First Premier Bank Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300Z77WUYJM3QG591

Tax ID: 46-0119480

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

First Premier Bank is a smaller bank specializing in Home Purchase 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 by origination volume include: Sioux Falls, Watertown, Sioux City, Minneapolis, and Rapid City among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Premier 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. First Premier 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.27%	4/21/24
30 Year Conventional Purchase	6.53%	4/21/24
30 Year Conventional Refi	6.36%	4/21/24
30 Year Cash-out Refi	6.57%	4/21/24
30 Year FHA Purchase	7.36%	4/21/24
30 Year FHA Refi	6.50%	4/21/24
30 Year VA Purchase	5.94%	4/21/24
30 Year VA Refi	5.52%	4/21/24
30 Year USDA Purchase	6.60%	4/21/24
15 Year Conventional Purchase	6.10%	4/21/24
15 Year Conventional Refi	5.97%	4/21/24
15 Year Cash-out Refi	5.97%	4/21/24
15 Year FHA Purchase	7.24%	4/21/24
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.

First Premier Bank Mortgage Calculator

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Premier Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

820

Origination Dollar Volume (All Markets)

$130,810,000

Employee count

350

Awards

First PREMIER Bank 30 Year Conventional Loans silver

Show all (5) 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)	638	$105,550,000	$165,439	$3,420	4.75%
Watertown, SD (FHA\|USDA\|VA)	75	$8,475,000	$113,000	$2,199	4.88%
Outside of Metro Areas	51	$7,475,000	$146,569	$3,539	4.68%
SIOUX CITY, IA-NE-SD (FHA\|USDA\|VA)	11	$1,315,000	$119,545	$2,053	4.62%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	4	$1,230,000	$307,500	$6,595	4.69%
RAPID CITY, SD (FHA\|USDA\|VA)	4	$1,020,000	$255,000	$3,842	4.09%
Spirit Lake, IA (FHA\|USDA\|VA)	3	$925,000	$308,333	$1,815	4.79%
Brookings, SD (FHA\|USDA\|VA)	7	$845,000	$120,714	$2,617	4.88%
Huron, SD (FHA\|USDA\|VA)	6	$820,000	$136,667	$4,478	4.40%
Yankton, SD (FHA\|USDA\|VA)	4	$720,000	$180,000	$5,236	4.66%
Pierre, SD (FHA\|USDA\|VA)	1	$395,000	$395,000	$4,441	3.63%
FARGO, ND-MN (FHA\|USDA\|VA)	1	$355,000	$355,000	$3,875	3.25%
Vermillion, SD (FHA\|USDA\|VA)	6	$330,000	$55,000	$1,362	4.82%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA\|USDA\|VA)	2	$280,000	$140,000	$3,238	4.69%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$255,000	$255,000	$951	5.08%
ST. CLOUD, MN (FHA\|USDA\|VA)	1	$235,000	$235,000	$3,168	4.50%
Willmar, MN (FHA\|USDA\|VA)	1	$235,000	$235,000	$4,676	4.38%
Spearfish, SD (FHA\|USDA\|VA)	2	$210,000	$105,000	$3,632	4.96%
Mitchell, SD (FHA\|USDA\|VA)	2	$140,000	$70,000	$2,510	6.50%

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

Their top states include:

South Dakota (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Iowa (FHA|USDA|VA)

Nebraska (FHA|USDA|VA)

North Dakota (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against First PREMIER Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

SIOUXLAND FEDERAL CREDIT UNION
Similarity Rank: 45

Iowa Nebraska State Bank
Similarity Rank: 50

Central Bank
Similarity Rank: 352

SERVICE FIRST FEDERAL CREDIT UNION
Similarity Rank: 380

SIOUX FALLS
Similarity Rank: 385

CU MORTGAGE DIRECT, LLC
Similarity Rank: 468

BLACK HILLS FEDERAL CREDIT UNION
Similarity Rank: 528

First Dakota National Bank
Similarity Rank: 552

Dacotah Bank
Similarity Rank: 588

Great Southern Bank
Similarity Rank: 1104

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	663	$103,355,000	$155,890	$2,600	4.86%
FHA	99	$17,065,000	$172,374	$6,441	4.39%
VA	29	$6,625,000	$228,448	$5,955	4.02%
USDA	29	$3,765,000	$129,828	$4,426	4.25%

