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™
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    • 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 loans. The Farmers State Bank Of Westmoreland has a high proportion of conventional loans. Their top markets by origination volume include: Manhattan, Lawrence, Topeka, and Kansas City among others. We have data for 5 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% 12/16/24
    30 Year Conventional Purchase 6.55% 12/16/24
    30 Year Conventional Refi 6.82% 12/16/24
    30 Year Cash-out Refi 6.37% 12/16/24
    15 Year Conventional Purchase 6.06% 12/16/24
    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

    91

    Origination Dollar Volume (All Markets)

    $15,205,000

    Employee count

    36

    Awards

    The Farmers State Bank of Westmoreland 30 Year Conventional Loans silver 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 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) 77 $12,835,000 $166,688 $1,545 4.91%
    Outside of Metro Areas 8 $1,830,000 $228,750 $1,716 4.30%
    LAWRENCE, KS (FHA|USDA|VA) 1 $275,000 $275,000 $2,126 3.50%
    TOPEKA, KS (FHA|USDA|VA) 4 $240,000 $60,000 $1,418 5.56%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.00%
    The Farmers State Bank Of Westmoreland's top markets include Manhattan, Lawrence, Topeka, and Kansas City among others.

    Their top states include:
  • Kansas (FHA|USDA|VA)
  • Texas (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: 25
    KANSAS STATE UNIVERSITY Federal Credit Union
    Similarity Rank: 30
    Bank of the Flint Hills
    Similarity Rank: 72
    MERITRUST Federal Credit Union
    Similarity Rank: 238
    Central National Bank
    Similarity Rank: 297
    Capitol Federal Savings Bank
    Similarity Rank: 456
    Landmark National Bank
    Similarity Rank: 760
    Community First National Bank
    Similarity Rank: 1476
    Commerce Bank
    Similarity Rank: 3151
    Sunflower Bank
    Similarity Rank: 5320

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 90 $15,080,000 $167,556 $1,577 4.88%
    HELOC 1 $125,000 $125,000 n/a 5.50%

    For 2019, The Farmers State Bank Of Westmoreland's most frequently originated type of loan was Conventional, with 90 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 55 $10,255,000 $186,455 $1,772 4.95%
    Cash Out Refi 17 $2,395,000 $140,882 $1,400 4.50%
    Refi 16 $2,290,000 $143,125 $1,254 4.95%
    Home Improvement 3 $265,000 $88,333 $1,200 5.75%

    For 2019, The Farmers State Bank Of Westmoreland's most frequently cited loan purpose was Home Purchase, with 55 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 $5,745,000 $212,778 $1,806 3.88%
    10 Year 22 $3,070,000 $139,545 $1,320 5.55%
    1 Year 16 $2,940,000 $183,750 $1,291 5.72%
    15 Year 10 $1,590,000 $159,000 $1,487 4.42%
    20 Year 5 $1,025,000 $205,000 $1,542 3.88%
    5 Year 5 $525,000 $105,000 $394 6.05%
    Other 5 $295,000 $59,000 $1,288 5.41%
    3 Year 1 $15,000 $15,000 $0 6.00%

    For 2019, 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 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 54 $9,550,000 $176,852

    The Farmers State Bank Of Westmoreland's average total fees were $1,806, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 54 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 41 $6,175,000 $150,610
    3-4% 26 $4,820,000 $185,385
    4-5% 14 $3,200,000 $228,571
    6-7% 7 $485,000 $69,286
    2.5-3% 2 $500,000 $250,000
    7-8% 1 $25,000 $25,000

    During 2019, The Farmers State Bank Of Westmoreland's average interest rate for loans was 3.88%, while their most frequently originated rate bucket for loans was 5-6%, with 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 30 $4,320,000 $144,000 $1,706 4.53%
    $100,000 or less 29 $1,585,000 $54,655 $1,179 5.55%
    $200k-400k 27 $7,085,000 $262,407 $1,775 4.67%
    $400k-600k 5 $2,215,000 $443,000 $1,795 4.43%

    2019 saw The Farmers State Bank Of Westmoreland place emphasis on $100k-200k loans with 30 originations, totaling $4,320,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $2,115,000 $141,000 $1,615 4.90%
    $75k-100k 15 $2,905,000 $193,667 $1,559 4.27%
    $50k-75k 11 $1,265,000 $115,000 $1,606 4.22%
    $150k-250k 8 $2,400,000 $300,000 $1,799 4.57%
    $50k or less 8 $510,000 $63,750 $1,183 5.24%
    $250k+ 2 $640,000 $320,000 $1,615 3.06%

    The Farmers State Bank Of Westmoreland lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $75k-100k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 24 $4,300,000 $179,167 $1,524 4.23%
    30-36% 12 $2,000,000 $166,667 $1,504 3.91%
    <20% 11 $1,895,000 $172,273 $1,624 4.07%
    40% 4 $1,140,000 $285,000 $1,764 4.98%
    39% 1 $45,000 $45,000 $1,603 5.20%
    41% 1 $125,000 $125,000 $2,399 4.38%
    49% 1 $45,000 $45,000 $1,613 5.25%

    The Farmers State Bank Of Westmoreland lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 71 $11,685,000 $164,577 $1,588 4.71%
    Not applicable 18 $3,380,000 $187,778 $0 5.57%
    Black 1 $95,000 $95,000 $964 5.15%
    Not provided 1 $45,000 $45,000 $1,603 5.20%

    Approval Rates

    Total approvals of all applications
    95.10%

    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
    94.51%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 91 $15,205,000 $167,088

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $380,000 $190,000
    Single Family (1-4 Units):Manufactured 7 $275,000 $39,286
    Single Family (1-4 Units):Site-Built 82 $14,550,000 $177,439

