Independent Bank in Ionia, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches


Independent Bank - Overview

  • General
  • FDIC Certificate #: 27811
    Status: Active
    Federal Reserve ID: 636771
    Bank Holding Company (Regulatory Top Holder): Independent Bank Corporation (RSSDID: 1201925, Location: Ionia, MI)
    Date Established: January 01, 1890
    WWW: http://www.independentbank.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
    Offices: 110 (Domestic: 110, Interstate: No)
    OTS Docket #: 321
    FDIC's unique #: 40645
    Numeric code: 13
    Regulator: FED
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: September 15, 1999
    Last Structure Change Effective Date: October 20, 2010
    Last Structure Change Process Date: October 20, 2010
    Last Data Update: October 20, 2010
    Data Source Date: April 05, 2012
  • Location
  • Address: 230 West Main Street, Ionia, MI 48846
    County: Ionia
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Grand Rapids
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Combined Statistical Area (CSA): Grand Rapids-Muskegon-Holland, MI (#266)
    Core Based Statistical Area (CBSA): Grand Rapids-Wyoming, MI (#24340)
    CBSA Metro Statistical Area: Grand Rapids-Wyoming, MI (#24340)
  • History of Changes
  • Change in Geographic Region/Area/Territory/Field Office
  • Financial Summary
  • Total assets: $2,304.7 mil
    Equity capital: $153.0 mil
    Deposits held in domestic offices: $2,092.2 mil
    Return on assets (ROA): -0.74% (-$17.1 mil)
    Quarterly return on assets: -1.36% (-$31.3 mil)
    Return on Equity (ROE): -10.89% (-$16.7 mil)
    Quarterly return on equity: -19.99% (-$30.6 mil)
    Net income: -$17.7 mil
    Quarterly Net income: -$7.8 mil
    Pretax return on assets: -0.75% (-$17,285.6 mil)
    Quarterly Pretax return on assets: -1.26% (-$29,039.8 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 1,108Total employees (full-time equivalent)
  • $2,304,743Total assets
  • $341,108Cash and due from depository institutions
  • $278,331Interest-bearing balances
  • $157,444Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $1,564,244Net loans & leases
  • $58,884Loan loss allowance
  • $77Trading account assets
  • $62,011Bank premises and fixed assets
  • $33,425Other real estate owned
  • $18,838Goodwill and other intangibles
  • $2,304,743Life insurance assets
  • $127,596All other assets
  • $2,151,756Total liabilities and capital
  • $2,092,205Total liabilities
  • $1,588,174Total deposits
  • $2,092,205Interest-bearing deposits
  • $94Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $33,384Trading liabilities
  • $0Other borrowed funds
  • $26,167Subordinated debt
  • $152,987All other liabilities
  • $152,987Total equity capital
  • $152,987Total bank equity capital
  • $0Perpetual preferred stock
  • $200Common stock
  • $316,863Surplus
  • $-164,076Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $44,801Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $59,883Income earned, not collected on loans
  • $0Earning assets
  • $6,244Long-term assets (5+ years)
  • $2,000,096Average Assets, year-to-date
  • $392,175Average Assets, quarterly
  • $2,390,880Volatile liabilities
  • $2,311,456Insider loans
  • $1,540,676FHLB advances
  • $2,306,704Loans and leases held for sale
  • $49,271Unused loan commitments
  • $861Tier 1 (core) risk-based capital
  • $156,104Tier 2 risk-based capital
  • $48,410Total risk weighted assets
  • $0Total unused commitments
  • $139,183Restructured Loans and leases
