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 Refi and Home Purchase 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: Minneapolis, Brookings, Sioux Falls, Watertown, and St. Cloud among others. We have data for 57 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 a below 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% | 11/17/24 |
30 Year Conventional Purchase | 6.48% | 11/17/24 |
30 Year Conventional Refi | 6.45% | 11/17/24 |
30 Year Cash-out Refi | 6.47% | 11/17/24 |
30 Year FHA Purchase | 7.03% | 11/17/24 |
30 Year VA Purchase | 5.73% | 11/17/24 |
30 Year VA Refi | 5.47% | 11/17/24 |
30 Year USDA Purchase | 6.47% | 11/17/24 |
15 Year Conventional Purchase | 5.89% | 11/17/24 |
15 Year Conventional Refi | 5.89% | 11/17/24 |
15 Year Cash-out Refi | 5.89% | 11/17/24 |
15 Year VA Purchase | 5.76% | 11/17/24 |
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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,789Origination Dollar Volume (All Markets)
$468,295,000Employee count
642 Show all (15) awardsFirst Bank & Trust - 2020
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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 |
---|---|---|---|---|---|
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 424 | $126,970,000 | $299,458 | $3,745 | 2.93% |
Brookings, SD (FHA|USDA|VA) | 551 | $126,725,000 | $229,991 | $3,569 | 3.02% |
SIOUX FALLS, SD (FHA|USDA|VA) | 286 | $94,740,000 | $331,259 | $4,494 | 2.60% |
Outside of Metro Areas | 328 | $57,510,000 | $175,335 | $3,865 | 3.07% |
Watertown, SD (FHA|USDA|VA) | 39 | $9,565,000 | $245,256 | $4,635 | 2.75% |
ST. CLOUD, MN (FHA|USDA|VA) | 1 | $8,505,000 | $8,505,000 | $0 | 3.20% |
Vermillion, SD (FHA|USDA|VA) | 31 | $6,505,000 | $209,839 | $4,135 | 3.02% |
Faribault-Northfield, MN (FHA|USDA|VA) | 22 | $4,980,000 | $226,364 | $3,907 | 3.29% |
Austin, MN (FHA|USDA|VA) | 1 | $3,405,000 | $3,405,000 | $0 | 3.25% |
Worthington, MN (FHA|USDA|VA) | 1 | $3,395,000 | $3,395,000 | $0 | 4.00% |
Pierre, SD (FHA|USDA|VA) | 10 | $2,460,000 | $246,000 | $6,054 | 3.14% |
Willmar, MN (FHA|USDA|VA) | 4 | $1,760,000 | $440,000 | $5,656 | 2.65% |
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 4 | $1,440,000 | $360,000 | $4,742 | 2.78% |
Spearfish, SD (FHA|USDA|VA) | 4 | $1,240,000 | $310,000 | $6,525 | 2.98% |
Marshall, MN (FHA|USDA|VA) | 6 | $1,220,000 | $203,333 | $4,090 | 2.94% |
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $4,735 | 2.79% |
Brainerd, MN (FHA|USDA|VA) | 5 | $1,145,000 | $229,000 | $3,812 | 3.07% |
RAPID CITY, SD (FHA|USDA|VA) | 5 | $1,135,000 | $227,000 | $4,052 | 3.15% |
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $1,055,000 | $351,667 | $4,872 | 2.33% |
Alexandria, MN (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $4,526 | 3.69% |
MANKATO, MN (FHA|USDA|VA) | 4 | $740,000 | $185,000 | $4,737 | 2.78% |
Yankton, SD (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $5,202 | 2.50% |
DULUTH, MN-WI (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $3,333 | 2.66% |
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $2,980 | 2.68% |
GRAND FORKS, ND-MN (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $3,088 | 2.44% |
Owatonna, MN (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $3,230 | 2.37% |
Winona, MN (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $3,311 | 3.50% |
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $4,827 | 2.25% |
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $6,053 | 3.00% |
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $3,523 | 2.38% |
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $3,566 | 2.37% |
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $5,260 | 2.50% |
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,462 | 2.25% |
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $7,499 | 2.88% |
New Ulm, MN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,818 | 3.38% |
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,112 | 2.30% |
CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,311 | 2.63% |
Fergus Falls, MN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,932 | 3.40% |
Aberdeen, SD (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $3,545 | 2.75% |
ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,640 | 2.49% |
Mitchell, SD (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,473 | 2.50% |
Huron, SD (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,796 | 2.69% |
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,000 | 2.50% |
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,337 | 2.99% |
COLUMBUS, OH (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,918 | 2.25% |
GREAT FALLS, MT (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,002 | 2.50% |
Spirit Lake, IA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,745 | 2.88% |
Hutchinson, MN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,595 | 3.13% |
CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,269 | 2.13% |
ANCHORAGE, AK (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,551 | 3.25% |
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,626 | 2.75% |
CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $7,907 | 2.25% |
EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,865 | 2.49% |
RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 2.99% |
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.25% |
TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 2.88% |
Fairmont, MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,521 | 2.25% |
Similar Lenders
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Product Mix
For 2020, First Bank & Trust's most frequently originated type of loan was Conventional, with 1,658 originations. Their 2nd most popular type was VA, with 59 originations.
