The Farmers State Bank Of Westmoreland Mortgage Rates, Fees & Info
Westmoreland, KSLEI: 549300ZP58VS10D8CK07
Tax ID: 48-0216720
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Bank Data
Review & Overview
The Farmers State Bank Of Westmoreland is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. The Farmers State Bank Of Westmoreland has a high proportion of conventional loans. Their top markets by origination volume include: Manhattan, Topeka, Lawrence, Wichita, and Kansas City among others. We have data for 6 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.
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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. | ||
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Originations
124Origination Dollar Volume (All Markets)
$21,990,000Employee count
36Awards
The Farmers State Bank of Westmoreland - 2021
The Farmers State Bank of Westmoreland is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 101 | $18,735,000 | $185,495 | $1,703 | 3.33% |
| Outside of Metro Areas | 10 | $1,540,000 | $154,000 | $1,789 | 2.94% |
| TOPEKA, KS (FHA|USDA|VA) | 10 | $1,130,000 | $113,000 | $1,745 | 3.39% |
| LAWRENCE, KS (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $1,731 | 2.75% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,183 | 2.25% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,486 | 2.25% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 122 | $21,800,000 | $178,689 | $1,717 | 3.26% |
| HELOC | 2 | $190,000 | $95,000 | n/a | 4.75% |
For 2021, The Farmers State Bank Of Westmoreland's most frequently originated type of loan was Conventional, with 122 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
For 2021, The Farmers State Bank Of Westmoreland's most frequently cited loan purpose was Home Purchase, with 51 originations. The 2nd most popular reason was Cash Out Refi, with 41 originations.
Loan Duration/Length
For 2021, The Farmers State Bank Of Westmoreland's most frequently cited loan duration was 30 Year, with 41 originations. The 2nd most popular length was 15 Year, with 31 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 95 | $16,955,000 | $178,474 |
The Farmers State Bank Of Westmoreland's average total fees were $1,868, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 95 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 38 | $7,640,000 | $201,053 |
| 4-5% | 38 | $6,390,000 | $168,158 |
| <2.5% | 37 | $5,905,000 | $159,595 |
| 3-4% | 10 | $2,040,000 | $204,000 |
| 5-6% | 1 | $15,000 | $15,000 |
During 2021, The Farmers State Bank Of Westmoreland's average interest rate for loans was 2.89%, while their most frequently originated rate bucket for loans was 2.5-3%, with 38 originations.
Loan Sizing
2021 saw The Farmers State Bank Of Westmoreland place emphasis on $100k-200k loans with 51 originations, totaling $7,395,000 in origination value.
Applicant Income
The Farmers State Bank Of Westmoreland lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $75k-100k, with 22 originations.
Applicant Debt to Income Ratio
The Farmers State Bank Of Westmoreland lent most frequently to those with DTI ratios of 20-30%, with 34 originations. The next most common DTI ratio? <20%, with 26 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.04%
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 origination91.94%
The Farmers State Bank Of Westmoreland has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 124 | $21,990,000 | $177,339 |
LTV Distribution
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 | $56,053 |
| The Farmers State Bank of Westmoreland | 307 Main Street Westmoreland, KS 66549 | Full Service B&M | $84,049 |
| The Farmers State Bank of Westmoreland | 8685 East Highway 24 Manhattan, KS 66502 | Full Service B&M | $54,569 |
For 2021, The Farmers State Bank Of Westmoreland had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $8,153 |
| Net interest income | $7,177 |
| Total noninterest income | $903 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $136 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $767 |
| Pre-tax net operating income | $2,936 |
| Securities gains (or losses, -) | $8 |
| Income before extraordinary items | $2,361 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,361 |
| Minority interest net income | $0 |
| Net income | $2,361 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,354 |
The Farmers State Bank Of Westmoreland's gross interest income from loans was $8,153,000.
The Farmers State Bank Of Westmoreland's net interest income from loans was $7,177,000.
The Farmers State Bank Of Westmoreland's fee based income from loans was $136,000.
The Farmers State Bank Of Westmoreland's net income from loans was $2,361,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $976 |
| Provision for credit losses | $30 |
| Total noninterest expense | $5,114 |
| Salaries and employee benefits | $2,911 |
| Premises and equipment expense | $586 |
| Additional noninterest expense | $1,617 |
| Applicable income taxes | $583 |
| Net charge-offs | $65 |
| Cash dividends | $339 |
The Farmers State Bank Of Westmoreland's interest expense for loans was $976,000.
