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, Peoria, Austin, and Mason City among others. We have data for 21 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

666

Origination Dollar Volume (All Markets)

$112,120,000

Employee count

116

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 Farmers State Bank 30 Year Conventional Loans gold
Show all (4) 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) 459 $61,875,000 $134,804 $891 4.82%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 39 $21,175,000 $542,949 $1,022 4.84%
Outside of Metro Areas 122 $12,020,000 $98,525 $911 4.73%
PEORIA, IL (FHA|USDA|VA) 1 $4,025,000 $4,025,000 $0 4.71%
Austin, MN (FHA|USDA|VA) 1 $2,955,000 $2,955,000 $0 5.42%
Mason City, IA (FHA|USDA|VA) 10 $2,060,000 $206,000 $1,024 5.13%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 6 $2,010,000 $335,000 $688 4.84%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $1,250,000 $625,000 $5,701 4.06%
CEDAR RAPIDS, IA (FHA|USDA|VA) 8 $860,000 $107,500 $955 4.45%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $755,000 $251,667 $5,157 4.63%
Kapaa, HI (FHA|USDA|VA) 1 $745,000 $745,000 $8,615 4.38%
FORT COLLINS, CO (FHA|USDA|VA) 2 $440,000 $220,000 $2,168 4.69%
GRAND JUNCTION, CO (FHA|USDA|VA) 2 $370,000 $185,000 $1,467 4.25%
Kalispell, MT (FHA|USDA|VA) 1 $335,000 $335,000 $1,944 5.13%
COLUMBIA, MO (FHA|USDA|VA) 1 $285,000 $285,000 $2,228 3.88%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $245,000 $245,000 $3,451 3.50%
Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 1 $205,000 $205,000 $1,522 3.50%
IOWA CITY, IA (FHA|USDA|VA) 3 $195,000 $65,000 $594 5.17%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $165,000 $165,000 $2,023 4.88%
ROCHESTER, MN (FHA|USDA|VA) 1 $95,000 $95,000 $1,919 3.38%
AMES, IA (FHA|USDA|VA) 1 $55,000 $55,000 $246 5.75%
Farmers State Bank's top markets include Waterloo, Des Moines, Peoria, Austin, and Mason City among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 666 $112,120,000 $168,348 $967 4.80%

    For 2019, Farmers State Bank's most frequently originated type of loan was Conventional, with 666 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 389 $53,655,000 $137,931 $1,077 4.92%
    Refi 213 $55,315,000 $259,695 $951 4.56%
    Home Improvement 35 $1,895,000 $54,143 $350 4.93%
    Other 29 $1,255,000 $43,276 $404 4.75%

    For 2019, Farmers State Bank's most frequently cited loan purpose was Home Purchase, with 389 originations. The 2nd most popular reason was Refi, with 213 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 284 $22,160,000 $78,028 $466 4.99%
    30 Year 254 $50,200,000 $197,638 $1,609 4.47%
    10 Year 42 $20,980,000 $499,524 $308 4.99%
    20 Year 30 $3,770,000 $125,667 $1,210 5.08%
    Other 28 $13,130,000 $468,929 $0 5.32%
    5 Year 23 $1,155,000 $50,217 $238 4.85%
    1 Year 4 $710,000 $177,500 $0 4.25%
    3 Year 1 $15,000 $15,000 $0 4.89%

    For 2019, Farmers State Bank's most frequently cited loan duration was 15 Year, with 284 originations. The 2nd most popular length was 30 Year, with 254 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 555 $61,045,000 $109,991
    $1k-2k 8 $1,950,000 $243,750
    $2k-3k 5 $2,245,000 $449,000
    $4k-5k 1 $745,000 $745,000
    $5k+ 1 $555,000 $555,000

    Farmers State Bank's average total fees were $1,609, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 555 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 291 $51,145,000 $175,756
    5-6% 201 $31,575,000 $157,090
    3-4% 127 $24,665,000 $194,213
    6-7% 41 $4,125,000 $100,610
    2.5-3% 3 $525,000 $175,000
    7-8% 3 $85,000 $28,333

    During 2019, Farmers State Bank's average interest rate for loans was 4.47%, while their most frequently originated rate bucket for loans was 4-5%, with 291 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 373 $17,805,000 $47,735 $583 5.06%
    $100k-200k 181 $24,815,000 $137,099 $1,311 4.52%
    $200k-400k 79 $21,885,000 $277,025 $1,512 4.32%
    $400k-600k 16 $7,500,000 $468,750 $2,408 4.30%
    $1MM+ 10 $34,920,000 $3,492,000 $0 4.99%
    $600k-1MM 7 $5,195,000 $742,143 $3,268 4.43%

