Independence Bank Of Kentucky Mortgage Rates, Fees & Info

Owensboro, KY

LEI: 5493002N5OA6GM61AC70

Tax ID: 61-0189240

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    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 by origination volume include: Owensboro, Bowling Green, Madisonville, Evansville, and Paducah among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Independence Bank Of Kentucky 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. Independence Bank Of Kentucky 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) 6.27% 4/18/24
    30 Year Conventional Purchase 6.70% 4/18/24
    30 Year Conventional Refi 6.81% 4/18/24
    30 Year Cash-out Refi 7.06% 4/18/24
    30 Year FHA Purchase 6.27% 4/18/24
    30 Year FHA Refi 6.27% 4/18/24
    30 Year USDA Purchase 6.27% 4/18/24
    15 Year Conventional Purchase 6.10% 4/18/24
    15 Year Conventional Refi 6.25% 4/18/24
    15 Year Cash-out Refi 6.25% 4/18/24
    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.

    Independence Bank Of Kentucky Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Independence Bank Of Kentucky. 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

    2,246

    Origination Dollar Volume (All Markets)

    $364,200,000

    Employee count

    400 Show all (9) 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
    OWENSBORO, KY (FHA|USDA|VA) 556 $80,520,000 $144,820 $2,303 3.65%
    BOWLING GREEN, KY (FHA|USDA|VA) 235 $54,605,000 $232,362 $2,291 3.78%
    Madisonville, KY (FHA|USDA|VA) 233 $33,755,000 $144,871 $2,681 3.59%
    Outside of Metro Areas 251 $32,665,000 $130,139 $2,533 3.60%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 293 $31,295,000 $106,809 $2,464 3.69%
    Paducah, KY-IL (FHA|USDA|VA) 201 $29,865,000 $148,582 $1,969 3.61%
    LOUISVILLE, KY (FHA|USDA|VA) 100 $22,580,000 $225,800 $2,509 3.55%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 5 $21,645,000 $4,329,000 $0 4.03%
    Frankfort, KY (FHA|USDA|VA) 95 $14,305,000 $150,579 $3,008 3.57%
    Murray, KY (FHA|USDA|VA) 85 $12,735,000 $149,824 $2,231 3.51%
    Mayfield, KY (FHA|USDA|VA) 96 $12,100,000 $126,042 $2,136 3.59%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 33 $6,715,000 $203,485 $3,512 3.79%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 15 $2,175,000 $145,000 $3,183 3.81%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 8 $1,820,000 $227,500 $3,427 3.14%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 3 $1,005,000 $335,000 $2,431 3.43%
    Paris, TN (FHA|USDA|VA) 10 $850,000 $85,000 $2,162 3.84%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $810,000 $405,000 $0 4.50%
    Richmond-Berea, KY (FHA|USDA|VA) 3 $605,000 $201,667 $0 4.17%
    Central City, KY (FHA|USDA|VA) 4 $590,000 $147,500 $2,323 3.28%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $435,000 $435,000 $3,261 2.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $415,000 $415,000 $2,836 4.75%
    Taos, NM (FHA|USDA|VA) 1 $405,000 $405,000 $0 4.50%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 3 $345,000 $115,000 $0 4.17%
    Glasgow, KY (FHA|USDA|VA) 2 $250,000 $125,000 $2,397 3.63%
    MUNCIE, IN (FHA|USDA|VA) 1 $225,000 $225,000 $3,003 3.25%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,024 3.13%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.70%
    Union City, TN (FHA|USDA|VA) 1 $195,000 $195,000 $1,855 3.38%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $195,000 $195,000 $2,273 3.88%
    TOLEDO, OH (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.00%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,064 2.88%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.00%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $125,000 $125,000 $2,439 3.25%
    ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $55,000 $55,000 $2,176 2.50%
    Independence Bank Of Kentucky's top markets include Owensboro, Bowling Green, Madisonville, Evansville, and Paducah among others.

    Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

    • Similar Lenders

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

    EVANSVILLE
    Similarity Rank: 60
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 126
    The Elberfeld State Bank
    Similarity Rank: 130
    SERVICE ONE
    Similarity Rank: 154
    United Fidelity Bank, fsb
    Similarity Rank: 165
    Heritage Federal Credit Union
    Similarity Rank: 180
    Community Mortgage Banc Corporation
    Similarity Rank: 186
    Morgantown Bank & Trust Company, Incorporated
    Similarity Rank: 186
    Edmonton State Bank
    Similarity Rank: 204
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 360

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,714 $305,450,000 $178,209 $2,415 3.50%
    HELOC 532 $58,750,000 $110,432 n/a 4.10%

    For 2020, Independence Bank Of Kentucky's most frequently originated type of loan was Conventional, with 1,714 originations. Their 2nd most popular type was HELOC, with 532 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 995 $189,455,000 $190,407 $2,343 3.45%
    Home Purchase 617 $111,085,000 $180,041 $2,545 3.82%
    Other 343 $22,505,000 $65,612 $0 4.10%
    Cash Out Refi 212 $35,940,000 $169,528 $2,443 3.05%
    Home Improvement 79 $5,215,000 $66,013 $2,189 4.22%

    For 2020, Independence Bank Of Kentucky's most frequently cited loan purpose was Refi, with 995 originations. The 2nd most popular reason was Home Purchase, with 617 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 969 $107,225,000 $110,655 $2,438 3.51%
    30 Year 583 $114,505,000 $196,407 $2,465 3.39%
    5 Year 254 $53,230,000 $209,567 $2,247 4.44%
    20 Year 190 $33,060,000 $174,000 $2,442 3.47%
    Other 105 $15,645,000 $149,000 $1,843 4.22%
    10 Year 73 $9,975,000 $136,644 $2,128 3.37%
    1 Year 67 $29,935,000 $446,791 $2,136 4.56%
    3 Year 5 $625,000 $125,000 $736 5.04%

    For 2020, Independence Bank Of Kentucky's most frequently cited loan duration was 15 Year, with 969 originations. The 2nd most popular length was 30 Year, with 583 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 944 $163,450,000 $173,146
    $1k-2k 199 $25,455,000 $127,915
    $2k-3k 109 $24,665,000 $226,284
    $3k-4k 26 $9,200,000 $353,846
    $4k-5k 6 $2,380,000 $396,667
    $5k+ 4 $4,190,000 $1,047,500

    Independence Bank Of Kentucky's average total fees were $2,465, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 944 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 977 $175,445,000 $179,575
    4-5% 526 $66,780,000 $126,958
    2.5-3% 515 $87,755,000 $170,398
    <2.5% 181 $30,365,000 $167,762
    5-6% 44 $3,800,000 $86,364
    6-7% 3 $55,000 $18,333

    During 2020, Independence Bank Of Kentucky's average interest rate for loans was 3.39%, while their most frequently originated rate bucket for loans was 3-4%, with 977 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 911 $49,865,000 $54,737 $1,934 3.92%
    $100k-200k 788 $113,020,000 $143,426 $2,303 3.49%
    $200k-400k 462 $120,380,000 $260,563 $2,731 3.37%
    $400k-600k 59 $27,035,000 $458,220 $3,537 3.39%
    $600k-1MM 15 $10,575,000 $705,000 $5,675 4.12%
    $1MM+ 11 $43,325,000 $3,938,636 $14,572 3.97%

    2020 saw Independence Bank Of Kentucky place emphasis on $100,000 or less loans with 911 originations, totaling $49,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 409 $61,195,000 $149,621 $2,588 3.60%
    $50k-75k 393 $43,775,000 $111,387 $2,315 3.55%
    $75k-100k 383 $52,085,000 $135,992 $2,425 3.54%
    $50k or less 358 $31,340,000 $87,542 $2,086 3.60%
    $150k-250k 232 $47,270,000 $203,750 $2,820 3.55%
    $250k+ 132 $34,880,000 $264,242 $3,513 3.71%

