Retirement plan

INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS)

Name: INDEPENDENCE BANCSHARES, INC. - INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS) (2024) Form 5500
Creator: INDEPENDENCE BANCSHARES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS), INDEPENDENCE BANCSHARES, INC.

INDEPENDENCE BANCSHARES, INC.EIN 61-0955447Plan #002PY 2024

2425 FREDERICA STREET - OWENSBORO, KY 423015437270-686-17761776bank.comLinkedIn201-500 employeesbanking

Prospect flagsLow returnsCorrective distributions

Top hat statement on fileNQDC

Filed May 21, 2026

Plan administrator

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2425 Frederica St.

Owensboro, KY 42301

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Plans declared (1)

Independence Bancshares, Inc. Phantom Stock Plan12 emp

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Total assets (EOY)

$87M

+5.1% from 2023

Total participants

649

+5.5% from 2023

Average account balance

$142,910

-2.8% from 2023

Annual return

12.01%

+11.14 pp from 2023

Benchmarks

See 1,551 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,551 peers

Snapshot2024

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Analytics

Total assets (EOY)

Plan-year ending balance

$87.03M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$143K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

609

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

90.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.61M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+12.01%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$201

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 4 by compensation

Provider	Service type	Compensation
PRINCIPAL LIFE INSURANCE COMPANY3 years Service code 13 · EIN 42-0127290	Contract Administrator	$39,986
INDEPENDENCE BANK2 years Service code 49 · EIN 61-0955447	Other Services	$0
MORNINGSTAR2 years Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L Service code 26 · EIN 36-4317381	Advisory (Participants)	$0
WILSHIRE ASSOCIATES INCORPORATED3 years Filed as: WILSHIRE ADVISORS LLC Service code 27 · EIN 95-2755361	Advisory (Plan)	$0

Plan features & details

Pension benefit codes2E2F2H2I2J2K2P2Q2T3H3I

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2I
Stock bonus
Stock bonus plan.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2P
Leveraged ESOP
Employee stock ownership plan that acquires employer securities with borrowed money or other debt-financing techniques.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3H
Controlled group member
Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b) (c) or (m)).
3I
Employer securities investment required
Plan requiring that all or part of employer contributions be invested and held at least for a limited period in employer securities.

Opportunity flags

2 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
ComplianceCorrective distributions
Plan reported corrective distributions (failed ADP/ACP testing).

Expense breakdown

Schedule H Part II

Admin total

$122K

$294 / participant

Contract admin$122K100.0%

% of EOY assets

0.141%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: RINEY HANCOCK CPAS PSC
Auditor EIN: 610920132
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$142,910

$129,021+10.8%

$184,203-22.4%

$77,643+84.1%

Participation rate

90.4%

87.3%+3.1pp

86.8%+3.6pp

70.6%+19.8pp

Annual return

12.01%

33.27%-21.3pp

28.81%-16.8pp

31.24%-19.2pp

Employer contribution / active EE

$2,063

$4,413-53.2%

$6,427-67.9%

$2,726-24.3%

Participant deferral / active EE

$6,589

$7,297-9.7%

$9,131-27.8%

$4,647+41.8%

Admin fee / account holder

$201

$254-20.8%

$13,901-98.6%

$430-53.3%

Provider

Service type

Compensation

PRINCIPAL LIFE INSURANCE COMPANY3 years

Service code 13 · EIN 42-0127290

Contract Administrator

$39,986

INDEPENDENCE BANK2 years

Service code 49 · EIN 61-0955447

Other Services

MORNINGSTAR2 years

Filed as: MORNINGSTAR INVESTMENT MANAGEMENT L

Service code 26 · EIN 36-4317381

Advisory (Participants)

WILSHIRE ASSOCIATES INCORPORATED3 years

Filed as: WILSHIRE ADVISORS LLC

Service code 27 · EIN 95-2755361

Advisory (Plan)

INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS)

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS)

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion