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

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, Nashville, and Atlanta among others. We have data for 94 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%	12/16/24
30 Year Conventional Refi	6.51%	12/16/24
30 Year Cash-out Refi	6.92%	12/16/24
30 Year FHA Purchase	7.46%	12/16/24
30 Year FHA Refi	6.27%	12/16/24
30 Year VA Purchase	6.38%	12/16/24
30 Year USDA Purchase	6.42%	12/16/24
15 Year Conventional Purchase	5.89%	12/16/24
15 Year Conventional Refi	5.71%	12/16/24
15 Year Cash-out Refi	5.71%	12/16/24
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

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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

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Origination Dollar Volume (All Markets)

$181,360,000

Employee count

224

Awards

Independent Bank 30 Year Conventional Loans silver

Independent Bank 30 Year Conventional Loans gold

Show all (8) 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)	387	$95,535,000	$246,860	$3,957	2.89%
CHATTANOOGA, TN-GA (FHA\|USDA\|VA)	131	$32,015,000	$244,389	$3,616	2.84%
BIRMINGHAM-HOOVER, AL (FHA\|USDA\|VA)	19	$5,705,000	$300,263	$2,597	2.54%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	5	$2,525,000	$505,000	$4,082	2.75%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	7	$2,485,000	$355,000	$3,734	2.66%
NEW ORLEANS-METAIRIE, LA (FHA\|USDA\|VA)	10	$2,370,000	$237,000	$2,981	2.40%
CLEVELAND, TN (FHA\|USDA\|VA)	8	$2,280,000	$285,000	$4,203	2.70%
LOUISVILLE, KY (FHA\|USDA\|VA)	10	$2,140,000	$214,000	$2,505	2.54%
CINCINNATI, OH-KY-IN (FHA\|USDA\|VA)	8	$1,840,000	$230,000	$2,711	2.47%
HUNTSVILLE, AL (FHA\|USDA\|VA)	6	$1,420,000	$236,667	$2,442	2.54%
JACKSON, TN (FHA\|USDA\|VA)	5	$1,375,000	$275,000	$3,318	2.67%
Outside of Metro Areas	9	$1,375,000	$152,778	$3,397	2.89%
JACKSON, MS (FHA\|USDA\|VA)	5	$1,245,000	$249,000	$2,763	2.28%
Oxford, MS (FHA\|USDA\|VA)	5	$1,125,000	$225,000	$2,657	2.77%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	4	$1,080,000	$270,000	$5,200	2.75%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	3	$935,000	$311,667	$4,088	2.83%
KNOXVILLE, TN (FHA\|USDA\|VA)	3	$875,000	$291,667	$3,109	2.79%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	3	$845,000	$281,667	$3,982	2.46%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	3	$835,000	$278,333	$3,059	2.50%
WILMINGTON, NC (FHA\|USDA\|VA)	3	$795,000	$265,000	$2,587	2.63%
Heber, UT (FHA\|USDA\|VA)	1	$785,000	$785,000	$3,976	2.38%
GREENSBORO-HIGH POINT, NC (FHA\|USDA\|VA)	1	$745,000	$745,000	$2,446	2.75%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA\|USDA\|VA)	3	$555,000	$185,000	$2,387	2.63%
Tullahoma-Manchester, TN (FHA\|USDA\|VA)	1	$535,000	$535,000	$7,343	2.50%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	2	$530,000	$265,000	$3,023	2.00%
LAKE CHARLES, LA (FHA\|USDA\|VA)	1	$525,000	$525,000	$4,459	3.38%
PORT ST. LUCIE, FL (FHA\|USDA\|VA)	1	$515,000	$515,000	$5,827	2.63%
Seattle-Tacoma-Bellevue, WA (FHA\|USDA\|VA)	1	$475,000	$475,000	$3,431	1.88%
LAKELAND-WINTER HAVEN, FL (FHA\|USDA\|VA)	2	$470,000	$235,000	$3,103	2.13%
RENO, NV (FHA\|USDA\|VA)	2	$460,000	$230,000	$2,229	2.25%
DOTHAN, AL (FHA\|USDA\|VA)	2	$460,000	$230,000	$2,404	2.63%
GULFPORT-BILOXI, MS (FHA\|USDA\|VA)	3	$455,000	$151,667	$3,068	3.25%
LAFAYETTE, LA (FHA\|USDA\|VA)	2	$450,000	$225,000	$3,271	2.69%
Starkville, MS (FHA\|USDA\|VA)	2	$430,000	$215,000	$4,394	2.56%
BATON ROUGE, LA (FHA\|USDA\|VA)	2	$420,000	$210,000	$2,803	2.69%
Tupelo, MS (FHA\|USDA\|VA)	2	$410,000	$205,000	$3,180	3.44%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA\|USDA\|VA)	1	$405,000	$405,000	$3,213	2.00%
CLARKSVILLE, TN-KY (FHA\|USDA\|VA)	2	$400,000	$200,000	$4,894	2.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	2	$400,000	$200,000	$2,910	2.25%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA\|USDA\|VA)	2	$400,000	$200,000	$2,699	2.44%
