Independence National Bank in Greenville, South Carolina (SC)
Overview, Financial Summary, Detailed Financial Reports, Branches

  • Independence National Bank in Greenville, South Carolina (SC)
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Independence National Bank - Overview

  • General
  • FDIC Certificate #: 57951
    Status: Active
    Federal Reserve ID: 3324994
    Bank Holding Company (Regulatory Top Holder): Independence Bancshares, Inc. (RSSDID: 3324967, Location: Greenville, SC)
    Date Established: May 16, 2005
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
    Offices: 4 (Domestic: 4, Interstate: No)
    FDIC's unique #: 432393
    Numeric code: 3
    Regulator: OCC
    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: No
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: May 16, 2005
    Last Structure Change Effective Date: March 31, 2006
    Last Structure Change Process Date: November 03, 2006
    Last Data Update: November 03, 2006
    Data Source Date: April 05, 2012
  • Location
  • Address: 500 East Washington Street, Greenville, SC 29601
    County: Greenville
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Columbia Sc
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): Greenville-Spartanburg-Anderson, SC (#3160)
    Combined Statistical Area (CSA): Greenville-Spartanburg-Anderson, SC (#273)
    Core Based Statistical Area (CBSA): Greenville-Mauldin-Easley, SC (#24860)
    CBSA Metro Statistical Area: Greenville-Mauldin-Easley, SC (#24860)
  • History of Changes
  • Merge BIF and SAIF Funds into DIF
  • Financial Summary
  • Total assets: $112.3 mil
    Equity capital: $8.4 mil
    Deposits held in domestic offices: $96.6 mil
    Return on assets (ROA): -1.78% (-$2.0 mil)
    Quarterly return on assets: -2.38% (-$2.7 mil)
    Return on Equity (ROE): -22.63% (-$1.8 mil)
    Quarterly return on equity: -30.58% (-$2.4 mil)
    Net income: -$2.1 mil
    Quarterly Net income: -$0.7 mil
    Pretax return on assets: -1.78% (-$1,999.0 mil)
    Quarterly Pretax return on assets: -2.38% (-$2,672.9 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
  • 23Total employees (full-time equivalent)
  • $112,305Total assets
  • $5,652Cash and due from depository institutions
  • $340Interest-bearing balances
  • $12,621Securities
  • $9,550Federal funds sold & reverse repurchase agreements
  • $74,779Net loans & leases
  • $2,110Loan loss allowance
  • $0Trading account assets
  • $2,342Bank premises and fixed assets
  • $5,350Other real estate owned
  • $0Goodwill and other intangibles
  • $112,306Life insurance assets
  • $2,011All other assets
  • $103,913Total liabilities and capital
  • $96,604Total liabilities
  • $89,565Total deposits
  • $96,604Interest-bearing deposits
  • $95Deposits held in domestic offices
  • 108.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $7,000Trading liabilities
  • $0Other borrowed funds
  • $201Subordinated debt
  • $8,393All other liabilities
  • $8,393Total equity capital
  • $8,393Total bank equity capital
  • $0Perpetual preferred stock
  • $10,250Common stock
  • $10,837Surplus
  • $-12,694Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $5,043Income earned, not collected on loans
  • $0Earning assets
  • $297Long-term assets (5+ years)
  • $97,290Average Assets, year-to-date
  • $12,054Average Assets, quarterly
  • $116,910Volatile liabilities
  • $112,702Insider loans
  • $87,917FHLB advances
  • $114,068Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $8,308Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $10,619Restructured Loans and leases
  • $6,027Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $4,742Total interest income
  • $1,512Total interest expense
  • $3,230Net interest income
  • $730Provision for loan and lease losses
  • $276Total noninterest income
  • $0Fiduciary activities
  • $49Service charges on deposit accounts
  • $0Trading account gains & fees
  • $227Additional noninterest income
  • $4,888Total noninterest expense
  • $1,700Salaries and employee benefits
  • $543Premises and equipment expense
  • $2,645Additional noninterest expense
  • -$2,112Pre-tax net operating income
  • $33Securities gains (losses)
  • $0Applicable income taxes
  • -$2,079Income before extraordinary items
  • $0Extraordinary gains - net
  • -$2,079Net income attributable to bank
  • $0Net charge-offs
  • -$2,079Cash dividends
  • $1,682Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.58%Yield on earning assets
  • 1.46%Cost of funding earning assets
  • 3.12%Net interest margin
  • 0.27%Noninterest income to earning assets
  • 4.72%Noninterest expense to earning assets
  • -1.81%Net operating income to assets
  • -1.78%Return on assets (ROA)
  • -1.78%Pretax return on assets
  • -22.63%Return on equity (ROE)
  • -22.63%Retained earnings to average equity (YTD only)
  • 1.96%Net charge-offs to loans
  • 43.40%Credit loss provision to net charge-offs
  • -0.82%Efficiency ratio
  • 139,418Assets per employee
  • 4.88%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.74%Loss allowance to noncurrent loans
  • 41.84%Noncurrent assets plus other real estate owned to assets
  • 9.25%Noncurrent loans to loans
  • 6.56%Net loans and leases to deposits
  • 77.41%Net loans and leases to core deposits
  • 93.57%Equity capital to assets
  • 7.47%Core capital (leverage) ratio
  • 7.28%Tier 1 risk-based capital ratio
  • 9.45%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $116,910Average earning assets
  • $9,187Average equity
  • $103,554Average loans

List of branches

  • 4 South Carolina Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    0432393Independence National Bank500 East Washington Street, Greenville, SC 29601May 16, 2005Full Service Brick and Mortar
    1440994Messenger Service Branch500 East Washington, Greenville, SC 29601May 16, 2005Limited Service Messenger
    2469621Wade Hampton Branch2801b Wade Hampton Boulevard, Taylors, SC 29687October 11, 2007Full Service Brick and Mortar
    3492920Simpsonville Branch150 Highway 14, Simpsonville, SC 29681Febuary 26, 2009Full Service Brick and Mortar

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