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, 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.

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

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

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

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)

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.

FINANCIAL PLUS Credit Union
Similarity Rank: 63

Raccoon Valley Bank
Similarity Rank: 145

BankIowa of Cedar Rapids
Similarity Rank: 165

Luana Savings Bank
Similarity Rank: 253

Community Choice Credit Union
Similarity Rank: 255

Peoples Bank
Similarity Rank: 380

Fidelity Bank
Similarity Rank: 388

Premier Credit Union
Similarity Rank: 469

GREATER IOWA CREDIT UNION
Similarity Rank: 480

I. H. MISSISSIPPI VALLEY CREDIT UNION
Similarity Rank: 640

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