Profile: Independent Bank Corp (IBCP.O)
24 Jul 2017
Independent Bank Corporation, incorporated on September 17, 1973, is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank focuses on commercial banking industry. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services. The Company's principal markets are the rural and suburban communities across lower Michigan. As of December 31, 2016, the Company's markets were served by the Bank's main office in Grand Rapids, Michigan, and a total of 62 branches, a drive-in facility and 12 loan production offices. The Bank's branches provide lobby and drive-in services, as well as automatic teller machines (ATMs). In addition to general banking services, its Bank also offers title insurance services through a subsidiary, and investment and insurance services through a third party agreement with Cetera Investment Services LLC.
The Company's loan portfolio includes loans held for sale, mortgage, commercial, installment and payment plan receivables. As of December 31, 2016, its loans held for sale included $67.3 million, mortgage loans included $538 million, commercial loans included $804 million and installment loans included approximately $265 million. As of December 31, 2016, the Company had $1.6 billion of total loans.
As of December 31, 2016, the Company had $610 million of total investments. As of December 31, 2016, the Company's investment portfolio consisted of $156 million of the United States agency residential mortgage-backed investments, $170 million of obligations of states and political subdivisions investments, $146 million of other asset backed investments, $28.9 million of the United States agency investments, $34.7 million of private label residential mortgage-backed investments and $2.5 million of trust preferred securities investments.
Source of Funds
As of December 31, 2016, the Company's total deposits included $2.1 billion. As of December 31, 2016, the Company's non-interest bearing deposits included $688 million. As of December 31, 2016, the Company's Savings and interest-bearing checking deposits included $1.01 billion, and time deposits included $447 million.
Independent Bank Corp
4200 E Beltline Ave NE
GRAND RAPIDS MI 49525-9783