DENVER-AURORA-LAKEWOOD, CO (FHA\|USDA\|VA)	2	$390,000	$195,000	$2,627	1.81%
JACKSONVILLE, FL (FHA\|USDA\|VA)	2	$370,000	$185,000	$3,465	2.44%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	1	$365,000	$365,000	$3,846	2.38%
HICKORY-LENOIR-MORGANTON, NC (FHA\|USDA\|VA)	2	$360,000	$180,000	$2,316	2.62%
ALBUQUERQUE, NM (FHA\|USDA\|VA)	1	$355,000	$355,000	$9,715	2.00%
San Francisco-Oakland-Berkeley, CA (FHA\|USDA\|VA)	1	$355,000	$355,000	$2,437	1.88%
SANTA ROSA-PETALUMA, CA (FHA\|USDA\|VA)	1	$345,000	$345,000	$3,345	1.88%
LANSING-EAST LANSING, MI (FHA\|USDA\|VA)	1	$345,000	$345,000	$3,810	2.88%
TUSCALOOSA, AL (FHA\|USDA\|VA)	2	$340,000	$170,000	$2,653	2.25%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA\|USDA\|VA)	2	$340,000	$170,000	$3,819	2.94%
SANTA MARIA-SANTA BARBARA, CA (FHA\|USDA\|VA)	1	$335,000	$335,000	$4,223	2.38%
Enterprise, AL (FHA\|USDA\|VA)	1	$335,000	$335,000	$3,105	2.99%
DALTON, GA (FHA\|USDA\|VA)	1	$325,000	$325,000	$2,835	2.50%
CALIFORNIA-LEXINGTON PARK, MD (FHA\|USDA\|VA)	1	$325,000	$325,000	$2,865	2.63%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	1	$325,000	$325,000	$3,544	2.63%
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	1	$305,000	$305,000	$2,872	3.12%
KANSAS CITY, MO-KS (FHA\|USDA\|VA)	1	$295,000	$295,000	$2,212	2.63%
Frankfort, KY (FHA\|USDA\|VA)	1	$285,000	$285,000	$2,204	2.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA\|USDA\|VA)	1	$275,000	$275,000	$2,575	2.25%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA\|USDA\|VA)	1	$275,000	$275,000	$2,932	3.25%
SHREVEPORT-BOSSIER CITY, LA (FHA\|USDA\|VA)	1	$265,000	$265,000	$3,445	2.88%
Cullman, AL (FHA\|USDA\|VA)	1	$245,000	$245,000	$3,054	2.63%
ATHENS-CLARKE COUNTY, GA (FHA\|USDA\|VA)	1	$235,000	$235,000	$2,911	2.88%
Athens, TN (FHA\|USDA\|VA)	1	$235,000	$235,000	$3,016	2.88%
ST. LOUIS, MO-IL (FHA\|USDA\|VA)	1	$235,000	$235,000	$1,562	1.75%
ANNISTON-OXFORD, AL (FHA\|USDA\|VA)	1	$225,000	$225,000	$2,248	2.50%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	1	$225,000	$225,000	$1,919	2.13%
FORT COLLINS, CO (FHA\|USDA\|VA)	1	$225,000	$225,000	$2,053	2.63%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	1	$225,000	$225,000	$1,744	2.63%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,466	2.63%
RICHMOND, VA (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,335	2.50%
SIOUX FALLS, SD (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,051	1.75%
COLUMBUS, GA-AL (FHA\|USDA\|VA)	1	$205,000	$205,000	$2,802	2.38%
JACKSONVILLE, NC (FHA\|USDA\|VA)	1	$205,000	$205,000	$6,643	2.63%
BOWLING GREEN, KY (FHA\|USDA\|VA)	1	$195,000	$195,000	$2,402	2.50%
HOUMA-THIBODAUX, LA (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,528	2.13%
MONTGOMERY, AL (FHA\|USDA\|VA)	1	$185,000	$185,000	$2,590	2.25%
Cleveland, MS (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,227	2.25%
BLACKSBURG-CHRISTIANSBURG, VA (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,146	1.75%
ASHEVILLE, NC (FHA\|USDA\|VA)	1	$185,000	$185,000	$5,609	2.00%
WINSTON-SALEM, NC (FHA\|USDA\|VA)	1	$185,000	$185,000	$1,998	2.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	1	$175,000	$175,000	$6,555	2.88%
DECATUR, AL (FHA\|USDA\|VA)	1	$175,000	$175,000	$2,069	2.87%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,739	3.12%
ELIZABETHTOWN-FORT KNOX, KY (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,749	2.38%
LaGrange, GA-AL (FHA\|USDA\|VA)	1	$165,000	$165,000	$2,936	2.13%
LEXINGTON-FAYETTE, KY (FHA\|USDA\|VA)	1	$135,000	$135,000	$2,122	2.50%
Greenwood, MS (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,916	2.00%
AUBURN-OPELIKA, AL (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,260	2.63%
Murray, KY (FHA\|USDA\|VA)	1	$105,000	$105,000	$2,590	3.13%
MORRISTOWN, TN (FHA\|USDA\|VA)	1	$95,000	$95,000	$2,436	4.25%
Corinth, MS (FHA\|USDA\|VA)	1	$85,000	$85,000	$2,747	3.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	1	$65,000	$65,000	$3,228	3.38%
Forrest City, AR (FHA\|USDA\|VA)	1	$45,000	$45,000	$2,544	2.50%

