Bancorp Rhode Island, Inc. Announces Quarterly Earnings up 13 Percent over Last Year.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. -- 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, reported third quarter earnings for 2005 of $2.5 million. This represents a 13 percent increase from the $2.2 million earned in the third quarter of 2004. 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. ) were $0.50 for the third quarter of 2005, down 4 percent from $0.52 in the third quarter of 2004, reflecting the dilutive impact of additional shares issued in the 2005 second quarter. The Bank's total deposits were $961.5 million at the end of the third quarter, up 9 percent from $880.7 million at the end of 2004. Total commercial loans outstanding reached $439.3 million, up 9 percent from $402.8 million as of December December: see month. 31, 2004. Consumer loans outstanding rose to $199.9 million at the end of the third quarter of 2005. This marks a 19 percent increase over the $167.4 million reported at December 31, 2004. "This represents another solid quarter for Bank Rhode Island," 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 CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Bancorp Rhode Island, Inc. "Given current economic conditions, we are pleased with the growth in both deposits and commercial and consumer loans. The relatively modest growth this quarter in our commercial loan portfolio was achieved while we continue to maintain the quality of the portfolio." Sherman noted, "The flat yield curve Flat Yield Curve A chart that shows that the yields of bonds with short maturities are equal to the yields of bonds with longer maturities. and market conditions have, in the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. , limited our progress in leveraging the additional capital raised earlier this year. The result was a decline in earnings per share when compared to the prior year." The Company's Board of Directors approved a dividend of $0.15 per share. The dividend will be paid on November November: see month. 29, 2005 to shareholders of record on November 8, 2005. Bancorp Rhode Island, Inc. will host a conference call at 10:00 a.m. Eastern Time tomorrow (Wednesday Wednesday: see week. , October October: see month. 19) to discuss its third quarter earnings for 2005. The conference call can be accessed by dialing toll free (877) 407-9039. 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
September 30, December 31,
2005 2004
---------- ----------
(Dollars in thousands, except per share data)
Total Assets $1,417,251 $1,239,069
Total Loans 941,531 886,301
Nonperforming Loans 1,229 733
Allowance for Loan Losses 11,758 11,906
Allowance for
Nonperforming Loans 956.71% 1624.28%
Allowance to Total Loans 1.25% 1.34%
Total Deposits 961,499 880,674
Total Shareholders' Equity 103,686 78,923
Book Value Per Share $ 22.04 $ 19.68
Tangible Book Value Per
Share $ 19.65 $ 16.99
Quarter Ended Nine Months Ended
September 30, September 30,
--------------------- ---------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
(Dollars in thousands, except per share data)
Interest Income $ 17,862 $ 14,910 $ 50,675 $ 42,331
Interest Expense 7,095 5,064 18,767 14,432
---------- ---------- ---------- ----------
Net Interest Income 10,767 9,846 31,908 27,899
Provision for Loan Losses 410 200 1,064 700
Noninterest Income 2,581 2,037 7,101 6,241
Noninterest Expense 9,161 8,381 26,798 23,936
---------- ---------- ---------- ----------
Income Before Taxes 3,777 3,302 11,147 9,504
Income Taxes 1,310 1,124 3,813 3,167
---------- ---------- ---------- ----------
Net Income $ 2,467 $ 2,178 $ 7,334 $ 6,337
========== ========== ========== ==========
Data Per Common Share:
Earnings Per Common
Share - Basic $ 0.53 $ 0.55 $ 1.67 $ 1.60
Earnings Per Common
Share - Diluted $ 0.50 $ 0.52 $ 1.58 $ 1.50
Average Common Shares
Outstanding - Basic 4,682,357 3,988,311 4,399,995 3,967,168
Average Common Shares
Outstanding - Diluted 4,892,262 4,228,666 4,628,975 4,212,009
Data Per Common Share:
Net Interest Margin 3.25% 3.45% 3.36% 3.43%
Return on Assets 0.71% 0.72% 0.74% 0.73%
Return on Equity 9.44% 11.63% 10.24% 11.45%
Efficiency Ratio (1) 68.63% 70.53% 68.70% 70.11%
(1) Calculated by dividing total noninterest expenses by net interest
income plus noninterest income.
BANCORP RHODE ISLAND, INC.
