First Bank & Trust Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300QU5HBONFFVVX28

Tax ID: 46-0393349

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Watertown, Minneapolis, Brookings, and Phoenix among others. We have data for 35 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

    1,162

    Origination Dollar Volume (All Markets)

    $300,760,000
    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
    SIOUX FALLS, SD (FHA|USDA|VA) 859 $236,485,000 $275,303 $4,731 2.98%
    Outside of Metro Areas 115 $21,445,000 $186,478 $4,169 2.93%
    Watertown, SD (FHA|USDA|VA) 97 $20,555,000 $211,907 $4,877 2.94%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 8 $2,850,000 $356,250 $6,796 3.29%
    Brookings, SD (FHA|USDA|VA) 13 $2,415,000 $185,769 $4,425 2.88%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $1,835,000 $611,667 $8,762 2.96%
    Vermillion, SD (FHA|USDA|VA) 11 $1,685,000 $153,182 $5,821 2.91%
    Spirit Lake, IA (FHA|USDA|VA) 6 $1,620,000 $270,000 $4,628 2.88%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 7 $1,425,000 $203,571 $4,570 2.84%
    Spearfish, SD (FHA|USDA|VA) 5 $1,185,000 $237,000 $4,670 3.12%
    LINCOLN, NE (FHA|USDA|VA) 3 $1,135,000 $378,333 $4,457 2.99%
    FARGO, ND-MN (FHA|USDA|VA) 3 $1,105,000 $368,333 $5,967 2.87%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 4 $850,000 $212,500 $3,750 2.94%
    Pierre, SD (FHA|USDA|VA) 2 $710,000 $355,000 $6,272 2.75%
    RAPID CITY, SD (FHA|USDA|VA) 3 $585,000 $195,000 $4,050 2.58%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $570,000 $285,000 $3,604 3.56%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $475,000 $475,000 $0 2.99%
    STAUNTON, VA (FHA|USDA|VA) 1 $455,000 $455,000 $8,187 2.75%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $385,000 $385,000 $0 3.75%
    Mitchell, SD (FHA|USDA|VA) 3 $365,000 $121,667 $2,829 2.75%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $4,653 2.38%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $355,000 $355,000 $7,073 2.70%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $325,000 $325,000 $15,613 2.88%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $255,000 $255,000 $4,412 2.88%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $5,902 2.88%
    Muscatine, IA (FHA|USDA|VA) 1 $195,000 $195,000 $3,763 3.13%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 3.00%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $125,000 $125,000 $2,994 3.38%
    Aberdeen, SD (FHA|USDA|VA) 1 $115,000 $115,000 $3,955 2.38%
    Worthington, MN (FHA|USDA|VA) 1 $105,000 $105,000 $3,496 3.00%
    Yankton, SD (FHA|USDA|VA) 1 $95,000 $95,000 $2,800 2.70%
    Marshall, MN (FHA|USDA|VA) 1 $85,000 $85,000 $3,051 2.88%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.88%
    Huron, SD (FHA|USDA|VA) 1 $65,000 $65,000 $2,939 2.38%
    Albert Lea, MN (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.00%
    First Bank & Trust's top markets include Sioux Falls, Watertown, Minneapolis, Brookings, and Phoenix among others.

    Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Nebraska (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.

    SIOUX FALLS
    Similarity Rank: 649
    BANKWEST, INC.
    Similarity Rank: 660
    Dacotah Bank
    Similarity Rank: 792
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 994
    First Dakota National Bank
    Similarity Rank: 1184
    Reliabank Dakota
    Similarity Rank: 1518
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 1813
    Central Bank
    Similarity Rank: 2310
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 2414
    First PREMIER Bank
    Similarity Rank: 2520

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,013 $266,925,000 $263,500 $4,420 2.99%
    VA 59 $16,635,000 $281,949 $6,308 2.71%
    FHA 47 $9,425,000 $200,532 $7,425 2.91%
    USDA 43 $7,775,000 $180,814 $5,718 2.76%

    For 2020, First Bank & Trust's most frequently originated type of loan was Conventional, with 1,013 originations. Their 2nd most popular type was VA, with 59 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 479 $135,685,000 $283,267 $5,150 2.99%
    Refi 434 $106,690,000 $245,829 $4,357 2.91%
    Cash Out Refi 240 $57,100,000 $237,917 $4,560 2.97%
    Other 5 $695,000 $139,000 $1,640 4.55%
    Home Improvement 4 $590,000 $147,500 $2,631 3.44%

    For 2020, First Bank & Trust's most frequently cited loan purpose was Home Purchase, with 479 originations. The 2nd most popular reason was Refi, with 434 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 736 $182,770,000 $248,329 $5,052 2.98%
    15 Year 250 $55,530,000 $222,120 $4,162 2.64%
    20 Year 86 $19,170,000 $222,907 $3,933 3.01%
    Other 44 $11,830,000 $268,864 $4,676 3.31%
    10 Year 24 $3,950,000 $164,583 $2,647 3.42%
    5 Year 18 $4,370,000 $242,778 $338 4.70%
    3 Year 3 $23,035,000 $7,678,333 $0 5.17%
    1 Year 1 $105,000 $105,000 $0 5.50%

    For 2020, First Bank & Trust's most frequently cited loan duration was 30 Year, with 736 originations. The 2nd most popular length was 15 Year, with 250 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 426 $88,540,000 $207,840
    $1k-2k 217 $26,925,000 $124,078
    $3k-4k 191 $57,455,000 $300,812
    $4k-5k 99 $39,645,000 $400,455
    $<1k 87 $16,435,000 $188,908
    $5k+ 60 $32,870,000 $547,833

