Armstrong Bank Mortgage Rates, Fees & Info

Muskogee, OK

LEI: 549300O2D8BPO6PJRB90

Tax ID: 73-0496410

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Mortgage Data

Bank 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.52% 3/28/24
30 Year Conventional Purchase 6.74% 3/28/24
30 Year Conventional Refi 6.81% 3/28/24
30 Year Cash-out Refi 6.59% 3/28/24
30 Year FHA Purchase 7.23% 3/28/24
30 Year FHA Refi 7.03% 3/28/24
30 Year VA Purchase 6.12% 3/28/24
30 Year VA Refi 6.27% 3/28/24
30 Year USDA Purchase 6.66% 3/28/24
15 Year Conventional Purchase 6.96% 3/28/24
15 Year Conventional Refi 7.46% 3/28/24
15 Year Cash-out Refi 7.46% 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.

Armstrong Bank Mortgage Calculator






Your Estimates

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

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 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)
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    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