Bank Independent Mortgage Rates, Fees & Info
Sheffield, ALLEI: 549300A7W1NQ3BYZCB68
Tax ID: 63-0260951
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Bank Data
Review & 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 by origination volume include: Florence, Huntsville, Decatur, Birmingham, and Cullman among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank Independent 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. Bank Independent 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
Home Equity Line of Credit (HELOC) | 2.45% | 12/5/24 |
30 Year Conventional Purchase | 6.57% | 12/5/24 |
30 Year Conventional Refi | 6.86% | 12/5/24 |
30 Year Cash-out Refi | 6.49% | 12/5/24 |
30 Year FHA Purchase | 7.01% | 12/5/24 |
30 Year FHA Refi | 6.27% | 12/5/24 |
30 Year VA Purchase | 5.91% | 12/5/24 |
30 Year USDA Purchase | 6.44% | 12/5/24 |
15 Year Conventional Purchase | 6.01% | 12/5/24 |
15 Year Conventional Refi | 7.64% | 12/5/24 |
15 Year Cash-out Refi | 7.64% | 12/5/24 |
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. |
Bank Independent Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,484Origination Dollar Volume (All Markets)
$248,840,000Employee count
566 Show all (5) awardsBank Independent - 2020
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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 |
---|---|---|---|---|---|
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 774 | $114,480,000 | $147,907 | $3,070 | 3.90% |
HUNTSVILLE, AL (FHA|USDA|VA) | 409 | $84,345,000 | $206,222 | $4,178 | 3.45% |
DECATUR, AL (FHA|USDA|VA) | 175 | $23,725,000 | $135,571 | $3,170 | 4.02% |
Outside of Metro Areas | 49 | $6,885,000 | $140,510 | $3,604 | 4.14% |
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 11 | $3,605,000 | $327,727 | $4,276 | 3.51% |
Cullman, AL (FHA|USDA|VA) | 14 | $3,100,000 | $221,429 | $4,895 | 3.29% |
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $1,310,000 | $327,500 | $2,952 | 3.40% |
Lawrenceburg, TN (FHA|USDA|VA) | 8 | $1,220,000 | $152,500 | $3,779 | 3.51% |
Hudson, NY (FHA|USDA|VA) | 1 | $1,215,000 | $1,215,000 | $1,168 | 4.79% |
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 5 | $1,025,000 | $205,000 | $6,098 | 4.18% |
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $2,755 | 3.08% |
Scottsboro, AL (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $4,110 | 3.62% |
Albertville, AL (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $3,571 | 3.99% |
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $14,738 | 2.88% |
Tullahoma-Manchester, TN (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $9,036 | 2.38% |
Alexander City, AL (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $3,534 | 2.50% |
PANAMA CITY, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,649 | 4.99% |
MOBILE, AL (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $3,670 | 4.04% |
MORRISTOWN, TN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,652 | 2.50% |
TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,557 | 2.13% |
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 4.00% |
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,659 | 3.13% |
JACKSON, MS (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $273 | 3.99% |
DOTHAN, AL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,606 | 2.50% |
Columbus, MS (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,776 | 4.49% |
Tupelo, MS (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $2,691 | 3.46% |
Fort Payne, AL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,061 | 2.75% |
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,977 | 3.38% |
WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,722 | 3.13% |
LOUISVILLE, KY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,736 | 2.50% |
SAVANNAH, GA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,706 | 3.38% |
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.49% |
Starkville, MS (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Bank Independent 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 2020, Bank Independent's most frequently originated type of loan was Conventional, with 1,181 originations. Their 2nd most popular type was HELOC, with 227 originations.
Loan Reason
For 2020, Bank Independent's most frequently cited loan purpose was Refi, with 741 originations. The 2nd most popular reason was Home Purchase, with 433 originations.
Loan Duration/Length
For 2020, Bank Independent's most frequently cited loan duration was 30 Year, with 646 originations. The 2nd most popular length was 5 Year, with 269 originations.
Origination Fees/Closing Costs
Bank Independent's average total fees were $4,045, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 312 originations.
Interest Rates
During 2020, Bank Independent's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 3-4%, with 384 originations.
Loan Sizing
2020 saw Bank Independent place emphasis on $100,000 or less loans with 560 originations, totaling $30,980,000 in origination value.
Applicant Income
Bank Independent lent most frequently to those with incomes in the $100k-150k range, with 278 originations. The second most popular income band? $50k or less, with 270 originations.
Applicant Debt to Income Ratio
Bank Independent lent most frequently to those with DTI ratios of 20-30%, with 301 originations. The next most common DTI ratio? <20%, with 221 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.54%
Bank Independent has an average approval rate.
