Independent Bank: how it compares with its peers
Against 315 U.S. banks with half to twice its assets, Independent Bank's strongest measure in Q2 2026 is net interest margin (3.72% vs. a 3.66% peer median). Its weakest relative measure is assets per employee ($7.1M vs. $9.8M).
| Measure | Independent Bank | Peer median | Rank |
|---|---|---|---|
| Return on assets Annualized net income over average assets. | 1.34% | 1.32% | Middle third Ahead of 53% of peers |
| Net interest margin Annualized net interest income over earning assets. | 3.72% | 3.66% | Middle third Ahead of 54% of peers |
| Efficiency ratio Noninterest expense per dollar of revenue. Lower is better. | 61.54% | 56.03% | Bottom third Ahead of 30% of peers |
| Assets per employee Total assets over full-time-equivalent staff. | $7.1M | $9.8M | Bottom third Ahead of 15% of peers |
| Loans to deposits Net loans and leases over total deposits. | 88.60% | 88.45% | Context |
What it means for lending operations
Its efficiency ratio of 61.54% is above the 56.03% peer median: it spends more to earn each dollar of revenue than most banks its size. Staff time on manual borrower verification (collecting pay stubs, bank statements, and employment letters, then re-keying them) is one of the larger controllable costs behind that number.
Banks closest in size
- Emigrant Bank Miami, FL · $5.68B
- Firstrust Savings Bank Conshohocken, PA · $5.62B
- The Cape Cod Five Cents Savings Bank Hyannis, MA · $5.62B
- Orrstown Bank Harrisburg, PA · $5.61B
- Institution for Savings in Newburyport and Its Vicinity Newburyport, MA · $5.56B
- Westamerica Bank San Rafael, CA · $5.77B
Questions about Independent Bank
How big is Independent Bank?
Independent Bank, established in 1890, is headquartered in Grand Rapids, MI. It reported $5.66B in total assets in its Q2 2026 FDIC call report and operates 59 offices.
What is Independent Bank's return on assets?
1.34% annualized in Q2 2026, against a 1.32% median for 315 U.S. banks with half to twice its assets, ahead of 53% of them.
What is Independent Bank's efficiency ratio?
61.54% in Q2 2026: it spent about 62 cents in noninterest expense for each dollar of revenue. The peer median is 56.03%, and lower is better.
Is Independent Bank growing its loans?
Net loans grew 6.1% over the year to Q2 2026, while deposits grew 4.2%.
Sources and method
Figures are from the FDIC’s public call report data for the quarter ending 06/30/2026, via FDIC BankFind. Return on assets and net interest margin are annualized year to date. Peers are U.S. banks with half to twice its assets in the same quarter, excluding this bank. The page refreshes daily, so new quarters appear as banks file. Compare another bank or see every Michigan bank ranked.