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 and Refi loans. Priority Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Fayetteville, Fort Smith, Houston, Glenwood Springs, and Beaumont among others. We have data for 27 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 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%	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

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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

634

Origination Dollar Volume (All Markets)

$127,210,000

Employee count

Awards

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
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA\|USDA\|VA)	474	$91,500,000	$193,038	$4,657	3.20%
FORT SMITH, AR-OK (FHA\|USDA\|VA)	60	$8,700,000	$145,000	$4,784	3.28%
Outside of Metro Areas	19	$4,085,000	$215,000	$4,692	3.55%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	15	$3,535,000	$235,667	$9,128	3.03%
Glenwood Springs, CO (FHA\|USDA\|VA)	1	$3,005,000	$3,005,000	$0	3.99%
BEAUMONT-PORT ARTHUR, TX (FHA\|USDA\|VA)	14	$3,000,000	$214,286	$7,796	3.29%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA\|USDA\|VA)	13	$2,685,000	$206,538	$6,706	3.21%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	1	$1,555,000	$1,555,000	$61,037	3.99%
CORPUS CHRISTI, TX (FHA\|USDA\|VA)	5	$1,435,000	$287,000	$6,889	3.58%
Alice, TX (FHA\|USDA\|VA)	5	$1,325,000	$265,000	$7,603	2.98%
Rockport, TX (FHA\|USDA\|VA)	3	$1,095,000	$365,000	$9,257	3.58%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	5	$1,025,000	$205,000	$5,460	3.45%
Beeville, TX (FHA\|USDA\|VA)	2	$580,000	$290,000	$6,950	3.13%
LAKE CHARLES, LA (FHA\|USDA\|VA)	2	$490,000	$245,000	$8,300	2.44%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA\|USDA\|VA)	2	$460,000	$230,000	$6,395	3.50%
Brenham, TX (FHA\|USDA\|VA)	1	$445,000	$445,000	$9,756	2.50%
Athens, TX (FHA\|USDA\|VA)	2	$370,000	$185,000	$7,992	2.56%
Port Lavaca, TX (FHA\|USDA\|VA)	1	$285,000	$285,000	$6,129	3.25%
LONGVIEW, TX (FHA\|USDA\|VA)	1	$275,000	$275,000	$10,616	2.63%
Jennings, LA (FHA\|USDA\|VA)	1	$255,000	$255,000	$8,155	3.75%
COLLEGE STATION-BRYAN, TX (FHA\|USDA\|VA)	1	$225,000	$225,000	$9,546	3.13%
Pearsall, TX (FHA\|USDA\|VA)	1	$205,000	$205,000	$9,297	3.13%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA\|USDA\|VA)	1	$205,000	$205,000	$3,289	2.25%
KILLEEN-TEMPLE, TX (FHA\|USDA\|VA)	1	$195,000	$195,000	$9,243	3.75%
Branson, MO (FHA\|USDA\|VA)	1	$125,000	$125,000	$1,085	2.25%
PINE BLUFF, AR (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	5.75%
Tahlequah, OK (FHA\|USDA\|VA)	1	$35,000	$35,000	$0	5.75%

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

Their top states include:

Arkansas (FHA|USDA|VA)

Texas (FHA|USDA|VA)

Colorado (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Louisiana (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.

The First National Bank of Fort Smith
Similarity Rank: 732

FIRST WESTERN MORTGAGE, INC.
Similarity Rank: 837

First Security Bank
Similarity Rank: 1232

ARKANSAS Federal Credit Union
Similarity Rank: 1495

Truity Federal Credit Union
Similarity Rank: 1615

First National Bank
Similarity Rank: 1760

STANDARD MORTGAGE CORPORATION
Similarity Rank: 2211

Bank OZK
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COMMUNITY MORTGAGE CORPORATION
Similarity Rank: 2860

First Community Bank
Similarity Rank: 3034

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	345	$70,555,000	$204,507	$3,396	3.41%
FHA	170	$33,140,000	$194,941	$8,393	2.94%
USDA	89	$15,555,000	$174,775	$5,018	3.10%
VA	30	$7,960,000	$265,333	$5,606	3.09%

For 2020, Priority Bank's most frequently originated type of loan was Conventional, with 345 originations. Their 2nd most popular type was FHA, with 170 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	500	$95,920,000	$191,840	$5,110	3.22%
Refi	118	$26,680,000	$226,102	$4,944	3.21%
Cash Out Refi	13	$4,025,000	$309,615	$7,288	3.49%
Home Improvement	3	$585,000	$195,000	$5,712	3.17%

