Independent Bank Mortgage Rates, Fees & Info

Mckinney, TX

LEI: 549300YCCZTMBHGTNQ79

Tax ID: 75-2694563

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • Loan to Value Info
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  • Origination Fees (Closing Costs)

    • Bank Data

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    • Review & Overview

    Independent Bank is a small bank specializing in Home Purchase and Refi loans. Independent Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Dallas, Austin, Houston, Denver, and Colorado Springs among others. We have data for 124 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.

    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 6.84% 12/16/24
    30 Year Conventional Refi 6.49% 12/16/24
    30 Year Cash-out Refi 6.76% 12/16/24
    30 Year FHA Purchase 7.57% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 6.17% 12/16/24
    30 Year USDA Purchase 7.10% 12/16/24
    15 Year Conventional Purchase 6.19% 12/16/24
    15 Year Conventional Refi 6.17% 12/16/24
    15 Year Cash-out Refi 6.17% 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






    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

    3,777

    Origination Dollar Volume (All Markets)

    $1,342,045,000

    Employee count

    1,480 Show all (6) 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
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1,194 $370,310,000 $310,142 $5,545 3.40%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 686 $252,900,000 $368,659 $5,313 3.25%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 516 $190,700,000 $369,574 $5,513 3.87%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 270 $126,680,000 $469,185 $3,828 3.34%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 136 $78,290,000 $575,662 $4,812 3.25%
    GREELEY, CO (FHA|USDA|VA) 185 $74,135,000 $400,730 $3,748 3.25%
    FORT COLLINS, CO (FHA|USDA|VA) 164 $52,220,000 $318,415 $3,295 3.05%
    SHERMAN-DENISON, TX (FHA|USDA|VA) 132 $31,340,000 $237,424 $4,892 4.00%
    Outside of Metro Areas 72 $26,840,000 $372,778 $5,550 3.49%
    WACO, TX (FHA|USDA|VA) 62 $18,390,000 $296,613 $4,370 3.40%
    COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 6 $13,400,000 $2,233,333 $2,658 3.35%
    BOULDER, CO (FHA|USDA|VA) 24 $8,860,000 $369,167 $3,105 3.16%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 26 $7,890,000 $303,462 $4,879 3.25%
    Sterling, CO (FHA|USDA|VA) 35 $7,465,000 $213,286 $3,774 3.40%
    Gainesville, TX (FHA|USDA|VA) 20 $5,480,000 $274,000 $5,064 3.46%
    CORPUS CHRISTI, TX (FHA|USDA|VA) 13 $4,865,000 $374,231 $6,002 3.81%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $3,805,000 $1,268,333 $3,075 3.84%
    Breckenridge, CO (FHA|USDA|VA) 8 $3,550,000 $443,750 $4,107 3.23%
    SALINAS, CA (FHA|USDA|VA) 1 $3,005,000 $3,005,000 $0 3.75%
    Bonham, TX (FHA|USDA|VA) 12 $2,900,000 $241,667 $4,748 4.18%
    Kalispell, MT (FHA|USDA|VA) 3 $2,825,000 $941,667 $12,620 3.57%
    Rockport, TX (FHA|USDA|VA) 5 $2,225,000 $445,000 $7,714 3.13%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 8 $2,160,000 $270,000 $3,737 3.36%
    Granbury, TX (FHA|USDA|VA) 13 $2,155,000 $165,769 $3,332 3.34%
    Huntsville, TX (FHA|USDA|VA) 6 $2,120,000 $353,333 $5,754 3.58%
    JACKSONVILLE, FL (FHA|USDA|VA) 5 $1,965,000 $393,000 $4,828 2.83%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 10 $1,900,000 $190,000 $4,548 3.90%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 5 $1,655,000 $331,000 $3,270 3.65%
