Independent Bank Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 20TVKH7M13MUBGE80C53

Tax ID: 38-0861665

5 stars - out of 5 stars, based on 86 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Independent Bank is a small bank specializing in Home Purchase and Refi loans. Independent Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Detroit, Grand Rapids, Traverse City, Columbus, and Lansing among others. Independent Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Independent Bank is typically an average fee lendor.


Originations

7,384

Origination Dollar Volume (All Markets)

$1,877,370,000

Employee count

928 Show all (6) awards

Relative Rate

Independent Bank's average 30 year fixed rate mortgage of loans were 3.21%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.06%.

Relative Fees

Independent Bank's average total fees for a 30 year fixed rate mortgage are $3,317.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,702 $562,890,000 $330,723 $3,533 3.20%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1,686 $381,880,000 $226,501 $3,017 3.19%
Traverse City, MI (FHA|USDA|VA) 542 $141,890,000 $261,790 $3,223 3.19%
Outside of Metro Areas 758 $138,990,000 $183,364 $2,964 3.15%
COLUMBUS, OH (FHA|USDA|VA) 209 $106,435,000 $509,258 $4,683 3.23%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 508 $85,070,000 $167,461 $2,882 3.12%
ANN ARBOR, MI (FHA|USDA|VA) 220 $65,860,000 $299,364 $3,509 3.20%
AKRON, OH (FHA|USDA|VA) 179 $53,595,000 $299,413 $3,740 3.13%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 95 $38,855,000 $409,000 $4,276 3.17%
SAGINAW, MI (FHA|USDA|VA) 196 $31,910,000 $162,806 $3,097 3.14%
NILES, MI (FHA|USDA|VA) 86 $27,370,000 $318,256 $3,665 3.21%
MUSKEGON, MI (FHA|USDA|VA) 153 $26,065,000 $170,359 $2,956 3.16%
FLINT, MI (FHA|USDA|VA) 101 $23,745,000 $235,099 $3,221 3.24%
BAY CITY, MI (FHA|USDA|VA) 192 $22,210,000 $115,677 $2,637 3.12%
Holland, MI (FHA|USDA|VA) 75 $22,165,000 $295,533 $3,693 3.29%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 84 $20,120,000 $239,524 $3,407 3.24%
Cadillac, MI (FHA|USDA|VA) 80 $13,950,000 $174,375 $3,489 3.18%
JACKSON, MI (FHA|USDA|VA) 65 $10,295,000 $158,385 $3,286 3.26%
Big Rapids, MI (FHA|USDA|VA) 72 $9,220,000 $128,056 $2,581 3.10%
MIDLAND, MI (FHA|USDA|VA) 55 $9,185,000 $167,000 $3,077 3.17%
CANTON-MASSILLON, OH (FHA|USDA|VA) 18 $8,530,000 $473,889 $3,800 3.08%
BATTLE CREEK, MI (FHA|USDA|VA) 34 $5,990,000 $176,176 $3,132 3.18%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 14 $4,830,000 $345,000 $3,552 3.05%
Mount Pleasant, MI (FHA|USDA|VA) 37 $4,815,000 $130,135 $3,322 3.13%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 9 $4,685,000 $520,556 $5,869 3.18%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 14 $4,140,000 $295,714 $4,731 3.38%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 14 $3,740,000 $267,143 $3,215 3.00%
Ludington, MI (FHA|USDA|VA) 18 $3,710,000 $206,111 $3,059 3.09%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 12 $3,510,000 $292,500 $4,285 2.99%
Wooster, OH (FHA|USDA|VA) 11 $3,495,000 $317,727 $3,396 3.47%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $2,825,000 $565,000 $7,235 3.30%
Alma, MI (FHA|USDA|VA) 17 $2,675,000 $157,353 $2,533 3.21%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 7 $2,665,000 $380,714 $3,265 3.00%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 7 $2,385,000 $340,714 $5,059 3.02%
PUNTA GORDA, FL (FHA|USDA|VA) 7 $2,095,000 $299,286 $4,144 2.88%
TOLEDO, OH (FHA|USDA|VA) 9 $2,085,000 $231,667 $4,087 3.24%
Adrian, MI (FHA|USDA|VA) 10 $1,850,000 $185,000 $2,745 3.05%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 7 $1,785,000 $255,000 $4,304 3.11%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 6 $1,760,000 $293,333 $3,888 3.46%
MONROE, MI (FHA|USDA|VA) 9 $1,645,000 $182,778 $2,894 3.10%
Mount Vernon, OH (FHA|USDA|VA) 1 $1,555,000 $1,555,000 $3,371 3.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $1,485,000 $297,000 $4,506 3.13%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $1,255,000 $418,333 $4,057 3.04%
New Philadelphia-Dover, OH (FHA|USDA|VA) 3 $1,115,000 $371,667 $3,808 3.21%
Sturgis, MI (FHA|USDA|VA) 4 $910,000 $227,500 $4,187 3.34%
THE VILLAGES, FL (FHA|USDA|VA) 4 $840,000 $210,000 $3,342 3.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $815,000 $271,667 $4,581 3.29%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $785,000 $785,000 $4,582 3.13%
Hillsdale, MI (FHA|USDA|VA) 3 $645,000 $215,000 $2,711 2.71%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $545,000 $545,000 $5,114 2.88%
Coldwater, MI (FHA|USDA|VA) 3 $525,000 $175,000 $3,393 2.92%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $430,000 $215,000 $4,742 3.13%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $405,000 $405,000 $3,989 3.13%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $395,000 $395,000 $6,345 3.25%
Ashtabula, OH (FHA|USDA|VA) 1 $385,000 $385,000 $0 3.99%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $9,865 2.88%
Washington Court House, OH (FHA|USDA|VA) 1 $335,000 $335,000 $8,752 3.38%
Urbana, OH (FHA|USDA|VA) 1 $305,000 $305,000 $6,122 2.88%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $295,000 $295,000 $2,415 3.25%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $295,000 $295,000 $2,986 3.25%
LIMA, OH (FHA|USDA|VA) 1 $285,000 $285,000 $3,562 3.25%
Marinette, WI-MI (FHA|USDA|VA) 1 $265,000 $265,000 $2,735 3.00%
FORT WAYNE, IN (FHA|USDA|VA) 1 $265,000 $265,000 $3,446 2.88%
Marion, OH (FHA|USDA|VA) 2 $230,000 $115,000 $2,419 3.62%
Marquette, MI (FHA|USDA|VA) 2 $230,000 $115,000 $4,094 3.50%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $225,000 $225,000 $2,530 2.75%
Sault Ste. Marie, MI (FHA|USDA|VA) 2 $190,000 $95,000 $2,448 2.94%
Alpena, MI (FHA|USDA|VA) 2 $170,000 $85,000 $2,387 3.81%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $170,000 $85,000 $2,702 3.31%
Houghton, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.99%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,067 3.00%
Athens, OH (FHA|USDA|VA) 1 $145,000 $145,000 $1,874 3.00%
Cambridge, OH (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.99%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $95,000 $95,000 $0 2.38%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $85,000 $85,000 $3,373 3.25%