For 2018, First Premier Bank's most frequently originated type of loan was Conventional, with 663 originations. Their 2nd most popular type was FHA, with 99 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	489	$100,585,000	$205,695	$4,372	4.55%
Refi	157	$13,615,000	$86,720	$1,424	5.19%
Other	69	$4,395,000	$63,696	$941	5.33%
Cash Out Refi	64	$10,560,000	$165,000	$3,618	4.31%
Home Improvement	41	$1,655,000	$40,366	$546	5.17%

For 2018, First Premier Bank's most frequently cited loan purpose was Home Purchase, with 489 originations. The 2nd most popular reason was Refi, with 157 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	464	$95,430,000	$205,668	$4,522	4.54%
Other	119	$6,995,000	$58,782	$696	5.31%
10 Year	107	$5,975,000	$55,841	$600	5.26%
15 Year	79	$15,155,000	$191,835	$3,369	4.07%
5 Year	27	$2,935,000	$108,704	$509	5.79%
20 Year	17	$3,785,000	$222,647	$3,071	4.57%
1 Year	6	$440,000	$73,333	$0	5.79%
3 Year	1	$95,000	$95,000	$470	4.53%

For 2018, First Premier Bank's most frequently cited loan duration was 30 Year, with 464 originations. The 2nd most popular length was Other, with 119 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	308	$29,930,000	$97,175
$2k-3k	197	$42,775,000	$217,132
$1k-2k	168	$22,520,000	$134,048
$3k-4k	56	$17,300,000	$308,929
$4k-5k	16	$6,720,000	$420,000
$5k+	6	$4,800,000	$800,000

First Premier Bank's average total fees were $4,522, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 308 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	503	$88,505,000	$175,954
5-6%	143	$14,455,000	$101,084
3-4%	122	$25,160,000	$206,230
6-7%	38	$2,150,000	$56,579
Over 8%	11	$265,000	$24,091
7-8%	2	$40,000	$20,000
2.5-3%	1	$235,000	$235,000

During 2018, First Premier Bank's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 4-5%, with 503 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	298	$15,140,000	$50,805	$1,196	5.21%
$100k-200k	292	$43,940,000	$150,479	$3,804	4.53%
$200k-400k	196	$53,340,000	$272,143	$4,841	4.43%
$400k-600k	28	$12,410,000	$443,214	$5,606	4.41%
$1MM+	4	$4,690,000	$1,172,500	$10,483	4.53%
$600k-1MM	2	$1,290,000	$645,000	$5,494	5.01%

2018 saw First Premier Bank place emphasis on $100,000 or less loans with 298 originations, totaling $15,140,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	197	$27,795,000	$141,091	$3,623	4.67%
$75k-100k	173	$25,525,000	$147,543	$3,048	4.83%
$50k or less	159	$18,235,000	$114,686	$3,638	4.68%
$100k-150k	144	$24,440,000	$169,722	$2,864	4.87%
$150k-250k	58	$13,110,000	$226,034	$3,334	4.70%
$250k+	44	$13,840,000	$314,545	$4,005	4.71%

First Premier Bank lent most frequently to those with incomes in the $50k-75k range, with 197 originations. The second most popular income band? $75k-100k, with 173 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	152	$21,820,000	$143,553	$2,844	4.82%
20-30%	149	$23,135,000	$155,268	$2,539	4.71%
<20%	59	$10,755,000	$182,288	$2,772	4.70%
50-60%	46	$7,800,000	$169,565	$5,427	4.78%
36%	43	$7,155,000	$166,395	$3,500	4.64%
38%	36	$5,550,000	$154,167	$3,548	4.69%
42%	31	$5,035,000	$162,419	$3,229	4.70%
43%	31	$5,355,000	$172,742	$3,881	4.60%
49%	31	$6,305,000	$203,387	$4,752	4.72%
39%	29	$4,255,000	$146,724	$3,178	4.97%
37%	27	$3,405,000	$126,111	$3,167	4.84%
41%	27	$5,035,000	$186,481	$3,392	4.66%
40%	27	$4,055,000	$150,185	$3,754	4.57%
46%	25	$4,235,000	$169,400	$4,041	4.48%
44%	25	$5,075,000	$203,000	$3,924	4.67%
45%	25	$3,365,000	$134,600	$2,685	5.02%
48%	19	$2,675,000	$140,789	$2,819	4.85%
47%	17	$2,585,000	$152,059	$4,207	4.55%
>60%	5	$295,000	$59,000	$2,639	5.85%

First Premier Bank lent most frequently to those with DTI ratios of 30-36%, with 152 originations. The next most common DTI ratio? 20-30%, with 149 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	650	$96,940,000	$149,138	$3,095	4.80%
Not provided	135	$27,475,000	$203,519	$4,157	4.50%
Not applicable	14	$2,650,000	$189,286	$5,165	5.25%
Asian	9	$1,845,000	$205,000	$3,546	4.35%
Black	9	$1,465,000	$162,778	$5,279	4.87%
American Indian	2	$240,000	$120,000	$2,424	5.17%
Other Pacific Islander	1	$195,000	$195,000	$3,747	5.00%

Approval Rates

Total approvals of all applications
93.84%

First Premier Bank has an average approval rate.