    Fort Morgan, CO (FHA|USDA|VA) 7 $1,635,000 $233,571 $6,641 3.18%
    Athens, TX (FHA|USDA|VA) 7 $1,555,000 $222,143 $4,593 3.34%
    Fredericksburg, TX (FHA|USDA|VA) 5 $1,535,000 $307,000 $5,003 3.00%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 4 $1,530,000 $382,500 $4,907 3.03%
    Heber, UT (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $0 3.75%
    PUEBLO, CO (FHA|USDA|VA) 7 $1,235,000 $176,429 $4,942 3.34%
    Corsicana, TX (FHA|USDA|VA) 2 $1,220,000 $610,000 $4,912 4.06%
    Key West, FL (FHA|USDA|VA) 2 $1,170,000 $585,000 $4,100 3.50%
    MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 4 $1,090,000 $272,500 $3,164 3.44%
    Taos, NM (FHA|USDA|VA) 2 $1,000,000 $500,000 $3,161 3.63%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $900,000 $450,000 $2,491 2.88%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $885,000 $295,000 $3,989 3.25%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $815,000 $271,667 $3,980 3.04%
    OKLAHOMA CITY, OK (FHA|USDA|VA) 3 $765,000 $255,000 $4,274 3.00%
    IDAHO FALLS, ID (FHA|USDA|VA) 1 $675,000 $675,000 $0 4.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $670,000 $335,000 $7,141 3.56%
    MIDLAND, TX (FHA|USDA|VA) 2 $610,000 $305,000 $8,213 2.56%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 2 $610,000 $305,000 $6,809 2.88%
    TUSCALOOSA, AL (FHA|USDA|VA) 1 $605,000 $605,000 $0 3.75%
    El Campo, TX (FHA|USDA|VA) 2 $570,000 $285,000 $3,929 3.31%
    MEDFORD, OR (FHA|USDA|VA) 1 $515,000 $515,000 $5,996 3.00%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 4 $510,000 $127,500 $7,312 3.56%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $505,000 $505,000 $3,190 2.50%
    SIOUX FALLS, SD (FHA|USDA|VA) 1 $495,000 $495,000 $3,402 3.13%
    PANAMA CITY, FL (FHA|USDA|VA) 2 $490,000 $245,000 $4,181 4.25%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $485,000 $485,000 $6,785 2.75%
    Sulphur Springs, TX (FHA|USDA|VA) 3 $485,000 $161,667 $4,358 4.21%
    Brenham, TX (FHA|USDA|VA) 1 $465,000 $465,000 $8,373 3.00%
    ABILENE, TX (FHA|USDA|VA) 1 $445,000 $445,000 $4,111 3.00%
    KINGSTON, NY (FHA|USDA|VA) 1 $445,000 $445,000 $3,307 2.25%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $425,000 $425,000 $0 3.88%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $425,000 $425,000 $3,001 3.13%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $415,000 $415,000 $3,953 3.00%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $400,000 $200,000 $0 3.31%
    WICHITA FALLS, TX (FHA|USDA|VA) 4 $390,000 $97,500 $3,968 5.34%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 2 $390,000 $195,000 $4,108 2.69%
    TYLER, TX (FHA|USDA|VA) 1 $385,000 $385,000 $5,013 2.75%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $385,000 $385,000 $4,732 2.88%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $380,000 $190,000 $3,121 3.13%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $375,000 $375,000 $0 3.50%
    MIDLAND, MI (FHA|USDA|VA) 1 $365,000 $365,000 $2,925 2.88%
    JACKSON, MS (FHA|USDA|VA) 1 $355,000 $355,000 $4,467 2.75%
    SALT LAKE CITY, UT (FHA|USDA|VA) 1 $355,000 $355,000 $3,171 2.25%
    Gillette, WY (FHA|USDA|VA) 1 $345,000 $345,000 $3,123 3.50%
    BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $335,000 $335,000 $5,024 3.00%
    FORT SMITH, AR-OK (FHA|USDA|VA) 2 $330,000 $165,000 $2,968 3.25%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $325,000 $325,000 $2,932 3.00%
    Bay City, TX (FHA|USDA|VA) 1 $325,000 $325,000 $5,610 4.00%
