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

Review & Overview

Independent Bank is a small bank specializing in Refi and 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 74 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%	12/16/24
30 Year Conventional Purchase	6.66%	12/16/24
30 Year Conventional Refi	6.53%	12/16/24
30 Year Cash-out Refi	6.79%	12/16/24
30 Year FHA Purchase	7.55%	12/16/24
30 Year FHA Refi	7.09%	12/16/24
30 Year VA Purchase	6.46%	12/16/24
30 Year VA Refi	5.56%	12/16/24
30 Year USDA Purchase	7.26%	12/16/24
15 Year Conventional Purchase	6.17%	12/16/24
15 Year Conventional Refi	6.19%	12/16/24
15 Year Cash-out Refi	6.19%	12/16/24
15 Year FHA Purchase	5.68%	12/16/24
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

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

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

8,185

Origination Dollar Volume (All Markets)

$1,860,965,000

Employee count

928

Awards

Independent Bank 30 Year Conventional Loans silver

Show all (4) 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)	1,980	$550,000,000	$277,778	$3,148	3.36%
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	1,918	$392,440,000	$204,609	$2,893	3.36%
Traverse City, MI (FHA\|USDA\|VA)	604	$130,900,000	$216,722	$2,992	3.38%
Outside of Metro Areas	745	$129,505,000	$173,832	$2,919	3.40%
COLUMBUS, OH (FHA\|USDA\|VA)	258	$98,640,000	$382,326	$3,838	3.35%
LANSING-EAST LANSING, MI (FHA\|USDA\|VA)	570	$89,540,000	$157,088	$2,738	3.31%
ANN ARBOR, MI (FHA\|USDA\|VA)	298	$83,520,000	$280,268	$3,193	3.31%
AKRON, OH (FHA\|USDA\|VA)	189	$53,355,000	$282,302	$3,475	3.24%
CLEVELAND-ELYRIA, OH (FHA\|USDA\|VA)	106	$40,440,000	$381,509	$4,008	3.32%
NILES, MI (FHA\|USDA\|VA)	116	$37,210,000	$320,776	$3,605	3.24%
SAGINAW, MI (FHA\|USDA\|VA)	210	$28,470,000	$135,571	$2,911	3.29%
BAY CITY, MI (FHA\|USDA\|VA)	191	$24,485,000	$128,194	$2,538	3.21%
MUSKEGON, MI (FHA\|USDA\|VA)	142	$23,910,000	$168,380	$2,845	3.42%
KALAMAZOO-PORTAGE, MI (FHA\|USDA\|VA)	85	$20,765,000	$244,294	$2,945	3.30%
FLINT, MI (FHA\|USDA\|VA)	103	$19,115,000	$185,583	$3,150	3.51%
Big Rapids, MI (FHA\|USDA\|VA)	91	$15,055,000	$165,440	$2,834	3.36%
Cadillac, MI (FHA\|USDA\|VA)	84	$12,960,000	$154,286	$2,918	3.29%
Holland, MI (FHA\|USDA\|VA)	52	$12,890,000	$247,885	$3,242	3.21%
JACKSON, MI (FHA\|USDA\|VA)	73	$12,025,000	$164,726	$2,847	3.29%
MIDLAND, MI (FHA\|USDA\|VA)	60	$9,880,000	$164,667	$3,131	3.30%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	28	$9,710,000	$346,786	$3,216	3.06%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	9	$6,355,000	$706,111	$7,028	3.56%
BATTLE CREEK, MI (FHA\|USDA\|VA)	39	$6,295,000	$161,410	$2,777	3.32%
CANTON-MASSILLON, OH (FHA\|USDA\|VA)	19	$5,755,000	$302,895	$3,112	3.12%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	13	$5,135,000	$395,000	$5,031	3.59%
Mount Pleasant, MI (FHA\|USDA\|VA)	27	$3,865,000	$143,148	$2,969	3.17%
MONROE, MI (FHA\|USDA\|VA)	19	$3,235,000	$170,263	$3,191	3.66%
CINCINNATI, OH-KY-IN (FHA\|USDA\|VA)	10	$3,040,000	$304,000	$2,842	3.14%
Wooster, OH (FHA\|USDA\|VA)	8	$2,480,000	$310,000	$4,082	3.20%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	8	$2,420,000	$302,500	$3,995	3.59%
