Bancorp Rhode Island, Inc. Announces 2005 Year-End Earnings of $9.6 Million; an 11 Percent Increase Over 2004.PROVIDENCE Providence, city (1990 pop. 160,728), state capital and seat of Providence co., NE R.I., a port at the head of Providence Bay; founded by Roger Williams 1636, inc. as a city 1832. , R.I. -- Fourth Quarter Earnings are $2.2 Million Bancorp Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BARI), the parent company of Bank Rhode Island, today announced net income for the year ending December December: see month. 31, 2005 was $9.6 million, an 11 percent increase over 2004 net income of $8.6 million. The company's diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) for 2005 was $2.04, unchanged from a year ago. Total deposits reached $981.0 million in 2005, an 11 percent increase from $880.7 million in 2004. The bank's commercial loan portfolio grew to $438.3 million, up nine percent from a total of $402.8 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2004. Consumer loans also grew 23 percent from $167.4 million at year-end 2004 to $206.5 million at year-end 2005. Nonperforming loans remain at nominal levels This article is about the term used in sound and signal processing. For usage in statistics, see nominal measurement. Nominal level is the operating level at which an electronic signal processing device is designed to operate. . "We're we're Contraction of we are. we're we are pleased with our year-over-year results in what is a difficult rate environment. We were able to increase net income by 11 percent while making key investments in our business lines and branch network. We also made significant strides in our management and personnel strength, and we increased our capital base," said Merrill Mer·rill , James 1926-1995. American poet whose works include Divine Comedies (1976), which won a Pulitzer Prize. W. Sherman Sherman, city (1990 pop. 31,601), seat of Grayson co., N Tex., near the Red River; inc. 1858. Originally on a stagecoach route, it is a highway and railroad junction. Manufactures include electronic equipment, processed foods, military equipment, and metal products. , president and chief executive officer, Bancorp Rhode Island, Inc. "We believe all of these investments and changes better position us for solid growth," she added. The bank's net interest margin for the year decreased nine basis points from 3.44 percent in 2004 to 3.35 percent in 2005. FOURTH QUARTER RESULTS Net income for the fourth quarter of 2005 was $2.2 million. This represents a two percent decrease over the $2.3 million earned in the fourth quarter of 2004. The company's diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS was $0.46 for the fourth quarter of 2005, down 15 percent from $0.54 in the fourth quarter of 2004. The bank's net interest margin for the fourth quarter 2005 was flat at 3.25 percent, compared to the third quarter 2005. This marked a decrease compared to the fourth quarter of 2004 with net interest margin reported at 3.47 percent. DIVIDEND DECLARED/EARNINGS CONFERENCE CALL SET The Company's Board of Directors approved a dividend of $0.15 per share. The dividend will be paid on March 7, 2006 to shareholders of record as of February February: see month. 14, 2006. Bancorp Rhode Island, Inc. will host a conference call at 10:00 a.m. Eastern Time on Wednesday Wednesday: see week. , January January: see month. 25, to discuss its 2005 earnings and the Company's plans and prospects for 2006. The conference call can be accessed by dialing toll free (800-231-5571). A webcast of the call will also be available on the Company's website, www.bankri.com. There will be a playback Playback could mean:
Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , January 27. The replay dial-in number is (877) 519-4471. When prompted, enter the conference ID number 6915281. Bancorp Rhode Island, Inc. is the parent company of Bank Rhode Island, a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. , FDIC-insured, state-chartered financial institution. The Bank, headquartered in Providence, has 16 branches located in Providence, Kent and Washington counties Washington County is the name of 30 counties and one parish in the United States of America, all named for George Washington. It is the most common county name in the United States. . This release may contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . These forward-looking statements represent the company's present expectations or beliefs concerning future events. The company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic conditions and changing competition which could cause actual future results to differ materially from those indicated herein. Further information on these risk factors is included in the company's filings with the Securities and Exchange Commission.
BANCORP RHODE ISLAND, INC.
