Farmers State Bank Mortgage Rates, Fees & Info

Waterloo, IA

LEI: 549300ZJODJ0SZUNMX12

Tax ID: 42-0247200

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

Review & Overview

Farmers State Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Waterloo, Des Moines, Duluth, Davenport, and Albert Lea among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Farmers State Bank has an above average approval rate when compared to the average across all lenders. They have a below 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
30 Year Conventional Purchase	6.62%	11/22/24
30 Year Conventional Refi	6.63%	11/22/24
30 Year Cash-out Refi	6.63%	11/22/24
15 Year Conventional Purchase	6.87%	11/22/24
15 Year Conventional Refi	5.94%	11/22/24
15 Year Cash-out Refi	5.94%	11/22/24
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

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

427

Origination Dollar Volume (All Markets)

$76,225,000

Employee count

102

Awards

Farmers State Bank 30 Year Conventional Loans gold

Show all (3) 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
WATERLOO-CEDAR FALLS, IA (FHA\|USDA\|VA)	299	$45,265,000	$151,388	$889	4.80%
Outside of Metro Areas	85	$9,385,000	$110,412	$886	4.69%
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	13	$7,235,000	$556,538	$1,222	5.02%
DULUTH, MN-WI (FHA\|USDA\|VA)	2	$4,130,000	$2,065,000	$0	5.31%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA\|USDA\|VA)	2	$2,010,000	$1,005,000	$114	4.94%
Albert Lea, MN (FHA\|USDA\|VA)	2	$1,360,000	$680,000	$0	5.25%
Kapaa, HI (FHA\|USDA\|VA)	1	$1,325,000	$1,325,000	$10,919	5.00%
EAU CLAIRE, WI (FHA\|USDA\|VA)	1	$1,295,000	$1,295,000	$0	4.46%
CEDAR RAPIDS, IA (FHA\|USDA\|VA)	8	$740,000	$92,500	$547	4.34%
Edwards, CO (FHA\|USDA\|VA)	1	$695,000	$695,000	$4,312	4.25%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	3	$525,000	$175,000	$3,316	5.13%
AMES, IA (FHA\|USDA\|VA)	1	$425,000	$425,000	$1,528	4.00%
FORT COLLINS, CO (FHA\|USDA\|VA)	1	$425,000	$425,000	$4,628	5.00%
Bozeman, MT (FHA\|USDA\|VA)	1	$335,000	$335,000	$2,775	4.75%
ROCHESTER, MN (FHA\|USDA\|VA)	1	$305,000	$305,000	$4,248	4.75%
Brookings, SD (FHA\|USDA\|VA)	2	$250,000	$125,000	$1,443	4.63%
Ottumwa, IA (FHA\|USDA\|VA)	1	$225,000	$225,000	$1,428	3.75%
Fort Dodge, IA (FHA\|USDA\|VA)	1	$165,000	$165,000	$0	6.34%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	1	$85,000	$85,000	$3,161	4.50%
Marshalltown, IA (FHA\|USDA\|VA)	1	$45,000	$45,000	$2,658	4.63%

Farmers State Bank's top markets include Waterloo, Des Moines, Duluth, Davenport, and Albert Lea among others.

Their top states include:

Iowa (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Hawaii (FHA|USDA|VA)

Colorado (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.

Charter Bank
Similarity Rank: 36

Raccoon Valley Bank
Similarity Rank: 96

BankIowa of Cedar Rapids
Similarity Rank: 144

Guthrie County State Bank
Similarity Rank: 166

Community Choice Credit Union
Similarity Rank: 187

Farmers State Bank
Similarity Rank: 220

GREATER IOWA CREDIT UNION
Similarity Rank: 286

Luana Savings Bank
Similarity Rank: 289

Collins Community Credit Union
Similarity Rank: 325

Fidelity Bank
Similarity Rank: 428

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	427	$76,225,000	$178,513	$983	4.78%

For 2018, Farmers State Bank's most frequently originated type of loan was Conventional, with 427 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	253	$44,775,000	$176,976	$1,126	4.85%
Refi	123	$28,395,000	$230,854	$970	4.76%
Home Improvement	33	$1,795,000	$54,394	$424	4.52%
Other	18	$1,260,000	$70,000	$403	4.37%

For 2018, Farmers State Bank's most frequently cited loan purpose was Home Purchase, with 253 originations. The 2nd most popular reason was Refi, with 123 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	148	$29,850,000	$201,689	$1,648	4.65%
15 Year	121	$9,065,000	$74,917	$461	4.81%
10 Year	76	$5,980,000	$78,684	$363	4.70%
20 Year	37	$7,045,000	$190,405	$1,443	5.26%
Other	22	$18,130,000	$824,091	$1,321	5.20%
5 Year	21	$5,965,000	$284,048	$239	4.41%
1 Year	2	$190,000	$95,000	$0	5.50%

For 2018, Farmers State Bank's most frequently cited loan duration was 30 Year, with 148 originations. The 2nd most popular length was 15 Year, with 121 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	315	$31,895,000	$101,254
$2k-3k	4	$1,790,000	$447,500
$1k-2k	3	$645,000	$215,000
$5k+	1	$1,325,000	$1,325,000

