Armstrong Bank Mortgage Rates, Fees & Info

Muskogee, OK

LEI: 549300O2D8BPO6PJRB90

Tax ID: 73-0496410

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

Review & 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. Their top markets by origination volume include: Fort Smith, Fayetteville, Tahlequah, Muskogee, and Tulsa among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Armstrong Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Armstrong Bank is typically a low 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
Home Equity Line of Credit (HELOC)	5.52%	12/16/24
30 Year Conventional Purchase	6.74%	12/16/24
30 Year Conventional Refi	6.81%	12/16/24
30 Year Cash-out Refi	6.59%	12/16/24
30 Year FHA Purchase	7.23%	12/16/24
30 Year FHA Refi	7.03%	12/16/24
30 Year VA Purchase	6.12%	12/16/24
30 Year VA Refi	6.27%	12/16/24
30 Year USDA Purchase	6.66%	12/16/24
15 Year Conventional Purchase	6.96%	12/16/24
15 Year Conventional Refi	7.46%	12/16/24
15 Year Cash-out Refi	7.46%	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.

Armstrong Bank Mortgage Calculator

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This is not an official calculator from Armstrong 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

705

Origination Dollar Volume (All Markets)

$96,245,000

Employee count

273

Awards

Armstrong Bank 30 Year Conventional Loans gold

Show all (10) 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
FORT SMITH, AR-OK (FHA\|USDA\|VA)	291	$39,395,000	$135,378	$3,549	5.20%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA\|USDA\|VA)	86	$20,750,000	$241,279	$3,933	5.29%
Tahlequah, OK (FHA\|USDA\|VA)	79	$8,845,000	$111,962	$3,847	6.03%
Outside of Metro Areas	84	$7,840,000	$93,333	$3,175	6.18%
Muskogee, OK (FHA\|USDA\|VA)	71	$7,545,000	$106,268	$3,223	5.83%
TULSA, OK (FHA\|USDA\|VA)	52	$5,650,000	$108,654	$3,078	5.87%
Bartlesville, OK (FHA\|USDA\|VA)	21	$2,145,000	$102,143	$3,307	5.90%
McAlester, OK (FHA\|USDA\|VA)	4	$740,000	$185,000	$1,948	5.71%
Hailey, ID (FHA\|USDA\|VA)	1	$585,000	$585,000	$0	5.35%
MIDLAND, TX (FHA\|USDA\|VA)	1	$415,000	$415,000	$6,541	3.99%
OKLAHOMA CITY, OK (FHA\|USDA\|VA)	3	$365,000	$121,667	$4,403	4.13%
Coffeyville, KS (FHA\|USDA\|VA)	2	$310,000	$155,000	$2,818	4.44%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA\|USDA\|VA)	2	$280,000	$140,000	$7,385	4.63%
SPRINGFIELD, MO (FHA\|USDA\|VA)	1	$265,000	$265,000	$2,327	4.88%
ALBUQUERQUE, NM (FHA\|USDA\|VA)	1	$235,000	$235,000	$2,166	4.88%
Stillwater, OK (FHA\|USDA\|VA)	1	$215,000	$215,000	$5,034	4.75%
Helena, MT (FHA\|USDA\|VA)	1	$205,000	$205,000	$5,325	4.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	1	$195,000	$195,000	$3,899	4.63%
Ponca City, OK (FHA\|USDA\|VA)	1	$105,000	$105,000	$0	5.25%
Branson, MO (FHA\|USDA\|VA)	1	$95,000	$95,000	$0	4.99%
Ada, OK (FHA\|USDA\|VA)	1	$65,000	$65,000	$2,175	6.24%

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

Their top states include:

Arkansas (FHA|USDA|VA)

Oklahoma (FHA|USDA|VA)

Texas (FHA|USDA|VA)

Idaho (FHA|USDA|VA)

Missouri (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Armstrong Bank 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

Municipal Employees Credit Union of Oklahoma City
Similarity Rank: 89

Citizens' Bank & Trust Co.
Similarity Rank: 108

WEOKIE
Similarity Rank: 120

First Fidelity Bank
Similarity Rank: 180

MORTGAGE CLEARING CORPORATION
Similarity Rank: 192

TRUE SKY
Similarity Rank: 240

Central Bank of Oklahoma
Similarity Rank: 294

TTCU Federal Credit Union
Similarity Rank: 297

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	549	$74,835,000	$136,311	$2,952	5.89%
FHA	80	$10,390,000	$129,875	$4,978	4.32%
USDA	52	$6,440,000	$123,846	$4,071	4.38%
VA	24	$4,580,000	$190,833	$4,191	4.26%