    SANTA FE, NM (FHA|USDA|VA) 1 $325,000 $325,000 $3,206 3.25%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $325,000 $325,000 $4,140 3.50%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $315,000 $315,000 $3,783 3.00%
    LUBBOCK, TX (FHA|USDA|VA) 2 $310,000 $155,000 $0 4.75%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $305,000 $305,000 $3,641 3.38%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $295,000 $295,000 $0 3.13%
    HUNTSVILLE, AL (FHA|USDA|VA) 3 $285,000 $95,000 $2,823 4.25%
    LONGVIEW, TX (FHA|USDA|VA) 1 $285,000 $285,000 $2,988 2.88%
    MERCED, CA (FHA|USDA|VA) 1 $285,000 $285,000 $4,751 2.75%
    Stephenville, TX (FHA|USDA|VA) 3 $285,000 $95,000 $3,650 3.71%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $285,000 $285,000 $3,480 2.75%
    EL PASO, TX (FHA|USDA|VA) 1 $275,000 $275,000 $4,668 4.00%
    Steamboat Springs, CO (FHA|USDA|VA) 1 $275,000 $275,000 $2,785 3.25%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,320 2.50%
    Levelland, TX (FHA|USDA|VA) 1 $265,000 $265,000 $5,082 3.50%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $255,000 $255,000 $0 2.88%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $255,000 $255,000 $2,809 2.75%
    WICHITA, KS (FHA|USDA|VA) 1 $255,000 $255,000 $2,800 2.75%
    TULSA, OK (FHA|USDA|VA) 1 $245,000 $245,000 $4,124 3.50%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $245,000 $245,000 $2,258 2.88%
    SAN ANGELO, TX (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.25%
    SALEM, OR (FHA|USDA|VA) 1 $235,000 $235,000 $3,329 2.75%
    Angola, IN (FHA|USDA|VA) 1 $225,000 $225,000 $3,229 3.00%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 1 $225,000 $225,000 $3,523 2.63%
    AMARILLO, TX (FHA|USDA|VA) 1 $225,000 $225,000 $3,431 2.50%
    Durant, OK (FHA|USDA|VA) 2 $210,000 $105,000 $3,735 3.38%
    Del Rio, TX (FHA|USDA|VA) 1 $195,000 $195,000 $4,716 3.25%
    LAFAYETTE, LA (FHA|USDA|VA) 1 $195,000 $195,000 $3,614 4.13%
    Riverton, WY (FHA|USDA|VA) 1 $185,000 $185,000 $2,194 4.00%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,083 3.25%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $175,000 $175,000 $6,790 4.00%
    TUCSON, AZ (FHA|USDA|VA) 1 $165,000 $165,000 $2,722 2.75%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $165,000 $165,000 $2,619 2.63%
    Altus, OK (FHA|USDA|VA) 1 $155,000 $155,000 $3,440 3.38%
    LINCOLN, NE (FHA|USDA|VA) 1 $155,000 $155,000 $4,075 2.88%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,245 2.75%
    ALBUQUERQUE, NM (FHA|USDA|VA) 1 $155,000 $155,000 $2,749 2.75%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,666 3.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $155,000 $155,000 $3,381 2.63%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,817 3.50%
    CHEYENNE, WY (FHA|USDA|VA) 1 $135,000 $135,000 $0 5.13%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $135,000 $135,000 $2,998 2.75%
    Mountain Home, ID (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.50%
    MISSOULA, MT (FHA|USDA|VA) 1 $95,000 $95,000 $2,847 3.00%
    HOT SPRINGS, AR (FHA|USDA|VA) 1 $95,000 $95,000 $3,105 2.75%
    Paris, TX (FHA|USDA|VA) 1 $65,000 $65,000 $4,828 2.75%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.63%
    SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.75%
    Independent Bank's top markets include Dallas, Austin, Houston, Denver, and Colorado Springs among others.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Montana (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.

