Merchants Bank Mortgage Rates, Fees & Info

Winona, MN

LEI: 549300OZIFHR7THILC90

Tax ID: 41-0632402

5 stars - out of 5 stars, based on 65 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Merchants Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Merchants 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 include Minneapolis, La Crosse, Winona, Rochester, and Fergus Falls among others. Merchants Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Merchants Bank is typically an average fee lendor.


Originations

4,287

Origination Dollar Volume (All Markets)

$906,345,000

Employee count

427 Show all (14) awards

Relative Rate

Merchants Bank's average 30 year fixed rate mortgage of loans were 3.05%.

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

This yields a difference of -0.1%.

Relative Fees

Merchants Bank's average total fees for a 30 year fixed rate mortgage are $3,630.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 861 $213,515,000 $247,985 $3,901 2.99%
Outside of Metro Areas 616 $127,680,000 $207,273 $3,415 2.88%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 466 $93,650,000 $200,966 $2,051 3.02%
Winona, MN (FHA|USDA|VA) 617 $90,195,000 $146,183 $3,344 2.92%
ROCHESTER, MN (FHA|USDA|VA) 434 $74,870,000 $172,512 $3,722 2.86%
Fergus Falls, MN (FHA|USDA|VA) 246 $53,310,000 $216,707 $3,703 2.77%
Red Wing, MN (FHA|USDA|VA) 258 $46,870,000 $181,667 $3,788 2.96%
Brainerd, MN (FHA|USDA|VA) 162 $37,640,000 $232,346 $3,424 2.89%
EAU CLAIRE, WI (FHA|USDA|VA) 91 $29,285,000 $321,813 $1,812 3.12%
Faribault-Northfield, MN (FHA|USDA|VA) 99 $20,185,000 $203,889 $3,720 2.95%
Austin, MN (FHA|USDA|VA) 11 $16,235,000 $1,475,909 $4,150 3.02%
FARGO, ND-MN (FHA|USDA|VA) 31 $12,915,000 $416,613 $5,621 2.98%
ST. CLOUD, MN (FHA|USDA|VA) 54 $12,720,000 $235,556 $3,678 2.77%
MANKATO, MN (FHA|USDA|VA) 44 $7,800,000 $177,273 $3,884 2.93%
GRAND FORKS, ND-MN (FHA|USDA|VA) 29 $7,015,000 $241,897 $4,010 2.79%
Alexandria, MN (FHA|USDA|VA) 29 $6,455,000 $222,586 $3,905 2.85%
Marshall, MN (FHA|USDA|VA) 23 $5,405,000 $235,000 $3,120 2.85%
Mason City, IA (FHA|USDA|VA) 29 $5,275,000 $181,897 $3,067 2.64%
DULUTH, MN-WI (FHA|USDA|VA) 23 $4,005,000 $174,130 $3,782 3.20%
Menomonie, WI (FHA|USDA|VA) 4 $3,870,000 $967,500 $0 3.04%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 11 $3,035,000 $275,909 $4,883 2.88%
BISMARCK, ND (FHA|USDA|VA) 14 $3,030,000 $216,429 $3,648 2.72%
Hutchinson, MN (FHA|USDA|VA) 15 $2,395,000 $159,667 $3,487 2.84%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $2,230,000 $371,667 $8,099 3.13%
Owatonna, MN (FHA|USDA|VA) 10 $1,840,000 $184,000 $3,576 2.85%
Albert Lea, MN (FHA|USDA|VA) 9 $1,645,000 $182,778 $3,577 2.80%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 4 $1,560,000 $390,000 $2,529 3.09%
Bemidji, MN (FHA|USDA|VA) 9 $1,505,000 $167,222 $3,142 2.94%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,145,000 $381,667 $7,544 3.01%
Grand Rapids, MN (FHA|USDA|VA) 4 $1,080,000 $270,000 $3,189 2.93%
WAUSAU-WESTON, WI (FHA|USDA|VA) 5 $925,000 $185,000 $1,778 2.93%