Consolidated Balance Sheets
September 30, December 31,
2005 2004
----------- -----------
(In thousands)
ASSETS:
Cash and due from banks $29,019 $21,585
Overnight investments 8,954 14,094
----------- -----------
Total cash and cash equivalents 37,973 35,679
Investment securities available for sale
(amortized cost of $141,363 and
$103,953 at September 30, 2005 and December
31, 2004, respectively) 139,593 104,600
Mortgage-backed securities available for sale
(amortized cost of $237,791
and $159,581 at September 30, 2005 and
December 31, 2004, respectively) 235,573 159,946
Stock in Federal Home Loan Bank of Boston 15,625 13,229
Loans and leases receivable:
Commercial loans and leases 439,293 402,770
Residential mortgage loans 302,323 316,135
Consumer and other loans 199,915 167,396
----------- -----------
Total loans and leases receivable 941,531 886,301
Less allowance for loan and lease losses (11,758) (11,906)
----------- -----------
Net loans and leases receivable 929,773 874,395
Premises and equipment, net 14,820 11,857
Goodwill 11,262 10,766
Accrued interest receivable 6,457 5,666
Investment in bank-owned life insurance 18,642 18,132
Prepaid expenses and other assets 7,533 4,799
----------- -----------
Total assets $1,417,251 $1,239,069
=========== ===========
LIABILITIES:
Deposits:
Demand deposit accounts $175,682 $167,682
NOW accounts 90,635 108,159
Money market accounts 18,702 16,489
Savings accounts 349,388 339,836
Certificate of deposit accounts 327,092 248,508
----------- -----------
Total deposits 961,499 880,674
Overnight and short-term borrowings 24,436 18,050
Wholesale repurchase agreements 10,000 --
Federal Home Loan Bank of Boston borrowings 290,539 234,778
Subordinated deferrable interest debentures 18,558 18,558
Other liabilities 8,533 8,086
----------- -----------
Total liabilities 1,313,565 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 4,707,252 shares and
4,010,554 shares,
respectively 47 40
Additional paid-in capital 65,517 42,852
Retained earnings 40,714 35,373
Accumulated other comprehensive (loss) income,
net (2,592) 658
----------- -----------
Total shareholders' equity 103,686 78,923
----------- -----------
Total liabilities and shareholders'
equity $1,417,251 $1,239,069
=========== ===========
BANCORP RHODE ISLAND, INC.
Consolidated Statements of Operations
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ---------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
(In thousands, except per share data)
Interest and dividend
income:
Commercial loans and
leases $7,295 $5,891 $20,471 $16,770
Residential mortgage
loans 3,772 4,081 11,767 13,018
Consumer and other loans 2,648 1,882 7,205 4,863
Mortgage-backed
securities 2,541 1,714 6,632 4,046
Investment securities 1,386 1,240 3,996 3,355
Overnight investments 52 17 152 82
Federal Home Loan Bank
of Boston stock
dividends 168 85 452 197
---------- ---------- ---------- ----------
Total interest and
dividend income 17,862 14,910 50,675 42,331
---------- ---------- ---------- ----------
Interest expense:
NOW accounts 138 272 469 961
Money market accounts 65 55 178 160
Savings accounts 1,287 1,088 3,371 2,826
Certificate of deposit
accounts 2,388 1,411 6,187 4,176
Overnight and short-term
borrowings 171 38 419 104
Wholesale repurchase
agreements 51 -- 151 --
Federal Home Loan Bank
of Boston borrowings 2,671 1,924 7,058 5,449
Subordinated deferrable
interest debentures 324 276 934 756
---------- ---------- ---------- ----------
Total interest expense 7,095 5,064 18,767 14,432
---------- ---------- ---------- ----------
Net interest income 10,767 9,846 31,908 27,899
Provision for loan and
lease losses 410 200 1,064 700
---------- ---------- ---------- ----------
Net interest income
after provision for
loan and lease
losses loan losses 10,357 9,646 30,844 27,199
---------- ---------- ---------- ----------
Noninterest income:
Service charges on
deposit accounts 1,176 1,156 3,411 3,374
Commissions on
nondeposit investment
products 324 312 722 758
Income from bank-owned
life insurance 169 159 509 478
Loan related fees 368 104 807 309
Commissions on loans
originated for others 45 12 131 52
Gain (loss) on sale of
investment securities -- (9) -- 332
Gain on sale of
mortgage-backed
securities 85 -- 181 --
Other income 414 303 1,340 938
---------- ---------- ---------- ----------
Total noninterest
income 2,581 2,037 7,101 6,241
---------- ---------- ---------- ----------
Noninterest expense:
Salaries and employee
benefits 5,013 4,566 14,484 12,588
Occupancy 795 675 2,298 2,007
Equipment 386 409 1,195 1,197
Data processing 616 664 2,113 2,056
Marketing 397 270 1,187 1,045
Professional services 474 512 1,485 1,154
Loan servicing 243 239 709 770
Loan workout and other
real estate owned
expense 64 8 98 78
Other expenses 1,173 1,038 3,229 3,041
---------- ---------- ---------- ----------
Total noninterest
expense 9,161 8,381 26,798 23,936
---------- ---------- ---------- ----------
Income before income
taxes 3,777 3,302 11,147 9,504
Income tax expense 1,310 1,124 3,813 3,167
---------- ---------- ---------- ----------
Net income $2,467 $2,178 $7,334 $6,337
========== ========== ========== ==========
Per share data:
Basic earnings per
common share $0.53 $0.55 $1.67 $1.60
Diluted earnings per
common share $0.50 $0.52 $1.58 $1.50
Average common shares
outstanding - basic 4,682,357 3,988,311 4,399,995 3,967,168
Average common shares
outstanding - diluted 4,892,262 4,228,666 4,628,975 4,212,009
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion