Independence Bank Of Kentucky Mortgage Rates, Fees & Info

Owensboro, KY

LEI: 5493002N5OA6GM61AC70

Tax ID: 61-0189240

5 stars - out of 5 stars, based on 44 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Independence Bank Of Kentucky is a smaller bank specializing in Refi and Home Purchase loans. Independence Bank Of Kentucky has a high proportion of conventional loans. Their top markets include Owensboro, Paducah, Evansville, Bowling Green, and Madisonville among others. Independence Bank Of Kentucky has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Independence Bank Of Kentucky is typically a low fee lendor.


Originations

1,959

Origination Dollar Volume (All Markets)

$338,755,000

Employee count

414 Show all (8) awards

Relative Rate

Independence Bank Of Kentucky's average 30 year fixed rate mortgage of loans were 3.31%.

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

This yields a difference of 0.16%.

Relative Fees

Independence Bank Of Kentucky's average total fees for a 30 year fixed rate mortgage are $2,595.

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

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
OWENSBORO, KY (FHA|USDA|VA) 513 $75,505,000 $147,183 $2,365 3.48%
Outside of Metro Areas 227 $56,315,000 $248,084 $2,569 3.56%
Paducah, KY-IL (FHA|USDA|VA) 208 $44,850,000 $215,625 $2,197 3.51%
EVANSVILLE, IN-KY (FHA|USDA|VA) 269 $32,835,000 $122,063 $2,419 3.43%
BOWLING GREEN, KY (FHA|USDA|VA) 187 $32,635,000 $174,519 $2,243 3.56%
Madisonville, KY (FHA|USDA|VA) 199 $29,795,000 $149,724 $2,809 3.46%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 72 $16,750,000 $232,639 $2,917 3.46%
Frankfort, KY (FHA|USDA|VA) 73 $9,765,000 $133,767 $3,035 3.50%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 32 $9,160,000 $286,250 $2,627 3.76%
Mayfield, KY (FHA|USDA|VA) 67 $8,985,000 $134,104 $2,243 3.52%
Murray, KY (FHA|USDA|VA) 48 $6,420,000 $133,750 $2,347 3.47%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 11 $4,965,000 $451,364 $3,853 3.62%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 10 $1,520,000 $152,000 $2,270 3.36%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 5 $1,395,000 $279,000 $5,462 3.73%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $865,000 $288,333 $3,304 3.33%
PANAMA CITY, FL (FHA|USDA|VA) 3 $865,000 $288,333 $0 3.88%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 5 $795,000 $159,000 $0 4.00%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $755,000 $755,000 $0 3.55%
Central City, KY (FHA|USDA|VA) 6 $720,000 $120,000 $2,772 3.45%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $650,000 $325,000 $5,691 3.31%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $470,000 $235,000 $3,760 2.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $425,000 $425,000 $0 4.10%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $405,000 $405,000 $4,315 3.25%
Glasgow, KY (FHA|USDA|VA) 4 $380,000 $95,000 $1,701 3.59%
Paris, TN (FHA|USDA|VA) 3 $375,000 $125,000 $2,822 3.58%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $325,000 $325,000 $3,034 3.38%
Cullowhee, NC (FHA|USDA|VA) 1 $225,000 $225,000 $3,813 2.88%
Somerset, KY (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,615 3.25%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $1,654 3.38%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $125,000 $125,000 $3,494 2.50%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.00%

Independence Bank Of Kentucky's top markets include Owensboro, Paducah, Evansville, Bowling Green, and Madisonville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,959 $338,755,000 $172,922 $2,492 3.50%

For the 2021 period, Independence Bank Of Kentucky's most frequently originated loan type of loans were Conventional, with 1,959 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 638 $139,970,000 $219,389 $2,325 3.29%
Home Purchase 616 $120,250,000 $195,211 $2,667 3.61%
Other 316 $24,040,000 $76,076 $1,285 4.00%
Cash Out Refi 298 $48,230,000 $161,846 $2,517 3.00%
Home Improvement 91 $6,265,000 $68,846 $2,412 4.05%

For the 2021, Independence Bank Of Kentucky's most frequently cited loan purpose of loans were Refi, with 638 originations. The 2nd most popular reason of loans were Home Purchase, with 616 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 815 $86,975,000 $106,718 $2,499 3.48%
30 Year 529 $105,775,000 $199,953 $2,595 3.31%
5 Year 253 $48,445,000 $191,482 $1,512 3.95%
20 Year 119 $17,775,000 $149,370 $2,392 3.26%
10 Year 118 $26,070,000 $220,932 $2,072 3.27%
Other 65 $42,355,000 $651,615 $2,117 3.76%
1 Year 59 $10,095,000 $171,102 $2,283 4.17%
3 Year 1 $1,265,000 $1,265,000 $0 3.25%

For the 2021, Independence Bank Of Kentucky's most frequently cited loan length of loans were 15 Year, with 815 originations. The 2nd most popular length of loans were 30 Year, with 529 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 719 $123,155,000 $171,287
$1k-2k 229 $34,705,000 $151,550
$2k-3k 80 $17,250,000 $215,625
$3k-4k 32 $11,970,000 $374,063
$5k+ 1 $525,000 $525,000

$2,595 of loans were Independence Bank Of Kentucky's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 719 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,143 $211,615,000 $185,140
2.5-3% 364 $66,520,000 $182,747
<2.5% 230 $34,280,000 $149,043
4-5% 216 $26,150,000 $121,065
5-6% 6 $190,000 $31,667

During 2021, Independence Bank Of Kentucky's average interest rate of loans were 3.31%, while their most frequently originated rate bucket of loans were 3-4%, with 1,143 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 782 $43,520,000 $55,652 $1,986 3.71%
$100k-200k 712 $101,250,000 $142,205 $2,451 3.37%
$200k-400k 388 $101,240,000 $260,928 $2,783 3.33%
$400k-600k 53 $25,465,000 $480,472 $3,591 3.23%
$1MM+ 16 $61,000,000 $3,812,500 $6,120 3.68%
$600k-1MM 8 $6,280,000 $785,000 $5,252 3.79%

2021 saw Independence Bank Of Kentucky place emphasis on $100,000 or less loans with 782 originations, totaling $43,520,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 393 $47,435,000 $120,700 $2,473 3.38%
$50k or less 356 $30,810,000 $86,545 $2,197 3.43%
$100k-150k 353 $56,205,000 $159,221 $2,711 3.48%
$75k-100k 299 $41,585,000 $139,080 $2,492 3.46%
$150k-250k 156 $29,610,000 $189,808 $3,158 3.60%
$250k+ 99 $29,445,000 $297,424 $3,396 3.50%

Independence Bank Of Kentucky lent most frequently to those with incomes in the $50k-75k range, with 393 originations. The second most popular income band? $50k or less, with 356 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 487 $68,825,000 $141,324 $2,558 3.37%
<20% 369 $44,735,000 $121,233 $2,365 3.58%
30-36% 293 $42,225,000 $144,113 $2,515 3.33%
38% 49 $7,435,000 $151,735 $2,530 3.28%
37% 46 $8,480,000 $184,348 $2,589 3.15%
42% 43 $7,375,000 $171,512 $2,513 3.21%
36% 40 $5,550,000 $138,750 $2,467 3.24%
39% 38 $5,620,000 $147,895 $2,688 3.22%
40% 36 $5,690,000 $158,056 $2,585 3.21%
45% 28 $4,980,000 $177,857 $2,256 3.21%
43% 27 $5,645,000 $209,074 $2,486 3.33%
41% 26 $5,540,000 $213,077 $2,715 3.28%
44% 24 $4,250,000 $177,083 $2,236 3.32%
46% 15 $2,505,000 $167,000 $2,597 3.11%
48% 13 $2,235,000 $171,923 $2,236 3.03%
47% 12 $1,780,000 $148,333 $2,091 3.05%
50-60% 11 $1,685,000 $153,182 $2,147 3.46%
49% 9 $1,415,000 $157,222 $1,949 3.07%
>60% 3 $545,000 $181,667 $2,089 3.54%

Independence Bank Of Kentucky lent most frequently to those with DTI ratios of 20-30%, with 487 originations. The next most common DTI ratio? <20%, with 369 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,657 $237,675,000 $143,437 $2,484 3.44%
Not applicable 242 $93,330,000 $385,661 $0 3.95%
Not provided 33 $4,885,000 $148,030 $2,861 3.12%
Black 17 $1,715,000 $100,882 $2,161 3.60%
Asian 6 $720,000 $120,000 $2,152 3.39%
American Indian 3 $325,000 $108,333 $2,604 3.50%
Vietnamese 1 $105,000 $105,000 $0 4.00%

Approval Rates

Total approvals of all applications
91.18%

Independence Bank Of Kentucky has an average approval rate.