Loan Reason
For 2020, First Bank & Trust's most frequently cited loan purpose was Refi, with 755 originations. The 2nd most popular reason was Home Purchase, with 591 originations.
Loan Duration/Length
For 2020, First Bank & Trust's most frequently cited loan duration was 30 Year, with 899 originations. The 2nd most popular length was 15 Year, with 485 originations.
Origination Fees/Closing Costs
First Bank & Trust's average total fees were $4,337, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 689 originations.
Interest Rates
During 2020, First Bank & Trust's average interest rate for loans was 2.86%, while their most frequently originated rate bucket for loans was 2.5-3%, with 744 originations.
Loan Sizing
2020 saw First Bank & Trust place emphasis on $200k-400k loans with 720 originations, totaling $197,780,000 in origination value.
Applicant Income
First Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 415 originations. The second most popular income band? $75k-100k, with 317 originations.
Applicant Debt to Income Ratio
First Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 573 originations. The next most common DTI ratio? 30-36%, with 334 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.04%
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 origination87.48%
First Bank & Trust has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
0.0 | 1 | $75,000 | $75,000 |
NA | 1,788 | $468,220,000 | $261,868 |
Occupancy Type Mix
LTV Distribution
Complaints
Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
FIRST HORIZON BANK | Conventional home mortgage | Closing on a mortgage | 1 | 6.7% |
FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 6.7% |
FIRST HORIZON BANK | Other type of mortgage | Closing on a mortgage | 2 | 13.3% |
FIRST HORIZON BANK | Other type of mortgage | Struggling to pay mortgage | 1 | 6.7% |
FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 2 | 13.3% |
FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 6.7% |
FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 3 | 20.0% |
FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 4 | 26.7% |
Bank Details
Branches
Bank Name | Branch | Branch Type | Deposits (000's) |
---|---|---|---|
First Bank & Trust | 700 22nd Avenue South Brookings, SD 57006 | Full Service Retail | $21,108 |
First Bank & Trust | 101 Second Street, N.W. Pipestone, MN 56164 | Full Service B&M | $213,455 |
First Bank & Trust | 102 South Main Street Stockholm, SD 57265 | Full Service B&M | $17,463 |
First Bank & Trust | 1101 First Street Se New Prague, MN 56071 | Full Service B&M | $118,545 |
First Bank & Trust | 1909 Highway 36 West Roseville, MN 55113 | Full Service B&M | $52,478 |
First Bank & Trust | 20 East Main St Vermillion, SD 57069 | Full Service B&M | $64,967 |
First Bank & Trust | 209 South Rum River Drive Princeton, MN 55371 | Full Service B&M | $38,955 |
First Bank & Trust | 21420 Aberdeen Street Cedar, MN 55011 | Full Service B&M | $36,406 |
First Bank & Trust | 215 West Fourth Avenue Milbank, SD 57252 | Full Service B&M | $111,080 |
First Bank & Trust | 2220 Sixth Street Brookings, SD 57006 | Full Service B&M | $63,421 |
First Bank & Trust | 2233 6th Street Brookings, SD 57006 | Full Service Retail | $10,415 |
First Bank & Trust | 234 First Avenue East Cambridge, MN 55008 | Full Service B&M | $124,877 |
First Bank & Trust | 301 West Main Street White, SD 57276 | Full Service B&M | $25,454 |
First Bank & Trust | 3316 West 66th Street, Suite 100 Edina, MN 55435 | Full Service B&M | $64,291 |
First Bank & Trust | 445 Main Ave. Toronto, SD 57268 | Full Service B&M | $45,896 |
First Bank & Trust | 520 6th Street Brookings, SD 57006 | Full Service B&M | $939,506 |
For 2020, First Bank & Trust had 16 branches.
