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 4,544th largest bank in the nation. It was established in 2003 and as of March of 2023, it had grown to 13 employees at 1 location. Independence Bank (RI) has a B health rating.
Health
B
Data as of Q1 2023
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 low asset base.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57379 |
| Year Established | 2003 |
| Employees | 13 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -3.36% |
| Return on Equity - YTD | -5.96% |
| Annual Interest Income | $391.00K |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $34.9MM$62.8MM |
| Loans | Q1 2023vs Q1 2022 | $0$28.8MM |
| Deposits | Q1 2023vs Q1 2022 | $11.5MM$41.2MM |
| Equity Capital | Q1 2023vs Q1 2022 | $21.6MM$21.1MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $0$6.9MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $0$327.00K |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |