Peoples Independent Bank

Headquarters

121 Billy B. Dyar Boulevard
Boaz, AL 35957
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Notable Rates APY Vs.Others
Savings N.A. 5.50% →
1-Year CD N.A. 5.38% →
2-Year CD N.A. 4.95% →
5-Year CD N.A. 4.55% →
30-Year Mortgage N.A. 4.91% →
15-Year Mortgage N.A. 4.39% →
HELOC N.A. 0.99% →

2024 Overview

General Bank Information

Peoples Independent Bank is an FDIC insured institution located in Boaz, AL. It was founded in 1988 and has approximately $0.45 billion in assets. Customers can open an account at one of its 9 branches.

FDIC Insured Yes
FDIC Certificate # 27233
Date Established 1988
Assets $ 449.26 million
Loans $ 187.06 million
Deposits $ 401.21 million
Capital $ 33.23 million
 

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

Deposit Rates - July 23, 2024

Your Current Location: Virginia, VA 20146


Loan Rates - July 23, 2024

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Peoples Independent Bank

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




Featured - Virginia 30 Year Fixed Mortgage Rates 2024

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6.706% 6.625%
0.63 points
$2,684 fees
$2,049 Learn More
New American Funding, LLC.
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6.844% 6.750%
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$3,098 fees
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7.064% 6.990%
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Featured - Virginia Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
7.990 %
$0 Learn More
More Info

Note to Peoples Independent Bank
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Branches

Peoples Independent Bank 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:
Ashburn,Virginia



Climate Policy and Initiatives

Peoples Independent Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.


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Financial Details

Peoples Independent Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Peoples Independent Bank. 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
Peoples Independent Bank U.S. Bank Average
4.33% 4.29%

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, 2024, Peoples Independent Bank had $745,000 in non-current loans and $777,000 in owned real estate. To cover these potential losses it had $33,225,000 in equity and $1,933,000 in loans loss reserves. That gives it a Texas Ratio of 4.33%.

Return on Equity
Peoples Independent Bank U.S. Bank Average
24.46% 10.46%

Peoples Independent Bank has a Return on Equity of 24.46% versus the BestCashCow average of 10.46%. 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
Peoples Independent Bank U.S. Bank Average
7.4% 10.73%

Peoples Independent Bank has a Capitalization of 7.4% versus the BestCashCow average of 10.73. 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.

Peoples Independent Bank Balance Sheet Analysis

As of March 31, 2024, Peoples Independent Bank had assets of $449,260,000, loans of $187,062,000, and deposits of $401,213,000. 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, 2024
ASSETS
Cash & Balances due from depository institutions $ 46.31 million
Interest-bearing balances $ 39.28 million
Total securities $ 184.13 million
Federal funds sold and reverse repurchase $ 5.48 million
Net loans and leases $ 187.06 million
Loan loss allowance $ 1.93 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.78 million
Goodwill and other intangibles $ 1.21 million
All other assets $ 19.16 million
     Total Assets $ 416.04 million
LIABILITIES
Total deposits $ 401.21 million
      Interest-bearing deposits $ 310.06 million
      Deposits held in domestic offices $ 401.21 million
      % insured (estimated) 76.32%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 3.45 million
      Total Liabilities $ 416.04 million
      Shareholders’ Equity $ 33.23 million

Summary Income Statement

March 31, 2024
INCOME AND EXPENSES
Total Interest Income $ 6.19 million
Total Interest Expense $ 2.14 million
Net interest income $ 4.04 million
Provision for loan and lease losses $ 0.03 million
Total non interest income $ 0.50 million
Total non interest expense $ 2.39 million
Pre-tax Net Operating Income $ 3.04 million

Bank Loan Profile?

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

Compared to other banks in Alabama, Peoples Independent Bank has a significantly higher percent of Small Business Loans, Commercial Real Estate 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 14.69
Multifamily
Mortgages
1.08
Credit Card Loans 0.00
Consumer Auto Loans 0.26
Small Business Loans 16.69
Construction and Development Loans 7.60
Commercial Real Estate 39.68
Commercial and Industrial Loans 14.56
Farm Loans 0.98

Customer Reviews for Peoples Independent Bank


  • February 9, 2024 |

    Last week we called the People's Independent main branch to gain an understanding of the institution, a normal procedure for any family. We do not live in Boaz, AL, so we thought we could have our questions answered by calling. We called the branch twice, both times requesting a manager because we had specific banking questions. We certainly didn't want to drive an hour and then find upon arriving that no one was available to answer our questions. We are not affiliated with PIB but we have relatives who do business with PIB. They were taken aback by our treatment.

    On both occasions, a gentleman named Chris who introduced himself as a manager of the Boaz main branch answered our call. We were hoping to have access to another manager for the second call that followed, as Chris did not impress us the first time. Chris informed us that he was one of the managers of the main branch. When we called a second time, we were just as disappointed as during the first call. For example, Chris didn't seem interested in answering our questions about a five-year Certificate of Deposit or in us becoming customers. We were also seeking to open a checking account. As we attempted to explain ourselves regarding one particular question—a question that a branch manager should have known—he put us on hold for several minutes. Afterward, I mentioned to Chris that we are residents of Alabama and that I am a retired engineer, as well as a numbers guy. He replied with a sarcastic remark: "So am I, 1+1=2." I took this as a mocking swipe. He clearly was not the person we desired; this was the extent of his ability to be helpful. When Chris learned that we moved from New York, his attitude shifted. He knew by our (212) area code that we were not originally from the area. We sensed that he considered us outsiders, especially when he replied, "We are a local bank who serve locals. Perhaps this bank is not for you." This discrimination was enough to terminate the call. Shame on People's Independent Bank.

    Mr. Vogel


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