First Premier Bank Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300Z77WUYJM3QG591

Tax ID: 46-0119480

5 stars - out of 5 stars, based on 44 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Premier Bank is a smaller bank specializing in Home Purchase and Refi loans. First Premier Bank 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 include Sioux Falls, Watertown, Sioux City, Minneapolis, and Aberdeen among others. First Premier 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. First Premier Bank is typically an average fee lendor.


Originations

1,894

Origination Dollar Volume (All Markets)

$467,920,000

Employee count

370 Show all (12) awards

Relative Rate

First Premier Bank's average 30 year fixed rate mortgage of loans were 2.88%.

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

This yields a difference of -0.27%.

Relative Fees

First Premier Bank's average total fees for a 30 year fixed rate mortgage are $4,622.

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
SIOUX FALLS, SD (FHA|USDA|VA) 1,322 $351,320,000 $265,749 $4,176 2.96%
Watertown, SD (FHA|USDA|VA) 235 $45,875,000 $195,213 $3,926 2.79%
Outside of Metro Areas 162 $30,560,000 $188,642 $4,108 2.91%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 28 $4,260,000 $152,143 $2,840 2.55%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 14 $4,170,000 $297,857 $3,312 2.65%
Aberdeen, SD (FHA|USDA|VA) 8 $2,800,000 $350,000 $5,509 2.63%
Brookings, SD (FHA|USDA|VA) 15 $2,795,000 $186,333 $4,882 2.98%
RAPID CITY, SD (FHA|USDA|VA) 9 $2,525,000 $280,556 $3,786 2.85%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 10 $2,430,000 $243,000 $2,774 2.68%
Vermillion, SD (FHA|USDA|VA) 11 $2,405,000 $218,636 $4,780 3.02%
Yankton, SD (FHA|USDA|VA) 8 $1,910,000 $238,750 $4,139 2.88%
Pierre, SD (FHA|USDA|VA) 4 $1,790,000 $447,500 $5,863 2.84%
Spirit Lake, IA (FHA|USDA|VA) 6 $1,720,000 $286,667 $5,036 2.52%
Mitchell, SD (FHA|USDA|VA) 12 $1,690,000 $140,833 $3,318 3.15%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $1,430,000 $238,333 $4,547 2.90%
Huron, SD (FHA|USDA|VA) 6 $960,000 $160,000 $3,622 3.19%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $925,000 $308,333 $6,423 3.00%
Marshall, MN (FHA|USDA|VA) 4 $850,000 $212,500 $3,923 2.53%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $770,000 $385,000 $5,544 3.00%
FARGO, ND-MN (FHA|USDA|VA) 3 $745,000 $248,333 $4,854 2.54%
Spearfish, SD (FHA|USDA|VA) 3 $645,000 $215,000 $3,600 3.08%
ROCHESTER, MN (FHA|USDA|VA) 2 $460,000 $230,000 $3,851 3.50%
LINCOLN, NE (FHA|USDA|VA) 2 $450,000 $225,000 $3,955 2.69%
Fairmont, MN (FHA|USDA|VA) 3 $445,000 $148,333 $3,457 2.38%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $405,000 $405,000 $6,462 4.00%
IOWA CITY, IA (FHA|USDA|VA) 1 $345,000 $345,000 $4,848 2.75%
ST. CLOUD, MN (FHA|USDA|VA) 2 $320,000 $160,000 $3,791 2.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $315,000 $315,000 $6,666 1.88%
Worthington, MN (FHA|USDA|VA) 1 $315,000 $315,000 $5,958 2.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $315,000 $315,000 $5,665 2.38%
Fremont, NE (FHA|USDA|VA) 1 $295,000 $295,000 $4,566 2.38%
Carroll, IA (FHA|USDA|VA) 1 $255,000 $255,000 $2,906 2.88%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $255,000 $255,000 $3,310 2.63%
THE VILLAGES, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,784 2.75%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $215,000 $215,000 $1,347 2.13%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,627 2.00%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $205,000 $205,000 $3,681 2.75%
Beatrice, NE (FHA|USDA|VA) 1 $205,000 $205,000 $7,668 2.50%
AMES, IA (FHA|USDA|VA) 1 $95,000 $95,000 $2,650 2.75%

First Premier Bank's top markets include Sioux Falls, Watertown, Sioux City, Minneapolis, and Aberdeen among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,477 $370,985,000 $251,175 $3,410 2.97%
FHA 296 $61,880,000 $209,054 $6,786 2.87%
VA 91 $29,465,000 $323,791 $5,543 2.39%
USDA 30 $5,590,000 $186,333 $5,222 2.73%

For the 2021 period, First Premier Bank's most frequently originated loan type of loans were Conventional, with 1,477 originations. Their 2nd most popular type is FHA, with 296 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 967 $278,755,000 $288,268 $5,092 3.01%
Refi 557 $114,955,000 $206,382 $2,947 2.69%
Cash Out Refi 290 $65,310,000 $225,207 $3,957 2.63%
Other 73 $8,385,000 $114,863 $1,473 4.48%
Home Improvement 7 $515,000 $73,571 $554 4.77%

For the 2021, First Premier Bank's most frequently cited loan purpose of loans were Home Purchase, with 967 originations. The 2nd most popular reason of loans were Refi, with 557 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,371 $329,705,000 $240,485 $4,622 2.88%
15 Year 284 $56,780,000 $199,930 $3,273 2.20%
10 Year 70 $6,210,000 $88,714 $965 4.33%
20 Year 69 $17,105,000 $247,899 $3,244 2.71%
Other 65 $50,105,000 $770,846 $1,069 5.00%
5 Year 29 $5,885,000 $202,931 $393 4.33%
1 Year 6 $2,130,000 $355,000 $0 4.25%

For the 2021, First Premier Bank's most frequently cited loan length of loans were 30 Year, with 1,371 originations. The 2nd most popular length of loans were 15 Year, with 284 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 643 $134,315,000 $208,888
$2k-3k 422 $87,460,000 $207,251
$3k-4k 334 $107,320,000 $321,317
$1k-2k 301 $43,955,000 $146,030
$5k+ 53 $30,315,000 $571,981

$4,622 of loans were First Premier Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 643 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 688 $160,270,000 $232,951
2.5-3% 669 $164,295,000 $245,583
3-4% 364 $120,560,000 $331,209
4-5% 119 $16,995,000 $142,815
5-6% 38 $4,560,000 $120,000
6-7% 5 $705,000 $141,000
7-8% 3 $75,000 $25,000
Over 8% 3 $95,000 $31,667

During 2021, First Premier Bank's average interest rate of loans were 2.88%, while their most frequently originated rate bucket of loans were <2.5%, with 688 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 811 $219,225,000 $270,314 $4,728 2.79%
$100k-200k 689 $106,195,000 $154,129 $3,539 2.87%
$100,000 or less 226 $14,510,000 $64,204 $1,693 3.71%
$400k-600k 151 $72,875,000 $482,616 $5,745 2.67%
$600k-1MM 9 $6,965,000 $773,889 $7,845 3.40%
$1MM+ 8 $48,150,000 $6,018,750 $19,748 3.28%

2021 saw First Premier Bank place emphasis on $200k-400k loans with 811 originations, totaling $219,225,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 489 $97,045,000 $198,456 $4,350 2.88%
$50k or less 385 $57,865,000 $150,299 $3,899 2.90%
$100k-150k 334 $86,110,000 $257,814 $4,297 2.84%
$75k-100k 281 $61,155,000 $217,633 $4,033 2.97%
$150k-250k 182 $54,560,000 $299,780 $4,402 2.97%
$250k+ 83 $35,575,000 $428,614 $4,843 3.05%

First Premier Bank lent most frequently to those with incomes in the $50k-75k range, with 489 originations. The second most popular income band? $50k or less, with 385 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 341 $74,005,000 $217,023 $3,680 2.91%
20-30% 317 $67,835,000 $213,991 $3,364 2.86%
<20% 105 $22,655,000 $215,762 $3,612 2.87%
44% 97 $22,945,000 $236,546 $4,409 2.98%
37% 85 $19,425,000 $228,529 $4,384 2.93%
48% 80 $17,610,000 $220,125 $5,067 3.01%
49% 80 $19,500,000 $243,750 $5,246 2.83%
43% 79 $18,955,000 $239,937 $4,551 2.86%
40% 77 $16,485,000 $214,091 $4,054 3.13%
42% 74 $17,770,000 $240,135 $4,709 2.87%
38% 72 $15,160,000 $210,556 $4,275 2.67%
41% 70 $15,690,000 $224,143 $4,076 2.95%
39% 67 $15,365,000 $229,328 $4,361 2.80%
45% 67 $15,355,000 $229,179 $4,699 2.88%
47% 63 $14,525,000 $230,556 $5,279 3.00%
36% 61 $13,245,000 $217,131 $3,401 3.09%
46% 56 $13,810,000 $246,607 $5,072 2.80%
50-60% 25 $5,875,000 $235,000 $7,320 3.28%
>60% 2 $510,000 $255,000 $4,821 4.15%

