Independent Bank Mortgage Rates, Fees & Info
Grand Rapids, MILEI: 20TVKH7M13MUBGE80C53
Tax ID: 38-0861665
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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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
7,384Origination Dollar Volume (All Markets)
$1,877,370,000Employee count
928Awards
Independent Bank - 2021
Independent Bank is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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% |
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.
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Product Mix
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
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
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
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
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
2021 saw Independent Bank place emphasis on $100k-200k loans with 2,555 originations, totaling $375,055,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications93.45%
Independent Bank has an average approval rate.
Pick Rate
Approvals leading to origination81.96%
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
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 |