    The District Federal Credit Union
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    Similarity Rank: 915
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    CADENCE LENDING GROUP, INC.
    Similarity Rank: 1480

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,446 $1,254,120,000 $363,935 $4,621 3.45%
    FHA 218 $51,270,000 $235,183 $8,785 3.35%
    VA 91 $32,625,000 $358,516 $7,403 2.90%
    USDA 22 $4,030,000 $183,182 $5,749 3.04%

    For 2020, Independent Bank's most frequently originated type of loan was Conventional, with 3,446 originations. Their 2nd most popular type was FHA, with 218 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,720 $715,860,000 $416,198 $6,373 3.77%
    Refi 1,392 $430,480,000 $309,253 $3,667 3.01%
    Cash Out Refi 566 $172,870,000 $305,424 $4,715 3.34%
    Other 55 $13,795,000 $250,818 $4,863 3.36%
    Home Improvement 44 $9,040,000 $205,455 $3,462 4.58%

    For 2020, Independent Bank's most frequently cited loan purpose was Home Purchase, with 1,720 originations. The 2nd most popular reason was Refi, with 1,392 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,679 $781,105,000 $291,566 $4,992 3.35%
    15 Year 385 $102,565,000 $266,403 $4,098 2.92%
    Other 230 $228,370,000 $992,913 $7,104 3.95%
    5 Year 163 $86,505,000 $530,706 $0 4.46%
    20 Year 124 $32,150,000 $259,274 $3,806 3.22%
    10 Year 97 $51,415,000 $530,052 $7,761 4.06%
    1 Year 66 $30,410,000 $460,758 $13,624 4.74%
    30+ year 24 $7,610,000 $317,083 $3,650 3.10%
    3 Year 9 $21,915,000 $2,435,000 $0 4.24%

    For 2020, Independent Bank's most frequently cited loan duration was 30 Year, with 2,679 originations. The 2nd most popular length was 15 Year, with 385 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,459 $709,515,000 $288,538
    $2k-3k 284 $82,070,000 $288,979
    $3k-4k 155 $49,555,000 $319,710
    $<1k 97 $29,365,000 $302,732
    $5k+ 88 $89,540,000 $1,017,500
    $4k-5k 64 $24,810,000 $387,656

    Independent Bank's average total fees were $4,992, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,459 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,389 $526,535,000 $379,075
    2.5-3% 1,346 $393,300,000 $292,199
    4-5% 471 $266,355,000 $565,510
    <2.5% 368 $114,600,000 $311,413
    5-6% 81 $18,335,000 $226,358
    6-7% 71 $13,115,000 $184,718
    7-8% 49 $8,805,000 $179,694

    During 2020, Independent Bank's average interest rate for loans was 3.35%, while their most frequently originated rate bucket for loans was 3-4%, with 1,389 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,813 $520,465,000 $287,074 $4,805 3.23%
    $100k-200k 976 $152,300,000 $156,045 $4,192 3.73%
    $400k-600k 645 $303,875,000 $471,124 $5,419 3.15%
    $100,000 or less 168 $12,730,000 $75,774 $3,092 4.17%
    $1MM+ 88 $285,210,000 $3,241,023 $21,242 4.17%
    $600k-1MM 87 $67,465,000 $775,460 $10,360 4.17%

    2020 saw Independent Bank place emphasis on $200k-400k loans with 1,813 originations, totaling $520,465,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 770 $231,290,000 $300,377 $4,703 3.20%
    $150k-250k 740 $250,390,000 $338,365 $4,856 3.15%
    $50k-75k 638 $139,600,000 $218,809 $4,936 3.58%
    $75k-100k 531 $135,825,000 $255,791 $4,688 3.28%
    $250k+ 419 $219,335,000 $523,473 $6,915 3.44%
    $50k or less 300 $48,250,000 $160,833 $4,531 3.63%

    Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 770 originations. The second most popular income band? $150k-250k, with 740 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 838 $258,410,000 $308,365 $4,605 3.17%
    30-36% 655 $192,515,000 $293,916 $4,683 3.42%
    <20% 364 $131,380,000 $360,934 $4,975 3.10%
    43% 142 $40,490,000 $285,141 $4,821 3.18%
    40% 139 $39,855,000 $286,727 $5,334 3.59%
    38% 137 $41,985,000 $306,460 $5,254 3.55%
    39% 137 $39,445,000 $287,920 $5,292 3.59%
    41% 136 $39,890,000 $293,309 $5,039 3.55%
    42% 122 $34,560,000 $283,279 $5,269 3.87%
    44% 122 $34,450,000 $282,377 $5,719 3.30%
    36% 102 $28,330,000 $277,745 $4,617 3.37%
    37% 98 $26,440,000 $269,796 $4,768 3.40%
    45% 97 $27,205,000 $280,464 $5,194 3.27%
    50-60% 78 $23,910,000 $306,538 $7,820 3.53%
    49% 73 $20,655,000 $282,945 $5,810 3.30%
    46% 66 $19,060,000 $288,788 $5,299 3.13%
    47% 60 $17,840,000 $297,333 $5,326 3.11%
    48% 54 $15,420,000 $285,556 $5,064 3.09%
    >60% 12 $4,500,000 $375,000 $4,058 4.53%