APPLETON, WI (FHA|USDA|VA) 5 $855,000 $171,000 $1,713 2.90%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $765,000 $255,000 $3,740 2.98%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $760,000 $380,000 $6,159 3.34%
Fairmont, MN (FHA|USDA|VA) 5 $695,000 $139,000 $3,951 2.88%
Wahpeton, ND-MN (FHA|USDA|VA) 3 $615,000 $205,000 $4,242 3.23%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $610,000 $305,000 $2,213 3.03%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 3 $605,000 $201,667 $1,302 2.48%
Baraboo, WI (FHA|USDA|VA) 3 $575,000 $191,667 $2,491 3.01%
Willmar, MN (FHA|USDA|VA) 2 $570,000 $285,000 $3,603 2.65%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $535,000 $535,000 $6,375 2.65%
Minot, ND (FHA|USDA|VA) 2 $510,000 $255,000 $5,862 2.53%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $510,000 $255,000 $5,824 2.78%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 2.90%
New Ulm, MN (FHA|USDA|VA) 1 $495,000 $495,000 $1,486 2.28%
Outside of Metro Areas 1 $485,000 $485,000 $0 3.50%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $475,000 $475,000 $2,134 2.78%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $415,000 $415,000 $4,466 2.78%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,525 3.28%
Sheridan, WY (FHA|USDA|VA) 1 $375,000 $375,000 $0 3.25%
Show Low, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $5,584 2.28%
PUEBLO, CO (FHA|USDA|VA) 1 $355,000 $355,000 $6,727 3.03%
BILLINGS, MT (FHA|USDA|VA) 1 $335,000 $335,000 $6,871 3.03%
IOWA CITY, IA (FHA|USDA|VA) 2 $330,000 $165,000 $2,302 2.71%
Marquette, MI (FHA|USDA|VA) 1 $305,000 $305,000 $2,891 3.15%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.40%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $295,000 $295,000 $5,338 2.90%
Spearfish, SD (FHA|USDA|VA) 1 $285,000 $285,000 $4,625 2.40%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $275,000 $275,000 $0 3.65%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $275,000 $275,000 $2,537 3.15%
RAPID CITY, SD (FHA|USDA|VA) 2 $270,000 $135,000 $3,135 2.78%
Pella, IA (FHA|USDA|VA) 1 $265,000 $265,000 $4,083 2.90%
Mitchell, SD (FHA|USDA|VA) 1 $255,000 $255,000 $4,674 2.78%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $255,000 $255,000 $4,672 3.03%
TOLEDO, OH (FHA|USDA|VA) 1 $235,000 $235,000 $2,434 3.15%
Georgetown, SC (FHA|USDA|VA) 1 $225,000 $225,000 $3,919 3.03%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,292 2.78%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $195,000 $195,000 $3,597 2.28%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $185,000 $185,000 $3,246 3.53%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,684 3.03%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $175,000 $175,000 $3,854 2.90%
GREEN BAY, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,335 3.78%
Fairfield, IA (FHA|USDA|VA) 1 $135,000 $135,000 $1,909 2.53%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $115,000 $115,000 $1,565 2.90%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $115,000 $115,000 $2,953 4.00%
Burlington, IA-IL (FHA|USDA|VA) 1 $95,000 $95,000 $1,404 3.90%
Shawano, WI (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.50%
Dickinson, ND (FHA|USDA|VA) 1 $55,000 $55,000 $2,731 3.28%

