Independent Bank Mortgage Rates, Fees & Info
Mckinney, TXLEI: 549300YCCZTMBHGTNQ79
Tax ID: 75-2694563
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Mortgage Data
Bank Data
Review & Overview
Independent Bank is a smaller bank specializing in Home Purchase 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: Dallas, Austin, Houston, Sherman, and Waco 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 an average 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.84% | 4/14/24 |
| 30 Year Conventional Refi | 6.49% | 4/14/24 |
| 30 Year Cash-out Refi | 6.76% | 4/14/24 |
| 30 Year FHA Purchase | 7.57% | 4/14/24 |
| 30 Year FHA Refi | 6.27% | 4/14/24 |
| 30 Year VA Purchase | 6.17% | 4/14/24 |
| 30 Year USDA Purchase | 7.10% | 4/14/24 |
| 15 Year Conventional Purchase | 6.19% | 4/14/24 |
| 15 Year Conventional Refi | 6.17% | 4/14/24 |
| 15 Year Cash-out Refi | 6.17% | 4/14/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,731Origination Dollar Volume (All Markets)
$571,195,000Employee count
1,059Awards
Independent Bank - 2018
Independent Bank is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 717 | $223,475,000 | $311,681 | $6,886 | 4.98% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 256 | $107,200,000 | $418,750 | $7,366 | 4.81% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 216 | $86,770,000 | $401,713 | $7,449 | 5.19% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 117 | $23,165,000 | $197,991 | $5,546 | 5.09% |
| WACO, TX (FHA|USDA|VA) | 53 | $14,885,000 | $280,849 | $4,141 | 4.93% |
| Outside of Metro Areas | 40 | $14,520,000 | $363,000 | $6,480 | 4.95% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 25 | $14,325,000 | $573,000 | $7,016 | 5.05% |
| LAREDO, TX (FHA|USDA|VA) | 83 | $14,205,000 | $171,145 | $7,527 | 5.30% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 20 | $11,280,000 | $564,000 | $4,673 | 4.83% |
| GREELEY, CO (FHA|USDA|VA) | 19 | $6,815,000 | $358,684 | $3,220 | 4.97% |
| FORT COLLINS, CO (FHA|USDA|VA) | 13 | $5,615,000 | $431,923 | $6,835 | 5.21% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 24 | $4,180,000 | $174,167 | $7,101 | 5.06% |
| Gainesville, TX (FHA|USDA|VA) | 20 | $4,030,000 | $201,500 | $5,135 | 4.93% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 11 | $4,015,000 | $365,000 | $4,547 | 4.61% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $2,855,000 | $2,855,000 | $18,539 | 4.63% |
| Sterling, CO (FHA|USDA|VA) | 10 | $1,830,000 | $183,000 | $3,884 | 4.55% |
| Breckenridge, CO (FHA|USDA|VA) | 3 | $1,825,000 | $608,333 | $4,120 | 5.13% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 4 | $1,730,000 | $432,500 | $5,746 | 5.06% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $1,680,000 | $840,000 | $7,574 | 5.19% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $1,605,000 | $1,605,000 | $14,896 | 5.00% |
| Granbury, TX (FHA|USDA|VA) | 10 | $1,580,000 | $158,000 | $4,634 | 5.21% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 8 | $1,460,000 | $182,500 | $6,295 | 4.95% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $1,455,000 | $1,455,000 | $10,383 | 5.25% |
| PROVO-OREM, UT (FHA|USDA|VA) | 2 | $1,440,000 | $720,000 | $0 | 4.75% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 6 | $1,140,000 | $190,000 | $8,363 | 5.27% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 2 | $970,000 | $485,000 | $3,231 | 4.50% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 7 | $855,000 | $122,143 | $3,701 | 5.34% |
| Athens, TX (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $4,968 | 4.63% |
| BOULDER, CO (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $10,231 | 4.88% |
| Heber, UT (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $0 | 5.00% |
| Edwards, CO (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $0 | 5.00% |
| Bonham, TX (FHA|USDA|VA) | 5 | $595,000 | $119,000 | $6,226 | 5.33% |
| TYLER, TX (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $4,809 | 5.06% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $0 | 5.63% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $5,912 | 4.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $6,609 | 5.19% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 5.75% |
| TULSA, OK (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,756 | 4.25% |
| LAWRENCE, KS (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $5,456 | 5.25% |
| Cañon City, CO (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,145 | 5.25% |
| Huntsville, TX (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $3,124 | 4.88% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,069 | 4.75% |
| Mineral Wells, TX (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,386 | 4.50% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,282 | 4.63% |
| Laramie, WY (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $9,702 | 4.75% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $3,377 | 4.56% |
| LUBBOCK, TX (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $6,884 | 4.98% |
| Lufkin, TX (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 5.50% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $9,714 | 5.25% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,571 | 4.50% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,626 | 4.63% |
| SANTA FE, NM (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 4.75% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 5.75% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 5.75% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,993 | 4.75% |
| Harrison, AR (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,818 | 5.38% |
| FLINT, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,340 | 5.13% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,052 | 5.00% |
| PUEBLO, CO (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,488 | 5.63% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,731 | 4.63% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,193 | 4.88% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,516 | 5.75% |
| Paris, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,895 | 4.88% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,042 | 5.63% |
| ABILENE, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,391 | 5.00% |
| Nacogdoches, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,765 | 5.00% |
| UTICA-ROME, NY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,529 | 4.50% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 5.25% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 5.38% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,873 | 4.50% |
| Fredericksburg, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.75% |
| Palestine, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,844 | 4.25% |
| Brownwood, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,219 | 4.75% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,827 | 5.38% |
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.
