Independence Bank of Kentucky

Headquarters

2425 Frederica Street
Owensboro, KY 42301
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 1.00% →
1-Year CD 0.50% 0.95% →
2-Year CD 0.50% 1.00% →
5-Year CD 0.90% 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Independence Bank of Kentucky is an FDIC insured institution located in Owensboro, KY. It was founded in 1909 and has approximately $2.67 billion in assets. Customers can open an account at one of its 25 branches.

FDIC Insured Yes
FDIC Certificate # 8136
Date Established 1909
Assets $ 2.67 billion
Loans $ 1,336.15 million
Deposits $ 2.08 billion
Capital $ 215.82 million
 

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

Deposit Rates - October 20, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.10% $2,500 $4,999 Learn More
Money Market
0.05% $2,500 $2,999 Learn More
Money Market
0.15% $2,500 $2,999 Learn More
Money Market
0.10% $10,000 $14,999 Learn More
Money Market
0.20% $10,000 $14,999 Learn More
Money Market
0.15% $25,000 $29,999 Learn More
Money Market
0.25% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.15% $10,000 $14,999 Learn More
3 Mo CD
0.15% $100,000 $199,999 Learn More
6 Mo CD
0.25% $10,000 $14,999 Learn More
6 Mo CD
0.25% $100,000 $199,999 Learn More
12 Mo CD
0.50% $10,000 $14,999 Learn More
12 Mo CD
0.50% $100,000 $199,999 Learn More
18 Mo CD
0.50% $10,000 $14,999 Learn More
18 Mo CD
0.50% $100,000 $199,999 Learn More
24 Mo CD
0.50% $10,000 $14,999 Learn More
24 Mo CD
0.50% $100,000 $199,999 Learn More
30 Mo CD
0.50% $10,000 $14,999 Learn More
30 Mo CD
0.50% $100,000 $199,999 Learn More
36 Mo CD
0.75% $10,000 $14,999 Learn More
36 Mo CD
0.75% $100,000 $199,999 Learn More
48 Mo CD
0.75% $10,000 $14,999 Learn More
48 Mo CD
0.75% $100,000 $199,999 Learn More
60 Mo CD
0.90% $10,000 $14,999 Learn More
60 Mo CD
0.90% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.05% $1 $99 Learn MoreShow Less
Int Ckg
0.20% $2,500 $3,499 Learn MoreShow Less

Loan Rates - October 20, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Independence Bank of Kentucky

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 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AimLoan.com
NMLS ID: 2890
License#: 13256
2.574% 2.500% 1.00 $2,445 $988 Learn More
Rocket Mortgage
NMLS ID: 3030
3.620% 3.500% 1.00 $3,750 $1,123 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.240 %
$0 Learn More
More Info

Note to Independence Bank of Kentucky
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Independence Bank of Kentucky branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


Independence Bank of Kentucky Locations


Financial Details

Independence Bank of Kentucky Ratio Analysis

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

Texas Ratio
Independence Bank of Kentucky U.S. Bank Average
3.32% 6.94%

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 March 31, 2020, Independence Bank of Kentucky had $3,651,000 in non-current loans and $3,961,000 in owned real estate. To cover these potential losses it had $215,824,000 in equity and $13,207,000 in loans loss reserves. That gives it a Texas Ratio of 3.32%.

Return on Equity
Independence Bank of Kentucky U.S. Bank Average
16.13% 7.80%

Independence Bank of Kentucky has a Return on Equity of 16.13% versus the BestCashCow average of 7.80%. 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.

Capitalization
Independence Bank of Kentucky U.S. Bank Average
8.09% 12.68%

Independence Bank of Kentucky has a Capitalization of 8.09% versus the BestCashCow average of 12.68. 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.