Independent Bank's top markets include Memphis, Chattanooga, Birmingham, Nashville, and Atlanta among others.

Their top states include:

Tennessee (FHA|USDA|VA)

Mississippi (FHA|USDA|VA)

Alabama (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Kentucky (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.

KELLEY MORTGAGE, LLC
Similarity Rank: 336

COMMONWEALTH
Similarity Rank: 575

First Vision Bank of Tennessee
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Liberty Mortgage Corporation
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US COMMUNITY
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Citizens Tri-County Bank
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INDIANA MEMBERS CREDIT UNION
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Jefferson Credit Union
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TENNESSEE TRUST MORTGAGE, INC
Similarity Rank: 952

Southeast Financial Credit Union
Similarity Rank: 990

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	636	$158,880,000	$249,811	$3,164	2.79%
FHA	75	$16,405,000	$218,733	$7,214	2.77%
VA	14	$5,190,000	$370,714	$6,643	2.74%
USDA	2	$540,000	$270,000	$6,244	2.94%
HELOC	1	$345,000	$345,000	n/a	2.88%

For 2021, Independent Bank's most frequently originated type of loan was Conventional, with 636 originations. Their 2nd most popular type was FHA, with 75 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	325	$84,015,000	$258,508	$4,412	2.90%
Refi	264	$60,920,000	$230,758	$2,886	2.58%
Cash Out Refi	113	$29,365,000	$259,867	$3,443	2.91%
Home Improvement	26	$7,060,000	$271,538	$3,273	2.95%

For 2021, Independent Bank's most frequently cited loan purpose was Home Purchase, with 325 originations. The 2nd most popular reason was Refi, with 264 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	564	$142,840,000	$253,262	$3,866	2.90%
15 Year	121	$29,485,000	$243,678	$3,028	2.34%
20 Year	26	$5,840,000	$224,615	$2,920	2.75%
10 Year	13	$2,445,000	$188,077	$2,714	2.13%
Other	4	$750,000	$187,500	$2,553	2.47%

For 2021, Independent Bank's most frequently cited loan duration was 30 Year, with 564 originations. The 2nd most popular length was 15 Year, with 121 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	631	$156,885,000	$248,629
$1k-2k	67	$15,265,000	$227,836
$3k-4k	9	$2,585,000	$287,222
$2k-3k	7	$2,075,000	$296,429
$5k+	6	$2,350,000	$391,667
$4k-5k	2	$1,080,000	$540,000

Independent Bank's average total fees were $3,866, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 631 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	350	$89,010,000	$254,314
<2.5%	224	$59,790,000	$266,920
3-4%	144	$30,900,000	$214,583
4-5%	10	$1,660,000	$166,000