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Product Mix
For 2018, Independent Bank's most frequently originated type of loan was Conventional, with 1,403 originations. Their 2nd most popular type was FHA, with 261 originations.
Loan Reason
For 2018, Independent Bank's most frequently cited loan purpose was Home Purchase, with 1,402 originations. The 2nd most popular reason was Refi, with 150 originations.
Loan Duration/Length
For 2018, Independent Bank's most frequently cited loan duration was 30 Year, with 1,098 originations. The 2nd most popular length was 5 Year, with 176 originations.
Origination Fees/Closing Costs
Independent Bank's average total fees were $6,287, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 857 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1,000 | $382,830,000 | $382,830 |
| 5-6% | 623 | $163,365,000 | $262,223 |
| 6-7% | 55 | $6,935,000 | $126,091 |
| 3-4% | 49 | $14,645,000 | $298,878 |
| 7-8% | 1 | $105,000 | $105,000 |
During 2018, Independent Bank's average interest rate for loans was 4.93%, while their most frequently originated rate bucket for loans was 4-5%, with 1,000 originations.
Loan Sizing
2018 saw Independent Bank place emphasis on $200k-400k loans with 674 originations, totaling $186,560,000 in origination value.
Applicant Income
Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 304 originations. The second most popular income band? $50k-75k, with 294 originations.
Applicant Debt to Income Ratio
Independent Bank lent most frequently to those with DTI ratios of 30-36%, with 243 originations. The next most common DTI ratio? 20-30%, with 241 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.66%
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 origination82.09%
Independent Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,731 | $571,195,000 | $329,980 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Independent Bank | 100 South Denny Street Howe, TX 75459 | Full Service B&M | $50,166 |
| Independent Bank | 100 South Old Town Argyle, TX 76226 | Full Service B&M | $100,749 |
| Independent Bank | 1002 Texan Trail Grapevine, TX 76051 | Full Service B&M | $38,585 |
| Independent Bank | 1009 N. State Hwy. 78 Lavon, TX 75166 | Full Service B&M | $53,213 |
| Independent Bank | 101 S. Powell Parkway Anna, TX 75409 | Full Service B&M | $102,324 |
| Independent Bank | 101 Westlake Dr., Suite 110 Austin, TX 78746 | Full Service B&M | $42,989 |
| Independent Bank | 1011 West 40th St. Austin, TX 78756 | Full Service B&M | $78,828 |
| Independent Bank | 102 South Johnson Street Farmersville, TX 75442 | Limited, Drive-thru | $0 |
| Independent Bank | 104 North Nolan River Road Cleburne, TX 76031 | Full Service B&M | $54,701 |
| Independent Bank | 1050 Eagle Drive Loveland, CO 80537 | Full Service B&M | $18,348 |
| Independent Bank | 1051 Fm 1960 Rd West Houston, TX 77090 | Full Service B&M | $156,033 |
| Independent Bank | 1109 E. Mccart Street Krum, TX 76249 | Full Service B&M | $48,395 |
| Independent Bank | 11250 Sthy 290 East Manor, TX 78653 | Full Service B&M | $98,718 |
| Independent Bank | 1270 W. Stephens Van Alstyne, TX 75495 | Full Service B&M | $58,846 |
| Independent Bank | 1300 South University Drive Fort Worth, TX 76107 | Full Service B&M | $40,120 |
| Independent Bank | 1490 Princeton Oaks Drive Princeton, TX 75407 | Full Service B&M | $29,694 |
| Independent Bank | 1503 Rivery Blvd. Georgetown, TX 78628 | Full Service B&M | $127,012 |
