Bancorp Rhode Island, Inc. Announces Record Quarterly Earnings of $2.5 Million; Up 17 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 record second quarter earnings for 2005 of $2.5 million. This represents a 17 percent increase from the $2.1 million earned in the second 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 $0.52 for the second quarter of 2005, up 4 percent from $0.50 in the second quarter of 2004. The Bank's total deposits were $934.0 million at the end of the second quarter, up 6 percent from $880.7 million at the end of 2004. Total commercial loans outstanding reached $433.3 million, up 8 percent from $402.8 million as of December December: see month. 31, 2004. Consumer loans outstanding rose to $185.7 million at the end of the second quarter of 2005. This marks an 11 percent increase over the $167.4 million reported at December 31, 2004. "This has been possibly the most active quarter in our history," 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. "We opened two new branches, finalized See finalization. the acquisition of Macrolease, launched our private bank alliance with Coastline Trust Company and consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. a public offering of additional common stock. "Given the resources committed to invest in the franchise and expand our product lines, we are pleased to achieve another quarter of organic growth in our core business lines and to report an increase in earnings," added Sherman. The Company's Board of Directors approved a dividend of $0.15 per share. The dividend will be paid on August 30, 2005 to shareholders of record on August 9, 2005. Bancorp Rhode Island, Inc. will host a conference call at 10:00 a.m. Eastern Time tomorrow (Wednesday Wednesday: see week. , July July: see month. 20) to discuss its second 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
June 30, December 31,
2005 2004
------------- -------------
(Dollars in thousands,
except per share data)
Total Assets $ 1,377,973 $ 1,239,069
Total Loans 925,653 886,301
Nonperforming Loans 1,281 733
Allowance for Loan Losses 11,394 11,906
Allowance to Nonperforming Loans 889.46% 1624.28%
Allowance to Total Loans 1.23% 1.34%
Total Deposits 933,963 880,674
Total Shareholders' Equity 103,186 78,923
Book Value Per Share $22.16 $19.68
Tangible Book Value Per Share $19.75 $16.99
Quarter Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
(Dollars in thousands, except per share data)
Interest Income $ 17,068 $ 13,797 $ 32,813 $ 27,421
Interest Expense 6,298 4,686 11,672 9,368
---------- ---------- ---------- ----------
Net Interest Income 10,770 9,111 21,141 18,053
Provision for Loan Losses 354 200 654 500
Noninterest Income 2,445 2,206 4,520 4,204
Noninterest Expense 9,125 7,980 17,637 15,555
---------- ---------- ---------- ----------
Income Before Taxes 3,736 3,137 7,370 6,202
Income Taxes 1,276 1,042 2,503 2,043
---------- ---------- ---------- ----------
Net Income $ 2,460 $ 2,095 $ 4,867 $ 4,159
========== ========== ========== ==========
Data Per Common Share:
--------------------------
Earnings Per Common
Share - Basic $ 0.55 $ 0.53 $ 1.14 $ 1.05
Earnings Per Common
Share - Diluted $ 0.52 $ 0.50 $ 1.08 $ 0.99
Average Common Shares
Outstanding - Basic 4,508,165 3,966,526 4,258,815 3,956,597
Average Common Shares
Outstanding - Diluted 4,737,503 4,214,017 4,497,435 4,203,771
Selected Operating Ratios:
--------------------------
Net Interest Margin 3.40% 3.40% 3.46% 3.41%
Return on Assets 0.74% 0.74% 0.76% 0.74%
Return on Equity 10.09% 11.45% 11.09% 11.36%
Efficiency Ratio (1) 69.05% 70.51% 68.73% 69.89%
(1) Calculated by dividing total noninterest expenses by net interest
income plus noninterest income.
BANCORP RHODE ISLAND, INC.