Farmers State Bank's average total fees were $1,648, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 315 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	242	$38,420,000	$158,760
5-6%	125	$28,875,000	$231,000
3-4%	51	$7,225,000	$141,667
6-7%	7	$835,000	$119,286
2.5-3%	1	$375,000	$375,000
7-8%	1	$495,000	$495,000

During 2018, Farmers State Bank's average interest rate for loans was 4.65%, while their most frequently originated rate bucket for loans was 4-5%, with 242 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	249	$12,025,000	$48,293	$643	4.81%
$100k-200k	100	$13,170,000	$131,700	$1,297	4.67%
$200k-400k	41	$11,185,000	$272,805	$1,716	4.71%
$400k-600k	16	$7,390,000	$461,875	$1,675	4.85%
$1MM+	13	$26,455,000	$2,035,000	$10,919	5.04%
$600k-1MM	8	$6,000,000	$750,000	$3,078	5.12%

2018 saw Farmers State Bank place emphasis on $100,000 or less loans with 249 originations, totaling $12,025,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	104	$6,670,000	$64,135	$917	4.72%
$50k-75k	68	$6,090,000	$89,559	$958	4.56%
$75k-100k	64	$5,420,000	$84,688	$807	4.71%
$100k-150k	50	$5,470,000	$109,400	$876	4.78%
$250k+	38	$10,830,000	$285,000	$1,487	4.44%
$150k-250k	16	$3,180,000	$198,750	$1,305	4.46%

Farmers State Bank lent most frequently to those with incomes in the $50k or less range, with 104 originations. The second most popular income band? $50k-75k, with 68 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	80	$7,860,000	$98,250	$894	4.64%
30-36%	65	$6,545,000	$100,692	$1,014	4.51%
<20%	26	$4,400,000	$169,231	$1,042	4.30%
>60%	24	$3,730,000	$155,417	$1,342	4.57%
50-60%	20	$1,770,000	$88,500	$980	4.73%
37%	16	$860,000	$53,750	$821	4.68%
39%	14	$1,290,000	$92,143	$959	4.71%
40%	14	$1,070,000	$76,429	$650	4.70%
42%	12	$1,230,000	$102,500	$968	4.53%
41%	9	$2,165,000	$240,556	$2,332	4.74%
49%	8	$1,910,000	$238,750	$891	4.89%
43%	8	$910,000	$113,750	$837	4.52%
45%	6	$420,000	$70,000	$883	4.73%
36%	5	$365,000	$73,000	$660	4.60%
46%	4	$190,000	$47,500	$289	4.69%
47%	3	$425,000	$141,667	$1,038	4.58%
48%	3	$195,000	$65,000	$1,222	4.79%
38%	3	$155,000	$51,667	$674	4.17%
44%	2	$90,000	$45,000	$620	4.88%

Farmers State Bank lent most frequently to those with DTI ratios of 20-30%, with 80 originations. The next most common DTI ratio? 30-36%, with 65 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	81	$37,325,000	$460,802	$292	5.28%
White	324	$35,290,000	$108,920	$976	4.67%
Not provided	11	$1,755,000	$159,545	$1,361	4.49%
Asian	8	$1,430,000	$178,750	$1,065	4.38%
Black	3	$425,000	$141,667	$940	4.92%

Approval Rates

Total approvals of all applications
93.86%

Farmers State Bank has an average approval rate.

Pick Rate

Approvals leading to origination
78.22%

Farmers State Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	427	$76,225,000	$178,513

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	64	$36,520,000	$570,625
Single Family (1-4 Units):Site-Built	363	$39,705,000	$109,380

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	59	$4,195,000	$71,102	$316	4.70%
40-60%	35	$10,095,000	$288,429	$1,362	5.01%
60-80%	124	$34,380,000	$277,258	$1,526	4.74%
80-100%	93	$20,135,000	$216,505	$1,666	4.84%
Over 100%	2	$1,990,000	$995,000	$0	5.43%
Under 20%	114	$5,430,000	$47,632	$219	4.72%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Farmers State Bank	1306 5th Street Gilbertville, IA 50634	Full Service B&M	$36,589
Farmers State Bank	131 Tower Park Drive Waterloo, IA 50701	Full Service B&M	$304,787
Farmers State Bank	1310 6th Street Jesup, IA 50648	Full Service B&M	$58,284
Farmers State Bank	1710 1st Street, Suite A Cedar Falls, IA 50613	Full Service B&M	$42,232
Farmers State Bank	2002 Enterprise Ct Independence, IA 50644	Full Service B&M	$31,849
Farmers State Bank	2101 4th Street Sw Waverly, IA 50677	Full Service B&M	$91,797
Farmers State Bank	224 West 6th Street Waterloo, IA 50701	Full Service B&M	$96,181
Farmers State Bank	508 Hwy 218 N La Porte City, IA 50651	Full Service B&M	$28,255
Farmers State Bank	515 Main Street Cedar Falls, IA 50613	Full Service B&M	$84,529
Farmers State Bank	905 Jon Road Dunkerton, IA 50626	Full Service B&M	$18,402

For 2018, Farmers State Bank had 10 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$43,950
Net interest income	$30,197
Total noninterest income	$2,088
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$459
Trading account gains and fees	$0
Additional Noninterest Income	$1,629
Pre-tax net operating income	$13,856
Securities gains (or losses, -)	$72
Income before extraordinary items	$13,268
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$13,268
Minority interest net income	$0
Net income	$13,268
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$13,199

Farmers State Bank's gross interest income from loans was $43,950,000.
Farmers State Bank's net interest income from loans was $30,197,000.
Farmers State Bank's fee based income from loans was $459,000.
Farmers State Bank's net income from loans was $13,268,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$13,753
Provision for credit losses	$1,262
Total noninterest expense	$17,167
Salaries and employee benefits	$10,704
Premises and equipment expense	$1,571
Additional noninterest expense	$4,892
Applicable income taxes	$660
Net charge-offs	$162
Cash dividends	$0

Farmers State Bank's interest expense for loans was $13,753,000.
Farmers State Bank's payroll and benefits expense were $10,704,000.
Farmers State Bank's property, plant and equipment expenses $1,571,000.

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	$821,009
Deposits held in domestic offices	$821,009
Deposits by Individuals, partnerships, and corporations	$603,182
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$217,825
Deposits by Commercial banks and other depository institutions in U.S.	$2
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$239,084
Demand deposits	$87,258
Nontransaction accounts	$581,925
Money market deposit accounts (MMDAs)	$211,710
Other savings deposits (excluding MMDAs)	$15,929
Total time deposits	$354,287
Total time and savings deposits	$733,751
Noninterest-bearing deposits	$87,258
Interest-bearing deposits	$733,751
Retail deposits	$599,890
IRAs and Keogh plan accounts	$11,374
Brokered deposits	$118,930
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,056,124
Cash & Balances due from depository institutions	$17,146
Interest-bearing balances	$9,080
Total securities	$128,676
Federal funds sold & reverse repurchase	$0
Net loans and leases	$875,185
Loan and leases loss allowance	$9,100
Trading account assets	$0
Bank premises and fixed assets	$13,868
Other real estate owned	$365
Goodwill and other intangibles	$0
All other assets	$20,884

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,056,124
Total Liabilities	$967,567
Total deposits	$821,009
Interest-bearing deposits	$733,751
Deposits held in domestic offices	$821,009
% insured (estimated)	$66
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$140,700
Subordinated debt	$0
All other liabilities	$5,858

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$875,185
Loan and leases loss allowance	$9,100
Total loans and leases (domestic)	$884,285
All real estate loans	$648,075
Real estate loans in domestic offices	$648,075
Construction and development loans	$71,454
Residential 1-4 family construction	$20,051
Other construction, all land development and other land	$51,403
Loans secured by nonfarm nonresidential properties	$196,719
Nonfarm nonresidential secured by owner-occupied properties	$93,597
Commercial real estate & other non-farm, non-residential	$103,122
Multifamily residential real estate	$69,570
1-4 family residential loans	$203,681
Farmland loans	$106,651
Loans held in foreign offices	$0
Farm loans	$52,776
Commercial and industrial loans	$104,728
To non-U.S. addressees	$0
Loans to individuals	$73,790
Credit card loans	$8,054
Related Plans	$1,892
Consumer Auto Loans	$59,350
Other loans to individuals	$4,494
All other loans & leases	$4,916
Loans to foreign governments and official institutions	$0
Other loans	$296
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	$0
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Farmers State Bank had $875,185,000 of loans outstanding in 2018. $648,075,000 of loans were in real estate loans. $71,454,000 of loans were in development loans. $69,570,000 of loans were in multifamily mortgage loans. $203,681,000 of loans were in 1-4 family mortgage loans. $52,776,000 of loans were in farm loans. $8,054,000 of loans were in credit card loans. $59,350,000 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	316	$76,342	$241,589
Nonfarm, nonresidential loans - <$100k	62	$3,096	$49,935
Nonfarm, nonresidential loans - $100-250k	118	$16,424	$139,186
Nonfarm, nonresidential loans - $250k-1MM	136	$56,822	$417,809
Commercial & Industrial, US addressed loans - <$1MM	617	$64,155	$103,979
Commercial & Industrial, US addressed loans - <$100k	304	$8,060	$26,513
Commercial & Industrial, US addressed loans - $100-250k	162	$13,850	$85,494
Commercial & Industrial, US addressed loans - $250k-1MM	151	$42,245	$279,768
Farmland loans - <$1MM	230	$39,950	$173,696
Farmland loans - <$100k	44	$2,062	$46,864
Farmland loans - $100-250k	106	$15,242	$143,792
Farmland loans - $250k-1MM	80	$22,646	$283,075
Agriculture operations loans - <$1MM	349	$31,322	$89,748
Agriculture operations loans - <$100k	186	$5,783	$31,091
Agriculture operations loans - $100-250k	95	$11,319	$119,147
Agriculture operations loans - $250k-1MM	68	$14,220	$209,118