For 2020, Priority Bank's most frequently cited loan purpose was Home Purchase, with 500 originations. The 2nd most popular reason was Refi, with 118 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	548	$110,140,000	$200,985	$5,388	3.08%
15 Year	31	$6,175,000	$199,194	$3,200	2.77%
Other	29	$7,625,000	$262,931	$2,975	5.82%
3 Year	12	$1,440,000	$120,000	$703	5.10%
20 Year	8	$1,710,000	$213,750	$4,133	2.80%
10 Year	5	$25,000	$5,000	$0	2.88%
5 Year	1	$95,000	$95,000	$1,992	5.25%

For 2020, Priority Bank's most frequently cited loan duration was 30 Year, with 548 originations. The 2nd most popular length was 15 Year, with 31 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	343	$67,075,000	$195,554
$2k-3k	105	$16,865,000	$160,619
$3k-4k	79	$17,445,000	$220,823
$<1k	59	$12,015,000	$203,644
$4k-5k	21	$6,565,000	$312,619
$5k+	6	$2,130,000	$355,000

Priority Bank's average total fees were $5,388, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 343 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	267	$55,825,000	$209,082
2.5-3%	193	$36,555,000	$189,404
<2.5%	115	$25,615,000	$222,739
4-5%	33	$5,555,000	$168,333
5-6%	14	$1,850,000	$132,143
6-7%	11	$1,705,000	$155,000
7-8%	1	$105,000	$105,000

During 2020, Priority Bank's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 3-4%, with 267 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	364	$59,140,000	$162,473	$4,465	3.28%
$200k-400k	220	$54,840,000	$249,273	$6,238	3.03%
$100,000 or less	34	$1,920,000	$56,471	$2,552	3.85%
$400k-600k	13	$6,075,000	$467,308	$5,031	2.90%
$1MM+	2	$4,560,000	$2,280,000	$61,037	3.99%
$600k-1MM	1	$675,000	$675,000	$6,151	4.99%

2020 saw Priority Bank place emphasis on $100k-200k loans with 364 originations, totaling $59,140,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	164	$28,320,000	$172,683	$4,929	3.20%
$50k or less	152	$23,910,000	$157,303	$4,777	3.26%
$75k-100k	118	$24,170,000	$204,831	$6,497	3.11%
$100k-150k	104	$24,360,000	$234,231	$5,030	3.05%
$150k-250k	54	$13,580,000	$251,481	$3,761	3.34%
$250k+	35	$8,845,000	$252,714	$5,461	3.73%

Priority Bank lent most frequently to those with incomes in the $50k-75k range, with 164 originations. The second most popular income band? $50k or less, with 152 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	143	$28,255,000	$197,587	$4,155	3.10%
30-36%	114	$21,920,000	$192,281	$4,617	3.17%
<20%	68	$13,520,000	$198,824	$6,176	3.07%
38%	30	$5,660,000	$188,667	$4,590	3.06%
50-60%	30	$6,070,000	$202,333	$6,662	3.14%
39%	28	$5,750,000	$205,357	$5,538	2.93%
44%	26	$5,950,000	$228,846	$5,833	3.10%
40%	24	$4,580,000	$190,833	$4,901	3.13%
36%	20	$3,140,000	$157,000	$4,336	3.38%
41%	18	$3,830,000	$212,778	$4,414	3.10%
47%	18	$3,410,000	$189,444	$6,197	3.27%
42%	17	$3,095,000	$182,059	$4,740	3.59%
43%	17	$3,415,000	$200,882	$4,981	3.39%
45%	17	$3,565,000	$209,706	$5,791	3.25%
37%	15	$2,885,000	$192,333	$5,110	3.47%
49%	10	$3,450,000	$345,000	$11,495	3.32%
46%	7	$1,435,000	$205,000	$7,030	3.25%
48%	6	$1,240,000	$206,667	$6,551	2.94%
>60%	5	$925,000	$185,000	$3,943	3.73%

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 114 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	542	$106,920,000	$197,269	$5,262	3.24%
Asian	45	$8,715,000	$193,667	$3,701	2.90%
Black	24	$4,810,000	$200,417	$5,473	3.31%
Not applicable	7	$3,955,000	$565,000	$2,825	4.25%
American Indian	13	$2,205,000	$169,615	$4,519	3.13%
Native Hawaiian or Islander	2	$400,000	$200,000	$4,216	3.31%
Asian Indian	1	$205,000	$205,000	$2,745	2.75%

Approval Rates

Total approvals of all applications
97.21%

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
90.06%

Priority Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	634	$127,210,000	$200,647

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	2	$60,000	$30,000
Single Family (1-4 Units):Site-Built	632	$127,150,000	$201,187

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	7	$1,005,000	$143,571	$2,884	3.38%
40-60%	28	$4,520,000	$161,429	$3,613	3.26%
60-80%	147	$32,975,000	$224,320	$4,274	3.53%
80-100%	435	$86,365,000	$198,540	$5,049	3.12%
Over 100%	10	$2,280,000	$228,000	$28,435	2.94%
Under 20%	7	$65,000	$9,286	$117	3.77%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
Priority Financial Network	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	$10,955
Priority Bank	400 West Commercial Street Ozark, AR 72949	Full Service B&M	$34,857
Priority Bank	703 East Douglas Street Prairie Grove, AR 72753	Full Service B&M	$15,154

