Premier Bank Mortgage Rates, Fees & Info

Rock Valley, IA

LEI: 25490031SXYH24299E86

Tax ID: 39-1871370

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Premier Bank is a smaller bank specializing in Home Purchase and Refi loans. Premier Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Colorado Springs, Sioux Falls, Sioux City, Rochester, and Pueblo among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Premier Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

    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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    Originations

    163

    Origination Dollar Volume (All Markets)

    $27,095,000

    Employee count

    54

    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
    Outside of Metro Areas 105 $15,235,000 $145,095 $0 0.00%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 18 $5,600,000 $311,111 $0 0.00%
    SIOUX FALLS, SD (FHA|USDA|VA) 14 $3,120,000 $222,857 $0 0.00%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 21 $2,365,000 $112,619 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
    PUEBLO, CO (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
    Vermillion, SD (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
    Spirit Lake, IA (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
    Worthington, MN (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
    Premier Bank's top markets include Colorado Springs, Sioux Falls, Sioux City, Rochester, and Pueblo among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 158 $26,500,000 $167,722 $0 0.00%
    USDA 5 $595,000 $119,000 $0 0.00%

    For 2021, Premier Bank's most frequently originated type of loan was Conventional, with 158 originations. Their 2nd most popular type was USDA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 76 $15,040,000 $197,895 $0 0.00%
    Refi 76 $11,040,000 $145,263 $0 0.00%
    Other 6 $690,000 $115,000 $0 0.00%
    Home Improvement 5 $325,000 $65,000 $0 0.00%

    For 2021, Premier Bank's most frequently cited loan purpose was Home Purchase, with 76 originations. The 2nd most popular reason was Refi, with 76 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 163 $27,095,000 $166,227 $0 0.00%

    For 2021, Premier Bank's most frequently cited loan duration was Other, with 163 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 61 $8,655,000 $141,885 $0 0.00%
    $100,000 or less 50 $3,020,000 $60,400 $0 0.00%
    $200k-400k 47 $12,985,000 $276,277 $0 0.00%
    $400k-600k 5 $2,435,000 $487,000 $0 0.00%

    2021 saw Premier Bank place emphasis on $100k-200k loans with 61 originations, totaling $8,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 38 $3,770,000 $99,211 $0 0.00%
    $50k-75k 32 $4,470,000 $139,688 $0 0.00%
    $75k-100k 30 $4,470,000 $149,000 $0 0.00%
    $100k-150k 24 $4,130,000 $172,083 $0 0.00%
    $150k-250k 10 $1,870,000 $187,000 $0 0.00%
    $250k+ 3 $1,055,000 $351,667 $0 0.00%

    Premier Bank lent most frequently to those with incomes in the $50k or less range, with 38 originations. The second most popular income band? $50k-75k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 163 $27,095,000 $166,227 $0 0.00%

    Premier Bank lent most frequently to those with DTI ratios of Exempt%, with 163 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 141 $20,235,000 $143,511 $0 0.00%
    Not applicable 21 $6,445,000 $306,905 $0 0.00%
    Not provided 1 $415,000 $415,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.41%

    Premier Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.41%

    Premier Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 163 $27,095,000 $166,227

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    163 $27,095,000 $166,227

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Premier Mortgage, LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    Premier Mortgage, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 66.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Premier Bank 710 First Avenue Rock Rapids, IA 51246 Full Service B&M $63,928
    Premier Bank 1004 21st Avenue Rock Valley, IA 51247 Full Service B&M $200,399
    Premier Bank 190 Iowa St Alcester, SD 57001 Full Service B&M $140,289
    Premier Bank 227 Main Street Doon, IA 51235 Full Service B&M $25,361
    Premier Bank 500 4th Street Hudson, SD 57034 Full Service B&M $26,533

    For 2021, Premier Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $24,530
    Net interest income $21,116
    Total noninterest income $1,484
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $383
    Trading account gains and fees $0
    Additional Noninterest Income $1,101
    Pre-tax net operating income $13,576
    Securities gains (or losses, -) $4
    Income before extraordinary items $12,869
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,869
    Minority interest net income $0
    Net income $12,869
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,865

    Premier Bank's gross interest income from loans was $24,530,000.
    Premier Bank's net interest income from loans was $21,116,000.
    Premier Bank's fee based income from loans was $383,000.
    Premier Bank's net income from loans was $12,869,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,414
    Provision for credit losses $0
    Total noninterest expense $9,024
    Salaries and employee benefits $5,959
    Premises and equipment expense $403
    Additional noninterest expense $2,662
    Applicable income taxes $711
    Net charge-offs $6
    Cash dividends $5,225

    Premier Bank's interest expense for loans was $3,414,000.
    Premier Bank's payroll and benefits expense were $5,959,000.
    Premier Bank's property, plant and equipment expenses $403,000.

