Independence Bank (RI)

Independence Bank (RI) is headquartered in East Greenwich and is the 13^st largest bank in the state of Rhode Island. It is also the 5,915^st largest bank in the nation. It was established in 2003 and as of December of 2012, it had grown to 22 employees at 1 location. Independence Bank (RI) has a 3-star health rating.

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Data for Q4 2012

Institution Statistics Independence Bank FDIC Certificate # 57379 BankRate Report View Year Established 2003 Employees 22 Primary Regulator FDIC Assets and Liabilities Assets $61.14 million Loans $29.93 million Deposits $49.78 million Equity Capital $7.25 million Loan Loss Allowance $1.60 million Unbacked Noncurrent Loans $938,000 Real Estate Owned $65,000 Historic Data - December 2011 Assets $68.72 million Equity Capital $7.10 million Loan Loss Allowance $1.08 million Unbacked Noncurrent Loans $159,000 Real Estate Owned $195,000 Profit Margin - Quarterly Net Interest Margin 2.82% Return on Assets 0.29% Return on Equity 2.6% Interest Income $2.13 million

Institution Health Overall Score: 3 out of 5 Texas Ratio The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2012 Independence Bank (RI) had $1 million in non-current loans and owned real-estate with $8.84 million in equity and loan loss allowances on hand to cover it. This gives Independence Bank (RI) a Texas Ratio of 11.34% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk. Texas Ratio Trend The Texas Ratio for Independence Bank (RI) increased slightly from 4.33% as of December 31, 2011 to 11.34% as of December 31, 2012, resulting in a negative change of 162.19%. This indicates that the balance sheet and financial strength for Independence Bank (RI) has declined slightly in recent periods. Deposit Growth In the past year, Independence Bank (RI) has decreased its total deposits by -$4.81 million, resulting in -8.82% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Independence Bank (RI) has shown is poor. Capitalization Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Independence Bank (RI) has $61.14 million in assets with $8.84 million in equity, resulting in a capitalization level of 14.46%, which is excellent.

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