Bank Independent Mortgage Rates, Fees & Info

Sheffield, AL

LEI: 549300A7W1NQ3BYZCB68

Tax ID: 63-0260951

5 stars - out of 5 stars, based on 36 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bank Independent is a smaller bank specializing in Refi and Home Purchase loans. Bank Independent has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Florence, Huntsville, Decatur, Daphne, and Albertville among others. Bank Independent 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. Bank Independent is typically an average fee lendor.


Originations

1,331

Origination Dollar Volume (All Markets)

$264,095,000

Employee count

585 Show all (5) awards

Relative Rate

Bank Independent's average 30 year fixed rate mortgage of loans were 3.08%.

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

This yields a difference of -0.07%.

Relative Fees

Bank Independent's average total fees for a 30 year fixed rate mortgage are $4,706.

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
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 680 $106,300,000 $156,324 $3,118 3.78%
HUNTSVILLE, AL (FHA|USDA|VA) 397 $102,205,000 $257,443 $4,366 3.47%
DECATUR, AL (FHA|USDA|VA) 156 $27,630,000 $177,115 $6,654 3.63%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 7 $5,925,000 $846,429 $6,438 3.89%
Outside of Metro Areas 30 $5,320,000 $177,333 $3,269 3.61%
Albertville, AL (FHA|USDA|VA) 7 $3,885,000 $555,000 $6,832 3.64%
Cullman, AL (FHA|USDA|VA) 9 $1,905,000 $211,667 $4,790 3.28%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 5 $1,495,000 $299,000 $5,468 2.90%
Lawrenceburg, TN (FHA|USDA|VA) 9 $1,475,000 $163,889 $3,885 3.17%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $1,300,000 $325,000 $5,995 3.13%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 9 $1,275,000 $141,667 $3,977 3.60%
Scottsboro, AL (FHA|USDA|VA) 3 $1,165,000 $388,333 $4,264 4.16%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $835,000 $278,333 $4,314 2.38%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $515,000 $515,000 $0 2.88%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $495,000 $495,000 $6,273 2.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 3.25%
Sevierville, TN (FHA|USDA|VA) 1 $385,000 $385,000 $0 3.25%
MOBILE, AL (FHA|USDA|VA) 1 $305,000 $305,000 $5,935 2.88%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $255,000 $255,000 $0 4.29%
PANAMA CITY, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.00%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $175,000 $175,000 $0 4.25%
Tupelo, MS (FHA|USDA|VA) 1 $175,000 $175,000 $0 5.00%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $125,000 $125,000 $0 3.50%
Somerset, PA (FHA|USDA|VA) 1 $105,000 $105,000 $4,078 2.88%

Bank Independent's top markets include Florence, Huntsville, Decatur, Daphne, and Albertville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,274 $251,960,000 $197,771 $3,525 3.69%
VA 25 $7,185,000 $287,400 $4,993 2.47%
USDA 18 $2,700,000 $150,000 $4,847 2.49%
FHA 14 $2,250,000 $160,714 $23,036 2.96%

For the 2021 period, Bank Independent's most frequently originated loan type of loans were Conventional, with 1,274 originations. Their 2nd most popular type is VA, with 25 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 589 $122,045,000 $207,207 $2,997 3.82%
Home Purchase 418 $92,270,000 $220,742 $4,956 3.48%
Cash Out Refi 153 $29,945,000 $195,719 $4,221 3.00%
Other 125 $16,175,000 $129,400 $3,157 3.97%
Home Improvement 46 $3,660,000 $79,565 $1,529 4.18%

For the 2021, Bank Independent's most frequently cited loan purpose of loans were Refi, with 589 originations. The 2nd most popular reason of loans were Home Purchase, with 418 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 538 $126,920,000 $235,911 $4,706 3.08%
10 Year 315 $44,235,000 $140,429 $1,263 4.05%
5 Year 214 $33,440,000 $156,262 $1,717 4.53%
15 Year 103 $17,345,000 $168,398 $3,350 3.08%
Other 57 $24,115,000 $423,070 $1,532 4.28%
20 Year 55 $9,825,000 $178,636 $3,310 3.38%
1 Year 39 $7,175,000 $183,974 $3,769 4.12%
3 Year 10 $1,040,000 $104,000 $504 4.33%

