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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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, Tulsa, and Muskogee among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Armstrong Bank 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. 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 relatively high 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% 4/21/24
    30 Year Conventional Purchase 6.74% 4/21/24
    30 Year Conventional Refi 6.81% 4/21/24
    30 Year Cash-out Refi 6.59% 4/21/24
    30 Year FHA Purchase 7.23% 4/21/24
    30 Year FHA Refi 7.03% 4/21/24
    30 Year VA Purchase 6.12% 4/21/24
    30 Year VA Refi 6.27% 4/21/24
    30 Year USDA Purchase 6.66% 4/21/24
    15 Year Conventional Purchase 6.96% 4/21/24
    15 Year Conventional Refi 7.46% 4/21/24
    15 Year Cash-out Refi 7.46% 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.

    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

    756

    Origination Dollar Volume (All Markets)

    $106,140,000

    Employee count

    264 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
    FORT SMITH, AR-OK (FHA|USDA|VA) 283 $38,205,000 $135,000 $3,373 6.81%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 97 $27,975,000 $288,402 $3,553 5.41%
    Tahlequah, OK (FHA|USDA|VA) 86 $9,570,000 $111,279 $3,664 5.65%
    Outside of Metro Areas 107 $9,305,000 $86,963 $3,263 6.24%
    TULSA, OK (FHA|USDA|VA) 52 $7,050,000 $135,577 $3,800 5.36%
    Muskogee, OK (FHA|USDA|VA) 74 $7,000,000 $94,595 $2,991 5.45%
    Bartlesville, OK (FHA|USDA|VA) 35 $3,185,000 $91,000 $3,223 6.23%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $940,000 $470,000 $0 5.00%
    McAlester, OK (FHA|USDA|VA) 4 $560,000 $140,000 $4,632 4.91%
    OKLAHOMA CITY, OK (FHA|USDA|VA) 4 $530,000 $132,500 $3,506 4.46%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $465,000 $465,000 $0 5.13%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 3 $365,000 $121,667 $2,940 3.63%
    SPRINGFIELD, MO (FHA|USDA|VA) 1 $265,000 $265,000 $2,288 3.75%
    Coffeyville, KS (FHA|USDA|VA) 3 $165,000 $55,000 $1,889 6.01%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $165,000 $165,000 $4,206 4.49%
    Russellville, AR (FHA|USDA|VA) 1 $155,000 $155,000 $2,756 4.88%
    Branson, MO (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.75%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $95,000 $95,000 $0 6.13%
    Armstrong Bank's top markets include Fort Smith, Fayetteville, Tahlequah, Tulsa, and Muskogee among others.

    Their top states include:
  • Arkansas (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Virginia (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.

    RED CROWN
    Similarity Rank: 45
    Tulsa Federal Credit Union
    Similarity Rank: 84
    Central Bank of Oklahoma
    Similarity Rank: 140
    TRUE SKY
    Similarity Rank: 174
    WEOKIE
    Similarity Rank: 243
    Municipal Employees Credit Union of Oklahoma City
    Similarity Rank: 321
    Intrust Bank
    Similarity Rank: 352
    OKLAHOMA CENTRAL Credit Union
    Similarity Rank: 352
    TTCU Federal Credit Union
    Similarity Rank: 360
    FIRST WESTERN MORTGAGE, INC.
    Similarity Rank: 522

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 590 $81,310,000 $137,814 $2,797 5.90%
    FHA 89 $12,835,000 $144,213 $5,167 9.44%
    USDA 44 $5,560,000 $126,364 $4,073 3.91%
    VA 33 $6,435,000 $195,000 $4,173 3.68%

    For 2019, Armstrong Bank's most frequently originated type of loan was Conventional, with 590 originations. Their 2nd most popular type was FHA, with 89 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 462 $70,770,000 $153,182 $3,650 6.14%
    Refi 210 $31,320,000 $149,143 $3,757 5.35%
    Home Improvement 48 $2,740,000 $57,083 $1,450 7.03%
    Other 36 $1,310,000 $36,389 $1,182 8.79%

