First Farmers & Merchants National Bank

Headquarters

303 East Main Street
Luverne, MN 56156
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.01% 1.05% →
1-Year CD 0.10% 0.95% →
2-Year CD 0.25% 1.05% →
5-Year CD 0.45% 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

First Farmers & Merchants National Bank is an FDIC insured institution located in Luverne, MN. It was founded in 1931 and has approximately $0.19 billion in assets. Customers can open an account at one of its 2 branches.

FDIC Insured Yes
FDIC Certificate # 5186
Date Established 1931
Assets $ 190.31 million
Loans $ 156.72 million
Deposits $ 157.05 million
Capital $ 30.32 million
 

For a more detailed analysis of First Farmers & Merchants National Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - September 27, 2020

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Savings
0.01% $2,500 $4,999 Learn More
Money Market
0.03% $2,500 $2,999 Learn More
Money Market
0.05% $10,000 $14,999 Learn More
Money Market
0.08% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.05% $10,000 $14,999 Learn More
3 Mo CD
0.05% $100,000 $199,999 Learn More
6 Mo CD
0.05% $10,000 $14,999 Learn More
6 Mo CD
0.05% $100,000 $199,999 Learn More
12 Mo CD
0.10% $10,000 $14,999 Learn More
12 Mo CD
0.10% $100,000 $199,999 Learn More
18 Mo CD
0.10% $10,000 $14,999 Learn More
18 Mo CD
0.10% $100,000 $199,999 Learn More
24 Mo CD
0.25% $10,000 $14,999 Learn More
24 Mo CD
0.25% $100,000 $199,999 Learn More
30 Mo CD
0.25% $10,000 $14,999 Learn More
30 Mo CD
0.25% $100,000 $199,999 Learn More
36 Mo CD
0.30% $10,000 $14,999 Learn More
36 Mo CD
0.30% $100,000 $199,999 Learn More
48 Mo CD
0.35% $10,000 $14,999 Learn More
48 Mo CD
0.35% $100,000 $199,999 Learn More
60 Mo CD
0.45% $10,000 $14,999 Learn More
60 Mo CD
0.45% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.01% $2,500 $3,499 Learn MoreShow Less

Loan Rates - September 27, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for First Farmers & Merchants National Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
2.815% 2.750% 0.88 $2,102 $1,021 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.990 %
$0 Learn More
More Info

Note to First Farmers & Merchants National Bank
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Branches

First Farmers & Merchants National Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


First Farmers & Merchants National Bank Locations


Financial Details

First Farmers & Merchants National Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of First Farmers & Merchants National Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
First Farmers & Merchants National Bank U.S. Bank Average
17.69% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, First Farmers & Merchants National Bank had $4,444,000 in non-current loans and $1,382,000 in owned real estate. To cover these potential losses it had $30,321,000 in equity and $2,619,000 in loans loss reserves. That gives it a Texas Ratio of 17.69%.

Return on Equity
First Farmers & Merchants National Bank U.S. Bank Average
9.96% 7.80%

First Farmers & Merchants National Bank has a Return on Equity of 9.96% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
First Farmers & Merchants National Bank U.S. Bank Average
15.93% 12.68%

First Farmers & Merchants National Bank has a Capitalization of 15.93% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

