Dacotah Bank Mortgage Rates, Fees & Info

Aberdeen, SD

LEI: 549300UQPFB0RR8JCA42

Tax ID: 46-0239917

5 stars - out of 5 stars, based on 33 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Dacotah Bank is a smaller bank specializing in Home Purchase and Refi loans. Dacotah Bank 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 include Aberdeen, Watertown, Rapid City, Sioux Falls, and Brookings among others. Dacotah Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Dacotah Bank is typically an average fee lendor.


Originations

1,117

Origination Dollar Volume (All Markets)

$249,035,000

Employee count

561 Show all (8) awards

Relative Rate

Dacotah Bank's average 30 year fixed rate mortgage of loans were 3%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.15%.

Relative Fees

Dacotah Bank's average total fees for a 30 year fixed rate mortgage are $3,643.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 441 $71,735,000 $162,664 $3,394 3.11%
Aberdeen, SD (FHA|USDA|VA) 233 $51,605,000 $221,481 $3,464 2.94%
Watertown, SD (FHA|USDA|VA) 129 $28,845,000 $223,605 $2,654 3.03%
RAPID CITY, SD (FHA|USDA|VA) 114 $27,640,000 $242,456 $3,225 3.14%
SIOUX FALLS, SD (FHA|USDA|VA) 46 $11,320,000 $246,087 $2,800 2.98%
Brookings, SD (FHA|USDA|VA) 33 $9,335,000 $282,879 $3,821 2.94%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $8,505,000 $8,505,000 $0 3.40%
BISMARCK, ND (FHA|USDA|VA) 3 $6,305,000 $2,101,667 $3,109 2.88%
Dickinson, ND (FHA|USDA|VA) 32 $6,150,000 $192,188 $3,161 3.48%
FARGO, ND-MN (FHA|USDA|VA) 4 $6,080,000 $1,520,000 $2,344 3.01%
Minot, ND (FHA|USDA|VA) 23 $5,125,000 $222,826 $2,961 3.25%
Spearfish, SD (FHA|USDA|VA) 11 $3,985,000 $362,273 $3,476 2.94%
Jamestown, ND (FHA|USDA|VA) 12 $2,420,000 $201,667 $2,996 2.98%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 7 $2,015,000 $287,857 $5,350 3.16%
Williston, ND (FHA|USDA|VA) 6 $1,550,000 $258,333 $2,471 3.22%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $895,000 $298,333 $4,986 2.90%
GREEN BAY, WI (FHA|USDA|VA) 1 $585,000 $585,000 $2,120 3.13%
Spirit Lake, IA (FHA|USDA|VA) 1 $545,000 $545,000 $3,317 2.75%
FORT COLLINS, CO (FHA|USDA|VA) 1 $505,000 $505,000 $4,431 2.63%
BOISE CITY, ID (FHA|USDA|VA) 1 $455,000 $455,000 $6,782 3.13%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 4.00%
Fergus Falls, MN (FHA|USDA|VA) 1 $395,000 $395,000 $6,858 3.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $335,000 $335,000 $5,678 3.00%
Mitchell, SD (FHA|USDA|VA) 1 $315,000 $315,000 $1,815 2.63%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $315,000 $315,000 $2,734 2.38%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.25%
Bozeman, MT (FHA|USDA|VA) 1 $235,000 $235,000 $6,082 2.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,749 2.88%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $205,000 $205,000 $2,906 4.63%
Huron, SD (FHA|USDA|VA) 1 $205,000 $205,000 $4,627 3.15%
Yankton, SD (FHA|USDA|VA) 1 $185,000 $185,000 $2,410 2.50%
Gillette, WY (FHA|USDA|VA) 1 $125,000 $125,000 $2,224 2.88%
Marshall, MN (FHA|USDA|VA) 1 $95,000 $95,000 $2,396 3.13%
GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $85,000 $85,000 $3,055 3.00%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.25%

Dacotah Bank's top markets include Aberdeen, Watertown, Rapid City, Sioux Falls, and Brookings among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,017 $232,225,000 $228,343 $3,139 3.09%
USDA 57 $7,855,000 $137,807 $3,995 2.90%
VA 29 $7,135,000 $246,034 $5,367 2.63%
FHA 14 $1,820,000 $130,000 $4,450 2.96%

For the 2021 period, Dacotah Bank's most frequently originated loan type of loans were Conventional, with 1,017 originations. Their 2nd most popular type is USDA, with 57 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 553 $119,745,000 $216,537 $3,638 3.12%
Refi 353 $93,105,000 $263,754 $2,846 3.03%
Cash Out Refi 150 $30,570,000 $203,800 $3,737 2.82%
Home Improvement 33 $1,155,000 $35,000 $717 3.32%
Other 28 $4,460,000 $159,286 $2,750 3.38%

