Independent Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300RBN5KM5RUFOE42

Tax ID: 62-1730983

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

    Independent Bank is a smaller bank specializing in Home Purchase and Refi loans. Independent Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Memphis, Chattanooga, Birmingham, Louisville, and Nashville 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.61% 4/21/24
    30 Year Conventional Refi 6.51% 4/21/24
    30 Year Cash-out Refi 6.92% 4/21/24
    30 Year FHA Purchase 7.46% 4/21/24
    30 Year FHA Refi 6.27% 4/21/24
    30 Year VA Purchase 6.38% 4/21/24
    30 Year USDA Purchase 6.42% 4/21/24
    15 Year Conventional Purchase 5.89% 4/21/24
    15 Year Conventional Refi 5.71% 4/21/24
    15 Year Cash-out Refi 5.71% 4/21/24
    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






    Your Estimates

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

    This is not an official calculator from Independent Bank. 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

    950

    Origination Dollar Volume (All Markets)

    $241,660,000

    Employee count

    223 Show all (16) 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
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 529 $129,615,000 $245,019 $3,795 2.91%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 165 $38,875,000 $235,606 $3,863 2.95%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 26 $7,750,000 $298,077 $2,705 2.73%
    LOUISVILLE, KY (FHA|USDA|VA) 17 $5,465,000 $321,471 $2,927 2.67%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 15 $5,065,000 $337,667 $2,700 2.80%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 15 $4,775,000 $318,333 $2,459 2.53%
    HUNTSVILLE, AL (FHA|USDA|VA) 18 $4,730,000 $262,778 $2,567 2.64%
    Outside of Metro Areas 22 $4,520,000 $205,455 $3,048 2.85%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 8 $2,750,000 $343,750 $3,325 2.45%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 8 $2,160,000 $270,000 $2,561 2.47%
    BATON ROUGE, LA (FHA|USDA|VA) 7 $2,135,000 $305,000 $3,107 2.57%
    CLEVELAND, TN (FHA|USDA|VA) 10 $1,860,000 $186,000 $3,509 3.04%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 6 $1,810,000 $301,667 $3,039 2.85%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 5 $1,565,000 $313,000 $2,594 2.58%
    JACKSON, MS (FHA|USDA|VA) 6 $1,480,000 $246,667 $2,415 2.58%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,445,000 $481,667 $3,870 2.75%
    Oxford, MS (FHA|USDA|VA) 5 $1,395,000 $279,000 $3,244 2.85%
    TUSCALOOSA, AL (FHA|USDA|VA) 4 $1,320,000 $330,000 $2,545 2.44%
    KNOXVILLE, TN (FHA|USDA|VA) 4 $1,120,000 $280,000 $2,608 2.59%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 3 $865,000 $288,333 $2,552 2.63%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 2 $810,000 $405,000 $3,050 2.44%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $790,000 $395,000 $4,753 2.44%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $780,000 $390,000 $4,384 2.81%
    MONTGOMERY, AL (FHA|USDA|VA) 4 $750,000 $187,500 $2,569 2.84%
    Glenwood Springs, CO (FHA|USDA|VA) 1 $725,000 $725,000 $2,903 2.88%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $700,000 $350,000 $4,921 3.25%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $590,000 $295,000 $2,896 2.69%
    Albertville, AL (FHA|USDA|VA) 2 $560,000 $280,000 $3,358 2.44%
    Talladega-Sylacauga, AL (FHA|USDA|VA) 2 $560,000 $280,000 $2,981 2.56%
