Priority Bank Mortgage Rates, Fees & Info

Fayetteville, AR

LEI: 549300D3IKJ7KU3SH574

Tax ID: 71-0734575

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

Review & Overview

Priority Bank is a smaller bank specializing in Home Purchase loans. Priority Bank has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Fayetteville, Beaumont, Fort Smith, Houston, and San Antonio among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Priority Bank 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. Priority 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
30 Year Conventional Purchase	6.68%	12/16/24
30 Year Conventional Refi	6.49%	12/16/24
30 Year Cash-out Refi	6.70%	12/16/24
30 Year FHA Purchase	6.94%	12/16/24
30 Year FHA Refi	6.68%	12/16/24
30 Year VA Purchase	6.09%	12/16/24
30 Year USDA Purchase	6.45%	12/16/24
15 Year Conventional Purchase	5.61%	12/16/24
15 Year Conventional Refi	6.25%	12/16/24
15 Year Cash-out Refi	6.25%	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.

Priority Bank Mortgage Calculator

Purchase Price:

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This is not an official calculator from Priority 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

570

Origination Dollar Volume (All Markets)

$94,160,000

Employee count

Awards

Show all (7) 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
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA\|USDA\|VA)	414	$66,960,000	$161,739	$3,671	4.68%
Outside of Metro Areas	43	$6,875,000	$159,884	$5,131	4.82%
BEAUMONT-PORT ARTHUR, TX (FHA\|USDA\|VA)	24	$5,500,000	$229,167	$6,728	4.67%
FORT SMITH, AR-OK (FHA\|USDA\|VA)	36	$4,140,000	$115,000	$3,969	4.68%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	20	$4,090,000	$204,500	$5,209	4.47%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA\|USDA\|VA)	8	$1,680,000	$210,000	$4,060	4.38%
CORPUS CHRISTI, TX (FHA\|USDA\|VA)	5	$945,000	$189,000	$5,800	4.60%
Rockport, TX (FHA\|USDA\|VA)	3	$815,000	$271,667	$2,861	4.54%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	4	$630,000	$157,500	$4,619	4.47%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA\|USDA\|VA)	3	$595,000	$198,333	$5,401	4.71%
Pearsall, TX (FHA\|USDA\|VA)	2	$310,000	$155,000	$5,900	5.50%
El Campo, TX (FHA\|USDA\|VA)	1	$295,000	$295,000	$7,190	4.38%
Jennings, LA (FHA\|USDA\|VA)	1	$295,000	$295,000	$3,782	4.88%
LAKE CHARLES, LA (FHA\|USDA\|VA)	1	$255,000	$255,000	$8,978	4.50%
Fredericksburg, TX (FHA\|USDA\|VA)	1	$245,000	$245,000	$4,929	4.63%
COLLEGE STATION-BRYAN, TX (FHA\|USDA\|VA)	1	$235,000	$235,000	$9,886	4.38%
Bay City, TX (FHA\|USDA\|VA)	1	$135,000	$135,000	$6,260	4.25%
Athens, TX (FHA\|USDA\|VA)	1	$105,000	$105,000	$5,592	4.75%
Russellville, AR (FHA\|USDA\|VA)	1	$55,000	$55,000	$2,979	4.25%

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

Their top states include:

Arkansas (FHA|USDA|VA)

Texas (FHA|USDA|VA)

Louisiana (FHA|USDA|VA)

Alabama (FHA|USDA|VA)

Oklahoma (FHA|USDA|VA)

Similar Lenders

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

Citizens' Bank & Trust Co.
Similarity Rank: 108

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Generations Bank
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FIRST WESTERN MORTGAGE, INC.
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ARKANSAS Federal Credit Union
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First National Bank
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Equity Bank
Similarity Rank: 1978

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	230	$38,030,000	$165,348	$2,846	4.97%
FHA	199	$34,695,000	$174,347	$5,766	4.47%
USDA	95	$13,105,000	$137,947	$3,919	4.53%
VA	46	$8,330,000	$181,087	$2,867	4.45%

For 2018, Priority Bank's most frequently originated type of loan was Conventional, with 230 originations. Their 2nd most popular type was FHA, with 199 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	538	$89,370,000	$166,115	$4,114	4.65%
Refi	22	$3,450,000	$156,818	$3,575	5.06%
Cash Out Refi	8	$1,290,000	$161,250	$3,166	4.94%
Home Improvement	2	$50,000	$25,000	$762	6.88%

For 2018, Priority Bank's most frequently cited loan purpose was Home Purchase, with 538 originations. The 2nd most popular reason was Refi, with 22 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	511	$86,235,000	$168,757	$4,207	4.58%
Other	32	$4,080,000	$127,500	$2,333	6.36%
15 Year	18	$2,710,000	$150,556	$2,605	4.20%
20 Year	4	$610,000	$152,500	$4,162	4.44%
3 Year	3	$325,000	$108,333	$0	5.99%
10 Year	1	$85,000	$85,000	$3,248	4.00%
5 Year	1	$115,000	$115,000	$0	6.50%