Pick Rate

Approvals leading to origination
86.59%

First Premier Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
413.93	1	$25,000	$25,000
479.86	1	$15,000	$15,000
NA	818	$130,770,000	$159,866

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	4	$1,470,000	$367,500
Single Family (1-4 Units):Manufactured	7	$345,000	$49,286
Single Family (1-4 Units):Site-Built	809	$128,995,000	$159,450

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	93	$6,555,000	$70,484	$844	5.12%
40-60%	55	$7,515,000	$136,636	$2,481	4.78%
60-80%	184	$39,270,000	$213,424	$3,739	4.58%
80-100%	368	$72,810,000	$197,853	$4,592	4.55%
Over 100%	5	$925,000	$185,000	$7,311	4.50%
Under 20%	115	$3,735,000	$32,478	$501	5.38%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
FIRST HORIZON BANK	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	7.1%
FIRST HORIZON BANK	FHA mortgage	Trouble during payment process	1	7.1%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Incorrect information on your report	1	7.1%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Problem with a credit reporting company's investigation into an existing problem	1	7.1%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	7.1%
FIRST HORIZON BANK	Other type of mortgage	Trouble during payment process	1	7.1%
FIRST HORIZON BANK	Conventional home mortgage	Struggling to pay mortgage	3	21.4%
FIRST HORIZON BANK	Conventional home mortgage	Trouble during payment process	5	35.7%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
First PREMIER Bank	102 Dakota Ave Kranzburg, SD 57245	Full Service B&M	$12,361
First PREMIER Bank	115 Ohio Street Wakonda, SD 57073	Full Service B&M	$23,907
First PREMIER Bank	1305 West 18th Street Sioux Falls, SD 57105	Full Service B&M	$3,403
First PREMIER Bank	1414 9th Avenue Se Watertown, SD 57201	Full Service B&M	$4,670
First PREMIER Bank	1808 South Cliff Avenue Sioux Falls, SD 57105	Full Service B&M	$14,357
First PREMIER Bank	24 5th Street, Se Watertown, SD 57201	Full Service B&M	$6,802
First PREMIER Bank	3401 South Kiwanis Avenue Sioux Falls, SD 57105	Full Service B&M	$41,593
First PREMIER Bank	3700 Potsdam Avenue North Sioux Falls, SD 57104	Full Service B&M	$7,866
First PREMIER Bank	4000 S Southeastern Drive Sioux Falls, SD 57103	Full Service B&M	$24,053
First PREMIER Bank	4001 W. Benson Sioux Falls, SD 57107	Full Service B&M	$5,551
First PREMIER Bank	503 Main Avenue Lake Norden, SD 57248	Full Service B&M	$23,464
First PREMIER Bank	536 N Sycamore Ave Sioux Falls, SD 57110	Full Service B&M	$14,473
First PREMIER Bank	601 South Minnesota Avenue Sioux Falls, SD 57104	Full Service B&M	$1,204,690
First PREMIER Bank	6010 S Minnesota Ave Sioux Falls, SD 57108	Full Service B&M	$45,696
First PREMIER Bank	6701 W 41st St Sioux Falls, SD 57106	Full Service B&M	$13,717
First PREMIER Bank	824 34th Street Watertown, SD 57201	Full Service B&M	$29,460
First PREMIER Bank	Second And Main Castlewood, SD 57223	Full Service B&M	$9,946

For 2018, First Premier Bank had 17 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$69,189
Net interest income	$59,826
Total noninterest income	$37,914
Gross Fiduciary activities income	$6,578
Service charges on deposit accounts	$3,030
Trading account gains and fees	$0
Additional Noninterest Income	$28,306
Pre-tax net operating income	$34,087
Securities gains (or losses, -)	$1
Income before extraordinary items	$32,422
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$32,422
Minority interest net income	$0
Net income	$32,422
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$32,421

First Premier Bank's gross interest income from loans was $69,189,000.
First Premier Bank's net interest income from loans was $59,826,000.
First Premier Bank's fee based income from loans was $3,030,000.
First Premier Bank's net income from loans was $32,422,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$9,363
Provision for credit losses	$5,410
Total noninterest expense	$58,243
Salaries and employee benefits	$35,995
Premises and equipment expense	$3,940
Additional noninterest expense	$18,308
Applicable income taxes	$1,666
Net charge-offs	$3,255
Cash dividends	$10,650

First Premier Bank's interest expense for loans was $9,363,000.
First Premier Bank's payroll and benefits expense were $35,995,000.
First Premier Bank's property, plant and equipment expenses $3,940,000.

