Armstrong Bank Mortgage Rates, Fees & Info
Muskogee, OKLEI: 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. They have a low ratio of USDA loans. Their top markets by origination volume include: Oklahoma City, Fort Smith, Fayetteville, Tahlequah, and Tulsa among others. We have data for 29 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 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,293Origination Dollar Volume (All Markets)
$232,455,000Employee count
435Awards
Armstrong Bank - 2020
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For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 420 | $86,280,000 | $205,429 | $3,228 | 3.51% |
| FORT SMITH, AR-OK (FHA|USDA|VA) | 417 | $60,495,000 | $145,072 | $3,548 | 3.94% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 86 | $30,280,000 | $352,093 | $3,238 | 4.26% |
| Outside of Metro Areas | 100 | $12,910,000 | $129,100 | $3,260 | 5.25% |
| Tahlequah, OK (FHA|USDA|VA) | 90 | $12,730,000 | $141,444 | $4,249 | 4.39% |
| TULSA, OK (FHA|USDA|VA) | 57 | $12,295,000 | $215,702 | $3,854 | 4.39% |
| Muskogee, OK (FHA|USDA|VA) | 69 | $8,125,000 | $117,754 | $3,126 | 4.39% |
| Bartlesville, OK (FHA|USDA|VA) | 20 | $2,110,000 | $105,500 | $2,663 | 5.02% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $1,035,000 | $345,000 | $3,709 | 3.53% |
| Shawnee, OK (FHA|USDA|VA) | 4 | $960,000 | $240,000 | $3,380 | 3.00% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 3.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $3,932 | 2.81% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,625 | 3.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $4,398 | 2.50% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $4,536 | 3.38% |
| Los Alamos, NM (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $1,992 | 2.50% |
| Paris, TX (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,372 | 2.63% |
| Ponca City, OK (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $3,576 | 3.42% |
| McAlester, OK (FHA|USDA|VA) | 5 | $225,000 | $45,000 | $2,314 | 6.54% |
| Helena, MT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,970 | 2.99% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,231 | 2.63% |
| Russellville, AR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 5.38% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 4.25% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,300 | 2.88% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,176 | 2.50% |
| Ardmore, OK (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,546 | 2.63% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.00% |
| LAWTON, OK (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.50% |
| Stillwater, OK (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $1,933 | 4.90% |
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.
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Product Mix
For 2020, Armstrong Bank's most frequently originated type of loan was Conventional, with 1,109 originations. Their 2nd most popular type was FHA, with 102 originations.
Loan Reason
For 2020, Armstrong Bank's most frequently cited loan purpose was Home Purchase, with 751 originations. The 2nd most popular reason was Refi, with 444 originations.
Loan Duration/Length
For 2020, Armstrong Bank's most frequently cited loan duration was 30 Year, with 557 originations. The 2nd most popular length was 20 Year, with 251 originations.
Origination Fees/Closing Costs
Armstrong Bank's average total fees were $3,928, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 633 originations.
Interest Rates
During 2020, Armstrong Bank's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 374 originations.
Loan Sizing
2020 saw Armstrong Bank place emphasis on $100,000 or less loans with 488 originations, totaling $28,350,000 in origination value.
Applicant Income
Armstrong Bank lent most frequently to those with incomes in the $50k or less range, with 252 originations. The second most popular income band? $50k-75k, with 210 originations.
Applicant Debt to Income Ratio
Armstrong Bank lent most frequently to those with DTI ratios of 20-30%, with 240 originations. The next most common DTI ratio? 30-36%, with 169 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.93%
Armstrong Bank has an average approval rate.