Merchants Bank's top markets include Minneapolis, La Crosse, Winona, Rochester, and Fergus Falls among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,212 $890,520,000 $211,425 $3,408 2.93%
VA 39 $8,965,000 $229,872 $5,603 2.48%
FHA 24 $4,890,000 $203,750 $7,011 2.76%
USDA 12 $1,970,000 $164,167 $5,214 2.61%

For the 2021 period, Merchants Bank's most frequently originated loan type of loans were Conventional, with 4,212 originations. Their 2nd most popular type is VA, with 39 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,404 $280,100,000 $199,501 $2,981 2.82%
Home Purchase 1,385 $380,195,000 $274,509 $3,761 3.02%
Cash Out Refi 994 $211,530,000 $212,807 $3,736 2.85%
Other 316 $23,740,000 $75,127 $2,078 3.08%
Home Improvement 188 $10,780,000 $57,340 $1,392 3.14%

For the 2021, Merchants Bank's most frequently cited loan purpose of loans were Refi, with 1,404 originations. The 2nd most popular reason of loans were Home Purchase, with 1,385 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,825 $560,425,000 $198,381 $3,630 3.05%
15 Year 921 $176,265,000 $191,384 $3,200 2.41%
20 Year 269 $61,415,000 $228,309 $3,471 3.07%
10 Year 168 $44,190,000 $263,036 $2,698 2.91%
Other 50 $33,290,000 $665,800 $2,668 3.82%
5 Year 38 $25,970,000 $683,421 $245 3.70%
1 Year 15 $4,755,000 $317,000 $0 3.98%
3 Year 1 $35,000 $35,000 $0 3.75%

For the 2021, Merchants Bank's most frequently cited loan length of loans were 30 Year, with 2,825 originations. The 2nd most popular length of loans were 15 Year, with 921 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,001 $233,705,000 $233,472
$1k-2k 917 $131,355,000 $143,244
$2k-3k 796 $169,550,000 $213,003
$3k-4k 469 $149,255,000 $318,241
$5k+ 87 $39,315,000 $451,897

$3,630 of loans were Merchants Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,001 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 2,049 $402,655,000 $196,513
3-4% 1,421 $342,555,000 $241,066
<2.5% 721 $140,945,000 $195,485
4-5% 94 $19,660,000 $209,149
5-6% 1 $225,000 $225,000

During 2021, Merchants Bank's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 2.5-3%, with 2,049 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 1,540 $227,540,000 $147,753 $3,004 2.87%
$200k-400k 1,378 $375,030,000 $272,155 $3,931 2.87%
$100,000 or less 992 $56,690,000 $57,147 $2,325 3.07%
$400k-600k 343 $164,835,000 $480,569 $4,818 2.93%
$1MM+ 22 $72,880,000 $3,312,727 $0 3.51%
$600k-1MM 12 $9,370,000 $780,833 $5,573 3.49%

2021 saw Merchants Bank place emphasis on $100k-200k loans with 1,540 originations, totaling $227,540,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 936 $210,190,000 $224,562 $3,807 2.86%
$50k-75k 931 $148,085,000 $159,060 $3,194 2.89%
$75k-100k 765 $144,015,000 $188,255 $3,449 2.91%
$50k or less 671 $80,755,000 $120,350 $2,944 2.90%
$150k-250k 538 $135,620,000 $252,082 $3,956 2.93%
$250k+ 203 $67,645,000 $333,227 $4,703 2.90%

Merchants Bank lent most frequently to those with incomes in the $100k-150k range, with 936 originations. The second most popular income band? $50k-75k, with 931 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,156 $216,450,000 $187,240 $3,386 2.85%
30-36% 843 $161,395,000 $191,453 $3,473 2.89%
<20% 421 $76,405,000 $181,485 $3,368 2.83%
38% 148 $27,180,000 $183,649 $3,526 2.90%
43% 147 $32,685,000 $222,347 $3,564 2.98%
39% 146 $29,720,000 $203,562 $3,352 2.96%
37% 141 $27,945,000 $198,191 $3,478 2.90%
40% 141 $25,115,000 $178,121 $3,250 2.94%
41% 134 $23,380,000 $174,478 $3,795 2.90%
36% 117 $23,575,000 $201,496 $3,399 2.92%
44% 106 $21,530,000 $203,113 $3,759 3.02%
45% 101 $23,175,000 $229,455 $3,875 2.89%
42% 93 $20,255,000 $217,796 $3,693 2.89%
48% 77 $17,385,000 $225,779 $3,461 2.79%
47% 75 $14,535,000 $193,800 $3,545 2.87%
46% 70 $16,000,000 $228,571 $3,439 2.82%
49% 69 $18,305,000 $265,290 $3,848 2.82%
50-60% 49 $9,835,000 $200,714 $4,168 3.11%
>60% 25 $5,915,000 $236,600 $3,474 3.31%

Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 1,156 originations. The next most common DTI ratio? 30-36%, with 843 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,783 $730,325,000 $193,054 $3,451 2.89%
Not applicable 161 $106,485,000 $661,398 $0 3.70%
Not provided 269 $54,925,000 $204,182 $3,796 3.07%
Asian 45 $9,475,000 $210,556 $3,034 2.86%
Black 12 $2,410,000 $200,833 $3,752 2.65%
American Indian 11 $1,935,000 $175,909 $4,339 2.66%
Other Asian 4 $740,000 $185,000 $2,555 3.03%
Korean 1 $35,000 $35,000 $0 2.90%
Japanese 1 $15,000 $15,000 $0 2.90%

