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 4,418th largest bank in the nation. It was established in 2003 and as of June of 2022, it had grown to 17 employees at 1 location. Independence Bank (RI) has a B+ health rating.
Health
B+
Data as of Q2 2022
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 | 1.14% |
| Return on Equity - YTD | 3.33% |
| Annual Interest Income | $1.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $59.3MM$64.1MM |
| Loans | Q2 2022vs Q2 2021 | $26.3MM$35.6MM |
| Deposits | Q2 2022vs Q2 2021 | $37.7MM$43.4MM |
| Equity Capital | Q2 2022vs Q2 2021 | $21.2MM$20.1MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $6.4MM$8.2MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $263.00K$885.00K |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$100.00K |