The First National Bank In Sioux Falls Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: Q107R4XFOZ6F6K73C488

Tax ID: 46-0189380

5 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The First National Bank In Sioux Falls is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. The First National Bank In Sioux Falls has a high proportion of conventional loans. Their top markets include Sioux Falls, Spirit Lake, Brookings, Spearfish, and Brainerd among others. The First National Bank In Sioux Falls 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. The First National Bank In Sioux Falls is typically an average fee lendor.


Originations

493

Origination Dollar Volume (All Markets)

$136,845,000

Employee count

275

Awards

The First National Bank in Sioux Falls 30 Year Conventional Loans gold The First National Bank in Sioux Falls 30 Year Conventional Loans gold The First National Bank in Sioux Falls 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

The First National Bank In Sioux Falls's average 30 year fixed rate mortgage of loans were 2.75%.

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

This yields a difference of -0.4%.

Relative Fees

The First National Bank In Sioux Falls's average total fees for a 30 year fixed rate mortgage are $4,610.

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) 416 $114,250,000 $274,639 $4,446 2.70%
Outside of Metro Areas 48 $11,320,000 $235,833 $4,511 2.46%
Spirit Lake, IA (FHA|USDA|VA) 7 $4,125,000 $589,286 $8,078 2.28%
Brookings, SD (FHA|USDA|VA) 6 $2,570,000 $428,333 $5,011 2.87%
Spearfish, SD (FHA|USDA|VA) 3 $1,355,000 $451,667 $7,229 2.38%
Brainerd, MN (FHA|USDA|VA) 2 $850,000 $425,000 $2,929 3.20%
Watertown, SD (FHA|USDA|VA) 1 $605,000 $605,000 $8,614 2.88%
Vermillion, SD (FHA|USDA|VA) 3 $475,000 $158,333 $2,601 2.17%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $405,000 $405,000 $2,357 2.00%
Mitchell, SD (FHA|USDA|VA) 2 $280,000 $140,000 $4,287 3.00%
RAPID CITY, SD (FHA|USDA|VA) 1 $235,000 $235,000 $4,968 2.75%
DUBUQUE, IA (FHA|USDA|VA) 1 $155,000 $155,000 $2,631 2.88%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $3,655 2.25%
Yankton, SD (FHA|USDA|VA) 1 $105,000 $105,000 $2,831 2.00%

The First National Bank In Sioux Falls's top markets include Sioux Falls, Spirit Lake, Brookings, Spearfish, and Brainerd among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 493 $136,845,000 $277,576 $4,517 2.67%

For the 2021 period, The First National Bank In Sioux Falls's most frequently originated loan type of loans were Conventional, with 493 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 174 $51,090,000 $293,621 $4,652 2.83%
Refi 157 $39,105,000 $249,076 $4,298 2.66%
Cash Out Refi 133 $38,875,000 $292,293 $4,661 2.44%
Other 20 $6,080,000 $304,000 $4,651 2.77%
Home Improvement 9 $1,695,000 $188,333 $2,875 2.94%

For the 2021, The First National Bank In Sioux Falls's most frequently cited loan purpose of loans were Home Purchase, with 174 originations. The 2nd most popular reason of loans were Refi, with 157 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 183 $52,315,000 $285,874 $4,610 2.75%
15 Year 121 $35,825,000 $296,074 $4,777 2.17%
10 Year 100 $22,060,000 $220,600 $3,772 2.90%
20 Year 65 $19,645,000 $302,231 $4,643 2.60%
5 Year 18 $3,690,000 $205,000 $738 3.72%
1 Year 3 $1,275,000 $425,000 $0 4.67%
Other 3 $2,035,000 $678,333 $0 3.85%

For the 2021, The First National Bank In Sioux Falls's most frequently cited loan length of loans were 30 Year, with 183 originations. The 2nd most popular length of loans were 15 Year, with 121 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 122 $24,970,000 $204,672
$3k-4k 116 $39,480,000 $340,345
$1k-2k 69 $7,875,000 $114,130
$5k+ 62 $39,140,000 $631,290
$<1k 56 $10,050,000 $179,464