| Independent Bank | 1515 Fm 1960 East Bypass Humble, TX 77338 | Full Service B&M | $81,757 |
| Independent Bank | 155 Lake Avenue Colorado Springs, CO 80906 | Full Service B&M | $104,673 |
| Independent Bank | 16000 Dallas Parkway, Suite 125 Dallas, TX 75254 | Full Service B&M | $451,168 |
| Independent Bank | 1650 N. Central Expressway Mckinney, TX 75069 | Full Service B&M | $104,673 |
| Independent Bank | 1699 Research Forest Drive Shenandoah, TX 77380 | Full Service B&M | $56,057 |
| Independent Bank | 1842 Precinct Line Rd Hurst, TX 76054 | Full Service B&M | $18,196 |
| Independent Bank | 19855 Southwest Freeway, Suite 100 Sugar Land, TX 77479 | Full Service B&M | $57,918 |
| Independent Bank | 2004 South Stemmons Freeway Lake Dallas, TX 75065 | Full Service B&M | $53,661 |
| Independent Bank | 201 East Kaufman Street Rockwall, TX 75087 | Full Service B&M | $99,682 |
| Independent Bank | 201 W. Grand Whitewright, TX 75491 | Full Service B&M | $32,935 |
| Independent Bank | 201 West Ellison Street Burleson, TX 76028 | Full Service B&M | $100,721 |
| Independent Bank | 2100 Fm 407 Lewisville, TX 75077 | Full Service B&M | $146,445 |
| Independent Bank | 2100 Mckinney Ave Suite 1200 Dallas, TX 75201 | Full Service B&M | $160,288 |
| Independent Bank | 223 Mckinney Farmersville, TX 75442 | Full Service B&M | $89,971 |
| Independent Bank | 229 Eldorado Parkway Little Elm, TX 75068 | Full Service B&M | $91,674 |
| Independent Bank | 2661 Royal Forest Drive, Suite B100 Kingwood, TX 77339 | Full Service B&M | $135,805 |
| Independent Bank | 2701 Dallas Parkway Suite 100 Plano, TX 75093 | Full Service B&M | $118,510 |
| Independent Bank | 2829 Technology Forest Boulevard The Woodlands, TX 77381 | Full Service B&M | $40,078 |
| Independent Bank | 2881 Cross Timbers Road Flower Mound, TX 75028 | Full Service B&M | $29,312 |
| Independent Bank | 290 S. Preston Road Celina, TX 75009 | Full Service B&M | $140,296 |
| Independent Bank | 300 E. Taylor Sherman, TX 75091 | Full Service B&M | $121,206 |
| Independent Bank | 3060 Ridge Road Rockwall, TX 75087 | Full Service B&M | $33,268 |
| Independent Bank | 3090 Craig Drive Mckinney, TX 75070 | Full Service B&M | $1,538,686 |
| Independent Bank | 3206 Live Oak Dallas, TX 75204 | Full Service B&M | $109,985 |
| Independent Bank | 3209 Ranch Road 620 South Austin, TX 78738 | Full Service B&M | $98,226 |
| Independent Bank | 3216 West Colorado Avenue Colorado Springs, CO 80904 | Full Service B&M | $13,769 |
| Independent Bank | 3301 Fall Creek Hwy Acton, TX 76049 | Full Service B&M | $36,202 |
| Independent Bank | 3301 Teasley Lane Denton, TX 76205 | Full Service B&M | $46,019 |
| Independent Bank | 331 West Main Street Denison, TX 75021 | Full Service B&M | $66,059 |
| Independent Bank | 3900 Essex Lane Suite 100 Houston, TX 77027 | Full Service B&M | $100,090 |
| Independent Bank | 400 North Carroll Denton, TX 76201 | Full Service B&M | $213,529 |
| Independent Bank | 4040 Washington Avenue Houston, TX 77007 | Full Service B&M | $257,397 |
| Independent Bank | 4120 Bellaire Blvd. Houston, TX 77025 | Full Service B&M | $64,021 |
| Independent Bank | 440 Chapel Hills Drive Colorado Springs, CO 80920 | Full Service B&M | $21,722 |
| Independent Bank | 4420 Sunrise Road Round Rock, TX 78664 | Full Service B&M | $201,358 |
| Independent Bank | 4605 W Broadway Pearland, TX 77581 | Full Service B&M | $138,868 |