Ludington, MI (FHA\|USDA\|VA)	14	$2,150,000	$153,571	$2,675	3.72%
SOUTH BEND-MISHAWAKA, IN-MI (FHA\|USDA\|VA)	10	$2,020,000	$202,000	$3,178	3.41%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	5	$1,935,000	$387,000	$4,702	3.13%
Adrian, MI (FHA\|USDA\|VA)	11	$1,795,000	$163,182	$2,825	3.59%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	4	$1,560,000	$390,000	$4,291	3.31%
TOLEDO, OH (FHA\|USDA\|VA)	8	$1,260,000	$157,500	$4,447	3.14%
Alma, MI (FHA\|USDA\|VA)	10	$1,260,000	$126,000	$4,228	3.74%
PUNTA GORDA, FL (FHA\|USDA\|VA)	5	$1,195,000	$239,000	$3,947	3.05%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	4	$950,000	$237,500	$3,278	3.22%
Sturgis, MI (FHA\|USDA\|VA)	5	$925,000	$185,000	$3,842	3.15%
PORT ST. LUCIE, FL (FHA\|USDA\|VA)	3	$915,000	$305,000	$4,629	3.63%
Hillsdale, MI (FHA\|USDA\|VA)	4	$750,000	$187,500	$3,407	3.78%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA\|USDA\|VA)	4	$660,000	$165,000	$2,707	3.72%
Sebastian-Vero Beach, FL (FHA\|USDA\|VA)	2	$610,000	$305,000	$4,337	3.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	2	$610,000	$305,000	$4,665	2.88%
Zanesville, OH (FHA\|USDA\|VA)	1	$595,000	$595,000	$5,767	3.50%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	2	$580,000	$290,000	$4,031	3.50%
ELKHART-GOSHEN, IN (FHA\|USDA\|VA)	2	$530,000	$265,000	$3,010	3.13%
Key West, FL (FHA\|USDA\|VA)	1	$515,000	$515,000	$6,700	3.00%
Alpena, MI (FHA\|USDA\|VA)	3	$495,000	$165,000	$2,514	3.04%
Marion, OH (FHA\|USDA\|VA)	2	$470,000	$235,000	$2,595	3.06%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA\|USDA\|VA)	1	$425,000	$425,000	$2,621	3.13%
FORT WAYNE, IN (FHA\|USDA\|VA)	2	$390,000	$195,000	$2,349	3.13%
Mount Vernon, OH (FHA\|USDA\|VA)	2	$370,000	$185,000	$2,738	2.88%
Findlay, OH (FHA\|USDA\|VA)	1	$355,000	$355,000	$5,580	3.88%
MICHIGAN CITY-LA PORTE, IN (FHA\|USDA\|VA)	1	$345,000	$345,000	$2,135	3.38%
Coldwater, MI (FHA\|USDA\|VA)	2	$330,000	$165,000	$3,199	3.13%
Sandusky, OH (FHA\|USDA\|VA)	2	$320,000	$160,000	$2,156	2.88%
Cambridge, OH (FHA\|USDA\|VA)	1	$305,000	$305,000	$4,316	3.38%
Kill Devil Hills, NC (FHA\|USDA\|VA)	1	$305,000	$305,000	$0	4.50%
Washington Court House, OH (FHA\|USDA\|VA)	1	$305,000	$305,000	$7,164	2.88%
HOMOSASSA SPRINGS, FL (FHA\|USDA\|VA)	1	$275,000	$275,000	$3,171	3.00%
DAYTON-KETTERING, OH (FHA\|USDA\|VA)	2	$260,000	$130,000	$2,514	3.31%
Sidney, OH (FHA\|USDA\|VA)	1	$255,000	$255,000	$5,084	3.13%
Norwalk, OH (FHA\|USDA\|VA)	1	$225,000	$225,000	$3,912	2.88%
Warsaw, IN (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,317	3.38%
Angola, IN (FHA\|USDA\|VA)	1	$185,000	$185,000	$2,150	3.00%
THE VILLAGES, FL (FHA\|USDA\|VA)	1	$175,000	$175,000	$2,593	2.88%
MANSFIELD, OH (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,673	3.00%
LAKELAND-WINTER HAVEN, FL (FHA\|USDA\|VA)	1	$135,000	$135,000	$3,581	3.38%
New Philadelphia-Dover, OH (FHA\|USDA\|VA)	1	$135,000	$135,000	$2,519	2.63%
KOKOMO, IN (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,231	3.00%
PANAMA CITY, FL (FHA\|USDA\|VA)	1	$105,000	$105,000	$3,446	3.25%
PEORIA, IL (FHA\|USDA\|VA)	1	$95,000	$95,000	$3,822	4.00%

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)

Illinois (FHA|USDA|VA)

Indiana (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.

Great Lakes Federal Credit Union
Similarity Rank: 28

BlueOx Credit Union
Similarity Rank: 40

HARBORLIGHT
Similarity Rank: 42

FinancialEdge Community Credit Union
Similarity Rank: 54

SUNRISE FAMILY CREDIT UNION
Similarity Rank: 55

FIRST GENERAL
Similarity Rank: 117

Commodore Bank
Similarity Rank: 153

HEALTH ADVANTAGE FEDERAL CREDIT UNION
Similarity Rank: 154

KALSEE CREDIT UNION
Similarity Rank: 162

Circle Federal Credit Union
Similarity Rank: 165

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	7,158	$1,741,360,000	$243,275	$2,941	3.25%
HELOC	682	$58,560,000	$85,865	n/a	4.30%
FHA	207	$34,125,000	$164,855	$5,878	3.72%
VA	71	$16,195,000	$228,099	$4,595	3.36%
USDA	67	$10,725,000	$160,075	$4,998	3.37%

For 2020, Independent Bank's most frequently originated type of loan was Conventional, with 7,158 originations. Their 2nd most popular type was HELOC, with 682 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	3,204	$740,550,000	$231,133	$2,586	3.12%
Home Purchase	3,187	$820,685,000	$257,510	$3,594	3.43%
Cash Out Refi	1,210	$243,000,000	$200,826	$2,979	3.31%
Other	347	$31,105,000	$89,640	$2,737	4.24%
Home Improvement	237	$25,625,000	$108,122	$3,542	4.21%

For 2020, Independent Bank's most frequently cited loan purpose was Refi, with 3,204 originations. The 2nd most popular reason was Home Purchase, with 3,187 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	4,881	$1,195,975,000	$245,027	$3,172	3.40%
15 Year	1,674	$327,980,000	$195,926	$2,574	2.84%
Other	741	$73,735,000	$99,507	$3,107	4.21%
20 Year	442	$87,030,000	$196,900	$2,550	3.23%
30+ year	296	$153,600,000	$518,919	$5,067	3.63%
10 Year	143	$20,505,000	$143,392	$2,347	2.84%
5 Year	8	$2,140,000	$267,500	$0	4.21%

For 2020, Independent Bank's most frequently cited loan duration was 30 Year, with 4,881 originations. The 2nd most popular length was 15 Year, with 1,674 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	6,508	$1,582,260,000	$243,125
$2k-3k	354	$93,750,000	$264,831
$<1k	263	$36,055,000	$137,091
$3k-4k	88	$25,700,000	$292,045
$4k-5k	52	$16,310,000	$313,654
$5k+	30	$14,730,000	$491,000

Independent Bank's average total fees were $3,172, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 6,508 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	4,338	$1,100,170,000	$253,612
2.5-3%	2,620	$577,650,000	$220,477
4-5%	730	$105,140,000	$144,027
<2.5%	386	$70,700,000	$183,161
5-6%	97	$6,595,000	$67,990
6-7%	10	$580,000	$58,000
7-8%	2	$80,000	$40,000
Over 8%	2	$50,000	$25,000

