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
No
ID
Name
Address
Established
Service Type
Map
0
362883
Independence Bank
1370 South County Trail, East Greenwich, RI 2818
March 25, 2003
Full Service Brick and Mortar
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