For the 2021, Dacotah Bank's most frequently cited loan purpose of loans were Home Purchase, with 553 originations. The 2nd most popular reason of loans were Refi, with 353 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 554 $117,660,000 $212,383 $3,643 3.00%
15 Year 176 $30,750,000 $174,716 $3,068 2.65%
5 Year 102 $42,840,000 $420,000 $704 3.78%
Other 100 $13,590,000 $135,900 $1,822 3.31%
20 Year 89 $14,405,000 $161,854 $2,905 3.07%
10 Year 72 $23,810,000 $330,694 $1,186 3.13%
30+ year 19 $5,485,000 $288,684 $4,802 3.01%
1 Year 3 $225,000 $75,000 $0 4.33%
3 Year 2 $270,000 $135,000 $570 4.55%

For the 2021, Dacotah Bank's most frequently cited loan length of loans were 30 Year, with 554 originations. The 2nd most popular length of loans were 15 Year, with 176 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 342 $50,060,000 $146,374
$1k-2k 310 $52,030,000 $167,839
$2k-3k 164 $44,020,000 $268,415
$3k-4k 56 $20,420,000 $364,643
$5k+ 6 $3,290,000 $548,333

$3,643 of loans were Dacotah Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 342 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 418 $78,860,000 $188,660
3-4% 391 $110,795,000 $283,363
<2.5% 233 $43,585,000 $187,060
4-5% 63 $13,575,000 $215,476
5-6% 11 $2,115,000 $192,273
6-7% 1 $105,000 $105,000

During 2021, Dacotah Bank's average interest rate of loans were 3.00%, while their most frequently originated rate bucket of loans were 2.5-3%, with 418 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 400 $58,450,000 $146,125 $3,144 2.95%
$200k-400k 330 $92,060,000 $278,970 $3,961 3.00%
$100,000 or less 301 $18,065,000 $60,017 $2,050 3.24%
$400k-600k 60 $27,790,000 $463,167 $4,851 3.05%
$1MM+ 18 $45,970,000 $2,553,889 $11,285 3.73%
$600k-1MM 8 $6,700,000 $837,500 $4,880 3.60%

2021 saw Dacotah Bank place emphasis on $100k-200k loans with 400 originations, totaling $58,450,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 203 $22,525,000 $110,961 $2,883 2.98%
$50k-75k 195 $29,235,000 $149,923 $3,217 2.98%
$100k-150k 182 $39,910,000 $219,286 $3,579 3.01%
$75k-100k 165 $30,245,000 $183,303 $3,362 3.07%
$150k-250k 84 $26,550,000 $316,071 $4,173 3.04%
$250k+ 43 $14,035,000 $326,395 $3,994 3.02%

Dacotah Bank lent most frequently to those with incomes in the $50k or less range, with 203 originations. The second most popular income band? $50k-75k, with 195 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 252 $45,900,000 $182,143 $3,340 2.94%
30-36% 198 $37,480,000 $189,293 $3,232 2.98%
<20% 84 $13,000,000 $154,762 $2,894 3.02%
37% 38 $7,300,000 $192,105 $3,648 3.03%
36% 37 $6,765,000 $182,838 $3,271 3.00%
40% 35 $6,845,000 $195,571 $3,498 3.00%
38% 34 $5,900,000 $173,529 $2,922 2.87%
42% 31 $5,225,000 $168,548 $3,160 2.97%
39% 31 $5,785,000 $186,613 $3,346 3.03%
44% 30 $6,130,000 $204,333 $3,530 3.01%
41% 29 $5,915,000 $203,966 $3,277 2.90%
43% 23 $4,605,000 $200,217 $3,585 2.72%
46% 22 $5,100,000 $231,818 $3,552 2.86%
49% 18 $4,380,000 $243,333 $3,562 3.03%
47% 16 $3,550,000 $221,875 $3,057 2.81%
45% 15 $3,365,000 $224,333 $3,865 3.09%
48% 13 $3,225,000 $248,077 $3,424 3.19%
50-60% 10 $1,740,000 $174,000 $3,737 3.58%
>60% 6 $2,090,000 $348,333 $3,112 4.29%

Dacotah Bank lent most frequently to those with DTI ratios of 20-30%, with 252 originations. The next most common DTI ratio? 30-36%, with 198 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 890 $171,050,000 $192,191 $3,264 3.01%
Not applicable 159 $65,515,000 $412,044 $0 3.43%
Not provided 35 $6,465,000 $184,714 $3,962 2.79%
American Indian 22 $3,980,000 $180,909 $3,462 3.29%
Asian 5 $935,000 $187,000 $2,607 3.05%
Black 3 $465,000 $155,000 $2,512 2.67%
Guamanian 1 $365,000 $365,000 $2,667 2.25%
Native Hawaiian 1 $145,000 $145,000 $3,310 3.13%
Asian Indian 1 $115,000 $115,000 $3,368 3.00%

Approval Rates

Total approvals of all applications
94.33%

Dacotah Bank has an average approval rate.

