Independent Bank (Grand Rapids, MI)
Independent Bank (Grand Rapids, MI) reported total assets of $5.7 bn at Q2 2026, up 4.5% on a year earlier, the 256th largest of 497 banks in our US coverage. The CET1 capital ratio at Independent Bank (Grand Rapids, MI) was 11.45%, and the uninsured share of Independent Bank (Grand Rapids, MI) was 24.38%. Source: FDIC Call Reports.
Key takeaways
- On noncurrent loans to total loans, Independent Bank (Grand Rapids, MI) slipped from 106th to 362nd among 500 US banks between and (1 = lowest; FDIC Call Reports).
- Since , Independent Bank (Grand Rapids, MI) has taken over one institution; the latest was Traverse City State Bank on (FDIC Call Reports).
What sets Independent Bank (Grand Rapids, MI) apart
How large is Independent Bank (Grand Rapids, MI)?
The balance sheet of Independent Bank (Grand Rapids, MI) at : assets $5.7 bn, deposits $4.9 bn, net loans $4.4 bn (loans equal to 88.60% of deposits). Securities make up 13.8% of total assets at Independent Bank (Grand Rapids, MI). Since , when Independent Bank (Grand Rapids, MI) held $2.5 bn, its assets grew 128.5%. In the year to , deposits at Independent Bank (Grand Rapids, MI) rose 4.2% while its total assets rose 4.5%. At , Independent Bank (Grand Rapids, MI) employed 796 full-time equivalent staff across 59 offices, about $7.1 mn of assets per employee and $83.5 mn of deposits per office.
How much funding at Independent Bank (Grand Rapids, MI) is uninsured?
At Independent Bank (Grand Rapids, MI), uninsured deposits (above the FDIC limit) made up 24.38% of domestic deposits at (+1.65 pp on a year earlier); Independent Bank (Grand Rapids, MI) ranks 379th of 500 on this measure. In dollars, Independent Bank (Grand Rapids, MI) estimated $1.2 bn of uninsured deposits.
Key facts, Q2 2026
| Metric | Value | Change from a year earlier | US rank |
|---|---|---|---|
| Total deposits | $4.9 bn | +4.2% | 251st of 499 |
| Net loans and leases | $4.4 bn | +6.1% | 241st of 500 |
| Loan-to-deposit ratio | 88.60% | +1.59 pp | 222nd of 500 |
| Tier 1 leverage ratio | 9.67% | -0.12 pp | 349th of 500 |
| Total risk-based capital ratio | 12.70% | -0.45 pp | 379th of 448 |
| Net interest margin | 3.72% | +0.08 pp | 222nd of 500 |
| Return on assets (ROA) | 1.34% | +0.07 pp | 225th of 500 |
| Efficiency ratio | 61.54% | +1.37 pp | 352nd of 500 (1 = lowest) |
| Unrealized gain/loss on held-to-maturity securities | Loss of $26.6 mn | Narrowed by $9.1 mn | |
| Unrealized gain/loss on available-for-sale securities | Loss of $48.6 mn | Narrowed by $17.0 mn | |
| Noncurrent loans to total loans | 0.99% | +0.74 pp | 362nd of 500 (1 = lowest) |
| Net charge-offs to average loans | 0.03% | +0.01 pp | 157th of 500 (1 = lowest) |
US rank of Independent Bank (Grand Rapids, MI): 1 = highest unless marked 1 = lowest.
Balance sheet
Independent Bank (Grand Rapids, MI): assets, deposits and loans
- Total assets $5.7bn
- Deposits $4.9bn
- Net loans $4.4bn
Capital and securities
The CET1 ratio of Independent Bank (Grand Rapids, MI) stood at 11.45% in , -0.45 pp year on year. Low and high at Independent Bank (Grand Rapids, MI) since : 10.92% () to 14.14% (). Equity capital of Independent Bank (Grand Rapids, MI) at : $515.9 mn, or 9.1% of total assets. Independent Bank (Grand Rapids, MI) also reported a total capital ratio of 12.70% for , and a tier 1 leverage ratio of 9.67%.
On held-to-maturity securities, Independent Bank (Grand Rapids, MI) carried an unrealized loss of $26.6 mn at , equal to 5.2% of equity capital. The loss narrowed by $9.1 mn over the year. Its deepest point: $49.9 mn in . The available-for-sale portfolio of Independent Bank (Grand Rapids, MI) showed an unrealized loss of $48.6 mn at ; the loss narrowed by $17.0 mn over the year.
