Independence Federal Savings Bank in Washington, District Of Columbia (DC), MD



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Independence Federal Savings Bank
GeneralFDIC Certificate #: 31555
Status: Active
Federal Reserve ID: 492173
Date Established: July 01, 1968
WWW: http://www.ifsb.com
Trust Powers Granted: No
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
Offices: 3 (Domestic: 3, Interstate: Yes)
OTS Docket #: 7173
FDIC's unique #: 44389
Numeric code: 33
Regulator: OCC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: No
Subchapter S Corporations: No
Asset Concentration Hierarchy: Mortgage Lending Specialization
Date of Deposit Insurance: July 01, 1968
Last Structure Change Effective Date: October 26, 2011
Last Structure Change Process Date: October 27, 2011
Last Data Update: October 27, 2011
Data Source Date: April 05, 2012
LocationAddress: 1301 9th Street N W, Washington, DC 20001
County: District Of Columbia
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: Baltimore
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Washington, DC-MD-VA-WV (#8840)
Consolidated Metropolitan Statistical Area (CMSA): Washington-Baltimore, DC-MD-VA-WV (#97)
Combined Statistical Area (CSA): Washington-Baltimore-Northern Virginia, DC-MD-VA-WV (#548)
Core Based Statistical Area (CBSA): Washington-Arlington-Alexandria, DC-VA-MD-WV (#47900)
CBSA Metro Statistical Area: Washington-Arlington-Alexandria, DC-VA-MD-WV (#47900)
Core Based Statistical Division: Washington-Arlington-Alexandria, DC-VA-MD-WV (#47894)
History of ChangesCorrections
Financial SummaryTotal assets: $94.3 mil
Equity capital: $4.1 mil
Deposits held in domestic offices: $78.3 mil
Return on assets (ROA): -1.26% (-$1.2 mil)
Quarterly return on assets: -1.82% (-$1.7 mil)
Return on Equity (ROE): -27.84% (-$1.1 mil)
Quarterly return on equity: -41.13% (-$1.6 mil)
Net income: -$1.3 mil
Quarterly Net income: -$0.4 mil
Pretax return on assets: -1.26% (-$1,188.5 mil)
Quarterly Pretax return on assets: -1.82% (-$1,716.8 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)
Total employees (full-time equivalent)30
Total assets$94,327
Cash and due from depository institutions$4,558
Interest-bearing balances$3,528
Securities$6,142
Federal funds sold & reverse repurchase agreements$3,562
Net loans & leases$75,046
Loan loss allowance $2,009
Trading account assets$0
Bank premises and fixed assets$607
Other real estate owned$890
Goodwill and other intangibles$0
All other assets$3,522
Life insurance assets$94,327
Total liabilities and capital$90,256
Total liabilities$78,277
Total deposits$72,940
Interest-bearing deposits$78,277
Deposits held in domestic offices$100
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$10,000
Other borrowed funds $0
Subordinated debt $1,979
All other liabilities $4,071
Total equity capital$4,071
Total bank equity capital$4,071
Perpetual preferred stock$0
Common stock$16
Surplus$6,964
Undivided profits $-2,909
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $8,736
Earning assets $0
Long-term assets (5+ years) $715
Average Assets, year-to-date $88,278
Average Assets, quarterly $0
Volatile liabilities $103,475
Insider loans $97,568
FHLB advances $53,978
Loans and leases held for sale $94,215
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $3,959
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $933
Derivatives$0
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $4,761
Total interest expense $1,617
Net interest income $3,144
Provision for loan and lease losses $0
Total noninterest income $427
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $427
Total noninterest expense $4,879
Salaries and employee benefits $2,021
Premises and equipment expense $1,115
Additional noninterest expense $1,743
Pre-tax net operating income -$1,308
Securities gains (losses) $0
Applicable income taxes $0
Income before extraordinary items -$1,308
Extraordinary gains - net $0
Net income attributable to bank -$1,308
Net charge-offs $0
Cash dividends -$1,308
Sale, conversion, retirement of capital stock, net $135
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.89%
Cost of funding earning assets 1.66%
Net interest margin 3.23%
Noninterest income to earning assets 0.44%
Noninterest expense to earning assets 5.01%
Net operating income to assets -1.26%
Return on assets (ROA) -1.26%
Pretax return on assets -1.26%
Return on equity (ROE) -27.84%
Retained earnings to average equity (YTD only) -27.84%
Net charge-offs to loans 0.16%
Credit loss provision to net charge-offs 0.00%
Efficiency ratio-9.69%
Assets per employee$136,628
Cash dividends to net income (YTD only)3.14%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 2.61%
Noncurrent assets plus other real estate owned to assets 23.00%
Noncurrent loans to loans 10.20%
Net loans and leases to deposits11.34%
Net loans and leases to core deposits 95.87%
Equity capital to assets 98.07%
Core capital (leverage) ratio 4.32%
Tier 1 risk-based capital ratio 4.20%
Total risk-based capital ratio 7.33%
Memoranda
Average assets$9
Average earning assets$103,475
Average equity $4,699
Average loans $97,399
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2 District Of Columbia Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
044389Independence Federal Savings Bank1301 9th Street N W, Washington, DC 20001July 01, 1968Full Service Brick and Mortar
1285207E Street Branch1006 E Street, N.W., Washington, DC 20004July 01, 1968Full Service Brick and Mortar
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1 Maryland Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
100285208Eastern Avenue Branch7901 Eastern Avenue, Silver Spring, MD 20910July 01, 1968Full Service Brick and Mortar
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