Armstrong Bank Mortgage Rates, Fees & Info

Muskogee, OK

LEI: 549300O2D8BPO6PJRB90

Tax ID: 73-0496410

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Armstrong Bank is a smaller bank specializing in Home Purchase and Refi loans. Armstrong Bank 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 include Oklahoma City, Fort Smith, Fayetteville, Tulsa, and Tahlequah among others. Armstrong Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Armstrong Bank is typically an average fee lendor.


Originations

1,131

Origination Dollar Volume (All Markets)

$224,605,000

Employee count

441 Show all (11) awards

Relative Rate

Armstrong Bank's average 30 year fixed rate mortgage of loans were 3.05%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.1%.

Relative Fees

Armstrong Bank's average total fees for a 30 year fixed rate mortgage are $4,221.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
OKLAHOMA CITY, OK (FHA|USDA|VA) 301 $68,735,000 $228,355 $3,554 3.73%
FORT SMITH, AR-OK (FHA|USDA|VA) 344 $61,980,000 $180,174 $3,623 3.65%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 110 $36,560,000 $332,364 $3,621 4.04%
TULSA, OK (FHA|USDA|VA) 81 $13,235,000 $163,395 $4,113 4.16%
Outside of Metro Areas 82 $12,870,000 $156,951 $3,948 4.26%
Tahlequah, OK (FHA|USDA|VA) 88 $12,710,000 $144,432 $4,366 3.95%
Muskogee, OK (FHA|USDA|VA) 80 $11,240,000 $140,500 $3,502 3.67%
Bartlesville, OK (FHA|USDA|VA) 26 $3,140,000 $120,769 $3,925 4.38%
Breckenridge, CO (FHA|USDA|VA) 1 $1,295,000 $1,295,000 $0 4.00%
Ardmore, OK (FHA|USDA|VA) 2 $590,000 $295,000 $5,043 3.56%
Shawnee, OK (FHA|USDA|VA) 4 $510,000 $127,500 $3,481 5.02%
McAlester, OK (FHA|USDA|VA) 3 $375,000 $125,000 $7,930 4.73%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $315,000 $315,000 $0 3.75%
COLUMBUS, OH (FHA|USDA|VA) 1 $295,000 $295,000 $3,990 2.75%
VISALIA, CA (FHA|USDA|VA) 1 $215,000 $215,000 $4,001 7.30%
FORT COLLINS, CO (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.15%
Stillwater, OK (FHA|USDA|VA) 2 $160,000 $80,000 $2,840 4.01%
Searcy, AR (FHA|USDA|VA) 1 $65,000 $65,000 $2,538 3.88%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.50%
Miami, OK (FHA|USDA|VA) 1 $65,000 $65,000 $2,747 2.88%

Armstrong Bank's top markets include Oklahoma City, Fort Smith, Fayetteville, Tulsa, and Tahlequah among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 946 $193,620,000 $204,672 $3,278 4.06%
FHA 88 $13,410,000 $152,386 $5,695 2.81%
USDA 62 $10,170,000 $164,032 $4,601 2.68%
VA 35 $7,405,000 $211,571 $4,068 2.56%

For the 2021 period, Armstrong Bank's most frequently originated loan type of loans were Conventional, with 946 originations. Their 2nd most popular type is FHA, with 88 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 666 $133,990,000 $201,186 $3,926 3.80%
Refi 350 $75,870,000 $216,771 $3,648 3.79%
Home Improvement 54 $4,950,000 $91,667 $2,654 5.01%
Cash Out Refi 43 $8,035,000 $186,860 $3,789 2.96%
Other 18 $1,760,000 $97,778 $2,298 5.10%

For the 2021, Armstrong Bank's most frequently cited loan purpose of loans were Home Purchase, with 666 originations. The 2nd most popular reason of loans were Refi, with 350 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 487 $100,265,000 $205,883 $4,221 3.05%
20 Year 260 $56,360,000 $216,769 $2,968 4.67%
15 Year 187 $24,005,000 $128,369 $2,911 3.81%
Other 128 $35,040,000 $273,750 $2,550 4.68%
10 Year 34 $3,230,000 $95,000 $1,735 4.71%
1 Year 26 $5,310,000 $204,231 $1,517 4.63%
5 Year 9 $395,000 $43,889 $820 6.17%