For the 2021, Bank Independent's most frequently cited loan length of loans were 30 Year, with 538 originations. The 2nd most popular length of loans were 10 Year, with 315 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 212 $33,600,000 $158,491
$2k-3k 207 $40,595,000 $196,111
$3k-4k 164 $50,510,000 $307,988
$1k-2k 147 $23,435,000 $159,422
$5k+ 30 $16,660,000 $555,333

$4,706 of loans were Bank Independent's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 212 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 599 $127,225,000 $212,396
2.5-3% 294 $66,110,000 $224,864
<2.5% 177 $40,635,000 $229,576
4-5% 147 $20,125,000 $136,905
5-6% 87 $8,395,000 $96,494
6-7% 22 $1,470,000 $66,818
7-8% 4 $120,000 $30,000
Over 8% 1 $15,000 $15,000

During 2021, Bank Independent's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 3-4%, with 599 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 464 $25,770,000 $55,539 $1,905 4.23%
$100k-200k 417 $59,355,000 $142,338 $3,276 3.47%
$200k-400k 319 $88,005,000 $275,878 $5,433 3.21%
$400k-600k 97 $46,815,000 $482,629 $5,551 3.08%
$600k-1MM 22 $17,340,000 $788,182 $7,738 3.76%
$1MM+ 12 $26,810,000 $2,234,167 $6,428 3.61%

2021 saw Bank Independent place emphasis on $100,000 or less loans with 464 originations, totaling $25,770,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 243 $24,335,000 $100,144 $2,810 3.69%
$100k-150k 225 $46,995,000 $208,867 $4,158 3.53%
$50k-75k 197 $26,975,000 $136,929 $3,521 3.47%
$75k-100k 167 $30,745,000 $184,102 $5,920 3.44%
$250k+ 158 $41,900,000 $265,190 $4,290 3.86%
$150k-250k 145 $35,765,000 $246,655 $4,494 3.42%

Bank Independent lent most frequently to those with incomes in the $50k or less range, with 243 originations. The second most popular income band? $100k-150k, with 225 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 263 $48,525,000 $184,506 $3,756 3.26%
<20% 173 $25,285,000 $146,156 $3,706 3.39%
30-36% 151 $28,075,000 $185,927 $3,704 3.41%
39% 34 $5,850,000 $172,059 $3,629 3.44%
36% 30 $5,960,000 $198,667 $4,322 3.07%
41% 27 $5,295,000 $196,111 $3,742 3.21%
42% 26 $5,750,000 $221,154 $4,565 3.09%
38% 25 $4,845,000 $193,800 $3,838 3.43%
37% 24 $5,200,000 $216,667 $18,062 3.05%
44% 23 $4,835,000 $210,217 $4,012 3.24%
50-60% 17 $1,905,000 $112,059 $1,869 4.49%
45% 16 $2,330,000 $145,625 $3,573 3.41%
47% 16 $4,230,000 $264,375 $4,703 3.15%
40% 15 $2,875,000 $191,667 $3,927 3.25%
43% 14 $2,250,000 $160,714 $3,677 3.30%
46% 12 $1,930,000 $160,833 $3,069 3.62%
49% 10 $1,990,000 $199,000 $4,377 4.17%
>60% 8 $860,000 $107,500 $900 4.84%
48% 6 $1,440,000 $240,000 $3,882 2.91%

Bank Independent lent most frequently to those with DTI ratios of 20-30%, with 263 originations. The next most common DTI ratio? <20%, with 173 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,043 $187,475,000 $179,746 $3,951 3.58%
Not applicable 169 $52,825,000 $312,574 $0 4.11%
Black 59 $11,815,000 $200,254 $4,123 3.70%
Asian 35 $7,265,000 $207,571 $3,449 3.53%
American Indian 9 $2,195,000 $243,889 $4,828 2.72%
Asian Indian 7 $1,085,000 $155,000 $3,178 4.02%
Not provided 7 $1,005,000 $143,571 $4,951 3.52%
Other Asian 1 $225,000 $225,000 $0 3.29%
Vietnamese 1 $205,000 $205,000 $0 3.00%

Approval Rates

Total approvals of all applications
91.52%

Bank Independent has an average approval rate.

