Priority Bank Mortgage Rates, Fees & Info

Fayetteville, AR

LEI: 549300D3IKJ7KU3SH574

Tax ID: 71-0734575

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Priority Bank is a smaller bank specializing in Home Purchase loans. Priority Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Fayetteville, Fort Smith, San Antonio, Corpus Christi, and Beaumont among others. Priority Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Priority Bank is typically an average fee lendor.


Originations

665

Origination Dollar Volume (All Markets)

$140,335,000

Employee count

38 Show all (6) awards

Relative Rate

Priority Bank's average 30 year fixed rate mortgage of loans were 2.82%.

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

This yields a difference of -0.33%.

Relative Fees

Priority Bank's average total fees for a 30 year fixed rate mortgage are $4,897.

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
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 571 $122,615,000 $214,737 $4,594 2.87%
FORT SMITH, AR-OK (FHA|USDA|VA) 46 $6,400,000 $139,130 $4,855 3.09%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 10 $2,440,000 $244,000 $6,716 2.84%
Outside of Metro Areas 9 $1,805,000 $200,556 $5,687 2.68%
CORPUS CHRISTI, TX (FHA|USDA|VA) 4 $1,120,000 $280,000 $8,834 2.66%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 4 $1,110,000 $277,500 $10,041 2.63%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $530,000 $265,000 $3,851 2.88%
LAKE CHARLES, LA (FHA|USDA|VA) 2 $480,000 $240,000 $6,799 2.75%
Rockport, TX (FHA|USDA|VA) 1 $415,000 $415,000 $4,006 2.25%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $415,000 $415,000 $5,786 4.25%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $395,000 $395,000 $5,910 3.13%
Alice, TX (FHA|USDA|VA) 2 $390,000 $195,000 $8,456 2.38%
Russellville, AR (FHA|USDA|VA) 2 $360,000 $180,000 $4,613 3.25%
Beeville, TX (FHA|USDA|VA) 1 $315,000 $315,000 $11,859 2.25%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $310,000 $155,000 $5,386 2.38%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $265,000 $265,000 $2,565 2.50%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $265,000 $265,000 $11,946 2.38%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $165,000 $165,000 $3,512 2.88%
PINE BLUFF, AR (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.88%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $145,000 $145,000 $4,711 3.38%
HOT SPRINGS, AR (FHA|USDA|VA) 1 $135,000 $135,000 $2,771 3.00%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $115,000 $115,000 $0 4.50%

Priority Bank's top markets include Fayetteville, Fort Smith, San Antonio, Corpus Christi, and Beaumont among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 378 $77,690,000 $205,529 $3,262 3.09%
FHA 160 $36,140,000 $225,875 $7,306 2.58%
USDA 88 $16,470,000 $187,159 $5,138 2.66%
VA 39 $10,035,000 $257,308 $6,441 2.53%

For the 2021 period, Priority Bank's most frequently originated loan type of loans were Conventional, with 378 originations. Their 2nd most popular type is FHA, with 160 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 566 $119,860,000 $211,767 $4,899 2.82%
Refi 54 $10,390,000 $192,407 $3,894 3.06%
Cash Out Refi 42 $9,690,000 $230,714 $4,073 3.31%
Home Improvement 2 $70,000 $35,000 $887 4.50%
NA 1 $325,000 $325,000 $3,531 3.13%

For the 2021, Priority Bank's most frequently cited loan purpose of loans were Home Purchase, with 566 originations. The 2nd most popular reason of loans were Refi, with 54 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 597 $128,235,000 $214,799 $4,897 2.82%
15 Year 33 $7,235,000 $219,242 $3,341 2.34%
Other 14 $1,930,000 $137,857 $2,189 4.92%
3 Year 8 $1,110,000 $138,750 $0 4.83%
20 Year 6 $840,000 $140,000 $4,216 2.67%
5 Year 5 $615,000 $123,000 $887 4.85%
10 Year 2 $370,000 $185,000 $3,116 2.63%

For the 2021, Priority Bank's most frequently cited loan length of loans were 30 Year, with 597 originations. The 2nd most popular length of loans were 15 Year, with 33 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 491 $108,365,000 $220,703
$2k-3k 56 $8,640,000 $154,286
$3k-4k 44 $10,320,000 $234,545
$<1k 31 $6,385,000 $205,968
$5k+ 2 $590,000 $295,000

