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 an average proportion of FHA loans. Their top markets by origination volume include: Fayetteville, Fort Smith, San Antonio, Corpus Christi, and Beaumont among others. We have data for 22 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%	4/21/24
30 Year Conventional Refi	6.49%	4/21/24
30 Year Cash-out Refi	6.70%	4/21/24
30 Year FHA Purchase	6.94%	4/21/24
30 Year FHA Refi	6.68%	4/21/24
30 Year VA Purchase	6.09%	4/21/24
30 Year USDA Purchase	6.45%	4/21/24
15 Year Conventional Purchase	5.61%	4/21/24
15 Year Conventional Refi	6.25%	4/21/24
15 Year Cash-out Refi	6.25%	4/21/24
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:

Loan Amount:

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% Deposit:

Interest Rate:

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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

665

Origination Dollar Volume (All Markets)

$140,335,000

Employee count

Awards

Priority Bank 30 Year Conventional Loans bronze

Show all (6) 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)	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.

Their top states include:

Arkansas (FHA|USDA|VA)

Texas (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Louisiana (FHA|USDA|VA)

Florida (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: 561

Truity Federal Credit Union
Similarity Rank: 728

First Security Bank
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The Farmers & Merchants Bank
Similarity Rank: 784

The First National Bank of Fort Smith
Similarity Rank: 1540

ARKANSAS Federal Credit Union
Similarity Rank: 1608

Generations Bank
Similarity Rank: 1947

First National Bank
Similarity Rank: 2646

PLANET HOME LENDING, LLC
Similarity Rank: 2680

Equity Bank
Similarity Rank: 2773

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Priority Bank's most frequently originated type of loan was Conventional, with 378 originations. Their 2nd most popular type was FHA, with 160 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Priority Bank's most frequently cited loan purpose was Home Purchase, with 566 originations. The 2nd most popular reason was 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 2021, Priority Bank's most frequently cited loan duration was 30 Year, with 597 originations. The 2nd most popular length was 15 Year, with 33 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	491	$108,365,000	$220,703
$2k-3k	56	$8,640,000	$154,286
$3k-4k	33	$6,955,000	$210,758
$<1k	31	$6,385,000	$205,968
$4k-5k	11	$3,365,000	$305,909
$5k+	2	$590,000	$295,000

Priority Bank's average total fees were $4,897, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.82%, while their most frequently originated rate bucket for loans was 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 or Islander	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
99.46%

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
90.38%

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