Pick Rate

Approvals leading to origination
78.96%

Bank Independent has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,331 $264,095,000 $198,418

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,331 $264,095,000 $198,418

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 158 $16,390,000 $103,734 $2,220 3.92%
40-60% 179 $33,545,000 $187,402 $3,320 3.64%
60-80% 469 $114,385,000 $243,891 $3,744 3.58%
80-100% 379 $87,655,000 $231,280 $4,077 3.42%
Over 100% 11 $4,945,000 $449,545 $7,640 3.30%
Under 20% 133 $6,825,000 $51,316 $1,321 4.25%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANKUNITED, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 2 66.7%
BANKUNITED, NATIONAL ASSOCIATION Other type of mortgage Closing on a mortgage 1 33.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bank Independent 101 South Clinton Street Athens, AL 35611 Full Service B&M $62,752
Bank Independent 119 North Main Street Tuscumbia, AL 35674 Full Service B&M $82,143
Bank Independent 123 Northside Square, Suite 300 Huntsville, AL 35801 Limited, Drive-thru $0
Bank Independent 132 Holmes Ave Nw Huntsville, AL 35801 Full Service B&M $87,698
Bank Independent 13566 Highway 43 Russellville, AL 35653 Full Service B&M $56,462
Bank Independent 1425 Beltline Road Sw Decatur, AL 35603 Full Service B&M $42,788
Bank Independent 15259 Court Street Moulton, AL 35650 Full Service B&M $122,119
Bank Independent 1701 Darby Drive Florence, AL 35630 Full Service B&M $43,699
Bank Independent 200 N. Commons East Tuscumbia, AL 35674 Limited, Drive-thru $0
Bank Independent 210 South Pine Street Florence, AL 35630 Full Service B&M $179,601
Bank Independent 22015 Highway 72 East Athens, AL 35613 Full Service B&M $81,138
Bank Independent 22899 Al Highway 24 Moulton, AL 35650 Full Service B&M $35,371
Bank Independent 2606 Hwy 31 Decatur, AL 35603 Full Service B&M $80,349
Bank Independent 2902 Florence Boulevard Florence, AL 35630 Full Service B&M $28,639
Bank Independent 360 Alabama Street Courtland, AL 35618 Full Service B&M $12,700
Bank Independent 401 North Jackson Avenue Russellville, AL 35653 Full Service B&M $18,042
Bank Independent 426 Veterans Drive Florence, AL 35630 Limited, Mobile/Seasonal Office $12,135
Bank Independent 710 South Montgomery Avenue Sheffield, AL 35660 Full Service B&M $259,078
Bank Independent 729 East Second Street Sheffield, AL 35660 Limited, Drive-thru $0
Bank Independent 7564 Highway 72 West Ste A1 Madison, AL 35758 Full Service B&M $15,207
Bank Independent 8260 Hwy 72 West Cherokee, AL 35616 Full Service B&M $6,961
Bank Independent 863 Cox Creek Parkway Florence, AL 35630 Full Service B&M $79,118
Bank Independent 8720 Main Street Leighton, AL 35646 Full Service B&M $17,767
Bank Independent 902 U.S. Highway 31, North Hartselle, AL 35640 Full Service B&M $58,067
Bank Independent 102 Bank Street Rogersville, AL 35652 Full Service B&M $71,610
Bank Independent 102 Second Avenue Southeast Decatur, AL 35601 Full Service B&M $87,781
Bank Independent 1081 Highway 72 Killen, AL 35645 Full Service B&M $83,722
Bank Independent 1109 Avalon Avenue Muscle Shoals, AL 35661 Full Service B&M $130,264
Bank Independent 11250 Highway 101 Lexington, AL 35648 Full Service B&M $30,325
Bank Independent 117 4th Avenue Southeast Red Bay, AL 35582 Full Service B&M $20,287

For 2021, Bank Independent had 30 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $88,594
Net interest income $81,627
Total noninterest income $22,931
Gross Fiduciary activities income $0
Service charges on deposit accounts $6,976
Trading account gains and fees $0
Additional Noninterest Income $15,955
Pre-tax net operating income $24,258
Securities gains (or losses, -) $129
Income before extraordinary items $19,638
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $19,638
Minority interest net income $0
Net income $19,638
Sale, conversion, retirement of capital stock, net $0
Net operating income $19,533

Bank Independent's gross interest income from loans was $88,594,000.
Bank Independent's net interest income from loans was $81,627,000.
Bank Independent's fee based income from loans was $6,976,000.
Bank Independent's net income from loans was $19,638,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $6,967
Provision for credit losses $950
Total noninterest expense $79,350
Salaries and employee benefits $50,940
Premises and equipment expense $13,466
Additional noninterest expense $14,944
Applicable income taxes $4,749
Net charge-offs $1,911
Cash dividends $5,004

