Bancorp Rhode Island, Inc. Announces Record Year End Earnings of $8.6 Million - a 19 Percent Increase Over 2003.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. -- Record Fourth Quarter Earnings of $2.3 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, announced that its net income for the year ending December December: see month. 31, 2004 was $8.6 million, a 19 percent increase over 2003 net income of $7.2 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 2004 was $2.04, an increase of 15 percent over 2003. Total deposits reached $880.7 million in 2004, a nine percent increase from $811.3 million in 2003. The Bank's commercial loan portfolio grew to $402.8 million, up 21 percent from a total of $332.3 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. 2003. Consumer loans also grew a full 45 percent from $115.8 million at year-end 2003 to $167.4 million at year-end 2004. Non-performing assets 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. . "In assessing our overall performance during 2004, we're we're Contraction of we are. we're we are especially pleased with the double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" growth in commercial and consumer loans, record earnings and the continued strength of our loan portfolio," 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. "The strong performance in commercial lending remains a key engine for our growth as we enter 2005." The year-end net interest margin for the Bank increased 16 basis points from 3.28% in 2003 to 3.44% in 2004. FOURTH QUARTER RESULTS Net income for the fourth quarter of 2004 was $2.3 million. This represents a 14 percent increase over the $2.0 million earned in the fourth quarter of 2003. 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 $0.54 for the fourth quarter of 2004, up 12 and one-half percent from $0.48 in the fourth quarter of 2003. The Bank's net interest margin for the fourth quarter 2004 was 3.47%, up from 3.45 % in the third quarter. This also marked an increase over the fourth quarter of 2003 with net interest margin reported at 3.33%. 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 8, 2005 to shareholders of record as of February February: see month. 15, 2005. 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. 26, to discuss its 2004 earnings and the Company's plans and prospects for 2005. The conference call can be accessed by dialing toll free (877-407-9039). A webcast of the call will also be available on the Company's website, www.bankri.com. 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 14 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 31,
2004 2003
---------- ------------
(Dollars in thousands,
except per share data)
Total Assets $1,239,069 $ 1,093,971
Total Loans and Leases 886,301 814,282
Nonperforming Loans and Leases 733 2,462
Allowance for Loan and Lease Losses 11,906 11,078
Allowance to Nonperforming Loans and Leases 1624.28% 449.96%
Allowance to Total Loans and Leases 1.34% 1.36%
Total Deposits 880,674 811,283
Total Shareholders' Equity 78,923 72,107
Book Value Per Share $19.68 $18.53
Tangible Book Value Per Share $16.99 $15.76
Quarter Ended Year Ended
December 31, December 31,
--------------------- ---------------------
2004 2003 2004 2003
---------- ---------- ---------- ----------
(Dollars in thousands, except per share data)
Interest Income $ 15,388 $ 13,324 $ 57,719 $ 51,773
Interest Expense 5,193 4,704 19,625 19,453
---------- ---------- ---------- ----------
Net Interest Income 10,195 8,620 38,094 32,320
Provision for Loan Losses 200 400 900 1,600
Noninterest Income 2,340 2,286 8,581 8,830
Noninterest Expense 8,929 7,535 32,865 28,790
---------- ---------- ---------- ----------
Income Before Taxes 3,406 2,971 12,910 10,760
Income Taxes 1,129 976 4,296 3,546
---------- ---------- ---------- ----------
Net Income $ 2,277 $ 1,995 $ 8,614 $ 7,214
========== ========== ========== ==========
Data Per Common Share:
----------------------
Earnings Per Common
Share - Basic $ 0.57 $ 0.51 $ 2.17 $ 1.89
Earnings Per Common
Share - Diluted $ 0.54 $ 0.48 $ 2.04 $ 1.77
Average Common Shares
Outstanding - Basic 4,000,147 3,879,579 3,975,413 3,819,232
Average Common Shares
Outstanding - Diluted 4,254,078 4,165,423 4,222,856 4,085,878
Selected Operating Ratios:
--------------------------
Net Interest Margin 3.47% 3.33% 3.44% 3.28%
Return on Assets 0.74% 0.73% 0.74% 0.69%
Return on Equity 11.66% 11.06% 11.53% 10.45%
Efficiency Ratio (1) 71.23% 69.09% 70.41% 69.96%
(1) Calculated by dividing total noninterest expenses by net
interest income plus noninterest income.
BANCORP RHODE ISLAND, INC.