Independence Bank of Kentucky Balance Sheet Analysis

As of March 31, 2020, Independence Bank of Kentucky had assets of $2,667,215,000, loans of $1,336,145,000, and deposits of $2,080,380,000. 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

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 82.12 million
Interest-bearing balances $ 53.47 million
Total securities $ 1,112.89 million
Federal funds sold and reverse repurchase $ 0.60 million
Net loans and leases $ 1,336.15 million
Loan loss allowance $ 13.21 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 3.96 million
Goodwill and other intangibles $ 3.59 million
All other assets $ 43.78 million
     Total Assets $ 2.45 billion
LIABILITIES
Total deposits $ 2.08 billion
      Interest-bearing deposits $ 1,812.07 million
      Deposits held in domestic offices $ 2.08 billion
      % insured (estimated) 86.88%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 365.54 million
Subordinated debt N.A.
All other liabilities $ 5.47 million
      Total Liabilities $ 2.45 billion
      Shareholders’ Equity $ 215.82 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 26.85 million
Total Interest Expense $ 6.32 million
Net interest income $ 20.53 million
Provision for loan and lease losses N.A.
Total non interest income $ 2.82 million
Total non interest expense $ 14.69 million
Pre-tax Net Operating Income $ 8.65 million

Bank Loan Profile?

The top three loan types in Independence Bank of Kentucky’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Small Business Loans.

Compared to other banks in Kentucky, Independence Bank of Kentucky has a significantly higher percent of Small Business Loans, Farm Loans 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.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 34.06
Multifamily
Mortgages
3.93
Credit Card Loans 0.00
Consumer Auto Loans 0.26
Small Business Loans 9.30
Construction and Development Loans 6.77
Commercial Real Estate 27.04
Commercial and Industrial Loans 8.16
Farm Loans 4.40

Frequently Asked Questions About Independence Bank Of Kentucky

Branches and Savings

Is Independence Bank Of Kentucky FDIC insured?

Yes. It is covered under FDIC Certificate #8136.

Why does Independence Bank Of Kentucky pay such low interest on savings accounts?

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

Why are Independence Bank Of Kentucky CD rates not competitive?

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

Is Independence Bank Of Kentucky a commercial bank?

Yes

Where are Independence Bank Of Kentucky locations?

See branch locations nearby.

Is Independence Bank Of Kentucky open on Saturdays?

Is Independence Bank Of Kentucky open on Sundays?

What time does Independence Bank Of Kentucky open?

What time does Independence Bank Of Kentucky close?

Are Independence Bank Of Kentucky ATMs Open 24/7?

Do Independence Bank Of Kentucky ATMs accept cash deposits?

Can Independence Bank Of Kentucky customers use other ATMs?

Do Independence Bank Of Kentucky branches have notaries?

Will Independence Bank Of Kentucky notarize my document?

What address for Independence Bank Of Kentucky should I put for incoming ACH transfers?

Will the Independence Bank Of Kentucky branch print checks?

Do Independence Bank Of Kentucky checks expire?

Does Independence Bank Of Kentucky require US citizenship to open account?

Can Independence Bank Of Kentucky close my account?

Does Independence Bank Of Kentucky Report to credit bureaus?

Does Independence Bank Of Kentucky Use Equifax?

What is Independence Bank Of Kentucky's ACH Routing Number?

What is Independence Bank Of Kentucky's SWIFT code?

Products

Does Independence Bank Of Kentucky offer mortgages?

Compare mortgage rates here.

Does Independence Bank Of Kentucky offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Independence Bank Of Kentucky offer personal loans?

Compare personal loan rates here.

Does Independence Bank Of Kentucky offer student loans?

Will Independence Bank Of Kentucky cash a check?

Will Independence Bank Of Kentucky redeem a savings bond?

Does Independence Bank Of Kentucky cash savings bonds?

Will Independence Bank Of Kentucky cash money orders?

Can Independence Bank Of Kentucky issue a money order?

Does Independence Bank Of Kentucky do currency exchange?

Background on The Bank

Who owns Independence Bank Of Kentucky?

How long has Independence Bank Of Kentucky been around?

Can Independence Bank Of Kentucky transfer to other banks?

Does Independence Bank Of Kentucky have quick pay?

Does Independence Bank Of Kentucky accept rolled coins?

Will Independence Bank Of Kentucky accept loose change?

Where is Independence Bank Of Kentucky headquarters?

Customer Reviews for Independence Bank of Kentucky

There are currently no comments for Independence Bank of Kentucky. Be the first to share your experience. Please provide comments that will help others.

Add Your Review

Rate it here →