    2019 saw Farmers State Bank place emphasis on $100,000 or less loans with 373 originations, totaling $17,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 150 $9,740,000 $64,933 $874 4.87%
    $50k-75k 120 $10,680,000 $89,000 $853 4.67%
    $100k-150k 117 $15,375,000 $131,410 $922 4.58%
    $75k-100k 98 $10,140,000 $103,469 $915 4.84%
    $150k-250k 53 $8,715,000 $164,434 $1,078 4.60%
    $250k+ 34 $12,070,000 $355,000 $1,902 4.57%

    Farmers State Bank lent most frequently to those with incomes in the $50k or less range, with 150 originations. The second most popular income band? $50k-75k, with 120 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 125 $15,305,000 $122,440 $1,020 4.49%
    30-36% 115 $12,165,000 $105,783 $873 4.75%
    <20% 58 $9,500,000 $163,793 $1,154 4.52%
    50-60% 42 $5,260,000 $125,238 $1,085 4.99%
    38% 27 $2,655,000 $98,333 $876 4.84%
    39% 25 $2,455,000 $98,200 $853 4.64%
    40% 24 $2,510,000 $104,583 $830 4.51%
    41% 19 $2,255,000 $118,684 $976 4.68%
    37% 17 $1,895,000 $111,471 $926 4.64%
    >60% 16 $2,790,000 $174,375 $1,330 5.31%
    36% 16 $1,880,000 $117,500 $1,072 4.29%
    42% 16 $1,210,000 $75,625 $847 4.84%
    47% 14 $1,370,000 $97,857 $790 5.28%
    44% 12 $1,480,000 $123,333 $859 4.36%
    48% 11 $795,000 $72,273 $814 5.67%
    45% 11 $1,075,000 $97,727 $826 4.77%
    43% 11 $755,000 $68,636 $1,050 4.63%
    46% 9 $805,000 $89,444 $729 4.96%
    49% 6 $650,000 $108,333 $959 4.69%

    Farmers State Bank lent most frequently to those with DTI ratios of 20-30%, with 125 originations. The next most common DTI ratio? 30-36%, with 115 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 570 $66,460,000 $116,596 $967 4.72%
    Not applicable 84 $44,410,000 $528,690 $0 5.39%
    Not provided 6 $690,000 $115,000 $879 4.27%
    Asian 4 $440,000 $110,000 $889 4.63%
    Black 2 $120,000 $60,000 $1,401 5.23%

    Approval Rates

    Total approvals of all applications
    96.20%

    Farmers State 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
    82.28%

    Farmers State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 666 $112,120,000 $168,348

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 53 $40,375,000 $761,792
    Single Family (1-4 Units):Manufactured 2 $150,000 $75,000
    Single Family (1-4 Units):Site-Built 611 $71,595,000 $117,177

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 101 $6,305,000 $62,426 $299 5.13%
    40-60% 49 $8,245,000 $168,265 $1,189 4.53%
    60-80% 202 $53,300,000 $263,861 $1,458 4.51%
    80-100% 140 $34,110,000 $243,643 $1,666 4.66%
    Over 100% 7 $4,725,000 $675,000 $0 5.79%
    Under 20% 167 $5,435,000 $32,545 $169 5.10%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Farmers State Bank 1306 5th Street, P. O. Box 109 Gilbertville, IA 50634 Full Service B&M $40,102
    Farmers State Bank 131 Tower Park Drive, Suite 100 Waterloo, IA 50701 Full Service B&M $352,393
    Farmers State Bank 1310 6th Street Jesup, IA 50648 Full Service B&M $69,239
    Farmers State Bank 1710 1st Street, Suite A Cedar Falls, IA 50613 Full Service B&M $0
    Farmers State Bank 2002 Enterprise Ct Independence, IA 50644 Full Service B&M $35,363
    Farmers State Bank 2101 4th Street Sw Waverly, IA 50677 Full Service B&M $102,855
    Farmers State Bank 224 West 6th Street Waterloo, IA 50701 Full Service B&M $122,074
    Farmers State Bank 508 Hwy 218 N La Porte City, IA 50651 Full Service B&M $28,751
    Farmers State Bank 515 Main Street Cedar Falls, IA 50613 Full Service B&M $136,550
    Farmers State Bank 905 Jon Road Dunkerton, IA 50626 Full Service B&M $22,407
    Farmers State Bank 9250 University Ave, Suites 117-119 West Des Moines, IA 50266 Full Service B&M $2,305

    For 2019, Farmers State Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $51,370
    Net interest income $33,317
    Total noninterest income $2,635
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $548
    Trading account gains and fees $0
    Additional Noninterest Income $2,087
    Pre-tax net operating income $15,596
    Securities gains (or losses, -) $478
    Income before extraordinary items $15,320
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $15,320
    Minority interest net income $0
    Net income $15,320
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,865

