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, Fort Smith, Beaumont, San Antonio, and Houston among others. We have data for 24 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 a below average pick rate when compared to similar lenders. Priority Bank is typically an average 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%	4/18/24
30 Year Conventional Refi	6.49%	4/18/24
30 Year Cash-out Refi	6.70%	4/18/24
30 Year FHA Purchase	6.94%	4/18/24
30 Year FHA Refi	6.68%	4/18/24
30 Year VA Purchase	6.09%	4/18/24
30 Year USDA Purchase	6.45%	4/18/24
15 Year Conventional Purchase	5.61%	4/18/24
15 Year Conventional Refi	6.25%	4/18/24
15 Year Cash-out Refi	6.25%	4/18/24
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

625

Origination Dollar Volume (All Markets)

$109,685,000

Employee count

Awards

Show all (2) 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)	477	$82,425,000	$172,799	$4,036	4.30%
FORT SMITH, AR-OK (FHA\|USDA\|VA)	36	$4,770,000	$132,500	$4,816	4.07%
BEAUMONT-PORT ARTHUR, TX (FHA\|USDA\|VA)	19	$4,265,000	$224,474	$6,045	4.97%
Outside of Metro Areas	24	$3,700,000	$154,167	$5,572	4.52%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA\|USDA\|VA)	15	$3,285,000	$219,000	$7,294	4.33%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	14	$2,860,000	$204,286	$6,319	4.49%
CORPUS CHRISTI, TX (FHA\|USDA\|VA)	12	$2,790,000	$232,500	$7,779	4.36%
Rockport, TX (FHA\|USDA\|VA)	5	$1,265,000	$253,000	$5,982	4.53%
Alice, TX (FHA\|USDA\|VA)	3	$735,000	$245,000	$10,568	4.00%
Pearsall, TX (FHA\|USDA\|VA)	3	$645,000	$215,000	$7,086	5.42%
COLLEGE STATION-BRYAN, TX (FHA\|USDA\|VA)	3	$495,000	$165,000	$6,190	4.42%
LAKE CHARLES, LA (FHA\|USDA\|VA)	2	$400,000	$200,000	$4,207	6.00%
Beeville, TX (FHA\|USDA\|VA)	1	$295,000	$295,000	$5,822	5.00%
FARMINGTON, NM (FHA\|USDA\|VA)	1	$275,000	$275,000	$6,059	3.88%
Corsicana, TX (FHA\|USDA\|VA)	1	$275,000	$275,000	$10,109	3.38%
El Campo, TX (FHA\|USDA\|VA)	1	$245,000	$245,000	$6,719	4.25%
JACKSONVILLE, FL (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,988	3.25%
Talladega-Sylacauga, AL (FHA\|USDA\|VA)	1	$145,000	$145,000	$0	6.50%
ANNISTON-OXFORD, AL (FHA\|USDA\|VA)	1	$125,000	$125,000	$6,513	4.25%
Uvalde, TX (FHA\|USDA\|VA)	1	$125,000	$125,000	$0	6.75%
West Plains, MO (FHA\|USDA\|VA)	1	$125,000	$125,000	$3,850	3.75%
Russellville, AR (FHA\|USDA\|VA)	1	$95,000	$95,000	$2,930	4.50%
TYLER, TX (FHA\|USDA\|VA)	1	$95,000	$95,000	$3,580	4.25%
KNOXVILLE, TN (FHA\|USDA\|VA)	1	$65,000	$65,000	$0	5.50%

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

Their top states include:

Arkansas (FHA|USDA|VA)

Texas (FHA|USDA|VA)

Louisiana (FHA|USDA|VA)

New Mexico (FHA|USDA|VA)

Alabama (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.

FIRST WESTERN MORTGAGE, INC.
Similarity Rank: 522

First Security Bank
Similarity Rank: 560

Truity Federal Credit Union
Similarity Rank: 680

ARKANSAS Federal Credit Union
Similarity Rank: 864

Firstar Bank
Similarity Rank: 980

The First National Bank of Fort Smith
Similarity Rank: 1311

MID AMERICA MORTGAGE, INC.
Similarity Rank: 1976

Great Southern Bank
Similarity Rank: 2002

Farm Credit Services of Western Arkansas, ACA
Similarity Rank: 2002

BETTER MORTGAGE CORPORATION
Similarity Rank: 2260

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	286	$48,970,000	$171,224	$3,031	4.72%
FHA	186	$34,770,000	$186,935	$6,642	4.03%
USDA	102	$16,100,000	$157,843	$4,424	4.07%
VA	51	$9,845,000	$193,039	$4,256	3.88%

For 2019, Priority Bank's most frequently originated type of loan was Conventional, with 286 originations. Their 2nd most popular type was FHA, with 186 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	560	$99,390,000	$177,482	$4,592	4.28%
Refi	45	$7,675,000	$170,556	$3,571	4.88%
Cash Out Refi	20	$2,620,000	$131,000	$3,523	4.73%