    Independence Bank Of Kentucky lent most frequently to those with incomes in the $100k-150k range, with 409 originations. The second most popular income band? $50k-75k, with 393 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 586 $83,770,000 $142,952 $2,518 3.48%
    <20% 431 $54,785,000 $127,111 $2,350 3.60%
    30-36% 301 $47,395,000 $157,458 $2,433 3.36%
    40% 49 $7,075,000 $144,388 $2,260 3.56%
    41% 40 $6,500,000 $162,500 $2,414 3.39%
    39% 38 $5,630,000 $148,158 $2,555 3.42%
    42% 36 $5,910,000 $164,167 $2,598 3.14%
    36% 36 $5,440,000 $151,111 $2,583 3.57%
    37% 34 $4,090,000 $120,294 $2,559 3.61%
    38% 34 $4,430,000 $130,294 $2,360 3.54%
    43% 34 $5,280,000 $155,294 $2,423 3.29%
    44% 31 $4,365,000 $140,806 $2,407 3.23%
    47% 22 $4,270,000 $194,091 $2,399 3.30%
    45% 16 $2,880,000 $180,000 $2,164 3.32%
    50-60% 16 $2,650,000 $165,625 $2,545 3.87%
    46% 14 $1,740,000 $124,286 $2,185 3.24%
    48% 14 $2,330,000 $166,429 $3,059 3.02%
    49% 9 $1,875,000 $208,333 $2,215 3.01%
    >60% 3 $725,000 $241,667 $1,677 4.32%

    Independence Bank Of Kentucky lent most frequently to those with DTI ratios of 20-30%, with 586 originations. The next most common DTI ratio? <20%, with 431 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,923 $276,335,000 $143,700 $2,413 3.56%
    Not applicable 235 $75,055,000 $319,383 $0 4.36%
    Not provided 55 $8,445,000 $153,545 $2,630 3.36%
    Asian 11 $2,255,000 $205,000 $2,212 3.42%
    Black 19 $1,905,000 $100,263 $1,854 3.88%
    Asian Indian 1 $105,000 $105,000 $0 4.00%
    American Indian 1 $55,000 $55,000 $1,942 3.25%
    Filipino 1 $45,000 $45,000 $0 4.00%

    Approval Rates

    Total approvals of all applications
    90.48%

    Independence Bank Of Kentucky has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.03%

    Independence Bank Of Kentucky has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,246 $364,200,000 $162,155

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $210,000 $105,000
    Multifamily:Site-Built 41 $48,925,000 $1,193,293
    Single Family (1-4 Units):Manufactured 25 $1,835,000 $73,400
    Single Family (1-4 Units):Site-Built 2,178 $313,230,000 $143,815

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 319 $26,225,000 $82,210 $1,997 3.82%
    40-60% 350 $52,370,000 $149,629 $2,289 3.36%
    60-80% 830 $156,370,000 $188,398 $2,465 3.49%
    80-100% 503 $99,365,000 $197,545 $2,567 3.75%
    Over 100% 3 $20,305,000 $6,768,333 $2,386 4.42%
    Under 20% 241 $9,565,000 $39,689 $1,561 4.11%

