Independent Bank Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 20TVKH7M13MUBGE80C53

Tax ID: 38-0861665

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

    Independent Bank is a small bank specializing in Home Purchase 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 by origination volume include: Detroit, Grand Rapids, Traverse City, Columbus, and Lansing among others. We have data for 64 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Independent 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. Independent 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 5.81% 4/21/24
    30 Year Conventional Purchase 6.66% 4/21/24
    30 Year Conventional Refi 6.53% 4/21/24
    30 Year Cash-out Refi 6.79% 4/21/24
    30 Year FHA Purchase 7.55% 4/21/24
    30 Year FHA Refi 7.09% 4/21/24
    30 Year VA Purchase 6.46% 4/21/24
    30 Year VA Refi 5.56% 4/21/24
    30 Year USDA Purchase 7.26% 4/21/24
    15 Year Conventional Purchase 6.17% 4/21/24
    15 Year Conventional Refi 6.19% 4/21/24
    15 Year Cash-out Refi 6.19% 4/21/24
    15 Year FHA Purchase 5.68% 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.

    Independent Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Independent 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

    5,034

    Origination Dollar Volume (All Markets)

    $1,093,950,000

    Employee count

    923 Show all (7) 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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,235 $337,555,000 $273,324 $3,632 4.26%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1,121 $220,815,000 $196,980 $3,124 4.31%
    Traverse City, MI (FHA|USDA|VA) 348 $74,410,000 $213,822 $3,384 4.22%
    Outside of Metro Areas 465 $72,205,000 $155,280 $2,984 4.27%
    COLUMBUS, OH (FHA|USDA|VA) 162 $64,460,000 $397,901 $4,437 4.23%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 335 $48,685,000 $145,328 $3,077 4.32%
    ANN ARBOR, MI (FHA|USDA|VA) 161 $46,825,000 $290,839 $3,540 4.18%
    AKRON, OH (FHA|USDA|VA) 160 $41,400,000 $258,750 $3,874 4.02%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 68 $19,360,000 $284,706 $4,093 4.17%
    NILES, MI (FHA|USDA|VA) 67 $16,765,000 $250,224 $3,323 4.04%
    SAGINAW, MI (FHA|USDA|VA) 122 $15,490,000 $126,967 $2,889 4.31%
    FLINT, MI (FHA|USDA|VA) 70 $15,340,000 $219,143 $3,862 4.27%
    BAY CITY, MI (FHA|USDA|VA) 124 $14,230,000 $114,758 $2,473 4.28%
    MUSKEGON, MI (FHA|USDA|VA) 107 $14,105,000 $131,822 $2,995 4.39%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 58 $11,600,000 $200,000 $3,190 4.31%
    Holland, MI (FHA|USDA|VA) 32 $7,530,000 $235,313 $2,928 4.38%
    Cadillac, MI (FHA|USDA|VA) 58 $7,500,000 $129,310 $2,906 4.23%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 19 $7,025,000 $369,737 $4,983 4.59%
    MIDLAND, MI (FHA|USDA|VA) 44 $6,450,000 $146,591 $3,419 4.28%
    Big Rapids, MI (FHA|USDA|VA) 50 $5,790,000 $115,800 $2,852 4.19%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 19 $5,635,000 $296,579 $3,817 3.60%
    JACKSON, MI (FHA|USDA|VA) 36 $4,730,000 $131,389 $3,319 4.20%
    BATTLE CREEK, MI (FHA|USDA|VA) 29 $4,595,000 $158,448 $2,805 3.94%
    Wooster, OH (FHA|USDA|VA) 13 $3,425,000 $263,462 $4,021 4.35%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 14 $3,000,000 $214,286 $3,613 4.08%
    Mount Pleasant, MI (FHA|USDA|VA) 24 $2,760,000 $115,000 $3,222 4.34%
    Adrian, MI (FHA|USDA|VA) 11 $2,265,000 $205,909 $3,381 4.36%