During 2020, Independent Bank's average interest rate for loans was 3.40%, while their most frequently originated rate bucket for loans was 3-4%, with 4,338 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	3,025	$451,025,000	$149,099	$2,773	3.29%
$200k-400k	2,725	$751,455,000	$275,763	$3,225	3.23%
$100,000 or less	1,494	$95,060,000	$63,628	$2,370	3.71%
$400k-600k	673	$318,305,000	$472,964	$3,802	3.24%
$600k-1MM	197	$149,295,000	$757,843	$4,678	3.51%
$1MM+	71	$95,825,000	$1,349,648	$5,994	3.51%

2020 saw Independent Bank place emphasis on $100k-200k loans with 3,025 originations, totaling $451,025,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	1,679	$388,115,000	$231,158	$3,081	3.33%
$50k-75k	1,653	$261,595,000	$158,255	$2,988	3.34%
$75k-100k	1,372	$264,190,000	$192,558	$2,989	3.31%
$150k-250k	1,266	$380,770,000	$300,766	$3,178	3.36%
$50k or less	1,251	$154,205,000	$123,265	$2,824	3.39%
$250k+	785	$380,845,000	$485,153	$3,742	3.41%

Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 1,679 originations. The second most popular income band? $50k-75k, with 1,653 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	2,268	$515,750,000	$227,403	$2,920	3.30%
30-36%	1,762	$414,150,000	$235,045	$3,118	3.39%
<20%	944	$199,350,000	$211,176	$2,689	3.24%
36%	336	$79,170,000	$235,625	$3,189	3.48%
37%	318	$67,000,000	$210,692	$3,142	3.53%
39%	302	$68,250,000	$225,993	$3,238	3.39%
40%	297	$71,155,000	$239,579	$3,217	3.39%
38%	288	$66,910,000	$232,326	$3,190	3.43%
42%	275	$67,675,000	$246,091	$3,562	3.44%
41%	267	$54,135,000	$202,753	$3,112	3.42%
43%	262	$59,320,000	$226,412	$3,316	3.33%
44%	252	$58,890,000	$233,690	$3,323	3.39%
49%	141	$34,525,000	$244,858	$3,256	3.20%
45%	133	$30,315,000	$227,932	$3,383	3.25%
46%	122	$27,590,000	$226,148	$3,050	3.29%
48%	106	$21,700,000	$204,717	$2,952	3.21%
47%	94	$20,250,000	$215,426	$2,858	3.24%
50-60%	9	$2,545,000	$282,778	$3,963	3.33%
>60%	1	$145,000	$145,000	$0	3.99%

Independent Bank lent most frequently to those with DTI ratios of 20-30%, with 2,268 originations. The next most common DTI ratio? 30-36%, with 1,762 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	7,476	$1,672,650,000	$223,736	$3,025	3.35%
Not provided	439	$117,385,000	$267,392	$3,407	3.40%
Asian	105	$32,145,000	$306,143	$3,231	3.22%
Black	121	$27,885,000	$230,455	$3,704	3.48%
Asian Indian	9	$4,095,000	$455,000	$4,449	3.18%
American Indian	20	$3,190,000	$159,500	$3,225	3.54%
Not applicable	8	$2,140,000	$267,500	$0	4.21%
Other Asian	3	$575,000	$191,667	$3,269	3.42%
Chinese	2	$420,000	$210,000	$2,806	3.38%
Japanese	1	$295,000	$295,000	$3,691	3.25%
Native Hawaiian or Islander	1	$185,000	$185,000	$1,790	3.38%

Approval Rates

Total approvals of all applications
93.78%

Independent Bank has an average approval rate.