    First Bank & Trust's average total fees were $5,052, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 426 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 480 $116,200,000 $242,083
    3-4% 365 $113,035,000 $309,685
    <2.5% 284 $65,310,000 $229,965
    4-5% 23 $5,225,000 $227,174
    5-6% 8 $960,000 $120,000
    6-7% 1 $25,000 $25,000
    7-8% 1 $5,000 $5,000

    During 2020, First Bank & Trust's average interest rate for loans was 2.98%, while their most frequently originated rate bucket for loans was 2.5-3%, with 480 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 530 $143,280,000 $270,340 $5,138 2.91%
    $100k-200k 410 $63,430,000 $154,707 $3,748 2.95%
    $400k-600k 113 $52,635,000 $465,796 $6,811 2.88%
    $100,000 or less 95 $6,685,000 $70,368 $2,342 3.33%
    $600k-1MM 9 $6,675,000 $741,667 $11,306 3.67%
    $1MM+ 5 $28,055,000 $5,611,000 $16,176 4.15%

    2020 saw First Bank & Trust place emphasis on $200k-400k loans with 530 originations, totaling $143,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 247 $61,675,000 $249,696 $4,968 2.92%
    $50k-75k 226 $41,650,000 $184,292 $4,536 2.95%
    $150k-250k 174 $51,320,000 $294,943 $5,378 2.95%
    $75k-100k 158 $32,640,000 $206,582 $4,573 2.93%
    $50k or less 128 $17,290,000 $135,078 $3,945 2.98%
    $250k+ 121 $43,535,000 $359,793 $6,039 3.04%

    First Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 247 originations. The second most popular income band? $50k-75k, with 226 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 340 $84,440,000 $248,353 $4,731 2.92%
    30-36% 237 $55,925,000 $235,970 $4,765 2.95%
    <20% 160 $38,660,000 $241,625 $4,463 2.86%
    37% 40 $8,650,000 $216,250 $4,721 2.97%
    42% 39 $8,505,000 $218,077 $4,415 3.02%
    38% 38 $8,700,000 $228,947 $5,269 2.78%
    39% 36 $8,670,000 $240,833 $4,383 2.98%
    36% 33 $6,955,000 $210,758 $4,705 2.97%
    41% 32 $7,820,000 $244,375 $4,857 3.02%
    40% 32 $6,710,000 $209,688 $4,463 3.10%
    44% 30 $6,270,000 $209,000 $4,771 3.00%
    43% 25 $5,835,000 $233,400 $5,139 2.90%
    47% 18 $4,210,000 $233,889 $4,879 2.92%
    45% 14 $3,770,000 $269,286 $4,693 2.85%
    49% 10 $1,880,000 $188,000 $5,251 2.75%
    48% 9 $1,595,000 $177,222 $3,792 3.30%
    46% 8 $1,910,000 $238,750 $5,840 2.56%
    50-60% 4 $1,150,000 $287,500 $7,527 3.28%
    >60% 2 $120,000 $60,000 $236 6.63%

    First Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 340 originations. The next most common DTI ratio? 30-36%, with 237 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,073 $254,235,000 $236,938 $4,688 2.95%
    Not applicable 18 $28,250,000 $1,569,444 $0 4.30%
    Not provided 40 $10,240,000 $256,000 $4,713 2.74%
    Asian 13 $3,745,000 $288,077 $5,204 3.26%
    Black 10 $2,740,000 $274,000 $5,970 2.83%
    American Indian 5 $785,000 $157,000 $4,442 2.90%
    Native Hawaiian or Islander 1 $285,000 $285,000 $5,116 3.13%
    Vietnamese 1 $265,000 $265,000 $4,622 2.75%
    Other Asian 1 $215,000 $215,000 $4,448 3.25%

    Approval Rates

    Total approvals of all applications
    95.27%

    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
    77.02%

    First Bank & Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,162 $300,760,000 $258,830

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $26,400,000 $4,400,000
    Single Family (1-4 Units):Manufactured 2 $320,000 $160,000
    Single Family (1-4 Units):Site-Built 1,154 $274,040,000 $237,470

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 55 $12,205,000 $221,909 $3,271 3.02%
    40-60% 143 $30,105,000 $210,524 $4,135 2.78%
    60-80% 460 $141,480,000 $307,565 $4,697 2.96%
    80-100% 446 $104,530,000 $234,372 $5,089 2.98%
    Over 100% 11 $2,845,000 $258,636 $11,262 2.66%
    Under 20% 20 $1,800,000 $90,000 $715 4.27%

    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 110 North Minnesota Avenue Sioux Falls, SD 57104 Full Service B&M $532,189
    First Bank & Trust 1120 9th Avenue Se Watertown, SD 57201 Full Service B&M $36,357
    First Bank & Trust 120 North Egan Avenue Madison, SD 57042 Full Service B&M $176,572
    First Bank & Trust 2300 West 57th Street Sioux Falls, SD 57108 Full Service B&M $103,689
    First Bank & Trust 402 East Fifth Street Canton, SD 57013 Full Service B&M $76,740
    First Bank & Trust 500 South Highline Avenue Sioux Falls, SD 57110 Full Service B&M $21,421
    First Bank & Trust 644 N. Main Ave Garretson, SD 57030 Full Service B&M $46,735

    For 2020, First Bank & Trust had 7 branches.

    Yearly Performance Overview