Overview / Commentary
Independence Bank (RI) is headquartered in East Greenwich and is the 7th largest bank in the state of Rhode Island. It is also the 4,493rd largest bank in the nation. It was established in 2003 and as of June of 2021, it had grown to 16 employees at 1 location. Independence Bank (RI) has a B+ health rating.
Health
B+
Data as of Q2 2021
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 | 16 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.71% |
| Return on Equity - YTD | 2.37% |
| Annual Interest Income | $1.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $64.1MM$67.2MM |
| Loans | Q2 2021vs Q2 2020 | $35.6MM$43.9MM |
| Deposits | Q2 2021vs Q2 2020 | $43.4MM$46.3MM |
| Equity Capital | Q2 2021vs Q2 2020 | $20.1MM$19.5MM |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $8.2MM$9.8MM |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $885.00K$1.6MM |
| Real Estate Owned | Q2 2021vs Q2 2020 | $100.00K$144.00K |