Pick Rate

Approvals leading to origination
82.50%

Independent Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	8,185	$1,860,965,000	$227,363

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	4	$1,560,000	$390,000
Single Family (1-4 Units):Manufactured	146	$14,600,000	$100,000
Single Family (1-4 Units):Site-Built	8,035	$1,844,805,000	$229,596

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	573	$76,385,000	$133,307	$2,509	3.44%
40-60%	1,244	$249,290,000	$200,394	$2,585	3.07%
60-80%	3,197	$795,105,000	$248,703	$2,959	3.27%
80-100%	2,716	$712,420,000	$262,305	$3,495	3.38%
Over 100%	14	$3,160,000	$225,714	$8,210	3.49%
Under 20%	441	$24,605,000	$55,794	$1,197	4.39%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
INDEPENDENT BANK CORP.	Conventional home mortgage	Closing on a mortgage	1	50.0%
INDEPENDENT BANK CORP.	Conventional home mortgage	Trouble during payment process	1	50.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Independent Bank	40 N State Street Newaygo, MI 49337	Full Service B&M	$63,546
Independent Bank	1004 West Midland Road Auburn, MI 48611	Full Service B&M	$21,657
Independent Bank	1075 Wilcox Avenue White Cloud, MI 49349	Full Service B&M	$53,090
Independent Bank	1111 West Caro Road Caro, MI 48723	Full Service B&M	$44,048
Independent Bank	112 South Main Street Olivet, MI 49076	Full Service B&M	$17,165
Independent Bank	11628 Bunkerhill Road Pleasant Lake, MI 49272	Full Service B&M	$35,257
Independent Bank	1239 South Garfield Avenue Traverse City, MI 49686	Full Service B&M	$57,089
Independent Bank	1245 East Grand River Avenue Williamston, MI 48895	Full Service B&M	$33,313
Independent Bank	129 Lansing St Charlotte, MI 48813	Full Service B&M	$51,915
Independent Bank	130 South Bridge Street Belding, MI 48809	Full Service B&M	$46,731
Independent Bank	1380 W Lake Lansing Road East Lansing, MI 48823	Full Service B&M	$79,590
Independent Bank	144 S. Main Street Leslie, MI 49251	Full Service B&M	$46,562
Independent Bank	1445 N. Center Saginaw, MI 48638	Full Service B&M	$38,531
Independent Bank	1601 East Grand River Avenue Portland, MI 48875	Full Service B&M	$28,565
Independent Bank	1615 West Center Essexville, MI 48732	Full Service B&M	$50,598
Independent Bank	190 Kipp Road Mason, MI 48854	Full Service B&M	$34,772
Independent Bank	1985 West Genesee Street Lapeer, MI 48446	Full Service B&M	$22,788
Independent Bank	201 West Big Beaver Road, Suite 125 Troy, MI 48084	Full Service B&M	$111,495
Independent Bank	204 W. Capital Avenue Bellevue, MI 49021	Full Service B&M	$20,729
Independent Bank	209 South Main Street Standish, MI 48658	Full Service B&M	$34,908
Independent Bank	2119 Hamilton Road Okemos, MI 48864	Full Service B&M	$35,418
Independent Bank	230 West Main Street Ionia, MI 48846	Full Service B&M	$45,510
Independent Bank	2461 South Michigan Road Eaton Rapids, MI 48827	Full Service B&M	$24,826
Independent Bank	2551 South State Road Ionia, MI 48846	Limited, Drive-thru	$20,675
Independent Bank	2593 South Van Dyke Marlette, MI 48453	Full Service B&M	$37,329
Independent Bank	29 Church Street Saranac, MI 48881	Full Service B&M	$29,601
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	$28,969