For 2019, Priority Bank's most frequently cited loan purpose was Home Purchase, with 560 originations. The 2nd most popular reason was Refi, with 45 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	528	$95,650,000	$181,155	$4,750	4.14%
Other	45	$5,695,000	$126,556	$1,665	6.50%
15 Year	34	$5,250,000	$154,412	$3,072	3.94%
3 Year	8	$2,020,000	$252,500	$0	6.04%
20 Year	6	$770,000	$128,333	$5,015	4.56%
10 Year	2	$120,000	$60,000	$1,826	5.38%
5 Year	2	$180,000	$90,000	$0	5.95%

For 2019, Priority Bank's most frequently cited loan duration was 30 Year, with 528 originations. The 2nd most popular length was Other, with 45 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	299	$52,885,000	$176,873
$1k-2k	146	$23,140,000	$158,493
$2k-3k	96	$15,050,000	$156,771
$3k-4k	49	$12,095,000	$246,837
$4k-5k	6	$1,860,000	$310,000
$5k+	4	$1,020,000	$255,000

Priority Bank's average total fees were $4,750, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 299 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	275	$47,135,000	$171,400
3-4%	269	$50,145,000	$186,413
5-6%	41	$7,145,000	$174,268
6-7%	32	$4,100,000	$128,125
7-8%	5	$505,000	$101,000
2.5-3%	3	$655,000	$218,333

During 2019, Priority Bank's average interest rate for loans was 4.14%, while their most frequently originated rate bucket for loans was 4-5%, with 275 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	405	$63,245,000	$156,160	$4,201	4.28%
$200k-400k	156	$39,070,000	$250,449	$5,888	4.21%
$100,000 or less	57	$3,925,000	$68,860	$2,589	5.11%
$400k-600k	6	$2,590,000	$431,667	$3,724	3.92%
$600k-1MM	1	$855,000	$855,000	$0	5.50%

2019 saw Priority Bank place emphasis on $100k-200k loans with 405 originations, totaling $63,245,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	211	$34,955,000	$165,664	$4,547	4.32%
$50k or less	159	$21,875,000	$137,579	$4,277	4.30%
$75k-100k	112	$21,440,000	$191,429	$4,376	4.17%
$100k-150k	86	$19,590,000	$227,791	$5,324	4.44%
$150k-250k	31	$6,895,000	$222,419	$4,043	4.61%
$250k+	19	$3,155,000	$166,053	$3,153	4.41%

Priority Bank lent most frequently to those with incomes in the $50k-75k range, with 211 originations. The second most popular income band? $50k or less, with 159 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	143	$23,835,000	$166,678	$3,896	4.20%
30-36%	101	$17,975,000	$177,970	$4,596	4.28%
<20%	46	$6,830,000	$148,478	$2,933	4.47%
50-60%	43	$8,515,000	$198,023	$6,202	4.26%
42%	29	$5,545,000	$191,207	$5,148	4.13%
40%	25	$5,145,000	$205,800	$5,482	4.13%
41%	24	$4,600,000	$191,667	$4,688	4.32%
36%	22	$3,790,000	$172,273	$4,081	4.35%
38%	21	$3,575,000	$170,238	$4,601	4.24%
37%	20	$3,450,000	$172,500	$4,521	4.61%
47%	20	$3,730,000	$186,500	$4,964	4.43%
44%	18	$2,680,000	$148,889	$4,079	4.24%
45%	17	$2,815,000	$165,588	$4,245	4.39%
49%	17	$3,155,000	$185,588	$4,726	4.26%
43%	15	$2,795,000	$186,333	$4,606	4.10%
46%	14	$2,210,000	$157,857	$4,759	4.16%
39%	13	$2,325,000	$178,846	$4,968	4.10%
48%	12	$3,020,000	$251,667	$6,300	4.14%
>60%	2	$220,000	$110,000	$0	6.25%

Priority Bank lent most frequently to those with DTI ratios of 20-30%, with 143 originations. The next most common DTI ratio? 30-36%, with 101 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	543	$93,755,000	$172,661	$4,488	4.34%
Asian	33	$6,255,000	$189,545	$3,487	4.07%
Black	25	$4,805,000	$192,200	$5,609	4.35%
American Indian	11	$1,845,000	$167,727	$4,859	4.28%
Not applicable	6	$1,720,000	$286,667	$0	5.93%
Not provided	6	$1,140,000	$190,000	$4,687	3.94%
Native Hawaiian or Islander	1	$165,000	$165,000	$5,198	4.25%

Approval Rates

Total approvals of all applications
98.43%

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
89.92%

Priority Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
10544.29	1	$305,000	$305,000
NA	624	$109,380,000	$175,288

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	2	$110,000	$55,000
Single Family (1-4 Units):Site-Built	623	$109,575,000	$175,883

