Bank Independent


710 South Montgomery Avenue
Sheffield, AL 35660
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 0.85% →
1-Year CD 0.31% 0.75% →
2-Year CD 0.41% 0.80% →
5-Year CD 0.81% 1.25% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

Bank Independent is an FDIC insured institution located in Sheffield, AL. It was founded in 1947 and has approximately $2.11 billion in assets. Customers can open an account at one of its 28 branches.

FDIC Insured Yes
FDIC Certificate # 16604
Date Established 1947
Assets $ 2.11 billion
Loans $ 1,275.88 million
Deposits $ 1,805.82 million
Capital $ 178.85 million

For a more detailed analysis of Bank Independent's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - October 27, 2021

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
0.05% $1 - Learn More
Money Market
0.11% $1 $9,999 Learn More
Money Market
0.11% $10,000 $49,999 Learn More
6 Mo CD
0.21% $1,000 - Learn More
12 Mo CD
0.31% $1,000 - Learn More
18 Mo CD
0.41% $1,000 - Learn More
24 Mo CD
0.41% $1,000 - Learn More
36 Mo CD
0.51% $1,000 - Learn More
48 Mo CD
0.61% $1,000 - Learn More
60 Mo CD
0.81% $1,000 - Learn More


Loan Rates - October 27, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Bank Independent

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:

Featured - Connecticut 30 Year Fixed Mortgage Rates 2021

Lender APR Rate (%) Monthly
Learn More
NMLS ID: 2890
License#: 13256
2.809% 2.750%
0.75 points
$1,902 fees
$1,021 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR 2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info

Note to Bank Independent
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Financial Details

Bank Independent Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Bank Independent. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Bank Independent U.S. Bank Average
10.11% 4.78%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2021, Bank Independent had $19,009,000 in non-current loans and $855,000 in owned real estate. To cover these potential losses it had $178,847,000 in equity and $17,659,000 in loans loss reserves. That gives it a Texas Ratio of 10.11%.

Return on Equity
Bank Independent U.S. Bank Average
11.25% 11.29%

Bank Independent has a Return on Equity of 11.25% versus the BestCashCow average of 11.29%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Bank Independent U.S. Bank Average
8.46% 11.72%

Bank Independent has a Capitalization of 8.46% versus the BestCashCow average of 11.72. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Bank Independent Balance Sheet Analysis

As of June 30, 2021, Bank Independent had assets of $2,114,596,000, loans of $1,275,878,000, and deposits of $1,805,823,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2021
Cash & Balances due from depository institutions $ 487.60 million
Interest-bearing balances $ 446.42 million
Total securities $ 222.66 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 1,275.88 million
Loan loss allowance $ 17.66 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.86 million
Goodwill and other intangibles $ 23.76 million
All other assets $ 51.48 million
     Total Assets $ 1,935.75 million
Total deposits $ 1,805.82 million
      Interest-bearing deposits $ 1,310.42 million
      Deposits held in domestic offices $ 1,805.82 million
      % insured (estimated) 80.18%
Federal funds purchased and repurchase agreements $ 19.69 million
Trading liabilities N.A.
Other borrowed funds $ 65.00 million
Subordinated debt N.A.
All other liabilities $ 45.23 million
      Total Liabilities $ 1,935.75 million
      Shareholders’ Equity $ 178.85 million

Summary Income Statement

June 30, 2021
Total Interest Income $ 44.14 million
Total Interest Expense $ 3.72 million
Net interest income $ 40.41 million
Provision for loan and lease losses $ 0.95 million
Total non interest income $ 11.13 million
Total non interest expense $ 38.43 million
Pre-tax Net Operating Income $ 12.16 million

Bank Loan Profile?

The top three loan types in Bank Independent’s loan portfolio are Commercial Real Estate, Commercial and Industrial Loans, and 1-4 Family Residential Loans.

Compared to other banks in Alabama, Bank Independent has a significantly higher percent of Multifamily Mortgages on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 22.74
Credit Card Loans 0.05
Consumer Auto Loans 0.37
Small Business Loans 7.43
Construction and Development Loans 13.38
Commercial Real Estate 30.51
Commercial and Industrial Loans 26.83
Farm Loans 0.05

Frequently Asked Questions About Bank Independent

Branches and Savings

Is Bank Independent FDIC insured?

Yes. It is covered under FDIC Certificate #16604.

Why does Bank Independent pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Bank Independent CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Bank Independent a commercial bank?


Where are Bank Independent locations?

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Is Bank Independent open on Saturdays?

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Does Bank Independent require US citizenship to open account?

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Does Bank Independent offer mortgages?

Compare mortgage rates here.

Does Bank Independent offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Bank Independent offer personal loans?

Compare personal loan rates here.

Does Bank Independent offer student loans?

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Background on The Bank

Who owns Bank Independent?

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