Independence Bank in Kernersville, North Carolina (NC)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of June 18, 2002

  • Independence Bank in Kernersville, North Carolina (NC)
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Independence Bank - Overview

  • General
  • FDIC Certificate #: 34510
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Bank of North Carolina (#33527)
    Federal Reserve ID: 2625023
    Date Established: November 05, 1997
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 1 (Interstate: No)
    OTS Docket #: 15655
    FDIC's unique #: 57788
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Bank Insurance Fund (BIF)
    Bank Insurance Fund: Yes
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    State Chartered: Yes
    Date of Deposit Insurance: November 05, 1997
    Last Structure Change Effective Date: June 18, 2002
    Last Structure Change Process Date: July 02, 2002
    Last Data Update: July 02, 2002
    Data Source Date: April 05, 2012
  • Location
  • Address: 211 Broad Street, Kernersville, NC 27285
    County: Forsyth
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Charlotte
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): Greensboro--Winston-Salem--High Point, NC (#3120)
    Combined Statistical Area (CSA): Greensboro-Winston-Salem-High Point, NC (#268)
    Core Based Statistical Area (CBSA): Winston-Salem, NC (#49180)
    CBSA Metro Statistical Area: Winston-Salem, NC (#49180)
  • Financial Summary
  • Total assets: $54.4 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, 2001)

  • Dollar figures in thousands
  • 23Total employees (full-time equivalent)
  • $55,447Total assets
  • $1,664Cash and due from depository institutions
  • $528Interest-bearing balances
  • $6,151Securities
  • $10,240Federal funds sold & reverse repurchase agreements
  • $34,844Net loans & leases
  • $1,325Loan loss allowance
  • $0Trading account assets
  • $2,080Bank premises and fixed assets
  • $0Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $468All other assets
  • $55,447Total liabilities and capital
  • $51,356Total liabilities
  • $49,541Total deposits
  • $45,922Interest-bearing deposits
  • $49,541Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $81Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $1,500Other borrowed funds
  • $0Subordinated debt
  • $234All other liabilities
  • $4,091Total equity capital
  • $4,091Total bank equity capital
  • $4,091Perpetual preferred stock
  • $0Common stock
  • $3,190Surplus
  • $3,444Undivided profits
  • Memoranda
  • $-2,543Noncurrent loans and leases
  • $5,425Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $0Earning assets
  • $0Long-term assets (5+ years)
  • $295Average Assets, year-to-date
  • $51,763Average Assets, quarterly
  • $1,699Volatile liabilities
  • $56,750Insider loans
  • $56,584FHLB advances
  • $18,719Loans and leases held for sale
  • $1,927Unused loan commitments
  • $1,500Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $5,425Total unused commitments
  • $0Restructured Loans and leases
  • $470Derivatives

Income and Expense (December 31, 2001)

  • Dollar figures in thousands
  • $4,174Total interest income
  • $2,602Total interest expense
  • $1,572Net interest income
  • $1,348Provision for loan and lease losses
  • $420Total noninterest income
  • $0Fiduciary activities
  • $136Service charges on deposit accounts
  • $0Trading account gains & fees
  • $284Additional noninterest income
  • $2,255Total noninterest expense
  • $1,217Salaries and employee benefits
  • $378Premises and equipment expense
  • $660Additional noninterest expense
  • -$1,611Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • -$1,611Income before extraordinary items
  • $0Extraordinary gains - net
  • -$1,611Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $568Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2001)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 7.98%Yield on earning assets
  • 4.97%Cost of funding earning assets
  • 3.00%Net interest margin
  • 0.80%Noninterest income to earning assets
  • 4.31%Noninterest expense to earning assets
  • -2.84%Net operating income to assets
  • -2.84%Return on assets (ROA)
  • -2.84%Pretax return on assets
  • -33.11%Return on equity (ROE)
  • -33.11%Retained earnings to average equity (YTD only)
  • 1.49%Net charge-offs to loans
  • 237.32%Credit loss provision to net charge-offs
  • -0.46%Efficiency ratio
  • 113,203Assets per employee
  • 2.41%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 3.66%Loss allowance to noncurrent loans
  • 0.00%Noncurrent assets plus other real estate owned to assets
  • 0.00%Noncurrent loans to loans
  • 0.00%Net loans and leases to deposits
  • 70.33%Net loans and leases to core deposits
  • 107.53%Equity capital to assets
  • 7.38%Core capital (leverage) ratio
  • 7.05%Tier 1 risk-based capital ratio
  • 11.07%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $56,750Average earning assets
  • $4,865Average equity
  • $52,336Average loans

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