Pick Rate

Approvals leading to origination
89.23%

Dacotah Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
337.0 4 $120,000 $30,000
NA 1,113 $248,915,000 $223,643

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,117 $249,035,000 $222,950

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 74 $10,190,000 $137,703 $2,061 3.22%
40-60% 173 $34,245,000 $197,948 $3,203 2.97%
60-80% 445 $127,735,000 $287,045 $3,547 3.06%
80-100% 371 $72,125,000 $194,407 $3,574 3.06%
Over 100% 3 $845,000 $281,667 $9,073 2.63%
Under 20% 44 $2,240,000 $50,909 $775 3.36%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Dacotah Bank 101 East Main Street Bison, SD 57620 Full Service B&M $46,063
Dacotah Bank 117 8th Avenue South Faulkton, SD 57438 Full Service B&M $95,813
Dacotah Bank 1209 East 57th Street Sioux Falls, SD 57108 Full Service B&M $28,326
Dacotah Bank 121 North Main Street Hettinger, ND 58639 Full Service B&M $42,367
Dacotah Bank 125 Main Street Rapid City, SD 57701 Full Service B&M $135,976
Dacotah Bank 1310 9th Avenue Southeast Watertown, SD 57201 Full Service B&M $222,737
Dacotah Bank 1411 6th Street Brookings, SD 57006 Full Service B&M $91,210
Dacotah Bank 15 Main Avenue East Rolla, ND 58367 Full Service B&M $130,260
Dacotah Bank 15 Main Street Bowbells, ND 58721 Full Service B&M $82,677
Dacotah Bank 1707 South Marion Road Sioux Falls, SD 57106 Full Service B&M $51,875
Dacotah Bank 240 Third Street, Northwest Valley City, ND 58072 Full Service B&M $202,678
Dacotah Bank 2510 8th Ave Sw Jamestown, ND 58401 Full Service B&M $50,532
Dacotah Bank 300 South Phillips Avenue Sioux Falls, SD 57104 Full Service B&M $128,040
Dacotah Bank 308 South Main Street Aberdeen, SD 57401 Full Service B&M $489,485
Dacotah Bank 320 Main Street Mobridge, SD 57601 Full Service B&M $166,183
Dacotah Bank 321 Main Avenue Lemmon, SD 57638 Full Service B&M $75,324
Dacotah Bank 323 First Avenue East Sisseton, SD 57262 Full Service B&M $202,670
Dacotah Bank 3302 East 10th St Sioux Falls, SD 57103 Full Service B&M $13,012
Dacotah Bank 3312 6th Ave Se Aberdeen, SD 57401 Full Service B&M $52,344
Dacotah Bank 35 S 6th St Custer, SD 57730 Full Service B&M $33,080
Dacotah Bank 3535 5th Street Rapid City, SD 57701 Full Service B&M $7,289
Dacotah Bank 4 Atlantic Avenue Morris, MN 56267 Full Service B&M $55,916
Dacotah Bank 402 Main Street Langford, SD 57454 Full Service B&M $18,594
Dacotah Bank 410 West Villard Dickinson, ND 58602 Full Service B&M $60,071
Dacotah Bank 4312 Highway 281 Belcourt, ND 58316 Full Service B&M $29
Dacotah Bank 506 North Main Street Roslyn, SD 57261 Full Service B&M $14,635
Dacotah Bank 600 Main Webster, SD 57274 Full Service B&M $101,905
Dacotah Bank 7 East Highway 12 Groton, SD 57445 Full Service B&M $47,829
Dacotah Bank 111 Garfield Street Willow Lake, SD 57278 Full Service B&M $31,905
Dacotah Bank 111 Main Street Henry, SD 57243 Full Service B&M $855
Dacotah Bank 1121 South Broadway Minot, ND 58701 Full Service B&M $84,424
Dacotah Bank 113 North Commercial Street Clark, SD 57225 Full Service B&M $114,713

For 2021, Dacotah Bank had 32 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $118,289
Net interest income $111,315
Total noninterest income $26,700
Gross Fiduciary activities income $2,454
Service charges on deposit accounts $3,005
Trading account gains and fees $0
Additional Noninterest Income $21,241
Pre-tax net operating income $49,910
Securities gains (or losses, -) $-651
Income before extraordinary items $38,103
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $38,103
Minority interest net income $0
Net income $38,103
Sale, conversion, retirement of capital stock, net $0
Net operating income $38,617