The Farmers State Bank Of Westmoreland's payroll and benefits expense were $2,911,000.
The Farmers State Bank Of Westmoreland's property, plant and equipment expenses $586,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 2.0% |
| 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 | $192,585 |
| Deposits held in domestic offices | $192,585 |
| Deposits by Individuals, partnerships, and corporations | $167,549 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $25,036 |
| Deposits by Commercial banks and other depository institutions in U.S. | $0 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $71,980 |
| Demand deposits | $43,177 |
| Nontransaction accounts | $120,605 |
| Money market deposit accounts (MMDAs) | $37,728 |
| Other savings deposits (excluding MMDAs) | $26,138 |
| Total time deposits | $56,739 |
| Total time and savings deposits | $149,408 |
| Noninterest-bearing deposits | $43,177 |
| Interest-bearing deposits | $149,408 |
| Retail deposits | $184,816 |
| IRAs and Keogh plan accounts | $20,293 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $223,799 |
| Cash & Balances due from depository institutions | $26,236 |
| Interest-bearing balances | $23,415 |
| Total securities | $62,416 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $128,208 |
| Loan and leases loss allowance | $2,232 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,938 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $162 |
| All other assets | $3,839 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $223,799 |
| Total Liabilities | $192,993 |
| Total deposits | $192,585 |
| Interest-bearing deposits | $149,408 |
| Deposits held in domestic offices | $192,585 |
| % insured (estimated) | $77 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $408 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $128,208 |
| Loan and leases loss allowance | $2,232 |
| Total loans and leases (domestic) | $130,440 |
| All real estate loans | $81,852 |
| Real estate loans in domestic offices | $81,852 |
| Construction and development loans | $14,616 |
| Residential 1-4 family construction | $9,881 |
| Other construction, all land development and other land | $4,735 |
| Loans secured by nonfarm nonresidential properties | $15,536 |
| Nonfarm nonresidential secured by owner-occupied properties | $11,243 |
| Commercial real estate & other non-farm, non-residential | $4,293 |
| Multifamily residential real estate | $2,635 |
| 1-4 family residential loans | $18,401 |
| Farmland loans | $30,664 |
| Loans held in foreign offices | $0 |
| Farm loans | $22,598 |
| Commercial and industrial loans | $20,711 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $4,586 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $2,822 |
| Other loans to individuals | $1,764 |
| All other loans & leases | $693 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $103 |
| 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 | $2,151 |
| Non 1-4 family restructured loans & leases | $1,604 |
| Total loans and leases (foreign) | $0 |
The Farmers State Bank of Westmoreland had $128,208,000 of loans outstanding in 2021. $81,852,000 of loans were in real estate loans. $14,616,000 of loans were in development loans. $2,635,000 of loans were in multifamily mortgage loans. $18,401,000 of loans were in 1-4 family mortgage loans. $22,598,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,822,000 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 | $7,708 | $164,000 |
| Nonfarm, nonresidential loans - <$100k | 20 | $758 | $37,900 |
| Nonfarm, nonresidential loans - $100-250k | 13 | $1,526 | $117,385 |
| Nonfarm, nonresidential loans - $250k-1MM | 14 | $5,424 | $387,429 |
| Commercial & Industrial, US addressed loans - <$1MM | 163 | $7,709 | $47,294 |
| Commercial & Industrial, US addressed loans - <$100k | 132 | $2,940 | $22,273 |
| Commercial & Industrial, US addressed loans - $100-250k | 21 | $1,882 | $89,619 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 10 | $2,887 | $288,700 |
| Farmland loans - <$1MM | 116 | $15,654 | $134,948 |
| Farmland loans - <$100k | 43 | $1,721 | $40,023 |
| Farmland loans - $100-250k | 41 | $5,488 | $133,854 |
| Farmland loans - $250k-1MM | 32 | $8,445 | $263,906 |
| Agriculture operations loans - <$1MM | 242 | $12,904 | $53,322 |
| Agriculture operations loans - <$100k | 173 | $3,262 | $18,855 |
| Agriculture operations loans - $100-250k | 51 | $5,491 | $107,667 |
| Agriculture operations loans - $250k-1MM | 18 | $4,151 | $230,611 |