First Farmers & Merchants National Bank Balance Sheet Analysis

As of March 31, 2020, First Farmers & Merchants National Bank had assets of $190,314,000, loans of $156,719,000, and deposits of $157,047,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 19.12 million
Interest-bearing balances $ 14.94 million
Total securities $ 6.99 million
Federal funds sold and reverse repurchase $ 3.32 million
Net loans and leases $ 156.72 million
Loan loss allowance $ 2.62 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 1.38 million
Goodwill and other intangibles N.A.
All other assets $ 1.85 million
     Total Assets $ 159.99 million
LIABILITIES
Total deposits $ 157.05 million
      Interest-bearing deposits $ 131.26 million
      Deposits held in domestic offices $ 157.05 million
      % insured (estimated) 75.66%
Federal funds purchased and repurchase agreements $ 0.64 million
Trading liabilities N.A.
Other borrowed funds $ 1.49 million
Subordinated debt N.A.
All other liabilities $ 0.83 million
      Total Liabilities $ 159.99 million
      Shareholders’ Equity $ 30.32 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 2.28 million
Total Interest Expense $ 0.30 million
Net interest income $ 1.99 million
Provision for loan and lease losses $ 0.14 million
Total non interest income $ 0.10 million
Total non interest expense $ 1.20 million
Pre-tax Net Operating Income $ 0.75 million

Bank Loan Profile?

The top three loan types in First Farmers & Merchants National Bank’s loan portfolio are Farm Loans, Commercial and Industrial Loans, and Commercial Real Estate.

Compared to other banks in Minnesota, First Farmers & Merchants National Bank has a significantly higher percent of Farm Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 4.10
Multifamily
Mortgages
1.55
Credit Card Loans 0.00
Consumer Auto Loans 0.70
Small Business Loans 2.82
Construction and Development Loans 0.45
Commercial Real Estate 4.96
Commercial and Industrial Loans 16.21
Farm Loans 37.90

Frequently Asked Questions About First Farmers & Merchants National Bank

Branches and Savings

Is First Farmers & Merchants National Bank FDIC insured?

Yes. It is covered under FDIC Certificate #5186.

Why does First Farmers & Merchants National Bank pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are First Farmers & Merchants National Bank CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is First Farmers & Merchants National Bank a commercial bank?

Yes

Where are First Farmers & Merchants National Bank locations?

See branch locations nearby.

Is First Farmers & Merchants National Bank open on Saturdays?

Is First Farmers & Merchants National Bank open on Sundays?

What time does First Farmers & Merchants National Bank open?

What time does First Farmers & Merchants National Bank close?

Are First Farmers & Merchants National Bank ATMs Open 24/7?

Do First Farmers & Merchants National Bank ATMs accept cash deposits?

Can First Farmers & Merchants National Bank customers use other ATMs?

Do First Farmers & Merchants National Bank branches have notaries?

Will First Farmers & Merchants National Bank notarize my document?

What address for First Farmers & Merchants National Bank should I put for incoming ACH transfers?

Will the First Farmers & Merchants National Bank branch print checks?

Do First Farmers & Merchants National Bank checks expire?

Does First Farmers & Merchants National Bank require US citizenship to open account?

Can First Farmers & Merchants National Bank close my account?

Does First Farmers & Merchants National Bank Report to credit bureaus?

Does First Farmers & Merchants National Bank Use Equifax?

What is First Farmers & Merchants National Bank's ACH Routing Number?

What is First Farmers & Merchants National Bank's SWIFT code?

Products

Does First Farmers & Merchants National Bank offer mortgages?

Compare mortgage rates here.

Does First Farmers & Merchants National Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does First Farmers & Merchants National Bank offer personal loans?

Compare personal loan rates here.

Does First Farmers & Merchants National Bank offer student loans?

Will First Farmers & Merchants National Bank cash a check?

Will First Farmers & Merchants National Bank redeem a savings bond?

Does First Farmers & Merchants National Bank cash savings bonds?

Will First Farmers & Merchants National Bank cash money orders?

Can First Farmers & Merchants National Bank issue a money order?

Does First Farmers & Merchants National Bank do currency exchange?

Background on The Bank

Who owns First Farmers & Merchants National Bank?

How long has First Farmers & Merchants National Bank been around?

Can First Farmers & Merchants National Bank transfer to other banks?

Does First Farmers & Merchants National Bank have quick pay?

Does First Farmers & Merchants National Bank accept rolled coins?

Will First Farmers & Merchants National Bank accept loose change?

Where is First Farmers & Merchants National Bank headquarters?

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