  • $600Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $115,502Total interest income
  • $17,464Total interest expense
  • $98,038Net interest income
  • $27,946Provision for loan and lease losses
  • $39,703Total noninterest income
  • $0Fiduciary activities
  • $17,353Service charges on deposit accounts
  • $45Trading account gains & fees
  • $22,305Additional noninterest income
  • $127,116Total noninterest expense
  • $50,174Salaries and employee benefits
  • $16,723Premises and equipment expense
  • $60,219Additional noninterest expense
  • -$17,321Pre-tax net operating income
  • -$556Securities gains (losses)
  • -$214Applicable income taxes
  • -$17,663Income before extraordinary items
  • $0Extraordinary gains - net
  • -$17,663Net income attributable to bank
  • $0Net charge-offs
  • -$17,663Cash dividends
  • $36,977Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.60%Yield on earning assets
  • 0.85%Cost of funding earning assets
  • 4.75%Net interest margin
  • 1.92%Noninterest income to earning assets
  • 6.16%Noninterest expense to earning assets
  • -0.72%Net operating income to assets
  • -0.74%Return on assets (ROA)
  • -0.75%Pretax return on assets
  • -10.89%Return on equity (ROE)
  • -10.89%Retained earnings to average equity (YTD only)
  • 2.15%Net charge-offs to loans
  • 75.58%Credit loss provision to net charge-offs
  • 0.29%Efficiency ratio
  • 91,292Assets per employee
  • 2.08%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 3.63%Loss allowance to noncurrent loans
  • 98.33%Noncurrent assets plus other real estate owned to assets
  • 4.05%Noncurrent loans to loans
  • 3.69%Net loans and leases to deposits
  • 74.77%Net loans and leases to core deposits
  • 77.76%Equity capital to assets
  • 6.64%Core capital (leverage) ratio
  • 6.77%Tier 1 risk-based capital ratio
  • 10.13%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $2,390,880Average earning assets
  • $162,252Average equity
  • $2,062,909Average loans

List of branches

  • 107 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    040645Independent Bank230 West Main Street, Ionia, MI 48846January 01, 1890Full Service Brick and Mortar
    1263511Mt Pleasant Branch319 East Broadway, Mount Pleasant, MI 48858January 01, 1890Full Service Brick and Mortar
    2263512Midland Branch210 South Saginaw, Midland, MI 48640January 01, 1890Full Service Brick and Mortar
    10263517Standish Branch209 South Main Street, Standish, MI 48658January 01, 1890Full Service Brick and Mortar
    100263525Bay City Euclid Branch745 North Euclid, Bay City, MI 48706January 01, 1890Full Service Brick and Mortar
    101263526Essexville Branch1615 West Center, Essexville, MI 48732January 01, 1890Full Service Brick and Mortar
    102263527Auburn Branch1004 West Midland Road, Auburn, MI 48611January 01, 1890Full Service Brick and Mortar
    104263529Pinconning Branch408 Mable Street, Pinconning, MI 48650January 01, 1890Full Service Brick and Mortar
    106263531Saginaw Center Branch1445 N. Center, Saginaw, MI 48638January 01, 1890Full Service Brick and Mortar
    109263534Bay City Broadway Branch800 Broadway, Bay City, MI 48708January 01, 1890Full Service Brick and Mortar
    126360254Bovee Student Center Branch103 East Preston 2nd Floor, Mount Pleasant, MI 48858June 04, 2001Full Service Brick and Mortar
    13611135Hale Branch114 N Washington St, Hale, MI 48739Febuary 14, 1952Full Service Brick and Mortar
    137240393Whittemore Branch205 North Bullock Street, Whittemore, MI 48770August 15, 1960Full Service Brick and Mortar
    140240397Tawas Branch17 East M-55, Tawas City, MI 48763December 04, 1985Full Service Brick and Mortar