First Premier Bank lent most frequently to those with DTI ratios of 30-36%, with 341 originations. The next most common DTI ratio? 20-30%, with 317 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,506 $334,600,000 $222,178 $4,004 2.89%
Not provided 269 $64,785,000 $240,836 $4,638 2.92%
Not applicable 35 $50,065,000 $1,430,429 $6,075 4.30%
Black 38 $8,510,000 $223,947 $4,992 2.94%
Asian 26 $5,490,000 $211,154 $4,265 3.08%
American Indian 15 $2,645,000 $176,333 $3,942 2.98%
Asian Indian 2 $710,000 $355,000 $4,902 2.13%
Chinese 1 $545,000 $545,000 $5,252 2.75%
Filipino 1 $375,000 $375,000 $3,881 2.00%
Native Hawaiian 1 $195,000 $195,000 $7,364 2.88%

Approval Rates

Total approvals of all applications
94.66%

First Premier Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.23%

First Premier Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,894 $467,920,000 $247,054

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,894 $467,920,000 $247,054

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 83 $12,775,000 $153,916 $2,033 3.36%
40-60% 211 $40,545,000 $192,156 $3,098 2.70%
60-80% 660 $194,630,000 $294,894 $3,645 2.78%
80-100% 861 $212,225,000 $246,487 $4,998 2.90%
Over 100% 14 $4,130,000 $295,000 $12,475 3.25%
Under 20% 64 $3,430,000 $53,594 $573 4.81%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST HORIZON BANK Conventional home mortgage Closing on a mortgage 2 5.9%
FIRST HORIZON BANK FHA mortgage Closing on a mortgage 1 2.9%
FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 5.9%
FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 2.9%
FIRST HORIZON BANK Other type of mortgage Closing on a mortgage 2 5.9%
FIRST HORIZON BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 6 17.6%
FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 2.9%
FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 2.9%
FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 5.9%
FIRST HORIZON BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.9%
FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 10 29.4%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Premier Bank 4001 W. Benson Sioux Falls, SD 57107 Full Service B&M $12,722
First Premier Bank 102 Dakota Ave Kranzburg, SD 57245 Full Service B&M $15,305
First Premier Bank 115 Ohio Street Wakonda, SD 57073 Full Service B&M $31,037
First Premier Bank 1305 West 18th Street Sioux Falls, SD 57105 Full Service B&M $6,905
First Premier Bank 202 Nw 2nd Street Madison, SD 57042 Full Service B&M $21,544
First Premier Bank 24 5th Street, Se Watertown, SD 57201 Full Service B&M $18,721
First Premier Bank 3401 South Kiwanis Avenue Sioux Falls, SD 57105 Full Service B&M $51,593
First Premier Bank 3700 Potsdam Avenue North Sioux Falls, SD 57104 Full Service B&M $8,785
First Premier Bank 4000 S Southeastern Drive Sioux Falls, SD 57103 Full Service B&M $33,691
First Premier Bank 500 South Minnesota Ave Sioux Falls, SD 57104 Full Service B&M $2,192,767
First Premier Bank 503 Main Avenue Lake Norden, SD 57248 Full Service B&M $26,670
First Premier Bank 536 N Sycamore Ave Sioux Falls, SD 57110 Full Service B&M $21,031
First Premier Bank 6010 S Minnesota Ave Sioux Falls, SD 57108 Full Service B&M $52,414
First Premier Bank 6701 W 41st St Sioux Falls, SD 57106 Full Service B&M $22,478
First Premier Bank 824 34th Street Watertown, SD 57201 Full Service B&M $137,341
First Premier Bank Second And Main Castlewood, SD 57223 Full Service B&M $9,800

For 2021, First Premier Bank had 16 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $84,414
Net interest income $76,129
Total noninterest income $56,786
Gross Fiduciary activities income $9,458
Service charges on deposit accounts $3,340
Trading account gains and fees $0
Additional Noninterest Income $43,988
Pre-tax net operating income $50,008
Securities gains (or losses, -) $-12
Income before extraordinary items $47,657
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $47,657
Minority interest net income $0
Net income $47,657
Sale, conversion, retirement of capital stock, net $0
Net operating income $47,668

First Premier Bank's gross interest income from loans was $84,414,000.
First Premier Bank's net interest income from loans was $76,129,000.
First Premier Bank's fee based income from loans was $3,340,000.
First Premier Bank's net income from loans was $47,657,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $8,285
Provision for credit losses $1,920
Total noninterest expense $80,987
Salaries and employee benefits $47,650
Premises and equipment expense $7,255
Additional noninterest expense $26,082
Applicable income taxes $2,339
Net charge-offs $30
Cash dividends $11,600

First Premier Bank's interest expense for loans was $8,285,000.
First Premier Bank's payroll and benefits expense were $47,650,000.
First Premier Bank's property, plant and equipment expenses $7,255,000.