Independent Bank's top markets include Detroit, Grand Rapids, Traverse City, Columbus, and Lansing among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 7,112 $1,827,060,000 $256,898 $3,176 3.18%
FHA 188 $31,090,000 $165,372 $5,754 3.31%
VA 58 $14,940,000 $257,586 $6,361 2.99%
USDA 26 $4,280,000 $164,615 $4,348 3.13%

For the 2021 period, Independent Bank's most frequently originated loan type of loans were Conventional, with 7,112 originations. Their 2nd most popular type is FHA, with 188 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 3,294 $1,017,130,000 $308,783 $3,841 3.24%
Refi 2,188 $506,790,000 $231,622 $2,638 2.88%
Cash Out Refi 1,279 $278,175,000 $217,494 $3,033 3.10%
Home Improvement 322 $41,790,000 $129,783 $3,820 4.02%
Other 301 $33,485,000 $111,246 $2,771 4.05%

For the 2021, Independent Bank's most frequently cited loan purpose of loans were Home Purchase, with 3,294 originations. The 2nd most popular reason of loans were Refi, with 2,188 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 4,381 $1,185,435,000 $270,585 $3,317 3.21%
15 Year 1,285 $238,625,000 $185,700 $2,627 2.56%
Other 768 $89,240,000 $116,198 $3,534 4.08%
30+ year 464 $283,990,000 $612,047 $5,551 3.34%
20 Year 324 $57,940,000 $178,827 $2,603 3.07%
10 Year 138 $16,940,000 $122,754 $2,276 2.56%
5 Year 24 $5,200,000 $216,667 $0 4.34%