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	$1,424,427
Deposits held in domestic offices	$1,424,427
Deposits by Individuals, partnerships, and corporations	$1,361,318
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$63,109
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$280,494
Demand deposits	$280,494
Nontransaction accounts	$1,143,933
Money market deposit accounts (MMDAs)	$171,111
Other savings deposits (excluding MMDAs)	$665,014
Total time deposits	$307,808
Total time and savings deposits	$1,143,933
Noninterest-bearing deposits	$479,151
Interest-bearing deposits	$945,276
Retail deposits	$1,172,458
IRAs and Keogh plan accounts	$8,335
Brokered deposits	$237,026
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,761,153
Cash & Balances due from depository institutions	$254,551
Interest-bearing balances	$2,537
Total securities	$248,809
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,225,937
Loan and leases loss allowance	$18,677
Trading account assets	$0
Bank premises and fixed assets	$4,794
Other real estate owned	$268
Goodwill and other intangibles	$0
All other assets	$26,794

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,761,153
Total Liabilities	$1,491,923
Total deposits	$1,424,427
Interest-bearing deposits	$945,276
Deposits held in domestic offices	$1,424,427
% insured (estimated)	$46
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$52,000
Subordinated debt	$0
All other liabilities	$15,496

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,225,937
Loan and leases loss allowance	$18,677
Total loans and leases (domestic)	$1,244,614
All real estate loans	$310,799
Real estate loans in domestic offices	$310,799
Construction and development loans	$39,344
Residential 1-4 family construction	$17,228
Other construction, all land development and other land	$22,116
Loans secured by nonfarm nonresidential properties	$147,142
Nonfarm nonresidential secured by owner-occupied properties	$90,347
Commercial real estate & other non-farm, non-residential	$56,795
Multifamily residential real estate	$6,390
1-4 family residential loans	$77,256
Farmland loans	$40,667
Loans held in foreign offices	$0
Farm loans	$54,046
Commercial and industrial loans	$124,280
To non-U.S. addressees	$0
Loans to individuals	$734,231
Credit card loans	$0
Related Plans	$9,053
Consumer Auto Loans	$55,875
Other loans to individuals	$669,303
All other loans & leases	$21,258
Loans to foreign governments and official institutions	$0
Other loans	$2,798
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	$4,043
Non 1-4 family restructured loans & leases	$3,857
Total loans and leases (foreign)	$0

First PREMIER Bank had $1,225,937,000 of loans outstanding in 2018. $310,799,000 of loans were in real estate loans. $39,344,000 of loans were in development loans. $6,390,000 of loans were in multifamily mortgage loans. $77,256,000 of loans were in 1-4 family mortgage loans. $54,046,000 of loans were in farm loans. $0 of loans were in credit card loans. $55,875,000 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	136	$26,695	$196,287
Nonfarm, nonresidential loans - <$100k	37	$1,819	$49,162
Nonfarm, nonresidential loans - $100-250k	48	$5,972	$124,417
Nonfarm, nonresidential loans - $250k-1MM	51	$18,904	$370,667
Commercial & Industrial, US addressed loans - <$1MM	487	$22,540	$46,283
Commercial & Industrial, US addressed loans - <$100k	348	$6,297	$18,095
Commercial & Industrial, US addressed loans - $100-250k	91	$7,820	$85,934
Commercial & Industrial, US addressed loans - $250k-1MM	48	$8,423	$175,479
Farmland loans - <$1MM	72	$10,916	$151,611
Farmland loans - <$100k	23	$902	$39,217
Farmland loans - $100-250k	22	$2,603	$118,318
Farmland loans - $250k-1MM	27	$7,411	$274,481
Agriculture operations loans - <$1MM	132	$12,173	$92,220
Agriculture operations loans - <$100k	58	$1,427	$24,603
Agriculture operations loans - $100-250k	48	$4,489	$93,521
Agriculture operations loans - $250k-1MM	26	$6,257	$240,654