Independent Bank Mortgage Rates, Fees & Info

Grand Rapids, MI

LEI: 20TVKH7M13MUBGE80C53

Tax ID: 38-0861665

Latest/2023 | 2022 Data | 2021 Data | 2020 Data |

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Mortgage Data

Bank Data

Review & 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 by origination volume include: Detroit, Grand Rapids, Traverse City, Columbus, and Lansing among others. We have data for 75 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% 3/28/24
30 Year Conventional Purchase 6.66% 3/28/24
30 Year Conventional Refi 6.53% 3/28/24
30 Year Cash-out Refi 6.79% 3/28/24
30 Year FHA Purchase 7.55% 3/28/24
30 Year FHA Refi 7.09% 3/28/24
30 Year VA Purchase 6.46% 3/28/24
30 Year VA Refi 5.56% 3/28/24
30 Year USDA Purchase 7.26% 3/28/24
15 Year Conventional Purchase 6.17% 3/28/24
15 Year Conventional Refi 6.19% 3/28/24
15 Year Cash-out Refi 6.19% 3/28/24
15 Year FHA Purchase 5.68% 3/28/24
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.

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

7,384

Origination Dollar Volume (All Markets)

$1,877,370,000

Employee count

928 Show all (6) 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) 1,702 $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.

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.

    Edgewater Bank
    Similarity Rank: 44
    First Savings Bank of Hegewisch
    Similarity Rank: 45
    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 54
    Liberty Bank for Savings
    Similarity Rank: 153
    Lake Huron Credit Union
    Similarity Rank: 204
    St James Mortgage Corporation
    Similarity Rank: 304
    Community West Credit Union
    Similarity Rank: 306
    KENT COUNTY CREDIT UNION
    Similarity Rank: 316

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 6,456 $1,760,180,000 $272,643 $3,176 3.08%
    HELOC 656 $66,880,000 $101,951 n/a 4.15%
    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 2021, Independent Bank's most frequently originated type of loan was Conventional, with 6,456 originations. Their 2nd most popular type was HELOC, with 656 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Independent Bank's most frequently cited loan purpose was Home Purchase, with 3,294 originations. The 2nd most popular reason was 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 2021, Independent Bank's most frequently cited loan duration was 30 Year, with 4,381 originations. The 2nd most popular length was 15 Year, with 1,285 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 111 $41,165,000 $370,856
    $5k+ 50 $27,870,000 $557,400
    $4k-5k 47 $20,985,000 $446,489

    Independent Bank's average total fees were $3,317, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.21%, while their most frequently originated rate bucket for loans was 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 or Islander 1 $135,000 $135,000 $3,073 3.75%

    Approval Rates

    Total approvals of all applications
    93.45%

    Independent Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.96%

    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 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 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 2461 South Michigan Road Eaton Rapids, MI 48827 Full Service B&M $34,707
    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
    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 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 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

    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