    Cullman, AL (FHA|USDA|VA) 2 $540,000 $270,000 $4,130 2.56%
    Mineral Wells, TX (FHA|USDA|VA) 1 $515,000 $515,000 $5,817 2.38%
    HATTIESBURG, MS (FHA|USDA|VA) 1 $515,000 $515,000 $3,944 2.88%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $505,000 $505,000 $2,932 2.63%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $495,000 $495,000 $4,202 3.63%
    SAVANNAH, GA (FHA|USDA|VA) 2 $490,000 $245,000 $3,486 2.31%
    SALINAS, CA (FHA|USDA|VA) 1 $485,000 $485,000 $4,639 2.38%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $485,000 $485,000 $2,412 2.88%
    GAINESVILLE, FL (FHA|USDA|VA) 2 $480,000 $240,000 $2,575 2.56%
    IOWA CITY, IA (FHA|USDA|VA) 1 $475,000 $475,000 $1,800 2.63%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $465,000 $465,000 $5,366 3.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $450,000 $225,000 $3,029 2.63%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $445,000 $445,000 $5,620 4.13%
    DALTON, GA (FHA|USDA|VA) 2 $440,000 $220,000 $3,079 3.88%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 2 $440,000 $220,000 $2,429 2.25%
    Greenwood, MS (FHA|USDA|VA) 2 $420,000 $210,000 $3,259 2.69%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $405,000 $405,000 $3,561 2.50%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $405,000 $405,000 $2,323 2.50%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $375,000 $375,000 $3,009 3.38%
    JACKSON, TN (FHA|USDA|VA) 2 $370,000 $185,000 $4,157 2.38%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $335,000 $335,000 $2,596 2.88%
    Mountain Home, AR (FHA|USDA|VA) 1 $315,000 $315,000 $2,595 2.49%
    ALEXANDRIA, LA (FHA|USDA|VA) 1 $285,000 $285,000 $3,340 2.50%
    Cleveland, MS (FHA|USDA|VA) 1 $285,000 $285,000 $3,526 2.50%
    BOWLING GREEN, KY (FHA|USDA|VA) 1 $275,000 $275,000 $2,427 2.00%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,634 3.38%
    Frankfort, KY (FHA|USDA|VA) 1 $275,000 $275,000 $7,722 2.25%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $2,601 3.50%
    Corinth, MS (FHA|USDA|VA) 2 $250,000 $125,000 $4,049 3.81%
    Ruston, LA (FHA|USDA|VA) 1 $245,000 $245,000 $2,331 2.63%
    Fort Payne, AL (FHA|USDA|VA) 1 $245,000 $245,000 $3,009 2.50%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $235,000 $235,000 $2,641 3.38%
    LAFAYETTE, LA (FHA|USDA|VA) 1 $235,000 $235,000 $2,879 2.63%
    DOTHAN, AL (FHA|USDA|VA) 1 $225,000 $225,000 $1,715 2.38%
    MOBILE, AL (FHA|USDA|VA) 1 $215,000 $215,000 $2,427 2.88%
    Starkville, MS (FHA|USDA|VA) 1 $195,000 $195,000 $2,589 2.88%
    BELLINGHAM, WA (FHA|USDA|VA) 1 $185,000 $185,000 $3,058 2.63%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $175,000 $175,000 $2,802 2.88%
    MORRISTOWN, TN (FHA|USDA|VA) 1 $165,000 $165,000 $5,907 2.25%
    Athens, TN (FHA|USDA|VA) 1 $165,000 $165,000 $2,772 2.63%
    Cornelia, GA (FHA|USDA|VA) 1 $135,000 $135,000 $2,588 3.13%
    Forrest City, AR (FHA|USDA|VA) 1 $125,000 $125,000 $5,810 3.63%
    Sevierville, TN (FHA|USDA|VA) 1 $115,000 $115,000 $2,475 2.75%
    COLUMBIA, SC (FHA|USDA|VA) 1 $115,000 $115,000 $3,240 3.63%
    Batesville, AR (FHA|USDA|VA) 1 $85,000 $85,000 $2,099 3.50%
    Summerville, GA (FHA|USDA|VA) 1 $75,000 $75,000 $3,329 3.88%
    Independent Bank's top markets include Memphis, Chattanooga, Birmingham, Louisville, and Nashville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • 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.

