Farmers State Bank Mortgage Rates, Fees & Info

Waterloo, IA

LEI: 549300ZJODJ0SZUNMX12

Tax ID: 42-0247200

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Mortgage Data

Bank 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.62% 3/28/24
30 Year Conventional Refi 6.63% 3/28/24
30 Year Cash-out Refi 6.63% 3/28/24
15 Year Conventional Purchase 6.87% 3/28/24
15 Year Conventional Refi 5.94% 3/28/24
15 Year Cash-out Refi 5.94% 3/28/24
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

427

Origination Dollar Volume (All Markets)

$76,225,000

Employee count

102

Awards

Farmers State Bank 30 Year Conventional Loans gold Farmers State Bank 30 Year Conventional Loans gold 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.

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    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