F & M Bank Corp. Mortgage Rates, Fees & Info
TIMBERVILLE, VALEI: 549300V2YLC1I721HE07
Tax ID: 54-0208040
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Overview
F & M Bank Corp. is a smaller bank specializing in Home Purchase and Refi loans. F & M Bank Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Harrisonburg, Staunton, Washington, Charlottesville, and Lynchburg among others. F & M Bank Corp. 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. F & M Bank Corp. is typically an average fee lendor.Originations
839Origination Dollar Volume (All Markets)
$178,165,000Employee count
137Awards
F & M BANK CORP. - 2021
F & M BANK CORP. is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
F & M Bank Corp.'s average 30 year fixed rate mortgage of loans were
3.14%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.01%.
Relative Fees
F & M Bank Corp.'s average total fees for a 30 year fixed rate
mortgage are $3,799.
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 |
|---|---|---|---|---|---|
| HARRISONBURG, VA (FHA|USDA|VA) | 471 | $101,205,000 | $214,873 | $3,495 | 3.07% |
| STAUNTON, VA (FHA|USDA|VA) | 142 | $29,190,000 | $205,563 | $3,943 | 3.15% |
| Outside of Metro Areas | 144 | $28,530,000 | $198,125 | $3,327 | 3.08% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 14 | $3,990,000 | $285,000 | $4,205 | 2.96% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 12 | $3,480,000 | $290,000 | $4,460 | 2.95% |
| LYNCHBURG, VA (FHA|USDA|VA) | 15 | $3,125,000 | $208,333 | $3,000 | 3.15% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 7 | $1,945,000 | $277,857 | $3,537 | 3.04% |
| RICHMOND, VA (FHA|USDA|VA) | 7 | $1,615,000 | $230,714 | $4,841 | 3.20% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $5,532 | 3.16% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $0 | 0.00% |
| BECKLEY, WV (FHA|USDA|VA) | 4 | $640,000 | $160,000 | $3,213 | 3.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $4,091 | 2.88% |
| ROANOKE, VA (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $2,621 | 2.96% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,529 | 2.63% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $11,130 | 3.25% |
| Shelby, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,901 | 3.25% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,991 | 3.25% |
| Marion, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,844 | 3.50% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,811 | 3.75% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,406 | 2.75% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,378 | 2.50% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,448 | 3.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,722 | 2.63% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,865 | 3.75% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.25% |
F & M Bank Corp.'s top markets include Harrisonburg, Staunton, Washington, Charlottesville, and Lynchburg among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 736 | $155,950,000 | $211,889 | $3,062 | 3.07% |
| FHA | 82 | $17,200,000 | $209,756 | $7,050 | 3.24% |
| USDA | 15 | $3,145,000 | $209,667 | $5,473 | 2.90% |
| VA | 6 | $1,870,000 | $311,667 | $8,976 | 3.00% |
For the 2021 period, F & M Bank Corp.'s most frequently originated loan type of loans were Conventional, with 736 originations. Their 2nd most popular type is FHA, with 82 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 516 | $115,260,000 | $223,372 | $3,998 | 3.14% |
| Refi | 313 | $61,845,000 | $197,588 | $2,976 | 2.96% |
| Home Improvement | 7 | $885,000 | $126,429 | $1,533 | 4.12% |
| Other | 3 | $175,000 | $58,333 | $439 | 4.82% |
For the 2021, F & M Bank Corp.'s most frequently cited loan purpose of loans were Home Purchase, with 516 originations. The 2nd most popular reason of loans were Refi, with 313 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 650 | $146,360,000 | $225,169 | $3,799 | 3.14% |