| Independent Bank | 500 North Wilcox Castle Rock, CO 80104 | Full Service B&M | $18,519 |
| Independent Bank | 500 S. Morgan Street Granbury, TX 76048 | Full Service B&M | $67,889 |
| Independent Bank | 501 South Tejon Colorado Springs, CO 80903 | Full Service B&M | $37,815 |
| Independent Bank | 5100 South Stemmons Freeway Corinth, TX 76210 | Full Service B&M | $42,626 |
| Independent Bank | 5401 Bosque Blvd Waco, TX 76710 | Full Service B&M | $62,019 |
| Independent Bank | 543 W. Main Street Lewisville, TX 75057 | Full Service B&M | $106,648 |
| Independent Bank | 5900 Rowlett Road Rowlett, TX 75089 | Full Service B&M | $31,102 |
| Independent Bank | 6025 Crenshaw Road Pasadena, TX 77501 | Full Service B&M | $38,361 |
| Independent Bank | 6044 Sherry Lane Dallas, TX 75225 | Full Service B&M | $127,058 |
| Independent Bank | 6110 Colleyville Blvd. Colleyville, TX 76034 | Full Service B&M | $18,488 |
| Independent Bank | 6222 W. 9th Street Greeley, CO 80634 | Full Service B&M | $26,727 |
| Independent Bank | 654 N. Denton Tap Road Coppell, TX 75019 | Full Service B&M | $28,300 |
| Independent Bank | 6654 Timberline Road Highlands Ranch, CO 80130 | Full Service B&M | $23,755 |
| Independent Bank | 6751 Virginia Parkway Mckinney, TX 75071 | Full Service B&M | $52,288 |
| Independent Bank | 700 South Hwy 377 Pilot Point, TX 76258 | Full Service B&M | $54,034 |
| Independent Bank | 715 Highway 377 North Collinsville, TX 76233 | Full Service B&M | $74,702 |
| Independent Bank | 750 Bering Drive, Suite 100 Houston, TX 77057 | Full Service B&M | $126,914 |
| Independent Bank | 7979 East Tufts Avenue, Suite 850 Denver, CO 80237 | Full Service B&M | $1,796 |
| Independent Bank | 8004 Woodway Drive Waco, TX 76712 | Full Service B&M | $163,190 |
| Independent Bank | 808 Katy Fort Bend Road Katy, TX 77494 | Full Service B&M | $29,390 |
| Independent Bank | 900 N. Preston Rd. Prosper, TX 75078 | Full Service B&M | $65,221 |
| Independent Bank | 9601 Katy Freeway Houston, TX 77024 | Full Service B&M | $78,950 |
For 2018, Independent Bank had 75 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $407,106 |
| Net interest income | $336,067 |
| Total noninterest income | $42,341 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $6,481 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $35,860 |
| Pre-tax net operating income | $184,429 |
| Securities gains (or losses, -) | $-581 |
| Income before extraordinary items | $146,569 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $146,569 |
| Minority interest net income | $0 |
| Net income | $146,569 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $147,033 |
Independent Bank's gross interest income from loans was $407,106,000.
Independent Bank's net interest income from loans was $336,067,000.
Independent Bank's fee based income from loans was $6,481,000.
Independent Bank's net income from loans was $146,569,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $71,039 |
| Provision for credit losses | $9,860 |
| Total noninterest expense | $184,119 |
| Salaries and employee benefits | $105,379 |
| Premises and equipment expense | $24,784 |
| Additional noninterest expense | $53,956 |
| Applicable income taxes | $37,279 |
| Net charge-offs | $4,460 |
| Cash dividends | $37,000 |
Independent Bank's interest expense for loans was $71,039,000.
Independent Bank's payroll and benefits expense were $105,379,000.
Independent Bank's property, plant and equipment expenses $24,784,000.