During 2021, Independent Bank's average interest rate for loans was 2.90%, while their most frequently originated rate bucket for loans was 2.5-3%, with 350 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	363	$98,935,000	$272,548	$3,826	2.69%
$100k-200k	228	$35,570,000	$156,009	$3,336	2.94%
$400k-600k	79	$38,315,000	$485,000	$4,290	2.68%
$100,000 or less	53	$4,145,000	$78,208	$2,834	2.96%
$600k-1MM	4	$3,050,000	$762,500	$4,025	3.00%
$1MM+	1	$1,345,000	$1,345,000	$7,821	2.75%

2021 saw Independent Bank place emphasis on $200k-400k loans with 363 originations, totaling $98,935,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	159	$42,295,000	$266,006	$3,680	2.74%
$50k-75k	154	$31,220,000	$202,727	$3,863	2.82%
$150k-250k	127	$40,325,000	$317,520	$3,407	2.72%
$75k-100k	123	$30,355,000	$246,789	$3,600	2.82%
$50k or less	108	$15,500,000	$143,519	$3,601	2.87%
$250k+	52	$20,610,000	$396,346	$3,994	2.76%

Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 159 originations. The second most popular income band? $50k-75k, with 154 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	167	$41,345,000	$247,575	$3,280	2.76%
30-36%	125	$31,395,000	$251,160	$3,369	2.82%
<20%	91	$22,165,000	$243,571	$3,065	2.61%
40%	33	$7,535,000	$228,333	$3,818	2.76%
41%	31	$6,585,000	$212,419	$3,458	2.93%
45%	27	$6,995,000	$259,074	$4,014	2.89%
44%	26	$7,890,000	$303,462	$3,977	2.91%
43%	26	$6,500,000	$250,000	$4,152	3.00%
36%	25	$6,185,000	$247,400	$3,823	2.73%
39%	24	$5,920,000	$246,667	$3,491	2.77%
50-60%	22	$4,910,000	$223,182	$6,444	2.65%
37%	22	$6,210,000	$282,273	$4,428	3.02%
48%	22	$6,400,000	$290,909	$4,572	2.81%
38%	21	$5,415,000	$257,857	$4,135	2.74%
47%	17	$3,995,000	$235,000	$3,790	2.79%
46%	16	$3,920,000	$245,000	$4,396	2.80%
49%	16	$3,820,000	$238,750	$3,954	2.85%
42%	16	$3,880,000	$242,500	$3,457	2.84%

Independent Bank lent most frequently to those with DTI ratios of 20-30%, with 167 originations. The next most common DTI ratio? 30-36%, with 125 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	594	$152,080,000	$256,027	$3,483	2.77%
Black	99	$19,595,000	$197,929	$4,831	2.91%
Asian	26	$7,250,000	$278,846	$3,480	2.74%
Not provided	4	$1,260,000	$315,000	$2,993	2.53%
American Indian	3	$705,000	$235,000	$2,849	3.08%
Native Hawaiian or Islander	2	$470,000	$235,000	$3,194	2.31%

Approval Rates

Total approvals of all applications
93.86%

Independent Bank has an average approval rate.

Pick Rate

Approvals leading to origination
73.76%

Independent Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	728	$181,360,000	$249,121

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	728	$181,360,000	$249,121

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	39	$8,575,000	$219,872	$2,993	2.43%
40-60%	127	$28,595,000	$225,157	$3,029	2.58%
60-80%	301	$77,925,000	$258,887	$3,188	2.87%
80-100%	256	$65,200,000	$254,688	$4,580	2.85%
Over 100%	2	$570,000	$285,000	$9,743	3.13%
Under 20%	3	$495,000	$165,000	$3,430	2.58%

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)
Independent Bank	1711 Union Avenue Memphis, TN 38104	Full Service B&M	$51,000
Independent Bank	2116 West Poplar Collierville, TN 38017	Full Service B&M	$71,841
Independent Bank	3295 Poplar Avenue Memphis, TN 38111	Full Service B&M	$39,132
Independent Bank	40 South Main Street Memphis, TN 38103	Full Service B&M	$31,133
Independent Bank	450 Perkins Extd Memphis, TN 38117	Full Service B&M	$46,558
Independent Bank	5050 Poplar Avenue Memphis, TN 38157	Full Service B&M	$635,504
Independent Bank	5995 Stage Road Bartlett, TN 38134	Full Service B&M	$30,884
Independent Bank	6209 Poplar Avenue Memphis, TN 38119	Full Service B&M	$66,801
Independent Bank	7635 Poplar Avenue Germantown, TN 38138	Full Service B&M	$72,758