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $285,000 $95,000 $1,296 5.00%
    40-60% 9 $1,125,000 $125,000 $1,402 4.80%
    60-80% 46 $8,310,000 $180,652 $1,597 4.85%
    80-100% 30 $5,380,000 $179,333 $1,702 4.82%
    Under 20% 2 $90,000 $45,000 $394 6.25%

    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 $34,992
    The Farmers State Bank of Westmoreland 307 Main Street Westmoreland, KS 66549 Full Service B&M $78,175
    The Farmers State Bank of Westmoreland 8685 East Highway 24 Manhattan, KS 66502 Full Service B&M $43,576

    For 2019, The Farmers State Bank Of Westmoreland had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,283
    Net interest income $5,908
    Total noninterest income $985
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $186
    Trading account gains and fees $0
    Additional Noninterest Income $799
    Pre-tax net operating income $1,856
    Securities gains (or losses, -) $34
    Income before extraordinary items $1,564
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,564
    Minority interest net income $0
    Net income $1,564
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,535

    The Farmers State Bank Of Westmoreland's gross interest income from loans was $8,283,000.
    The Farmers State Bank Of Westmoreland's net interest income from loans was $5,908,000.
    The Farmers State Bank Of Westmoreland's fee based income from loans was $186,000.
    The Farmers State Bank Of Westmoreland's net income from loans was $1,564,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,375
    Provision for credit losses $355
    Total noninterest expense $4,682
    Salaries and employee benefits $2,694
    Premises and equipment expense $456
    Additional noninterest expense $1,532
    Applicable income taxes $326
    Net charge-offs $569
    Cash dividends $226

    The Farmers State Bank Of Westmoreland's interest expense for loans was $2,375,000.
    The Farmers State Bank Of Westmoreland's payroll and benefits expense were $2,694,000.
    The Farmers State Bank Of Westmoreland's property, plant and equipment expenses $456,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 5.0%
    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 $158,271
    Deposits held in domestic offices $158,271
    Deposits by Individuals, partnerships, and corporations $136,447
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $21,575
    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 $48,998
    Demand deposits $23,485
    Nontransaction accounts $109,273
    Money market deposit accounts (MMDAs) $25,914
    Other savings deposits (excluding MMDAs) $15,753
    Total time deposits $67,606
    Total time and savings deposits $134,786
    Noninterest-bearing deposits $23,485
    Interest-bearing deposits $134,786
    Retail deposits $147,739
    IRAs and Keogh plan accounts $21,531
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $186,475
    Cash & Balances due from depository institutions $10,426
    Interest-bearing balances $7,971
    Total securities $23,245
    Federal funds sold & reverse repurchase $21,883
    Net loans and leases $124,076
    Loan and leases loss allowance $2,077
    Trading account assets $0
    Bank premises and fixed assets $2,689
    Other real estate owned $865
    Goodwill and other intangibles $277
    All other assets $3,014

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $186,475
    Total Liabilities $158,677
    Total deposits $158,271
    Interest-bearing deposits $134,786
    Deposits held in domestic offices $158,271
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $406

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $124,076
    Loan and leases loss allowance $2,077
    Total loans and leases (domestic) $126,153
    All real estate loans $83,015
    Real estate loans in domestic offices $83,015
    Construction and development loans $16,241
    Residential 1-4 family construction $10,674
    Other construction, all land development and other land $5,567
    Loans secured by nonfarm nonresidential properties $12,347
    Nonfarm nonresidential secured by owner-occupied properties $7,255
    Commercial real estate & other non-farm, non-residential $5,092
    Multifamily residential real estate $2,000
    1-4 family residential loans $25,901
    Farmland loans $26,526
    Loans held in foreign offices $0
    Farm loans $21,323
    Commercial and industrial loans $16,790
    To non-U.S. addressees $0
    Loans to individuals $4,514
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $2,416
    Other loans to individuals $2,098
    All other loans & leases $511
    Loans to foreign governments and official institutions $0
    Other loans $168
    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 $2,683
    Non 1-4 family restructured loans & leases $1,859
    Total loans and leases (foreign) $0

    The Farmers State Bank of Westmoreland had $124,076,000 of loans outstanding in 2019. $83,015,000 of loans were in real estate loans. $16,241,000 of loans were in development loans. $2,000,000 of loans were in multifamily mortgage loans. $25,901,000 of loans were in 1-4 family mortgage loans. $21,323,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,416,000 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 $9,087 $193,340
    Nonfarm, nonresidential loans - <$100k 22 $812 $36,909
    Nonfarm, nonresidential loans - $100-250k 11 $1,378 $125,273
    Nonfarm, nonresidential loans - $250k-1MM 14 $6,897 $492,643
    Commercial & Industrial, US addressed loans - <$1MM 144 $6,977 $48,451
    Commercial & Industrial, US addressed loans - <$100k 122 $2,631 $21,566
    Commercial & Industrial, US addressed loans - $100-250k 11 $1,241 $112,818
    Commercial & Industrial, US addressed loans - $250k-1MM 11 $3,105 $282,273
    Farmland loans - <$1MM 134 $15,633 $116,664
    Farmland loans - <$100k 53 $2,428 $45,811
    Farmland loans - $100-250k 55 $6,497 $118,127
    Farmland loans - $250k-1MM 26 $6,708 $258,000
    Agriculture operations loans - <$1MM 184 $11,814 $64,207
    Agriculture operations loans - <$100k 125 $3,007 $24,056
    Agriculture operations loans - $100-250k 39 $4,001 $102,590
    Agriculture operations loans - $250k-1MM 20 $4,806 $240,300