Selected Financial Highlights
December December
31, 31,
2005 2004
---------- ----------
Balance Sheet Data: (Dollars in thousands,
except per share data)
--------------------------------------------
Total Assets $1,442,279 $1,239,069
Total Loans 950,806 886,301
Nonperforming Loans 415 733
Allowance for Loan Losses 12,168 11,906
Allowance for Nonperforming Loans 2932.05% 1624.28%
Allowance to Total Loans 1.28% 1.34%
Total Deposits 980,969 880,674
Total Shareholders' Equity 104,832 78,923
Book Value Per Share $ 22.21 $ 19.68
Tangible Book Value Per Share $ 19.83 $ 16.99
Quarter Ended Year Ended
December 31, December 31,
---------------- -------------
2005 2004 2005 2004
---------------- -------------
Average Balance Sheet Data: (Dollars in millions)
-------------------------------------
Average Total Assets $1,416 $1,220 $1,348 $1,168
Average Total Loans 939 884 916 849
Average Total Interest-bearing Liabilities 1,126 968 1,070 917
Average Total Equity 104 78 96 75
Quarter Ended Year Ended
December 31, December 31,
----------------------- ----------------------
2005 2004 2005 2004
------------ --------- ---------- -----------
Income Statement Data: (Dollars in thousands, except per share data)
----------------------
Interest Income $ 18,845 $ 15,388 $ 69,520 $ 57,719
Interest Expense 7,852 5,193 26,619 19,625
---------- ---------- ---------- ----------
Net Interest Income 10,993 10,195 42,901 38,094
Provision for Loan Losses 410 200 1,474 900
Noninterest Income 2,173 2,340 9,274 8,581
Noninterest Expense 9,494 8,929 36,292 32,865
---------- ---------- ---------- ----------
Income Before Taxes 3,262 3,406 14,409 12,910
Income Taxes 1,027 1,129 4,840 4,296
---------- ---------- ---------- ----------
Net Income $ 2,235 $ 2,277 $ 9,569 $ 8,614
========== ========== ========== ==========
Data Per Common Share:
--------------------------
Earnings Per Common
Share - Basic $ 0.47 $ 0.57 $ 2.14 $ 2.17
Earnings Per Common
Share - Diluted $ 0.46 $ 0.54 $ 2.04 $ 2.04
Average Common Shares
Outstanding - Basic 4,712,338 4,000,147 4,478,081 3,975,413
Average Common Shares
Outstanding - Diluted 4,898,342 4,254,078 4,697,134 4,222,856
Selected Operating Ratios:
--------------------------
Net Interest Margin 3.25% 3.47% 3.35% 3.44%
Return on Assets 0.63% 0.74% 0.71% 0.74%
Return on Equity 8.56% 11.66% 9.98% 11.53%
Efficiency Ratio (1) 72.11% 71.23% 69.56% 70.41%
(1) Calculated by dividing total noninterest expenses by net interest
income plus noninterest income.
BANCORP RHODE ISLAND, INC.
Consolidated Balance Sheets
December December
31, 31,
2005 2004
----------- -----------
(In thousands)
ASSETS:
Cash and due from banks $30,177 $21,585
Overnight investments 10,370 14,094
----------- -----------
Total cash and cash equivalents 40,547 35,679
Investment securities available for sale
(amortized cost of $153,328 and
$103,953 at December 31, 2005 and December
31, 2004, respectively) 150,959 104,600
Mortgage-backed securities available for sale
(amortized cost of $237,449
and $159,581 at December 31, 2005 and
December 31, 2004, respectively) 234,858 159,946
Stock in Federal Home Loan Bank of Boston 16,062 13,229
Loans and leases receivable:
Commercial loans and leases 438,309 402,770
Residential mortgage loans 306,016 316,135
Consumer and other loans 206,481 167,396
----------- -----------
Total loans and leases receivable 950,806 886,301
Less allowance for loan and lease losses (12,168) (11,906)
----------- -----------
Net loans and leases receivable 938,638 874,395
Premises and equipment, net 14,858 11,857
Goodwill 11,234 10,766
Accrued interest receivable 6,965 5,666
Investment in bank-owned life insurance 18,824 18,132
Prepaid expenses and other assets 9,334 4,799
----------- -----------
Total assets $1,442,279 $1,239,069
=========== ===========
LIABILITIES:
Deposits:
Demand deposit accounts $185,089 $167,682
NOW accounts 89,594 108,159
Money market accounts 12,122 16,489
Savings accounts 341,115 339,836
Certificate of deposit accounts 353,049 248,508
----------- -----------
Total deposits 980,969 880,674
Overnight and short-term borrowings 26,238 18,050
Wholesale repurchase agreements 20,000 --
Federal Home Loan Bank of Boston borrowings 279,973 234,778
Subordinated deferrable interest debentures 18,558 18,558
Other liabilities 11,709 8,086
----------- -----------
Total liabilities 1,337,447 1,160,146
----------- -----------
SHAREHOLDERS' EQUITY:
Preferred stock, par value $0.01 per share,
authorized 1,000,000 shares:
Issued and outstanding: none -- --
Common stock, par value $0.01 per share,
authorized 11,000,000 shares:
Issued and outstanding 4,719,126 shares and
4,010,554 shares,
respectively 47 40
Additional paid-in capital 65,768 42,852
Retained earnings 42,241 35,373
Accumulated other comprehensive (loss) income,
net (3,224) 658
----------- -----------
Total shareholders' equity 104,832 78,923
----------- -----------
Total liabilities and shareholders'
equity $1,442,279 $1,239,069
=========== ===========
BANCORP RHODE ISLAND, INC.