    141240398Alpena Branch2708 U.S. 23, Alpena, MI 49707June 29, 1989Limited Service Facility
    142240399Oscoda Branch4452 East County Road, Oscoda, MI 48750May 23, 1990Full Service Brick and Mortar
    1439253Rogers City Branch111 West Michigan Avenue, Rogers City, MI 49779December 18, 1890Full Service Brick and Mortar
    14410966Hillman Branch118 State Street, Hillman, MI 49746Febuary 01, 1950Full Service Brick and Mortar
    145240400Rose City Branch508 Bennett, Rose City, MI 48654November 26, 1993Full Service Brick and Mortar
    146186774Hubbard Lake Branch14963 Hubbard Lake Road, Hubbard Lake, MI 49747May 22, 1974Full Service Brick and Mortar
    148263514West Branch Branch700 West Houghton Avenue, West Branch, MI 48661January 01, 1890Full Service Brick and Mortar
    149263519East Tawas Branch228 Newman Street, East Tawas, MI 48730January 01, 1890Full Service Brick and Mortar
    150364051Alpena M-32 Branch1324 M-32 West Alpena, Alpena, MI 49707July 01, 2002Full Service Brick and Mortar
    15115309Gaylord Main521 West Main Street, Gaylord, MI 49735July 01, 1975Full Service Brick and Mortar
    152254001Aspen Park Branch1157 South Otsego, Gaylord, MI 49735September 22, 1982Full Service Brick and Mortar
    153366193Houghton Lake Branch2263 West Houghton Lake Drive, Houghton Lake, MI 48629December 16, 2002Full Service Brick and Mortar
    154443924Saginaw Cardinal Square Branch3550 Tittabawassee Road, Saginaw, MI 48604June 01, 2005Full Service Brick and Mortar
    156264289Bridgeport Branch5500 Dixie Highway, Saginaw, MI 48601January 01, 1890Full Service Brick and Mortar
    157264290Saginaw State St Branch3601 State Street, Saginaw, MI 48602January 01, 1890Full Service Brick and Mortar
    158264293Saginaw Gratiot Road Branch5470 Gratiot Road, Saginaw, MI 48638January 01, 1890Full Service Brick and Mortar
    159264298Fashion Square Mall Branch4850 Bay Road, Saginaw, MI 48604January 01, 1890Full Service Brick and Mortar
    160289937Saginaw Valley Branch7400 Bay Road, University Center, MI 48710June 30, 1996Full Service Brick and Mortar
    16115344East Beltline Branch4200 East Beltline Avenue, Grand Rapids, MI 49525August 21, 1975Full Service Brick and Mortar
    162254071Sparta Branch525 S State St, Sparta, MI 49345June 28, 1978Full Service Brick and Mortar
    1637277Howard City Branch720 West Shaw, Howard City, MI 49329January 01, 1878Full Service Brick and Mortar
    164224505Sand Lake Branch5 Third Street, Sand Lake, MI 49343May 25, 1959Full Service Brick and Mortar
    165224506Croton Hardy Branch7389 Croton Hardy Drive, Newaygo, MI 49337December 02, 1974Full Service Brick and Mortar
    166224507Cedar Springs Branch4115 17 Mile Road, Cedar Springs, MI 49319December 01, 1979Full Service Brick and Mortar
    1677274Newaygo Branch40 N State Street, Newaygo, MI 49337January 01, 1884Full Service Brick and Mortar
    1686498White Cloud Branch1075 Wilcox Avenue, White Cloud, MI 49349July 01, 1910Full Service Brick and Mortar
    169254072Plainfield Office3090 Plainfield N E, Grand Rapids, MI 49505November 24, 1997Full Service Brick and Mortar
    170263532Big Rapids Branch404 Perry Street, Big Rapids, MI 49307January 01, 1890Full Service Brick and Mortar
    171364275Cascade Road Branch6750 Cascade Road, Grand Rapids, MI 49546July 29, 2002Full Service Brick and Mortar
    172419593Alpine Branch3800 Alpine Ave Nw, Comstock Park, MI 49321November 14, 2002Full Service Brick and Mortar
    174440006Rockford Branch78 South Main Street, Rockford, MI 49341March 21, 2005Full Service Brick and Mortar