    Independent Bank lent most frequently to those with DTI ratios of 20-30%, with 838 originations. The next most common DTI ratio? 30-36%, with 655 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,672 $821,820,000 $307,567 $4,916 3.36%
    Not applicable 294 $287,080,000 $976,463 $22,843 4.54%
    Not provided 638 $184,700,000 $289,498 $5,284 3.25%
    Asian 103 $31,855,000 $309,272 $4,657 3.10%
    Black 46 $10,670,000 $231,957 $4,678 3.21%
    American Indian 15 $3,645,000 $243,000 $5,569 3.91%
    Other Asian 5 $1,465,000 $293,000 $5,750 3.18%
    Native Hawaiian or Islander 2 $590,000 $295,000 $4,288 3.56%
    Asian Indian 2 $220,000 $110,000 $4,470 3.63%

    Approval Rates

    Total approvals of all applications
    98.59%

    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
    79.75%

    Independent Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,777 $1,342,045,000 $355,320

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 56 $194,780,000 $3,478,214
    Single Family (1-4 Units):Manufactured 4 $390,000 $97,500
    Single Family (1-4 Units):Site-Built 3,717 $1,146,875,000 $308,549

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 246 $68,540,000 $278,618 $4,014 3.28%
    40-60% 682 $289,170,000 $424,003 $4,237 3.12%
    60-80% 1,609 $617,325,000 $383,670 $4,718 3.46%
    80-100% 1,180 $350,840,000 $297,322 $5,746 3.57%
    Over 100% 19 $8,295,000 $436,579 $14,020 2.85%
    Under 20% 41 $7,875,000 $192,073 $3,996 4.36%