$4,897 of loans were Priority Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 491 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 346 $74,300,000 $214,740
<2.5% 182 $40,260,000 $221,209
3-4% 109 $21,865,000 $200,596
4-5% 19 $2,735,000 $143,947
5-6% 9 $1,175,000 $130,556

During 2021, Priority Bank's average interest rate of loans were 2.82%, while their most frequently originated rate bucket of loans were 2.5-3%, with 346 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 352 $86,690,000 $246,278 $5,292 2.76%
$100k-200k 281 $45,975,000 $163,612 $4,030 2.98%
$100,000 or less 19 $1,405,000 $73,947 $3,201 3.64%
$400k-600k 13 $6,265,000 $481,923 $6,044 2.66%

2021 saw Priority Bank place emphasis on $200k-400k loans with 352 originations, totaling $86,690,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 202 $41,240,000 $204,158 $4,869 2.79%
$50k or less 142 $24,990,000 $175,986 $4,920 2.84%
$100k-150k 130 $30,270,000 $232,846 $4,588 2.92%
$75k-100k 129 $29,405,000 $227,946 $4,887 2.85%
$150k-250k 43 $10,105,000 $235,000 $4,016 3.16%
$250k+ 17 $4,045,000 $237,941 $3,508 3.16%

Priority Bank lent most frequently to those with incomes in the $50k-75k range, with 202 originations. The second most popular income band? $50k or less, with 142 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 170 $35,350,000 $207,941 $4,186 2.87%
30-36% 126 $26,050,000 $206,746 $4,700 2.83%
<20% 78 $16,180,000 $207,436 $3,431 2.83%
43% 28 $6,440,000 $230,000 $5,554 2.76%
50-60% 26 $6,100,000 $234,615 $7,514 2.55%
39% 25 $4,955,000 $198,200 $5,372 2.88%
40% 23 $5,275,000 $229,348 $4,814 3.03%
38% 21 $4,655,000 $221,667 $4,851 2.77%
37% 21 $4,295,000 $204,524 $4,557 2.95%
45% 21 $4,465,000 $212,619 $5,661 2.89%
41% 20 $4,030,000 $201,500 $4,971 2.75%
42% 18 $3,800,000 $211,111 $4,478 2.85%
46% 16 $4,380,000 $273,750 $5,911 2.82%
44% 14 $3,210,000 $229,286 $6,211 2.70%
36% 14 $2,830,000 $202,143 $4,814 2.73%
48% 10 $2,180,000 $218,000 $7,339 2.75%
47% 9 $2,125,000 $236,111 $6,703 2.65%
49% 7 $1,425,000 $203,571 $5,226 2.91%
>60% 1 $85,000 $85,000 $2,014 6.00%

Priority Bank lent most frequently to those with DTI ratios of 20-30%, with 170 originations. The next most common DTI ratio? 30-36%, with 126 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 567 $119,225,000 $210,273 $4,859 2.89%
Asian 69 $14,885,000 $215,725 $3,715 2.78%
Black 17 $3,835,000 $225,588 $5,415 2.82%
American Indian 5 $975,000 $195,000 $4,133 2.83%
Native Hawaiian 3 $665,000 $221,667 $6,236 2.63%
Asian Indian 2 $470,000 $235,000 $5,099 2.44%
Not applicable 2 $280,000 $140,000 $0 4.50%

Approval Rates

Total approvals of all applications
98.18%

Priority 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 origination
90.10%

Priority Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 665 $140,335,000 $211,030

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
665 $140,335,000 $211,030

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 15 $1,745,000 $116,333 $3,233 3.18%
40-60% 23 $4,165,000 $181,087 $3,048 3.19%
60-80% 136 $26,860,000 $197,500 $3,699 3.15%
80-100% 471 $102,945,000 $218,567 $4,990 2.78%
Over 100% 19 $4,595,000 $241,842 $8,594 2.59%
Under 20% 1 $25,000 $25,000 $887 5.00%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Priority Financial Services Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Priority Bank 3401 East Mission Blvd Fayetteville, AR 72703 Full Service B&M $9,267
Priority Bank 400 West Commercial Street Ozark, AR 72949 Full Service B&M $36,012
Priority Bank 703 East Douglas Street Prairie Grove, AR 72753 Full Service B&M $22,914