Consolidated Balance Sheets
June 30, December 31,
2005 2004
------------ ------------
(In thousands)
ASSETS:
Cash and due from banks $29,523 $21,585
Overnight investments 867 14,094
------------ ------------
Total cash and cash equivalents 30,390 35,679
Investment securities available for sale
(amortized cost of $131,816 and
$103,953, respectively) 131,407 104,600
Mortgage-backed securities available for
sale (amortized cost of $229,880
and $159,581, respectively) 229,523 159,946
Stock in Federal Home Loan Bank of Boston 15,526 13,229
Loans and leases receivable:
Commercial loans and leases 433,267 402,770
Residential mortgage loans 306,657 316,135
Consumer and other loans 185,729 167,396
------------ ------------
Total loans and leases 925,653 886,301
Less allowance for loan and leases losses (11,394) (11,906)
------------ ------------
Net loans and leases receivable 914,259 874,395
Premises and equipment, net 14,535 11,857
Goodwill 11,234 10,766
Accrued interest receivable 6,167 5,666
Investment in bank-owned life insurance 18,473 18,132
Prepaid expenses and other assets 6,459 4,799
------------ ------------
Total assets $1,377,973 $1,239,069
============ ============
LIABILITIES:
Deposits:
Demand deposit accounts $187,554 $167,682
NOW accounts 94,826 108,159
Money market accounts 16,038 16,489
Savings accounts 332,450 339,836
Certificate of deposit accounts 303,095 248,508
------------ ------------
Total deposits 933,963 880,674
Overnight and short-term borrowings 16,594 18,050
Wholesale repurchase agreements 10,000 --
Federal Home Loan Bank of Boston borrowings 286,289 234,778
Subordinated deferrable interest debentures 18,558 18,558
Other liabilities 9,383 8,086
------------ ------------
Total liabilities 1,274,787 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 4,655,977 shares
and 4,010,554 shares, respectively 47 40
Additional paid-in capital 64,685 42,852
Retained earnings 38,953 35,373
Accumulated other comprehensive (loss)
income, net (499) 658
------------ ------------
Total shareholders' equity 103,186 78,923
------------ ------------
Total liabilities and shareholders'
equity $1,377,973 $1,239,069
============ ============
BANCORP RHODE ISLAND, INC.
Consolidated Statements of Operations
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ---------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
(In thousands, except per share data)
Interest and dividend
income:
Commercial loans and
leases $6,806 $5,670 $13,176 $10,879
Residential mortgage
loans 4,026 4,242 7,995 8,937
Consumer and other loans 2,371 1,552 4,557 2,981
Mortgage-backed
securities 2,294 1,211 4,091 2,332
Investment securities 1,373 1,019 2,610 2,115
Overnight investments 44 42 100 65
Federal Home Loan Bank
of Boston stock
dividends 154 61 284 112
---------- ---------- ---------- ----------
Total interest and
dividend income 17,068 13,797 32,813 27,421
---------- ---------- ---------- ----------
Interest expense:
NOW accounts 154 312 331 689
Money market accounts 58 50 113 105
Savings accounts 1,072 889 2,084 1,738
Certificate of deposit
accounts 2,077 1,371 3,799 2,765
Overnight and short-term
borrowings 133 31 248 66
Wholesale repurchase
agreements 92 -- 100 --
Federal Home Loan Bank
of Boston borrowings 2,399 1,772 4,387 3,525
Subordinated deferrable
interest debentures 313 261 610 480
---------- ---------- ---------- ----------
Total interest expense 6,298 4,686 11,672 9,368
---------- ---------- ---------- ----------
Net interest income 10,770 9,111 21,141 18,053
Provision for loan and
lease losses 354 200 654 500
---------- ---------- ---------- ----------
Net interest income
after provision for
loan and lease
losses 10,416 8,911 20,487 17,553
---------- ---------- ---------- ----------
Noninterest income:
Service charges on
deposit accounts 1,152 1,206 2,235 2,218
Commissions on
nondeposit investment
products 198 268 398 446
Income from bank-owned
life insurance 168 154 340 319
Loan related fees 156 96 439 205
Commissions on loans
originated for others 62 23 86 40
Gain on sale of
investment securities -- 144 -- 341
Gain on sale of
mortgage-backed
securities 104 -- 96 --
Other income 605 315 926 635
---------- ---------- ---------- ----------
Total noninterest
income 2,445 2,206 4,520 4,204
---------- ---------- ---------- ----------
Noninterest expense:
Salaries and employee
benefits 4,848 4,129 9,471 8,022
Occupancy 771 652 1,503 1,332
Equipment 410 402 809 788
Data processing 745 722 1,497 1,392
Marketing 469 420 790 775
Professional services 523 357 1,011 642
Loan servicing 239 253 466 531
Loan workout and other
real estate owned
expense 23 48 34 70
Other expenses 1,097 997 2,056 2,003
---------- ---------- ---------- ----------
Total noninterest
expense 9,125 7,980 17,637 15,555
---------- ---------- ---------- ----------
Income before income
taxes 3,736 3,137 7,370 6,202
Income tax expense 1,276 1,042 2,503 2,043
---------- ---------- ---------- ----------
Net income $2,460 $2,095 $4,867 $4,159
========== ========== ========== ==========
Per share data:
Basic earnings per
common share $0.55 $0.53 $1.14 $1.05
Diluted earnings per
common share $0.52 $0.50 $1.08 $0.99
Average common shares
outstanding - basic 4,508,165 3,966,526 4,258,815 3,956,597
Average common shares
outstanding - diluted 4,737,503 4,214,017 4,497,435 4,203,771
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