For the 2021, Armstrong Bank's most frequently cited loan length of loans were 30 Year, with 487 originations. The 2nd most popular length of loans were 20 Year, with 260 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 510 $86,100,000 $168,824
$1k-2k 119 $17,545,000 $147,437
$2k-3k 49 $10,905,000 $222,551
$3k-4k 20 $6,980,000 $349,000
$5k+ 10 $6,530,000 $653,000

$4,221 of loans were Armstrong Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 510 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 312 $86,350,000 $276,763
4-5% 285 $48,445,000 $169,982
2.5-3% 249 $49,075,000 $197,088
<2.5% 145 $26,355,000 $181,759
5-6% 82 $9,350,000 $114,024
6-7% 26 $2,720,000 $104,615
Over 8% 22 $1,580,000 $71,818
7-8% 10 $730,000 $73,000

During 2021, Armstrong Bank's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 3-4%, with 312 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 428 $62,590,000 $146,238 $3,843 3.56%
$100,000 or less 350 $22,140,000 $63,257 $2,586 4.58%
$200k-400k 274 $74,410,000 $271,569 $4,270 3.41%
$400k-600k 51 $24,625,000 $482,843 $5,037 3.43%
$1MM+ 18 $33,210,000 $1,845,000 $8,058 3.93%
$600k-1MM 10 $7,630,000 $763,000 $10,191 3.92%

2021 saw Armstrong Bank place emphasis on $100k-200k loans with 428 originations, totaling $62,590,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 258 $30,840,000 $119,535 $3,423 3.59%
$50k-75k 219 $30,575,000 $139,612 $3,734 3.87%
$100k-150k 132 $25,260,000 $191,364 $3,626 3.74%
$75k-100k 129 $24,375,000 $188,953 $3,871 3.51%
$150k-250k 91 $23,215,000 $255,110 $4,433 3.74%
$250k+ 52 $18,490,000 $355,577 $4,597 4.07%

Armstrong Bank lent most frequently to those with incomes in the $50k or less range, with 258 originations. The second most popular income band? $50k-75k, with 219 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 192 $33,480,000 $174,375 $3,573 3.52%
30-36% 156 $27,210,000 $174,423 $3,924 3.59%
<20% 99 $16,905,000 $170,758 $3,361 3.62%
40% 35 $6,515,000 $186,143 $3,608 3.53%
36% 35 $6,035,000 $172,429 $3,996 3.25%
38% 33 $4,815,000 $145,909 $4,131 3.38%
39% 32 $5,630,000 $175,938 $3,609 3.51%
37% 32 $5,050,000 $157,813 $3,486 3.36%
42% 30 $4,810,000 $160,333 $3,625 4.40%
41% 28 $5,950,000 $212,500 $3,991 3.88%
44% 21 $3,425,000 $163,095 $4,182 3.44%
43% 20 $3,120,000 $156,000 $3,868 3.90%
48% 18 $3,290,000 $182,778 $3,968 3.42%
46% 15 $2,715,000 $181,000 $4,466 3.64%
50-60% 14 $2,080,000 $148,571 $3,588 4.95%
>60% 13 $2,365,000 $181,923 $2,195 4.96%
47% 12 $1,990,000 $165,833 $3,701 4.44%
45% 12 $1,880,000 $156,667 $4,279 3.34%
49% 6 $1,220,000 $203,333 $5,361 3.02%

Armstrong Bank lent most frequently to those with DTI ratios of 20-30%, with 192 originations. The next most common DTI ratio? 30-36%, with 156 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 696 $125,650,000 $180,532 $3,614 3.77%
Not applicable 244 $68,330,000 $280,041 $0 4.29%
American Indian 122 $17,890,000 $146,639 $4,289 3.48%
Asian 44 $7,870,000 $178,864 $3,001 3.49%
Black 23 $4,455,000 $193,696 $4,855 3.74%
Other Asian 1 $295,000 $295,000 $6,338 5.80%
Not provided 1 $115,000 $115,000 $0 4.26%

Approval Rates

Total approvals of all applications
91.14%

Armstrong Bank has an average approval rate.