    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 100 Oak Avenue Eaton, CO 80615 Full Service B&M $40,877
    Independent Bank 100 South Denny Street Howe, TX 75459 Full Service B&M $83,989
    Independent Bank 100 South Old Town Argyle, TX 76226 Full Service B&M $118,082
    Independent Bank 1002 Texan Trail Grapevine, TX 76051 Full Service B&M $68,105
    Independent Bank 1009 N. State Hwy. 78 Lavon, TX 75166 Full Service B&M $77,311
    Independent Bank 101 S. Powell Parkway Anna, TX 75409 Full Service B&M $184,688
    Independent Bank 101 West Centennial Drive Bennett, CO 80102 Full Service B&M $37,361
    Independent Bank 101 Westlake Dr., Suite 110 Austin, TX 78746 Full Service B&M $49,408
    Independent Bank 1011 West 40th St. Austin, TX 78756 Full Service B&M $166,124
    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 $65,276
    Independent Bank 1050 So. Hover St., #202 Longmont, CO 80501 Full Service B&M $74,501
    Independent Bank 1051 Fm 1960 Rd West Houston, TX 77090 Full Service B&M $149,558
    Independent Bank 1109 E. Mccart Street Krum, TX 76249 Full Service B&M $56,991
    Independent Bank 11250 Sthy 290 East Manor, TX 78653 Full Service B&M $93,505
    Independent Bank 11806 Oswego Street Englewood, CO 80112 Full Service B&M $38,626
    Independent Bank 1197 West 120th Avenue Westminster, CO 80234 Full Service B&M $32,593
    Independent Bank 1210 E. Mulberry Street Fort Collins, CO 80524 Full Service B&M $59,814
    Independent Bank 1270 W. Stephens Van Alstyne, TX 75495 Full Service B&M $61,169
    Independent Bank 1300 South University Drive Fort Worth, TX 76107 Full Service B&M $100,761
    Independent Bank 1300 Walnut Street Boulder, CO 80302 Full Service B&M $108,189
    Independent Bank 1331 17th Street Denver, CO 80202 Full Service B&M $68,519
    Independent Bank 1401 S Taft Loveland, CO 80537 Full Service B&M $63,199
    Independent Bank 1490 Princeton Oaks Drive Princeton, TX 75407 Full Service B&M $36,681
    Independent Bank 1503 Rivery Blvd. Georgetown, TX 78628 Full Service B&M $176,731
    Independent Bank 1515 Fm 1960 East Bypass Humble, TX 77338 Full Service B&M $98,776
    Independent Bank 155 Lake Avenue Colorado Springs, CO 80906 Full Service B&M $113,183
    Independent Bank 1550 East Harmony Road Fort Collins, CO 80525 Full Service B&M $107,104
    Independent Bank 16000 Dallas Parkway, Suite 125 Dallas, TX 75254 Full Service B&M $576,330
    Independent Bank 1650 N. Central Expressway Mckinney, TX 75069 Full Service B&M $105,021
    Independent Bank 1650 Pace Street Longmont, CO 80504 Full Service B&M $67,581
    Independent Bank 16800 West Colfax Avenue Golden, CO 80401 Full Service B&M $77,406
    Independent Bank 19855 Southwest Freeway, Suite 100 Sugar Land, TX 77479 Full Service B&M $65,742
    Independent Bank 2004 South Stemmons Freeway Lake Dallas, TX 75065 Full Service B&M $59,253
    Independent Bank 201 East Kaufman Street Rockwall, TX 75087 Full Service B&M $149,581
    Independent Bank 201 West Ellison Street Burleson, TX 76028 Full Service B&M $114,996
    Independent Bank 2100 Fm 407 Lewisville, TX 75077 Full Service B&M $150,170
    Independent Bank 2100 Mckinney Ave Suite 1200 Dallas, TX 75201 Full Service B&M $91,405
    Independent Bank 223 Mckinney Farmersville, TX 75442 Full Service B&M $148,764
    Independent Bank 229 Eldorado Parkway Little Elm, TX 75068 Full Service B&M $87,996
    Independent Bank 2337 South Shields Street Fort Collins, CO 80526 Full Service B&M $28,215
    Independent Bank 2661 Royal Forest Drive, Suite B100 Kingwood, TX 77339 Full Service B&M $186,492
    Independent Bank 2695 West Eisenhower Blvd Loveland, CO 80537 Full Service B&M $52,639
    Independent Bank 2700 47th Ave Greeley, CO 80634 Full Service B&M $153,362
    Independent Bank 2701 Dallas Parkway Suite 100 Plano, TX 75093 Full Service B&M $151,722
    Independent Bank 2707 E Bromley Lane Brighton, CO 80601 Full Service B&M $102,329
    Independent Bank 2829 Technology Forest Boulevard The Woodlands, TX 77381 Full Service B&M $134,419
