First Western Bank & Trust Mortgage Rates, Fees & Info

Minot, ND

LEI: 5493005A0757T9GRRI44

Tax ID: 45-0279825

5 stars - out of 5 stars, based on 37 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Western Bank & Trust is a smaller bank specializing in Home Purchase and Refi loans. First Western Bank & Trust has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Fargo, Brainerd, Bismarck, Minneapolis, and Alexandria among others. First Western Bank & Trust has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Western Bank & Trust is typically an average fee lendor.


Originations

1,366

Origination Dollar Volume (All Markets)

$367,390,000

Employee count

344 Show all (14) awards

Relative Rate

First Western Bank & Trust's average 30 year fixed rate mortgage of loans were 2.82%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.33%.

Relative Fees

First Western Bank & Trust's average total fees for a 30 year fixed rate mortgage are $4,240.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
FARGO, ND-MN (FHA|USDA|VA) 284 $75,540,000 $265,986 $3,927 3.09%
Brainerd, MN (FHA|USDA|VA) 321 $75,355,000 $234,751 $3,805 3.07%
BISMARCK, ND (FHA|USDA|VA) 147 $48,055,000 $326,905 $3,990 3.03%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 60 $47,050,000 $784,167 $3,597 2.83%
Alexandria, MN (FHA|USDA|VA) 143 $31,785,000 $222,273 $3,841 2.79%
Minot, ND (FHA|USDA|VA) 149 $31,735,000 $212,987 $3,905 2.95%
Outside of Metro Areas 158 $28,290,000 $179,051 $3,922 3.05%
Fergus Falls, MN (FHA|USDA|VA) 20 $5,290,000 $264,500 $4,325 2.90%
Williston, ND (FHA|USDA|VA) 2 $3,060,000 $1,530,000 $2,997 2.97%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 9 $2,935,000 $326,111 $4,260 2.79%
ST. CLOUD, MN (FHA|USDA|VA) 13 $2,625,000 $201,923 $4,161 3.00%
Jamestown, ND (FHA|USDA|VA) 5 $1,495,000 $299,000 $4,890 3.37%
GRAND FORKS, ND-MN (FHA|USDA|VA) 6 $1,260,000 $210,000 $2,993 3.67%
Key West, FL (FHA|USDA|VA) 1 $1,175,000 $1,175,000 $0 3.75%
Spearfish, SD (FHA|USDA|VA) 3 $895,000 $298,333 $3,529 3.33%
Red Wing, MN (FHA|USDA|VA) 2 $820,000 $410,000 $0 4.12%
Wahpeton, ND-MN (FHA|USDA|VA) 4 $770,000 $192,500 $4,095 2.87%
Willmar, MN (FHA|USDA|VA) 3 $765,000 $255,000 $3,885 2.88%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $660,000 $330,000 $1,704 2.88%
LONGVIEW, WA (FHA|USDA|VA) 1 $535,000 $535,000 $8,775 3.13%
DULUTH, MN-WI (FHA|USDA|VA) 3 $535,000 $178,333 $3,709 3.77%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $525,000 $175,000 $2,656 3.58%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $415,000 $415,000 $4,031 2.75%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $410,000 $205,000 $2,457 2.56%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $405,000 $405,000 $14,729 2.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $375,000 $375,000 $1,891 3.13%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $355,000 $355,000 $7,566 2.75%
APPLETON, WI (FHA|USDA|VA) 1 $325,000 $325,000 $2,206 2.50%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $325,000 $325,000 $2,885 3.25%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $315,000 $315,000 $0 3.75%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $305,000 $305,000 $3,262 2.75%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,523 2.88%
Oxford, MS (FHA|USDA|VA) 1 $275,000 $275,000 $4,941 2.63%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $245,000 $245,000 $3,290 2.38%
Scottsbluff, NE (FHA|USDA|VA) 1 $225,000 $225,000 $5,276 2.63%
Grand Rapids, MN (FHA|USDA|VA) 1 $225,000 $225,000 $3,289 2.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,767 3.25%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $205,000 $205,000 $2,510 3.38%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $205,000 $205,000 $4,268 2.50%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $205,000 $205,000 $1,974 3.13%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $175,000 $175,000 $2,738 2.13%
Spencer, IA (FHA|USDA|VA) 1 $165,000 $165,000 $2,822 3.25%
GREELEY, CO (FHA|USDA|VA) 1 $145,000 $145,000 $3,895 2.00%
Lewisburg, TN (FHA|USDA|VA) 1 $135,000 $135,000 $1,198 2.00%
Dickinson, ND (FHA|USDA|VA) 1 $115,000 $115,000 $0 3.95%
New Ulm, MN (FHA|USDA|VA) 1 $105,000 $105,000 $2,673 2.25%
KNOXVILLE, TN (FHA|USDA|VA) 1 $75,000 $75,000 $2,413 3.00%
Hutchinson, MN (FHA|USDA|VA) 1 $15,000 $15,000 $642 4.75%

