First Bank & Trust Mortgage Rates, Fees & Info
Brookings, SDLEI: 549300IQ5NY7CSJLZW53
Tax ID: 46-0187030
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Bank 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 low ratio of USDA 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, Bemidji, St. Cloud, and Sioux Falls among others. We have data for 25 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
Home Equity Line of Credit (HELOC) | 6.80% | 9/1/24 |
30 Year Conventional Purchase | 6.48% | 9/1/24 |
30 Year Conventional Refi | 6.45% | 9/1/24 |
30 Year Cash-out Refi | 6.47% | 9/1/24 |
30 Year FHA Purchase | 7.03% | 9/1/24 |
30 Year VA Purchase | 5.73% | 9/1/24 |
30 Year VA Refi | 5.47% | 9/1/24 |
30 Year USDA Purchase | 6.47% | 9/1/24 |
15 Year Conventional Purchase | 5.89% | 9/1/24 |
15 Year Conventional Refi | 5.89% | 9/1/24 |
15 Year Cash-out Refi | 5.89% | 9/1/24 |
15 Year VA Purchase | 5.76% | 9/1/24 |
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
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
640Origination Dollar Volume (All Markets)
$146,750,000Employee count
247 Show all (8) awardsFirst Bank & Trust - 2019
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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) | 267 | $50,845,000 | $190,431 | $3,784 | 4.20% |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 90 | $32,570,000 | $361,889 | $4,274 | 4.64% |
Outside of Metro Areas | 194 | $26,450,000 | $136,340 | $3,631 | 4.36% |
Bemidji, MN (FHA|USDA|VA) | 1 | $12,905,000 | $12,905,000 | $0 | 4.10% |
ST. CLOUD, MN (FHA|USDA|VA) | 4 | $8,540,000 | $2,135,000 | $5,513 | 4.49% |
SIOUX FALLS, SD (FHA|USDA|VA) | 18 | $4,880,000 | $271,111 | $3,930 | 3.87% |
Watertown, SD (FHA|USDA|VA) | 16 | $2,850,000 | $178,125 | $4,398 | 4.17% |
Vermillion, SD (FHA|USDA|VA) | 17 | $2,765,000 | $162,647 | $4,437 | 4.24% |
RAPID CITY, SD (FHA|USDA|VA) | 5 | $815,000 | $163,000 | $4,052 | 5.38% |
Brainerd, MN (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $4,668 | 4.33% |
Yankton, SD (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $4,499 | 3.56% |
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $4,285 | 3.63% |
Faribault-Northfield, MN (FHA|USDA|VA) | 4 | $400,000 | $100,000 | $2,215 | 5.78% |
Spearfish, SD (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,757 | 3.94% |
MANKATO, MN (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $8,830 | 4.69% |
Fergus Falls, MN (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,493 | 4.44% |
Pierre, SD (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 5.75% |
Mitchell, SD (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,927 | 3.63% |
Alexandria, MN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,528 | 3.63% |
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 5.00% |
Marshall, MN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,809 | 3.50% |
Aberdeen, SD (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,987 | 3.63% |
Hutchinson, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,880 | 3.63% |
Minot, ND (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.75% |
Huron, SD (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,770 | 3.50% |
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.
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Product Mix
For 2019, First Bank & Trust's most frequently originated type of loan was Conventional, with 568 originations. Their 2nd most popular type was USDA, with 40 originations.
Loan Reason
For 2019, First Bank & Trust's most frequently cited loan purpose was Home Purchase, with 390 originations. The 2nd most popular reason was Refi, with 132 originations.
Loan Duration/Length
For 2019, First Bank & Trust's most frequently cited loan duration was 30 Year, with 369 originations. The 2nd most popular length was 15 Year, with 104 originations.
Origination Fees/Closing Costs
First Bank & Trust's average total fees were $4,317, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 187 originations.
Interest Rates
During 2019, First Bank & Trust's average interest rate for loans was 3.97%, while their most frequently originated rate bucket for loans was 3-4%, with 318 originations.
Loan Sizing
2019 saw First Bank & Trust place emphasis on $100k-200k loans with 251 originations, totaling $37,575,000 in origination value.
Applicant Income
First Bank & Trust lent most frequently to those with incomes in the $50k-75k range, with 152 originations. The second most popular income band? $100k-150k, with 119 originations.
Applicant Debt to Income Ratio
First Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 154 originations. The next most common DTI ratio? 30-36%, with 123 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.98%
First Bank & Trust has an average approval rate.