| 15 Year | 101 | $16,695,000 | $165,297 | $2,741 | 2.49% |
| 20 Year | 46 | $8,790,000 | $191,087 | $3,228 | 2.95% |
| Other | 31 | $5,495,000 | $177,258 | $2,132 | 3.56% |
| 10 Year | 8 | $660,000 | $82,500 | $1,136 | 4.28% |
| 5 Year | 2 | $100,000 | $50,000 | $1,671 | 3.99% |
| 3 Year | 1 | $65,000 | $65,000 | $519 | 3.99% |
For the 2021, F & M Bank Corp.'s most frequently cited loan length of loans were 30 Year, with 650 originations. The 2nd most popular length of loans were 15 Year, with 101 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 362 | $76,160,000 | $210,387 |
| $1k-2k | 295 | $63,235,000 | $214,356 |
| $2k-3k | 45 | $12,185,000 | $270,778 |
| $3k-4k | 24 | $6,210,000 | $258,750 |
| $5k+ | 14 | $5,010,000 | $357,857 |
$3,799 of loans were F & M Bank Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 362 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 365 | $76,925,000 | $210,753 |
| 2.5-3% | 307 | $71,075,000 | $231,515 |
| <2.5% | 89 | $18,455,000 | $207,360 |
| 4-5% | 19 | $2,855,000 | $150,263 |
| 5-6% | 2 | $70,000 | $35,000 |
During 2021, F & M Bank Corp.'s average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 3-4%, with 365 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 373 | $99,755,000 | $267,440 | $4,101 | 3.06% |
| $100k-200k | 336 | $52,510,000 | $156,280 | $3,256 | 3.06% |
| $100,000 or less | 85 | $4,605,000 | $54,176 | $1,595 | 3.39% |
| $400k-600k | 44 | $20,480,000 | $465,455 | $4,552 | 2.95% |
| $600k-1MM | 1 | $815,000 | $815,000 | $2,772 | 3.25% |
2021 saw F & M Bank Corp. place emphasis on $200k-400k loans with 373 originations, totaling $99,755,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 241 | $46,775,000 | $194,087 | $3,676 | 3.11% |
| $50k or less | 189 | $28,165,000 | $149,021 | $3,376 | 3.11% |
| $75k-100k | 162 | $37,610,000 | $232,160 | $3,584 | 3.08% |
| $100k-150k | 131 | $36,175,000 | $276,145 | $3,817 | 3.02% |
| $150k-250k | 51 | $16,035,000 | $314,412 | $3,468 | 2.92% |
| $250k+ | 23 | $6,925,000 | $301,087 | $4,377 | 3.35% |
F & M Bank Corp. lent most frequently to those with incomes in the $50k-75k range, with 241 originations. The second most popular income band? $50k or less, with 189 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 205 | $44,965,000 | $219,341 | $3,324 | 3.02% |
| 30-36% | 168 | $37,660,000 | $224,167 | $3,648 | 3.06% |
| <20% | 79 | $17,265,000 | $218,544 | $3,321 | 2.96% |
| 41% | 40 | $8,100,000 | $202,500 | $4,078 | 3.12% |
| 37% | 37 | $7,055,000 | $190,676 | $3,698 | 3.10% |
| 39% | 36 | $6,060,000 | $168,333 | $3,033 | 3.24% |
| 38% | 30 | $6,380,000 | $212,667 | $3,174 | 3.18% |
| 40% | 24 | $5,120,000 | $213,333 | $3,207 | 3.33% |
| 36% | 24 | $5,590,000 | $232,917 | $3,874 | 3.05% |
| 42% | 23 | $5,155,000 | $224,130 | $3,322 | 3.01% |
| 43% | 22 | $5,060,000 | $230,000 | $4,376 | 2.98% |
| 44% | 22 | $4,380,000 | $199,091 | $3,475 | 3.26% |
| 50-60% | 18 | $3,680,000 | $204,444 | $7,058 | 3.30% |
| 46% | 17 | $4,075,000 | $239,706 | $4,082 | 3.01% |
| 47% | 13 | $2,815,000 | $216,538 | $3,702 | 3.52% |
| 49% | 13 | $2,365,000 | $181,923 | $4,054 | 2.87% |
| 45% | 12 | $2,620,000 | $218,333 | $4,456 | 3.28% |
| 48% | 12 | $2,960,000 | $246,667 | $3,417 | 3.32% |
| >60% | 3 | $515,000 | $171,667 | $3,849 | 3.99% |
F & M Bank Corp. lent most frequently to those with DTI ratios of 20-30%, with 205 originations. The next most common DTI ratio? 30-36%, with 168 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 741 | $159,245,000 | $214,906 | $3,551 | 3.08% |
| Not applicable | 40 | $6,030,000 | $150,750 | $0 | 0.00% |
| Not provided | 21 | $5,215,000 | $248,333 | $3,744 | 2.87% |
| Black | 28 | $4,840,000 | $172,857 | $4,119 | 3.15% |
| Asian | 7 | $2,325,000 | $332,143 | $5,854 | 3.28% |
| American Indian | 2 | $510,000 | $255,000 | $4,222 | 3.00% |
Approval Rates
Total approvals of all applications93.74%
F & M Bank Corp. has an average approval rate.