For the 2021, Independent Bank's most frequently cited loan length of loans were 30 Year, with 4,381 originations. The 2nd most popular length of loans were 15 Year, with 1,285 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 5,550 $1,524,600,000 $274,703
$2k-3k 356 $103,090,000 $289,579
$<1k 322 $47,610,000 $147,857
$3k-4k 158 $62,150,000 $393,354
$5k+ 50 $27,870,000 $557,400

$3,317 of loans were Independent Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 5,550 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 3,647 $1,060,565,000 $290,805
2.5-3% 2,438 $610,560,000 $250,435
<2.5% 934 $161,650,000 $173,073
4-5% 328 $40,660,000 $123,963
5-6% 34 $3,890,000 $114,412
7-8% 3 $45,000 $15,000

During 2021, Independent Bank's average interest rate of loans were 3.21%, while their most frequently originated rate bucket of loans were 3-4%, with 3,647 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 2,555 $375,055,000 $146,793 $2,768 3.12%
$200k-400k 2,299 $638,265,000 $277,627 $3,486 3.11%
$100,000 or less 1,387 $91,675,000 $66,096 $2,290 3.42%
$400k-600k 685 $333,075,000 $486,241 $4,260 3.12%
$600k-1MM 316 $237,540,000 $751,709 $4,859 3.20%
$1MM+ 142 $201,760,000 $1,420,845 $6,537 3.18%

2021 saw Independent Bank place emphasis on $100k-200k loans with 2,555 originations, totaling $375,055,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 1,549 $256,185,000 $165,387 $2,957 3.11%
$100k-150k 1,419 $348,075,000 $245,296 $3,422 3.17%
$50k or less 1,170 $144,720,000 $123,692 $2,737 3.16%
$75k-100k 1,129 $225,655,000 $199,872 $3,122 3.12%
$150k-250k 1,128 $376,840,000 $334,078 $3,694 3.27%
$250k+ 838 $499,160,000 $595,656 $4,438 3.25%

Independent Bank lent most frequently to those with incomes in the $50k-75k range, with 1,549 originations. The second most popular income band? $100k-150k, with 1,419 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,952 $484,710,000 $248,315 $3,138 3.15%
30-36% 1,508 $369,220,000 $244,841 $3,194 3.22%
<20% 764 $190,940,000 $249,921 $3,041 3.05%
37% 349 $101,575,000 $291,046 $3,643 3.35%
36% 317 $90,275,000 $284,779 $3,555 3.24%
39% 290 $84,460,000 $291,241 $3,522 3.28%
38% 287 $87,665,000 $305,453 $3,638 3.27%
42% 272 $64,960,000 $238,824 $3,620 3.15%
40% 265 $71,805,000 $270,962 $3,384 3.20%
43% 261 $64,495,000 $247,107 $3,400 3.16%
44% 252 $66,700,000 $264,683 $3,465 3.14%
41% 246 $57,630,000 $234,268 $3,402 3.17%
45% 136 $33,000,000 $242,647 $3,579 3.10%
49% 127 $30,565,000 $240,669 $3,201 3.01%
46% 114 $26,910,000 $236,053 $3,118 3.16%
47% 101 $21,485,000 $212,723 $3,262 3.08%
48% 98 $21,910,000 $223,571 $3,123 3.00%
>60% 13 $1,235,000 $95,000 $2,835 3.97%
50-60% 6 $1,130,000 $188,333 $3,555 2.69%

Independent Bank lent most frequently to those with DTI ratios of 20-30%, with 1,952 originations. The next most common DTI ratio? 30-36%, with 1,508 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 6,563 $1,631,995,000 $248,666 $3,246 3.17%
Not provided 472 $130,530,000 $276,547 $3,518 3.28%
Asian 109 $48,065,000 $440,963 $4,093 3.10%
Black 155 $39,405,000 $254,226 $3,626 3.29%
Asian Indian 19 $9,245,000 $486,579 $3,906 3.05%
Not applicable 22 $6,020,000 $273,636 $0 4.28%
American Indian 25 $4,785,000 $191,400 $2,877 3.26%
Filipino 5 $2,405,000 $481,000 $3,592 3.13%
Other Asian 5 $1,785,000 $357,000 $3,584 3.38%
Korean 4 $1,570,000 $392,500 $3,575 2.97%
Chinese 3 $1,185,000 $395,000 $3,125 3.21%
Japanese 1 $245,000 $245,000 $2,657 3.00%
Native Hawaiian 1 $135,000 $135,000 $3,073 3.75%

Approval Rates

Total approvals of all applications
92.96%

Independent Bank has an average approval rate.