Yearly Performance Overview
Bank Income
Item | Value (in 000's) |
---|---|
Total interest income | $138,070 |
Net interest income | $121,033 |
Total noninterest income | $40,780 |
Gross Fiduciary activities income | $7,155 |
Service charges on deposit accounts | $3,056 |
Trading account gains and fees | $0 |
Additional Noninterest Income | $30,569 |
Pre-tax net operating income | $54,870 |
Securities gains (or losses, -) | $899 |
Income before extraordinary items | $42,810 |
Discontinued Operations (Extraordinary gains, net) | $0 |
Net income of bank and minority interests | $42,810 |
Minority interest net income | $0 |
Net income | $42,810 |
Sale, conversion, retirement of capital stock, net | $0 |
Net operating income | $42,099 |
First Bank & Trust's gross interest income from loans was $138,070,000.
First Bank & Trust's net interest income from loans was $121,033,000.
First Bank & Trust's fee based income from loans was $3,056,000.
First Bank & Trust's net income from loans was $42,810,000.
Bank Expenses
Item | Value (in 000's) |
---|---|
Total interest expense | $17,037 |
Provision for credit losses | $8,979 |
Total noninterest expense | $97,964 |
Salaries and employee benefits | $55,650 |
Premises and equipment expense | $7,112 |
Additional noninterest expense | $35,202 |
Applicable income taxes | $12,959 |
Net charge-offs | $2,458 |
Cash dividends | $10,000 |
First Bank & Trust's interest expense for loans was $17,037,000.
First Bank & Trust's payroll and benefits expense were $55,650,000.
First Bank & Trust's property, plant and equipment expenses $7,112,000.
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 | 0.2% |
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 | $3,165,254 |
Deposits held in domestic offices | $3,165,254 |
Deposits by Individuals, partnerships, and corporations | $2,856,434 |
Deposits by U.S. Government | $10 |
Deposits by States and political subdivisions in the U.S. | $275,535 |
Deposits by Commercial banks and other depository institutions in U.S. | $33,275 |
Deposits by Banks in foreign countries | $0 |
Deposits by Foreign governments and official institutions | $0 |
Transaction accounts | $1,679,277 |
Demand deposits | $909,145 |
Nontransaction accounts | $1,485,977 |
Money market deposit accounts (MMDAs) | $737,680 |
Other savings deposits (excluding MMDAs) | $208,982 |
Total time deposits | $539,314 |
Total time and savings deposits | $2,256,109 |
Noninterest-bearing deposits | $755,546 |
Interest-bearing deposits | $2,409,708 |
Retail deposits | $3,002,675 |
IRAs and Keogh plan accounts | $51,597 |
Brokered deposits | $52,354 |
Deposits held in foreign offices | $0 |
Assets
Asset | Value (in 000's) |
---|---|
Total Assets | $3,647,138 |
Cash & Balances due from depository institutions | $188,557 |
Interest-bearing balances | $144,520 |
Total securities | $671,907 |
Federal funds sold & reverse repurchase | $0 |
Net loans and leases | $2,580,292 |
Loan and leases loss allowance | $35,348 |
Trading account assets | $0 |
Bank premises and fixed assets | $33,139 |
Other real estate owned | $12,330 |
Goodwill and other intangibles | $56,014 |
All other assets | $104,899 |
Liabilities
Liabilities | Value (in 000's) |
---|---|
Total liabilities and capital | $3,647,138 |
Total Liabilities | $3,252,798 |