Approval Rates

Total approvals of all applications
96.95%

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
89.15%

Merchants Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,287 $906,345,000 $211,417

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,287 $906,345,000 $211,417

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 474 $55,170,000 $116,392 $2,756 2.93%
40-60% 748 $145,340,000 $194,305 $3,173 2.71%
60-80% 1,618 $423,960,000 $262,027 $3,492 2.91%
80-100% 979 $255,725,000 $261,210 $3,929 2.99%
Over 100% 7 $4,365,000 $623,571 $5,928 3.36%
Under 20% 459 $21,465,000 $46,765 $1,178 3.20%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Merchants and Medical Credit Corporation, Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Merchants Bank, National Association 23280 Main Street Hampton, MN 55031 Full Service B&M $28,161
Merchants Bank, National Association 100-106 East Third Street Winona, MN 55987 Full Service B&M $540,737
Merchants Bank, National Association 101 Jessie Street West Rushford, MN 55971 Full Service B&M $57,614
Merchants Bank, National Association 1130 Whitewater Avenue St. Charles, MN 55972 Full Service B&M $76,316
Merchants Bank, National Association 115 West Washington Street Caledonia, MN 55921 Full Service B&M $71,223
Merchants Bank, National Association 118 Parkway Avenue North Lanesboro, MN 55949 Full Service B&M $52,013
Merchants Bank, National Association 126 West Main Street Spring Grove, MN 55974 Full Service B&M $43,742
Merchants Bank, National Association 15055 Chippendale Avenue South Rosemount, MN 55068 Full Service B&M $48,490
Merchants Bank, National Association 1525 Vermillion Street Hastings, MN 55033 Full Service B&M $88,773
Merchants Bank, National Association 1600 Greenview Dr Sw Rochester, MN 55902 Full Service B&M $65,658
Merchants Bank, National Association 1611 Honey Locust Drive Northfield, MN 55057 Full Service B&M $82,282
Merchants Bank, National Association 18550 Joplin Avenue Lakeville, MN 55044 Full Service B&M $81,976
Merchants Bank, National Association 20150 Highview Avenue Lakeville, MN 55044 Full Service B&M $45
Merchants Bank, National Association 2728 Mall Drive Eau Claire, WI 54701 Full Service B&M $91,218
Merchants Bank, National Association 2835 South Service Drive Red Wing, MN 55066 Full Service B&M $137,034
Merchants Bank, National Association 300 West Main Street Cannon Falls, MN 55009 Full Service B&M $136,320
Merchants Bank, National Association 3140 Market Place Onalaska, WI 54650 Full Service B&M $193,343
Merchants Bank, National Association 316 Main Street La Crescent, MN 55947 Full Service B&M $117,135
Merchants Bank, National Association 329 Division Street Northfield, MN 55057 Full Service B&M $163,541
Merchants Bank, National Association 3586 55th Street Nw Rochester, MN 55901 Full Service B&M $89,824
Merchants Bank, National Association 4124 Sixth Street-Goodview Winona, MN 55987 Full Service B&M $29,784
Merchants Bank, National Association 627 Mankato Avenue Winona, MN 55987 Full Service B&M $28,847
Merchants Bank, National Association 7200 East Douglas Point Road South Cottage Grove, MN 55016 Full Service B&M $68,949
Merchants Bank, National Association 7300 147th Street West, Suite 100 Apple Valley, MN 55124 Full Service B&M $100,522

For 2021, Merchants Bank had 24 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $90,156
Net interest income $83,173
Total noninterest income $29,551
Gross Fiduciary activities income $2,248
Service charges on deposit accounts $2,018
Trading account gains and fees $0
Additional Noninterest Income $25,285
Pre-tax net operating income $43,837
Securities gains (or losses, -) $0
Income before extraordinary items $32,166
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $32,166
Minority interest net income $0
Net income $32,166
Sale, conversion, retirement of capital stock, net $0
Net operating income $32,166

Merchants Bank's gross interest income from loans was $90,156,000.
Merchants Bank's net interest income from loans was $83,173,000.
Merchants Bank's fee based income from loans was $2,018,000.
Merchants Bank's net income from loans was $32,166,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $6,983
Provision for credit losses $-2,210
Total noninterest expense $71,097
Salaries and employee benefits $43,239
Premises and equipment expense $3,915
Additional noninterest expense $23,943
Applicable income taxes $11,671
Net charge-offs $760
Cash dividends $8,152

