Independence Bank in East Greenwich, Rhode Island (RI)
Overview, Financial Summary, Detailed Financial Reports, Branches

Independence Bank - Overview

  • General
  • FDIC Certificate #: 57379
    Status: Active
    Federal Reserve ID: 3180136
    Date Established: March 25, 2003
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 1 (Domestic: 1, Interstate: No)
    FDIC's unique #: 362883
    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: March 25, 2003
    Last Structure Change Effective Date: October 20, 2006
    Last Structure Change Process Date: October 20, 2006
    Last Data Update: October 20, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 1370 South County Trail, East Greenwich, RI 2818
    County: Kent
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: South Boston
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Providence-Fall River-Warwick, RI-MA (#6480)
    Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148)
    Core Based Statistical Area (CBSA): Providence-New Bedford-Fall River, RI-MA (#39300)
    CBSA Metro Statistical Area: Providence-New Bedford-Fall River, RI-MA (#39300)
  • Financial Summary
  • Total assets: $68.7 mil
    Equity capital: $7.1 mil
    Deposits held in domestic offices: $54.6 mil
    Return on assets (ROA): 0.83% ($0.6 mil)
    Quarterly return on assets: -2.25% (-$1.6 mil)
    Return on Equity (ROE): 8.17% ($0.6 mil)
    Quarterly return on equity: -21.09% (-$1.5 mil)
    Net income: $0.6 mil
    Quarterly Net income: -$0.4 mil
    Pretax return on assets: 1.38% ($948.3 mil)
    Quarterly Pretax return on assets: -3.74% (-$2,570.1 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
  • 21Total employees (full-time equivalent)
  • $68,718Total assets
  • $27,178Cash and due from depository institutions
  • $24,838Interest-bearing balances
  • $6,624Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $30,112Net loans & leases
  • $1,081Loan loss allowance
  • $0Trading account assets
  • $353Bank premises and fixed assets
  • $195Other real estate owned
  • $418Goodwill and other intangibles
  • $68,718Life insurance assets
  • $3,838All other assets
  • $61,615Total liabilities and capital
  • $54,588Total liabilities
  • $42,030Total deposits
  • $54,588Interest-bearing deposits
  • $97Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $6,294Trading liabilities
  • $0Other borrowed funds
  • $733Subordinated debt
  • $7,103All other liabilities
  • $7,103Total equity capital
  • $7,103Total bank equity capital
  • $873Perpetual preferred stock
  • $5,000Common stock
  • $114Surplus
  • $1,116Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $2,058Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $159Income earned, not collected on loans
  • $0Earning assets
  • $252Long-term assets (5+ years)
  • $61,574Average Assets, year-to-date
  • $20,746Average Assets, quarterly
  • $68,782Volatile liabilities
  • $68,486Insider loans
  • $28,492FHLB advances
  • $68,832Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $7,054Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $4,368Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $2,500Total interest income
  • $830Total interest expense
  • $1,670Net interest income
  • $890Provision for loan and lease losses
  • $4,142Total noninterest income
  • $0Fiduciary activities
  • $35Service charges on deposit accounts
  • $0Trading account gains & fees
  • $4,107Additional noninterest income
  • $3,973Total noninterest expense
  • $2,164Salaries and employee benefits
  • $377Premises and equipment expense
  • $1,432Additional noninterest expense
  • $949Pre-tax net operating income
  • $0Securities gains (losses)
  • $381Applicable income taxes
  • $568Income before extraordinary items
  • $0Extraordinary gains - net
  • $568Net income attributable to bank
  • $0Net charge-offs
  • $568Cash dividends
  • $761Sale, conversion, retirement of capital stock, net
  • $58Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 3.98%Yield on earning assets
  • 1.32%Cost of funding earning assets
  • 2.66%Net interest margin
  • 6.60%Noninterest income to earning assets
  • 6.33%Noninterest expense to earning assets
  • 0.83%Net operating income to assets
  • 0.83%Return on assets (ROA)
  • 1.38%Pretax return on assets
  • 8.17%Return on equity (ROE)
  • 7.33%Retained earnings to average equity (YTD only)
  • 2.28%Net charge-offs to loans
  • 116.95%Credit loss provision to net charge-offs
  • 2.42%Efficiency ratio
  • 68,359Assets per employee
  • 3.27%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 10.21%Loss allowance to loans
  • 3.47%Loss allowance to noncurrent loans
  • 679.87%Noncurrent assets plus other real estate owned to assets
  • 0.52%Noncurrent loans to loans
  • 0.51%Net loans and leases to deposits
  • 55.16%Net loans and leases to core deposits
  • 60.93%Equity capital to assets
  • 10.34%Core capital (leverage) ratio
  • 10.25%Tier 1 risk-based capital ratio
  • 24.76%Total risk-based capital ratio
  • Memoranda
  • $26Average assets
  • $68,782Average earning assets
  • $6,956Average equity
  • $62,791Average loans

List of branches

  • 1 Rhode Island Branch as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0362883Independence Bank1370 South County Trail, East Greenwich, RI 2818March 25, 2003Full Service Brick and Mortar

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