For 2021, Independent Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$49,576
Net interest income	$45,958
Total noninterest income	$15,880
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$690
Trading account gains and fees	$0
Additional Noninterest Income	$15,190
Pre-tax net operating income	$19,271
Securities gains (or losses, -)	$0
Income before extraordinary items	$14,755
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$14,755
Minority interest net income	$0
Net income	$14,755
Sale, conversion, retirement of capital stock, net	$425
Net operating income	$14,755

Independent Bank's gross interest income from loans was $49,576,000.
Independent Bank's net interest income from loans was $45,958,000.
Independent Bank's fee based income from loans was $690,000.
Independent Bank's net income from loans was $14,755,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,618
Provision for credit losses	$1,652
Total noninterest expense	$40,915
Salaries and employee benefits	$25,947
Premises and equipment expense	$4,115
Additional noninterest expense	$10,853
Applicable income taxes	$4,516
Net charge-offs	$2,096
Cash dividends	$13,000

Independent Bank's interest expense for loans was $3,618,000.
Independent Bank's payroll and benefits expense were $25,947,000.
Independent Bank's property, plant and equipment expenses $4,115,000.

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	9.0%
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	$1,137,217
Deposits held in domestic offices	$1,137,217
Deposits by Individuals, partnerships, and corporations	$1,136,961
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$256
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	$314,512
Demand deposits	$293,871
Nontransaction accounts	$822,705
Money market deposit accounts (MMDAs)	$514,732
Other savings deposits (excluding MMDAs)	$101,166
Total time deposits	$206,807
Total time and savings deposits	$843,346
Noninterest-bearing deposits	$293,871
Interest-bearing deposits	$843,346
Retail deposits	$1,098,067
IRAs and Keogh plan accounts	$22,959
Brokered deposits	$25,881
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,290,156
Cash & Balances due from depository institutions	$228,639
Interest-bearing balances	$195,118
Total securities	$6,457
Federal funds sold & reverse repurchase	$0
Net loans and leases	$879,669
Loan and leases loss allowance	$10,269
Trading account assets	$0
Bank premises and fixed assets	$4,835
Other real estate owned	$2,415
Goodwill and other intangibles	$14,840
All other assets	$153,301

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,290,156
Total Liabilities	$1,142,206
Total deposits	$1,137,217
Interest-bearing deposits	$843,346
Deposits held in domestic offices	$1,137,217
% insured (estimated)	$58
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$4,989

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$879,669
Loan and leases loss allowance	$10,269
Total loans and leases (domestic)	$889,938
All real estate loans	$227,124
Real estate loans in domestic offices	$227,124
Construction and development loans	$18,944
Residential 1-4 family construction	$13,872
Other construction, all land development and other land	$5,072
Loans secured by nonfarm nonresidential properties	$144,690
Nonfarm nonresidential secured by owner-occupied properties	$28,998
Commercial real estate & other non-farm, non-residential	$115,692
Multifamily residential real estate	$19,974
1-4 family residential loans	$43,516
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$92,949
To non-U.S. addressees	$0
Loans to individuals	$467,782
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$420,632
Other loans to individuals	$47,150
All other loans & leases	$102,083
Loans to foreign governments and official institutions	$0
Other loans	$102,083
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	$330
Non 1-4 family restructured loans & leases	$330
Total loans and leases (foreign)	$0

Independent Bank had $879,669,000 of loans outstanding in 2021. $227,124,000 of loans were in real estate loans. $18,944,000 of loans were in development loans. $19,974,000 of loans were in multifamily mortgage loans. $43,516,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $420,632,000 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	28	$7,822	$279,357
Nonfarm, nonresidential loans - <$100k	4	$88	$22,000
Nonfarm, nonresidential loans - $100-250k	8	$836	$104,500
Nonfarm, nonresidential loans - $250k-1MM	16	$6,898	$431,125
Commercial & Industrial, US addressed loans - <$1MM	195	$16,318	$83,682
Commercial & Industrial, US addressed loans - <$100k	105	$2,713	$25,838
Commercial & Industrial, US addressed loans - $100-250k	45	$4,691	$104,244
Commercial & Industrial, US addressed loans - $250k-1MM	45	$8,914	$198,089