    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)
    Independence Bank of Kentucky 100 East College Street Mayfield, KY 42066 Full Service B&M $44,120
    Independence Bank of Kentucky 1100 Barrett Boulevard Henderson, KY 42420 Full Service B&M $24,746
    Independence Bank of Kentucky 1228 Us-127 South Frankfort, KY 40601 Full Service B&M $14,844
    Independence Bank of Kentucky 1776 North Main Street Madisonville, KY 42431 Full Service B&M $110,346
    Independence Bank of Kentucky 1950 Scottsville Road Bowling Green, KY 42104 Full Service B&M $179,957
    Independence Bank of Kentucky 211 U.S. Highway 41-A South Providence, KY 42450 Full Service B&M $63,526
    Independence Bank of Kentucky 225 U.S. Highway 60 East Hawesville, KY 42348 Full Service B&M $40,431
    Independence Bank of Kentucky 2415 Nashville Rd Bowling Green, KY 42101 Full Service B&M $22,303
    Independence Bank of Kentucky 2425 Frederica Street Owensboro, KY 42301 Full Service B&M $927,136
    Independence Bank of Kentucky 2465 Parrish Avenue Owensboro, KY 42301 Full Service B&M $52,814
    Independence Bank of Kentucky 2610 Zion Road Henderson, KY 42420 Full Service B&M $30,116
    Independence Bank of Kentucky 2711 New Holt Road Paducah, KY 42001 Full Service B&M $35,319
    Independence Bank of Kentucky 308 U.S. Highway 41 Sebree, KY 42455 Full Service B&M $54,985
    Independence Bank of Kentucky 3143 Broadway Street Paducah, KY 42001 Full Service B&M $133,790
    Independence Bank of Kentucky 3228 Highway 54 Owensboro, KY 42303 Full Service B&M $67,509
    Independence Bank of Kentucky 3312 Lone Oak Road Paducah, KY 42003 Full Service B&M $17,841
    Independence Bank of Kentucky 3901 Shelbyville Road Louisville, KY 40207 Full Service B&M $100,303
    Independence Bank of Kentucky 450 Versailles Road Frankfort, KY 40601 Full Service B&M $57,902
    Independence Bank of Kentucky 507 North 12th Street Murray, KY 42071 Full Service B&M $48,849
    Independence Bank of Kentucky 614 Henton Street Livermore, KY 42352 Full Service B&M $56,985
    Independence Bank of Kentucky 629 East Center Street Madisonville, KY 42431 Full Service B&M $9,566
    Independence Bank of Kentucky 721 South 12th Street Murray, KY 42071 Full Service B&M $6,851
    Independence Bank of Kentucky 76 South Green Street Henderson, KY 42420 Full Service B&M $225,399
    Independence Bank of Kentucky 8523 U.S. Highway 60 West Lewisport, KY 42351 Full Service B&M $18,273
    Independence Bank of Kentucky 877 Fairview Avenue Bowling Green, KY 42101 Full Service B&M $40,880

    For 2020, Independence Bank Of Kentucky had 25 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $112,294
    Net interest income $94,752
    Total noninterest income $10,651
    Gross Fiduciary activities income $4,060
    Service charges on deposit accounts $980
    Trading account gains and fees $0
    Additional Noninterest Income $5,611
    Pre-tax net operating income $43,244
    Securities gains (or losses, -) $11
    Income before extraordinary items $43,255
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $43,255
    Minority interest net income $0
    Net income $43,255
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $43,244

    Independence Bank Of Kentucky's gross interest income from loans was $112,294,000.
    Independence Bank Of Kentucky's net interest income from loans was $94,752,000.
    Independence Bank Of Kentucky's fee based income from loans was $980,000.
    Independence Bank Of Kentucky's net income from loans was $43,255,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $17,542
    Provision for credit losses $4,500
    Total noninterest expense $57,659
    Salaries and employee benefits $33,927
    Premises and equipment expense $7,148
    Additional noninterest expense $16,584
    Applicable income taxes $0
    Net charge-offs $937
    Cash dividends $30,454

    Independence Bank Of Kentucky's interest expense for loans was $17,542,000.
    Independence Bank Of Kentucky's payroll and benefits expense were $33,927,000.
    Independence Bank Of Kentucky's property, plant and equipment expenses $7,148,000.