Pick Rate

Approvals leading to origination
73.18%

Armstrong Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,131 $224,605,000 $198,590

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,131 $224,605,000 $198,590

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 71 $10,675,000 $150,352 $2,593 4.44%
40-60% 137 $20,775,000 $151,642 $3,190 4.11%
60-80% 381 $87,465,000 $229,567 $3,527 3.82%
80-100% 503 $101,775,000 $202,336 $4,191 3.61%
Over 100% 9 $1,925,000 $213,889 $6,527 2.61%
Under 20% 28 $1,760,000 $62,857 $1,175 5.78%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Armstrong Bank 12401 East 86th Street North Owasso, OK 74055 Full Service B&M $25,576
Armstrong Bank 4120 Rogers Avenue Fort Smith, AR 72903 Full Service B&M $38,638
Armstrong Bank 501 Harrison Street Pawnee, OK 74058 Full Service B&M $56,096
Armstrong Bank 501 South Second Street Stilwell, OK 74960 Full Service B&M $65,908
Armstrong Bank 525 North Osage Dewey, OK 74029 Full Service B&M $11,504
Armstrong Bank 650 S Cherokee St Catoosa, OK 74015 Full Service B&M $9,768
Armstrong Bank 800 West Ruth Sallisaw, OK 74955 Full Service B&M $90,033
Armstrong Bank 803 South Lee Street Fort Gibson, OK 74434 Full Service B&M $26,004
Armstrong Bank 805 North Main Street Noble, OK 73068 Full Service B&M $35,725
Armstrong Bank 810 North Campbell Avenue Warner, OK 74469 Full Service B&M $56,815
Armstrong Bank 810 Shawntel Smith Boulevard Muldrow, OK 74948 Full Service B&M $75,984
Armstrong Bank 8300 Phoenix Avenue Fort Smith, AR 72903 Full Service B&M $112,312
Armstrong Bank 9201 Highway 71 South Fort Smith, AR 72903 Full Service B&M $20,276
Armstrong Bank 102 West Schley Street Vian, OK 74962 Full Service B&M $54,491
Armstrong Bank 105 South Elm Oologah, OK 74053 Full Service B&M $12,819
Armstrong Bank 1111 West Gentry Checotah, OK 74426 Full Service B&M $51,550
Armstrong Bank 11671 South Western Avenue Oklahoma City, OK 73170 Full Service B&M $39,813
Armstrong Bank 118 North 11th Collinsville, OK 74021 Full Service B&M $22,173
Armstrong Bank 1200 East Lindsey Street Norman, OK 73071 Full Service B&M $40,374
Armstrong Bank 1215 W Okmulgee St Muskogee, OK 74401 Full Service B&M $242,294
Armstrong Bank 1301 S Waldron Rd. Fort Smith, AR 72903 Full Service B&M $0
Armstrong Bank 1364 East Downing Tahlequah, OK 74464 Full Service B&M $31,304
Armstrong Bank 1401 South Muskogee Tahlequah, OK 74464 Full Service B&M $151,633
Armstrong Bank 1500 State Highway 51 Wagoner, OK 74467 Full Service B&M $82,954
Armstrong Bank 1700 South Lynn Riggs Claremore, OK 74017 Full Service B&M $34,265
Armstrong Bank 1701 Se Washington Boulevard Bartlesville, OK 74006 Full Service B&M $39,039
Armstrong Bank 2520 E. Chandler Muskogee, OK 74403 Full Service B&M $23,354
Armstrong Bank 2930 Old Greenwood Road Fort Smith, AR 72903 Full Service B&M $0
Armstrong Bank 3510 West Robinson Norman, OK 73072 Full Service B&M $122,538
Armstrong Bank 3942 Elm Springs Road Springdale, AR 72762 Full Service B&M $39,091
Armstrong Bank 401 West Main Norman, OK 73069 Full Service B&M $440,924
Armstrong Bank 409 North Main Street Gore, OK 74435 Full Service B&M $71,764

For 2021, Armstrong Bank had 32 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $84,338
Net interest income $75,875
Total noninterest income $24,971
Gross Fiduciary activities income $0
Service charges on deposit accounts $6,646
Trading account gains and fees $0
Additional Noninterest Income $18,325
Pre-tax net operating income $37,921
Securities gains (or losses, -) $471
Income before extraordinary items $31,560
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $31,560
Minority interest net income $0
Net income $31,560
Sale, conversion, retirement of capital stock, net $0
Net operating income $31,173

