First Bank & Trust Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300QU5HBONFFVVX28

Tax ID: 46-0393349

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 loans. First Bank & Trust has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Sioux Falls, Watertown, Brookings, Spearfish, and Sioux City among others. We have data for 19 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 an average 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.

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Originations

623

Origination Dollar Volume (All Markets)

$118,695,000

Employee count

185

Awards

Show all (5) 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
SIOUX FALLS, SD (FHA\|USDA\|VA)	443	$89,565,000	$202,178	$4,230	4.60%
Watertown, SD (FHA\|USDA\|VA)	70	$11,240,000	$160,571	$4,717	4.64%
Outside of Metro Areas	68	$9,150,000	$134,559	$3,458	4.64%
Brookings, SD (FHA\|USDA\|VA)	8	$1,520,000	$190,000	$6,190	4.87%
Spearfish, SD (FHA\|USDA\|VA)	4	$980,000	$245,000	$4,218	4.56%
SIOUX CITY, IA-NE-SD (FHA\|USDA\|VA)	5	$915,000	$183,000	$4,736	4.53%
Vermillion, SD (FHA\|USDA\|VA)	3	$865,000	$288,333	$4,264	4.73%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	3	$605,000	$201,667	$3,607	4.62%
Spirit Lake, IA (FHA\|USDA\|VA)	3	$575,000	$191,667	$4,755	4.96%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	2	$530,000	$265,000	$6,447	4.19%
Yankton, SD (FHA\|USDA\|VA)	3	$525,000	$175,000	$2,083	4.58%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	2	$470,000	$235,000	$3,803	5.44%
Bemidji, MN (FHA\|USDA\|VA)	1	$415,000	$415,000	$6,954	4.38%
Pierre, SD (FHA\|USDA\|VA)	2	$410,000	$205,000	$6,491	4.44%
AMES, IA (FHA\|USDA\|VA)	1	$275,000	$275,000	$4,945	4.38%
Huron, SD (FHA\|USDA\|VA)	2	$240,000	$120,000	$4,295	5.13%
Rolla, MO (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,845	4.50%
KANSAS CITY, MO-KS (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,856	4.63%
Marshall, MN (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	4.99%

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

Their top states include:

South Dakota (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Iowa (FHA|USDA|VA)

Nebraska (FHA|USDA|VA)

North Carolina (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

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

CORTRUST MORTGAGE, INC.
Similarity Rank: 1122

First PREMIER Bank
Similarity Rank: 1159

Reliabank Dakota
Similarity Rank: 1207

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	507	$97,685,000	$192,673	$3,699	4.72%
USDA	44	$6,090,000	$138,409	$4,891	4.21%
FHA	39	$6,985,000	$179,103	$6,882	4.18%
VA	33	$7,935,000	$240,455	$7,202	4.08%

For 2018, First Bank & Trust's most frequently originated type of loan was Conventional, with 507 originations. Their 2nd most popular type was USDA, with 44 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	496	$101,690,000	$205,020	$4,676	4.52%
Refi	50	$7,900,000	$158,000	$2,417	4.96%
Cash Out Refi	40	$6,280,000	$157,000	$3,922	4.52%
Home Improvement	19	$1,135,000	$59,737	$658	5.62%
Other	18	$1,690,000	$93,889	$544	5.41%

For 2018, First Bank & Trust's most frequently cited loan purpose was Home Purchase, with 496 originations. The 2nd most popular reason was Refi, with 50 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	471	$95,255,000	$202,240	$4,722	4.51%
15 Year	51	$9,915,000	$194,412	$3,738	4.28%
20 Year	39	$6,125,000	$157,051	$1,640	5.25%
Other	21	$2,505,000	$119,286	$817	5.34%
5 Year	20	$1,650,000	$82,500	$262	5.22%
10 Year	15	$2,925,000	$195,000	$550	5.30%
1 Year	5	$315,000	$63,000	$0	5.65%
3 Year	1	$5,000	$5,000	$0	5.00%

For 2018, First Bank & Trust's most frequently cited loan duration was 30 Year, with 471 originations. The 2nd most popular length was 15 Year, with 51 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$2k-3k	198	$40,030,000	$202,172
$1k-2k	156	$18,250,000	$116,987
$<1k	92	$10,020,000	$108,913
$3k-4k	75	$21,975,000	$293,000
$4k-5k	41	$16,805,000	$409,878
$5k+	7	$4,375,000	$625,000

First Bank & Trust's average total fees were $4,722, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 198 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	418	$86,220,000	$206,268
5-6%	105	$12,885,000	$122,714
3-4%	93	$19,285,000	$207,366
6-7%	6	$290,000	$48,333
Over 8%	1	$15,000	$15,000

