The Farmers State Bank Of Westmoreland Mortgage Rates, Fees & Info

Westmoreland, KS

LEI: 549300ZP58VS10D8CK07

Tax ID: 48-0216720

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    The Farmers State Bank Of Westmoreland is a smaller bank specializing in Home Purchase and Cash Out Refi loans. The Farmers State Bank Of Westmoreland has a high proportion of conventional loans. Their top markets by origination volume include: Manhattan, Lawrence, Topeka, Kansas City, and Hutchinson among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Farmers State Bank Of Westmoreland has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. The Farmers State Bank Of Westmoreland 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 5/4/24
    30 Year Conventional Purchase 6.55% 5/4/24
    30 Year Conventional Refi 6.82% 5/4/24
    30 Year Cash-out Refi 6.37% 5/4/24
    15 Year Conventional Purchase 6.06% 5/4/24
    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.

    The Farmers State Bank Of Westmoreland Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The Farmers State Bank Of Westmoreland. 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

    94

    Origination Dollar Volume (All Markets)

    $13,090,000

    Employee count

    36

    Awards

    The Farmers State Bank of Westmoreland 30 Year Conventional Loans gold The Farmers State Bank of Westmoreland 30 Year Conventional Loans gold The Farmers State Bank of Westmoreland 30 Year Conventional Loans bronze The Farmers State Bank of Westmoreland 30 Year Conventional Loans silver
    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
    MANHATTAN, KS (FHA|USDA|VA) 80 $10,550,000 $131,875 $1,371 5.15%
    LAWRENCE, KS (FHA|USDA|VA) 1 $755,000 $755,000 $0 5.50%
    TOPEKA, KS (FHA|USDA|VA) 3 $515,000 $171,667 $1,248 4.54%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 3 $495,000 $165,000 $2,036 4.83%
    Outside of Metro Areas 5 $465,000 $93,000 $1,443 4.72%
    Hutchinson, KS (FHA|USDA|VA) 1 $165,000 $165,000 $1,656 4.50%
    Salina, KS (FHA|USDA|VA) 1 $145,000 $145,000 $1,962 4.50%
    The Farmers State Bank Of Westmoreland's top markets include Manhattan, Lawrence, Topeka, Kansas City, and Hutchinson among others.

    Their top states include:
  • Kansas (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Farmers State Bank of Westmoreland based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    The Farmers State Bank of Westmoreland
    Similarity Rank: 42
    ESB Financial
    Similarity Rank: 60
    KANSAS STATE UNIVERSITY Federal Credit Union
    Similarity Rank: 70
    MERITRUST Federal Credit Union
    Similarity Rank: 110
    Bank of the Flint Hills
    Similarity Rank: 112
    Central National Bank
    Similarity Rank: 493
    Capitol Federal Savings Bank
    Similarity Rank: 568
    Landmark National Bank
    Similarity Rank: 580
    Commerce Bank
    Similarity Rank: 2006
    Community First National Bank
    Similarity Rank: 2587

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 92 $12,650,000 $137,500 $1,396 5.08%
    HELOC 2 $440,000 $220,000 n/a 5.25%

    For 2018, The Farmers State Bank Of Westmoreland's most frequently originated type of loan was Conventional, with 92 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 60 $8,410,000 $140,167 $1,665 5.05%
    Cash Out Refi 17 $2,845,000 $167,353 $1,002 5.26%
    Refi 13 $1,715,000 $131,923 $744 4.86%
    Home Improvement 2 $70,000 $35,000 $1,048 5.38%
    Other 2 $50,000 $25,000 $864 6.00%

    For 2018, The Farmers State Bank Of Westmoreland's most frequently cited loan purpose was Home Purchase, with 60 originations. The 2nd most popular reason was Cash Out Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 27 $4,975,000 $184,259 $1,648 4.44%
    10 Year 25 $1,955,000 $78,200 $1,181 5.40%
    Other 14 $940,000 $67,143 $820 5.59%
    1 Year 12 $2,270,000 $189,167 $1,340 5.33%
    15 Year 10 $1,480,000 $148,000 $1,552 4.79%
    5 Year 4 $1,070,000 $267,500 $1,069 5.69%
    20 Year 2 $400,000 $200,000 $0 5.13%

