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, Iowa City, Albert Lea, and Cedar Rapids among others. We have data for 22 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%	11/17/24
30 Year Conventional Refi	6.63%	11/17/24
30 Year Cash-out Refi	6.63%	11/17/24
15 Year Conventional Purchase	6.87%	11/17/24
15 Year Conventional Refi	5.94%	11/17/24
15 Year Cash-out Refi	5.94%	11/17/24
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

811

Origination Dollar Volume (All Markets)

$213,195,000

Employee count

114

Awards

Farmers State Bank 30 Year Conventional Loans gold

Farmers State Bank 30 Year Conventional Loans bronze

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)	543	$104,145,000	$191,796	$1,085	4.08%
DES MOINES-WEST DES MOINES, IA (FHA\|USDA\|VA)	64	$69,010,000	$1,078,281	$1,204	3.96%
Outside of Metro Areas	160	$17,450,000	$109,063	$1,093	4.25%
IOWA CITY, IA (FHA\|USDA\|VA)	3	$10,465,000	$3,488,333	$1,594	3.37%
Albert Lea, MN (FHA\|USDA\|VA)	2	$1,390,000	$695,000	$0	4.63%
CEDAR RAPIDS, IA (FHA\|USDA\|VA)	9	$1,335,000	$148,333	$1,142	3.99%
AMES, IA (FHA\|USDA\|VA)	3	$1,205,000	$401,667	$879	4.79%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	2	$1,150,000	$575,000	$0	3.93%
Pella, IA (FHA\|USDA\|VA)	1	$1,105,000	$1,105,000	$0	3.59%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA\|USDA\|VA)	2	$1,060,000	$530,000	$0	3.58%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	5	$935,000	$187,000	$2,104	4.01%
Mason City, IA (FHA\|USDA\|VA)	5	$905,000	$181,000	$1,128	4.55%
Brainerd, MN (FHA\|USDA\|VA)	1	$705,000	$705,000	$3,956	4.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	1	$435,000	$435,000	$5,877	4.13%
FORT COLLINS, CO (FHA\|USDA\|VA)	2	$430,000	$215,000	$1,748	4.00%
MADISON, WI (FHA\|USDA\|VA)	2	$380,000	$190,000	$2,419	4.38%
Spirit Lake, IA (FHA\|USDA\|VA)	1	$345,000	$345,000	$1,661	3.38%
ST. LOUIS, MO-IL (FHA\|USDA\|VA)	1	$195,000	$195,000	$2,099	3.88%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	1	$165,000	$165,000	$0	5.37%
Branson, MO (FHA\|USDA\|VA)	1	$165,000	$165,000	$0	4.53%
Kalispell, MT (FHA\|USDA\|VA)	1	$145,000	$145,000	$755	4.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	1	$75,000	$75,000	$1,795	3.63%

Farmers State Bank's top markets include Waterloo, Des Moines, Iowa City, Albert Lea, and Cedar Rapids among others.

Their top states include:

Iowa (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Arizona (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.

BankIowa of Cedar Rapids
Similarity Rank: 76

Fidelity Bank & Trust
Similarity Rank: 125

FINANCIAL PLUS Credit Union
Similarity Rank: 172

GREATER IOWA CREDIT UNION
Similarity Rank: 204

Raccoon Valley Bank
Similarity Rank: 299

Fidelity Bank
Similarity Rank: 330

I. H. MISSISSIPPI VALLEY CREDIT UNION
Similarity Rank: 442

MEMBERS1st Community Credit Union
Similarity Rank: 546

Premier Credit Union
Similarity Rank: 588

Luana Savings Bank
Similarity Rank: 832

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	811	$213,195,000	$262,879	$1,123	4.11%

For 2020, Farmers State Bank's most frequently originated type of loan was Conventional, with 811 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	427	$86,415,000	$202,377	$1,120	4.31%
Refi	330	$124,360,000	$376,848	$1,280	3.80%
Home Improvement	31	$1,365,000	$44,032	$323	4.37%
Other	23	$1,055,000	$45,870	$496	4.28%

For 2020, Farmers State Bank's most frequently cited loan purpose was Home Purchase, with 427 originations. The 2nd most popular reason was Refi, with 330 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	379	$79,605,000	$210,040	$1,590	3.84%
15 Year	272	$23,890,000	$87,831	$540	4.47%
10 Year	47	$47,005,000	$1,000,106	$355	4.18%
20 Year	46	$12,500,000	$271,739	$1,481	4.25%
Other	38	$24,260,000	$638,421	$0	3.99%
5 Year	23	$24,845,000	$1,080,217	$283	4.07%
1 Year	5	$1,065,000	$213,000	$2,463	4.05%
3 Year	1	$25,000	$25,000	$0	3.89%

For 2020, Farmers State Bank's most frequently cited loan duration was 30 Year, with 379 originations. The 2nd most popular length was 15 Year, with 272 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	618	$85,620,000	$138,544
$1k-2k	4	$1,750,000	$437,500
$2k-3k	1	$705,000	$705,000