    COMMONWEALTH
    Similarity Rank: 625
    Liberty Mortgage Corporation
    Similarity Rank: 630
    Old Hickory Credit Union
    Similarity Rank: 680
    TENNESSEE TRUST MORTGAGE, INC
    Similarity Rank: 684
    Jefferson Credit Union
    Similarity Rank: 702
    Legacy Home Loans, LLC
    Similarity Rank: 832
    First Advantage Bank
    Similarity Rank: 834
    First Financial Bank
    Similarity Rank: 918
    First Harrison Bank
    Similarity Rank: 980
    SmartBank
    Similarity Rank: 1000

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 808 $210,870,000 $260,978 $3,025 2.85%
    FHA 108 $21,920,000 $202,963 $6,906 2.94%
    VA 24 $7,210,000 $300,417 $6,960 2.81%
    USDA 10 $1,660,000 $166,000 $4,992 3.15%

    For 2020, Independent Bank's most frequently originated type of loan was Conventional, with 808 originations. Their 2nd most popular type was FHA, with 108 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 454 $106,340,000 $234,229 $4,317 3.01%
    Refi 391 $108,095,000 $276,458 $2,856 2.69%
    Cash Out Refi 85 $21,755,000 $255,941 $3,144 2.87%
    Home Improvement 20 $5,470,000 $273,500 $3,688 3.00%

    For 2020, Independent Bank's most frequently cited loan purpose was Home Purchase, with 454 originations. The 2nd most popular reason was Refi, with 391 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 733 $187,905,000 $256,351 $3,792 2.94%
    15 Year 159 $39,135,000 $246,132 $2,959 2.53%
    20 Year 37 $9,345,000 $252,568 $2,842 2.82%
    Other 12 $3,360,000 $280,000 $2,780 2.91%
    10 Year 9 $1,915,000 $212,778 $2,601 2.61%

    For 2020, Independent Bank's most frequently cited loan duration was 30 Year, with 733 originations. The 2nd most popular length was 15 Year, with 159 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 847 $219,365,000 $258,991
    $1k-2k 69 $13,325,000 $193,116
    $2k-3k 25 $6,185,000 $247,400
    $5k+ 5 $1,675,000 $335,000
    $3k-4k 3 $875,000 $291,667
    $4k-5k 1 $235,000 $235,000

    Independent Bank's average total fees were $3,792, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 847 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 375 $97,795,000 $260,787
    <2.5% 304 $88,470,000 $291,020
    3-4% 258 $53,410,000 $207,016
    4-5% 10 $1,780,000 $178,000
    5-6% 3 $205,000 $68,333

    During 2020, Independent Bank's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 2.5-3%, with 375 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 499 $140,465,000 $281,493 $3,744 2.75%
    $100k-200k 282 $43,760,000 $155,177 $3,387 3.05%
    $400k-600k 111 $52,645,000 $474,279 $3,765 2.70%
    $100,000 or less 57 $4,065,000 $71,316 $2,903 3.29%
    $600k-1MM 1 $725,000 $725,000 $2,903 2.88%

    2020 saw Independent Bank place emphasis on $200k-400k loans with 499 originations, totaling $140,465,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 233 $64,825,000 $278,219 $3,480 2.80%
    $50k-75k 172 $34,110,000 $198,314 $4,218 2.93%
    $150k-250k 165 $53,415,000 $323,727 $3,216 2.71%
    $75k-100k 155 $37,805,000 $243,903 $3,467 2.90%
    $50k or less 140 $20,060,000 $143,286 $3,680 3.08%
    $250k+ 75 $28,355,000 $378,067 $3,463 2.78%

    Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 233 originations. The second most popular income band? $50k-75k, with 172 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 265 $67,285,000 $253,906 $3,144 2.86%
    30-36% 160 $40,930,000 $255,813 $3,339 2.93%
    <20% 128 $34,300,000 $267,969 $2,901 2.72%
    44% 33 $7,915,000 $239,848 $4,295 2.93%
    36% 33 $7,385,000 $223,788 $3,355 2.94%
    41% 32 $7,990,000 $249,688 $3,425 2.88%
    50-60% 31 $7,175,000 $231,452 $6,851 2.81%
    40% 31 $8,595,000 $277,258 $3,943 2.86%
    39% 30 $7,510,000 $250,333 $3,848 2.82%
    38% 29 $6,875,000 $237,069 $3,531 3.18%
    45% 28 $7,700,000 $275,000 $4,095 3.00%
    43% 28 $7,030,000 $251,071 $4,571 2.92%
    42% 23 $5,475,000 $238,043 $3,884 3.05%
    37% 23 $6,435,000 $279,783 $3,403 2.81%
    49% 21 $5,285,000 $251,667 $4,824 2.82%
    48% 20 $5,480,000 $274,000 $4,646 2.75%
    46% 18 $4,240,000 $235,556 $5,017 2.65%
    47% 14 $3,220,000 $230,000 $3,859 2.63%
    >60% 1 $135,000 $135,000 $2,111 3.50%

    Independent Bank lent most frequently to those with DTI ratios of 20-30%, with 265 originations. The next most common DTI ratio? 30-36%, with 160 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 817 $213,195,000 $260,949 $3,441 2.84%
    Black 105 $20,535,000 $195,571 $4,869 3.13%
    Asian 20 $5,840,000 $292,000 $3,228 2.70%
    Not provided 3 $785,000 $261,667 $2,976 2.96%
    Native Hawaiian or Islander 1 $515,000 $515,000 $4,310 2.88%
    Asian Indian 2 $500,000 $250,000 $3,511 2.88%
    American Indian 2 $290,000 $145,000 $3,231 2.63%

    Approval Rates

    Total approvals of all applications
    97.04%

    Independent Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    73.47%

    Independent Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 950 $241,660,000 $254,379

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $275,000 $91,667
    Single Family (1-4 Units):Site-Built 947 $241,385,000 $254,894

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $7,675,000 $232,576 $3,315 2.66%
    40-60% 115 $28,485,000 $247,696 $2,918 2.63%
    60-80% 368 $102,710,000 $279,103 $2,916 2.81%
    80-100% 424 $99,440,000 $234,528 $4,221 3.00%
    Over 100% 7 $2,255,000 $322,143 $13,131 2.55%
    Under 20% 3 $1,095,000 $365,000 $3,125 2.79%

    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)
    Independent Bank 1711 Union Avenue Memphis, TN 38104 Full Service B&M $44,050
    Independent Bank 2116 West Poplar Collierville, TN 38017 Full Service B&M $62,247
    Independent Bank 3295 Poplar Avenue Memphis, TN 38111 Full Service B&M $35,497
    Independent Bank 40 South Main Street Memphis, TN 38103 Full Service B&M $14,341
    Independent Bank 450 Perkins Extd Memphis, TN 38117 Full Service B&M $47,571
    Independent Bank 5050 Poplar Avenue Memphis, TN 38157 Full Service B&M $655,660
    Independent Bank 5995 Stage Road Bartlett, TN 38134 Full Service B&M $28,759
    Independent Bank 6209 Poplar Avenue Memphis, TN 38119 Full Service B&M $59,884
    Independent Bank 7635 Poplar Avenue Germantown, TN 38138 Full Service B&M $69,475

    For 2020, Independent Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $52,053
    Net interest income $43,810
    Total noninterest income $18,363
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $705
    Trading account gains and fees $0
    Additional Noninterest Income $17,658
    Pre-tax net operating income $18,551
    Securities gains (or losses, -) $0
    Income before extraordinary items $14,539
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,539
    Minority interest net income $0
    Net income $14,539
    Sale, conversion, retirement of capital stock, net $212
    Net operating income $14,539