    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 $2,496,519
    Deposits held in domestic offices $2,496,519
    Deposits by Individuals, partnerships, and corporations $1,703,992
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $791,037
    Deposits by Commercial banks and other depository institutions in U.S. $1,490
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $313,118
    Demand deposits $259,980
    Nontransaction accounts $2,183,401
    Money market deposit accounts (MMDAs) $372,177
    Other savings deposits (excluding MMDAs) $1,553,444
    Total time deposits $257,781
    Total time and savings deposits $2,236,539
    Noninterest-bearing deposits $372,678
    Interest-bearing deposits $2,123,841
    Retail deposits $2,361,577
    IRAs and Keogh plan accounts $26,729
    Brokered deposits $92,539
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,943,369
    Cash & Balances due from depository institutions $84,564
    Interest-bearing balances $68,583
    Total securities $1,164,140
    Federal funds sold & reverse repurchase $1,146
    Net loans and leases $1,566,437
    Loan and leases loss allowance $16,772
    Trading account assets $0
    Bank premises and fixed assets $82,458
    Other real estate owned $800
    Goodwill and other intangibles $2,187
    All other assets $41,637

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,943,369
    Total Liabilities $2,709,539
    Total deposits $2,496,519
    Interest-bearing deposits $2,123,841
    Deposits held in domestic offices $2,496,519
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $205,215
    Subordinated debt $0
    All other liabilities $7,805

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,566,437
    Loan and leases loss allowance $16,772
    Total loans and leases (domestic) $1,583,209
    All real estate loans $1,305,497
    Real estate loans in domestic offices $1,305,497
    Construction and development loans $97,817
    Residential 1-4 family construction $23,956
    Other construction, all land development and other land $73,861
    Loans secured by nonfarm nonresidential properties $397,821
    Nonfarm nonresidential secured by owner-occupied properties $259,215
    Commercial real estate & other non-farm, non-residential $138,606
    Multifamily residential real estate $57,952
    1-4 family residential loans $540,392
    Farmland loans $211,515
    Loans held in foreign offices $0
    Farm loans $77,213
    Commercial and industrial loans $186,772
    To non-U.S. addressees $0
    Loans to individuals $8,240
    Credit card loans $0
    Related Plans $95
    Consumer Auto Loans $3,428
    Other loans to individuals $4,717
    All other loans & leases $5,487
    Loans to foreign governments and official institutions $0
    Other loans $291
    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 $490
    Non 1-4 family restructured loans & leases $490
    Total loans and leases (foreign) $0

    Independence Bank of Kentucky had $1,566,437,000 of loans outstanding in 2020. $1,305,497,000 of loans were in real estate loans. $97,817,000 of loans were in development loans. $57,952,000 of loans were in multifamily mortgage loans. $540,392,000 of loans were in 1-4 family mortgage loans. $77,213,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,428,000 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 783 $132,317 $168,987
    Nonfarm, nonresidential loans - <$100k 227 $8,922 $39,304
    Nonfarm, nonresidential loans - $100-250k 296 $35,288 $119,216
    Nonfarm, nonresidential loans - $250k-1MM 260 $88,107 $338,873
    Commercial & Industrial, US addressed loans - <$1MM 2,195 $123,442 $56,238
    Commercial & Industrial, US addressed loans - <$100k 1,732 $40,131 $23,170
    Commercial & Industrial, US addressed loans - $100-250k 279 $32,811 $117,602
    Commercial & Industrial, US addressed loans - $250k-1MM 184 $50,500 $274,457
    Farmland loans - <$1MM 781 $87,790 $112,407
    Farmland loans - <$100k 305 $11,928 $39,108
    Farmland loans - $100-250k 307 $33,939 $110,550
    Farmland loans - $250k-1MM 169 $41,923 $248,065
    Agriculture operations loans - <$1MM 653 $34,351 $52,605
    Agriculture operations loans - <$100k 493 $10,646 $21,594
    Agriculture operations loans - $100-250k 88 $9,154 $104,023
    Agriculture operations loans - $250k-1MM 72 $14,551 $202,097