Major Rating Factors:
A five year analysis of stability tests including evaluations of capital adequacy, asset growth, and profitability lead to a Fair overall stability index (5.0 on a scale of 0 to 10). Operating profits as a percentage of assets at 0.9%, coupled with a return on assets of 0.8 has resulted in Weak (1.7) profitability.
Other Rating Factors:
A current level of 0.3 percent of nonperforming loans to core capital combined with 0.4 percent from a year earlier contributes to the Excellent asset quality (8.8). Good current capitalization (6.4 on a scale of 0 to 10) based on a risk-based capital ratio of 15.9 and a capital leverage ratio of 8.5.
Asset Mix:
Comm re (32%), cash (26%), home mtgs (16%), securities (8%), comm loans (2%), home eq lns (2%), consumer loans (2%), other (12%)
States with Branches:
MI
Asset Quality
Non-Performing Loans to Capital
Non-Performing Assets to Assets
Non-Performing Loans to Loans
Loan Loss Reserves to Loans
Charge-Offs to Average Loans
5-Year Charge-Offs to Average Loans
5-Year Asset Growth
1-Year Asset Growth
Profitability
Operating Profit to Average Assets
Return on Equity
Net Interest Spread
5-Year ROAA (Return on Average Assets)
Overhead Efficiency Ratio
Corporate Info
Group Affiliation
Independent Bank Corporation
Investment Rating
--
Address
150 West Court Street
Hastings, MI 49058
Hastings, MI 49058
Phone Number
(269) 945-2401
Year Founded
1886
FDIC Number
Largest Affiliates
Grand Rapids, MI
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Bank