$4,610 of loans were The First National Bank In Sioux Falls's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 122 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 236 $71,240,000 $301,864
2.5-3% 166 $47,140,000 $283,976
3-4% 72 $16,420,000 $228,056
4-5% 19 $2,045,000 $107,632

During 2021, The First National Bank In Sioux Falls's average interest rate of loans were 2.75%, while their most frequently originated rate bucket of loans were <2.5%, with 236 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 186 $51,720,000 $278,065 $4,522 2.55%
$100k-200k 144 $21,700,000 $150,694 $3,165 2.71%
$400k-600k 72 $34,600,000 $480,556 $6,758 2.51%
$100,000 or less 63 $4,535,000 $71,984 $1,622 3.15%
$600k-1MM 20 $14,890,000 $744,500 $8,956 2.68%
$1MM+ 8 $9,400,000 $1,175,000 $14,185 2.47%

2021 saw The First National Bank In Sioux Falls place emphasis on $200k-400k loans with 186 originations, totaling $51,720,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 84 $22,990,000 $273,690 $4,722 2.50%
$150k-250k 81 $24,755,000 $305,617 $4,965 2.54%
$250k+ 78 $38,970,000 $499,615 $7,165 2.28%
$75k-100k 63 $12,535,000 $198,968 $3,696 2.60%
$50k-75k 51 $9,625,000 $188,725 $3,606 2.58%
$50k or less 43 $6,135,000 $142,674 $3,154 2.81%

The First National Bank In Sioux Falls lent most frequently to those with incomes in the $100k-150k range, with 84 originations. The second most popular income band? $150k-250k, with 81 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 138 $39,390,000 $285,435 $4,481 2.55%
<20% 90 $26,430,000 $293,667 $4,663 2.28%
30-36% 68 $19,910,000 $292,794 $4,547 2.49%
42% 18 $5,160,000 $286,667 $4,778 2.60%
41% 15 $4,195,000 $279,667 $4,233 2.57%
38% 14 $3,280,000 $234,286 $3,651 2.75%
43% 13 $3,285,000 $252,692 $4,405 2.56%
37% 11 $2,845,000 $258,636 $4,062 2.48%
39% 10 $3,150,000 $315,000 $5,246 2.66%
40% 9 $2,015,000 $223,889 $4,038 2.43%
44% 8 $1,580,000 $197,500 $3,691 2.72%
36% 7 $1,875,000 $267,857 $3,950 2.84%
>60% 7 $4,005,000 $572,143 $7,965 2.11%
45% 6 $1,350,000 $225,000 $3,832 2.38%
48% 5 $985,000 $197,000 $3,437 3.08%
47% 4 $770,000 $192,500 $3,840 2.65%
50-60% 4 $1,140,000 $285,000 $4,919 2.50%
46% 3 $785,000 $261,667 $4,860 2.54%
49% 2 $510,000 $255,000 $4,622 2.31%

The First National Bank In Sioux Falls lent most frequently to those with DTI ratios of 20-30%, with 138 originations. The next most common DTI ratio? <20%, with 90 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 403 $114,625,000 $284,429 $4,525 2.52%
Not applicable 54 $13,080,000 $242,222 $0 3.87%
Not provided 28 $7,570,000 $270,357 $4,582 2.49%
American Indian 3 $625,000 $208,333 $4,209 3.12%
Black 4 $610,000 $152,500 $3,281 2.66%
Asian 1 $335,000 $335,000 $5,255 2.50%

Approval Rates

Total approvals of all applications
98.73%

The First National Bank In Sioux Falls 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
87.96%

The First National Bank In Sioux Falls has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 493 $136,845,000 $277,576

