Spiritbank Mortgage Rates, Fees & Info

Tulsa, OK

LEI: 549300HUGQ1D4T4GJH13

Tax ID: 73-0126338

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

Review & Overview

Spiritbank is a smaller bank specializing in Home Purchase and Refi loans. Spiritbank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Tulsa, Oklahoma City, Stillwater, Las Cruces, and San Angelo among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Spiritbank 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. Spiritbank 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	6.85%	4/28/24
30 Year Conventional Refi	6.65%	4/28/24
30 Year Cash-out Refi	6.76%	4/28/24
30 Year FHA Purchase	7.45%	4/28/24
30 Year VA Purchase	6.20%	4/28/24
15 Year Conventional Purchase	6.39%	4/28/24
15 Year Conventional Refi	5.65%	4/28/24
15 Year Cash-out Refi	5.65%	4/28/24
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.

Spiritbank Mortgage Calculator

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This is not an official calculator from Spiritbank. 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

233

Origination Dollar Volume (All Markets)

$40,865,000

Employee count

137

Awards

Show all (1) 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
TULSA, OK (FHA\|USDA\|VA)	208	$31,400,000	$150,962	$4,572	5.16%
OKLAHOMA CITY, OK (FHA\|USDA\|VA)	12	$6,550,000	$545,833	$3,968	5.05%
Outside of Metro Areas	6	$1,790,000	$298,333	$3,562	5.13%
Stillwater, OK (FHA\|USDA\|VA)	3	$595,000	$198,333	$4,248	4.79%
LAS CRUCES, NM (FHA\|USDA\|VA)	1	$155,000	$155,000	$1,405	6.25%
SAN ANGELO, TX (FHA\|USDA\|VA)	1	$135,000	$135,000	$1,259	4.75%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,705	4.50%
FORT SMITH, AR-OK (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,459	4.38%

Spiritbank's top markets include Tulsa, Oklahoma City, Stillwater, Las Cruces, and San Angelo among others.

Their top states include:

Oklahoma (FHA|USDA|VA)

Arkansas (FHA|USDA|VA)

New Mexico (FHA|USDA|VA)

Texas (FHA|USDA|VA)

Nevada (FHA|USDA|VA)

Similar Lenders

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

Tulsa Federal Credit Union
Similarity Rank: 42

RED CROWN
Similarity Rank: 66

MORTGAGE CLEARING CORPORATION
Similarity Rank: 192

Central Bank of Oklahoma
Similarity Rank: 294

TTCU Federal Credit Union
Similarity Rank: 297

The First State Bank
Similarity Rank: 306

Truity Federal Credit Union
Similarity Rank: 656

Mabrey Bank
Similarity Rank: 748

American Bank of Oklahoma
Similarity Rank: 880

COMMUNICATION
Similarity Rank: 1040

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	145	$28,355,000	$195,552	$3,316	5.29%
FHA	71	$9,795,000	$137,958	$5,979	4.92%
VA	13	$2,295,000	$176,538	$4,960	4.94%
USDA	4	$420,000	$105,000	$4,250	4.63%

For 2018, Spiritbank's most frequently originated type of loan was Conventional, with 145 originations. Their 2nd most popular type was FHA, with 71 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	182	$30,450,000	$167,308	$4,857	5.02%
Refi	35	$9,355,000	$267,286	$3,044	5.59%
Home Improvement	11	$815,000	$74,091	$1,219	5.75%
Other	4	$110,000	$27,500	$480	6.08%
Cash Out Refi	1	$135,000	$135,000	$4,680	3.75%

For 2018, Spiritbank's most frequently cited loan purpose was Home Purchase, with 182 originations. The 2nd most popular reason was Refi, with 35 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	159	$26,115,000	$164,245	$4,918	4.92%
10 Year	24	$3,760,000	$156,667	$1,929	5.38%
Other	15	$1,415,000	$94,333	$1,974	6.15%
15 Year	15	$2,025,000	$135,000	$3,217	5.54%
20 Year	9	$2,555,000	$283,889	$3,001	5.76%
5 Year	7	$4,145,000	$592,143	$8,884	5.65%
1 Year	2	$480,000	$240,000	$3,100	5.05%
30+ year	1	$125,000	$125,000	$3,101	4.75%
3 Year	1	$245,000	$245,000	$0	6.75%

For 2018, Spiritbank's most frequently cited loan duration was 30 Year, with 159 originations. The 2nd most popular length was 10 Year, with 24 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	125	$21,155,000	$169,240
$1k-2k	37	$6,895,000	$186,351
$2k-3k	14	$2,400,000	$171,429
$3k-4k	8	$2,910,000	$363,750
$4k-5k	2	$300,000	$150,000
$5k+	1	$345,000	$345,000

Spiritbank's average total fees were $4,918, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 125 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	118	$24,990,000	$211,780
5-6%	77	$9,265,000	$120,325
6-7%	25	$4,305,000	$172,200
3-4%	8	$1,810,000	$226,250
7-8%	5	$495,000	$99,000

