Farmers State Bank Mortgage Rates, Fees & Info

Lagrange, IN

LEI: 549300H3GIHYP3MB0302

Tax ID: 35-0303690

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

Jump to:

  • 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

    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 by origination volume include: Elkhart, Angola, Kendallville, Sturgis, and Fort Wayne among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Farmers State Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Farmers State 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
    Home Equity Line of Credit (HELOC) 7.12% 11/21/24
    30 Year Conventional Purchase 6.86% 11/21/24
    30 Year Conventional Refi 6.94% 11/21/24
    30 Year Cash-out Refi 6.49% 11/21/24
    15 Year Conventional Purchase 6.71% 11/21/24
    15 Year Conventional Refi 6.82% 11/21/24
    15 Year Cash-out Refi 6.82% 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.

    Farmers State Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Farmers State 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

    504

    Origination Dollar Volume (All Markets)

    $126,940,000

    Employee count

    159 Show all (6) 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
    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.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Farmers State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Chiphone Federal Credit Union
    Similarity Rank: 222
    ProFed Federal Credit Union
    Similarity Rank: 288
    Kellogg Community Credit Union
    Similarity Rank: 323
    OAK MORTGAGE, LLC
    Similarity Rank: 360
    OMNI Community Credit Union
    Similarity Rank: 368
    MIDWEST AMERICA
    Similarity Rank: 396
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 416
    CONSUMERS
    Similarity Rank: 560
    First State Bank of Middlebury
    Similarity Rank: 585
    Southern Michigan Bank & Trust
    Similarity Rank: 621

    Product Mix

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

    For 2021, Farmers State Bank's most frequently originated type of loan was Conventional, with 504 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Farmers State Bank's most frequently cited loan purpose was Refi, with 228 originations. The 2nd most popular reason was 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 2021, Farmers State Bank's most frequently cited loan duration was 30 Year, with 308 originations. The 2nd most popular length was 20 Year, with 70 originations.

    Origination Fees/Closing Costs

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

    Farmers State Bank's average total fees were $2,243, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.32%, while their most frequently originated rate bucket for loans was 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
    89.46%

    Farmers State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.06%

    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