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, 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.

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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

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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 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) 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

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    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