For 2021, Priority Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $4,749
Net interest income $3,732
Total noninterest income $5,861
Gross Fiduciary activities income $0
Service charges on deposit accounts $22
Trading account gains and fees $0
Additional Noninterest Income $5,839
Pre-tax net operating income $3,447
Securities gains (or losses, -) $0
Income before extraordinary items $3,447
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,447
Minority interest net income $0
Net income $3,447
Sale, conversion, retirement of capital stock, net $0
Net operating income $3,447

Priority Bank's gross interest income from loans was $4,749,000.
Priority Bank's net interest income from loans was $3,732,000.
Priority Bank's fee based income from loans was $22,000.
Priority Bank's net income from loans was $3,447,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,017
Provision for credit losses $100
Total noninterest expense $6,046
Salaries and employee benefits $3,841
Premises and equipment expense $388
Additional noninterest expense $1,817
Applicable income taxes $0
Net charge-offs $15
Cash dividends $3,325

Priority Bank's interest expense for loans was $1,017,000.
Priority Bank's payroll and benefits expense were $3,841,000.
Priority Bank's property, plant and equipment expenses $388,000.

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 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 0.0%
All other family 1.0%
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 $72,721
Deposits held in domestic offices $72,721
Deposits by Individuals, partnerships, and corporations $55,436
Deposits by U.S. Government $6,000
Deposits by States and political subdivisions in the U.S. $2,083
Deposits by Commercial banks and other depository institutions in U.S. $9,202
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $21,533
Demand deposits $12,532
Nontransaction accounts $51,188
Money market deposit accounts (MMDAs) $12,104
Other savings deposits (excluding MMDAs) $2,930
Total time deposits $36,154
Total time and savings deposits $60,189
Noninterest-bearing deposits $12,532
Interest-bearing deposits $60,189
Retail deposits $60,898
IRAs and Keogh plan accounts $1,195
Brokered deposits $4,000
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $96,005
Cash & Balances due from depository institutions $15,754
Interest-bearing balances $15,307
Total securities $1,965
Federal funds sold & reverse repurchase $0
Net loans and leases $74,239
Loan and leases loss allowance $1,427
Trading account assets $0
Bank premises and fixed assets $1,218
Other real estate owned $501
Goodwill and other intangibles $202
All other assets $2,126

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $96,005
Total Liabilities $86,804
Total deposits $72,721
Interest-bearing deposits $60,189
Deposits held in domestic offices $72,721
% insured (estimated) $87
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $13,637
Subordinated debt $0
All other liabilities $446

Issued Loan Types

Type Value (in 000's)
Net loans and leases $74,239
Loan and leases loss allowance $1,427
Total loans and leases (domestic) $75,666
All real estate loans $69,916
Real estate loans in domestic offices $69,916
Construction and development loans $5,936
Residential 1-4 family construction $2,716
Other construction, all land development and other land $3,220
Loans secured by nonfarm nonresidential properties $2,484
Nonfarm nonresidential secured by owner-occupied properties $2,484
Commercial real estate & other non-farm, non-residential $0
Multifamily residential real estate $0
1-4 family residential loans $59,311
Farmland loans $2,185
Loans held in foreign offices $0
Farm loans $705
Commercial and industrial loans $3,800
To non-U.S. addressees $0
Loans to individuals $1,245
Credit card loans $0
Related Plans $0
Consumer Auto Loans $581
Other loans to individuals $664
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Priority Bank had $74,239,000 of loans outstanding in 2021. $69,916,000 of loans were in real estate loans. $5,936,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $59,311,000 of loans were in 1-4 family mortgage loans. $705,000 of loans were in farm loans. $0 of loans were in credit card loans. $581,000 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 12 $2,484 $207,000
Nonfarm, nonresidential loans - $100-250k 7 $871 $124,429
Nonfarm, nonresidential loans - $250k-1MM 5 $1,613 $322,600
Commercial & Industrial, US addressed loans - <$1MM 44 $3,800 $86,364
Commercial & Industrial, US addressed loans - <$100k 29 $561 $19,345
Commercial & Industrial, US addressed loans - $100-250k 9 $951 $105,667
Commercial & Industrial, US addressed loans - $250k-1MM 6 $2,288 $381,333
Farmland loans - <$1MM 21 $1,806 $86,000
Farmland loans - <$100k 12 $502 $41,833
Farmland loans - $100-250k 8 $917 $114,625
Farmland loans - $250k-1MM 1 $387 $387,000
Agriculture operations loans - <$1MM 22 $705 $32,045
Agriculture operations loans - <$100k 19 $230 $12,105
Agriculture operations loans - $100-250k 3 $475 $158,333