First Independence Bank in Detroit, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches


First Independence Bank - Overview

  • General
  • FDIC Certificate #: 20179
    Status: Active
    Federal Reserve ID: 254849
    Bank Holding Company (Regulatory Top Holder): First Independence Corporation (RSSDID: 1134564, Location: Detroit, MI)
    Date Established: May 14, 1970
    WWW: http://www.firstindependence.com
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 3 (Domestic: 3, Interstate: No)
    OTS Docket #: 16107
    FDIC's unique #: 13869
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: May 14, 1970
    Last Structure Change Effective Date: April 01, 2007
    Last Structure Change Process Date: April 13, 2007
    Last Data Update: April 13, 2007
    Data Source Date: April 05, 2012
  • Location
  • Address: 44 Michigan Avenue, Detroit, MI 48226
    County: Wayne
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Detroit
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Metropolitan Statistical Area (MSA): Detroit, MI (#2160)
    Consolidated Metropolitan Statistical Area (CMSA): Detroit-Ann Arbor-Flint, MI (#35)
    Combined Statistical Area (CSA): Detroit-Warren-Flint, MI (#220)
    Core Based Statistical Area (CBSA): Detroit-Warren-Livonia, MI (#19820)
    CBSA Metro Statistical Area: Detroit-Warren-Livonia, MI (#19820)
    Core Based Statistical Division: Detroit-Livonia-Dearborn, MI (#19804)
  • Financial Summary
  • Total assets: $165.2 mil
    Equity capital: $15.2 mil
    Deposits held in domestic offices: $140.9 mil
    Return on assets (ROA): -0.67% (-$1.1 mil)
    Quarterly return on assets: 0.79% ($1.3 mil)
    Return on Equity (ROE): -7.92% (-$1.2 mil)
    Quarterly return on equity: 8.80% ($1.3 mil)
    Net income: -$1.2 mil
    Quarterly Net income: $0.3 mil
    Pretax return on assets: -0.67% (-$1,107.0 mil)
    Quarterly Pretax return on assets: 0.79% ($1,305.2 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 84Total employees (full-time equivalent)
  • $165,219Total assets
  • $24,495Cash and due from depository institutions
  • $21,216Interest-bearing balances
  • $18,253Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $113,419Net loans & leases
  • $2,143Loan loss allowance
  • $0Trading account assets
  • $4,384Bank premises and fixed assets
  • $2Other real estate owned
  • $0Goodwill and other intangibles
  • $165,220Life insurance assets
  • $4,666All other assets
  • $149,984Total liabilities and capital
  • $140,888Total liabilities
  • $69,874Total deposits
  • $140,888Interest-bearing deposits
  • $100Deposits held in domestic offices
  • 7330.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $1,766Subordinated debt
  • $15,236All other liabilities
  • $15,236Total equity capital
  • $15,236Total bank equity capital
  • $0Perpetual preferred stock
  • $2,281Common stock
  • $12,522Surplus
  • $433Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $17,548Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $1,361Income earned, not collected on loans
  • $0Earning assets
  • $315Long-term assets (5+ years)
  • $152,888Average Assets, year-to-date
  • $9,643Average Assets, quarterly
  • $180,435Volatile liabilities
  • $167,677Insider loans
  • $111,712FHLB advances
  • $168,486Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $15,081Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $5,706Restructured Loans and leases
  • $3,007Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $5,938Total interest income
  • $276Total interest expense
  • $5,662Net interest income
  • $925Provision for loan and lease losses
  • $3,967Total noninterest income
  • $0Fiduciary activities
  • $456Service charges on deposit accounts
  • $0Trading account gains & fees
  • $3,511Additional noninterest income
  • $9,918Total noninterest expense
  • $5,340Salaries and employee benefits
  • $1,328Premises and equipment expense
  • $3,250Additional noninterest expense
  • -$1,214Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • -$1,214Income before extraordinary items
  • $0Extraordinary gains - net
  • -$1,214Net income attributable to bank
  • $0Net charge-offs
  • -$1,214Cash dividends
  • $1,157Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 3.53%Yield on earning assets
  • 0.16%Cost of funding earning assets
  • 3.37%Net interest margin
  • 2.36%Noninterest income to earning assets
  • 5.90%Noninterest expense to earning assets
  • -0.67%Net operating income to assets
  • -0.67%Return on assets (ROA)
  • -0.67%Pretax return on assets
  • -7.92%Return on equity (ROE)
  • -7.92%Retained earnings to average equity (YTD only)
  • 1.11%Net charge-offs to loans
  • 79.95%Credit loss provision to net charge-offs
  • -0.25%Efficiency ratio
  • 103,001Assets per employee
  • 1.97%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.85%Loss allowance to noncurrent loans
  • 157.46%Noncurrent assets plus other real estate owned to assets
  • 0.82%Noncurrent loans to loans
  • 1.18%Net loans and leases to deposits
  • 80.50%Net loans and leases to core deposits
  • 90.64%Equity capital to assets
  • 9.22%Core capital (leverage) ratio
  • 8.95%Tier 1 risk-based capital ratio
  • 13.50%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $180,435Average earning assets
  • $15,323Average equity
  • $168,013Average loans

List of branches

  • 3 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    013869First Independence Bank44 Michigan Avenue, Detroit, MI 48226May 14, 1970Full Service Brick and Mortar
    1250454Livernois-Hebert Branch12200 Livernois Avenue, Detroit, MI 48204August 15, 1974Full Service Brick and Mortar
    22504557 Mile Branch7020 West Seven Mile Road, Detroit, MI 48221March 06, 1985Full Service Brick and Mortar

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