Dacotah Bank Mortgage Rates, Fees & Info
Aberdeen, SDLEI: 549300UQPFB0RR8JCA42
Tax ID: 46-0239917
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Bank Data
Review & 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 by origination volume include: Aberdeen, Watertown, Rapid City, Sioux Falls, and Brookings among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)Dacotah Bank 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. Dacotah Bank 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.58% | 4/18/24 |
| 30 Year Conventional Refi | 6.47% | 4/18/24 |
| 30 Year Cash-out Refi | 6.51% | 4/18/24 |
| 30 Year FHA Purchase | 7.42% | 4/18/24 |
| 30 Year VA Purchase | 6.14% | 4/18/24 |
| 30 Year USDA Purchase | 6.98% | 4/18/24 |
| 15 Year Conventional Purchase | 6.18% | 4/18/24 |
| 15 Year Conventional Refi | 6.30% | 4/18/24 |
| 15 Year Cash-out Refi | 6.30% | 4/18/24 |
| 15 Year VA Purchase | 6.28% | 4/18/24 |
| 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. | ||
Dacotah Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,117Origination Dollar Volume (All Markets)
$249,035,000Employee count
561Awards
Dacotah Bank - 2021
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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 |
|---|---|---|---|---|---|
| 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% |
Similar Lenders
We use machine learning to identify the top lenders compared against Dacotah Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2021, Dacotah Bank's most frequently originated type of loan was Conventional, with 1,017 originations. Their 2nd most popular type was USDA, with 57 originations.
Loan Reason
For 2021, Dacotah Bank's most frequently cited loan purpose was Home Purchase, with 553 originations. The 2nd most popular reason was Refi, with 353 originations.
Loan Duration/Length
For 2021, Dacotah Bank's most frequently cited loan duration was 30 Year, with 554 originations. The 2nd most popular length was 15 Year, with 176 originations.
Origination Fees/Closing Costs
Dacotah Bank's average total fees were $3,643, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 342 originations.
Interest Rates
During 2021, Dacotah Bank's average interest rate for loans was 3.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 418 originations.
Loan Sizing
2021 saw Dacotah Bank place emphasis on $100k-200k loans with 400 originations, totaling $58,450,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications96.43%
Dacotah Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination88.99%
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 |
LTV Distribution
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 | 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 |
| 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 |
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 |