Bank Independent's interest expense for loans was $6,967,000.
Bank Independent's payroll and benefits expense were $50,940,000.
Bank Independent's property, plant and equipment expenses $13,466,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 2.0%
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 0.5%
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 $1,918,616
Deposits held in domestic offices $1,918,616
Deposits by Individuals, partnerships, and corporations $1,765,171
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $149,447
Deposits by Commercial banks and other depository institutions in U.S. $3,997
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $195,373
Demand deposits $157,089
Nontransaction accounts $1,723,242
Money market deposit accounts (MMDAs) $297,528
Other savings deposits (excluding MMDAs) $1,079,105
Total time deposits $346,610
Total time and savings deposits $1,761,526
Noninterest-bearing deposits $538,968
Interest-bearing deposits $1,379,648
Retail deposits $1,855,028
IRAs and Keogh plan accounts $59,814
Brokered deposits $14,357
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,229,522
Cash & Balances due from depository institutions $523,766
Interest-bearing balances $486,637
Total securities $258,452
Federal funds sold & reverse repurchase $0
Net loans and leases $1,313,633
Loan and leases loss allowance $16,660
Trading account assets $0
Bank premises and fixed assets $54,551
Other real estate owned $855
Goodwill and other intangibles $23,764
All other assets $54,501

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,229,522
Total Liabilities $2,043,762
Total deposits $1,918,616
Interest-bearing deposits $1,379,648
Deposits held in domestic offices $1,918,616
% insured (estimated) $83
Federal funds purchased and repurchase agreements $21,838
Trading liabilities $0
Other borrowed funds $65,000
Subordinated debt $0
All other liabilities $38,308

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,313,633
Loan and leases loss allowance $16,660
Total loans and leases (domestic) $1,330,293
All real estate loans $985,042
Real estate loans in domestic offices $985,042
Construction and development loans $179,851
Residential 1-4 family construction $44,568
Other construction, all land development and other land $135,283
Loans secured by nonfarm nonresidential properties $413,838
Nonfarm nonresidential secured by owner-occupied properties $192,973
Commercial real estate & other non-farm, non-residential $220,865
Multifamily residential real estate $88,615
1-4 family residential loans $293,652
Farmland loans $9,086
Loans held in foreign offices $0
Farm loans $1,071
Commercial and industrial loans $322,297
To non-U.S. addressees $0
Loans to individuals $19,214
Credit card loans $830
Related Plans $106
Consumer Auto Loans $4,715
Other loans to individuals $13,563
All other loans & leases $2,669
Loans to foreign governments and official institutions $0
Other loans $2,404
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

Bank Independent had $1,313,633,000 of loans outstanding in 2021. $985,042,000 of loans were in real estate loans. $179,851,000 of loans were in development loans. $88,615,000 of loans were in multifamily mortgage loans. $293,652,000 of loans were in 1-4 family mortgage loans. $1,071,000 of loans were in farm loans. $830,000 of loans were in credit card loans. $4,715,000 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 486 $96,950 $199,486
Nonfarm, nonresidential loans - <$100k 116 $4,671 $40,267
Nonfarm, nonresidential loans - $100-250k 176 $20,550 $116,761
Nonfarm, nonresidential loans - $250k-1MM 194 $71,729 $369,737
Commercial & Industrial, US addressed loans - <$1MM 41,577 $277,385 $6,672
Commercial & Industrial, US addressed loans - <$100k 41,339 $236,990 $5,733
Commercial & Industrial, US addressed loans - $100-250k 151 $13,288 $88,000
Commercial & Industrial, US addressed loans - $250k-1MM 87 $27,107 $311,575
Farmland loans - <$1MM 20 $1,662 $83,100
Farmland loans - <$100k 8 $291 $36,375
Farmland loans - $100-250k 6 $581 $96,833
Farmland loans - $250k-1MM 6 $790 $131,667
Agriculture operations loans - <$1MM 6 $1,070 $178,333
Agriculture operations loans - <$100k 1 $11 $11,000
Agriculture operations loans - $100-250k 2 $376 $188,000
Agriculture operations loans - $250k-1MM 3 $683 $227,667