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
493 $136,845,000 $277,576

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 49 $6,045,000 $123,367 $2,639 2.56%
40-60% 105 $28,885,000 $275,095 $4,648 2.43%
60-80% 220 $66,250,000 $301,136 $4,851 2.76%
80-100% 101 $34,495,000 $341,535 $5,258 2.65%
Under 20% 18 $1,170,000 $65,000 $1,088 3.38%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The First National Bank In Sioux Falls 100 South Phillips Avenue Sioux Falls, SD 57101 Full Service B&M $664,028
The First National Bank In Sioux Falls 1901 East Benson Road Sioux Falls, SD 57104 Full Service B&M $96,428
The First National Bank In Sioux Falls 202 Saint Olaf Baltic, SD 57003 Full Service B&M $21,042
The First National Bank In Sioux Falls 2505 West 41st Street Sioux Falls, SD 57105 Full Service B&M $61,605
The First National Bank In Sioux Falls 2815 S Westlake Dr Sioux Falls, SD 57106 Full Service B&M $363
The First National Bank In Sioux Falls 3008 East Aspen Boulevard Brandon, SD 57005 Full Service B&M $1,458
The First National Bank In Sioux Falls 312 East 4th Street Dell Rapids, SD 57022 Full Service B&M $70,368
The First National Bank In Sioux Falls 3408 W. Ralph Rogers Road Sioux Falls, SD 57108 Full Service B&M $1,724
The First National Bank In Sioux Falls 4000 South Westport Avenue Sioux Falls, SD 57106 Full Service B&M $2,571
The First National Bank In Sioux Falls 401 West 57th Street Sioux Falls, SD 57108 Full Service B&M $74,422
The First National Bank In Sioux Falls 408 North Cliff Avenue Harrisburg, SD 57032 Full Service B&M $63,372
The First National Bank In Sioux Falls 4500 Prince Of Peace Place Sioux Falls, SD 57103 Full Service B&M $437
The First National Bank In Sioux Falls 5201 E. Arrowhead Parkway Sioux Falls, SD 57110 Full Service B&M $16,421
The First National Bank In Sioux Falls 5217 South Louise Avenue Sioux Falls, SD 57104 Full Service B&M $44,937
The First National Bank In Sioux Falls 101 S Splitrock Blvd Brandon, SD 57005 Full Service B&M $116,834
The First National Bank In Sioux Falls 111 West 17th Street Sioux Falls, SD 57104 Full Service B&M $1,480
The First National Bank In Sioux Falls 120 East Second Avenue Flandreau, SD 57028 Full Service B&M $124,512
The First National Bank In Sioux Falls 1321 West Dow Rummel Street Sioux Falls, SD 57104 Full Service B&M $4,214

For 2021, The First National Bank In Sioux Falls had 18 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $50,795
Net interest income $49,895
Total noninterest income $17,372
Gross Fiduciary activities income $9,879
Service charges on deposit accounts $1,026
Trading account gains and fees $0
Additional Noninterest Income $6,467
Pre-tax net operating income $22,380
Securities gains (or losses, -) $649
Income before extraordinary items $17,189
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $17,189
Minority interest net income $0
Net income $17,189
Sale, conversion, retirement of capital stock, net $0
Net operating income $16,676

The First National Bank In Sioux Falls's gross interest income from loans was $50,795,000.
The First National Bank In Sioux Falls's net interest income from loans was $49,895,000.
The First National Bank In Sioux Falls's fee based income from loans was $1,026,000.
The First National Bank In Sioux Falls's net income from loans was $17,189,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $900
Provision for credit losses $0
Total noninterest expense $44,887
Salaries and employee benefits $28,167
Premises and equipment expense $5,685
Additional noninterest expense $11,035
Applicable income taxes $5,840
Net charge-offs $-409
Cash dividends $5,752