Pick Rate

Approvals leading to origination
87.27%

Independence Bank Of Kentucky has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,959 $338,755,000 $172,922

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,959 $338,755,000 $172,922

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 284 $47,890,000 $168,627 $2,203 3.63%
40-60% 371 $57,015,000 $153,679 $2,325 3.21%
60-80% 690 $148,260,000 $214,870 $2,561 3.39%
80-100% 391 $75,085,000 $192,033 $2,664 3.60%
Under 20% 221 $10,365,000 $46,900 $1,829 3.97%

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)
Independence Bank of Kentucky 2415 Nashville Rd Bowling Green, KY 42101 Full Service B&M $27,063
Independence Bank of Kentucky 629 East Center Street Madisonville, KY 42431 Full Service B&M $11,726
Independence Bank of Kentucky 721 South 12th Street Murray, KY 42071 Full Service B&M $9,000
Independence Bank of Kentucky 76 South Green Street Henderson, KY 42420 Full Service B&M $249,549
Independence Bank of Kentucky 8523 U.S. Highway 60 West Lewisport, KY 42351 Full Service B&M $18,809
Independence Bank of Kentucky 877 Fairview Avenue Bowling Green, KY 42101 Full Service B&M $42,252
Independence Bank of Kentucky 100 East College Street Mayfield, KY 42066 Full Service B&M $58,153
Independence Bank of Kentucky 1100 Barrett Boulevard Henderson, KY 42420 Full Service B&M $29,686
Independence Bank of Kentucky 1228 Us-127 South Frankfort, KY 40601 Full Service B&M $17,023
Independence Bank of Kentucky 1776 North Main Street Madisonville, KY 42431 Full Service B&M $109,139
Independence Bank of Kentucky 1950 Scottsville Road Bowling Green, KY 42104 Full Service B&M $205,615
Independence Bank of Kentucky 211 U.S. Highway 41-A South Providence, KY 42450 Full Service B&M $71,676
Independence Bank of Kentucky 225 U.S. Highway 60 East Hawesville, KY 42348 Full Service B&M $46,277
Independence Bank of Kentucky 2425 Frederica Street Owensboro, KY 42301 Full Service B&M $894,173
Independence Bank of Kentucky 2465 Parrish Avenue Owensboro, KY 42301 Full Service B&M $77,579
Independence Bank of Kentucky 2610 Zion Road Henderson, KY 42420 Full Service B&M $34,359
Independence Bank of Kentucky 2711 New Holt Road Paducah, KY 42001 Full Service B&M $33,055
Independence Bank of Kentucky 308 U.S. Highway 41 Sebree, KY 42455 Full Service B&M $62,788
Independence Bank of Kentucky 3143 Broadway Street Paducah, KY 42001 Full Service B&M $156,523
Independence Bank of Kentucky 3228 Highway 54 Owensboro, KY 42303 Full Service B&M $80,647
Independence Bank of Kentucky 3312 Lone Oak Road Paducah, KY 42003 Full Service B&M $20,358
Independence Bank of Kentucky 3901 Shelbyville Road Louisville, KY 40207 Full Service B&M $185,837
Independence Bank of Kentucky 450 Versailles Road Frankfort, KY 40601 Full Service B&M $73,603
Independence Bank of Kentucky 507 North 12th Street Murray, KY 42071 Full Service B&M $54,545
Independence Bank of Kentucky 614 Henton Street Livermore, KY 42352 Full Service B&M $67,731

For 2021, Independence Bank Of Kentucky had 25 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $111,297
Net interest income $100,343
Total noninterest income $17,538
Gross Fiduciary activities income $4,876
Service charges on deposit accounts $1,275
Trading account gains and fees $0
Additional Noninterest Income $11,387
Pre-tax net operating income $53,240
Securities gains (or losses, -) $0
Income before extraordinary items $53,240
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $53,240
Minority interest net income $0
Net income $53,240
Sale, conversion, retirement of capital stock, net $0
Net operating income $53,240

Independence Bank Of Kentucky's gross interest income from loans was $111,297,000.
Independence Bank Of Kentucky's net interest income from loans was $100,343,000.
Independence Bank Of Kentucky's fee based income from loans was $1,275,000.
Independence Bank Of Kentucky's net income from loans was $53,240,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $10,954
Provision for credit losses $1,250
Total noninterest expense $63,391
Salaries and employee benefits $37,720
Premises and equipment expense $7,241
Additional noninterest expense $18,430
Applicable income taxes $0
Net charge-offs $204
Cash dividends $35,148

Independence Bank Of Kentucky's interest expense for loans was $10,954,000.
Independence Bank Of Kentucky's payroll and benefits expense were $37,720,000.
Independence Bank Of Kentucky's property, plant and equipment expenses $7,241,000.