Pick Rate
Approvals leading to origination82.53%
F & M Bank Corp. has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 839 | $178,165,000 | $212,354 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 839 | $178,165,000 | $212,354 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 40 | $4,690,000 | $117,250 | $2,462 | 2.91% |
| 40-60% | 113 | $19,545,000 | $172,965 | $3,017 | 2.94% |
| 60-80% | 333 | $74,645,000 | $224,159 | $3,141 | 3.06% |
| 80-100% | 324 | $77,720,000 | $239,877 | $4,491 | 3.12% |
| Over 100% | 4 | $1,150,000 | $287,500 | $10,218 | 3.09% |
| Under 20% | 25 | $415,000 | $16,600 | $466 | 3.60% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Farmers & Merchants Bank | 165 New Market Timberville, VA 22853 | Full Service B&M | $182,525 |
| Farmers & Merchants Bank | 100 Plaza Drive Bridgewater, VA 22812 | Full Service B&M | $142,326 |
| Farmers & Merchants Bank | 126 North Timber Way Broadway, VA 22815 | Full Service B&M | $97,872 |
| Farmers & Merchants Bank | 127 Rockingham Street Elkton, VA 22827 | Full Service B&M | $99,805 |
| Farmers & Merchants Bank | 161 South Main Street Woodstock, VA 22664 | Full Service B&M | $70,025 |
| Farmers & Merchants Bank | 2030 Legacy Lane Harrisonburg, VA 22801 | Full Service B&M | $56,136 |
| Farmers & Merchants Bank | 2701 West Main Street Waynesboro, VA 22980 | Full Service B&M | $14,005 |
| Farmers & Merchants Bank | 2782 Stuarts Draft Highway Stuarts Draft, VA 24477 | Full Service B&M | $6,632 |
| Farmers & Merchants Bank | 2813 N Augusta Street Staunton, VA 24401 | Full Service B&M | $41,724 |
| Farmers & Merchants Bank | 30 Gosnell Crossing Staunton, VA 24401 | Full Service B&M | $32,946 |
| Farmers & Merchants Bank | 320 Stoney Creek Blvd Edinburg, VA 22824 | Full Service B&M | $68,709 |
| Farmers & Merchants Bank | 45 E Boscawen Street Winchester, VA 22601 | Full Service B&M | $20,718 |
| Farmers & Merchants Bank | 80 Cross Keys Road Harrisonburg, VA 22801 | Full Service B&M | $133,663 |
For 2021, F & M Bank Corp. had 13 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $35,577 |
| Net interest income | $32,007 |
| Total noninterest income | $9,880 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $1,133 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $8,747 |
| Pre-tax net operating income | $13,001 |
| Securities gains (or losses, -) | $-525 |
| Income before extraordinary items | $11,076 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $11,076 |
| Minority interest net income | $0 |
| Net income | $11,076 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $11,543 |
F & M Bank Corp.'s gross interest income from loans was $35,577,000.
F & M Bank Corp.'s net interest income from loans was $32,007,000.
F & M Bank Corp.'s fee based income from loans was $1,133,000.
F & M Bank Corp.'s net income from loans was $11,076,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,570 |
| Provision for credit losses | $-2,821 |
| Total noninterest expense | $31,707 |
| Salaries and employee benefits | $17,261 |
| Premises and equipment expense | $2,303 |
| Additional noninterest expense | $12,143 |
| Applicable income taxes | $1,400 |
| Net charge-offs | $-94 |
| Cash dividends | $2,232 |
F & M Bank Corp.'s interest expense for loans was $3,570,000.
F & M Bank Corp.'s payroll and benefits expense were $17,261,000.
F & M Bank Corp.'s property, plant and equipment expenses $2,303,000.