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 | $7,746,519 |
| Deposits held in domestic offices | $7,746,519 |
| Deposits by Individuals, partnerships, and corporations | $6,873,222 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $873,060 |
| Deposits by Commercial banks and other depository institutions in U.S. | $237 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $647,955 |
| Demand deposits | $201,818 |
| Nontransaction accounts | $7,098,564 |
| Money market deposit accounts (MMDAs) | $2,718,787 |
| Other savings deposits (excluding MMDAs) | $3,259,473 |
| Total time deposits | $1,120,304 |
| Total time and savings deposits | $7,544,701 |
| Noninterest-bearing deposits | $2,154,655 |
| Interest-bearing deposits | $5,591,864 |
| Retail deposits | $6,973,721 |
| IRAs and Keogh plan accounts | $70,719 |
| Brokered deposits | $237,442 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $9,842,314 |
| Cash & Balances due from depository institutions | $131,834 |
| Interest-bearing balances | $29,980 |
| Total securities | $685,350 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $7,869,882 |
| Loan and leases loss allowance | $44,802 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $167,866 |
| Other real estate owned | $2,200 |
| Goodwill and other intangibles | $766,839 |
| All other assets | $218,343 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $9,842,314 |
| Total Liabilities | $8,082,654 |
| Total deposits | $7,746,519 |
| Interest-bearing deposits | $5,591,864 |
| Deposits held in domestic offices | $7,746,519 |
| % insured (estimated) | $86 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $290,000 |
| Subordinated debt | $0 |
| All other liabilities | $46,135 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $7,869,882 |
| Loan and leases loss allowance | $44,802 |
| Total loans and leases (domestic) | $7,914,684 |
| All real estate loans | $6,511,887 |
| Real estate loans in domestic offices | $6,511,887 |
| Construction and development loans | $1,236,313 |
| Residential 1-4 family construction | $331,748 |
| Other construction, all land development and other land | $904,565 |
| Loans secured by nonfarm nonresidential properties | $3,843,024 |
| Nonfarm nonresidential secured by owner-occupied properties | $1,367,853 |
| Commercial real estate & other non-farm, non-residential | $2,475,171 |
| Multifamily residential real estate | $296,648 |
| 1-4 family residential loans | $1,082,248 |
| Farmland loans | $53,654 |
| Loans held in foreign offices | $0 |
| Farm loans | $12,984 |
| Commercial and industrial loans | $963,633 |
| To non-U.S. addressees | $1,757 |
| Loans to individuals | $31,864 |
| Credit card loans | $0 |
| Related Plans | $4,196 |
| Consumer Auto Loans | $7,298 |
| Other loans to individuals | $20,370 |
| All other loans & leases | $397,619 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $353,935 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $18,836 |
| Loans secured by real estate to non-U.S. addressees | $4,902 |
| Restructured Loans & leases | $114 |
| Non 1-4 family restructured loans & leases | $114 |
| Total loans and leases (foreign) | $0 |
Independent Bank had $7,869,882,000 of loans outstanding in 2018. $6,511,887,000 of loans were in real estate loans. $1,236,313,000 of loans were in development loans. $296,648,000 of loans were in multifamily mortgage loans. $1,082,248,000 of loans were in 1-4 family mortgage loans. $12,984,000 of loans were in farm loans. $0 of loans were in credit card loans. $7,298,000 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 | 2,113 | $652,710 | $308,902 |
| Nonfarm, nonresidential loans - <$100k | 251 | $11,893 | $47,382 |
| Nonfarm, nonresidential loans - $100-250k | 535 | $66,210 | $123,757 |
| Nonfarm, nonresidential loans - $250k-1MM | 1,327 | $574,607 | $433,012 |
| Commercial & Industrial, US addressed loans - <$1MM | 3,189 | $270,014 | $84,670 |
| Commercial & Industrial, US addressed loans - <$100k | 2,013 | $47,468 | $23,581 |
| Commercial & Industrial, US addressed loans - $100-250k | 599 | $53,964 | $90,090 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 577 | $168,582 | $292,170 |
| Farmland loans - <$1MM | 115 | $13,053 | $113,504 |
| Farmland loans - <$100k | 37 | $1,445 | $39,054 |
| Farmland loans - $100-250k | 50 | $5,319 | $106,380 |
| Farmland loans - $250k-1MM | 28 | $6,289 | $224,607 |
| Agriculture operations loans - <$1MM | 153 | $5,676 | $37,098 |
| Agriculture operations loans - <$100k | 130 | $2,407 | $18,515 |
| Agriculture operations loans - $100-250k | 13 | $1,547 | $119,000 |
| Agriculture operations loans - $250k-1MM | 10 | $1,722 | $172,200 |