For 2018, Armstrong Bank's most frequently originated type of loan was Conventional, with 549 originations. Their 2nd most popular type was FHA, with 80 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	467	$68,335,000	$146,328	$3,751	5.29%
Refi	178	$25,340,000	$142,360	$3,543	5.65%
Home Improvement	36	$1,650,000	$45,833	$1,494	6.90%
Other	24	$920,000	$38,333	$1,647	7.78%

For 2018, Armstrong Bank's most frequently cited loan purpose was Home Purchase, with 467 originations. The 2nd most popular reason was Refi, with 178 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	303	$46,035,000	$151,931	$4,097	4.56%
15 Year	141	$13,835,000	$98,121	$2,651	6.25%
20 Year	116	$18,140,000	$156,379	$2,532	6.24%
Other	66	$12,450,000	$188,636	$1,962	5.92%
10 Year	37	$1,705,000	$46,081	$1,529	6.88%
1 Year	33	$3,875,000	$117,424	$0	6.41%
5 Year	9	$205,000	$22,778	$937	7.53%

For 2018, Armstrong Bank's most frequently cited loan duration was 30 Year, with 303 originations. The 2nd most popular length was 15 Year, with 141 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	296	$33,080,000	$111,757
$1k-2k	103	$13,725,000	$133,252
$2k-3k	45	$8,215,000	$182,556
$3k-4k	6	$1,590,000	$265,000
$4k-5k	3	$1,115,000	$371,667
$5k+	2	$760,000	$380,000

Armstrong Bank's average total fees were $4,097, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 296 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	289	$49,685,000	$171,920
5-6%	203	$28,485,000	$140,320
6-7%	68	$4,960,000	$72,941
Over 8%	54	$2,450,000	$45,370
3-4%	51	$8,205,000	$160,882
7-8%	38	$2,160,000	$56,842

During 2018, Armstrong Bank's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 4-5%, with 289 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	341	$18,815,000	$55,176	$2,464	6.22%
$100k-200k	245	$34,935,000	$142,592	$3,992	4.92%
$200k-400k	99	$24,555,000	$248,030	$4,747	4.93%
$400k-600k	10	$4,550,000	$455,000	$6,896	4.58%
$1MM+	5	$10,045,000	$2,009,000	$0	5.03%
$600k-1MM	5	$3,345,000	$669,000	$3,756	5.23%

2018 saw Armstrong Bank place emphasis on $100,000 or less loans with 341 originations, totaling $18,815,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	205	$16,045,000	$78,268	$3,054	5.79%
$50k-75k	176	$21,700,000	$123,295	$3,776	5.56%
$75k-100k	88	$11,340,000	$128,864	$3,692	5.30%
$100k-150k	77	$11,835,000	$153,701	$3,659	5.49%
$250k+	32	$8,290,000	$259,063	$4,190	5.31%
$150k-250k	20	$3,490,000	$174,500	$4,339	5.37%

Armstrong Bank lent most frequently to those with incomes in the $50k or less range, with 205 originations. The second most popular income band? $50k-75k, with 176 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	144	$17,280,000	$120,000	$3,255	5.54%
30-36%	119	$14,545,000	$122,227	$3,517	5.55%
<20%	64	$5,800,000	$90,625	$2,900	5.63%
36%	24	$2,930,000	$122,083	$4,035	5.16%
40%	23	$2,475,000	$107,609	$3,569	6.17%
38%	23	$2,275,000	$98,913	$3,387	5.23%
39%	23	$3,005,000	$130,652	$3,722	5.29%
37%	22	$3,040,000	$138,182	$4,833	4.79%
44%	20	$2,250,000	$112,500	$3,329	5.94%
43%	19	$2,515,000	$132,368	$3,828	5.28%
41%	18	$2,210,000	$122,778	$4,391	6.27%
42%	17	$1,735,000	$102,059	$3,685	5.73%
45%	15	$2,425,000	$161,667	$3,156	5.18%
>60%	13	$1,055,000	$81,154	$2,170	6.82%
50-60%	9	$1,245,000	$138,333	$2,394	6.21%
47%	9	$1,345,000	$149,444	$4,049	5.25%
46%	5	$745,000	$149,000	$4,808	4.55%
48%	4	$620,000	$155,000	$3,834	5.25%
49%	1	$55,000	$55,000	$2,843	5.50%

Armstrong Bank lent most frequently to those with DTI ratios of 20-30%, with 144 originations. The next most common DTI ratio? 30-36%, with 119 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	471	$60,405,000	$128,248	$3,601	5.49%
Not applicable	105	$23,435,000	$223,190	$0	5.40%
American Indian	98	$9,110,000	$92,959	$3,069	6.07%
Asian	19	$1,975,000	$103,947	$3,029	5.03%
Not provided	4	$590,000	$147,500	$3,921	5.53%
Black	4	$430,000	$107,500	$3,935	5.37%
Native Hawaiian or Islander	3	$195,000	$65,000	$3,047	5.79%
Other Asian	1	$105,000	$105,000	$0	5.50%

Approval Rates

Total approvals of all applications
89.70%

Armstrong Bank has an average approval rate.