For 2018, Priority Bank's most frequently cited loan duration was 30 Year, with 511 originations. The 2nd most popular length was Other, with 32 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	388	$65,420,000	$168,608
$2k-3k	78	$12,990,000	$166,538
$1k-2k	67	$7,865,000	$117,388
$3k-4k	18	$4,300,000	$238,889
$4k-5k	6	$1,790,000	$298,333
$5k+	2	$510,000	$255,000

Priority Bank's average total fees were $4,207, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 388 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	441	$74,675,000	$169,331
5-6%	54	$7,310,000	$135,370
3-4%	53	$9,085,000	$171,415
6-7%	15	$2,495,000	$166,333
7-8%	7	$595,000	$85,000

During 2018, Priority Bank's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 4-5%, with 441 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	401	$61,395,000	$153,105	$3,937	4.63%
$200k-400k	111	$27,325,000	$246,171	$5,184	4.63%
$100,000 or less	54	$3,720,000	$68,889	$2,691	5.14%
$400k-600k	4	$1,720,000	$430,000	$3,727	4.50%

2018 saw Priority Bank place emphasis on $100k-200k loans with 401 originations, totaling $61,395,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	209	$33,935,000	$162,368	$4,254	4.59%
$50k or less	151	$19,675,000	$130,298	$3,611	4.68%
$75k-100k	99	$17,975,000	$181,566	$4,301	4.72%
$100k-150k	83	$17,785,000	$214,277	$4,304	4.70%
$150k-250k	19	$2,955,000	$155,526	$3,526	5.14%
$250k+	7	$1,605,000	$229,286	$3,781	4.78%

Priority Bank lent most frequently to those with incomes in the $50k-75k range, with 209 originations. The second most popular income band? $50k or less, with 151 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	129	$20,855,000	$161,667	$3,775	4.71%
30-36%	120	$19,140,000	$159,500	$3,638	4.71%
50-60%	44	$8,030,000	$182,500	$5,324	4.53%
<20%	31	$3,985,000	$128,548	$3,316	4.72%
39%	28	$4,750,000	$169,643	$4,035	4.65%
37%	27	$4,195,000	$155,370	$4,418	4.75%
36%	20	$3,210,000	$160,500	$4,236	4.53%
43%	20	$3,180,000	$159,000	$3,896	4.49%
40%	19	$3,395,000	$178,684	$4,653	4.61%
44%	19	$3,015,000	$158,684	$3,571	4.61%
45%	19	$4,095,000	$215,526	$4,160	4.69%
38%	16	$2,670,000	$166,875	$4,831	4.82%
48%	14	$2,550,000	$182,143	$4,373	4.56%
46%	13	$2,365,000	$181,923	$4,641	4.79%
41%	13	$2,015,000	$155,000	$3,776	4.78%
42%	12	$1,950,000	$162,500	$4,632	4.55%
49%	11	$2,155,000	$195,909	$4,149	4.35%
47%	8	$1,530,000	$191,250	$5,249	4.75%
>60%	3	$575,000	$191,667	$8,361	4.88%

Priority Bank lent most frequently to those with DTI ratios of 20-30%, with 129 originations. The next most common DTI ratio? 30-36%, with 120 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	526	$86,220,000	$163,916	$4,018	4.68%
Black	25	$4,905,000	$196,200	$5,596	4.75%
Asian	13	$1,985,000	$152,692	$3,441	4.40%
Native Hawaiian or Islander	3	$545,000	$181,667	$3,646	4.46%
American Indian	2	$400,000	$200,000	$3,819	4.31%
Not applicable	1	$105,000	$105,000	$0	5.50%

Approval Rates

Total approvals of all applications
97.52%

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
90.00%

Priority Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	570	$94,160,000	$165,193

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	570	$94,160,000	$165,193

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	10	$620,000	$62,000	$1,660	5.70%
40-60%	26	$2,920,000	$112,308	$2,375	5.06%
60-80%	81	$12,795,000	$157,963	$3,068	4.97%
80-100%	440	$75,910,000	$172,523	$4,374	4.58%
Over 100%	10	$1,770,000	$177,000	$5,468	4.35%
Under 20%	3	$145,000	$48,333	$584	5.97%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Priority Bank	3401 East Mission Blvd Fayetteville, AR 72703	Full Service B&M	$8,622
Priority Bank	400 West Commercial Street Ozark, AR 72949	Full Service B&M	$29,949
Priority Bank	703 East Douglas Street Prairie Grove, AR 72753	Full Service B&M	$8,497