Pick Rate

Approvals leading to origination
81.26%

Independent Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 7,384 $1,877,370,000 $254,248

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
7,384 $1,877,370,000 $254,248

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 659 $88,945,000 $134,970 $2,580 3.25%
40-60% 1,242 $250,120,000 $201,385 $2,707 2.92%
60-80% 2,756 $796,620,000 $289,049 $3,243 3.13%
80-100% 2,283 $708,285,000 $310,243 $3,768 3.18%
Over 100% 15 $4,315,000 $287,667 $11,606 2.96%
Under 20% 429 $29,085,000 $67,797 $1,519 4.13%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
INDEPENDENT BANK CORP. Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 2 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Independent Bank 2461 South Michigan Road Eaton Rapids, MI 48827 Full Service B&M $34,707
Independent Bank 130 South Bridge Street Belding, MI 48809 Full Service B&M $46,060
Independent Bank 1380 W Lake Lansing Road East Lansing, MI 48823 Full Service B&M $94,438
Independent Bank 144 S. Main Street Leslie, MI 49251 Full Service B&M $51,778
Independent Bank 1445 N. Center Saginaw, MI 48638 Full Service B&M $57,729
Independent Bank 1601 East Grand River Avenue Portland, MI 48875 Full Service B&M $38,941
Independent Bank 1615 West Center Essexville, MI 48732 Full Service B&M $64,514
Independent Bank 190 Kipp Road Mason, MI 48854 Full Service B&M $37,975
Independent Bank 1985 West Genesee Street Lapeer, MI 48446 Full Service B&M $29,187
Independent Bank 201 West Big Beaver Road, Suite 125 Troy, MI 48084 Full Service B&M $132,381
Independent Bank 204 W. Capital Avenue Bellevue, MI 49021 Full Service B&M $38,995
Independent Bank 209 South Main Street Standish, MI 48658 Full Service B&M $44,907
Independent Bank 2119 Hamilton Road Okemos, MI 48864 Full Service B&M $37,387
Independent Bank 230 W Main St Ionia, MI 48846 Limited, Administrative $0
Independent Bank 450 S Dexter St Ionia, MI 48846 Full Service B&M $137,249
Independent Bank 4525 Lake Michigan Dr Walker, MI 49534 Full Service B&M $41,482
Independent Bank 4850 Bay Road Saginaw, MI 48604 Full Service B&M $44,652
Independent Bank 49785 Van Dyke Ave Shelby Township, MI 48317 Full Service B&M $66,569
Independent Bank 5 Third Street Sand Lake, MI 49343 Full Service B&M $55,836
Independent Bank 525 S State St Sparta, MI 49345 Full Service B&M $45,285
Independent Bank 5500 Dixie Highway Saginaw, MI 48601 Full Service B&M $28,345
Independent Bank 623 Washington Avenue Bay City, MI 48708 Full Service B&M $52,680
Independent Bank 6241 Main Street Cass City, MI 48726 Full Service B&M $43,743
Independent Bank 655 North Port Crescent Street Bad Axe, MI 48413 Full Service B&M $92,871
Independent Bank 6727 Main Street Caseville, MI 48725 Full Service B&M $42,994
Independent Bank 6750 Cascade Road Grand Rapids, MI 49546 Full Service B&M $38,474
Independent Bank 720 West Shaw Howard City, MI 49329 Full Service B&M $56,828
Independent Bank 1004 West Midland Road Auburn, MI 48611 Full Service B&M $39,151