During 2018, Spiritbank's average interest rate for loans was 4.92%, while their most frequently originated rate bucket for loans was 4-5%, with 118 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	96	$13,980,000	$145,625	$4,801	4.93%
$100,000 or less	79	$5,245,000	$66,392	$3,140	5.63%
$200k-400k	48	$12,180,000	$253,750	$4,942	4.81%
$400k-600k	5	$2,285,000	$457,000	$4,515	4.86%
$1MM+	3	$5,615,000	$1,871,667	$10,542	5.25%
$600k-1MM	2	$1,560,000	$780,000	$6,336	5.44%

2018 saw Spiritbank place emphasis on $100k-200k loans with 96 originations, totaling $13,980,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	52	$7,340,000	$141,154	$4,283	5.05%
$50k or less	52	$5,480,000	$105,385	$4,622	5.04%
$100k-150k	41	$6,605,000	$161,098	$4,662	5.17%
$75k-100k	33	$5,285,000	$160,152	$4,713	5.12%
$150k-250k	16	$3,060,000	$191,250	$3,212	5.13%
$250k+	13	$7,495,000	$576,538	$5,118	5.25%

Spiritbank lent most frequently to those with incomes in the $50k-75k range, with 52 originations. The second most popular income band? $50k or less, with 52 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	44	$9,850,000	$223,864	$3,998	5.23%
20-30%	38	$6,120,000	$161,053	$3,677	4.87%
<20%	22	$2,620,000	$119,091	$3,353	5.11%
50-60%	9	$2,245,000	$249,444	$6,569	5.08%
37%	9	$965,000	$107,222	$4,673	5.03%
41%	9	$1,755,000	$195,000	$4,667	5.19%
42%	9	$1,615,000	$179,444	$5,134	4.94%
49%	9	$1,275,000	$141,667	$6,283	4.85%
36%	7	$895,000	$127,857	$3,953	4.73%
44%	7	$1,225,000	$175,000	$5,315	4.75%
46%	6	$890,000	$148,333	$5,779	4.85%
43%	6	$870,000	$145,000	$4,746	4.96%
45%	5	$845,000	$169,000	$4,037	5.00%
48%	4	$720,000	$180,000	$5,653	4.97%
39%	4	$780,000	$195,000	$4,000	4.69%
40%	3	$835,000	$278,333	$5,812	4.83%
47%	3	$475,000	$158,333	$4,155	4.79%
38%	2	$580,000	$290,000	$6,493	4.44%

Spiritbank lent most frequently to those with DTI ratios of 30-36%, with 44 originations. The next most common DTI ratio? 20-30%, with 38 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	143	$24,635,000	$172,273	$4,100	5.11%
Not applicable	20	$4,310,000	$215,500	$0	5.65%
Black	31	$4,265,000	$137,581	$5,696	5.27%
Not provided	15	$3,015,000	$201,000	$4,569	4.93%
American Indian	17	$2,655,000	$156,176	$4,296	5.07%
Asian	6	$1,860,000	$310,000	$5,832	4.46%
Native Hawaiian or Islander	1	$125,000	$125,000	$5,013	5.50%

Approval Rates

Total approvals of all applications
93.79%

Spiritbank has an average approval rate.

Pick Rate

Approvals leading to origination
83.69%

Spiritbank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	233	$40,865,000	$175,386

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	1	$1,345,000	$1,345,000
Single Family (1-4 Units):Manufactured	3	$325,000	$108,333
Single Family (1-4 Units):Site-Built	229	$39,195,000	$171,157

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	12	$1,360,000	$113,333	$1,846	5.66%
40-60%	9	$1,235,000	$137,222	$3,472	5.54%
60-80%	53	$9,905,000	$186,887	$3,921	5.36%
80-100%	146	$27,250,000	$186,644	$4,989	4.97%
Over 100%	3	$535,000	$178,333	$8,612	5.13%
Under 20%	10	$580,000	$58,000	$763	5.72%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
Shapiro, DiCaro & Barak, LLC	Other type of mortgage	Trouble during payment process	2	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
SpiritBank	106 N Main Bristow, OK 74010	Full Service B&M	$74,017
SpiritBank	1315 East Taft Sapulpa, OK 74066	Full Service B&M	$51,043
SpiritBank	1800 S. Baltimore Tulsa, OK 74119	Full Service B&M	$192,417
SpiritBank	3800 West 71st Street South Tulsa, OK 74132	Full Service B&M	$8,878
SpiritBank	400 North Mission Sapulpa, OK 74066	Limited, Drive-thru	$0
SpiritBank	4815 South Harvard, Suite 100 Tulsa, OK 74135	Full Service B&M	$155,616
SpiritBank	9618 South Memorial Tulsa, OK 74133	Full Service B&M	$43,248