Consolidated Statements of Operations
Three Months Ended Year Ended
December 31, December 31,
----------------------- --------------------
2005 2004 2005 2004
------------ --------- --------- ---------
(In thousands, except per share data)
Interest and dividend
income:
Commercial loans and
leases $7,544 $6,322 $28,015 $23,092
Residential mortgage
loans 3,903 4,069 15,670 17,087
Consumer and other loans 2,932 2,070 10,137 6,933
Mortgage-backed
securities 2,681 1,663 9,313 5,709
Investment securities 1,541 1,097 5,537 4,452
Overnight investments 49 56 201 138
Federal Home Loan Bank
of Boston stock
dividends 195 111 647 308
---------- ---------- ---------- ----------
Total interest and
dividend income 18,845 15,388 69,520 57,719
---------- ---------- ---------- ----------
Interest expense:
NOW accounts 121 211 590 1,172
Money market accounts 57 53 235 213
Savings accounts 1,363 1,073 4,734 3,899
Certificate of deposit
accounts 2,775 1,462 8,962 5,638
Overnight and short-term
borrowings 233 53 652 157
Wholesale repurchase
agreements 125 -- 276 --
Federal Home Loan Bank
of Boston borrowings 2,840 2,056 9,898 7,505
Subordinated deferrable
interest debentures 338 285 1,272 1,041
---------- ---------- ---------- ----------
Total interest expense 7,852 5,193 26,619 19,625
---------- ---------- ---------- ----------
Net interest income 10,993 10,195 42,901 38,094
Provision for loan and
lease losses 410 200 1,474 900
---------- ---------- ---------- ----------
Net interest income
after provision for
loan and lease
losses 10,583 9,995 41,427 37,194
---------- ---------- ---------- ----------
Noninterest income:
Service charges on
deposit accounts 1,150 1,140 4,561 4,514
Commissions on
nondeposit investment
products 127 215 849 973
Income from bank-owned
life insurance 182 163 691 641
Loan related fees 217 232 1,024 541
Commissions on loans
originated for others 53 19 184 71
Gain (loss) on sale of
investment securities -- 18 -- 350
Gain (loss) on sale of
mortgage-backed
securities -- (260) 181 (260)
Gain on sale of premises
and equipment -- 535 -- 535
Other income 444 278 1,784 1,216
---------- ---------- ---------- ----------
Total noninterest
income 2,173 2,340 9,274 8,581
---------- ---------- ---------- ----------
Noninterest expense:
Salaries and employee
benefits 4,992 4,484 19,476 17,072
Occupancy 828 662 3,126 2,669
Equipment 374 394 1,569 1,591
Data processing 646 776 2,759 2,832
Marketing 397 384 1,584 1,429
Professional services 532 811 2,017 1,965
Loan servicing 259 322 968 1,092
Loan workout and other
real estate owned
expense 119 32 217 110
Other expenses 1,347 1,064 4,576 4,105
---------- ---------- ---------- ----------
Total noninterest
expense 9,494 8,929 36,292 32,865
---------- ---------- ---------- ----------
Income before income
taxes 3,262 3,406 14,409 12,910
Income tax expense 1,027 1,129 4,840 4,296
---------- ---------- ---------- ----------
Net income $2,235 $2,277 $9,569 $8,614
========== ========== ========== ==========
Per share data:
Basic earnings per
common share $0.47 $0.57 $2.14 $2.17
Diluted earnings per
common share $0.46 $0.54 $2.04 $2.04
Average common shares
outstanding - basic 4,712,338 4,000,147 4,478,081 3,975,413
Average common shares
outstanding - diluted 4,898,342 4,254,078 4,697,134 4,222,856
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