Independent Bank	319 East Broadway Mount Pleasant, MI 48858	Full Service B&M	$30,266
Independent Bank	320 Vermontville Highway Potterville, MI 48876	Full Service B&M	$20,042
Independent Bank	323 West Main Street Carson City, MI 48811	Full Service B&M	$23,053
Independent Bank	3251 Henry Street Muskegon, MI 49441	Full Service B&M	$28,323
Independent Bank	32800 Southfield Road Beverly Hills, MI 48025	Full Service B&M	$51,717
Independent Bank	32900 Middlebelt Road Farmington Hills, MI 48334	Full Service B&M	$48,091
Independent Bank	333 West Grandview Parkway Traverse City, MI 49684	Full Service B&M	$108,928
Independent Bank	3500 West Vienna Road Clio, MI 48420	Full Service B&M	$32,080
Independent Bank	3601 State Street Saginaw, MI 48602	Full Service B&M	$48,396
Independent Bank	37601 Five Mile Road Livonia, MI 48154	Full Service B&M	$71,128
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	$20,665
Independent Bank	4011 Eastern Sky Drive Traverse City, MI 49684	Full Service B&M	$45,880
Independent Bank	404 Perry Street Big Rapids, MI 49307	Full Service B&M	$36,191
Independent Bank	4046 Huron Street North Branch, MI 48461	Full Service B&M	$28,908
Independent Bank	408 Mable Street Pinconning, MI 48650	Full Service B&M	$21,177
Independent Bank	4115 17 Mile Road Cedar Springs, MI 49319	Full Service B&M	$77,243
Independent Bank	4140 West Maple Road Bloomfield Hills, MI 48301	Full Service B&M	$31,349
Independent Bank	4200 E. Beltline Avenue Ne Grand Rapids, MI 49525	Full Service B&M	$813,811
Independent Bank	450 S Dexter St Ionia, MI 48846	Full Service B&M	$71,180
Independent Bank	4525 Lake Michigan Dr Walker, MI 49534	Full Service B&M	$35,002
Independent Bank	4850 Bay Road Saginaw, MI 48604	Full Service B&M	$59,107
Independent Bank	49785 Van Dyke Ave Shelby Township, MI 48317	Full Service B&M	$42,640
Independent Bank	5 Third Street Sand Lake, MI 49343	Full Service B&M	$42,327
Independent Bank	525 S State St Sparta, MI 49345	Full Service B&M	$39,820
Independent Bank	5500 Dixie Highway Saginaw, MI 48601	Full Service B&M	$22,900
Independent Bank	5950 Rochester Road Troy, MI 48085	Full Service B&M	$28,122
Independent Bank	6018 Us 31 South Williamsburg, MI 49690	Full Service B&M	$9,009
Independent Bank	623 Washington Avenue Bay City, MI 48708	Full Service B&M	$56,779
Independent Bank	6241 Main Street Cass City, MI 48726	Full Service B&M	$33,942
Independent Bank	655 North Port Crescent Street Bad Axe, MI 48413	Full Service B&M	$75,378
Independent Bank	6727 Main Street Caseville, MI 48725	Full Service B&M	$30,742
Independent Bank	6750 Cascade Road Grand Rapids, MI 49546	Full Service B&M	$29,876
Independent Bank	720 West Shaw Howard City, MI 49329	Full Service B&M	$37,168
Independent Bank	745 North Euclid Bay City, MI 48706	Full Service B&M	$74,001
Independent Bank	75 South Main Street Pigeon, MI 48755	Full Service B&M	$16,657
Independent Bank	77 Monroe Center Street Northwest, Suite 101 Grand Rapids, MI 49503	Full Service B&M	$48,726
Independent Bank	78 South Main Street Rockford, MI 49341	Full Service B&M	$71,222
Independent Bank	8880 Unionville Road Sebewaing, MI 48759	Full Service B&M	$61,785
Independent Bank	93 West Fourth Street, Suite D Suttons Bay, MI 49682	Full Service B&M	$22,314