First Western Bank & Trust's top markets include Fargo, Brainerd, Bismarck, Minneapolis, and Alexandria among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,181 $325,985,000 $276,025 $3,548 3.08%
FHA 67 $13,545,000 $202,164 $7,098 2.88%
VA 65 $18,325,000 $281,923 $4,102 2.40%
USDA 53 $9,535,000 $179,906 $5,258 2.47%

For the 2021 period, First Western Bank & Trust's most frequently originated loan type of loans were Conventional, with 1,181 originations. Their 2nd most popular type is FHA, with 67 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 737 $189,155,000 $256,655 $4,401 3.13%
Refi 408 $131,200,000 $321,569 $3,265 2.83%
Cash Out Refi 181 $42,675,000 $235,773 $3,755 2.72%
Other 24 $2,900,000 $120,833 $2,198 3.95%
Home Improvement 16 $1,460,000 $91,250 $1,306 4.15%

For the 2021, First Western Bank & Trust's most frequently cited loan purpose of loans were Home Purchase, with 737 originations. The 2nd most popular reason of loans were Refi, with 408 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 859 $217,015,000 $252,637 $4,240 2.82%
15 Year 185 $38,335,000 $207,216 $3,328 2.29%
5 Year 138 $46,600,000 $337,681 $1,806 4.02%
Other 118 $14,600,000 $123,729 $1,730 4.32%
20 Year 34 $7,970,000 $234,412 $3,561 2.60%
10 Year 19 $19,455,000 $1,023,947 $1,401 2.89%
1 Year 10 $1,210,000 $121,000 $2,199 4.40%
3 Year 3 $22,205,000 $7,401,667 $0 4.50%

For the 2021, First Western Bank & Trust's most frequently cited loan length of loans were 30 Year, with 859 originations. The 2nd most popular length of loans were 15 Year, with 185 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 414 $91,270,000 $220,459
$<1k 353 $76,275,000 $216,076
$2k-3k 227 $54,665,000 $240,815
$3k-4k 115 $38,125,000 $331,522
$5k+ 15 $7,475,000 $498,333

$4,240 of loans were First Western Bank & Trust's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 414 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 497 $126,915,000 $255,362
<2.5% 402 $104,290,000 $259,428
3-4% 353 $84,645,000 $239,788
4-5% 108 $51,130,000 $473,426
5-6% 5 $395,000 $79,000
7-8% 1 $15,000 $15,000

During 2021, First Western Bank & Trust's average interest rate of loans were 2.82%, while their most frequently originated rate bucket of loans were 2.5-3%, with 497 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 593 $162,095,000 $273,347 $4,300 2.84%
$100k-200k 473 $72,955,000 $154,239 $3,498 2.98%
$100,000 or less 169 $10,525,000 $62,278 $1,870 3.75%
$400k-600k 106 $50,330,000 $474,811 $4,867 2.79%
$1MM+ 13 $62,885,000 $4,837,308 $3,071 3.51%
$600k-1MM 12 $8,600,000 $716,667 $6,456 3.53%

2021 saw First Western Bank & Trust place emphasis on $200k-400k loans with 593 originations, totaling $162,095,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 272 $51,860,000 $190,662 $3,978 2.88%
$100k-150k 271 $66,315,000 $244,705 $3,819 2.82%
$75k-100k 203 $44,965,000 $221,502 $3,935 2.94%
$50k or less 164 $23,750,000 $144,817 $3,816 2.94%
$150k-250k 158 $48,720,000 $308,354 $4,158 2.89%
$250k+ 74 $27,590,000 $372,838 $4,132 2.96%