Pick Rate
Approvals leading to origination75.87%
Armstrong Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 149.0 | 3 | $75,000 | $25,000 |
| NA | 1,290 | $232,380,000 | $180,140 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Armstrong Bank | 102 West Schley Street Vian, OK 74962 | Full Service B&M | $45,497 |
| Armstrong Bank | 1111 West Gentry Checotah, OK 74426 | Full Service B&M | $40,694 |
| Armstrong Bank | 11671 South Western Avenue Oklahoma City, OK 73170 | Full Service B&M | $34,250 |
| Armstrong Bank | 1200 East Lindsey Street Norman, OK 73071 | Full Service B&M | $32,043 |
| Armstrong Bank | 1215 W Okmulgee St Muskogee, OK 74401 | Full Service B&M | $224,202 |
| Armstrong Bank | 1301 S Waldron Rd. Fort Smith, AR 72903 | Full Service B&M | $17,544 |
| Armstrong Bank | 1364 East Downing Tahlequah, OK 74464 | Full Service B&M | $27,877 |
| Armstrong Bank | 1401 South Muskogee Tahlequah, OK 74464 | Full Service B&M | $111,870 |
| Armstrong Bank | 1500 State Highway 51 Wagoner, OK 74467 | Full Service B&M | $63,769 |
| Armstrong Bank | 1701 Se Washington Boulevard Bartlesville, OK 74006 | Full Service B&M | $24,122 |
| Armstrong Bank | 2520 E. Chandler Muskogee, OK 74403 | Full Service B&M | $19,609 |
| Armstrong Bank | 2930 Old Greenwood Road Fort Smith, AR 72903 | Full Service B&M | $14,139 |
| Armstrong Bank | 3510 West Robinson Norman, OK 73072 | Full Service B&M | $102,311 |
| Armstrong Bank | 3942 Elm Springs Road Springdale, AR 72762 | Full Service B&M | $23,452 |
| Armstrong Bank | 401 West Main Norman, OK 73069 | Full Service B&M | $377,609 |
| Armstrong Bank | 409 North Main Street Gore, OK 74435 | Full Service B&M | $62,082 |
| Armstrong Bank | 501 Harrison Street Pawnee, OK 74058 | Full Service B&M | $47,740 |
| Armstrong Bank | 501 South Second Street Stilwell, OK 74960 | Full Service B&M | $51,823 |
| Armstrong Bank | 525 North Osage Dewey, OK 74029 | Full Service B&M | $7,412 |
| Armstrong Bank | 800 West Ruth Sallisaw, OK 74955 | Full Service B&M | $68,588 |
| Armstrong Bank | 803 South Lee Street Fort Gibson, OK 74434 | Full Service B&M | $20,707 |
| Armstrong Bank | 805 North Main Street Noble, OK 73068 | Full Service B&M | $28,663 |
| Armstrong Bank | 810 North Campbell Avenue Warner, OK 74469 | Full Service B&M | $49,418 |
| Armstrong Bank | 810 Shawntel Smith Boulevard Muldrow, OK 74948 | Full Service B&M | $66,610 |
| Armstrong Bank | 8300 Phoenix Avenue Fort Smith, AR 72903 | Full Service B&M | $96,858 |
| Armstrong Bank | 9201 Highway 71 South Fort Smith, AR 72903 | Full Service B&M | $17,216 |
For 2020, Armstrong Bank had 26 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $72,105 |
| Net interest income | $61,471 |
| Total noninterest income | $21,879 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $6,261 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $15,618 |
| Pre-tax net operating income | $26,961 |
| Securities gains (or losses, -) | $329 |
| Income before extraordinary items | $23,574 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $23,574 |
| Minority interest net income | $0 |
| Net income | $23,574 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $23,291 |
Armstrong Bank's gross interest income from loans was $72,105,000.
Armstrong Bank's net interest income from loans was $61,471,000.
Armstrong Bank's fee based income from loans was $6,261,000.
Armstrong Bank's net income from loans was $23,574,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $10,634 |
| Provision for credit losses | $3,566 |
| Total noninterest expense | $52,823 |
| Salaries and employee benefits | $30,916 |
| Premises and equipment expense | $7,251 |
| Additional noninterest expense | $14,656 |
| Applicable income taxes | $3,716 |
| Net charge-offs | $3,925 |
| Cash dividends | $5,894 |
Armstrong Bank's interest expense for loans was $10,634,000.
Armstrong Bank's payroll and benefits expense were $30,916,000.
Armstrong Bank's property, plant and equipment expenses $7,251,000.