Pick Rate
Approvals leading to origination90.78%
First Bank & Trust has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
0.0 | 1 | $15,000 | $15,000 |
NA | 639 | $146,735,000 | $229,632 |
Occupancy Type Mix
LTV Distribution
Complaints
Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
FIRST HORIZON BANK | VA mortgage | Closing on a mortgage | 1 | 6.7% |
FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 6.7% |
FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 3 | 20.0% |
FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 6.7% |
FIRST HORIZON BANK | FHA mortgage | Trouble during payment process | 2 | 13.3% |
FIRST HORIZON BANK | FHA mortgage | Struggling to pay mortgage | 1 | 6.7% |
FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 4 | 26.7% |
FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 1 | 6.7% |
FIRST HORIZON BANK | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 6.7% |
Bank Details
Branches
Bank Name | Branch | Branch Type | Deposits (000's) |
---|---|---|---|
First Bank & Trust | 700 22nd Avenue South Brookings, SD 57006 | Full Service Retail | $21,414 |
First Bank & Trust | 101 Second Street, N.W. Pipestone, MN 56164 | Full Service B&M | $171,895 |
First Bank & Trust | 102 South Main Street Stockholm, SD 57265 | Full Service B&M | $16,597 |
First Bank & Trust | 1101 First Street Se New Prague, MN 56071 | Full Service B&M | $105,030 |
First Bank & Trust | 1909 Highway 36 West Roseville, MN 55113 | Full Service B&M | $31,894 |
First Bank & Trust | 20 East Main St Vermillion, SD 57069 | Full Service B&M | $56,065 |
First Bank & Trust | 209 South Rum River Drive Princeton, MN 55371 | Full Service B&M | $35,874 |
First Bank & Trust | 21420 Aberdeen Street Cedar, MN 55011 | Full Service B&M | $32,872 |
First Bank & Trust | 215 West Fourth Avenue Milbank, SD 57252 | Full Service B&M | $90,228 |
First Bank & Trust | 2220 Sixth Street Brookings, SD 57006 | Full Service B&M | $55,245 |
First Bank & Trust | 2233 6th Street Brookings, SD 57006 | Full Service Retail | $10,863 |
First Bank & Trust | 234 First Avenue East Cambridge, MN 55008 | Full Service B&M | $99,966 |
First Bank & Trust | 301 West Main Street White, SD 57276 | Full Service B&M | $24,430 |
First Bank & Trust | 3316 West 66th Street, Suite 100 Edina, MN 55435 | Full Service B&M | $57,567 |
First Bank & Trust | 445 Main Ave. Toronto, SD 57268 | Full Service B&M | $42,397 |
First Bank & Trust | 520 6th Street Brookings, SD 57006 | Full Service B&M | $816,754 |
For 2019, First Bank & Trust had 16 branches.
Yearly Performance Overview
Bank Income
Item | Value (in 000's) |
---|---|
Total interest income | $86,290 |
Net interest income | $68,815 |
Total noninterest income | $20,434 |
Gross Fiduciary activities income | $5,679 |
Service charges on deposit accounts | $2,164 |
Trading account gains and fees | $0 |
Additional Noninterest Income | $12,591 |
Pre-tax net operating income | $31,630 |
Securities gains (or losses, -) | $13 |
Income before extraordinary items | $25,224 |
Discontinued Operations (Extraordinary gains, net) | $0 |
Net income of bank and minority interests | $25,224 |
Minority interest net income | $0 |
Net income | $25,224 |
Sale, conversion, retirement of capital stock, net | $0 |
Net operating income | $25,213 |
First Bank & Trust's gross interest income from loans was $86,290,000.
First Bank & Trust's net interest income from loans was $68,815,000.
First Bank & Trust's fee based income from loans was $2,164,000.
First Bank & Trust's net income from loans was $25,224,000.
Bank Expenses
Item | Value (in 000's) |
---|---|
Total interest expense | $17,475 |
Provision for credit losses | $3,275 |
Total noninterest expense | $54,344 |
Salaries and employee benefits | $22,488 |
Premises and equipment expense | $4,531 |
Additional noninterest expense | $27,325 |
Applicable income taxes | $6,419 |
Net charge-offs | $128 |
Cash dividends | $7,300 |
First Bank & Trust's interest expense for loans was $17,475,000.
First Bank & Trust's payroll and benefits expense were $22,488,000.
First Bank & Trust's property, plant and equipment expenses $4,531,000.