For 2020, Priority Bank had 3 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$5,345
Net interest income	$3,811
Total noninterest income	$4,266
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$15
Trading account gains and fees	$0
Additional Noninterest Income	$4,251
Pre-tax net operating income	$2,604
Securities gains (or losses, -)	$0
Income before extraordinary items	$2,604
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$2,604
Minority interest net income	$0
Net income	$2,604
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$2,604

Priority Bank's gross interest income from loans was $5,345,000.
Priority Bank's net interest income from loans was $3,811,000.
Priority Bank's fee based income from loans was $15,000.
Priority Bank's net income from loans was $2,604,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,534
Provision for credit losses	$160
Total noninterest expense	$5,313
Salaries and employee benefits	$3,425
Premises and equipment expense	$274
Additional noninterest expense	$1,614
Applicable income taxes	$0
Net charge-offs	$-16
Cash dividends	$1,200

Priority Bank's interest expense for loans was $1,534,000.
Priority Bank's payroll and benefits expense were $3,425,000.
Priority Bank's property, plant and equipment expenses $274,000.

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	$69,911
Deposits held in domestic offices	$69,911
Deposits by Individuals, partnerships, and corporations	$44,676
Deposits by U.S. Government	$6,000
Deposits by States and political subdivisions in the U.S.	$1,336
Deposits by Commercial banks and other depository institutions in U.S.	$17,899
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$16,642
Demand deposits	$9,796
Nontransaction accounts	$53,269
Money market deposit accounts (MMDAs)	$10,409
Other savings deposits (excluding MMDAs)	$1,902
Total time deposits	$40,958
Total time and savings deposits	$60,115
Noninterest-bearing deposits	$9,796
Interest-bearing deposits	$60,115
Retail deposits	$59,881
IRAs and Keogh plan accounts	$997
Brokered deposits	$4,000
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$102,559
Cash & Balances due from depository institutions	$7,568
Interest-bearing balances	$6,922
Total securities	$1,923
Federal funds sold & reverse repurchase	$0
Net loans and leases	$88,461
Loan and leases loss allowance	$1,342
Trading account assets	$0
Bank premises and fixed assets	$1,153
Other real estate owned	$1,139
Goodwill and other intangibles	$202
All other assets	$2,113

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$102,559
Total Liabilities	$93,522
Total deposits	$69,911
Interest-bearing deposits	$60,115
Deposits held in domestic offices	$69,911
% insured (estimated)	$90
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$23,237
Subordinated debt	$0
All other liabilities	$374

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$88,461
Loan and leases loss allowance	$1,342
Total loans and leases (domestic)	$89,803
All real estate loans	$85,076
Real estate loans in domestic offices	$85,076
Construction and development loans	$6,411
Residential 1-4 family construction	$3,668
Other construction, all land development and other land	$2,743
Loans secured by nonfarm nonresidential properties	$3,008
Nonfarm nonresidential secured by owner-occupied properties	$2,945
Commercial real estate & other non-farm, non-residential	$63
Multifamily residential real estate	$0
1-4 family residential loans	$72,529
Farmland loans	$3,128
Loans held in foreign offices	$0
Farm loans	$688
Commercial and industrial loans	$2,925
To non-U.S. addressees	$0
Loans to individuals	$1,114
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$474
Other loans to individuals	$640
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	$454
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 $88,461,000 of loans outstanding in 2020. $85,076,000 of loans were in real estate loans. $6,411,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $72,529,000 of loans were in 1-4 family mortgage loans. $688,000 of loans were in farm loans. $0 of loans were in credit card loans. $474,000 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	17	$3,007	$176,882
Nonfarm, nonresidential loans - <$100k	3	$127	$42,333
Nonfarm, nonresidential loans - $100-250k	9	$1,314	$146,000
Nonfarm, nonresidential loans - $250k-1MM	5	$1,566	$313,200
Commercial & Industrial, US addressed loans - <$1MM	45	$2,925	$65,000
Commercial & Industrial, US addressed loans - <$100k	36	$764	$21,222
Commercial & Industrial, US addressed loans - $100-250k	6	$570	$95,000
Commercial & Industrial, US addressed loans - $250k-1MM	3	$1,591	$530,333
Farmland loans - <$1MM	24	$2,707	$112,792
Farmland loans - <$100k	10	$454	$45,400
Farmland loans - $100-250k	13	$1,860	$143,077
Farmland loans - $250k-1MM	1	$393	$393,000
Agriculture operations loans - <$1MM	20	$688	$34,400
Agriculture operations loans - <$100k	18	$367	$20,389
Agriculture operations loans - $100-250k	2	$321	$160,500