    Independent Bank 2881 Cross Timbers Road Flower Mound, TX 75028 Full Service B&M $43,683
    Independent Bank 290 S. Preston Road Celina, TX 75009 Full Service B&M $183,972
    Independent Bank 300 E. Taylor Sherman, TX 75091 Full Service B&M $142,729
    Independent Bank 300 East 29th Street Loveland, CO 80538 Full Service B&M $158,727
    Independent Bank 303 East Mountain Avenue Fort Collins, CO 80524 Full Service B&M $108,926
    Independent Bank 3060 Ridge Road Rockwall, TX 75087 Full Service B&M $41,890
    Independent Bank 3090 Craig Dr Mckinney, TX 75070 Full Service B&M $203,053
    Independent Bank 3206 Live Oak Dallas, TX 75204 Full Service B&M $116,999
    Independent Bank 3209 Ranch Road 620 South Austin, TX 78738 Full Service B&M $92,606
    Independent Bank 3301 East 1st Avenue Denver, CO 80206 Full Service B&M $383,174
    Independent Bank 3301 Fall Creek Hwy Acton, TX 76049 Full Service B&M $36,513
    Independent Bank 3301 Teasley Lane Denton, TX 76205 Full Service B&M $49,455
    Independent Bank 331 West Main Street Denison, TX 75021 Full Service B&M $64,651
    Independent Bank 3900 Essex Lane Suite 100 Houston, TX 77027 Full Service B&M $111,941
    Independent Bank 400 North Carroll Denton, TX 76201 Full Service B&M $212,934
    Independent Bank 401 Main Street Longmont, CO 80501 Full Service B&M $238,388
    Independent Bank 4040 Washington Avenue Houston, TX 77007 Full Service B&M $217,017
    Independent Bank 4120 Bellaire Blvd. Houston, TX 77025 Full Service B&M $104,529
    Independent Bank 440 Chapel Hills Drive Colorado Springs, CO 80920 Full Service B&M $22,741
    Independent Bank 4420 Sunrise Road Round Rock, TX 78664 Full Service B&M $299,717
    Independent Bank 4605 W Broadway Pearland, TX 77581 Full Service B&M $176,632
    Independent Bank 500 S. Morgan Street Granbury, TX 76048 Full Service B&M $65,103
    Independent Bank 501 South Tejon Colorado Springs, CO 80903 Full Service B&M $68,733
    Independent Bank 501 Wilcox Castle Rock, CO 80104 Full Service B&M $166,285
    Independent Bank 5025 Kipling Street Wheat Ridge, CO 80033 Full Service B&M $80,332
    Independent Bank 506 Castle Pines North Pkwy Castle Pines, CO 80108 Full Service B&M $32,952
    Independent Bank 5100 South Stemmons Freeway Corinth, TX 76210 Full Service B&M $51,699
    Independent Bank 538 North Highway 36 Byers, CO 80103 Full Service B&M $41,947
    Independent Bank 5401 Bosque Blvd Waco, TX 76710 Full Service B&M $199,538
    Independent Bank 543 W. Main Street Lewisville, TX 75057 Full Service B&M $114,695
    Independent Bank 56540 East Colfax Avenue Strasburg, CO 80136 Full Service B&M $57,888
    Independent Bank 5950 S. Willow Drive Greenwood Village, CO 80111 Full Service B&M $110,423
    Independent Bank 6025 Crenshaw Road Pasadena, TX 77501 Full Service B&M $45,328
    Independent Bank 6044 Sherry Lane Dallas, TX 75225 Full Service B&M $146,691
    Independent Bank 654 N. Denton Tap Road Coppell, TX 75019 Full Service B&M $46,134
    Independent Bank 6751 Virginia Parkway Mckinney, TX 75071 Full Service B&M $58,809
    Independent Bank 700 South Hwy 377 Pilot Point, TX 76258 Full Service B&M $69,371
    Independent Bank 715 Highway 377 North Collinsville, TX 76233 Full Service B&M $87,015
    Independent Bank 750 Bering Drive, Suite 100 Houston, TX 77057 Full Service B&M $141,056
    Independent Bank 7777 Henneman Way Mckinney, TX 75070 Full Service B&M $3,047,982
    Independent Bank 7979 East Tufts Avenue, Suite 850 Denver, CO 80237 Full Service B&M $0
    Independent Bank 8004 Woodway Drive Waco, TX 76712 Full Service B&M $221,543
    Independent Bank 807 Mountain Avenue Berthoud, CO 80513 Full Service B&M $209,108
    Independent Bank 808 Katy Fort Bend Road Katy, TX 77494 Full Service B&M $33,046
    Independent Bank 900 N. Preston Rd. Prosper, TX 75078 Full Service B&M $43,115
    Independent Bank 930 11th Avenue Greeley, CO 80631 Full Service B&M $36,387
    Independent Bank 935 N. Cleveland Loveland, CO 80537 Full Service B&M $163,648
    Independent Bank 9601 Katy Freeway Houston, TX 77024 Full Service B&M $120,473