First Western Bank & Trust lent most frequently to those with incomes in the $50k-75k range, with 272 originations. The second most popular income band? $100k-150k, with 271 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 328 $76,140,000 $232,134 $3,723 2.88%
30-36% 226 $49,180,000 $217,611 $3,878 2.91%
<20% 179 $40,225,000 $224,721 $3,336 2.80%
36% 50 $13,490,000 $269,800 $3,991 2.88%
41% 42 $9,610,000 $228,810 $4,130 2.82%
39% 40 $9,440,000 $236,000 $4,410 2.86%
38% 38 $7,720,000 $203,158 $4,162 2.97%
40% 37 $7,935,000 $214,459 $3,909 2.82%
42% 34 $8,270,000 $243,235 $4,082 3.04%
43% 34 $7,110,000 $209,118 $3,590 2.92%
44% 33 $8,855,000 $268,333 $3,882 2.87%
37% 27 $6,185,000 $229,074 $5,405 2.81%
45% 23 $5,675,000 $246,739 $3,980 3.19%
46% 22 $5,560,000 $252,727 $4,884 3.21%
49% 18 $4,690,000 $260,556 $4,721 2.74%
50-60% 18 $4,360,000 $242,222 $4,939 3.17%
47% 16 $4,450,000 $278,125 $4,843 2.84%
48% 12 $3,430,000 $285,833 $4,449 2.87%
>60% 5 $915,000 $183,000 $571 4.13%

First Western Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 328 originations. The next most common DTI ratio? 30-36%, with 226 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,126 $259,900,000 $230,817 $3,829 2.88%
Not applicable 158 $87,730,000 $555,253 $0 3.97%
Not provided 46 $11,210,000 $243,696 $4,406 2.86%
Black 14 $3,550,000 $253,571 $5,389 3.14%
Asian 12 $3,240,000 $270,000 $4,172 2.82%
American Indian 9 $1,695,000 $188,333 $3,560 3.56%
Native Hawaiian 1 $65,000 $65,000 $0 4.25%

Approval Rates

Total approvals of all applications
96.67%

First Western Bank & Trust 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
89.05%

First Western Bank & Trust has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 1 $35,000 $35,000
250.0 1 $125,000 $125,000
266.35 1 $15,000 $15,000
2841.7 1 $465,000 $465,000
29.6 1 $65,000 $65,000
460.0 1 $55,000 $55,000
7.5 1 $35,000 $35,000
NA 1,359 $366,595,000 $269,753

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,366 $367,390,000 $268,953

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 58 $6,970,000 $120,172 $2,808 2.87%
40-60% 150 $52,460,000 $349,733 $3,392 2.87%
60-80% 552 $155,980,000 $282,572 $3,656 3.06%
80-100% 561 $149,015,000 $265,624 $4,465 2.95%
Over 100% 6 $1,560,000 $260,000 $7,384 2.38%
Under 20% 39 $1,405,000 $36,026 $647 4.12%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST UNITED BANK AND TRUST COMPANY Conventional home mortgage Closing on a mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Western Bank & Trust 3703 Lockport Street Bismarck, ND 58503 Full Service B&M $117,373
First Western Bank & Trust 4040 42nd Street South, Suite O Fargo, ND 58104 Full Service B&M $29,136
First Western Bank & Trust 5411 Lakers Lane Nisswa, MN 56468 Full Service B&M $65,213
First Western Bank & Trust 855 26th Avenue East West Fargo, ND 58078 Full Service B&M $70,009
First Western Bank & Trust 900 South Broadway Minot, ND 58701 Full Service B&M $889,170
First Western Bank & Trust 100 Prairie Center Drive Eden Prairie, MN 55344 Full Service B&M $103,007
First Western Bank & Trust 14084 Baxter Drive, Ste 16 Baxter, MN 56425 Full Service B&M $87,348
First Western Bank & Trust 2105 16th St Nw Minot, ND 58703 Full Service B&M $14,016
First Western Bank & Trust 2200 15th St. Sw Minot, ND 58701 Full Service B&M $61,814
First Western Bank & Trust 228 Oak St N Miltona, MN 56354 Full Service B&M $15,014
First Western Bank & Trust 23964 Smiley Road Nisswa, MN 56468 Full Service Retail $18,077
First Western Bank & Trust 301 Main Avenue Carlos, MN 56319 Full Service B&M $22,945
First Western Bank & Trust 304 E Front Avenue Bismarck, ND 58504 Full Service B&M $71,002
First Western Bank & Trust 3313 Highway 29 South Alexandria, MN 56308 Full Service B&M $78,579
First Western Bank & Trust 35563 County Road 3 Crosslake, MN 56442 Full Service Retail $26,321

For 2021, First Western Bank & Trust had 15 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $80,679
Net interest income $69,092
Total noninterest income $12,581
Gross Fiduciary activities income $3,842
Service charges on deposit accounts $694
Trading account gains and fees $0
Additional Noninterest Income $8,045
Pre-tax net operating income $25,749
Securities gains (or losses, -) $133
Income before extraordinary items $19,546
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $19,546
Minority interest net income $0
Net income $19,546
Sale, conversion, retirement of capital stock, net $0
Net operating income $19,440

First Western Bank & Trust's gross interest income from loans was $80,679,000.
First Western Bank & Trust's net interest income from loans was $69,092,000.
First Western Bank & Trust's fee based income from loans was $694,000.
First Western Bank & Trust's net income from loans was $19,546,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $11,587
Provision for credit losses $2,204
Total noninterest expense $53,720
Salaries and employee benefits $35,327
Premises and equipment expense $4,714
Additional noninterest expense $13,679
Applicable income taxes $6,336
Net charge-offs $870
Cash dividends $5,572

First Western Bank & Trust's interest expense for loans was $11,587,000.
First Western Bank & Trust's payroll and benefits expense were $35,327,000.
First Western Bank & Trust's property, plant and equipment expenses $4,714,000.

