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. They have a low ratio of USDA loans. Their top markets by origination volume include: Oklahoma City, Fort Smith, Fayetteville, Tulsa, and Tahlequah among others. We have data for 20 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.

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% 4/28/24
30 Year Conventional Purchase 6.74% 4/28/24
30 Year Conventional Refi 6.81% 4/28/24
30 Year Cash-out Refi 6.59% 4/28/24
30 Year FHA Purchase 7.23% 4/28/24
30 Year FHA Refi 7.03% 4/28/24
30 Year VA Purchase 6.12% 4/28/24
30 Year VA Refi 6.27% 4/28/24
30 Year USDA Purchase 6.66% 4/28/24
15 Year Conventional Purchase 6.96% 4/28/24
15 Year Conventional Refi 7.46% 4/28/24
15 Year Cash-out Refi 7.46% 4/28/24
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

1,131

Origination Dollar Volume (All Markets)

$224,605,000

Employee count

441 Show all (11) 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
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.

Their top states include:
  • Oklahoma (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Armstrong Bank's most frequently originated type of loan was Conventional, with 946 originations. Their 2nd most popular type was FHA, with 88 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Armstrong Bank's most frequently cited loan purpose was Home Purchase, with 666 originations. The 2nd most popular reason was 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 2021, Armstrong Bank's most frequently cited loan duration was 30 Year, with 487 originations. The 2nd most popular length was 20 Year, with 260 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 16 $5,230,000 $326,875
    $5k+ 10 $6,530,000 $653,000
    $4k-5k 4 $1,750,000 $437,500

    Armstrong Bank's average total fees were $4,221, while their most frequently occuring range of origination fees (closing costs) 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% 272 $40,230,000 $147,904
    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
    % 13 $8,215,000 $631,923
    7-8% 10 $730,000 $73,000

    During 2021, Armstrong Bank's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 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
    92.50%

    Armstrong Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.20%

    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 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 12401 East 86th Street North Owasso, OK 74055 Full Service B&M $25,576
    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
    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

    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