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

Sioux Falls, SD

LEI: Q107R4XFOZ6F6K73C488

Tax ID: 46-0189380

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

Review & 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 by origination volume include: Sioux Falls, Spirit Lake, Brookings, Spearfish, and Brainerd among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

The First National Bank In Sioux Falls has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. The First National Bank In Sioux Falls 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
30 Year Conventional Purchase	6.24%	12/16/24
30 Year Conventional Refi	6.09%	12/16/24
30 Year Cash-out Refi	6.19%	12/16/24
15 Year Conventional Purchase	5.71%	12/16/24
15 Year Conventional Refi	5.54%	12/16/24
15 Year Cash-out Refi	5.54%	12/16/24
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.

The First National Bank In Sioux Falls Mortgage Calculator

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

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

Show all (3) 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)	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.

Their top states include:

South Dakota (FHA|USDA|VA)

Iowa (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Similar Lenders

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

SIOUX FALLS
Similarity Rank: 376

The First National Bank in Sioux Falls
Similarity Rank: 434

Dacotah Bank
Similarity Rank: 805

American State Bank
Similarity Rank: 817

CU MORTGAGE DIRECT, LLC
Similarity Rank: 845

American Bank & Trust
Similarity Rank: 888

IOWA BANKERS MORTGAGE CORPORATION
Similarity Rank: 1501

BLACK HILLS FEDERAL CREDIT UNION
Similarity Rank: 1560

BANKWEST, INC.
Similarity Rank: 1696

First Dakota National Bank
Similarity Rank: 2009

Product Mix

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

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

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, The First National Bank In Sioux Falls's most frequently cited loan purpose was Home Purchase, with 174 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	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 2021, The First National Bank In Sioux Falls's most frequently cited loan duration was 30 Year, with 183 originations. The 2nd most popular length was 15 Year, with 121 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$2k-3k	122	$24,970,000	$204,672
$3k-4k	73	$21,685,000	$297,055
$1k-2k	69	$7,875,000	$114,130
$5k+	62	$39,140,000	$631,290
$<1k	56	$10,050,000	$179,464
$4k-5k	43	$17,795,000	$413,837

The First National Bank In Sioux Falls's average total fees were $4,610, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.75%, while their most frequently originated rate bucket for loans was <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
99.27%

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
91.28%

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	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
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

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