    Ludington, MI (FHA|USDA|VA) 6 $1,910,000 $318,333 $5,063 4.06%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $1,505,000 $301,000 $4,511 4.43%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,445,000 $481,667 $6,161 3.75%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $1,330,000 $332,500 $3,430 4.03%
    MONROE, MI (FHA|USDA|VA) 8 $1,070,000 $133,750 $2,935 4.50%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $990,000 $247,500 $4,013 4.59%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $805,000 $805,000 $12,570 4.13%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $785,000 $261,667 $2,401 3.31%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $700,000 $350,000 $4,700 5.25%
    Mount Vernon, OH (FHA|USDA|VA) 3 $605,000 $201,667 $5,040 4.13%
    Alma, MI (FHA|USDA|VA) 5 $595,000 $119,000 $5,340 4.65%
    TALLAHASSEE, FL (FHA|USDA|VA) 2 $590,000 $295,000 $4,136 4.06%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $585,000 $195,000 $3,510 4.33%
    Coldwater, MI (FHA|USDA|VA) 3 $545,000 $181,667 $3,302 4.00%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $540,000 $270,000 $4,876 4.25%
    Zanesville, OH (FHA|USDA|VA) 1 $485,000 $485,000 $3,546 3.25%
    Alpena, MI (FHA|USDA|VA) 4 $470,000 $117,500 $3,179 4.91%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $465,000 $465,000 $3,542 3.63%
    Sturgis, MI (FHA|USDA|VA) 2 $440,000 $220,000 $3,753 4.38%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $425,000 $425,000 $3,191 3.88%
    New Philadelphia-Dover, OH (FHA|USDA|VA) 2 $420,000 $210,000 $5,001 4.25%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $405,000 $405,000 $6,278 4.25%
    THE VILLAGES, FL (FHA|USDA|VA) 2 $380,000 $190,000 $3,081 4.56%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $345,000 $345,000 $2,814 4.13%
    Urbana, OH (FHA|USDA|VA) 1 $295,000 $295,000 $8,798 5.00%
    Portsmouth, OH (FHA|USDA|VA) 1 $275,000 $275,000 $3,787 4.38%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $2,993 4.75%
    Marion, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,001 3.88%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,384 4.50%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,504 4.00%
    MANSFIELD, OH (FHA|USDA|VA) 1 $165,000 $165,000 $3,285 4.25%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.50%
    Hillsdale, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,605 4.00%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $95,000 $95,000 $2,922 3.75%
    SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $85,000 $85,000 $3,041 4.63%
    Sandusky, OH (FHA|USDA|VA) 1 $75,000 $75,000 $3,219 4.75%
    Auburn, IN (FHA|USDA|VA) 1 $65,000 $65,000 $2,216 3.75%
    Independent Bank's top markets include Detroit, Grand Rapids, Traverse City, Columbus, and Lansing among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Independent Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HARBORLIGHT
    Similarity Rank: 28
    United Bay Community Credit Union
    Similarity Rank: 32
    Cleveland Selfreliance FCU
    Similarity Rank: 33
    Liberty Bank for Savings
    Similarity Rank: 85
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 96
    Lake Huron Credit Union
    Similarity Rank: 120
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    LAFCU
    Similarity Rank: 289
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,974 $972,750,000 $244,779 $3,233 4.23%
    HELOC 780 $74,230,000 $95,167 n/a 4.38%
    FHA 163 $24,745,000 $151,810 $5,598 4.59%
    VA 68 $15,300,000 $225,000 $4,775 4.17%
    USDA 49 $6,925,000 $141,327 $4,485 4.38%