Merchants Bank's interest expense for loans was $6,983,000.
Merchants Bank's payroll and benefits expense were $43,239,000.
Merchants Bank's property, plant and equipment expenses $3,915,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.7%
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 $2,520,582
Deposits held in domestic offices $2,520,582
Deposits by Individuals, partnerships, and corporations $2,470,267
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $50,315
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 $746,721
Demand deposits $437,254
Nontransaction accounts $1,773,861
Money market deposit accounts (MMDAs) $883,641
Other savings deposits (excluding MMDAs) $626,003
Total time deposits $264,217
Total time and savings deposits $2,083,328
Noninterest-bearing deposits $623,002
Interest-bearing deposits $1,897,580
Retail deposits $2,461,329
IRAs and Keogh plan accounts $49,039
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,820,664
Cash & Balances due from depository institutions $849,409
Interest-bearing balances $823,864
Total securities $204,084
Federal funds sold & reverse repurchase $413
Net loans and leases $1,603,187
Loan and leases loss allowance $28,650
Trading account assets $0
Bank premises and fixed assets $40,686
Other real estate owned $964
Goodwill and other intangibles $53,427
All other assets $68,494

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,820,664
Total Liabilities $2,547,407
Total deposits $2,520,582
Interest-bearing deposits $1,897,580
Deposits held in domestic offices $2,520,582
% insured (estimated) $72
Federal funds purchased and repurchase agreements $1,700
Trading liabilities $0
Other borrowed funds $12,188
Subordinated debt $0
All other liabilities $12,937

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,603,187
Loan and leases loss allowance $28,650
Total loans and leases (domestic) $1,631,837
All real estate loans $1,121,336
Real estate loans in domestic offices $1,121,336
Construction and development loans $115,446
Residential 1-4 family construction $37,488
Other construction, all land development and other land $77,958
Loans secured by nonfarm nonresidential properties $493,241
Nonfarm nonresidential secured by owner-occupied properties $216,328
Commercial real estate & other non-farm, non-residential $276,913
Multifamily residential real estate $98,852
1-4 family residential loans $315,480
Farmland loans $98,317
Loans held in foreign offices $0
Farm loans $40,054
Commercial and industrial loans $366,557
To non-U.S. addressees $0
Loans to individuals $38,245
Credit card loans $16,859
Related Plans $1,619
Consumer Auto Loans $15,662
Other loans to individuals $4,105
All other loans & leases $65,646
Loans to foreign governments and official institutions $0
Other loans $2,240
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $2,355
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,769
Non 1-4 family restructured loans & leases $1,769
Total loans and leases (foreign) $0

Merchants Bank had $1,603,187,000 of loans outstanding in 2021. $1,121,336,000 of loans were in real estate loans. $115,446,000 of loans were in development loans. $98,852,000 of loans were in multifamily mortgage loans. $315,480,000 of loans were in 1-4 family mortgage loans. $40,054,000 of loans were in farm loans. $16,859,000 of loans were in credit card loans. $15,662,000 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 586 $149,505 $255,128
Nonfarm, nonresidential loans - <$100k 119 $6,203 $52,126
Nonfarm, nonresidential loans - $100-250k 193 $26,634 $138,000
Nonfarm, nonresidential loans - $250k-1MM 274 $116,668 $425,796
Commercial & Industrial, US addressed loans - <$1MM 1,245 $112,852 $90,644
Commercial & Industrial, US addressed loans - <$100k 791 $20,466 $25,874
Commercial & Industrial, US addressed loans - $100-250k 253 $25,675 $101,482
Commercial & Industrial, US addressed loans - $250k-1MM 201 $66,711 $331,896
Farmland loans - <$1MM 299 $45,484 $152,120
Farmland loans - <$100k 69 $3,183 $46,130
Farmland loans - $100-250k 151 $19,229 $127,344
Farmland loans - $250k-1MM 79 $23,072 $292,051
Agriculture operations loans - <$1MM 402 $22,302 $55,478
Agriculture operations loans - <$100k 291 $7,544 $25,924
Agriculture operations loans - $100-250k 88 $9,536 $108,364
Agriculture operations loans - $250k-1MM 23 $5,222 $227,043