Pick Rate
Approvals leading to origination79.31%
Bank Independent has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 1,484 | $248,840,000 | $167,682 |
Occupancy Type Mix
LTV Distribution
Complaints
Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
BANC ONE MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
Bank Details
Branches
Bank Name | Branch | Branch Type | Deposits (000's) |
---|---|---|---|
Bank Independent | 101 South Clinton Street Athens, AL 35611 | Full Service B&M | $55,345 |
Bank Independent | 102 Bank Street Rogersville, AL 35652 | Full Service B&M | $62,060 |
Bank Independent | 102 Second Avenue Southeast Decatur, AL 35601 | Full Service B&M | $66,885 |
Bank Independent | 1081 Highway 72 Killen, AL 35645 | Full Service B&M | $69,089 |
Bank Independent | 1109 Avalon Avenue Muscle Shoals, AL 35661 | Full Service B&M | $117,406 |
Bank Independent | 11250 Highway 101 Lexington, AL 35648 | Full Service B&M | $29,052 |
Bank Independent | 117 4th Avenue Southeast Red Bay, AL 35582 | Full Service B&M | $19,240 |
Bank Independent | 119 North Main Street Tuscumbia, AL 35674 | Full Service B&M | $78,251 |
Bank Independent | 132 Holmes Ave Nw Huntsville, AL 35801 | Full Service B&M | $60,690 |
Bank Independent | 13566 Highway 43 Russellville, AL 35653 | Full Service B&M | $58,605 |
Bank Independent | 1425 Beltline Road Sw Decatur, AL 35603 | Full Service B&M | $38,026 |
Bank Independent | 15259 Court Street Moulton, AL 35650 | Full Service B&M | $115,940 |
Bank Independent | 1701 Darby Drive Florence, AL 35630 | Full Service B&M | $37,642 |
Bank Independent | 210 South Pine Street Florence, AL 35630 | Full Service B&M | $176,041 |
Bank Independent | 22015 Highway 72 East Athens, AL 35613 | Full Service B&M | $70,927 |
Bank Independent | 22899 Al Highway 24 Moulton, AL 35650 | Full Service B&M | $31,913 |
Bank Independent | 2606 Hwy 31 Decatur, AL 35603 | Full Service B&M | $78,513 |
Bank Independent | 2902 Florence Boulevard Florence, AL 35630 | Full Service B&M | $22,967 |
Bank Independent | 360 Alabama Street Courtland, AL 35618 | Full Service B&M | $13,160 |
Bank Independent | 401 North Jackson Avenue Russellville, AL 35653 | Full Service B&M | $16,785 |
Bank Independent | 426 Veterans Drive Florence, AL 35630 | Limited, Mobile/Seasonal Office | $7,218 |
Bank Independent | 710 South Montgomery Avenue Sheffield, AL 35660 | Full Service B&M | $229,562 |
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 | $11,788 |
Bank Independent | 8260 Hwy 72 West Cherokee, AL 35616 | Full Service B&M | $6,045 |
Bank Independent | 863 Cox Creek Parkway Florence, AL 35630 | Full Service B&M | $64,587 |
Bank Independent | 8720 Main Street Leighton, AL 35646 | Full Service B&M | $15,642 |
Bank Independent | 902 U.S. Highway 31, North Hartselle, AL 35640 | Full Service B&M | $51,028 |
For 2020, Bank Independent had 28 branches.
Yearly Performance Overview
Bank Income
Item | Value (in 000's) |
---|---|
Total interest income | $89,421 |
Net interest income | $78,951 |
Total noninterest income | $22,618 |
Gross Fiduciary activities income | $0 |
Service charges on deposit accounts | $6,700 |
Trading account gains and fees | $0 |
Additional Noninterest Income | $15,918 |
Pre-tax net operating income | $21,404 |
Securities gains (or losses, -) | $4 |
Income before extraordinary items | $17,808 |
Discontinued Operations (Extraordinary gains, net) | $0 |
Net income of bank and minority interests | $17,808 |
Minority interest net income | $0 |
Net income | $17,808 |
Sale, conversion, retirement of capital stock, net | $0 |
Net operating income | $17,804 |
Bank Independent's gross interest income from loans was $89,421,000.
Bank Independent's net interest income from loans was $78,951,000.
Bank Independent's fee based income from loans was $6,700,000.
Bank Independent's net income from loans was $17,808,000.
Bank Expenses
Item | Value (in 000's) |
---|---|
Total interest expense | $10,470 |
Provision for credit losses | $7,200 |
Total noninterest expense | $72,965 |
Salaries and employee benefits | $47,634 |
Premises and equipment expense | $11,929 |
Additional noninterest expense | $13,402 |
Applicable income taxes | $3,600 |
Net charge-offs | $3,342 |
Cash dividends | $6,619 |
Bank Independent's interest expense for loans was $10,470,000.
Bank Independent's payroll and benefits expense were $47,634,000.
Bank Independent's property, plant and equipment expenses $11,929,000.