Pick Rate

Approvals leading to origination
68.23%

Armstrong Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	705	$96,245,000	$136,518

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Manufactured	1	$215,000	$215,000
Multifamily:Site-Built	15	$13,125,000	$875,000
Single Family (1-4 Units):Manufactured	39	$2,115,000	$54,231
Single Family (1-4 Units):Site-Built	650	$80,790,000	$124,292

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	43	$2,115,000	$49,186	$2,199	6.54%
40-60%	81	$9,485,000	$117,099	$3,198	5.98%
60-80%	239	$31,405,000	$131,402	$3,028	5.69%
80-100%	323	$52,005,000	$161,006	$4,047	5.09%
Over 100%	4	$730,000	$182,500	$5,786	5.89%
Under 20%	15	$505,000	$33,667	$789	7.81%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Armstrong Bank	102 West Schley Street Vian, OK 74962	Full Service B&M	$39,943
Armstrong Bank	1111 West Gentry Checotah, OK 74426	Full Service B&M	$30,034
Armstrong Bank	1215 West Okmulgee Street Muskogee, OK 74401	Full Service B&M	$152,988
Armstrong Bank	1301 S Waldron Rd. Fort Smith, AR 72903	Full Service B&M	$14,188
Armstrong Bank	1364 East Downing Tahlequah, OK 74464	Full Service B&M	$13,639
Armstrong Bank	1401 South Muskogee Tahlequah, OK 74464	Full Service B&M	$83,331
Armstrong Bank	1500 State Highway 51 Wagoner, OK 74467	Full Service B&M	$18,515
Armstrong Bank	1701 Se Washington Boulevard Bartlesville, OK 74006	Full Service B&M	$15,684
Armstrong Bank	2520 E. Chandler Muskogee, OK 74403	Full Service B&M	$12,016
Armstrong Bank	25955 Hwy 82 Park Hill, OK 74451	Full Service B&M	$11,333
Armstrong Bank	2930 Old Greenwood Road Fort Smith, AR 72903	Full Service B&M	$11,564
Armstrong Bank	3942 Elm Springs Road Springdale, AR 72762	Full Service B&M	$11,117
Armstrong Bank	409 North Main Street Gore, OK 74435	Full Service B&M	$52,072
Armstrong Bank	501 Harrison Street Pawnee, OK 74058	Full Service B&M	$40,287
Armstrong Bank	501 South Second Street Stilwell, OK 74960	Full Service B&M	$45,014
Armstrong Bank	525 North Osage Dewey, OK 74029	Full Service B&M	$8,792
Armstrong Bank	800 West Ruth Sallisaw, OK 74955	Full Service B&M	$47,965
Armstrong Bank	803 South Lee Street Fort Gibson, OK 74434	Full Service B&M	$16,026
Armstrong Bank	810 North Campbell Avenue Warner, OK 74469	Full Service B&M	$44,934
Armstrong Bank	810 Shawntel Smith Boulevard Muldrow, OK 74948	Full Service B&M	$55,189
Armstrong Bank	8300 Phoenix Avenue Fort Smith, AR 72903	Full Service B&M	$70,418
Armstrong Bank	9201 Highway 71 South Fort Smith, AR 72903	Full Service B&M	$14,472

For 2018, Armstrong Bank had 22 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$47,972
Net interest income	$43,104
Total noninterest income	$14,032
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$5,940
Trading account gains and fees	$0
Additional Noninterest Income	$8,092
Pre-tax net operating income	$17,069
Securities gains (or losses, -)	$333
Income before extraordinary items	$11,847
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$11,847
Minority interest net income	$0
Net income	$11,847
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$11,583

Armstrong Bank's gross interest income from loans was $47,972,000.
Armstrong Bank's net interest income from loans was $43,104,000.
Armstrong Bank's fee based income from loans was $5,940,000.
Armstrong Bank's net income from loans was $11,847,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$4,868
Provision for credit losses	$3,219
Total noninterest expense	$36,848
Salaries and employee benefits	$19,012
Premises and equipment expense	$4,469
Additional noninterest expense	$13,367
Applicable income taxes	$5,555
Net charge-offs	$1,746
Cash dividends	$21,059

Armstrong Bank's interest expense for loans was $4,868,000.
Armstrong Bank's payroll and benefits expense were $19,012,000.
Armstrong Bank's property, plant and equipment expenses $4,469,000.

