Priority Bank Mortgage Rates, Fees & Info

Fayetteville, AR

LEI: 549300D3IKJ7KU3SH574

Tax ID: 71-0734575

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Mortgage Data

Bank 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.68% 3/28/24
30 Year Conventional Refi 6.49% 3/28/24
30 Year Cash-out Refi 6.70% 3/28/24
30 Year FHA Purchase 6.94% 3/28/24
30 Year FHA Refi 6.68% 3/28/24
30 Year VA Purchase 6.09% 3/28/24
30 Year USDA Purchase 6.45% 3/28/24
15 Year Conventional Purchase 5.61% 3/28/24
15 Year Conventional Refi 6.25% 3/28/24
15 Year Cash-out Refi 6.25% 3/28/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

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

38

Awards

Priority Bank FHA Loans gold Priority Bank FHA Loans bronze Priority Bank FHA Loans silver
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)
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    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