First Bank & Trust Mortgage Rates, Fees & Info

Brookings, SD

LEI: 549300IQ5NY7CSJLZW53

Tax ID: 46-0187030

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

First Bank & Trust is a smaller bank specializing in Home Purchase and Refi loans. First 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.) Their top markets by origination volume include: Brookings, Minneapolis, Vermillion, Sioux Falls, and Watertown among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Bank & Trust 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. First Bank & Trust 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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.80%	11/22/24
30 Year Conventional Purchase	6.48%	11/22/24
30 Year Conventional Refi	6.45%	11/22/24
30 Year Cash-out Refi	6.47%	11/22/24
30 Year FHA Purchase	7.03%	11/22/24
30 Year VA Purchase	5.73%	11/22/24
30 Year VA Refi	5.47%	11/22/24
30 Year USDA Purchase	6.47%	11/22/24
15 Year Conventional Purchase	5.89%	11/22/24
15 Year Conventional Refi	5.89%	11/22/24
15 Year Cash-out Refi	5.89%	11/22/24
15 Year VA Purchase	5.76%	11/22/24
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.

First Bank & Trust Mortgage Calculator

Purchase Price:

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% Deposit:

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Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Bank & Trust. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

550

Origination Dollar Volume (All Markets)

$110,270,000

Employee count

237

Awards

First Bank & Trust 30 Year Conventional Loans gold

Show all (6) awards

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
Brookings, SD (FHA\|USDA\|VA)	259	$47,385,000	$182,954	$3,177	4.85%
Outside of Metro Areas	156	$25,370,000	$162,628	$3,256	4.84%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	51	$23,265,000	$456,176	$3,681	5.22%
Vermillion, SD (FHA\|USDA\|VA)	31	$4,585,000	$147,903	$2,642	4.81%
SIOUX FALLS, SD (FHA\|USDA\|VA)	17	$3,275,000	$192,647	$3,509	4.87%
Watertown, SD (FHA\|USDA\|VA)	10	$2,120,000	$212,000	$5,340	4.91%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	2	$1,000,000	$500,000	$3,670	4.85%
RAPID CITY, SD (FHA\|USDA\|VA)	4	$970,000	$242,500	$3,360	4.41%
Pierre, SD (FHA\|USDA\|VA)	4	$530,000	$132,500	$2,659	5.09%
Marshall, MN (FHA\|USDA\|VA)	2	$330,000	$165,000	$3,210	4.38%
Spearfish, SD (FHA\|USDA\|VA)	3	$325,000	$108,333	$1,359	5.25%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	1	$245,000	$245,000	$0	5.25%
Mitchell, SD (FHA\|USDA\|VA)	1	$195,000	$195,000	$2,429	4.50%
Faribault-Northfield, MN (FHA\|USDA\|VA)	4	$190,000	$47,500	$132	5.31%
Yankton, SD (FHA\|USDA\|VA)	2	$160,000	$80,000	$1,813	3.76%
Alexandria, MN (FHA\|USDA\|VA)	1	$155,000	$155,000	$4,102	4.38%
Hutchinson, MN (FHA\|USDA\|VA)	1	$105,000	$105,000	$3,397	4.38%
ROCHESTER, MN (FHA\|USDA\|VA)	1	$65,000	$65,000	$0	5.75%

First Bank & Trust's top markets include Brookings, Minneapolis, Vermillion, Sioux Falls, and Watertown among others.

Their top states include:

South Dakota (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against First Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

SERVICE FIRST FEDERAL CREDIT UNION
Similarity Rank: 380

SIOUX FALLS
Similarity Rank: 385

Cornerstone State Bank
Similarity Rank: 408

CU MORTGAGE DIRECT, LLC
Similarity Rank: 468

BLACK HILLS FEDERAL CREDIT UNION
Similarity Rank: 528

IOWA BANKERS MORTGAGE CORPORATION
Similarity Rank: 530

First Dakota National Bank
Similarity Rank: 552

Dacotah Bank
Similarity Rank: 588

MEMBERS COOPERATIVE
Similarity Rank: 630

WESTconsin Credit Union
Similarity Rank: 795

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	476	$92,950,000	$195,273	$2,839	4.95%
USDA	41	$5,685,000	$138,659	$4,746	4.47%
VA	21	$3,915,000	$186,429	$5,898	4.32%
FHA	11	$1,735,000	$157,727	$6,389	4.26%
HELOC	1	$5,985,000	$5,985,000	n/a	4.75%