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 | 0.0% |
| Nonfarm, nonresidential loans | 3.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 1.0% |
| HELOC loans | 0.0% |
| All other family | 1.0% |
| Commercial & industrial loans | 1.0% |
| 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 | $1,941,926 |
| Deposits held in domestic offices | $1,941,926 |
| Deposits by Individuals, partnerships, and corporations | $1,699,931 |
| Deposits by U.S. Government | $7 |
| Deposits by States and political subdivisions in the U.S. | $238,576 |
| Deposits by Commercial banks and other depository institutions in U.S. | $3,412 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $512,997 |
| Demand deposits | $438,216 |
| Nontransaction accounts | $1,428,929 |
| Money market deposit accounts (MMDAs) | $759,131 |
| Other savings deposits (excluding MMDAs) | $197,427 |
| Total time deposits | $472,370 |
| Total time and savings deposits | $1,503,710 |
| Noninterest-bearing deposits | $674,963 |
| Interest-bearing deposits | $1,266,963 |
| Retail deposits | $1,787,537 |
| IRAs and Keogh plan accounts | $45,611 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $2,234,518 |
| Cash & Balances due from depository institutions | $408,536 |
| Interest-bearing balances | $376,607 |
| Total securities | $551,627 |
| Federal funds sold & reverse repurchase | $160 |
| Net loans and leases | $1,179,763 |
| Loan and leases loss allowance | $16,125 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $57,351 |
| Other real estate owned | $474 |
| Goodwill and other intangibles | $15,652 |
| All other assets | $20,955 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $2,234,518 |
| Total Liabilities | $2,010,053 |
| Total deposits | $1,941,926 |
| Interest-bearing deposits | $1,266,963 |
| Deposits held in domestic offices | $1,941,926 |
| % insured (estimated) | $78 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $36,763 |
| Subordinated debt | $0 |
| All other liabilities | $31,364 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,179,763 |
| Loan and leases loss allowance | $16,125 |
| Total loans and leases (domestic) | $1,195,888 |
| All real estate loans | $896,878 |
| Real estate loans in domestic offices | $896,878 |
| Construction and development loans | $113,347 |
| Residential 1-4 family construction | $42,095 |
| Other construction, all land development and other land | $71,252 |
| Loans secured by nonfarm nonresidential properties | $329,119 |
| Nonfarm nonresidential secured by owner-occupied properties | $189,524 |
| Commercial real estate & other non-farm, non-residential | $139,595 |
| Multifamily residential real estate | $25,236 |
| 1-4 family residential loans | $352,733 |
| Farmland loans | $76,443 |
| Loans held in foreign offices | $0 |
| Farm loans | $26,022 |
| Commercial and industrial loans | $140,933 |
| To non-U.S. addressees | $324 |
| Loans to individuals | $66,884 |
| Credit card loans | $4,079 |
| Related Plans | $481 |
| Consumer Auto Loans | $26,399 |
| Other loans to individuals | $35,925 |
| All other loans & leases | $65,171 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $1,463 |
| 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 | $2,449 |
| Non 1-4 family restructured loans & leases | $2,449 |
| Total loans and leases (foreign) | $0 |
Armstrong Bank had $1,179,763,000 of loans outstanding in 2020. $896,878,000 of loans were in real estate loans. $113,347,000 of loans were in development loans. $25,236,000 of loans were in multifamily mortgage loans. $352,733,000 of loans were in 1-4 family mortgage loans. $26,022,000 of loans were in farm loans. $4,079,000 of loans were in credit card loans. $26,399,000 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 | 664 | $116,456 | $175,386 |
| Nonfarm, nonresidential loans - <$100k | 184 | $7,149 | $38,853 |
| Nonfarm, nonresidential loans - $100-250k | 240 | $28,569 | $119,038 |
| Nonfarm, nonresidential loans - $250k-1MM | 240 | $80,738 | $336,408 |
| Commercial & Industrial, US addressed loans - <$1MM | 1,665 | $83,579 | $50,198 |
| Commercial & Industrial, US addressed loans - <$100k | 1,355 | $27,809 | $20,523 |
| Commercial & Industrial, US addressed loans - $100-250k | 195 | $21,794 | $111,764 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 115 | $33,976 | $295,443 |
| Farmland loans - <$1MM | 556 | $50,792 | $91,353 |
| Farmland loans - <$100k | 325 | $12,929 | $39,782 |
| Farmland loans - $100-250k | 159 | $18,781 | $118,119 |
| Farmland loans - $250k-1MM | 72 | $19,082 | $265,028 |
| Agriculture operations loans - <$1MM | 781 | $23,343 | $29,889 |
| Agriculture operations loans - <$100k | 699 | $13,486 | $19,293 |
| Agriculture operations loans - $100-250k | 65 | $6,414 | $98,677 |
| Agriculture operations loans - $250k-1MM | 17 | $3,443 | $202,529 |