The First National Bank In Sioux Falls's interest expense for loans was $900,000.
The First National Bank In Sioux Falls's payroll and benefits expense were $28,167,000.
The First National Bank In Sioux Falls's property, plant and equipment expenses $5,685,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 6.0%
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 $1,546,388
Deposits held in domestic offices $1,546,388
Deposits by Individuals, partnerships, and corporations $1,266,429
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $276,979
Deposits by Commercial banks and other depository institutions in U.S. $2,979
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $191,251
Demand deposits $97,633
Nontransaction accounts $1,355,136
Money market deposit accounts (MMDAs) $0
Other savings deposits (excluding MMDAs) $1,262,504
Total time deposits $92,632
Total time and savings deposits $1,448,754
Noninterest-bearing deposits $622,661
Interest-bearing deposits $923,727
Retail deposits $1,498,277
IRAs and Keogh plan accounts $11,979
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,760,455
Cash & Balances due from depository institutions $137,041
Interest-bearing balances $116,997
Total securities $492,503
Federal funds sold & reverse repurchase $1,805
Net loans and leases $1,083,556
Loan and leases loss allowance $20,290
Trading account assets $0
Bank premises and fixed assets $14,471
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $31,079

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,760,455
Total Liabilities $1,568,220
Total deposits $1,546,388
Interest-bearing deposits $923,727
Deposits held in domestic offices $1,546,388
% insured (estimated) $52
Federal funds purchased and repurchase agreements $4,757
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $17,075

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,083,556
Loan and leases loss allowance $20,290
Total loans and leases (domestic) $1,103,846
All real estate loans $798,863
Real estate loans in domestic offices $798,863
Construction and development loans $42,179
Residential 1-4 family construction $1,716
Other construction, all land development and other land $40,463
Loans secured by nonfarm nonresidential properties $194,991
Nonfarm nonresidential secured by owner-occupied properties $142,798
Commercial real estate & other non-farm, non-residential $52,193
Multifamily residential real estate $11,369
1-4 family residential loans $335,267
Farmland loans $215,057
Loans held in foreign offices $0
Farm loans $127,624
Commercial and industrial loans $165,563
To non-U.S. addressees $0
Loans to individuals $10,406
Credit card loans $481
Related Plans $309
Consumer Auto Loans $6,391
Other loans to individuals $3,225
All other loans & leases $1,390
Loans to foreign governments and official institutions $0
Other loans $382
Loans to depository institutions and acceptances of other banks $138
Loans not secured by real estate $7,277
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

The First National Bank in Sioux Falls had $1,083,556,000 of loans outstanding in 2021. $798,863,000 of loans were in real estate loans. $42,179,000 of loans were in development loans. $11,369,000 of loans were in multifamily mortgage loans. $335,267,000 of loans were in 1-4 family mortgage loans. $127,624,000 of loans were in farm loans. $481,000 of loans were in credit card loans. $6,391,000 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 205 $62,592 $305,327
Nonfarm, nonresidential loans - <$100k 22 $1,106 $50,273
Nonfarm, nonresidential loans - $100-250k 61 $8,600 $140,984
Nonfarm, nonresidential loans - $250k-1MM 122 $52,886 $433,492
Commercial & Industrial, US addressed loans - <$1MM 792 $92,202 $116,417
Commercial & Industrial, US addressed loans - <$100k 479 $16,191 $33,802
Commercial & Industrial, US addressed loans - $100-250k 152 $26,005 $171,086
Commercial & Industrial, US addressed loans - $250k-1MM 161 $50,006 $310,596
Farmland loans - <$1MM 220 $36,616 $166,436
Farmland loans - <$100k 64 $2,031 $31,734
Farmland loans - $100-250k 72 $9,091 $126,264
Farmland loans - $250k-1MM 84 $25,494 $303,500
Agriculture operations loans - <$1MM 438 $46,045 $105,126
Agriculture operations loans - <$100k 248 $9,343 $37,673
Agriculture operations loans - $100-250k 112 $15,576 $139,071
Agriculture operations loans - $250k-1MM 78 $21,126 $270,846