First Bank & Trust Mortgage Rates, Fees & Info
Sioux Falls, SDLEI: 549300QU5HBONFFVVX28
Tax ID: 46-0393349
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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. They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Watertown, Brookings, Spirit Lake, and Minneapolis 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 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.
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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Originations
758Origination Dollar Volume (All Markets)
$172,810,000Employee count
181Awards
First Bank & Trust - 2019
First Bank & Trust is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| SIOUX FALLS, SD (FHA|USDA|VA) | 568 | $132,550,000 | $233,363 | $4,749 | 3.96% |
| Watertown, SD (FHA|USDA|VA) | 86 | $17,470,000 | $203,140 | $4,951 | 3.81% |
| Outside of Metro Areas | 59 | $11,555,000 | $195,847 | $4,294 | 4.09% |
| Brookings, SD (FHA|USDA|VA) | 9 | $1,915,000 | $212,778 | $4,160 | 3.79% |
| Spirit Lake, IA (FHA|USDA|VA) | 4 | $1,470,000 | $367,500 | $6,063 | 4.50% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $4,279 | 4.49% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $8,152 | 3.75% |
| Spearfish, SD (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $5,410 | 3.83% |
| Heber, UT (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $8,981 | 3.88% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $4,032 | 3.56% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $6,683 | 3.69% |
| RAPID CITY, SD (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $3,769 | 4.13% |
| Yankton, SD (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $6,514 | 3.88% |
| WICHITA, KS (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $4,150 | 4.43% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $6,226 | 4.38% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,850 | 3.44% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,601 | 3.99% |
| LINCOLN, NE (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,499 | 3.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,016 | 4.38% |
| Stillwater, OK (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,044 | 3.63% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,289 | 3.75% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,230 | 3.38% |
| Huron, SD (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,302 | 3.00% |
| Vermillion, SD (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 5.25% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,729 | 3.00% |
Similar Lenders
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Product Mix
For 2019, First Bank & Trust's most frequently originated type of loan was Conventional, with 641 originations. Their 2nd most popular type was FHA, with 43 originations.
Loan Reason
For 2019, First Bank & Trust's most frequently cited loan purpose was Home Purchase, with 508 originations. The 2nd most popular reason was Refi, with 119 originations.
Loan Duration/Length
For 2019, First Bank & Trust's most frequently cited loan duration was 30 Year, with 566 originations. The 2nd most popular length was 15 Year, with 96 originations.
Origination Fees/Closing Costs
First Bank & Trust's average total fees were $5,067, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 264 originations.
Interest Rates
During 2019, First Bank & Trust's average interest rate for loans was 3.91%, while their most frequently originated rate bucket for loans was 3-4%, with 445 originations.
Loan Sizing
2019 saw First Bank & Trust place emphasis on $200k-400k loans with 311 originations, totaling $84,945,000 in origination value.
Applicant Income
First Bank & Trust lent most frequently to those with incomes in the $50k-75k range, with 162 originations. The second most popular income band? $100k-150k, with 157 originations.
Applicant Debt to Income Ratio
First Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 194 originations. The next most common DTI ratio? 30-36%, with 141 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.21%
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 origination81.93%
First Bank & Trust has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 758 | $172,810,000 | $227,982 |
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 | 1120 9th Avenue Se Watertown, SD 57201 | Full Service B&M | $30,378 |
| First Bank & Trust | 110 North Minnesota Avenue Sioux Falls, SD 57104 | Full Service B&M | $495,880 |
| First Bank & Trust | 120 North Egan Avenue Madison, SD 57042 | Full Service B&M | $136,161 |
| First Bank & Trust | 2300 West 57th Street Sioux Falls, SD 57108 | Full Service B&M | $88,140 |
| First Bank & Trust | 402 East Fifth Street Canton, SD 57013 | Full Service B&M | $66,211 |
| First Bank & Trust | 500 South Highline Avenue Sioux Falls, SD 57110 | Full Service B&M | $14,261 |
| First Bank & Trust | 644 N. Main Ave Garretson, SD 57030 | Full Service B&M | $41,820 |
For 2019, First Bank & Trust had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $54,111 |
| Net interest income | $43,977 |
| Total noninterest income | $11,652 |
| Gross Fiduciary activities income | $1,314 |
| Service charges on deposit accounts | $1,102 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $9,236 |
| Pre-tax net operating income | $18,314 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $13,979 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $13,979 |
| Minority interest net income | $0 |
| Net income | $13,979 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $13,979 |
First Bank & Trust's gross interest income from loans was $54,111,000.
First Bank & Trust's net interest income from loans was $43,977,000.
First Bank & Trust's fee based income from loans was $1,102,000.