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 1.0%
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 0.1%
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 $1,737,378
Deposits held in domestic offices $1,737,378
Deposits by Individuals, partnerships, and corporations $1,627,478
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $98,006
Deposits by Commercial banks and other depository institutions in U.S. $11,894
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $230,695
Demand deposits $179,318
Nontransaction accounts $1,506,683
Money market deposit accounts (MMDAs) $399,223
Other savings deposits (excluding MMDAs) $649,022
Total time deposits $458,438
Total time and savings deposits $1,558,060
Noninterest-bearing deposits $366,707
Interest-bearing deposits $1,370,671
Retail deposits $1,612,256
IRAs and Keogh plan accounts $66,521
Brokered deposits $39,502
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,964,726
Cash & Balances due from depository institutions $232,417
Interest-bearing balances $197,951
Total securities $267,725
Federal funds sold & reverse repurchase $0
Net loans and leases $1,342,323
Loan and leases loss allowance $17,163
Trading account assets $0
Bank premises and fixed assets $46,696
Other real estate owned $104
Goodwill and other intangibles $45,363
All other assets $30,098

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,964,726
Total Liabilities $1,756,568
Total deposits $1,737,378
Interest-bearing deposits $1,370,671
Deposits held in domestic offices $1,737,378
% insured (estimated) $92
Federal funds purchased and repurchase agreements $5,689
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $13,501

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,342,323
Loan and leases loss allowance $17,163
Total loans and leases (domestic) $1,359,486
All real estate loans $842,310
Real estate loans in domestic offices $842,310
Construction and development loans $118,964
Residential 1-4 family construction $26,026
Other construction, all land development and other land $92,938
Loans secured by nonfarm nonresidential properties $422,947
Nonfarm nonresidential secured by owner-occupied properties $168,164
Commercial real estate & other non-farm, non-residential $254,783
Multifamily residential real estate $68,624
1-4 family residential loans $188,228
Farmland loans $43,547
Loans held in foreign offices $0
Farm loans $49,230
Commercial and industrial loans $257,897
To non-U.S. addressees $1,475
Loans to individuals $46,584
Credit card loans $1,635
Related Plans $1,616
Consumer Auto Loans $10,561
Other loans to individuals $32,772
All other loans & leases $163,466
Loans to foreign governments and official institutions $0
Other loans $4,230
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 $150
Restructured Loans & leases $32,539
Non 1-4 family restructured loans & leases $32,539
Total loans and leases (foreign) $0

First Western Bank & Trust had $1,342,323,000 of loans outstanding in 2021. $842,310,000 of loans were in real estate loans. $118,964,000 of loans were in development loans. $68,624,000 of loans were in multifamily mortgage loans. $188,228,000 of loans were in 1-4 family mortgage loans. $49,230,000 of loans were in farm loans. $1,635,000 of loans were in credit card loans. $10,561,000 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 292 $71,540 $245,000
Nonfarm, nonresidential loans - <$100k 50 $1,847 $36,940
Nonfarm, nonresidential loans - $100-250k 109 $14,661 $134,505
Nonfarm, nonresidential loans - $250k-1MM 133 $55,032 $413,774
Commercial & Industrial, US addressed loans - <$1MM 901 $66,223 $73,499
Commercial & Industrial, US addressed loans - <$100k 564 $11,653 $20,661
Commercial & Industrial, US addressed loans - $100-250k 177 $16,116 $91,051
Commercial & Industrial, US addressed loans - $250k-1MM 160 $38,454 $240,338
Farmland loans - <$1MM 105 $13,731 $130,771
Farmland loans - <$100k 40 $1,688 $42,200
Farmland loans - $100-250k 43 $5,669 $131,837
Farmland loans - $250k-1MM 22 $6,374 $289,727
Agriculture operations loans - <$1MM 123 $7,660 $62,276
Agriculture operations loans - <$100k 74 $1,503 $20,311
Agriculture operations loans - $100-250k 24 $1,880 $78,333
Agriculture operations loans - $250k-1MM 25 $4,277 $171,080