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 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 $2,512,991
Deposits held in domestic offices $2,512,991
Deposits by Individuals, partnerships, and corporations $2,382,599
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $129,086
Deposits by Commercial banks and other depository institutions in U.S. $1,306
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,651,210
Demand deposits $1,651,210
Nontransaction accounts $861,781
Money market deposit accounts (MMDAs) $396,271
Other savings deposits (excluding MMDAs) $200,886
Total time deposits $264,624
Total time and savings deposits $861,781
Noninterest-bearing deposits $902,587
Interest-bearing deposits $1,610,404
Retail deposits $2,308,354
IRAs and Keogh plan accounts $9,623
Brokered deposits $175,059
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,889,083
Cash & Balances due from depository institutions $618,936
Interest-bearing balances $459,230
Total securities $623,245
Federal funds sold & reverse repurchase $0
Net loans and leases $1,548,499
Loan and leases loss allowance $23,558
Trading account assets $0
Bank premises and fixed assets $11,351
Other real estate owned $971
Goodwill and other intangibles $0
All other assets $86,081

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,889,083
Total Liabilities $2,532,742
Total deposits $2,512,991
Interest-bearing deposits $1,610,404
Deposits held in domestic offices $2,512,991
% insured (estimated) $36
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $19,751

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,548,499
Loan and leases loss allowance $23,558
Total loans and leases (domestic) $1,572,057
All real estate loans $436,480
Real estate loans in domestic offices $436,480
Construction and development loans $87,581
Residential 1-4 family construction $22,347
Other construction, all land development and other land $65,234
Loans secured by nonfarm nonresidential properties $205,872
Nonfarm nonresidential secured by owner-occupied properties $132,732
Commercial real estate & other non-farm, non-residential $73,140
Multifamily residential real estate $7,188
1-4 family residential loans $95,872
Farmland loans $39,967
Loans held in foreign offices $0
Farm loans $52,459
Commercial and industrial loans $104,602
To non-U.S. addressees $0
Loans to individuals $975,831
Credit card loans $0
Related Plans $5,998
Consumer Auto Loans $71,999
Other loans to individuals $897,834
All other loans & leases $2,685
Loans to foreign governments and official institutions $0
Other loans $1,831
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,049
Non 1-4 family restructured loans & leases $1,031
Total loans and leases (foreign) $0

First PREMIER Bank had $1,548,499,000 of loans outstanding in 2021. $436,480,000 of loans were in real estate loans. $87,581,000 of loans were in development loans. $7,188,000 of loans were in multifamily mortgage loans. $95,872,000 of loans were in 1-4 family mortgage loans. $52,459,000 of loans were in farm loans. $0 of loans were in credit card loans. $71,999,000 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 142 $35,092 $247,127
Nonfarm, nonresidential loans - <$100k 35 $1,604 $45,829
Nonfarm, nonresidential loans - $100-250k 40 $5,008 $125,200
Nonfarm, nonresidential loans - $250k-1MM 67 $28,480 $425,075
Commercial & Industrial, US addressed loans - <$1MM 532 $28,521 $53,611
Commercial & Industrial, US addressed loans - <$100k 390 $6,822 $17,492
Commercial & Industrial, US addressed loans - $100-250k 77 $7,251 $94,169
Commercial & Industrial, US addressed loans - $250k-1MM 65 $14,448 $222,277
Farmland loans - <$1MM 62 $8,447 $136,242
Farmland loans - <$100k 19 $969 $51,000
Farmland loans - $100-250k 26 $3,153 $121,269
Farmland loans - $250k-1MM 17 $4,325 $254,412
Agriculture operations loans - <$1MM 112 $9,104 $81,286
Agriculture operations loans - <$100k 53 $1,288 $24,302
Agriculture operations loans - $100-250k 36 $2,567 $71,306
Agriculture operations loans - $250k-1MM 23 $5,249 $228,217