For 2018, First Bank & Trust's most frequently originated type of loan was Conventional, with 476 originations. Their 2nd most popular type was USDA, with 41 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	300	$62,040,000	$206,800	$3,995	4.77%
Refi	165	$39,245,000	$237,848	$2,358	5.06%
Cash Out Refi	38	$5,500,000	$144,737	$3,466	4.56%
Other	24	$1,680,000	$70,000	$606	5.38%
Home Improvement	21	$1,495,000	$71,190	$932	5.18%
NA	2	$310,000	$155,000	$4,298	4.50%

For 2018, First Bank & Trust's most frequently cited loan purpose was Home Purchase, with 300 originations. The 2nd most popular reason was Refi, with 165 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	273	$52,725,000	$193,132	$4,402	4.62%
15 Year	83	$11,115,000	$133,916	$2,326	4.92%
Other	61	$20,225,000	$331,557	$389	5.42%
10 Year	53	$12,705,000	$239,717	$548	5.38%
20 Year	41	$5,865,000	$143,049	$3,283	4.92%
1 Year	21	$6,835,000	$325,476	$1,606	4.76%
5 Year	18	$800,000	$44,444	$534	5.40%

For 2018, First Bank & Trust's most frequently cited loan duration was 30 Year, with 273 originations. The 2nd most popular length was 15 Year, with 83 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	169	$15,275,000	$90,385
$1k-2k	161	$21,225,000	$131,832
$2k-3k	96	$19,730,000	$205,521
$3k-4k	26	$7,440,000	$286,154
$4k-5k	13	$5,085,000	$391,154
$5k+	6	$4,680,000	$780,000

First Bank & Trust's average total fees were $4,402, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 169 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	342	$84,010,000	$245,643
5-6%	136	$16,440,000	$120,882
3-4%	42	$7,900,000	$188,095
6-7%	23	$1,675,000	$72,826
7-8%	4	$180,000	$45,000
Over 8%	2	$50,000	$25,000
2.5-3%	1	$15,000	$15,000

During 2018, First Bank & Trust's average interest rate for loans was 4.62%, while their most frequently originated rate bucket for loans was 4-5%, with 342 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	202	$9,900,000	$49,010	$1,234	5.28%
$100k-200k	198	$29,240,000	$147,677	$3,695	4.67%
$200k-400k	123	$32,245,000	$262,154	$4,804	4.62%
$400k-600k	16	$7,330,000	$458,125	$4,900	4.47%
$1MM+	9	$30,225,000	$3,358,333	$18,617	4.79%
$600k-1MM	2	$1,330,000	$665,000	$9,890	5.38%

2018 saw First Bank & Trust place emphasis on $100,000 or less loans with 202 originations, totaling $9,900,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	127	$16,555,000	$130,354	$3,356	4.87%
$100k-150k	106	$17,050,000	$160,849	$3,143	4.90%
$75k-100k	103	$14,465,000	$140,437	$3,021	4.92%
$50k or less	93	$8,645,000	$92,957	$3,105	4.79%
$150k-250k	36	$7,550,000	$209,722	$3,757	4.66%
$250k+	20	$7,730,000	$386,500	$5,733	4.94%

First Bank & Trust lent most frequently to those with incomes in the $50k-75k range, with 127 originations. The second most popular income band? $100k-150k, with 106 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	155	$21,245,000	$137,065	$3,140	4.77%
30-36%	88	$14,540,000	$165,227	$3,193	4.74%
<20%	67	$12,065,000	$180,075	$2,816	4.74%
41%	24	$3,670,000	$152,917	$4,016	4.80%
38%	20	$2,520,000	$126,000	$2,898	5.11%
39%	20	$2,400,000	$120,000	$2,850	5.01%
40%	20	$3,840,000	$192,000	$4,370	4.76%
37%	17	$2,005,000	$117,941	$2,856	4.82%
36%	14	$1,800,000	$128,571	$2,454	4.88%
42%	13	$1,955,000	$150,385	$3,749	4.91%
43%	10	$1,670,000	$167,000	$3,404	4.86%
45%	8	$1,030,000	$128,750	$3,419	4.58%
50-60%	7	$2,345,000	$335,000	$6,292	5.45%
44%	5	$565,000	$113,000	$3,790	4.73%
>60%	4	$600,000	$150,000	$1,228	5.34%
46%	4	$600,000	$150,000	$3,672	4.41%
48%	4	$760,000	$190,000	$4,683	4.41%
49%	1	$265,000	$265,000	$5,677	4.75%
47%	1	$195,000	$195,000	$4,330	4.75%

First Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 155 originations. The next most common DTI ratio? 30-36%, with 88 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	488	$73,420,000	$150,451	$3,217	4.85%
Not applicable	39	$33,465,000	$858,077	$0	5.25%
Not provided	13	$1,495,000	$115,000	$2,838	4.80%
Asian	4	$910,000	$227,500	$4,605	4.97%
American Indian	4	$510,000	$127,500	$3,019	5.09%
Black	2	$470,000	$235,000	$6,149	4.25%

Approval Rates

Total approvals of all applications
96.39%

First 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
93.27%

First Bank & Trust has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	550	$110,270,000	$200,491

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	17	$29,795,000	$1,752,647
Single Family (1-4 Units):Manufactured	6	$550,000	$91,667
Single Family (1-4 Units):Site-Built	527	$79,925,000	$151,660

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	52	$7,630,000	$146,731	$1,515	5.10%
40-60%	59	$13,395,000	$227,034	$2,916	4.92%
60-80%	146	$37,910,000	$259,658	$3,946	4.77%
80-100%	214	$48,390,000	$226,121	$4,198	4.67%
Over 100%	5	$925,000	$185,000	$6,934	4.50%
Under 20%	74	$2,020,000	$27,297	$239	5.56%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	7.1%
FIRST HORIZON BANK	Other type of mortgage	Trouble during payment process	1	7.1%
FIRST HORIZON BANK	Conventional home mortgage	Trouble during payment process	5	35.7%
FIRST HORIZON BANK	Conventional home mortgage	Struggling to pay mortgage	3	21.4%
FIRST HORIZON BANK	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	7.1%
FIRST HORIZON BANK	FHA mortgage	Trouble during payment process	1	7.1%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Incorrect information on your report	1	7.1%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Problem with a credit reporting company's investigation into an existing problem	1	7.1%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First Bank & Trust	101 Second Street, N.W. Pipestone, MN 56164	Full Service B&M	$193,607
First Bank & Trust	102 South Main Street Stockholm, SD 57265	Full Service B&M	$18,583
First Bank & Trust	1101 First Street Se New Prague, MN 56071	Full Service B&M	$99,527
First Bank & Trust	1909 Highway 36 West Roseville, MN 55113	Full Service B&M	$25,031
First Bank & Trust	20 East Main St Vermillion, SD 57069	Full Service B&M	$50,075
First Bank & Trust	209 South Rum River Drive Princeton, MN 55371	Full Service B&M	$35,022
First Bank & Trust	21420 Aberdeen Street Cedar, MN 55011	Full Service B&M	$29,693
First Bank & Trust	215 West Fourth Avenue Milbank, SD 57252	Full Service B&M	$82,899
First Bank & Trust	2220 Sixth Street Brookings, SD 57006	Full Service B&M	$56,320
First Bank & Trust	2233 6th Street Brookings, SD 57006	Full Service Retail	$8,730
First Bank & Trust	234 First Avenue East Cambridge, MN 55008	Full Service B&M	$103,616
First Bank & Trust	301 West Main Street White, SD 57276	Full Service B&M	$24,566
First Bank & Trust	3316 West 66th Street Edina, MN 55435	Full Service B&M	$37,528
First Bank & Trust	445 Main Ave. Toronto, SD 57268	Full Service B&M	$42,699
First Bank & Trust	520 6th Street Brookings, SD 57006	Full Service B&M	$708,845
First Bank & Trust	700 22nd Avenue South Brookings, SD 57006	Full Service Retail	$18,504

For 2018, First Bank & Trust had 16 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$77,051
Net interest income	$66,428
Total noninterest income	$23,552
Gross Fiduciary activities income	$5,092
Service charges on deposit accounts	$1,607
Trading account gains and fees	$0
Additional Noninterest Income	$16,853
Pre-tax net operating income	$32,805
Securities gains (or losses, -)	$-498
Income before extraordinary items	$25,497
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$25,497
Minority interest net income	$0
Net income	$25,497
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$25,890

First Bank & Trust's gross interest income from loans was $77,051,000.
First Bank & Trust's net interest income from loans was $66,428,000.
First Bank & Trust's fee based income from loans was $1,607,000.
First Bank & Trust's net income from loans was $25,497,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$10,623
Provision for credit losses	$1,505
Total noninterest expense	$55,670
Salaries and employee benefits	$21,473
Premises and equipment expense	$4,335
Additional noninterest expense	$29,862
Applicable income taxes	$6,810
Net charge-offs	$-349
Cash dividends	$6,500