For 2018, Priority Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$4,752
Net interest income	$3,246
Total noninterest income	$3,062
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$16
Trading account gains and fees	$0
Additional Noninterest Income	$3,046
Pre-tax net operating income	$1,165
Securities gains (or losses, -)	$0
Income before extraordinary items	$1,165
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,165
Minority interest net income	$0
Net income	$1,165
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$1,165

Priority Bank's gross interest income from loans was $4,752,000.
Priority Bank's net interest income from loans was $3,246,000.
Priority Bank's fee based income from loans was $16,000.
Priority Bank's net income from loans was $1,165,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,506
Provision for credit losses	$0
Total noninterest expense	$5,143
Salaries and employee benefits	$3,122
Premises and equipment expense	$338
Additional noninterest expense	$1,683
Applicable income taxes	$0
Net charge-offs	$139
Cash dividends	$825

Priority Bank's interest expense for loans was $1,506,000.
Priority Bank's payroll and benefits expense were $3,122,000.
Priority Bank's property, plant and equipment expenses $338,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
Real Estate loans	2.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	2.0%
HELOC loans	0.0%
All other family	2.0%
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	$54,897
Deposits held in domestic offices	$54,897
Deposits by Individuals, partnerships, and corporations	$38,183
Deposits by U.S. Government	$7,250
Deposits by States and political subdivisions in the U.S.	$343
Deposits by Commercial banks and other depository institutions in U.S.	$9,121
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$11,018
Demand deposits	$6,736
Nontransaction accounts	$43,879
Money market deposit accounts (MMDAs)	$2,674
Other savings deposits (excluding MMDAs)	$1,113
Total time deposits	$40,090
Total time and savings deposits	$48,161
Noninterest-bearing deposits	$6,736
Interest-bearing deposits	$48,161
Retail deposits	$46,866
IRAs and Keogh plan accounts	$772
Brokered deposits	$4,015
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$84,168
Cash & Balances due from depository institutions	$5,144
Interest-bearing balances	$4,738
Total securities	$165
Federal funds sold & reverse repurchase	$0
Net loans and leases	$74,339
Loan and leases loss allowance	$1,149
Trading account assets	$0
Bank premises and fixed assets	$1,198
Other real estate owned	$1,089
Goodwill and other intangibles	$202
All other assets	$2,031

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$84,168
Total Liabilities	$76,761
Total deposits	$54,897
Interest-bearing deposits	$48,161
Deposits held in domestic offices	$54,897
% insured (estimated)	$92
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$21,630
Subordinated debt	$0
All other liabilities	$234

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$74,339
Loan and leases loss allowance	$1,149
Total loans and leases (domestic)	$75,488
All real estate loans	$70,572
Real estate loans in domestic offices	$70,572
Construction and development loans	$4,711
Residential 1-4 family construction	$2,122
Other construction, all land development and other land	$2,589
Loans secured by nonfarm nonresidential properties	$1,300
Nonfarm nonresidential secured by owner-occupied properties	$1,300
Commercial real estate & other non-farm, non-residential	$0
Multifamily residential real estate	$0
1-4 family residential loans	$63,250
Farmland loans	$1,311
Loans held in foreign offices	$0
Farm loans	$941
Commercial and industrial loans	$3,212
To non-U.S. addressees	$0
Loans to individuals	$759
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$356
Other loans to individuals	$403
All other loans & leases	$4
Loans to foreign governments and official institutions	$0
Other loans	$4
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$519
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 $74,339,000 of loans outstanding in 2018. $70,572,000 of loans were in real estate loans. $4,711,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $63,250,000 of loans were in 1-4 family mortgage loans. $941,000 of loans were in farm loans. $0 of loans were in credit card loans. $356,000 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	7	$1,300	$185,714
Nonfarm, nonresidential loans - <$100k	1	$69	$69,000
Nonfarm, nonresidential loans - $100-250k	4	$540	$135,000
Nonfarm, nonresidential loans - $250k-1MM	2	$691	$345,500
Commercial & Industrial, US addressed loans - <$1MM	32	$3,212	$100,375
Commercial & Industrial, US addressed loans - <$100k	23	$620	$26,957
Commercial & Industrial, US addressed loans - $100-250k	4	$369	$92,250
Commercial & Industrial, US addressed loans - $250k-1MM	5	$2,223	$444,600
Farmland loans - <$1MM	15	$1,311	$87,400
Farmland loans - <$100k	7	$236	$33,714
Farmland loans - $100-250k	8	$1,075	$134,375
Agriculture operations loans - <$1MM	16	$940	$58,750
Agriculture operations loans - <$100k	13	$341	$26,231
Agriculture operations loans - $100-250k	3	$599	$199,667