Independent Bank 1075 Wilcox Avenue White Cloud, MI 49349 Full Service B&M $75,956
Independent Bank 1111 West Caro Road Caro, MI 48723 Full Service B&M $52,141
Independent Bank 11628 Bunkerhill Road Pleasant Lake, MI 49272 Full Service B&M $45,067
Independent Bank 1239 South Garfield Avenue Traverse City, MI 49686 Full Service B&M $89,068
Independent Bank 1245 East Grand River Avenue Williamston, MI 48895 Full Service B&M $42,511
Independent Bank 129 Lansing St Charlotte, MI 48813 Full Service B&M $73,430
Independent Bank 3601 State Street Saginaw, MI 48602 Full Service B&M $47,588
Independent Bank 37601 Five Mile Road Livonia, MI 48154 Full Service B&M $79,982
Independent Bank 3765 Huron Street North Branch, MI 48461 Limited, Drive-thru $0
Independent Bank 3800 Alpine Ave Nw Comstock Park, MI 49321 Full Service B&M $20,941
Independent Bank 40 N State Street Newaygo, MI 49337 Full Service B&M $59,897
Independent Bank 4011 Eastern Sky Drive Traverse City, MI 49684 Full Service B&M $71,297
Independent Bank 404 Perry Street Big Rapids, MI 49307 Full Service B&M $38,641
Independent Bank 4046 Huron Street North Branch, MI 48461 Full Service B&M $37,229
Independent Bank 408 Mable Street Pinconning, MI 48650 Full Service B&M $30,460
Independent Bank 4115 17 Mile Road Cedar Springs, MI 49319 Full Service B&M $75,379
Independent Bank 4140 West Maple Road Bloomfield Hills, MI 48301 Full Service B&M $48,020
Independent Bank 4200 E. Beltline Avenue Ne Grand Rapids, MI 49525 Full Service B&M $741,726
Independent Bank 745 North Euclid Bay City, MI 48706 Full Service B&M $85,749
Independent Bank 77 Monroe Center Street Northwest, Suite 101 Grand Rapids, MI 49503 Full Service B&M $57,519
Independent Bank 78 South Main Street Rockford, MI 49341 Full Service B&M $78,779
Independent Bank 8700 N. 2nd St. Brighton, MI 48116 Full Service B&M $10,574
Independent Bank 8880 Unionville Road Sebewaing, MI 48759 Full Service B&M $74,414
Independent Bank 93 West Fourth Street, Suite D Suttons Bay, MI 49682 Full Service B&M $34,880
Independent Bank 2551 South State Road Ionia, MI 48846 Limited, Drive-thru $0
Independent Bank 2593 South Van Dyke Marlette, MI 48453 Full Service B&M $41,032
Independent Bank 29 Church Street Saranac, MI 48881 Full Service B&M $38,219
Independent Bank 2900 West Road, Suite 100 East Lansing, MI 48823 Full Service B&M $0
Independent Bank 3090 Plainfield N E Grand Rapids, MI 49505 Full Service B&M $25,013
Independent Bank 319 East Broadway Mount Pleasant, MI 48858 Full Service B&M $34,643
Independent Bank 323 West Main Street Carson City, MI 48811 Full Service B&M $31,900
Independent Bank 3251 Henry Street Muskegon, MI 49441 Full Service B&M $35,757
Independent Bank 32800 Southfield Road Beverly Hills, MI 48025 Full Service B&M $67,840
Independent Bank 32900 Middlebelt Road Farmington Hills, MI 48334 Full Service B&M $72,482
Independent Bank 333 West Grandview Parkway Traverse City, MI 49684 Full Service B&M $77,184
Independent Bank 3500 West Vienna Road Clio, MI 48420 Full Service B&M $38,289