    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 $457,763
    Deposits held in domestic offices $457,763
    Deposits by Individuals, partnerships, and corporations $385,007
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $56,279
    Deposits by Commercial banks and other depository institutions in U.S. $16,478
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $163,065
    Demand deposits $120,392
    Nontransaction accounts $294,699
    Money market deposit accounts (MMDAs) $90,287
    Other savings deposits (excluding MMDAs) $48,111
    Total time deposits $156,300
    Total time and savings deposits $337,372
    Noninterest-bearing deposits $81,233
    Interest-bearing deposits $376,530
    Retail deposits $419,119
    IRAs and Keogh plan accounts $21,771
    Brokered deposits $9,759
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $551,675
    Cash & Balances due from depository institutions $26,821
    Interest-bearing balances $21,135
    Total securities $50,652
    Federal funds sold & reverse repurchase $1,752
    Net loans and leases $451,031
    Loan and leases loss allowance $8,025
    Trading account assets $0
    Bank premises and fixed assets $2,828
    Other real estate owned $530
    Goodwill and other intangibles $6,921
    All other assets $11,140

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $551,675
    Total Liabilities $477,362
    Total deposits $457,763
    Interest-bearing deposits $376,530
    Deposits held in domestic offices $457,763
    % insured (estimated) $78
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $19,000
    Subordinated debt $0
    All other liabilities $599

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $451,031
    Loan and leases loss allowance $8,025
    Total loans and leases (domestic) $459,056
    All real estate loans $220,682
    Real estate loans in domestic offices $220,682
    Construction and development loans $5,073
    Residential 1-4 family construction $983
    Other construction, all land development and other land $4,090
    Loans secured by nonfarm nonresidential properties $35,657
    Nonfarm nonresidential secured by owner-occupied properties $29,193
    Commercial real estate & other non-farm, non-residential $6,464
    Multifamily residential real estate $2,835
    1-4 family residential loans $25,885
    Farmland loans $151,232
    Loans held in foreign offices $0
    Farm loans $165,169
    Commercial and industrial loans $46,283
    To non-U.S. addressees $0
    Loans to individuals $9,192
    Credit card loans $0
    Related Plans $241
    Consumer Auto Loans $8,197
    Other loans to individuals $754
    All other loans & leases $17,730
    Loans to foreign governments and official institutions $0
    Other loans $241
    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 $5,037
    Non 1-4 family restructured loans & leases $5,037
    Total loans and leases (foreign) $0

    Premier Bank had $451,031,000 of loans outstanding in 2021. $220,682,000 of loans were in real estate loans. $5,073,000 of loans were in development loans. $2,835,000 of loans were in multifamily mortgage loans. $25,885,000 of loans were in 1-4 family mortgage loans. $165,169,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,197,000 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 115 $18,618 $161,896
    Nonfarm, nonresidential loans - <$100k 42 $1,679 $39,976
    Nonfarm, nonresidential loans - $100-250k 41 $5,876 $143,317
    Nonfarm, nonresidential loans - $250k-1MM 32 $11,063 $345,719
    Commercial & Industrial, US addressed loans - <$1MM 472 $31,544 $66,831
    Commercial & Industrial, US addressed loans - <$100k 352 $9,191 $26,111
    Commercial & Industrial, US addressed loans - $100-250k 74 $7,285 $98,446
    Commercial & Industrial, US addressed loans - $250k-1MM 46 $15,068 $327,565
    Farmland loans - <$1MM 294 $47,429 $161,323
    Farmland loans - <$100k 73 $3,429 $46,973
    Farmland loans - $100-250k 123 $15,936 $129,561
    Farmland loans - $250k-1MM 98 $28,064 $286,367
    Agriculture operations loans - <$1MM 772 $66,259 $85,828
    Agriculture operations loans - <$100k 404 $11,908 $29,475
    Agriculture operations loans - $100-250k 235 $26,342 $112,094
    Agriculture operations loans - $250k-1MM 133 $28,009 $210,594