    For 2019, Armstrong Bank's most frequently cited loan purpose was Home Purchase, with 462 originations. The 2nd most popular reason was Refi, with 210 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 327 $51,295,000 $156,865 $4,066 5.62%
    20 Year 130 $15,930,000 $122,538 $2,787 6.79%
    15 Year 117 $10,135,000 $86,624 $2,574 6.19%
    Other 82 $16,640,000 $202,927 $1,477 6.21%
    10 Year 42 $1,810,000 $43,095 $1,553 6.57%
    1 Year 40 $3,990,000 $99,750 $1,417 6.35%
    5 Year 15 $475,000 $31,667 $1,110 7.53%
    3 Year 2 $60,000 $30,000 $1,704 5.93%
    30+ year 1 $5,805,000 $5,805,000 $0 4.50%

    For 2019, Armstrong Bank's most frequently cited loan duration was 30 Year, with 327 originations. The 2nd most popular length was 20 Year, with 130 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 310 $35,950,000 $115,968
    $1k-2k 141 $16,425,000 $116,489
    $2k-3k 46 $9,300,000 $202,174
    $3k-4k 12 $3,300,000 $275,000
    $4k-5k 3 $1,085,000 $361,667
    $5k+ 1 $625,000 $625,000

    Armstrong Bank's average total fees were $4,066, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 310 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 196 $31,190,000 $159,133
    5-6% 168 $25,400,000 $151,190
    4-5% 157 $32,975,000 $210,032
    6-7% 141 $10,035,000 $71,170
    Over 8% 54 $2,880,000 $53,333
    7-8% 33 $2,445,000 $74,091
    2.5-3% 6 $880,000 $146,667

    During 2019, Armstrong Bank's average interest rate for loans was 5.62%, while their most frequently originated rate bucket for loans was 3-4%, with 196 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 365 $19,505,000 $53,438 $2,390 6.17%
    $100k-200k 271 $39,105,000 $144,299 $3,767 6.67%
    $200k-400k 97 $25,425,000 $262,113 $4,946 4.53%
    $400k-600k 12 $5,520,000 $460,000 $4,273 4.68%
    $1MM+ 6 $13,120,000 $2,186,667 $0 5.29%
    $600k-1MM 5 $3,465,000 $693,000 $18,926 4.85%

    2019 saw Armstrong Bank place emphasis on $100,000 or less loans with 365 originations, totaling $19,505,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 226 $18,170,000 $80,398 $2,897 5.64%
    $50k-75k 167 $19,935,000 $119,371 $3,489 5.21%
    $100k-150k 115 $16,265,000 $141,435 $3,862 5.37%
    $75k-100k 89 $12,615,000 $141,742 $3,953 11.01%
    $150k-250k 45 $9,165,000 $203,667 $4,147 5.13%
    $250k+ 29 $6,335,000 $218,448 $3,087 5.49%

    Armstrong Bank lent most frequently to those with incomes in the $50k or less range, with 226 originations. The second most popular income band? $50k-75k, with 167 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 141 $16,345,000 $115,922 $3,370 5.30%
    30-36% 111 $13,435,000 $121,036 $3,282 5.36%
    <20% 66 $6,650,000 $100,758 $3,016 5.37%
    42% 29 $4,115,000 $141,897 $4,306 5.20%
    38% 29 $3,715,000 $128,103 $3,609 22.46%
    37% 27 $3,265,000 $120,926 $3,376 5.37%
    41% 26 $3,440,000 $132,308 $3,854 4.94%
    39% 25 $2,665,000 $106,600 $3,509 4.75%
    40% 21 $2,025,000 $96,429 $3,719 5.30%
    43% 21 $2,355,000 $112,143 $3,287 5.57%
    36% 19 $2,415,000 $127,105 $4,014 4.79%
    45% 16 $1,470,000 $91,875 $2,832 5.37%
    >60% 16 $1,490,000 $93,125 $2,496 8.13%
    50-60% 15 $1,905,000 $127,000 $3,163 6.77%
    46% 13 $1,595,000 $122,692 $4,151 4.99%
    47% 13 $2,045,000 $157,308 $2,558 5.65%
    44% 13 $2,055,000 $158,077 $4,665 4.62%
    48% 11 $1,475,000 $134,091 $3,173 4.79%
    49% 4 $740,000 $185,000 $2,939 5.44%

    Armstrong Bank lent most frequently to those with DTI ratios of 20-30%, with 141 originations. The next most common DTI ratio? 30-36%, with 111 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 533 $67,965,000 $127,514 $3,381 6.38%
    Not applicable 83 $23,355,000 $281,386 $3,004 5.64%
    American Indian 108 $11,220,000 $103,889 $3,500 5.38%
    Asian 20 $2,360,000 $118,000 $3,019 5.09%
    Black 12 $1,240,000 $103,333 $4,044 5.29%