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	1.0%
Nonfarm, nonresidential loans	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	2.0%
HELOC loans	0.0%
All other family	2.0%
Commercial & industrial loans	2.0%
Personal loans	0.0%
Credit card loans	0.4%
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	$867,914
Deposits held in domestic offices	$867,914
Deposits by Individuals, partnerships, and corporations	$717,669
Deposits by U.S. Government	$9
Deposits by States and political subdivisions in the U.S.	$149,173
Deposits by Commercial banks and other depository institutions in U.S.	$1,062
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$183,913
Demand deposits	$154,663
Nontransaction accounts	$684,000
Money market deposit accounts (MMDAs)	$320,552
Other savings deposits (excluding MMDAs)	$107,386
Total time deposits	$256,062
Total time and savings deposits	$713,250
Noninterest-bearing deposits	$280,673
Interest-bearing deposits	$587,241
Retail deposits	$813,212
IRAs and Keogh plan accounts	$30,049
Brokered deposits	$8,916
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$983,553
Cash & Balances due from depository institutions	$79,903
Interest-bearing balances	$58,488
Total securities	$119,812
Federal funds sold & reverse repurchase	$883
Net loans and leases	$718,042
Loan and leases loss allowance	$7,903
Trading account assets	$0
Bank premises and fixed assets	$38,395
Other real estate owned	$1,223
Goodwill and other intangibles	$13,903
All other assets	$11,392

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$983,553
Total Liabilities	$875,057
Total deposits	$867,914
Interest-bearing deposits	$587,241
Deposits held in domestic offices	$867,914
% insured (estimated)	$77
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$7,143

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$718,042
Loan and leases loss allowance	$7,903
Total loans and leases (domestic)	$725,945
All real estate loans	$535,282
Real estate loans in domestic offices	$535,282
Construction and development loans	$66,254
Residential 1-4 family construction	$25,391
Other construction, all land development and other land	$40,863
Loans secured by nonfarm nonresidential properties	$158,512
Nonfarm nonresidential secured by owner-occupied properties	$85,358
Commercial real estate & other non-farm, non-residential	$73,154
Multifamily residential real estate	$13,850
1-4 family residential loans	$221,823
Farmland loans	$74,843
Loans held in foreign offices	$0
Farm loans	$28,297
Commercial and industrial loans	$62,529
To non-U.S. addressees	$0
Loans to individuals	$61,023
Credit card loans	$895
Related Plans	$226
Consumer Auto Loans	$24,376
Other loans to individuals	$35,526
All other loans & leases	$38,814
Loans to foreign governments and official institutions	$0
Other loans	$2,361
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 $718,042,000 of loans outstanding in 2018. $535,282,000 of loans were in real estate loans. $66,254,000 of loans were in development loans. $13,850,000 of loans were in multifamily mortgage loans. $221,823,000 of loans were in 1-4 family mortgage loans. $28,297,000 of loans were in farm loans. $895,000 of loans were in credit card loans. $24,376,000 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	544	$86,249	$158,546
Nonfarm, nonresidential loans - <$100k	190	$5,680	$29,895
Nonfarm, nonresidential loans - $100-250k	187	$23,184	$123,979
Nonfarm, nonresidential loans - $250k-1MM	167	$57,385	$343,623
Commercial & Industrial, US addressed loans - <$1MM	705	$38,435	$54,518
Commercial & Industrial, US addressed loans - <$100k	560	$13,271	$23,698
Commercial & Industrial, US addressed loans - $100-250k	101	$10,656	$105,505
Commercial & Industrial, US addressed loans - $250k-1MM	44	$14,508	$329,727
Farmland loans - <$1MM	546	$48,567	$88,951
Farmland loans - <$100k	328	$12,104	$36,902
Farmland loans - $100-250k	146	$17,039	$116,705
Farmland loans - $250k-1MM	72	$19,424	$269,778
Agriculture operations loans - <$1MM	815	$24,454	$30,005
Agriculture operations loans - <$100k	733	$13,601	$18,555
Agriculture operations loans - $100-250k	64	$6,715	$104,922
Agriculture operations loans - $250k-1MM	18	$4,138	$229,889