    For 2019, Independent Bank's most frequently originated type of loan was Conventional, with 3,974 originations. Their 2nd most popular type was HELOC, with 780 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,045 $722,295,000 $237,207 $3,575 4.29%
    Refi 765 $188,565,000 $246,490 $2,790 3.90%
    Cash Out Refi 571 $112,895,000 $197,715 $3,164 4.25%
    Other 327 $28,915,000 $88,425 $2,671 4.48%
    Home Improvement 326 $41,280,000 $126,626 $3,140 4.61%

    For 2019, Independent Bank's most frequently cited loan purpose was Home Purchase, with 3,045 originations. The 2nd most popular reason was Refi, with 765 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,120 $688,160,000 $220,564 $3,308 4.31%
    Other 810 $93,320,000 $115,210 $4,361 4.35%
    15 Year 547 $99,985,000 $182,788 $2,746 3.82%
    30+ year 374 $180,950,000 $483,824 $5,081 4.25%
    20 Year 98 $17,040,000 $173,878 $2,752 4.09%
    10 Year 60 $5,040,000 $84,000 $2,125 4.28%
    5 Year 24 $9,290,000 $387,083 $1,465 5.54%
    1 Year 1 $165,000 $165,000 $0 5.50%

    For 2019, Independent Bank's most frequently cited loan duration was 30 Year, with 3,120 originations. The 2nd most popular length was Other, with 810 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 3,264 $806,110,000 $246,970
    $<1k 359 $50,995,000 $142,047
    $2k-3k 275 $71,995,000 $261,800
    $3k-4k 89 $27,525,000 $309,270
    $5k+ 31 $12,135,000 $391,452
    $4k-5k 24 $7,830,000 $326,250

    Independent Bank's average total fees were $3,308, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3,264 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 2,043 $457,005,000 $223,693
    3-4% 1,840 $495,420,000 $269,250
    5-6% 676 $93,340,000 $138,077
    <2.5% 200 $19,510,000 $97,550
    6-7% 192 $10,260,000 $53,438
    2.5-3% 51 $17,265,000 $338,529
    7-8% 23 $945,000 $41,087
    Over 8% 9 $205,000 $22,778

    During 2019, Independent Bank's average interest rate for loans was 4.31%, while their most frequently originated rate bucket for loans was 4-5%, with 2,043 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,708 $248,750,000 $145,638 $3,076 4.25%
    $200k-400k 1,444 $398,010,000 $275,630 $3,704 4.14%
    $100,000 or less 1,313 $79,705,000 $60,704 $2,358 4.51%
    $400k-600k 371 $175,075,000 $471,900 $4,299 4.10%
    $600k-1MM 145 $109,935,000 $758,172 $4,791 3.96%
    $1MM+ 53 $82,475,000 $1,556,132 $6,527 3.92%

    2019 saw Independent Bank place emphasis on $100k-200k loans with 1,708 originations, totaling $248,750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,066 $159,200,000 $149,343 $3,188 4.29%
    $100k-150k 938 $207,040,000 $220,725 $3,542 4.21%
    $50k or less 911 $100,495,000 $110,313 $2,921 4.35%
    $75k-100k 793 $138,905,000 $175,164 $3,358 4.32%
    $150k-250k 737 $214,025,000 $290,400 $3,674 4.22%
    $250k+ 503 $249,915,000 $496,849 $4,083 4.11%

    Independent Bank lent most frequently to those with incomes in the $50k-75k range, with 1,066 originations. The second most popular income band? $100k-150k, with 938 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,188 $247,290,000 $208,157 $3,193 4.17%
    30-36% 1,122 $256,980,000 $229,037 $3,402 4.30%
    <20% 421 $86,715,000 $205,974 $3,022 4.13%
    37% 237 $46,265,000 $195,211 $3,477 4.38%
    36% 233 $50,185,000 $215,386 $3,472 4.35%
    41% 203 $42,435,000 $209,039 $3,376 4.30%
    44% 202 $45,570,000 $225,594 $3,428 4.29%
    38% 197 $41,735,000 $211,853 $3,422 4.31%
    40% 188 $38,850,000 $206,649 $3,479 4.37%
    39% 184 $39,140,000 $212,717 $3,543 4.22%
    42% 175 $35,635,000 $203,629 $3,423 4.28%
    43% 166 $43,850,000 $264,157 $3,751 4.25%
    49% 103 $24,095,000 $233,932 $3,608 4.24%
    45% 101 $20,625,000 $204,208 $3,452 4.33%
    46% 92 $20,560,000 $223,478 $3,617 4.35%
    47% 78 $16,190,000 $207,564 $3,324 4.30%
    48% 71 $14,685,000 $206,831 $3,456 4.36%
    50-60% 15 $3,685,000 $245,667 $5,375 4.55%
    >60% 9 $1,915,000 $212,778 $3,669 4.36%

    Independent Bank lent most frequently to those with DTI ratios of 20-30%, with 1,188 originations. The next most common DTI ratio? 30-36%, with 1,122 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,621 $987,325,000 $213,660 $3,350 4.27%
    Not provided 235 $50,065,000 $213,043 $3,782 4.11%
    Asian 60 $16,970,000 $282,833 $3,749 4.13%
    Black 77 $15,465,000 $200,844 $3,185 4.36%
    Not applicable 19 $14,645,000 $770,789 $0 5.51%
    Asian Indian 5 $4,525,000 $905,000 $5,424 3.70%
    Other Asian 2 $1,970,000 $985,000 $5,191 3.31%
    American Indian 11 $1,715,000 $155,909 $3,820 3.59%
    Native Hawaiian or Islander 4 $1,270,000 $317,500 $2,296 4.06%