Independent Bank (Grand Rapids, MI): capital ratios
- Total capital 13%
- CET1 11%
- Tier 1 leverage 9.7%
Independent Bank (Grand Rapids, MI): unrealized securities gains and losses
- Available for sale -$49mn
- Held to maturity -$27mn
Profitability and loan quality
For the year to , Independent Bank (Grand Rapids, MI) earned a return on equity of 14.92%; return on assets: 1.34%. Net interest margin at Independent Bank (Grand Rapids, MI): 3.72%, +0.08 pp in a year. Independent Bank (Grand Rapids, MI) net income: $37.4 mn, up 9.5% year on year. The efficiency ratio of Independent Bank (Grand Rapids, MI) was 61.54%: about 62 cents cost per revenue dollar, against 54 cents at the median peer.
At , noncurrent loans were 0.99% of total loans at Independent Bank (Grand Rapids, MI); net charge-offs: 0.03% of average loans. Gross loans and leases at Independent Bank (Grand Rapids, MI): $4.4 bn, up 6.1% in a year.
Independent Bank (Grand Rapids, MI): profitability
- Return on equity 15%
- Net interest margin 3.7%
- Return on assets 1.3%
Peer group of Independent Bank (Grand Rapids, MI)
The peer group of Independent Bank (Grand Rapids, MI) is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 3 share the charter type of Independent Bank (Grand Rapids, MI) (state member bank), 6 sit in the same size group ($1 bn to $10 bn) and 0 have head offices in Michigan. Against them, Independent Bank (Grand Rapids, MI) shows CET1 ratio 11.45% against a peer median of 15.48%, return on equity 14.92% against a peer median of 15.02% and uninsured deposit share 24.38% against a peer median of 39.36%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Farmers & Merchants Bank of Central California | State nonmember bank | CA | $5.8 bn | 14.74% | 15.04% | 51.44% | |
| Westamerica Bank | State member bank | CA | $5.8 bn | 16.23% | 17.41% | 49.57% | |
| Emigrant Bank | State nonmember bank | FL | $5.7 bn | 17.43% | 2.83% | 17.51% | |
| Independent Bank | State member bank | MI | $5.7 bn | 11.45% | 14.92% | 24.38% | |
| Firstrust Savings Bank | State-chartered stock savings bank | PA | $5.6 bn | 11.80% | 16.05% | 49.66% | |
| The Cape Cod Five Cents Savings Bank | State member bank | MA | $5.6 bn | 18.18% | 7.00% | 16.36% | |
| Orrstown Bank | State member bank | PA | $5.6 bn | 12.11% | 14.99% | 29.14% | |
. FDIC Call Reports.
Last eight quarters
Two years at Independent Bank (Grand Rapids, MI), to : assets +7.6%, deposits +5.1%, equity +8.2%. Staff 800 to 796.
| Metric | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $5.3 bn | $5.3 bn | $5.3 bn | $5.4 bn | $5.5 bn | $5.5 bn | $5.6 bn | $5.7 bn |
| Total deposits | $4.7 bn | $4.7 bn | $4.7 bn | $4.7 bn | $4.9 bn | $4.8 bn | $4.9 bn | $4.9 bn |
| Bank equity capital | $476.8 mn | $478.2 mn | $487.4 mn | $492.4 mn | $480.5 mn | $490.9 mn | $497.6 mn | $515.9 mn |
| CET1 ratio | 11.74% | 11.74% | 11.93% | 11.90% | 11.33% | 11.24% | 11.43% | 11.45% |
| Return on equity (ROE) | 15.14% | 15.46% | 13.54% | 14.06% | 14.57% | 14.81% | 14.21% | 14.92% |
| Uninsured share of domestic deposits | 23.63% | 23.63% | 23.47% | 22.73% | 24.14% | 25.37% | 24.31% | 24.38% |
| Full-time equivalent employees | 800 | 788 | 779 | 800 | 771 | 782 | 777 | 796 |
| Number of offices | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 59 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Independent Bank (Grand Rapids, MI), oldest first; figures before and after each event are not like for like.
- . Absorbed Traverse City State Bank (FDIC certificate 35350).
Questions and identifiers
What were the total assets of Independent Bank (Grand Rapids, MI)?
Independent Bank (Grand Rapids, MI) reported $5.7 bn at in its Call Report. That makes Independent Bank (Grand Rapids, MI) the 256th largest of 497 banks in our US coverage.
Is Independent Bank (Grand Rapids, MI) the same as its holding company?
No. This page covers Independent Bank (Grand Rapids, MI), FDIC certificate 27811; INDEPENDENT BANK CORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Independent Bank (Grand Rapids, MI) profitable?
Independent Bank (Grand Rapids, MI) reported net income of $37.4 mn for the year to ; annualized return on equity: 14.92%. So yes: Independent Bank (Grand Rapids, MI) made a profit over these months.
When is data for Independent Bank (Grand Rapids, MI) next updated?
Figures from Independent Bank (Grand Rapids, MI) for are due after .
Where can I check the figures for Independent Bank (Grand Rapids, MI)?
In the FDIC BankFind Suite record for certificate 27811, and in the Call Reports of Independent Bank (Grand Rapids, MI) (RSSD ID 636771) at the FFIEC Central Data Repository.