Loan Performance
Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
---|---|
All loans | 1.0% |
Real Estate loans | 1.0% |
Construction & Land Development loans | 0.0% |
Nonfarm, nonresidential loans | 3.0% |
Multifamily residential loans | 0.0% |
1-4 family residential loans | 0.0% |
HELOC loans | 0.0% |
All other family | 0.0% |
Commercial & industrial loans | 2.0% |
Personal loans | 0.0% |
Credit card loans | 0.3% |
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 | $1,721,457 |
Deposits held in domestic offices | $1,721,457 |
Deposits by Individuals, partnerships, and corporations | $1,586,099 |
Deposits by U.S. Government | $0 |
Deposits by States and political subdivisions in the U.S. | $131,384 |
Deposits by Commercial banks and other depository institutions in U.S. | $3,974 |
Deposits by Banks in foreign countries | $0 |
Deposits by Foreign governments and official institutions | $0 |
Transaction accounts | $174,945 |
Demand deposits | $141,664 |
Nontransaction accounts | $1,546,512 |
Money market deposit accounts (MMDAs) | $255,640 |
Other savings deposits (excluding MMDAs) | $883,010 |
Total time deposits | $407,862 |
Total time and savings deposits | $1,579,793 |
Noninterest-bearing deposits | $465,101 |
Interest-bearing deposits | $1,256,356 |
Retail deposits | $1,623,950 |
IRAs and Keogh plan accounts | $62,063 |
Brokered deposits | $37,625 |
Deposits held in foreign offices | $0 |
Assets
Asset | Value (in 000's) |
---|---|
Total Assets | $2,017,030 |
Cash & Balances due from depository institutions | $505,860 |
Interest-bearing balances | $460,856 |
Total securities | $106,200 |
Federal funds sold & reverse repurchase | $0 |
Net loans and leases | $1,276,758 |
Loan and leases loss allowance | $17,621 |
Trading account assets | $0 |
Bank premises and fixed assets | $53,646 |
Other real estate owned | $140 |
Goodwill and other intangibles | $23,764 |
All other assets | $50,662 |
Liabilities
Liabilities | Value (in 000's) |
---|---|
Total liabilities and capital | $2,017,030 |
Total Liabilities | $1,842,993 |
Total deposits | $1,721,457 |
Interest-bearing deposits | $1,256,356 |
Deposits held in domestic offices | $1,721,457 |
% insured (estimated) | $78 |
Federal funds purchased and repurchase agreements | $13,219 |
Trading liabilities | $0 |
Other borrowed funds | $65,000 |
Subordinated debt | $0 |
All other liabilities | $43,317 |
Issued Loan Types
Type | Value (in 000's) |
---|---|
Net loans and leases | $1,276,758 |
Loan and leases loss allowance | $17,621 |
Total loans and leases (domestic) | $1,294,379 |
All real estate loans | $905,183 |
Real estate loans in domestic offices | $905,183 |
Construction and development loans | $156,673 |
Residential 1-4 family construction | $35,362 |
Other construction, all land development and other land | $121,311 |
Loans secured by nonfarm nonresidential properties | $366,345 |
Nonfarm nonresidential secured by owner-occupied properties | $175,706 |
Commercial real estate & other non-farm, non-residential | $190,639 |
Multifamily residential real estate | $68,740 |
1-4 family residential loans | $302,271 |
Farmland loans | $11,154 |
Loans held in foreign offices | $0 |
Farm loans | $785 |
Commercial and industrial loans | $368,025 |
To non-U.S. addressees | $0 |
Loans to individuals | $19,073 |
Credit card loans | $722 |
Related Plans | $87 |
Consumer Auto Loans | $4,778 |
Other loans to individuals | $13,486 |
All other loans & leases | $1,313 |
Loans to foreign governments and official institutions | $0 |
Other loans | $958 |
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 $1,276,758,000 of loans outstanding in 2020. $905,183,000 of loans were in real estate loans. $156,673,000 of loans were in development loans. $68,740,000 of loans were in multifamily mortgage loans. $302,271,000 of loans were in 1-4 family mortgage loans. $785,000 of loans were in farm loans. $722,000 of loans were in credit card loans. $4,778,000 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 | 518 | $96,702 | $186,683 |
Nonfarm, nonresidential loans - <$100k | 134 | $5,531 | $41,276 |
Nonfarm, nonresidential loans - $100-250k | 190 | $22,139 | $116,521 |
Nonfarm, nonresidential loans - $250k-1MM | 194 | $69,032 | $355,835 |
Commercial & Industrial, US addressed loans - <$1MM | 49,454 | $314,877 | $6,367 |
Commercial & Industrial, US addressed loans - <$100k | 49,124 | $251,340 | $5,116 |
Commercial & Industrial, US addressed loans - $100-250k | 222 | $24,282 | $109,378 |
Commercial & Industrial, US addressed loans - $250k-1MM | 108 | $39,255 | $363,472 |
Farmland loans - <$1MM | 27 | $2,052 | $76,000 |
Farmland loans - <$100k | 15 | $602 | $40,133 |
Farmland loans - $100-250k | 6 | $436 | $72,667 |
Farmland loans - $250k-1MM | 6 | $1,014 | $169,000 |
Agriculture operations loans - <$1MM | 12 | $782 | $65,167 |
Agriculture operations loans - <$100k | 7 | $80 | $11,429 |
Agriculture operations loans - $100-250k | 1 | $13 | $13,000 |
Agriculture operations loans - $250k-1MM | 4 | $689 | $172,250 |