First Bank & Trust's net income from loans was $13,979,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $10,134 |
| Provision for credit losses | $2,100 |
| Total noninterest expense | $35,215 |
| Salaries and employee benefits | $16,732 |
| Premises and equipment expense | $2,734 |
| Additional noninterest expense | $15,749 |
| Applicable income taxes | $4,335 |
| Net charge-offs | $1,452 |
| Cash dividends | $4,050 |
First Bank & Trust's interest expense for loans was $10,134,000.
First Bank & Trust's payroll and benefits expense were $16,732,000.
First Bank & Trust's property, plant and equipment expenses $2,734,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 1.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 3.0% |
| 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 | $882,421 |
| Deposits held in domestic offices | $882,421 |
| Deposits by Individuals, partnerships, and corporations | $814,500 |
| Deposits by U.S. Government | $513 |
| Deposits by States and political subdivisions in the U.S. | $44,004 |
| Deposits by Commercial banks and other depository institutions in U.S. | $23,404 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $111,675 |
| Demand deposits | $64,575 |
| Nontransaction accounts | $770,746 |
| Money market deposit accounts (MMDAs) | $412,738 |
| Other savings deposits (excluding MMDAs) | $197,312 |
| Total time deposits | $160,697 |
| Total time and savings deposits | $817,846 |
| Noninterest-bearing deposits | $152,619 |
| Interest-bearing deposits | $729,802 |
| Retail deposits | $808,364 |
| IRAs and Keogh plan accounts | $11,439 |
| Brokered deposits | $30,014 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,024,331 |
| Cash & Balances due from depository institutions | $28,363 |
| Interest-bearing balances | $10,207 |
| Total securities | $135,579 |
| Federal funds sold & reverse repurchase | $2,757 |
| Net loans and leases | $800,683 |
| Loan and leases loss allowance | $10,271 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $14,395 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $21,585 |
| All other assets | $20,969 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,024,331 |
| Total Liabilities | $898,159 |
| Total deposits | $882,421 |
| Interest-bearing deposits | $729,802 |
| Deposits held in domestic offices | $882,421 |
| % insured (estimated) | $63 |
| Federal funds purchased and repurchase agreements | $2,000 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $13,738 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $800,683 |
| Loan and leases loss allowance | $10,271 |
| Total loans and leases (domestic) | $810,954 |
| All real estate loans | $524,297 |
| Real estate loans in domestic offices | $524,297 |
| Construction and development loans | $43,398 |
| Residential 1-4 family construction | $16,905 |
| Other construction, all land development and other land | $26,493 |
| Loans secured by nonfarm nonresidential properties | $256,461 |
| Nonfarm nonresidential secured by owner-occupied properties | $90,882 |
| Commercial real estate & other non-farm, non-residential | $165,579 |
| Multifamily residential real estate | $91,382 |
| 1-4 family residential loans | $79,484 |
| Farmland loans | $53,572 |
| Loans held in foreign offices | $0 |
| Farm loans | $53,989 |
| Commercial and industrial loans | $205,658 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $12,610 |
| Credit card loans | $0 |
| Related Plans | $1,563 |
| Consumer Auto Loans | $5,670 |
| Other loans to individuals | $5,377 |
| All other loans & leases | $14,399 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $13,709 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $175 |
| 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 $800,683,000 of loans outstanding in 2019. $524,297,000 of loans were in real estate loans. $43,398,000 of loans were in development loans. $91,382,000 of loans were in multifamily mortgage loans. $79,484,000 of loans were in 1-4 family mortgage loans. $53,989,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,670,000 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 | $41,021 | $275,309 |
| Nonfarm, nonresidential loans - <$100k | 27 | $992 | $36,741 |
| Nonfarm, nonresidential loans - $100-250k | 51 | $6,166 | $120,902 |
| Nonfarm, nonresidential loans - $250k-1MM | 71 | $33,863 | $476,944 |
| Commercial & Industrial, US addressed loans - <$1MM | 624 | $49,101 | $78,688 |
| Commercial & Industrial, US addressed loans - <$100k | 388 | $11,369 | $29,302 |
| Commercial & Industrial, US addressed loans - $100-250k | 145 | $15,972 | $110,152 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 91 | $21,760 | $239,121 |
| Farmland loans - <$1MM | 100 | $14,285 | $142,850 |
| Farmland loans - <$100k | 31 | $1,332 | $42,968 |
| Farmland loans - $100-250k | 38 | $4,718 | $124,158 |
| Farmland loans - $250k-1MM | 31 | $8,235 | $265,645 |
| Agriculture operations loans - <$1MM | 183 | $13,902 | $75,967 |
| Agriculture operations loans - <$100k | 108 | $2,322 | $21,500 |
| Agriculture operations loans - $100-250k | 42 | $4,163 | $99,119 |
| Agriculture operations loans - $250k-1MM | 33 | $7,417 | $224,758 |