    175441068Carson City Branch323 West Main Street, Carson City, MI 48811May 02, 2005Full Service Brick and Mortar
    176441069Belding Drive In310 West Main Street, Belding, MI 48809May 02, 2005Limited Service Facility
    177441070Belding Branch130 South Bridge Street, Belding, MI 48809May 02, 2005Full Service Brick and Mortar
    178441071South Ionia Branch2551 South State Road, Ionia, MI 48846May 02, 2005Full Service Brick and Mortar
    179441072Ionia Point Branch450 South Dexter Street, Ionia, MI 48846May 02, 2005Full Service Brick and Mortar
    181441075Lyons Branch302 Bridge Street, Lyons, MI 48851May 02, 2005Full Service Brick and Mortar
    182441076Saranac Branch29 Church Street, Saranac, MI 48881May 02, 2005Full Service Brick and Mortar
    183443299Grand Rapids - Downtown Branch86 Monroe Center Nw Suite 101, Grand Rapids, MI 49503October 19, 2004Full Service Brick and Mortar
    184451594Norton Shores Branch5969 Harvey Street, Suite 100, Norton Shores, MI 49441June 24, 2004Full Service Brick and Mortar
    185453315Standale Branch4525 Lake Michigan Dr, Walker, MI 49534December 12, 2005Full Service Brick and Mortar
    1868071Troy Main Branch201 West Big Beaver Road, Suite 125, Troy, MI 48084January 01, 1904Full Service Brick and Mortar
    187227826Unionville Branch6586 Center Street, Unionville, MI 48767November 23, 1981Full Service Brick and Mortar
    1889293Kingston Branch5854 State Street, Kingston, MI 48741January 01, 1912Full Service Brick and Mortar
    189232278Snover Branch1504 Main Street, Snover, MI 48472January 16, 1967Limited Service Facility
    190232279Marlette Branch2593 South Van Dyke, Marlette, MI 48453May 26, 1992Full Service Brick and Mortar
    191227827North Branch4046 Huron Street, North Branch, MI 48461April 30, 1994Full Service Brick and Mortar
    192252701Clio Branch3500 West Vienna Road, Clio, MI 48420August 31, 1981Full Service Brick and Mortar
    193227829North Branch Drive Up3765 Huron Street, North Branch, MI 48461March 04, 1996Limited Service Facility
    1946755Bad Axe Branch305 East Huron Avenue, Bad Axe, MI 48413July 10, 1886Full Service Brick and Mortar
    195222671Northgate Branch655 North Port Crescent Street, Bad Axe, MI 48413Febuary 18, 1966Full Service Brick and Mortar
    196222672Caseville Branch6727 Main Street, Caseville, MI 48725August 09, 1937Full Service Brick and Mortar
    197222673Elkton Branch47 North Main Street, Elkton, MI 48731April 02, 1956Full Service Brick and Mortar
    198222674Kinde Branch25 West Kinde Road, Kinde, MI 48445April 02, 1956Full Service Brick and Mortar
    199222676Ubly Branch4495 Garfield Street, Ubly, MI 48475March 18, 1935Full Service Brick and Mortar
    200670Sebewaing BranchOne West Main Street, Sebewaing, MI 48759August 01, 1919Full Service Brick and Mortar
    201187464Gagetown Branch4761 State Street, Gagetown, MI 48735October 31, 1958Full Service Brick and Mortar
    202263515Cass City Branch6241 Main Street, Cass City, MI 48726January 01, 1890Full Service Brick and Mortar
    203263520Pigeon Branch75 South Main Street, Pigeon, MI 48755January 01, 1890Full Service Brick and Mortar
    204263521Sebawaing M-25 Branch8880 Unionville Road, Sebewaing, MI 48759January 01, 1890Full Service Brick and Mortar
    205418693Lake Orion Loan Production Office400 South Broadway, Lake Orion, MI 48362March 15, 2003Limited Service Loan Production
    206418707Lapeer Branch1985 West Genesee Street, Lapeer, MI 48446September 30, 2002Full Service Brick and Mortar
    207261994Livonia Branch37601 Five Mile Road, Livonia, MI 48154June 03, 1991Full Service Brick and Mortar
