F & M Bank Corp. Mortgage Rates, Fees & Info

TIMBERVILLE, VA

LEI: 549300V2YLC1I721HE07

Tax ID: 54-0208040

5 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


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

839

Origination Dollar Volume (All Markets)

$178,165,000

Employee count

137

Awards

F & M BANK CORP. 30 Year Conventional Loans bronze F & M BANK CORP. USDA Loans gold
Show all (2) awards

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 applications
93.74%

F & M Bank Corp. has an average approval rate.

Pick Rate

Approvals leading to origination
82.53%

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