    For 2018, The Farmers State Bank Of Westmoreland's most frequently cited loan duration was 30 Year, with 27 originations. The 2nd most popular length was 10 Year, with 25 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 57 $7,475,000 $131,140

    The Farmers State Bank Of Westmoreland's average total fees were $1,648, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 57 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 48 $8,440,000 $175,833
    5-6% 40 $4,340,000 $108,500
    6-7% 4 $140,000 $35,000
    3-4% 2 $170,000 $85,000

    During 2018, The Farmers State Bank Of Westmoreland's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 4-5%, with 48 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 40 $2,120,000 $53,000 $1,076 5.48%
    $100k-200k 33 $4,845,000 $146,818 $1,563 4.75%
    $200k-400k 19 $4,835,000 $254,474 $1,733 4.84%
    $400k-600k 1 $535,000 $535,000 $0 4.75%
    $600k-1MM 1 $755,000 $755,000 $0 5.50%

    2018 saw The Farmers State Bank Of Westmoreland place emphasis on $100,000 or less loans with 40 originations, totaling $2,120,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 20 $2,640,000 $132,000 $1,295 5.02%
    $50k or less 16 $1,140,000 $71,250 $1,361 5.21%
    $100k-150k 14 $2,000,000 $142,857 $1,408 4.58%
    $50k-75k 11 $1,145,000 $104,091 $1,347 4.91%
    $150k-250k 3 $575,000 $191,667 $2,104 4.79%
    $250k+ 2 $340,000 $170,000 $2,234 4.75%

    The Farmers State Bank Of Westmoreland lent most frequently to those with incomes in the $75k-100k range, with 20 originations. The second most popular income band? $50k or less, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 27 $4,145,000 $153,519 $1,486 4.69%
    <20% 14 $1,500,000 $107,143 $1,144 4.89%
    30-36% 10 $1,100,000 $110,000 $1,526 5.07%
    36% 2 $290,000 $145,000 $1,862 4.56%
    >60% 1 $185,000 $185,000 $1,356 5.25%
    37% 1 $65,000 $65,000 $1,288 5.13%
    40% 1 $75,000 $75,000 $562 5.25%
    48% 1 $85,000 $85,000 $1,510 5.30%

    The Farmers State Bank Of Westmoreland lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? <20%, with 14 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 81 $9,885,000 $122,037 $1,392 5.06%
    Not applicable 12 $3,040,000 $253,333 $0 5.31%
    American Indian 1 $165,000 $165,000 $1,656 4.50%

    Approval Rates

    Total approvals of all applications
    95.19%

    The Farmers State Bank Of Westmoreland 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
    94.68%

    The Farmers State Bank Of Westmoreland has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 94 $13,090,000 $139,255

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $1,290,000 $645,000
    Single Family (1-4 Units):Manufactured 7 $335,000 $47,857
    Single Family (1-4 Units):Site-Built 85 $11,465,000 $134,882

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $120,000 $60,000 $870 4.44%
    40-60% 14 $2,120,000 $151,429 $1,484 4.96%
    60-80% 34 $4,910,000 $144,412 $1,326 5.08%
    80-100% 41 $5,865,000 $143,049 $1,527 5.12%
    Under 20% 3 $75,000 $25,000 $925 5.75%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Farmers State Bank of Westmoreland 301 Leonard Street Onaga, KS 66521 Full Service B&M $29,967
    The Farmers State Bank of Westmoreland 307 Main Street Westmoreland, KS 66549 Full Service B&M $70,996
    The Farmers State Bank of Westmoreland 8685 East Highway 24 Manhattan, KS 66502 Full Service B&M $39,878

    For 2018, The Farmers State Bank Of Westmoreland had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,500
    Net interest income $5,821
    Total noninterest income $722
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $192
    Trading account gains and fees $0
    Additional Noninterest Income $530
    Pre-tax net operating income $1,508
    Securities gains (or losses, -) $-9
    Income before extraordinary items $1,246
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,246
    Minority interest net income $0
    Net income $1,246
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,253

    The Farmers State Bank Of Westmoreland's gross interest income from loans was $7,500,000.
    The Farmers State Bank Of Westmoreland's net interest income from loans was $5,821,000.
    The Farmers State Bank Of Westmoreland's fee based income from loans was $192,000.
    The Farmers State Bank Of Westmoreland's net income from loans was $1,246,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,679
    Provision for credit losses $475
    Total noninterest expense $4,560
    Salaries and employee benefits $2,542
    Premises and equipment expense $422
    Additional noninterest expense $1,596
    Applicable income taxes $253
    Net charge-offs $90
    Cash dividends $151

    The Farmers State Bank Of Westmoreland's interest expense for loans was $1,679,000.
    The Farmers State Bank Of Westmoreland's payroll and benefits expense were $2,542,000.
    The Farmers State Bank Of Westmoreland's property, plant and equipment expenses $422,000.

