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First Independence Corp is a publicly traded company listed on the OTCQX market under the ticker symbol "FFSL". It is a bank holding company that provides financial services through its subsidiary, First Independence Bank, which was founded in 1970 and is based in Detroit, Michigan.

Here are some key points about First Independence Corp's financial performance and growth:

* Revenue: In 2020, First Independence Corp reported total revenue of $27.1 million, representing a decline of -16.2% year-over-year. Net interest income, which accounts for the majority of the bank's revenue, was $22.3 million, a decrease of -15.6% compared to the prior year.

* Net Income: In 2020, First Independence Corp reported net income of $1.6 million, down -43.1% from the previous year. The company's net income available to common shareholders was $1.4 million, or $0.32 per basic and diluted common share.

* Asset Quality: At December 31, 2020, First Independence Corp's non-performing loans were $11.8 million, which represented 2.31% of total loans. The allowance for loan losses was $11.4 million, or 2.17% of total loans. The company recorded a provision for loan losses of $1.1 million for the year ending December 31, 2020.

* Capital Adequacy: First Independence Corp's regulatory capital ratios exceeded the minimum regulatory requirements. As of December 31, 2020, the company's common equity tier 1 capital ratio was 12.2%, while its total risk-based capital ratio was 13.5%.

* Loan Portfolio: At December 31, 2020, First Independence Corp's net loans were $598.5 million, of which 44.5% were commercial loans, 34.1% were residential mortgage loans, and 21.4% were consumer loans. The majority of the bank's loan portfolio is comprised of commercial and industrial loans.

* Growth Prospects: In the most recent earnings call, management highlighted their focus on expanding the bank's footprint in the Midwest, specifically in the Detroit metropolitan area. They also mentioned the bank's efforts to improve its digital platform and enhance customer experience.

Overall, First Independence Corp's financial performance in 2020 was impacted by the decline in revenue, primarily due to reduced loan volume, and a decrease in net interest income. However, the company's capital adequacy ratios remained strong, and management has emphasized their commitment to growth through expansion and digital enhancements.

In conclusion, First Independence Corp, the holding company of First Independence Bank, is a small bank with a long history of serving the Detroit community. While the company's recent financial performance has been challenged by the pandemic, management remains focused on growth and digital enhancements to position the bank for long-term success.