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 $2,829,109
Deposits held in domestic offices $2,829,109
Deposits by Individuals, partnerships, and corporations $2,027,918
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $799,542
Deposits by Commercial banks and other depository institutions in U.S. $1,649
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $379,858
Demand deposits $320,906
Nontransaction accounts $2,449,251
Money market deposit accounts (MMDAs) $494,156
Other savings deposits (excluding MMDAs) $1,719,842
Total time deposits $235,253
Total time and savings deposits $2,508,203
Noninterest-bearing deposits $450,935
Interest-bearing deposits $2,378,174
Retail deposits $2,704,906
IRAs and Keogh plan accounts $26,759
Brokered deposits $92,539
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,237,305
Cash & Balances due from depository institutions $191,293
Interest-bearing balances $175,070
Total securities $1,384,371
Federal funds sold & reverse repurchase $10,520
Net loans and leases $1,529,000
Loan and leases loss allowance $17,818
Trading account assets $0
Bank premises and fixed assets $83,034
Other real estate owned $640
Goodwill and other intangibles $3,194
All other assets $35,253

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,237,305
Total Liabilities $2,982,874
Total deposits $2,829,109
Interest-bearing deposits $2,378,174
Deposits held in domestic offices $2,829,109
% insured (estimated) $78
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $150,202
Subordinated debt $0
All other liabilities $3,563

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,529,000
Loan and leases loss allowance $17,818
Total loans and leases (domestic) $1,546,818
All real estate loans $1,325,349
Real estate loans in domestic offices $1,325,349
Construction and development loans $78,142
Residential 1-4 family construction $26,681
Other construction, all land development and other land $51,461
Loans secured by nonfarm nonresidential properties $450,488
Nonfarm nonresidential secured by owner-occupied properties $294,396
Commercial real estate & other non-farm, non-residential $156,092
Multifamily residential real estate $62,713
1-4 family residential loans $527,627
Farmland loans $206,379
Loans held in foreign offices $0
Farm loans $116,005
Commercial and industrial loans $90,257
To non-U.S. addressees $0
Loans to individuals $5,897
Credit card loans $0
Related Plans $88
Consumer Auto Loans $2,470
Other loans to individuals $3,339
All other loans & leases $9,310
Loans to foreign governments and official institutions $0
Other loans $8,547
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 $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Independence Bank of Kentucky had $1,529,000,000 of loans outstanding in 2021. $1,325,349,000 of loans were in real estate loans. $78,142,000 of loans were in development loans. $62,713,000 of loans were in multifamily mortgage loans. $527,627,000 of loans were in 1-4 family mortgage loans. $116,005,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,470,000 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 747 $132,165 $176,928
Nonfarm, nonresidential loans - <$100k 195 $7,705 $39,513
Nonfarm, nonresidential loans - $100-250k 285 $33,184 $116,435
Nonfarm, nonresidential loans - $250k-1MM 267 $91,276 $341,858
Commercial & Industrial, US addressed loans - <$1MM 1,178 $57,007 $48,393
Commercial & Industrial, US addressed loans - <$100k 872 $17,756 $20,362
Commercial & Industrial, US addressed loans - $100-250k 182 $17,020 $93,516
Commercial & Industrial, US addressed loans - $250k-1MM 124 $22,231 $179,282
Farmland loans - <$1MM 721 $82,891 $114,967
Farmland loans - <$100k 272 $10,527 $38,702
Farmland loans - $100-250k 289 $31,534 $109,114
Farmland loans - $250k-1MM 160 $40,830 $255,188
Agriculture operations loans - <$1MM 610 $30,754 $50,416
Agriculture operations loans - <$100k 450 $10,180 $22,622
Agriculture operations loans - $100-250k 100 $8,806 $88,060
Agriculture operations loans - $250k-1MM 60 $11,768 $196,133