Dacotah Bank's gross interest income from loans was $118,289,000.
Dacotah Bank's net interest income from loans was $111,315,000.
Dacotah Bank's fee based income from loans was $3,005,000.
Dacotah Bank's net income from loans was $38,103,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $6,974
Provision for credit losses $-600
Total noninterest expense $88,705
Salaries and employee benefits $56,026
Premises and equipment expense $7,346
Additional noninterest expense $25,333
Applicable income taxes $11,156
Net charge-offs $-251
Cash dividends $8,000

Dacotah Bank's interest expense for loans was $6,974,000.
Dacotah Bank's payroll and benefits expense were $56,026,000.
Dacotah Bank's property, plant and equipment expenses $7,346,000.

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 1.0%
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 $2,980,499
Deposits held in domestic offices $2,980,499
Deposits by Individuals, partnerships, and corporations $2,574,448
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $405,952
Deposits by Commercial banks and other depository institutions in U.S. $99
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,469,101
Demand deposits $1,175,808
Nontransaction accounts $1,511,398
Money market deposit accounts (MMDAs) $516,481
Other savings deposits (excluding MMDAs) $541,426
Total time deposits $453,491
Total time and savings deposits $1,804,691
Noninterest-bearing deposits $1,175,808
Interest-bearing deposits $1,804,691
Retail deposits $2,883,202
IRAs and Keogh plan accounts $49,966
Brokered deposits $7,500
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,383,892
Cash & Balances due from depository institutions $380,752
Interest-bearing balances $317,628
Total securities $538,589
Federal funds sold & reverse repurchase $0
Net loans and leases $2,295,973
Loan and leases loss allowance $38,691
Trading account assets $0
Bank premises and fixed assets $47,821
Other real estate owned $69
Goodwill and other intangibles $12,224
All other assets $108,464

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,383,892
Total Liabilities $3,020,566
Total deposits $2,980,499
Interest-bearing deposits $1,804,691
Deposits held in domestic offices $2,980,499
% insured (estimated) $76
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $9,000
Subordinated debt $0
All other liabilities $31,067

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,295,973
Loan and leases loss allowance $38,691
Total loans and leases (domestic) $2,334,664
All real estate loans $1,549,114
Real estate loans in domestic offices $1,549,114
Construction and development loans $122,238
Residential 1-4 family construction $16,039
Other construction, all land development and other land $106,199
Loans secured by nonfarm nonresidential properties $605,745
Nonfarm nonresidential secured by owner-occupied properties $207,736
Commercial real estate & other non-farm, non-residential $398,009
Multifamily residential real estate $116,613
1-4 family residential loans $131,588
Farmland loans $572,930
Loans held in foreign offices $0
Farm loans $363,837
Commercial and industrial loans $322,562
To non-U.S. addressees $0
Loans to individuals $96,240
Credit card loans $2,565
Related Plans $14,728
Consumer Auto Loans $25,809
Other loans to individuals $53,138
All other loans & leases $2,911
Loans to foreign governments and official institutions $0
Other loans $2,911
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $1,206
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $16,695
Non 1-4 family restructured loans & leases $16,429
Total loans and leases (foreign) $0

Dacotah Bank had $2,295,973,000 of loans outstanding in 2021. $1,549,114,000 of loans were in real estate loans. $122,238,000 of loans were in development loans. $116,613,000 of loans were in multifamily mortgage loans. $131,588,000 of loans were in 1-4 family mortgage loans. $363,837,000 of loans were in farm loans. $2,565,000 of loans were in credit card loans. $25,809,000 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 643 $161,034 $250,442
Nonfarm, nonresidential loans - <$100k 219 $10,808 $49,352
Nonfarm, nonresidential loans - $100-250k 186 $31,109 $167,253
Nonfarm, nonresidential loans - $250k-1MM 238 $119,117 $500,492
Commercial & Industrial, US addressed loans - <$1MM 2,250 $167,273 $74,344
Commercial & Industrial, US addressed loans - <$100k 1,844 $48,724 $26,423
Commercial & Industrial, US addressed loans - $100-250k 239 $37,707 $157,770
Commercial & Industrial, US addressed loans - $250k-1MM 167 $80,842 $484,084
Farmland loans - <$1MM 1,374 $242,171 $176,253
Farmland loans - <$100k 479 $23,954 $50,008
Farmland loans - $100-250k 517 $83,025 $160,590
Farmland loans - $250k-1MM 378 $135,192 $357,651
Agriculture operations loans - <$1MM 2,613 $192,078 $73,509
Agriculture operations loans - <$100k 1,985 $59,862 $30,157
Agriculture operations loans - $100-250k 441 $68,870 $156,168
Agriculture operations loans - $250k-1MM 187 $63,346 $338,749