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 | 0.2% |
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 | $1,760,189 |
Deposits held in domestic offices | $1,760,189 |
Deposits by Individuals, partnerships, and corporations | $1,453,438 |
Deposits by U.S. Government | $242 |
Deposits by States and political subdivisions in the U.S. | $255,583 |
Deposits by Commercial banks and other depository institutions in U.S. | $50,926 |
Deposits by Banks in foreign countries | $0 |
Deposits by Foreign governments and official institutions | $0 |
Transaction accounts | $171,364 |
Demand deposits | $119,693 |
Nontransaction accounts | $1,588,825 |
Money market deposit accounts (MMDAs) | $643,818 |
Other savings deposits (excluding MMDAs) | $493,320 |
Total time deposits | $451,688 |
Total time and savings deposits | $1,640,496 |
Noninterest-bearing deposits | $320,077 |
Interest-bearing deposits | $1,440,112 |
Retail deposits | $1,590,018 |
IRAs and Keogh plan accounts | $42,941 |
Brokered deposits | $55,070 |
Deposits held in foreign offices | $0 |
Assets
Asset | Value (in 000's) |
---|---|
Total Assets | $2,069,570 |
Cash & Balances due from depository institutions | $100,856 |
Interest-bearing balances | $73,132 |
Total securities | $316,175 |
Federal funds sold & reverse repurchase | $0 |
Net loans and leases | $1,516,763 |
Loan and leases loss allowance | $18,556 |
Trading account assets | $0 |
Bank premises and fixed assets | $20,316 |
Other real estate owned | $113 |
Goodwill and other intangibles | $36,816 |
All other assets | $78,531 |
Liabilities
Liabilities | Value (in 000's) |
---|---|
Total liabilities and capital | $2,069,570 |
Total Liabilities | $1,839,500 |
Total deposits | $1,760,189 |
Interest-bearing deposits | $1,440,112 |
Deposits held in domestic offices | $1,760,189 |
% insured (estimated) | $81 |
Federal funds purchased and repurchase agreements | $11,460 |
Trading liabilities | $0 |
Other borrowed funds | $42,200 |
Subordinated debt | $0 |
All other liabilities | $25,651 |
Issued Loan Types
Type | Value (in 000's) |
---|---|
Net loans and leases | $1,516,763 |
Loan and leases loss allowance | $18,556 |
Total loans and leases (domestic) | $1,535,319 |
All real estate loans | $966,280 |
Real estate loans in domestic offices | $966,280 |
Construction and development loans | $70,283 |
Residential 1-4 family construction | $16,725 |
Other construction, all land development and other land | $53,558 |
Loans secured by nonfarm nonresidential properties | $391,039 |
Nonfarm nonresidential secured by owner-occupied properties | $193,356 |
Commercial real estate & other non-farm, non-residential | $197,683 |
Multifamily residential real estate | $151,101 |
1-4 family residential loans | $153,620 |
Farmland loans | $200,237 |
Loans held in foreign offices | $0 |
Farm loans | $139,195 |
Commercial and industrial loans | $237,042 |
To non-U.S. addressees | $0 |
Loans to individuals | $52,855 |
Credit card loans | $26,899 |
Related Plans | $616 |
Consumer Auto Loans | $14,267 |
Other loans to individuals | $11,073 |
All other loans & leases | $139,947 |
Loans to foreign governments and official institutions | $0 |
Other loans | $88,882 |
Loans to depository institutions and acceptances of other banks | $0 |
Loans not secured by real estate | $5,386 |
Loans secured by real estate to non-U.S. addressees | $0 |
Restructured Loans & leases | $5,024 |
Non 1-4 family restructured loans & leases | $4,993 |
Total loans and leases (foreign) | $0 |
First Bank & Trust had $1,516,763,000 of loans outstanding in 2019. $966,280,000 of loans were in real estate loans. $70,283,000 of loans were in development loans. $151,101,000 of loans were in multifamily mortgage loans. $153,620,000 of loans were in 1-4 family mortgage loans. $139,195,000 of loans were in farm loans. $26,899,000 of loans were in credit card loans. $14,267,000 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 | 368 | $78,046 | $212,082 |
Nonfarm, nonresidential loans - <$100k | 96 | $3,961 | $41,260 |
Nonfarm, nonresidential loans - $100-250k | 113 | $13,830 | $122,389 |
Nonfarm, nonresidential loans - $250k-1MM | 159 | $60,255 | $378,962 |
Commercial & Industrial, US addressed loans - <$1MM | 773 | $69,212 | $89,537 |
Commercial & Industrial, US addressed loans - <$100k | 465 | $10,955 | $23,559 |
Commercial & Industrial, US addressed loans - $100-250k | 152 | $14,208 | $93,474 |
Commercial & Industrial, US addressed loans - $250k-1MM | 156 | $44,049 | $282,365 |
Farmland loans - <$1MM | 317 | $47,220 | $148,959 |
Farmland loans - <$100k | 74 | $2,762 | $37,324 |
Farmland loans - $100-250k | 153 | $18,111 | $118,373 |
Farmland loans - $250k-1MM | 90 | $26,347 | $292,744 |
Agriculture operations loans - <$1MM | 526 | $36,043 | $68,523 |
Agriculture operations loans - <$100k | 318 | $7,210 | $22,673 |
Agriculture operations loans - $100-250k | 114 | $9,883 | $86,693 |
Agriculture operations loans - $250k-1MM | 94 | $18,950 | $201,596 |