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
    WWW: http://www.independence-bank.com
    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

Comment about this bank, ask questions, or add new information about it:

CAPTCHA

This web site is not associated with, endorsed by, or sponsored by and has no official or unofficial affiliation with Independence Bank.
Based on public records. Inadvertent errors are possible.
bankencyclopedia.com does not guarantee the accuracy or timeliness of any information on this site.  Use at your own risk.
Table of Contents