Farmers State Bank's average total fees were $1,590, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 618 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	385	$151,225,000	$392,792
4-5%	308	$47,620,000	$154,610
5-6%	80	$5,820,000	$72,750
2.5-3%	31	$8,255,000	$266,290
6-7%	6	$170,000	$28,333
7-8%	1	$105,000	$105,000

During 2020, Farmers State Bank's average interest rate for loans was 3.84%, while their most frequently originated rate bucket for loans was 3-4%, with 385 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	350	$17,260,000	$49,314	$635	4.56%
$100k-200k	248	$35,260,000	$142,177	$1,441	3.87%
$200k-400k	148	$40,580,000	$274,189	$1,547	3.58%
$1MM+	24	$95,220,000	$3,967,500	$0	3.94%
$600k-1MM	21	$15,705,000	$747,857	$2,012	3.90%
$400k-600k	20	$9,170,000	$458,500	$2,044	3.59%

2020 saw Farmers State Bank place emphasis on $100,000 or less loans with 350 originations, totaling $17,260,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	168	$13,300,000	$79,167	$1,075	4.39%
$50k-75k	149	$16,365,000	$109,832	$1,098	4.11%
$100k-150k	136	$23,660,000	$173,971	$1,189	3.92%
$75k-100k	127	$17,515,000	$137,913	$1,090	4.07%
$150k-250k	64	$9,800,000	$153,125	$1,002	3.97%
$250k+	42	$12,900,000	$307,143	$1,461	3.96%

Farmers State Bank lent most frequently to those with incomes in the $50k or less range, with 168 originations. The second most popular income band? $50k-75k, with 149 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	161	$21,635,000	$134,379	$1,066	4.15%
20-30%	132	$17,790,000	$134,773	$1,134	3.98%
<20%	71	$13,935,000	$196,268	$1,290	3.79%
39%	36	$5,510,000	$153,056	$1,093	4.27%
37%	32	$3,450,000	$107,813	$1,028	4.18%
38%	27	$2,625,000	$97,222	$966	4.21%
40%	22	$2,380,000	$108,182	$1,023	4.14%
50-60%	22	$3,470,000	$157,727	$1,135	4.21%
43%	20	$2,490,000	$124,500	$1,092	4.02%
49%	19	$2,115,000	$111,316	$1,077	4.16%
45%	19	$2,095,000	$110,263	$978	4.49%
36%	19	$1,805,000	$95,000	$1,061	4.64%
48%	17	$2,225,000	$130,882	$1,185	4.11%
41%	16	$2,240,000	$140,000	$1,412	3.87%
42%	15	$1,835,000	$122,333	$1,131	4.22%
47%	15	$3,235,000	$215,667	$1,378	3.91%
46%	14	$1,420,000	$101,429	$1,152	4.55%
44%	14	$2,140,000	$152,857	$1,276	4.14%
>60%	1	$105,000	$105,000	$1,529	4.63%

Farmers State Bank lent most frequently to those with DTI ratios of 30-36%, with 161 originations. The next most common DTI ratio? 20-30%, with 132 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	116	$117,530,000	$1,013,190	$0	4.11%
White	663	$91,205,000	$137,564	$1,121	4.10%
Not provided	21	$2,845,000	$135,476	$1,150	4.12%
Asian	4	$830,000	$207,500	$1,465	3.44%
Black	7	$785,000	$112,143	$979	4.80%

Approval Rates

Total approvals of all applications
95.50%

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
71.89%

Farmers State Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	811	$213,195,000	$262,879

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	97	$115,155,000	$1,187,165
Single Family (1-4 Units):Manufactured	1	$165,000	$165,000
Single Family (1-4 Units):Site-Built	713	$97,875,000	$137,272

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	84	$10,670,000	$127,024	$306	4.62%
40-60%	48	$22,540,000	$469,583	$1,329	3.80%
60-80%	232	$98,820,000	$425,948	$1,550	3.78%
80-100%	247	$64,105,000	$259,534	$1,579	3.88%
Over 100%	1	$145,000	$145,000	$0	4.00%
Under 20%	199	$16,915,000	$85,000	$187	4.62%

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	$64,921
Farmers State Bank	131 Tower Park Drive, Suite 100 Waterloo, IA 50701	Full Service B&M	$402,760
Farmers State Bank	1310 6th Street Jesup, IA 50648	Full Service B&M	$86,373
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	$25,511
Farmers State Bank	2101 4th Street Sw Waverly, IA 50677	Full Service B&M	$97,125
Farmers State Bank	224 West 6th Street Waterloo, IA 50701	Full Service B&M	$136,003
Farmers State Bank	508 Hwy 218 N La Porte City, IA 50651	Full Service B&M	$21,885
Farmers State Bank	515 Main Street Cedar Falls, IA 50613	Full Service B&M	$152,202
Farmers State Bank	905 Jon Road Dunkerton, IA 50626	Full Service B&M	$16,087
Farmers State Bank	9250 University Ave, Suites 117-119 West Des Moines, IA 50266	Full Service B&M	$20,945