Armstrong Bank's gross interest income from loans was $84,338,000.
Armstrong Bank's net interest income from loans was $75,875,000.
Armstrong Bank's fee based income from loans was $6,646,000.
Armstrong Bank's net income from loans was $31,560,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $8,463
Provision for credit losses $2,122
Total noninterest expense $60,803
Salaries and employee benefits $34,414
Premises and equipment expense $8,641
Additional noninterest expense $17,748
Applicable income taxes $6,832
Net charge-offs $1,943
Cash dividends $5,766

Armstrong Bank's interest expense for loans was $8,463,000.
Armstrong Bank's payroll and benefits expense were $34,414,000.
Armstrong Bank's property, plant and equipment expenses $8,641,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.6%
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 $2,234,958
Deposits held in domestic offices $2,234,958
Deposits by Individuals, partnerships, and corporations $1,965,937
Deposits by U.S. Government $5
Deposits by States and political subdivisions in the U.S. $265,649
Deposits by Commercial banks and other depository institutions in U.S. $3,367
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $574,253
Demand deposits $495,440
Nontransaction accounts $1,660,705
Money market deposit accounts (MMDAs) $970,692
Other savings deposits (excluding MMDAs) $243,772
Total time deposits $446,241
Total time and savings deposits $1,739,518
Noninterest-bearing deposits $791,977
Interest-bearing deposits $1,442,981
Retail deposits $2,076,723
IRAs and Keogh plan accounts $44,831
Brokered deposits $244,591
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,490,527
Cash & Balances due from depository institutions $387,545
Interest-bearing balances $363,945
Total securities $787,055
Federal funds sold & reverse repurchase $112
Net loans and leases $1,221,066
Loan and leases loss allowance $16,303
Trading account assets $0
Bank premises and fixed assets $55,305
Other real estate owned $1,274
Goodwill and other intangibles $15,527
All other assets $22,643

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,490,527
Total Liabilities $2,248,213
Total deposits $2,234,958
Interest-bearing deposits $1,442,981
Deposits held in domestic offices $2,234,958
% insured (estimated) $77
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $13,255

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,221,066
Loan and leases loss allowance $16,303
Total loans and leases (domestic) $1,237,369
All real estate loans $928,913
Real estate loans in domestic offices $928,913
Construction and development loans $151,462
Residential 1-4 family construction $58,261
Other construction, all land development and other land $93,201
Loans secured by nonfarm nonresidential properties $309,524
Nonfarm nonresidential secured by owner-occupied properties $159,798
Commercial real estate & other non-farm, non-residential $149,726
Multifamily residential real estate $31,644
1-4 family residential loans $364,192
Farmland loans $72,091
Loans held in foreign offices $0
Farm loans $28,263
Commercial and industrial loans $82,191
To non-U.S. addressees $237
Loans to individuals $86,485
Credit card loans $4,330
Related Plans $76
Consumer Auto Loans $38,289
Other loans to individuals $43,790
All other loans & leases $111,517
Loans to foreign governments and official institutions $0
Other loans $1,136
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

Armstrong Bank had $1,221,066,000 of loans outstanding in 2021. $928,913,000 of loans were in real estate loans. $151,462,000 of loans were in development loans. $31,644,000 of loans were in multifamily mortgage loans. $364,192,000 of loans were in 1-4 family mortgage loans. $28,263,000 of loans were in farm loans. $4,330,000 of loans were in credit card loans. $38,289,000 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 646 $114,913 $177,884
Nonfarm, nonresidential loans - <$100k 172 $7,002 $40,709
Nonfarm, nonresidential loans - $100-250k 237 $28,042 $118,321
Nonfarm, nonresidential loans - $250k-1MM 237 $79,869 $337,000
Commercial & Industrial, US addressed loans - <$1MM 965 $49,942 $51,753
Commercial & Industrial, US addressed loans - <$100k 757 $18,017 $23,801
Commercial & Industrial, US addressed loans - $100-250k 145 $14,662 $101,117
Commercial & Industrial, US addressed loans - $250k-1MM 63 $17,263 $274,016
Farmland loans - <$1MM 571 $50,688 $88,771
Farmland loans - <$100k 331 $12,657 $38,239
Farmland loans - $100-250k 164 $18,793 $114,591
Farmland loans - $250k-1MM 76 $19,238 $253,132
Agriculture operations loans - <$1MM 802 $25,407 $31,680
Agriculture operations loans - <$100k 704 $13,825 $19,638
Agriculture operations loans - $100-250k 77 $6,993 $90,818
Agriculture operations loans - $250k-1MM 21 $4,589 $218,524