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 | 1.0% |
| 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 | $1,091,989 |
| Deposits held in domestic offices | $1,091,989 |
| Deposits by Individuals, partnerships, and corporations | $1,073,198 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $18,791 |
| 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 | $208,752 |
| Demand deposits | $95,437 |
| Nontransaction accounts | $883,237 |
| Money market deposit accounts (MMDAs) | $616,744 |
| Other savings deposits (excluding MMDAs) | $142,636 |
| Total time deposits | $123,857 |
| Total time and savings deposits | $996,552 |
| Noninterest-bearing deposits | $208,752 |
| Interest-bearing deposits | $883,237 |
| Retail deposits | $1,069,155 |
| IRAs and Keogh plan accounts | $24,097 |
| Brokered deposits | $19,508 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,218,712 |
| Cash & Balances due from depository institutions | $11,391 |
| Interest-bearing balances | $2,875 |
| Total securities | $404,007 |
| Federal funds sold & reverse repurchase | $76,667 |
| Net loans and leases | $659,560 |
| Loan and leases loss allowance | $7,748 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $17,851 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $3,001 |
| All other assets | $46,235 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,218,712 |
| Total Liabilities | $1,117,162 |
| Total deposits | $1,091,989 |
| Interest-bearing deposits | $883,237 |
| Deposits held in domestic offices | $1,091,989 |
| % insured (estimated) | $82 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $10,000 |
| Subordinated debt | $0 |
| All other liabilities | $15,173 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $659,560 |
| Loan and leases loss allowance | $7,748 |
| Total loans and leases (domestic) | $667,308 |
| All real estate loans | $504,979 |
| Real estate loans in domestic offices | $504,979 |
| Construction and development loans | $75,236 |
| Residential 1-4 family construction | $34,949 |
| Other construction, all land development and other land | $40,287 |
| Loans secured by nonfarm nonresidential properties | $163,564 |
| Nonfarm nonresidential secured by owner-occupied properties | $91,024 |
| Commercial real estate & other non-farm, non-residential | $72,540 |
| Multifamily residential real estate | $4,887 |
| 1-4 family residential loans | $194,948 |
| Farmland loans | $66,344 |
| Loans held in foreign offices | $0 |
| Farm loans | $6,468 |
| Commercial and industrial loans | $37,198 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $111,721 |
| Credit card loans | $3,000 |
| Related Plans | $56 |
| Consumer Auto Loans | $92,887 |
| Other loans to individuals | $15,778 |
| All other loans & leases | $7,218 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $158 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $449 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $1,080 |
| Non 1-4 family restructured loans & leases | $971 |
| Total loans and leases (foreign) | $0 |
F & M BANK CORP. had $659,560,000 of loans outstanding in 2021. $504,979,000 of loans were in real estate loans. $75,236,000 of loans were in development loans. $4,887,000 of loans were in multifamily mortgage loans. $194,948,000 of loans were in 1-4 family mortgage loans. $6,468,000 of loans were in farm loans. $3,000,000 of loans were in credit card loans. $92,887,000 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 | 194 | $51,461 | $265,263 |
| Nonfarm, nonresidential loans - <$100k | 30 | $1,495 | $49,833 |
| Nonfarm, nonresidential loans - $100-250k | 65 | $8,759 | $134,754 |
| Nonfarm, nonresidential loans - $250k-1MM | 99 | $41,207 | $416,232 |
| Commercial & Industrial, US addressed loans - <$1MM | 591 | $26,874 | $45,472 |
| Commercial & Industrial, US addressed loans - <$100k | 463 | $9,452 | $20,415 |
| Commercial & Industrial, US addressed loans - $100-250k | 74 | $6,586 | $89,000 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 54 | $10,836 | $200,667 |
| Farmland loans - <$1MM | 61 | $10,489 | $171,951 |
| Farmland loans - <$100k | 13 | $436 | $33,538 |
| Farmland loans - $100-250k | 24 | $3,264 | $136,000 |
| Farmland loans - $250k-1MM | 24 | $6,789 | $282,875 |
| Agriculture operations loans - <$1MM | 151 | $6,468 | $42,834 |
| Agriculture operations loans - <$100k | 105 | $1,854 | $17,657 |
| Agriculture operations loans - $100-250k | 30 | $1,985 | $66,167 |
| Agriculture operations loans - $250k-1MM | 16 | $2,629 | $164,313 |