    Approval Rates

    Total approvals of all applications
    91.94%

    Independent Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.50%

    Independent Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 5,034 $1,093,950,000 $217,312

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $255,000 $255,000
    Multifamily:Site-Built 6 $12,300,000 $2,050,000
    Single Family (1-4 Units):Manufactured 110 $10,260,000 $93,273
    Single Family (1-4 Units):Site-Built 4,917 $1,071,135,000 $217,843

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 465 $46,095,000 $99,129 $2,500 4.29%
    40-60% 501 $87,775,000 $175,200 $2,821 4.09%
    60-80% 1,711 $436,465,000 $255,094 $3,379 4.22%
    80-100% 1,966 $500,640,000 $254,649 $3,658 4.25%
    Over 100% 14 $3,260,000 $232,857 $7,823 4.15%
    Under 20% 377 $19,715,000 $52,294 $1,158 4.72%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Independent Bank 1004 West Midland Road Auburn, MI 48611 Full Service B&M $19,702
    Independent Bank 103 East Preston 2nd Floor Mount Pleasant, MI 48858 Full Service B&M $7,549
    Independent Bank 1075 Wilcox Avenue White Cloud, MI 49349 Full Service B&M $48,230
    Independent Bank 1111 West Caro Road Caro, MI 48723 Full Service B&M $36,848
    Independent Bank 112 South Main Street Olivet, MI 49076 Full Service B&M $14,813
    Independent Bank 11628 Bunkerhill Road Pleasant Lake, MI 49272 Full Service B&M $31,288
    Independent Bank 1239 South Garfield Avenue Traverse City, MI 49686 Full Service B&M $42,652
    Independent Bank 1245 East Grand River Avenue Williamston, MI 48895 Full Service B&M $25,401
    Independent Bank 129 Lansing St Charlotte, MI 48813 Full Service B&M $43,363
    Independent Bank 130 South Bridge Street Belding, MI 48809 Full Service B&M $38,246
    Independent Bank 1380 W Lake Lansing Road East Lansing, MI 48823 Full Service B&M $74,426
    Independent Bank 144 S. Main Street Leslie, MI 49251 Full Service B&M $41,169
    Independent Bank 1445 N. Center Saginaw, MI 48638 Full Service B&M $33,222
    Independent Bank 1601 East Grand River Avenue Portland, MI 48875 Full Service B&M $27,006
    Independent Bank 1615 West Center Essexville, MI 48732 Full Service B&M $51,580
    Independent Bank 190 Kipp Road Mason, MI 48854 Full Service B&M $29,519
    Independent Bank 1985 West Genesee Street Lapeer, MI 48446 Full Service B&M $21,210
    Independent Bank 201 West Big Beaver Road, Suite 125 Troy, MI 48084 Full Service B&M $85,254
    Independent Bank 204 W. Capital Avenue Bellevue, MI 49021 Full Service B&M $18,356
    Independent Bank 209 South Main Street Standish, MI 48658 Full Service B&M $33,130
    Independent Bank 2119 Hamilton Road Okemos, MI 48864 Full Service B&M $31,697
    Independent Bank 230 West Main Street Ionia, MI 48846 Full Service B&M $34,887
    Independent Bank 2461 South Michigan Road Eaton Rapids, MI 48827 Full Service B&M $21,573
    Independent Bank 2551 South State Road Ionia, MI 48846 Full Service B&M $18,682
    Independent Bank 2593 South Van Dyke Marlette, MI 48453 Full Service B&M $30,877
    Independent Bank 29 Church Street Saranac, MI 48881 Full Service B&M $31,177
    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 $24,823
    Independent Bank 319 East Broadway Mount Pleasant, MI 48858 Full Service B&M $20,441
    Independent Bank 320 Vermontville Highway Potterville, MI 48876 Full Service B&M $18,214