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	19	$1,735,000	$91,316	$2,455	4.96%
40-60%	29	$4,125,000	$142,241	$2,556	5.03%
60-80%	100	$16,130,000	$161,300	$3,367	4.60%
80-100%	456	$84,250,000	$184,759	$4,869	4.20%
Over 100%	16	$3,340,000	$208,750	$6,094	3.95%
Under 20%	5	$105,000	$21,000	$844	6.75%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Priority Bank	3401 East Mission Blvd Fayetteville, AR 72703	Full Service B&M	$8,236
Priority Bank	400 West Commercial Street Ozark, AR 72949	Full Service B&M	$40,010
Priority Bank	703 East Douglas Street Prairie Grove, AR 72753	Full Service B&M	$9,519

For 2019, Priority Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$5,213
Net interest income	$3,422
Total noninterest income	$3,736
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$19
Trading account gains and fees	$0
Additional Noninterest Income	$3,717
Pre-tax net operating income	$2,019
Securities gains (or losses, -)	$0
Income before extraordinary items	$2,019
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$2,019
Minority interest net income	$0
Net income	$2,019
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$2,019

Priority Bank's gross interest income from loans was $5,213,000.
Priority Bank's net interest income from loans was $3,422,000.
Priority Bank's fee based income from loans was $19,000.
Priority Bank's net income from loans was $2,019,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,791
Provision for credit losses	$0
Total noninterest expense	$5,139
Salaries and employee benefits	$3,254
Premises and equipment expense	$307
Additional noninterest expense	$1,578
Applicable income taxes	$0
Net charge-offs	$-17
Cash dividends	$1,800

Priority Bank's interest expense for loans was $1,791,000.
Priority Bank's payroll and benefits expense were $3,254,000.
Priority Bank's property, plant and equipment expenses $307,000.

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	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	$58,604
Deposits held in domestic offices	$58,604
Deposits by Individuals, partnerships, and corporations	$39,205
Deposits by U.S. Government	$7,250
Deposits by States and political subdivisions in the U.S.	$348
Deposits by Commercial banks and other depository institutions in U.S.	$11,801
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$12,416
Demand deposits	$7,245
Nontransaction accounts	$46,188
Money market deposit accounts (MMDAs)	$5,344
Other savings deposits (excluding MMDAs)	$1,491
Total time deposits	$39,353
Total time and savings deposits	$51,359
Noninterest-bearing deposits	$7,245
Interest-bearing deposits	$51,359
Retail deposits	$53,232
IRAs and Keogh plan accounts	$987
Brokered deposits	$1,015
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$92,843
Cash & Balances due from depository institutions	$6,276
Interest-bearing balances	$5,801
Total securities	$169
Federal funds sold & reverse repurchase	$0
Net loans and leases	$82,471
Loan and leases loss allowance	$1,166
Trading account assets	$0
Bank premises and fixed assets	$1,135
Other real estate owned	$495
Goodwill and other intangibles	$202
All other assets	$2,095

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$92,843
Total Liabilities	$85,213
Total deposits	$58,604
Interest-bearing deposits	$51,359
Deposits held in domestic offices	$58,604
% insured (estimated)	$91
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$26,412
Subordinated debt	$0
All other liabilities	$197

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$82,471
Loan and leases loss allowance	$1,166
Total loans and leases (domestic)	$83,637
All real estate loans	$78,674
Real estate loans in domestic offices	$78,674
Construction and development loans	$7,434
Residential 1-4 family construction	$5,247
Other construction, all land development and other land	$2,187
Loans secured by nonfarm nonresidential properties	$1,479
Nonfarm nonresidential secured by owner-occupied properties	$1,479
Commercial real estate & other non-farm, non-residential	$0
Multifamily residential real estate	$0
1-4 family residential loans	$66,565
Farmland loans	$3,196
Loans held in foreign offices	$0
Farm loans	$639
Commercial and industrial loans	$3,129
To non-U.S. addressees	$0
Loans to individuals	$1,195
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$332
Other loans to individuals	$863
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 $82,471,000 of loans outstanding in 2019. $78,674,000 of loans were in real estate loans. $7,434,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $66,565,000 of loans were in 1-4 family mortgage loans. $639,000 of loans were in farm loans. $0 of loans were in credit card loans. $332,000 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	9	$1,479	$164,333
Nonfarm, nonresidential loans - <$100k	1	$67	$67,000
Nonfarm, nonresidential loans - $100-250k	6	$755	$125,833
Nonfarm, nonresidential loans - $250k-1MM	2	$657	$328,500
Commercial & Industrial, US addressed loans - <$1MM	36	$3,129	$86,917
Commercial & Industrial, US addressed loans - <$100k	27	$619	$22,926
Commercial & Industrial, US addressed loans - $100-250k	5	$439	$87,800
Commercial & Industrial, US addressed loans - $250k-1MM	4	$2,071	$517,750
Farmland loans - <$1MM	22	$2,354	$107,000
Farmland loans - <$100k	11	$475	$43,182
Farmland loans - $100-250k	10	$1,482	$148,200
Farmland loans - $250k-1MM	1	$397	$397,000
Agriculture operations loans - <$1MM	16	$639	$39,938
Agriculture operations loans - <$100k	14	$269	$19,214
Agriculture operations loans - $100-250k	2	$370	$185,000