Applications / Mortgage Analytics / Lenders / Iowa / Farmers State Bank
Waterloo, IA · State non-member bank · FDIC · $1.6 billion assets · 390 loans in 2025
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390
loans originated, 2025
516
applications, 2025
5
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Farmers State Bank is the third-largest lender in Waterloo-Cedar Falls, and it grew faster than most similar banks in 2025, with loans up 25%.
Its originations rose 25%, to 390, against 9% at similar lenders (state non-member banks making between half and twice as many loans) and 10% for the whole market. That was faster than about four in five of them. It is still well short of the 811 loans of 2020, and fell as low as 228 in 2023.
In Waterloo-Cedar Falls, where it has lent since at least 1990, it ranks 3 of 168 lenders, behind Veridian Credit Union and GreenState Credit Union. Its share rose 1.0 points, to 5.8%. In Ames its share fell to 2.3% from 3.7%. Its growth may have gone elsewhere, or other lenders may have pushed harder there.
All its loans were conventional. Purchases made up 54.4% and refinances 27.7%, with home improvement and other purposes making up the rest. Its typical loan, $165,000, was close to its peers' $175,000, and its typical rate, 6.75%, matched theirs.
Low- and moderate-income (LMI) borrowers took 31.9% of its loans, against 28.3% at peers, more than at about two-thirds of them. It turned down 3.1% of home-purchase applications, against 4.6% at peers, a lower rate than about two-thirds of them.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Farmers State Bank took 516 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 54.4% · Refinance 27.7% · Home improvement 10.5% · Other 7.4%
Conventional 100.0% · of 390 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Iowa | 384 | 98.5% |
| Minnesota | 3 | 0.8% |
| Indiana | 1 | 0.3% |
| Missouri | 1 | 0.3% |
| Wisconsin | 1 | 0.3% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Waterloo-Cedar Falls | 224 |
| Des Moines-West Des Moines | 61 |
| Cedar Rapids | 9 |
| Ames | 8 |
| Dubuque | 3 |
| Minneapolis-St. Paul-Bloomington | 2 |
| Davenport-Moline-Rock Island | 1 |
| Duluth | 1 |
| Iowa City | 1 |
| South Bend-Mishawaka | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300ZJODJ0SZUNMX12 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 840747 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 312855 | 1990–2017 |
Established 25 June 1903. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: Farmers State Bank's data.
Farmers State Bank's data
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Farmers State Bank and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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