During 2018, First Bank & Trust's average interest rate for loans was 4.51%, while their most frequently originated rate bucket for loans was 4-5%, with 418 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	241	$36,735,000	$152,427	$3,877	4.56%
$200k-400k	202	$53,430,000	$264,505	$5,290	4.43%
$100,000 or less	139	$8,425,000	$60,612	$1,828	5.00%
$400k-600k	36	$16,300,000	$452,778	$7,277	4.46%
$600k-1MM	5	$3,805,000	$761,000	$8,744	4.93%

2018 saw First Bank & Trust place emphasis on $100k-200k loans with 241 originations, totaling $36,735,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	159	$26,485,000	$166,572	$4,371	4.51%
$50k or less	123	$14,425,000	$117,276	$3,433	4.53%
$100k-150k	95	$19,645,000	$206,789	$4,342	4.70%
$75k-100k	94	$17,540,000	$186,596	$4,470	4.56%
$150k-250k	64	$15,240,000	$238,125	$4,893	4.71%
$250k+	60	$18,970,000	$316,167	$4,640	4.77%

First Bank & Trust lent most frequently to those with incomes in the $50k-75k range, with 159 originations. The second most popular income band? $50k or less, with 123 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	146	$27,990,000	$191,712	$3,960	4.62%
30-36%	120	$21,970,000	$183,083	$4,007	4.65%
<20%	54	$11,410,000	$211,296	$3,932	4.61%
42%	28	$4,700,000	$167,857	$4,764	4.53%
41%	27	$4,745,000	$175,741	$4,312	4.62%
40%	24	$5,010,000	$208,750	$4,708	4.63%
36%	24	$4,080,000	$170,000	$4,328	4.56%
43%	23	$4,465,000	$194,130	$4,098	4.45%
38%	22	$4,490,000	$204,091	$4,361	4.51%
37%	18	$4,150,000	$230,556	$4,182	4.65%
45%	18	$3,520,000	$195,556	$5,409	4.45%
44%	17	$3,305,000	$194,412	$4,611	4.46%
39%	17	$2,945,000	$173,235	$4,652	4.70%
46%	17	$3,135,000	$184,412	$4,215	4.51%
48%	15	$3,145,000	$209,667	$4,846	4.36%
49%	10	$1,740,000	$174,000	$4,364	4.51%
47%	7	$1,125,000	$160,714	$3,896	4.68%
50-60%	5	$1,235,000	$247,000	$6,965	4.53%
>60%	5	$1,075,000	$215,000	$3,560	4.63%

First Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 146 originations. The next most common DTI ratio? 30-36%, with 120 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	588	$110,940,000	$188,673	$4,211	4.61%
Not applicable	15	$3,585,000	$239,000	$0	5.16%
Asian	10	$2,080,000	$208,000	$4,459	4.04%
Black	6	$1,360,000	$226,667	$4,727	4.60%
Asian Indian	1	$355,000	$355,000	$0	5.00%
American Indian	2	$250,000	$125,000	$3,216	4.37%
Not provided	1	$125,000	$125,000	$5,269	4.38%

Approval Rates

Total approvals of all applications
96.55%

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
83.31%

First Bank & Trust has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	623	$118,695,000	$190,522

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	3	$1,765,000	$588,333
Single Family (1-4 Units):Manufactured	1	$195,000	$195,000
Single Family (1-4 Units):Site-Built	619	$116,735,000	$188,586

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	35	$4,565,000	$130,429	$1,708	5.04%
40-60%	46	$9,300,000	$202,174	$3,436	4.65%
60-80%	155	$30,825,000	$198,871	$4,416	4.64%
80-100%	337	$68,635,000	$203,665	$4,697	4.44%
Over 100%	7	$2,335,000	$333,571	$14,624	4.05%
Under 20%	43	$3,035,000	$70,581	$387	5.53%

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	110 North Minnesota Avenue Sioux Falls, SD 57104	Full Service B&M	$455,731
First Bank & Trust	1120 9th Avenue Se Watertown, SD 57201	Full Service B&M	$29,682
First Bank & Trust	120 North Egan Avenue Madison, SD 57042	Full Service B&M	$131,292
First Bank & Trust	2300 West 57th Street Sioux Falls, SD 57108	Full Service B&M	$79,846
First Bank & Trust	402 East Fifth Street Canton, SD 57013	Full Service B&M	$61,024
First Bank & Trust	500 South Highline Avenue Sioux Falls, SD 57110	Full Service B&M	$9,986
First Bank & Trust	644 N. Main Ave Garretson, SD 57030	Full Service B&M	$40,539

For 2018, First Bank & Trust had 7 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$51,295
Net interest income	$44,221
Total noninterest income	$10,280
Gross Fiduciary activities income	$1,148
Service charges on deposit accounts	$962
Trading account gains and fees	$0
Additional Noninterest Income	$8,170
Pre-tax net operating income	$18,370
Securities gains (or losses, -)	$-233
Income before extraordinary items	$13,970
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$13,970
Minority interest net income	$0
Net income	$13,970
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$14,154