    Independent Bank 323 West Main Street Carson City, MI 48811 Full Service B&M $23,210
    Independent Bank 3251 Henry Street Muskegon, MI 49441 Full Service B&M $22,560
    Independent Bank 32800 Southfield Road Beverly Hills, MI 48025 Full Service B&M $41,391
    Independent Bank 32900 Middlebelt Road Farmington Hills, MI 48334 Full Service B&M $35,969
    Independent Bank 333 West Grandview Parkway Traverse City, MI 49684 Full Service B&M $99,976
    Independent Bank 3500 West Vienna Road Clio, MI 48420 Full Service B&M $27,958
    Independent Bank 3601 State Street Saginaw, MI 48602 Full Service B&M $42,701
    Independent Bank 37601 Five Mile Road Livonia, MI 48154 Full Service B&M $59,437
    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 $19,802
    Independent Bank 40 N State Street Newaygo, MI 49337 Full Service B&M $54,629
    Independent Bank 4011 Eastern Sky Drive Traverse City, MI 49684 Full Service B&M $37,052
    Independent Bank 404 Perry Street Big Rapids, MI 49307 Full Service B&M $31,599
    Independent Bank 4046 Huron Street North Branch, MI 48461 Full Service B&M $26,711
    Independent Bank 408 Mable Street Pinconning, MI 48650 Full Service B&M $20,755
    Independent Bank 4115 17 Mile Road Cedar Springs, MI 49319 Full Service B&M $60,838
    Independent Bank 4140 West Maple Road Bloomfield Hills, MI 48301 Full Service B&M $24,818
    Independent Bank 4200 E. Beltline Avenue Ne Grand Rapids, MI 49525 Full Service B&M $683,160
    Independent Bank 450 S Dexter St Ionia, MI 48846 Full Service B&M $30,328
    Independent Bank 4525 Lake Michigan Dr Walker, MI 49534 Full Service B&M $21,106
    Independent Bank 4850 Bay Road Saginaw, MI 48604 Full Service B&M $44,560
    Independent Bank 49785 Van Dyke Ave Shelby Township, MI 48317 Full Service B&M $28,541
    Independent Bank 5 Third Street Sand Lake, MI 49343 Full Service B&M $37,647
    Independent Bank 525 S State St Sparta, MI 49345 Full Service B&M $33,870
    Independent Bank 5500 Dixie Highway Saginaw, MI 48601 Full Service B&M $20,047
    Independent Bank 5950 Rochester Road Troy, MI 48085 Full Service B&M $24,319
    Independent Bank 6018 Us 31 South Williamsburg, MI 49690 Full Service B&M $6,591
    Independent Bank 623 Washington Avenue Bay City, MI 48708 Full Service B&M $54,738
    Independent Bank 6241 Main Street Cass City, MI 48726 Full Service B&M $30,086
    Independent Bank 655 North Port Crescent Street Bad Axe, MI 48413 Full Service B&M $72,525
    Independent Bank 6727 Main Street Caseville, MI 48725 Full Service B&M $27,980
    Independent Bank 6750 Cascade Road Grand Rapids, MI 49546 Full Service B&M $27,581
    Independent Bank 720 West Shaw Howard City, MI 49329 Full Service B&M $31,189
    Independent Bank 7400 Bay Road Saginaw, MI 48604 Full Service B&M $6,585
    Independent Bank 745 North Euclid Bay City, MI 48706 Full Service B&M $62,952
    Independent Bank 75 South Main Street Pigeon, MI 48755 Full Service B&M $16,777
    Independent Bank 77 Monroe Center Street Northwest, Suite 101 Grand Rapids, MI 49503 Full Service B&M $31,107
    Independent Bank 78 South Main Street Rockford, MI 49341 Full Service B&M $57,730
    Independent Bank 8880 Unionville Road Sebewaing, MI 48759 Full Service B&M $55,979
    Independent Bank 93 West Fourth Street, Suite D Suttons Bay, MI 49682 Full Service B&M $20,694