    For 2020, Independent Bank had 95 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $611,479
    Net interest income $531,027
    Total noninterest income $84,636
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $9,303
    Trading account gains and fees $0
    Additional Noninterest Income $75,333
    Pre-tax net operating income $293,711
    Securities gains (or losses, -) $382
    Income before extraordinary items $233,510
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $233,510
    Minority interest net income $0
    Net income $233,510
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $233,208

    Independent Bank's gross interest income from loans was $611,479,000.
    Independent Bank's net interest income from loans was $531,027,000.
    Independent Bank's fee based income from loans was $9,303,000.
    Independent Bank's net income from loans was $233,510,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $80,452
    Provision for credit losses $42,993
    Total noninterest expense $278,959
    Salaries and employee benefits $149,194
    Premises and equipment expense $39,210
    Additional noninterest expense $90,555
    Applicable income taxes $60,583
    Net charge-offs $6,634
    Cash dividends $83,250

    Independent Bank's interest expense for loans was $80,452,000.
    Independent Bank's payroll and benefits expense were $149,194,000.
    Independent Bank's property, plant and equipment expenses $39,210,000.

    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 1.0%
    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 $14,404,048
    Deposits held in domestic offices $14,404,048
    Deposits by Individuals, partnerships, and corporations $12,459,630
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $1,933,253
    Deposits by Commercial banks and other depository institutions in U.S. $11,165
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $1,714,899
    Demand deposits $1,415,857
    Nontransaction accounts $12,689,149
    Money market deposit accounts (MMDAs) $4,937,596
    Other savings deposits (excluding MMDAs) $6,335,914
    Total time deposits $1,415,639
    Total time and savings deposits $12,988,191
    Noninterest-bearing deposits $4,169,921
    Interest-bearing deposits $10,234,127
    Retail deposits $12,696,809
    IRAs and Keogh plan accounts $224,480
    Brokered deposits $1,025,849
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $17,747,717
    Cash & Balances due from depository institutions $1,817,922
    Interest-bearing balances $1,567,984
    Total securities $1,153,693
    Federal funds sold & reverse repurchase $0
    Net loans and leases $13,060,457
    Loan and leases loss allowance $87,820
    Trading account assets $0
    Bank premises and fixed assets $274,308
    Other real estate owned $475
    Goodwill and other intangibles $1,082,091
    All other assets $358,771

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $17,747,717
    Total Liabilities $14,872,167
    Total deposits $14,404,048
    Interest-bearing deposits $10,234,127
    Deposits held in domestic offices $14,404,048
    % insured (estimated) $47
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $375,000
    Subordinated debt $0
    All other liabilities $93,119

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $13,060,457
    Loan and leases loss allowance $87,820
    Total loans and leases (domestic) $13,148,277
    All real estate loans $9,172,484
    Real estate loans in domestic offices $9,172,484
    Construction and development loans $1,571,948
    Residential 1-4 family construction $326,575
    Other construction, all land development and other land $1,245,373
    Loans secured by nonfarm nonresidential properties $5,642,242
    Nonfarm nonresidential secured by owner-occupied properties $1,762,882
    Commercial real estate & other non-farm, non-residential $3,879,360
    Multifamily residential real estate $454,434
    1-4 family residential loans $1,435,112
    Farmland loans $68,748
    Loans held in foreign offices $0
    Farm loans $16,266
    Commercial and industrial loans $2,117,618
    To non-U.S. addressees $16
    Loans to individuals $67,068
    Credit card loans $0
    Related Plans $40,813
    Consumer Auto Loans $4,613
    Other loans to individuals $21,642
    All other loans & leases $1,784,878
    Loans to foreign governments and official institutions $0
    Other loans $1,637,160
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $40,025
    Loans secured by real estate to non-U.S. addressees $1,583
    Restructured Loans & leases $1,498
    Non 1-4 family restructured loans & leases $1,498
    Total loans and leases (foreign) $0

    Independent Bank had $13,060,457,000 of loans outstanding in 2020. $9,172,484,000 of loans were in real estate loans. $1,571,948,000 of loans were in development loans. $454,434,000 of loans were in multifamily mortgage loans. $1,435,112,000 of loans were in 1-4 family mortgage loans. $16,266,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,613,000 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 2,563 $797,138 $311,018
    Nonfarm, nonresidential loans - <$100k 264 $11,908 $45,106
    Nonfarm, nonresidential loans - $100-250k 665 $81,476 $122,520
    Nonfarm, nonresidential loans - $250k-1MM 1,634 $703,754 $430,694
    Commercial & Industrial, US addressed loans - <$1MM 9,595 $916,203 $95,488
    Commercial & Industrial, US addressed loans - <$100k 6,391 $208,642 $32,646
    Commercial & Industrial, US addressed loans - $100-250k 1,765 $219,879 $124,577
    Commercial & Industrial, US addressed loans - $250k-1MM 1,439 $487,682 $338,903
    Farmland loans - <$1MM 106 $12,898 $121,679
    Farmland loans - <$100k 31 $992 $32,000
    Farmland loans - $100-250k 41 $4,618 $112,634
    Farmland loans - $250k-1MM 34 $7,288 $214,353
    Agriculture operations loans - <$1MM 150 $5,188 $34,587
    Agriculture operations loans - <$100k 121 $2,234 $18,463
    Agriculture operations loans - $100-250k 16 $1,145 $71,563
    Agriculture operations loans - $250k-1MM 13 $1,809 $139,154