For 2018, Spiritbank had 7 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$26,185
Net interest income	$20,488
Total noninterest income	$3,596
Gross Fiduciary activities income	$17
Service charges on deposit accounts	$966
Trading account gains and fees	$0
Additional Noninterest Income	$2,613
Pre-tax net operating income	$5,958
Securities gains (or losses, -)	$0
Income before extraordinary items	$6,599
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$6,599
Minority interest net income	$0
Net income	$6,599
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$6,599

Spiritbank's gross interest income from loans was $26,185,000.
Spiritbank's net interest income from loans was $20,488,000.
Spiritbank's fee based income from loans was $966,000.
Spiritbank's net income from loans was $6,599,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$5,697
Provision for credit losses	$-4,725
Total noninterest expense	$22,851
Salaries and employee benefits	$11,369
Premises and equipment expense	$4,432
Additional noninterest expense	$7,050
Applicable income taxes	$-641
Net charge-offs	$-4,482
Cash dividends	$0

Spiritbank's interest expense for loans was $5,697,000.
Spiritbank's payroll and benefits expense were $11,369,000.
Spiritbank's property, plant and equipment expenses $4,432,000.

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	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	5.0%
HELOC loans	0.0%
All other family	5.0%
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	$575,947
Deposits held in domestic offices	$575,947
Deposits by Individuals, partnerships, and corporations	$429,390
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$53,760
Deposits by Commercial banks and other depository institutions in U.S.	$92,796
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$36,017
Demand deposits	$19,091
Nontransaction accounts	$539,929
Money market deposit accounts (MMDAs)	$31,926
Other savings deposits (excluding MMDAs)	$228,773
Total time deposits	$279,230
Total time and savings deposits	$556,855
Noninterest-bearing deposits	$112,995
Interest-bearing deposits	$462,952
Retail deposits	$318,282
IRAs and Keogh plan accounts	$4,649
Brokered deposits	$211,390
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$663,644
Cash & Balances due from depository institutions	$62,629
Interest-bearing balances	$52,868
Total securities	$62,035
Federal funds sold & reverse repurchase	$373
Net loans and leases	$491,245
Loan and leases loss allowance	$7,663
Trading account assets	$0
Bank premises and fixed assets	$16,943
Other real estate owned	$11,959
Goodwill and other intangibles	$814
All other assets	$17,646

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$663,644
Total Liabilities	$593,090
Total deposits	$575,947
Interest-bearing deposits	$462,952
Deposits held in domestic offices	$575,947
% insured (estimated)	$86
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$12,616
Subordinated debt	$0
All other liabilities	$4,527

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$491,245
Loan and leases loss allowance	$7,663
Total loans and leases (domestic)	$498,908
All real estate loans	$400,766
Real estate loans in domestic offices	$400,766
Construction and development loans	$120,886
Residential 1-4 family construction	$29,854
Other construction, all land development and other land	$91,032
Loans secured by nonfarm nonresidential properties	$207,687
Nonfarm nonresidential secured by owner-occupied properties	$67,247
Commercial real estate & other non-farm, non-residential	$140,440
Multifamily residential real estate	$10,890
1-4 family residential loans	$59,776
Farmland loans	$1,527
Loans held in foreign offices	$0
Farm loans	$116
Commercial and industrial loans	$77,621
To non-U.S. addressees	$0
Loans to individuals	$10,587
Credit card loans	$0
Related Plans	$27
Consumer Auto Loans	$3,626
Other loans to individuals	$6,934
All other loans & leases	$9,818
Loans to foreign governments and official institutions	$0
Other loans	$9,818
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$8,539
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$6,758
Non 1-4 family restructured loans & leases	$6,758
Total loans and leases (foreign)	$0

SpiritBank had $491,245,000 of loans outstanding in 2018. $400,766,000 of loans were in real estate loans. $120,886,000 of loans were in development loans. $10,890,000 of loans were in multifamily mortgage loans. $59,776,000 of loans were in 1-4 family mortgage loans. $116,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,626,000 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	104	$35,836	$344,577
Nonfarm, nonresidential loans - <$100k	21	$957	$45,571
Nonfarm, nonresidential loans - $100-250k	25	$2,585	$103,400
Nonfarm, nonresidential loans - $250k-1MM	58	$32,294	$556,793
Commercial & Industrial, US addressed loans - <$1MM	256	$28,135	$109,902
Commercial & Industrial, US addressed loans - <$100k	143	$3,199	$22,371
Commercial & Industrial, US addressed loans - $100-250k	49	$5,810	$118,571
Commercial & Industrial, US addressed loans - $250k-1MM	64	$19,126	$298,844
Farmland loans - <$1MM	12	$910	$75,833
Farmland loans - <$100k	8	$334	$41,750
Farmland loans - $100-250k	3	$349	$116,333
Farmland loans - $250k-1MM	1	$227	$227,000
Agriculture operations loans - <$1MM	5	$116	$23,200
Agriculture operations loans - <$100k	5	$116	$23,200