    Approval Rates

    Total approvals of all applications
    90.86%

    Armstrong Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.65%

    Armstrong Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    149.0 2 $40,000 $20,000
    NA 754 $106,100,000 $140,716

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $195,000 $195,000
    Multifamily:Site-Built 20 $17,520,000 $876,000
    Single Family (1-4 Units):Manufactured 48 $2,300,000 $47,917
    Single Family (1-4 Units):Site-Built 687 $86,125,000 $125,364

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $3,675,000 $56,538 $1,746 6.93%
    40-60% 72 $7,100,000 $98,611 $2,506 6.05%
    60-80% 244 $39,830,000 $163,238 $3,018 5.62%
    80-100% 345 $53,245,000 $154,333 $4,054 6.25%
    Over 100% 6 $1,340,000 $223,333 $6,488 4.63%
    Under 20% 22 $770,000 $35,000 $1,176 7.42%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Armstrong Bank 102 West Schley Street Vian, OK 74962 Full Service B&M $40,604
    Armstrong Bank 1111 West Gentry Checotah, OK 74426 Full Service B&M $34,028
    Armstrong Bank 1215 West Okmulgee Street Muskogee, OK 74401 Full Service B&M $171,633
    Armstrong Bank 1301 S Waldron Rd. Fort Smith, AR 72903 Full Service B&M $12,984
    Armstrong Bank 1364 East Downing Tahlequah, OK 74464 Full Service B&M $23,434
    Armstrong Bank 1401 South Muskogee Tahlequah, OK 74464 Full Service B&M $89,860
    Armstrong Bank 1500 State Highway 51 Wagoner, OK 74467 Full Service B&M $44,264
    Armstrong Bank 1701 Se Washington Boulevard Bartlesville, OK 74006 Full Service B&M $13,964
    Armstrong Bank 2520 E. Chandler Muskogee, OK 74403 Full Service B&M $12,953
    Armstrong Bank 2930 Old Greenwood Road Fort Smith, AR 72903 Full Service B&M $10,736
    Armstrong Bank 3942 Elm Springs Road Springdale, AR 72762 Full Service B&M $15,227
    Armstrong Bank 409 North Main Street Gore, OK 74435 Full Service B&M $52,995
    Armstrong Bank 501 Harrison Street Pawnee, OK 74058 Full Service B&M $40,108
    Armstrong Bank 501 South Second Street Stilwell, OK 74960 Full Service B&M $47,350
    Armstrong Bank 525 North Osage Dewey, OK 74029 Full Service B&M $8,014
    Armstrong Bank 800 West Ruth Sallisaw, OK 74955 Full Service B&M $57,858
    Armstrong Bank 803 South Lee Street Fort Gibson, OK 74434 Full Service B&M $19,654
    Armstrong Bank 810 North Campbell Avenue Warner, OK 74469 Full Service B&M $46,247
    Armstrong Bank 810 Shawntel Smith Boulevard Muldrow, OK 74948 Full Service B&M $56,094
    Armstrong Bank 8300 Phoenix Avenue Fort Smith, AR 72903 Full Service B&M $80,085
    Armstrong Bank 9201 Highway 71 South Fort Smith, AR 72903 Full Service B&M $14,946

    For 2019, Armstrong Bank had 21 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $51,416
    Net interest income $42,042
    Total noninterest income $14,574
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $5,862
    Trading account gains and fees $0
    Additional Noninterest Income $8,712
    Pre-tax net operating income $16,892
    Securities gains (or losses, -) $449
    Income before extraordinary items $13,956
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,956
    Minority interest net income $0
    Net income $13,956
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $13,596

    Armstrong Bank's gross interest income from loans was $51,416,000.
    Armstrong Bank's net interest income from loans was $42,042,000.
    Armstrong Bank's fee based income from loans was $5,862,000.
    Armstrong Bank's net income from loans was $13,956,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,374
    Provision for credit losses $3,105
    Total noninterest expense $36,619
    Salaries and employee benefits $18,760
    Premises and equipment expense $4,393
    Additional noninterest expense $13,466
    Applicable income taxes $3,385
    Net charge-offs $2,138
    Cash dividends $13,221