Total deposits | $3,165,254 |
Interest-bearing deposits | $2,409,708 |
Deposits held in domestic offices | $3,165,254 |
% insured (estimated) | $70 |
Federal funds purchased and repurchase agreements | $9,691 |
Trading liabilities | $0 |
Other borrowed funds | $30,104 |
Subordinated debt | $0 |
All other liabilities | $47,749 |
Issued Loan Types
Type | Value (in 000's) |
---|---|
Net loans and leases | $2,580,292 |
Loan and leases loss allowance | $35,348 |
Total loans and leases (domestic) | $2,615,640 |
All real estate loans | $1,584,389 |
Real estate loans in domestic offices | $1,584,389 |
Construction and development loans | $172,267 |
Residential 1-4 family construction | $37,646 |
Other construction, all land development and other land | $134,621 |
Loans secured by nonfarm nonresidential properties | $671,531 |
Nonfarm nonresidential secured by owner-occupied properties | $298,376 |
Commercial real estate & other non-farm, non-residential | $373,155 |
Multifamily residential real estate | $248,296 |
1-4 family residential loans | $242,168 |
Farmland loans | $250,127 |
Loans held in foreign offices | $0 |
Farm loans | $192,577 |
Commercial and industrial loans | $621,177 |
To non-U.S. addressees | $0 |
Loans to individuals | $65,912 |
Credit card loans | $28,674 |
Related Plans | $1,663 |
Consumer Auto Loans | $19,922 |
Other loans to individuals | $15,653 |
All other loans & leases | $151,585 |
Loans to foreign governments and official institutions | $0 |
Other loans | $93,687 |
Loans to depository institutions and acceptances of other banks | $0 |
Loans not secured by real estate | $6,635 |
Loans secured by real estate to non-U.S. addressees | $0 |
Restructured Loans & leases | $4,022 |
Non 1-4 family restructured loans & leases | $3,992 |
Total loans and leases (foreign) | $0 |
First Bank & Trust had $2,580,292,000 of loans outstanding in 2020. $1,584,389,000 of loans were in real estate loans. $172,267,000 of loans were in development loans. $248,296,000 of loans were in multifamily mortgage loans. $242,168,000 of loans were in 1-4 family mortgage loans. $192,577,000 of loans were in farm loans. $28,674,000 of loans were in credit card loans. $19,922,000 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 | 544 | $125,805 | $231,259 |
Nonfarm, nonresidential loans - <$100k | 134 | $5,572 | $41,582 |
Nonfarm, nonresidential loans - $100-250k | 164 | $19,511 | $118,970 |
Nonfarm, nonresidential loans - $250k-1MM | 246 | $100,722 | $409,439 |
Commercial & Industrial, US addressed loans - <$1MM | 2,303 | $182,335 | $79,173 |
Commercial & Industrial, US addressed loans - <$100k | 1,565 | $40,863 | $26,111 |
Commercial & Industrial, US addressed loans - $100-250k | 427 | $47,917 | $112,218 |
Commercial & Industrial, US addressed loans - $250k-1MM | 311 | $93,555 | $300,820 |
Farmland loans - <$1MM | 399 | $62,947 | $157,762 |
Farmland loans - <$100k | 90 | $3,424 | $38,044 |
Farmland loans - $100-250k | 176 | $20,483 | $116,381 |
Farmland loans - $250k-1MM | 133 | $39,040 | $293,534 |
Agriculture operations loans - <$1MM | 772 | $49,469 | $64,079 |
Agriculture operations loans - <$100k | 475 | $10,258 | $21,596 |
Agriculture operations loans - $100-250k | 174 | $14,950 | $85,920 |
Agriculture operations loans - $250k-1MM | 123 | $24,261 | $197,244 |