    For 2019, Independent Bank had 70 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $149,511
    Net interest income $125,038
    Total noninterest income $45,838
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $11,532
    Trading account gains and fees $0
    Additional Noninterest Income $34,306
    Pre-tax net operating income $59,325
    Securities gains (or losses, -) $307
    Income before extraordinary items $48,043
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $48,043
    Minority interest net income $0
    Net income $48,043
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $47,794

    Independent Bank's gross interest income from loans was $149,511,000.
    Independent Bank's net interest income from loans was $125,038,000.
    Independent Bank's fee based income from loans was $11,532,000.
    Independent Bank's net income from loans was $48,043,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $24,473
    Provision for credit losses $824
    Total noninterest expense $110,727
    Salaries and employee benefits $66,009
    Premises and equipment expense $13,160
    Additional noninterest expense $31,558
    Applicable income taxes $11,589
    Net charge-offs $-436
    Cash dividends $29,000

    Independent Bank's interest expense for loans was $24,473,000.
    Independent Bank's payroll and benefits expense were $66,009,000.
    Independent Bank's property, plant and equipment expenses $13,160,000.

    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 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 $3,070,031
    Deposits held in domestic offices $3,070,031
    Deposits by Individuals, partnerships, and corporations $2,764,378
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $295,205
    Deposits by Commercial banks and other depository institutions in U.S. $10,447
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $548,310
    Demand deposits $467,124
    Nontransaction accounts $2,521,721
    Money market deposit accounts (MMDAs) $139,155
    Other savings deposits (excluding MMDAs) $1,763,665
    Total time deposits $618,901
    Total time and savings deposits $2,602,907
    Noninterest-bearing deposits $1,259,969
    Interest-bearing deposits $1,810,062
    Retail deposits $2,798,482
    IRAs and Keogh plan accounts $44,402
    Brokered deposits $190,002
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,563,694
    Cash & Balances due from depository institutions $65,654
    Interest-bearing balances $12,359
    Total securities $518,400
    Federal funds sold & reverse repurchase $0
    Net loans and leases $2,770,893
    Loan and leases loss allowance $26,148
    Trading account assets $0
    Bank premises and fixed assets $38,018
    Other real estate owned $1,715
    Goodwill and other intangibles $52,797
    All other assets $116,217

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,563,694
    Total Liabilities $3,196,833
    Total deposits $3,070,031
    Interest-bearing deposits $1,810,062
    Deposits held in domestic offices $3,070,031
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $25,000
    Trading liabilities $0
    Other borrowed funds $63,640
    Subordinated debt $0
    All other liabilities $38,162

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,770,893
    Loan and leases loss allowance $26,148
    Total loans and leases (domestic) $2,797,041
    All real estate loans $2,025,905
    Real estate loans in domestic offices $2,025,905
    Construction and development loans $249,747
    Residential 1-4 family construction $129,643
    Other construction, all land development and other land $120,104
    Loans secured by nonfarm nonresidential properties $615,148
    Nonfarm nonresidential secured by owner-occupied properties $333,189
    Commercial real estate & other non-farm, non-residential $281,959
    Multifamily residential real estate $78,432
    1-4 family residential loans $1,081,076
    Farmland loans $1,502
    Loans held in foreign offices $0
    Farm loans $2,912
    Commercial and industrial loans $315,004
    To non-U.S. addressees $0
    Loans to individuals $449,705
    Credit card loans $0
    Related Plans $64
    Consumer Auto Loans $26,584
    Other loans to individuals $423,057
    All other loans & leases $3,515
    Loans to foreign governments and official institutions $0
    Other loans $1,816
    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 $46,737
    Non 1-4 family restructured loans & leases $9,031
    Total loans and leases (foreign) $0

    Independent Bank had $2,770,893,000 of loans outstanding in 2019. $2,025,905,000 of loans were in real estate loans. $249,747,000 of loans were in development loans. $78,432,000 of loans were in multifamily mortgage loans. $1,081,076,000 of loans were in 1-4 family mortgage loans. $2,912,000 of loans were in farm loans. $0 of loans were in credit card loans. $26,584,000 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 1,386 $258,029 $186,168
    Nonfarm, nonresidential loans - <$100k 592 $44,941 $75,914
    Nonfarm, nonresidential loans - $100-250k 387 $51,563 $133,238
    Nonfarm, nonresidential loans - $250k-1MM 407 $161,525 $396,867
    Commercial & Industrial, US addressed loans - <$1MM 1,542 $149,972 $97,258
    Commercial & Industrial, US addressed loans - <$100k 802 $40,181 $50,101
    Commercial & Industrial, US addressed loans - $100-250k 406 $35,555 $87,574
    Commercial & Industrial, US addressed loans - $250k-1MM 334 $74,236 $222,263
    Farmland loans - <$1MM 14 $903 $64,500
    Farmland loans - <$100k 8 $369 $46,125
    Farmland loans - $100-250k 5 $440 $88,000
    Farmland loans - $250k-1MM 1 $94 $94,000
    Agriculture operations loans - <$1MM 25 $1,768 $70,720
    Agriculture operations loans - <$100k 17 $346 $20,353
    Agriculture operations loans - $100-250k 3 $463 $154,333
    Agriculture operations loans - $250k-1MM 5 $959 $191,800