    Independent Bank's gross interest income from loans was $52,053,000.
    Independent Bank's net interest income from loans was $43,810,000.
    Independent Bank's fee based income from loans was $705,000.
    Independent Bank's net income from loans was $14,539,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,243
    Provision for credit losses $4,136
    Total noninterest expense $39,486
    Salaries and employee benefits $24,927
    Premises and equipment expense $3,987
    Additional noninterest expense $10,572
    Applicable income taxes $4,012
    Net charge-offs $2,045
    Cash dividends $5,000

    Independent Bank's interest expense for loans was $8,243,000.
    Independent Bank's payroll and benefits expense were $24,927,000.
    Independent Bank's property, plant and equipment expenses $3,987,000.

    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 8.0%
    Nonfarm, nonresidential loans 1.0%
    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 $1,059,258
    Deposits held in domestic offices $1,059,258
    Deposits by Individuals, partnerships, and corporations $1,058,739
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $519
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $273,888
    Demand deposits $254,805
    Nontransaction accounts $785,370
    Money market deposit accounts (MMDAs) $455,697
    Other savings deposits (excluding MMDAs) $88,603
    Total time deposits $241,069
    Total time and savings deposits $804,453
    Noninterest-bearing deposits $254,805
    Interest-bearing deposits $804,453
    Retail deposits $943,292
    IRAs and Keogh plan accounts $18,280
    Brokered deposits $72,012
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,214,017
    Cash & Balances due from depository institutions $98,514
    Interest-bearing balances $71,479
    Total securities $5,067
    Federal funds sold & reverse repurchase $0
    Net loans and leases $936,162
    Loan and leases loss allowance $10,713
    Trading account assets $0
    Bank premises and fixed assets $5,135
    Other real estate owned $7,210
    Goodwill and other intangibles $15,329
    All other assets $146,600

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,214,017
    Total Liabilities $1,068,228
    Total deposits $1,059,258
    Interest-bearing deposits $804,453
    Deposits held in domestic offices $1,059,258
    % insured (estimated) $64
    Federal funds purchased and repurchase agreements $4,579
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $4,391

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $936,162
    Loan and leases loss allowance $10,713
    Total loans and leases (domestic) $946,875
    All real estate loans $261,548
    Real estate loans in domestic offices $261,548
    Construction and development loans $23,153
    Residential 1-4 family construction $12,496
    Other construction, all land development and other land $10,657
    Loans secured by nonfarm nonresidential properties $160,352
    Nonfarm nonresidential secured by owner-occupied properties $39,301
    Commercial real estate & other non-farm, non-residential $121,051
    Multifamily residential real estate $28,595
    1-4 family residential loans $49,448
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $138,075
    To non-U.S. addressees $0
    Loans to individuals $476,418
    Credit card loans $0
    Related Plans $6
    Consumer Auto Loans $431,554
    Other loans to individuals $44,858
    All other loans & leases $70,833
    Loans to foreign governments and official institutions $0
    Other loans $70,833
    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 $358
    Non 1-4 family restructured loans & leases $358
    Total loans and leases (foreign) $0

    Independent Bank had $936,162,000 of loans outstanding in 2020. $261,548,000 of loans were in real estate loans. $23,153,000 of loans were in development loans. $28,595,000 of loans were in multifamily mortgage loans. $49,448,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $431,554,000 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 29 $7,595 $261,897
    Nonfarm, nonresidential loans - $100-250k 12 $1,343 $111,917
    Nonfarm, nonresidential loans - $250k-1MM 17 $6,252 $367,765
    Commercial & Industrial, US addressed loans - <$1MM 468 $43,020 $91,923
    Commercial & Industrial, US addressed loans - <$100k 315 $9,589 $30,441
    Commercial & Industrial, US addressed loans - $100-250k 88 $11,863 $134,807
    Commercial & Industrial, US addressed loans - $250k-1MM 65 $21,568 $331,815