    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 $146,195
    Deposits held in domestic offices $146,195
    Deposits by Individuals, partnerships, and corporations $125,887
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $20,059
    Deposits by Commercial banks and other depository institutions in U.S. $249
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $43,209
    Demand deposits $22,066
    Nontransaction accounts $102,986
    Money market deposit accounts (MMDAs) $25,944
    Other savings deposits (excluding MMDAs) $14,933
    Total time deposits $62,109
    Total time and savings deposits $124,129
    Noninterest-bearing deposits $22,066
    Interest-bearing deposits $124,129
    Retail deposits $137,267
    IRAs and Keogh plan accounts $20,969
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $172,355
    Cash & Balances due from depository institutions $10,947
    Interest-bearing balances $7,956
    Total securities $28,235
    Federal funds sold & reverse repurchase $5,043
    Net loans and leases $121,678
    Loan and leases loss allowance $2,291
    Trading account assets $0
    Bank premises and fixed assets $2,485
    Other real estate owned $1,054
    Goodwill and other intangibles $335
    All other assets $2,578

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $172,355
    Total Liabilities $146,373
    Total deposits $146,195
    Interest-bearing deposits $124,129
    Deposits held in domestic offices $146,195
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $178

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $121,678
    Loan and leases loss allowance $2,291
    Total loans and leases (domestic) $123,969
    All real estate loans $80,033
    Real estate loans in domestic offices $80,033
    Construction and development loans $16,475
    Residential 1-4 family construction $10,631
    Other construction, all land development and other land $5,844
    Loans secured by nonfarm nonresidential properties $9,812
    Nonfarm nonresidential secured by owner-occupied properties $5,065
    Commercial real estate & other non-farm, non-residential $4,747
    Multifamily residential real estate $1,819
    1-4 family residential loans $26,220
    Farmland loans $25,707
    Loans held in foreign offices $0
    Farm loans $23,294
    Commercial and industrial loans $16,453
    To non-U.S. addressees $0
    Loans to individuals $4,005
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $2,209
    Other loans to individuals $1,796
    All other loans & leases $184
    Loans to foreign governments and official institutions $0
    Other loans $184
    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 $2,518
    Non 1-4 family restructured loans & leases $1,586
    Total loans and leases (foreign) $0

    The Farmers State Bank of Westmoreland had $121,678,000 of loans outstanding in 2018. $80,033,000 of loans were in real estate loans. $16,475,000 of loans were in development loans. $1,819,000 of loans were in multifamily mortgage loans. $26,220,000 of loans were in 1-4 family mortgage loans. $23,294,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,209,000 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 47 $7,230 $153,830
    Nonfarm, nonresidential loans - <$100k 22 $723 $32,864
    Nonfarm, nonresidential loans - $100-250k 12 $1,366 $113,833
    Nonfarm, nonresidential loans - $250k-1MM 13 $5,141 $395,462
    Commercial & Industrial, US addressed loans - <$1MM 136 $6,389 $46,978
    Commercial & Industrial, US addressed loans - <$100k 112 $2,270 $20,268
    Commercial & Industrial, US addressed loans - $100-250k 15 $1,469 $97,933
    Commercial & Industrial, US addressed loans - $250k-1MM 9 $2,650 $294,444
    Farmland loans - <$1MM 134 $16,612 $123,970
    Farmland loans - <$100k 51 $2,287 $44,843
    Farmland loans - $100-250k 57 $6,645 $116,579
    Farmland loans - $250k-1MM 26 $7,680 $295,385
    Agriculture operations loans - <$1MM 176 $11,280 $64,091
    Agriculture operations loans - <$100k 121 $2,864 $23,669
    Agriculture operations loans - $100-250k 35 $3,995 $114,143
    Agriculture operations loans - $250k-1MM 20 $4,421 $221,050