For 2021, Independent Bank had 64 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $139,065
Net interest income $134,320
Total noninterest income $72,328
Gross Fiduciary activities income $0
Service charges on deposit accounts $10,208
Trading account gains and fees $0
Additional Noninterest Income $62,120
Pre-tax net operating income $78,251
Securities gains (or losses, -) $1,411
Income before extraordinary items $64,611
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $64,611
Minority interest net income $0
Net income $64,611
Sale, conversion, retirement of capital stock, net $0
Net operating income $63,468

Independent Bank's gross interest income from loans was $139,065,000.
Independent Bank's net interest income from loans was $134,320,000.
Independent Bank's fee based income from loans was $10,208,000.
Independent Bank's net income from loans was $64,611,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,745
Provision for credit losses $-721
Total noninterest expense $129,118
Salaries and employee benefits $78,337
Premises and equipment expense $13,007
Additional noninterest expense $37,774
Applicable income taxes $15,051
Net charge-offs $-2,043
Cash dividends $32,000

Independent Bank's interest expense for loans was $4,745,000.
Independent Bank's payroll and benefits expense were $78,337,000.
Independent Bank's property, plant and equipment expenses $13,007,000.

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 1.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
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 $4,178,663
Deposits held in domestic offices $4,178,663
Deposits by Individuals, partnerships, and corporations $3,747,640
Deposits by U.S. Government $4
Deposits by States and political subdivisions in the U.S. $424,433
Deposits by Commercial banks and other depository institutions in U.S. $6,586
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $730,589
Demand deposits $663,112
Nontransaction accounts $3,448,074
Money market deposit accounts (MMDAs) $520,730
Other savings deposits (excluding MMDAs) $2,552,496
Total time deposits $374,848
Total time and savings deposits $3,515,551
Noninterest-bearing deposits $1,907,219
Interest-bearing deposits $2,271,444
Retail deposits $4,042,652
IRAs and Keogh plan accounts $38,163
Brokered deposits $2,938
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $4,702,462
Cash & Balances due from depository institutions $109,473
Interest-bearing balances $58,404
Total securities $1,412,830
Federal funds sold & reverse repurchase $0
Net loans and leases $2,950,725
Loan and leases loss allowance $47,252
Trading account assets $0
Bank premises and fixed assets $42,598
Other real estate owned $235
Goodwill and other intangibles $57,868
All other assets $128,733

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $4,702,462
Total Liabilities $4,275,904
Total deposits $4,178,663
Interest-bearing deposits $2,271,444
Deposits held in domestic offices $4,178,663
% insured (estimated) $75
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $30,000
Subordinated debt $0
All other liabilities $67,241

Issued Loan Types

Type Value (in 000's)
Net loans and leases $2,950,725
Loan and leases loss allowance $47,252
Total loans and leases (domestic) $2,997,977
All real estate loans $2,099,378
Real estate loans in domestic offices $2,099,378
Construction and development loans $278,992
Residential 1-4 family construction $180,251
Other construction, all land development and other land $98,741
Loans secured by nonfarm nonresidential properties $666,579
Nonfarm nonresidential secured by owner-occupied properties $304,259
Commercial real estate & other non-farm, non-residential $362,320
Multifamily residential real estate $59,645
1-4 family residential loans $1,090,340
Farmland loans $3,822
Loans held in foreign offices $0
Farm loans $1,556
Commercial and industrial loans $325,397
To non-U.S. addressees $0
Loans to individuals $557,258
Credit card loans $0
Related Plans $51
Consumer Auto Loans $32,293
Other loans to individuals $524,914
All other loans & leases $14,388
Loans to foreign governments and official institutions $0
Other loans $11,435
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 $35,749
Non 1-4 family restructured loans & leases $5,181
Total loans and leases (foreign) $0

Independent Bank had $2,950,725,000 of loans outstanding in 2021. $2,099,378,000 of loans were in real estate loans. $278,992,000 of loans were in development loans. $59,645,000 of loans were in multifamily mortgage loans. $1,090,340,000 of loans were in 1-4 family mortgage loans. $1,556,000 of loans were in farm loans. $0 of loans were in credit card loans. $32,293,000 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 1,505 $236,300 $157,010
Nonfarm, nonresidential loans - <$100k 567 $18,281 $32,242
Nonfarm, nonresidential loans - $100-250k 436 $45,732 $104,890
Nonfarm, nonresidential loans - $250k-1MM 502 $172,287 $343,201
Commercial & Industrial, US addressed loans - <$1MM 2,055 $139,409 $67,839
Commercial & Industrial, US addressed loans - <$100k 1,235 $15,825 $12,814
Commercial & Industrial, US addressed loans - $100-250k 417 $28,983 $69,504
Commercial & Industrial, US addressed loans - $250k-1MM 403 $94,601 $234,742
Farmland loans - <$1MM 10 $370 $37,000
Farmland loans - <$100k 8 $253 $31,625
Farmland loans - $100-250k 2 $117 $58,500
Agriculture operations loans - <$1MM 29 $807 $27,828
Agriculture operations loans - <$100k 23 $84 $3,652
Agriculture operations loans - $100-250k 4 $336 $84,000
Agriculture operations loans - $250k-1MM 2 $387 $193,500