Overview / Commentary
Independence Bank (RI) is headquartered in East Greenwich and is the 8th largest bank in the state of Rhode Island. It is also the 4,478th largest bank in the nation. It was established in 2003 and as of June of 2020, it had grown to 17 employees at 1 location. Independence Bank (RI)'s money market rates are 14% higher than the national average, and it has a B+ health rating.
Health
B+
Data as of Q2 2020
Learn why bank health mattersAdditional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. Independence Bank (RI) has a relatively low asset base.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57379 |
| Year Established | 2003 |
| Employees | 17 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.32% |
| Return on Equity - YTD | 4.57% |
| Annual Interest Income | $2.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $67.2MM$66.3MM |
| Loans | Q2 2020vs Q2 2019 | $43.9MM$45.7MM |
| Deposits | Q2 2020vs Q2 2019 | $46.3MM$46.7MM |
| Equity Capital | Q2 2020vs Q2 2019 | $19.5MM$18.5MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $9.8MM$12.5MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $1.6MM$2.0MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $144.00K$154.00K |