For 2020, Farmers State Bank had 11 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$55,857
Net interest income	$44,920
Total noninterest income	$3,350
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$419
Trading account gains and fees	$0
Additional Noninterest Income	$2,931
Pre-tax net operating income	$24,043
Securities gains (or losses, -)	$298
Income before extraordinary items	$23,234
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$23,234
Minority interest net income	$0
Net income	$23,234
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$22,950

Farmers State Bank's gross interest income from loans was $55,857,000.
Farmers State Bank's net interest income from loans was $44,920,000.
Farmers State Bank's fee based income from loans was $419,000.
Farmers State Bank's net income from loans was $23,234,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$10,937
Provision for credit losses	$2,851
Total noninterest expense	$21,376
Salaries and employee benefits	$13,820
Premises and equipment expense	$1,388
Additional noninterest expense	$6,168
Applicable income taxes	$1,107
Net charge-offs	$287
Cash dividends	$6,000

Farmers State Bank's interest expense for loans was $10,937,000.
Farmers State Bank's payroll and benefits expense were $13,820,000.
Farmers State Bank's property, plant and equipment expenses $1,388,000.

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	$1,047,002
Deposits held in domestic offices	$1,047,002
Deposits by Individuals, partnerships, and corporations	$812,340
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$214,469
Deposits by Commercial banks and other depository institutions in U.S.	$20,193
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$371,992
Demand deposits	$151,217
Nontransaction accounts	$675,010
Money market deposit accounts (MMDAs)	$355,692
Other savings deposits (excluding MMDAs)	$23,510
Total time deposits	$295,808
Total time and savings deposits	$895,785
Noninterest-bearing deposits	$371,992
Interest-bearing deposits	$675,010
Retail deposits	$912,544
IRAs and Keogh plan accounts	$11,191
Brokered deposits	$85,777
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,344,013
Cash & Balances due from depository institutions	$15,346
Interest-bearing balances	$6,971
Total securities	$166,399
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,126,972
Loan and leases loss allowance	$12,864
Trading account assets	$0
Bank premises and fixed assets	$14,213
Other real estate owned	$0
Goodwill and other intangibles	$0
All other assets	$21,083

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,344,013
Total Liabilities	$1,216,074
Total deposits	$1,047,002
Interest-bearing deposits	$675,010
Deposits held in domestic offices	$1,047,002
% insured (estimated)	$50
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$161,700
Subordinated debt	$0
All other liabilities	$7,372

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,126,972
Loan and leases loss allowance	$12,864
Total loans and leases (domestic)	$1,139,836
All real estate loans	$864,631
Real estate loans in domestic offices	$864,631
Construction and development loans	$99,432
Residential 1-4 family construction	$28,328
Other construction, all land development and other land	$71,104
Loans secured by nonfarm nonresidential properties	$272,567
Nonfarm nonresidential secured by owner-occupied properties	$121,831
Commercial real estate & other non-farm, non-residential	$150,736
Multifamily residential real estate	$125,019
1-4 family residential loans	$273,909
Farmland loans	$93,704
Loans held in foreign offices	$0
Farm loans	$37,492
Commercial and industrial loans	$155,633
To non-U.S. addressees	$0
Loans to individuals	$78,565
Credit card loans	$7,207
Related Plans	$3,690
Consumer Auto Loans	$59,284
Other loans to individuals	$8,384
All other loans & leases	$3,516
Loans to foreign governments and official institutions	$0
Other loans	$23
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 $1,126,972,000 of loans outstanding in 2020. $864,631,000 of loans were in real estate loans. $99,432,000 of loans were in development loans. $125,019,000 of loans were in multifamily mortgage loans. $273,909,000 of loans were in 1-4 family mortgage loans. $37,492,000 of loans were in farm loans. $7,207,000 of loans were in credit card loans. $59,284,000 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	273	$70,011	$256,451
Nonfarm, nonresidential loans - <$100k	36	$1,741	$48,361
Nonfarm, nonresidential loans - $100-250k	106	$13,818	$130,358
Nonfarm, nonresidential loans - $250k-1MM	131	$54,452	$415,664
Commercial & Industrial, US addressed loans - <$1MM	826	$77,563	$93,902
Commercial & Industrial, US addressed loans - <$100k	502	$14,077	$28,042
Commercial & Industrial, US addressed loans - $100-250k	161	$15,958	$99,118
Commercial & Industrial, US addressed loans - $250k-1MM	163	$47,528	$291,583
Farmland loans - <$1MM	190	$34,422	$181,168
Farmland loans - <$100k	34	$1,863	$54,794
Farmland loans - $100-250k	80	$11,292	$141,150
Farmland loans - $250k-1MM	76	$21,267	$279,829
Agriculture operations loans - <$1MM	219	$21,242	$96,995
Agriculture operations loans - <$100k	97	$2,894	$29,835
Agriculture operations loans - $100-250k	71	$8,295	$116,831
Agriculture operations loans - $250k-1MM	51	$10,053	$197,118