First Bank & Trust's gross interest income from loans was $51,295,000.
First Bank & Trust's net interest income from loans was $44,221,000.
First Bank & Trust's fee based income from loans was $962,000.
First Bank & Trust's net income from loans was $13,970,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$7,074
Provision for credit losses	$994
Total noninterest expense	$35,137
Salaries and employee benefits	$16,465
Premises and equipment expense	$2,642
Additional noninterest expense	$16,030
Applicable income taxes	$4,167
Net charge-offs	$507
Cash dividends	$4,100

First Bank & Trust's interest expense for loans was $7,074,000.
First Bank & Trust's payroll and benefits expense were $16,465,000.
First Bank & Trust's property, plant and equipment expenses $2,642,000.

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	0.0%
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	$848,395
Deposits held in domestic offices	$848,395
Deposits by Individuals, partnerships, and corporations	$771,175
Deposits by U.S. Government	$530
Deposits by States and political subdivisions in the U.S.	$48,132
Deposits by Commercial banks and other depository institutions in U.S.	$28,558
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$325,424
Demand deposits	$206,891
Nontransaction accounts	$522,971
Money market deposit accounts (MMDAs)	$237,809
Other savings deposits (excluding MMDAs)	$141,355
Total time deposits	$143,808
Total time and savings deposits	$641,504
Noninterest-bearing deposits	$157,689
Interest-bearing deposits	$690,706
Retail deposits	$770,943
IRAs and Keogh plan accounts	$12,248
Brokered deposits	$40,025
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$980,369
Cash & Balances due from depository institutions	$87,992
Interest-bearing balances	$59,766
Total securities	$61,025
Federal funds sold & reverse repurchase	$3,109
Net loans and leases	$768,506
Loan and leases loss allowance	$9,623
Trading account assets	$0
Bank premises and fixed assets	$14,367
Other real estate owned	$1,400
Goodwill and other intangibles	$22,757
All other assets	$21,213

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$980,369
Total Liabilities	$864,979
Total deposits	$848,395
Interest-bearing deposits	$690,706
Deposits held in domestic offices	$848,395
% insured (estimated)	$65
Federal funds purchased and repurchase agreements	$2,000
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$14,584

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$768,506
Loan and leases loss allowance	$9,623
Total loans and leases (domestic)	$778,129
All real estate loans	$489,640
Real estate loans in domestic offices	$489,640
Construction and development loans	$51,047
Residential 1-4 family construction	$13,803
Other construction, all land development and other land	$37,244
Loans secured by nonfarm nonresidential properties	$235,594
Nonfarm nonresidential secured by owner-occupied properties	$77,079
Commercial real estate & other non-farm, non-residential	$158,515
Multifamily residential real estate	$70,877
1-4 family residential loans	$78,878
Farmland loans	$53,244
Loans held in foreign offices	$0
Farm loans	$61,475
Commercial and industrial loans	$212,505
To non-U.S. addressees	$0
Loans to individuals	$12,303
Credit card loans	$0
Related Plans	$1,832
Consumer Auto Loans	$5,112
Other loans to individuals	$5,359
All other loans & leases	$2,206
Loans to foreign governments and official institutions	$0
Other loans	$1,380
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$279
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$0
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

First Bank & Trust had $768,506,000 of loans outstanding in 2018. $489,640,000 of loans were in real estate loans. $51,047,000 of loans were in development loans. $70,877,000 of loans were in multifamily mortgage loans. $78,878,000 of loans were in 1-4 family mortgage loans. $61,475,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,112,000 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	149	$35,490	$238,188
Nonfarm, nonresidential loans - <$100k	34	$1,291	$37,971
Nonfarm, nonresidential loans - $100-250k	50	$6,255	$125,100
Nonfarm, nonresidential loans - $250k-1MM	65	$27,944	$429,908
Commercial & Industrial, US addressed loans - <$1MM	494	$38,938	$78,822
Commercial & Industrial, US addressed loans - <$100k	315	$8,068	$25,613
Commercial & Industrial, US addressed loans - $100-250k	88	$9,096	$103,364
Commercial & Industrial, US addressed loans - $250k-1MM	91	$21,774	$239,275
Farmland loans - <$1MM	105	$15,216	$144,914
Farmland loans - <$100k	34	$1,616	$47,529
Farmland loans - $100-250k	43	$5,387	$125,279
Farmland loans - $250k-1MM	28	$8,213	$293,321
Agriculture operations loans - <$1MM	192	$15,238	$79,365
Agriculture operations loans - <$100k	106	$2,114	$19,943
Agriculture operations loans - $100-250k	49	$4,930	$100,612
Agriculture operations loans - $250k-1MM	37	$8,194	$221,459