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Q2 2026 · read from the 30 June 2026 Call Report · United States · South Central · Tennessee, the state note

Independent Bank

Memphis, Tennessee · $1.85B in assets · beside the 11 other Tennessee banks between $1B and $3B

The filing

16.7%
CRE / loans
2nd of 12
60.7%
Efficiency
11th of 12
114.4%
CRE / capital
2nd of 12

Independent Bank is the fourth largest of the 12 Tennessee banks nearest its size between $1B and $3B, with $1.85B in assets at 30 June 2026. Loans are 82.4% of deposits, 8th of 12 against a median of 80.1%, and equity is 10.5% of assets, 5th of 12. Loans grew +3.6% in the year, 8th of 12, and deposits grew 4.6%; the cohort's median loan growth is +5.0%.

Noncurrent loans are 0.85% of the book, 9th of 12 against a median of 0.51%; 2.88% is 30 to 89 days past due, and the allowance covers them 1.3 times. Net charge-offs are 0.36% of loans, 11th of 12. Commercial real estate is 16.7% of loans, 2nd of 12 against a median of 37.7%, and 114% of capital, below the 300% screen, with construction at 35% against the 100% screen.

Return on assets is 1.30%, 10th of 12 against a median of 1.78%, on an efficiency ratio of 60.7%, 11th of 12. Five years ago it was 1.32%. The question is which of these lines moves first over the next four quarters, and against which peer.

Commercial real estate, share of loansTN banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median 37.7% AB Apex Bank 13.5% IB Independent Bank 16.7% OB One Bank of Tennessee 26.2% FN First National Bank of Pulaski 32.3% WB Wellworth Bank 32.6% SB Security Bank & Trust Co. 36.0% CT Citizens Tri-county Bank 39.4% FF First Farmers & Merchants Bank 44.1% BB Builtwell Bank 46.2% Bo Bank of Tennessee 47.0% CB Citizens Bank 50.6% CN Citizens National Bank 58.6%
Loans, year over yearTN banks $1B to $3B · 30 June 2026 · no better direction, largest first
median +5.0% BB Builtwell Bank +22.8% SB Security Bank & Trust Co. +19.3% Bo Bank of Tennessee +16.1% CB Citizens Bank +9.8% CT Citizens Tri-county Bank +9.8% WB Wellworth Bank +5.7% CN Citizens National Bank +4.3% IB Independent Bank +3.6% AB Apex Bank +3.4% FN First National Bank of Pulaski +3.4% FF First Farmers & Merchants Bank +3.3% OB One Bank of Tennessee +1.6%

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; Tier 1 stands in for the 2 CBLR filers; owner-occupied excluded; bold marks a screen met
Independent BankRankCohort median
Total CRE against capital, the 300% screen114%2nd of 12226%
Construction against capital, the 100% screen35%2nd of 1276%
Construction and land development, share of loans5.2%2nd of 1212.2%
Non-owner-occupied nonfarm nonresidential, share of loans9.6%2nd of 1217.7%
Total CRE, the guidance definition, share of loans16.7%2nd of 1237.7%
CRE growth over 36 months, the third prong-1.8%1st of 12+19.1%
Commercial real estate against capital, the 300% screenTN banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median 226% AB Apex Bank 74% IB Independent Bank 114% OB One Bank of Tennessee 181% FN First National Bank of Pulaski 193% WB Wellworth Bank 211% FF First Farmers & Merchants Bank 216% SB Security Bank & Trust Co. 237% CT Citizens Tri-county Bank 273% BB Builtwell Bank 304% CB Citizens Bank 305% CN Citizens National Bank 331% Bo Bank of Tennessee 375%
CRE growth over 36 months, the guidance's third prongTN banks $1B to $3B · 30 June 2026 · lower is stronger, listed first
median +19.1% IB Independent Bank -1.8% FN First National Bank of Pulaski +3.5% FF First Farmers & Merchants Bank +12.3% OB One Bank of Tennessee +13.8% CB Citizens Bank +15.2% AB Apex Bank +16.6% CN Citizens National Bank +21.7% CT Citizens Tri-county Bank +29.9% BB Builtwell Bank +35.5% Bo Bank of Tennessee +42.2% WB Wellworth Bank +52.2% SB Security Bank & Trust Co. +134.5%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
Builtwell Bank$2.28B2.1%47.6%0.57%-0.05%1.5%77.8%12.0%
Bank of Tennessee$2.25B1.8%56.7%0.45%0.01%0.9%100.8%8.8%
Citizens National Bank$1.96B2.0%42.7%0.04%0.00%1.2%76.4%9.8%
Independent Bank$1.85B1.3%60.7%0.85%0.36%1.1%82.4%10.5%
Wellworth Bank$1.84B1.3%57.5%1.39%0.04%1.1%82.4%9.8%
First Farmers & Merchants Bank$1.76B1.2%61.7%0.12%0.00%0.8%66.3%10.1%
Security Bank & Trust Co.$1.70B1.6%46.8%0.02%0.01%0.3%84.0%10.8%
One Bank of Tennessee$1.67B2.2%49.3%0.01%0.02%0.7%74.0%8.8%
Citizens Tri-county Bank$1.64B1.8%54.5%0.75%0.05%1.6%72.7%9.1%
First National Bank of Pulaski$1.50B1.4%53.6%0.24%0.01%1.3%77.3%10.0%
Apex Bank$1.46B2.1%40.2%2.49%0.03%1.0%105.6%15.0%
Citizens Bank$1.42B1.9%55.8%1.14%0.45%0.9%95.8%12.8%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Independent BankCohort median
20212026Change20212026Change
Loans$900M$1.33B+48%$782M$1.20B+54%
Deposits$1.05B$1.62B+55%$1.03B$1.51B+46%
NPA / loans0.58%0.85%+0.27 pts0.31%0.51%+0.20 pts
Efficiency65.5%60.7%-4.8 pts56.9%54.0%-2.9 pts
ROA1.32%1.30%-0.03 pts1.47%1.78%+0.31 pts

This read was prepared for Independent Bank's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on Independent Bank is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort TN banks $1B to $3B
Institution www.i-bankonline.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by state and asset band. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
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