Consolidated Balance Sheets
Dec. 31, Dec. 31,
2004 2003
----------- -----------
(In thousands)
ASSETS:
Cash and due from banks $21,585 $27,084
Overnight investments 14,094 733
----------- -----------
Total cash and cash equivalents 35,679 27,817
Investment securities available for sale
(amortized cost of $103,953 and
$96,828, respectively) 104,600 98,595
Mortgage-backed securities available for sale
(amortized cost of $159,581
and $106,028, respectively) 159,946 106,618
Stock in Federal Home Loan Bank of Boston 13,229 9,554
Loans and leases receivable:
Commercial loans and leases 402,770 332,266
Residential mortgage loans 316,135 366,230
Consumer and other loans 167,396 115,786
----------- -----------
Total loans and leases 886,301 814,282
Less allowance for loan and lease losses (11,906) (11,078)
----------- -----------
Net loans and leases 874,395 803,204
Premises and equipment, net 11,857 12,457
Goodwill 10,766 10,766
Accrued interest receivable 5,666 5,597
Investment in bank-owned life insurance 18,132 15,491
Prepaid expenses and other assets 4,799 3,872
----------- -----------
Total assets $1,239,069 $1,093,971
=========== ===========
LIABILITIES:
Deposits:
Demand deposit accounts $167,682 $159,916
NOW accounts 108,159 129,398
Money market accounts 16,489 16,937
Savings accounts 339,836 292,277
Certificate of deposit accounts 248,508 212,755
----------- -----------
Total deposits 880,674 811,283
Overnight and short-term borrowings 18,050 13,460
Federal Home Loan Bank of Boston borrowings 234,778 176,759
Subordinated deferrable interest debentures 18,558 13,403
Other liabilities 8,086 6,959
----------- -----------
Total liabilities 1,160,146 1,021,864
----------- -----------
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 4,010,554 shares and
3,891,190 shares, respectively 40 39
Additional paid-in capital 42,852 41,439
Retained earnings 35,373 29,074
Accumulated other comprehensive income, net 658 1,555
----------- -----------
Total shareholders' equity 78,923 72,107
----------- -----------
Total liabilities and shareholders'
equity $1,239,069 $1,093,971
=========== ===========
BANCORP RHODE ISLAND, INC.
Consolidated Statements of Operations
Three Months Ended Year Ended
December 31, December 31,
--------------------- ---------------------
2004 2003 2004 2003
---------- ---------- ---------- ----------
(In thousands, except per share data)
Interest and dividend
income:
Commercial loans and
leases $6,322 $5,006 $23,092 $19,494
Residential mortgage
loans 4,069 4,736 17,087 17,677
Consumer and other loans 2,070 1,376 6,933 5,285
Mortgage-backed
securities 1,663 1,101 5,709 4,886
Investment securities 1,097 1,014 4,452 3,999
Overnight investments 56 27 138 170
Federal Home Loan Bank
of Boston stock
dividends 111 64 308 262
---------- ---------- ---------- ----------
Total interest and
dividend income 15,388 13,324 57,719 51,773
---------- ---------- ---------- ----------
Interest expense:
NOW accounts 211 360 1,172 1,363
Money market accounts 53 42 213 121
Savings accounts 1,073 907 3,899 4,043
Certificate of deposit
accounts 1,462 1,338 5,638 5,916
Overnight and short-term
borrowings 53 31 157 140
Federal Home Loan Bank
of Boston borrowings 2,056 1,821 7,505 7,185
Subordinated deferrable
interest debentures 285 -- 1,041 --
Company-obligated
mandatorily redeemable
capital securities -- 205 -- 685
---------- ---------- ---------- ----------
Total interest expense 5,193 4,704 19,625 19,453
---------- ---------- ---------- ----------
Net interest income 10,195 8,620 38,094 32,320
Provision for loan losses 200 400 900 1,600
---------- ---------- ---------- ----------
Net interest income
after provision for
loan losses 9,995 8,220 37,194 30,720
---------- ---------- ---------- ----------
Noninterest income:
Service charges on
deposit accounts 1,140 963 4,514 3,915
Commissions on
nondeposit investment
products 215 249 973 875
Income from bank-owned
life insurance 163 144 641 723
Loan related fees 232 345 541 915
Commissions on loans
originated for others 19 24 71 355
Gain (loss) on sale of
investment securities 18 303 350 984
Gain (loss) on sale of
mortgage-backed
securities (260) -- (260) 104
Gain (loss) on sale of
premises and equipment 535 -- 535 --
Other income 278 258 1,216 959
---------- ---------- ---------- ----------
Total noninterest
income 2,340 2,286 8,581 8,830
---------- ---------- ---------- ----------
Noninterest expense:
Salaries and employee
benefits 4,484 3,755 17,072 14,496
Occupancy 662 605 2,669 2,390
Equipment 394 394 1,591 1,496
Data processing 776 532 2,832 2,777
Marketing 384 420 1,429 1,250
Professional services 811 423 1,965 1,374
Loan servicing 322 326 1,092 1,034
Loan workout and other
real estate owned
expense 32 39 110 73
Other expenses 1,064 1,041 4,105 3,900
---------- ---------- ---------- ----------
Total noninterest
expense 8,929 7,535 32,865 28,790
---------- ---------- ---------- ----------
Income before income
taxes 3,406 2,971 12,910 10,760
Income tax expense 1,129 976 4,296 3,546
---------- ---------- ---------- ----------
Net income $2,277 $1,995 $8,614 $7,214
========== ========== ========== ==========
Per share data:
Basic earnings per
common share $0.57 $0.51 $2.17 $1.89
Diluted earnings per
common share $0.54 $0.48 $2.04 $1.77
Average common shares
outstanding - basic 4,000,147 3,879,579 3,975,413 3,819,232
Average common shares
outstanding - diluted 4,254,078 4,165,423 4,222,856 4,085,878
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