) $672,850
All real estate loans $590,078
Real estate loans in domestic offices $590,078
Construction and development loans $30,552
Residential 1-4 family construction $12,069
Other construction, all land development and other land $18,483
Loans secured by nonfarm nonresidential properties $103,866
Nonfarm nonresidential secured by owner-occupied properties $70,177
Commercial real estate & other non-farm, non-residential $33,689
Multifamily residential real estate $1,825
1-4 family residential loans $345,370
Farmland loans $108,465
Loans held in foreign offices $0
Farm loans $22,149
Commercial and industrial loans $29,329
To non-U.S. addressees $0
Loans to individuals $16,655
Credit card loans $0
Related Plans $0
Consumer Auto Loans $12,561
Other loans to individuals $4,094
All other loans & leases $14,639
Loans to foreign governments and official institutions $0
Other loans $8,696
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 $857
Non 1-4 family restructured loans & leases $71
Total loans and leases (foreign) $0

Farmers State Bank had $666,252,000 of loans outstanding in 2021. $590,078,000 of loans were in real estate loans. $30,552,000 of loans were in development loans. $1,825,000 of loans were in multifamily mortgage loans. $345,370,000 of loans were in 1-4 family mortgage loans. $22,149,000 of loans were in farm loans. $0 of loans were in credit card loans. $12,561,000 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 254 $46,391 $182,642
Nonfarm, nonresidential loans - <$100k 77 $3,499 $45,442
Nonfarm, nonresidential loans - $100-250k 88 $9,936 $112,909
Nonfarm, nonresidential loans - $250k-1MM 89 $32,956 $370,292
Commercial & Industrial, US addressed loans - <$1MM 327 $18,690 $57,156
Commercial & Industrial, US addressed loans - <$100k 234 $4,696 $20,068
Commercial & Industrial, US addressed loans - $100-250k 52 $3,999 $76,904
Commercial & Industrial, US addressed loans - $250k-1MM 41 $9,995 $243,780
Farmland loans - <$1MM 177 $27,959 $157,960
Farmland loans - <$100k 43 $1,994 $46,372
Farmland loans - $100-250k 77 $9,868 $128,156
Farmland loans - $250k-1MM 57 $16,097 $282,404
Agriculture operations loans - <$1MM 329 $9,721 $29,547
Agriculture operations loans - <$100k 293 $4,658 $15,898
Agriculture operations loans - $100-250k 24 $2,064 $86,000
Agriculture operations loans - $250k-1MM 12 $2,999 $249,917