    Armstrong Bank's interest expense for loans was $9,374,000.
    Armstrong Bank's payroll and benefits expense were $18,760,000.
    Armstrong Bank's property, plant and equipment expenses $4,393,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 1.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 1.0%
    Personal loans 0.0%
    Credit card loans 0.2%
    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 $865,751
    Deposits held in domestic offices $865,751
    Deposits by Individuals, partnerships, and corporations $712,943
    Deposits by U.S. Government $6
    Deposits by States and political subdivisions in the U.S. $152,167
    Deposits by Commercial banks and other depository institutions in U.S. $635
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $180,697
    Demand deposits $153,340
    Nontransaction accounts $685,054
    Money market deposit accounts (MMDAs) $291,159
    Other savings deposits (excluding MMDAs) $111,011
    Total time deposits $282,884
    Total time and savings deposits $712,411
    Noninterest-bearing deposits $301,367
    Interest-bearing deposits $564,384
    Retail deposits $797,838
    IRAs and Keogh plan accounts $32,043
    Brokered deposits $1,483
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $989,917
    Cash & Balances due from depository institutions $43,191
    Interest-bearing balances $25,330
    Total securities $146,341
    Federal funds sold & reverse repurchase $472
    Net loans and leases $732,917
    Loan and leases loss allowance $8,870
    Trading account assets $0
    Bank premises and fixed assets $38,048
    Other real estate owned $1,358
    Goodwill and other intangibles $13,670
    All other assets $13,920

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $989,917
    Total Liabilities $874,645
    Total deposits $865,751
    Interest-bearing deposits $564,384
    Deposits held in domestic offices $865,751
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $8,894

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $732,917
    Loan and leases loss allowance $8,870
    Total loans and leases (domestic) $741,787
    All real estate loans $548,500
    Real estate loans in domestic offices $548,500
    Construction and development loans $72,668
    Residential 1-4 family construction $29,258
    Other construction, all land development and other land $43,410
    Loans secured by nonfarm nonresidential properties $163,589
    Nonfarm nonresidential secured by owner-occupied properties $83,209
    Commercial real estate & other non-farm, non-residential $80,380
    Multifamily residential real estate $17,537
    1-4 family residential loans $220,061
    Farmland loans $74,645
    Loans held in foreign offices $0
    Farm loans $28,382
    Commercial and industrial loans $58,357
    To non-U.S. addressees $0
    Loans to individuals $56,627
    Credit card loans $1,325
    Related Plans $251
    Consumer Auto Loans $21,756
    Other loans to individuals $33,295
    All other loans & leases $49,921
    Loans to foreign governments and official institutions $0
    Other loans $1,884
    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 $20
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Armstrong Bank had $732,917,000 of loans outstanding in 2019. $548,500,000 of loans were in real estate loans. $72,668,000 of loans were in development loans. $17,537,000 of loans were in multifamily mortgage loans. $220,061,000 of loans were in 1-4 family mortgage loans. $28,382,000 of loans were in farm loans. $1,325,000 of loans were in credit card loans. $21,756,000 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 532 $87,842 $165,117
    Nonfarm, nonresidential loans - <$100k 168 $7,019 $41,780
    Nonfarm, nonresidential loans - $100-250k 197 $23,931 $121,477
    Nonfarm, nonresidential loans - $250k-1MM 167 $56,892 $340,671
    Commercial & Industrial, US addressed loans - <$1MM 671 $33,536 $49,979
    Commercial & Industrial, US addressed loans - <$100k 537 $12,971 $24,155
    Commercial & Industrial, US addressed loans - $100-250k 97 $9,444 $97,361
    Commercial & Industrial, US addressed loans - $250k-1MM 37 $11,121 $300,568
    Farmland loans - <$1MM 562 $49,748 $88,520
    Farmland loans - <$100k 337 $12,821 $38,045
    Farmland loans - $100-250k 152 $18,428 $121,237
    Farmland loans - $250k-1MM 73 $18,499 $253,411
    Agriculture operations loans - <$1MM 829 $25,111 $30,291
    Agriculture operations loans - <$100k 748 $14,719 $19,678
    Agriculture operations loans - $100-250k 65 $7,078 $108,892
    Agriculture operations loans - $250k-1MM 16 $3,314 $207,125