    208261995Beverly Hills Branch32800 Southfield Road, Beverly Hills, MI 48025August 19, 1991Full Service Brick and Mortar
    209261996Bloomfield Hills Branch4140 West Maple Road, Bloomfield Hills, MI 48301August 19, 1996Full Service Brick and Mortar
    210261997Farmington Hills Branch32900 Middlebelt Road, Farmington Hills, MI 48334March 30, 1998Full Service Brick and Mortar
    211261998Troy North Branch5950 Rochester Road, Troy, MI 48085July 20, 1998Full Service Brick and Mortar
    212428793Caro Branch1111 West Caro Road, Caro, MI 48723June 01, 2004Full Service Brick and Mortar
    213466302Shelby Township Branch49785 Van Dyke Ave, Shelby Township, MI 48317May 31, 2007Full Service Brick and Mortar
    2148714West Road Branch2900 West Road, Suite 100, East Lansing, MI 48823December 31, 1886Full Service Brick and Mortar
    215230650Rives Junction Branch348 Main Street, Rives Junction, MI 49277May 22, 1972Full Service Brick and Mortar
    216230651Pleasant Lake Branch11628 Bunkerhill Road, Pleasant Lake, MI 49272August 21, 1974Full Service Brick and Mortar
    2175208Olivet Branch112 South Main Street, Olivet, MI 49076June 15, 1916Full Service Brick and Mortar
    218230740Vermontville Branch194 Main St, Vermontville, MI 49096January 03, 1955Full Service Brick and Mortar
    219230744Potterville Branch320 Vermontville Highway, Potterville, MI 48876December 11, 1967Full Service Brick and Mortar
    220230754Williamston Branch1245 East Grand River Avenue, Williamston, MI 48895September 22, 1978Full Service Brick and Mortar
    221230755Eaton Rapids Branch2461 South Michigan Road, Eaton Rapids, MI 48827September 25, 1978Full Service Brick and Mortar
    222230652Charlotte Branch129 Lansing St, Charlotte, MI 48813April 03, 1989Full Service Brick and Mortar
    223230653Okemos Branch2119 Hamilton Road, Okemos, MI 48864April 23, 1997Full Service Brick and Mortar
    224264260Richland Branch9010 East D Ave., Richland, MI 49083January 01, 1890Full Service Brick and Mortar
    225264263Bellevue Branch204 W. Capital Avenue, Bellevue, MI 49021January 01, 1890Full Service Brick and Mortar
    226230654Mason Branch190 Kipp Road, Mason, MI 48854August 16, 1999Full Service Brick and Mortar
    227263538Bc Meijer Branch2151 W. Columbia, Battle Creek, MI 49015January 01, 1890Full Service Brick and Mortar
    228264777Bc North Branch701 North Avenue, Battle Creek, MI 49017January 01, 1925Full Service Brick and Mortar
    230418730Okemos Loan Production Branch2390 Woodlake Drive, Suite 300, Okemos, MI 48864March 24, 2003Limited Service Loan Production
    231440783Portland Branch1601 East Grand River Avenue, Portland, MI 48875May 02, 2005Full Service Brick and Mortar
    232451915Leslie Office Branch144 S. Main Street, Leslie, MI 49251June 19, 2006Full Service Brick and Mortar
    233453303East Lansing Branch1380 Lake Lansing Road, East Lansing, MI 48823Febuary 01, 2006Full Service Brick and Mortar
    234264259Lakeview Branch290 E. Columbia Avenue, Battle Creek, MI 49015January 01, 1890Full Service Brick and Mortar
    235264261Pennfield Branch1295 Capital Avenue, Northeast, Battle Creek, MI 49017January 01, 1890Full Service Brick and Mortar
    236264266Urbandale Branch1 North Bedford Road, Battle Creek, MI 49037January 01, 1890Full Service Brick and Mortar
    237468269Bay City Branch623 Washington Avenue, Bay City, MI 48708September 15, 2007Full Service Brick and Mortar
    238470526Muskegon Branch3251 Henry Street, Muskegon, MI 49441December 05, 2007Full Service Brick and Mortar

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