    Farmers State Bank's gross interest income from loans was $51,370,000.
    Farmers State Bank's net interest income from loans was $33,317,000.
    Farmers State Bank's fee based income from loans was $548,000.
    Farmers State Bank's net income from loans was $15,320,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $18,053
    Provision for credit losses $1,539
    Total noninterest expense $18,817
    Salaries and employee benefits $12,060
    Premises and equipment expense $1,554
    Additional noninterest expense $5,203
    Applicable income taxes $754
    Net charge-offs $339
    Cash dividends $0

    Farmers State Bank's interest expense for loans was $18,053,000.
    Farmers State Bank's payroll and benefits expense were $12,060,000.
    Farmers State Bank's property, plant and equipment expenses $1,554,000.

    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 $948,723
    Deposits held in domestic offices $948,723
    Deposits by Individuals, partnerships, and corporations $717,613
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $231,108
    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 $258,355
    Demand deposits $99,137
    Nontransaction accounts $690,368
    Money market deposit accounts (MMDAs) $247,706
    Other savings deposits (excluding MMDAs) $16,918
    Total time deposits $425,743
    Total time and savings deposits $849,586
    Noninterest-bearing deposits $99,137
    Interest-bearing deposits $849,586
    Retail deposits $698,839
    IRAs and Keogh plan accounts $12,210
    Brokered deposits $139,219
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,168,632
    Cash & Balances due from depository institutions $50,864
    Interest-bearing balances $40,327
    Total securities $122,475
    Federal funds sold & reverse repurchase $0
    Net loans and leases $961,199
    Loan and leases loss allowance $10,300
    Trading account assets $0
    Bank premises and fixed assets $13,752
    Other real estate owned $849
    Goodwill and other intangibles $0
    All other assets $19,493

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,168,632
    Total Liabilities $1,060,316
    Total deposits $948,723
    Interest-bearing deposits $849,586
    Deposits held in domestic offices $948,723
    % insured (estimated) $48
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $104,700
    Subordinated debt $0
    All other liabilities $6,893

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $961,199
    Loan and leases loss allowance $10,300
    Total loans and leases (domestic) $971,499
    All real estate loans $713,309
    Real estate loans in domestic offices $713,309
    Construction and development loans $73,108
    Residential 1-4 family construction $22,685
    Other construction, all land development and other land $50,423
    Loans secured by nonfarm nonresidential properties $239,979
    Nonfarm nonresidential secured by owner-occupied properties $114,360
    Commercial real estate & other non-farm, non-residential $125,619
    Multifamily residential real estate $75,431
    1-4 family residential loans $223,578
    Farmland loans $101,213
    Loans held in foreign offices $0
    Farm loans $48,337
    Commercial and industrial loans $111,847
    To non-U.S. addressees $0
    Loans to individuals $94,065
    Credit card loans $8,228
    Related Plans $3,022
    Consumer Auto Loans $70,729
    Other loans to individuals $12,086
    All other loans & leases $3,941
    Loans to foreign governments and official institutions $0
    Other loans $16
    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 $961,199,000 of loans outstanding in 2019. $713,309,000 of loans were in real estate loans. $73,108,000 of loans were in development loans. $75,431,000 of loans were in multifamily mortgage loans. $223,578,000 of loans were in 1-4 family mortgage loans. $48,337,000 of loans were in farm loans. $8,228,000 of loans were in credit card loans. $70,729,000 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 284 $70,276 $247,451
    Nonfarm, nonresidential loans - <$100k 46 $2,405 $52,283
    Nonfarm, nonresidential loans - $100-250k 110 $15,092 $137,200
    Nonfarm, nonresidential loans - $250k-1MM 128 $52,779 $412,336
    Commercial & Industrial, US addressed loans - <$1MM 502 $59,627 $118,779
    Commercial & Industrial, US addressed loans - <$100k 224 $5,563 $24,835
    Commercial & Industrial, US addressed loans - $100-250k 128 $11,254 $87,922
    Commercial & Industrial, US addressed loans - $250k-1MM 150 $42,810 $285,400
    Farmland loans - <$1MM 209 $37,829 $181,000
    Farmland loans - <$100k 37 $1,886 $50,973
    Farmland loans - $100-250k 87 $12,253 $140,839
    Farmland loans - $250k-1MM 85 $23,690 $278,706
    Agriculture operations loans - <$1MM 294 $29,759 $101,221
    Agriculture operations loans - <$100k 144 $4,636 $32,194
    Agriculture operations loans - $100-250k 86 $10,253 $119,221
    Agriculture operations loans - $250k-1MM 64 $14,870 $232,344