First Bank & Trust's interest expense for loans was $10,623,000.
First Bank & Trust's payroll and benefits expense were $21,473,000.
First Bank & Trust's property, plant and equipment expenses $4,335,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	1.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	2.0%
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	1.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$1,675,489
Deposits held in domestic offices	$1,675,489
Deposits by Individuals, partnerships, and corporations	$1,406,198
Deposits by U.S. Government	$397
Deposits by States and political subdivisions in the U.S.	$230,245
Deposits by Commercial banks and other depository institutions in U.S.	$38,649
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$397,841
Demand deposits	$353,838
Nontransaction accounts	$1,277,648
Money market deposit accounts (MMDAs)	$409,952
Other savings deposits (excluding MMDAs)	$509,676
Total time deposits	$358,021
Total time and savings deposits	$1,321,651
Noninterest-bearing deposits	$316,978
Interest-bearing deposits	$1,358,511
Retail deposits	$1,544,546
IRAs and Keogh plan accounts	$43,808
Brokered deposits	$47,665
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,952,920
Cash & Balances due from depository institutions	$89,440
Interest-bearing balances	$61,517
Total securities	$253,612
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,473,055
Loan and leases loss allowance	$15,409
Trading account assets	$0
Bank premises and fixed assets	$20,794
Other real estate owned	$716
Goodwill and other intangibles	$38,173
All other assets	$77,130

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,952,920
Total Liabilities	$1,743,583
Total deposits	$1,675,489
Interest-bearing deposits	$1,358,511
Deposits held in domestic offices	$1,675,489
% insured (estimated)	$80
Federal funds purchased and repurchase agreements	$14,291
Trading liabilities	$0
Other borrowed funds	$30,205
Subordinated debt	$0
All other liabilities	$23,598

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,473,055
Loan and leases loss allowance	$15,409
Total loans and leases (domestic)	$1,488,464
All real estate loans	$919,634
Real estate loans in domestic offices	$919,634
Construction and development loans	$97,379
Residential 1-4 family construction	$15,531
Other construction, all land development and other land	$81,848
Loans secured by nonfarm nonresidential properties	$399,842
Nonfarm nonresidential secured by owner-occupied properties	$203,754
Commercial real estate & other non-farm, non-residential	$196,088
Multifamily residential real estate	$102,761
1-4 family residential loans	$157,729
Farmland loans	$161,923
Loans held in foreign offices	$0
Farm loans	$145,893
Commercial and industrial loans	$209,057
To non-U.S. addressees	$0
Loans to individuals	$50,786
Credit card loans	$25,074
Related Plans	$676
Consumer Auto Loans	$14,408
Other loans to individuals	$10,628
All other loans & leases	$163,095
Loans to foreign governments and official institutions	$0
Other loans	$87,207
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$2,529
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$5,322
Non 1-4 family restructured loans & leases	$5,290
Total loans and leases (foreign)	$0

First Bank & Trust had $1,473,055,000 of loans outstanding in 2018. $919,634,000 of loans were in real estate loans. $97,379,000 of loans were in development loans. $102,761,000 of loans were in multifamily mortgage loans. $157,729,000 of loans were in 1-4 family mortgage loans. $145,893,000 of loans were in farm loans. $25,074,000 of loans were in credit card loans. $14,408,000 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	369	$77,768	$210,753
Nonfarm, nonresidential loans - <$100k	101	$4,207	$41,653
Nonfarm, nonresidential loans - $100-250k	111	$14,328	$129,081
Nonfarm, nonresidential loans - $250k-1MM	157	$59,233	$377,280
Commercial & Industrial, US addressed loans - <$1MM	774	$68,027	$87,890
Commercial & Industrial, US addressed loans - <$100k	465	$10,617	$22,832
Commercial & Industrial, US addressed loans - $100-250k	153	$14,024	$91,660
Commercial & Industrial, US addressed loans - $250k-1MM	156	$43,386	$278,115
Farmland loans - <$1MM	316	$45,457	$143,851
Farmland loans - <$100k	83	$3,278	$39,494
Farmland loans - $100-250k	152	$18,870	$124,145
Farmland loans - $250k-1MM	81	$23,309	$287,765
Agriculture operations loans - <$1MM	510	$34,987	$68,602
Agriculture operations loans - <$100k	310	$6,786	$21,890
Agriculture operations loans - $100-250k	116	$10,400	$89,655
Agriculture operations loans - $250k-1MM	84	$17,801	$211,917