For 2020, Independent Bank had 68 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$140,088
Net interest income	$126,665
Total noninterest income	$77,823
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$9,103
Trading account gains and fees	$0
Additional Noninterest Income	$68,720
Pre-tax net operating income	$70,675
Securities gains (or losses, -)	$267
Income before extraordinary items	$57,102
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$57,102
Minority interest net income	$0
Net income	$57,102
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$56,888

Independent Bank's gross interest income from loans was $140,088,000.
Independent Bank's net interest income from loans was $126,665,000.
Independent Bank's fee based income from loans was $9,103,000.
Independent Bank's net income from loans was $57,102,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$13,423
Provision for credit losses	$12,463
Total noninterest expense	$121,350
Salaries and employee benefits	$73,615
Premises and equipment expense	$13,028
Additional noninterest expense	$34,707
Applicable income taxes	$13,840
Net charge-offs	$3,182
Cash dividends	$24,000

Independent Bank's interest expense for loans was $13,423,000.
Independent Bank's payroll and benefits expense were $73,615,000.
Independent Bank's property, plant and equipment expenses $13,028,000.

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	$3,703,937
Deposits held in domestic offices	$3,703,937
Deposits by Individuals, partnerships, and corporations	$3,398,595
Deposits by U.S. Government	$6
Deposits by States and political subdivisions in the U.S.	$297,929
Deposits by Commercial banks and other depository institutions in U.S.	$7,407
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$659,699
Demand deposits	$544,768
Nontransaction accounts	$3,044,238
Money market deposit accounts (MMDAs)	$347,859
Other savings deposits (excluding MMDAs)	$2,218,101
Total time deposits	$478,278
Total time and savings deposits	$3,159,169
Noninterest-bearing deposits	$1,695,886
Interest-bearing deposits	$2,008,051
Retail deposits	$3,500,149
IRAs and Keogh plan accounts	$40,998
Brokered deposits	$113,830
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$4,202,741
Cash & Balances due from depository institutions	$118,705
Interest-bearing balances	$62,699
Total securities	$1,072,159
Federal funds sold & reverse repurchase	$0
Net loans and leases	$2,793,777
Loan and leases loss allowance	$35,429
Trading account assets	$0
Bank premises and fixed assets	$43,318
Other real estate owned	$738
Goodwill and other intangibles	$49,510
All other assets	$124,534

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$4,202,741
Total Liabilities	$3,788,971
Total deposits	$3,703,937
Interest-bearing deposits	$2,008,051
Deposits held in domestic offices	$3,703,937
% insured (estimated)	$80
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$30,000
Subordinated debt	$0
All other liabilities	$55,034

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$2,793,777
Loan and leases loss allowance	$35,429
Total loans and leases (domestic)	$2,829,206
All real estate loans	$1,928,549
Real estate loans in domestic offices	$1,928,549
Construction and development loans	$232,693
Residential 1-4 family construction	$123,849
Other construction, all land development and other land	$108,844
Loans secured by nonfarm nonresidential properties	$604,139
Nonfarm nonresidential secured by owner-occupied properties	$314,221
Commercial real estate & other non-farm, non-residential	$289,918
Multifamily residential real estate	$65,011
1-4 family residential loans	$1,024,241
Farmland loans	$2,465
Loans held in foreign offices	$0
Farm loans	$1,379
Commercial and industrial loans	$427,398
To non-U.S. addressees	$0
Loans to individuals	$470,257
Credit card loans	$0
Related Plans	$44
Consumer Auto Loans	$29,677
Other loans to individuals	$440,536
All other loans & leases	$1,623
Loans to foreign governments and official institutions	$0
Other loans	$1,151
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	$40,960
Non 1-4 family restructured loans & leases	$5,945
Total loans and leases (foreign)	$0

Independent Bank had $2,793,777,000 of loans outstanding in 2020. $1,928,549,000 of loans were in real estate loans. $232,693,000 of loans were in development loans. $65,011,000 of loans were in multifamily mortgage loans. $1,024,241,000 of loans were in 1-4 family mortgage loans. $1,379,000 of loans were in farm loans. $0 of loans were in credit card loans. $29,677,000 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	1,257	$238,668	$189,871
Nonfarm, nonresidential loans - <$100k	524	$35,336	$67,435
Nonfarm, nonresidential loans - $100-250k	346	$45,276	$130,855
Nonfarm, nonresidential loans - $250k-1MM	387	$158,056	$408,413
Commercial & Industrial, US addressed loans - <$1MM	2,808	$238,614	$84,976
Commercial & Industrial, US addressed loans - <$100k	1,800	$69,182	$38,434
Commercial & Industrial, US addressed loans - $100-250k	585	$61,238	$104,680
Commercial & Industrial, US addressed loans - $250k-1MM	423	$108,194	$255,778
Farmland loans - <$1MM	12	$607	$50,583
Farmland loans - <$100k	8	$294	$36,750
Farmland loans - $100-250k	3	$246	$82,000
Farmland loans - $250k-1MM	1	$67	$67,000
Agriculture operations loans - <$1MM	18	$429	$23,833
Agriculture operations loans - <$100k	15	$170	$11,333
Agriculture operations loans - $100-250k	3	$259	$86,333