Bank Rhode Island Announces 22 Percent Earnings Jump; Board of Directors Declares First-Ever Common Dividend.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.--(BUSINESS WIRE)--July 20, 1999-- Bank 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. (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) today reported net income for the quarter ended June June: see month. 30, 1999, of $1.0 million, up 22 percent from the same period last year. The Bank's net income for the first six months of 1999 reached $1.9 million, compared to $1.7 million for the first half of 1998. 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. earnings per common share also rose sharply, increasing 69 percent from $.16 to $.27 a share. The increase was due to Bank Rhode For the Irish town, see . For the spider genus, see . In Greek mythology, Rhode was the oldest Oceanid, a daughter of Tethys and Oceanus. Such an ancient island nymph might gain various Olympian parentages: she was thought of as a daughter of Poseidon with any of several Island's improvement in net income along with the capital restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the Bank undertook in March of last year. On a cash basis (excluding amortization of goodwill, net of taxes) diluted earnings per common share reached $.32. For the first six months of 1999, diluted earnings per common share stood at $.49 and were $.60 on a cash basis. Bank Rhode Island also announced that its Board of Directors has declared a cash dividend of $.05 per common share. The dividend will be paid on August 31 to stockholders of record as of the close of business on August 10. The dividend is the first on common shares since Bank Rhode Island's formation in March of 1996. "For the past three years we've we've Contraction of we have. we've have been working to make Bank Rhode Island the leading community bank in our area," commented 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. , Bank Rhode Island 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. . "I think our financial results are really starting to show just how successful we've been. We decided to issue a dividend because we want to share some of that financial success with the people who made it possible, our shareholders." Total assets grew to $615.8 million, an increase of $19.8 million since 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. 1998. Total deposits reached $516.6 million, up from $500.7 million at year-end. The deposit growth has come in savings and other core deposit accounts. The Bank's commercial loan business continues to fuel its success. Since year-end 1998, commercial loans outstanding grew $17.0 million, or 13 percent, reaching $151.0 million as of June 30. Consumer and other loans also grew $5.1 million, or 13 percent, since year-end. "Our deposit growth and our continued commercial lending success are clear indications that more and more Rhode Islanders Rhode Island 1 also A·quid·neck Island An island of Rhode Island at the entrance to Narragansett Bay. Settled by religious exiles from Massachusetts in 1638, it was renamed Rhode Island in 1644, probably after the isle of Rhodes. are turning to us for both their personal and business banking needs," Ms. Sherman added. Bank Rhode Island is 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, which recently moved its corporate headquarters to Providence, has 13 branches located in Providence and Kent counties. 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 Bank's present expectations or beliefs concerning future events. The Bank 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 Bank's filings with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . -0-
Bank Rhode Island
Selected Financial Highlights
June 30, December 31,
1999 1998
(Dollars in thousands, except per share data)
Total Assets $615,777 $595,964
Total Loans 444,707 431,402
Nonperforming Loans 1,916 1,563
Allowance for Loan Losses 5,260 5,018
Allowance to Nonperforming Loans 274.53% 321.05%
Allowance to Total Loans 1.18% 1.16%
Total Deposits 516,609 500,713
Total Shareholders' Equity 46,620 47,687
Book Value Per Share $ 12.50 $ 12.31
Tangible Book Value Per Share $ 8.84 $ 8.44
Quarter Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
(Dollars in thousands, except per share data)
Interest Income $ 10,226 $ 9,909 $ 20,187 $ 19,709
Interest Expense 4,887 4,887 9,741 9,663
Net Interest Income 5,339 5,022 10,446 10,046
Provision for Loan Losses 225 407 450 657
Noninterest Income 744 827 1,398 1,356
Noninterest Expense 4,242 4,133 8,237 8,085
Income Before Taxes &
Change in Accounting
Principle 1,616 1,309 3,157 2,660
Income Taxes 567 449 1,109 911
Income Before Change in
Accounting Principle 1,049 860 2,048 1,749
Cumulative Effect of
Change in Accounting
Principle -- -- 109 --
Net Income 1,049 860 1,939 1,749
Dividends on Preferred
Stock 44 232 88 687
Net Income Available to
Common Shareholders $ 1,005 $ 628 $ 1,851 $ 1,062
Basic Earnings Per Common
Share:
Income Before Change in
Accounting Principle $ 0.27 $ 0.17 $ 0.53 $ 0.32
Cumulative Effect of
Change in Accounting
Principle 0.00 0.00 (0.03) 0.00
Net Income $ 0.27 $ 0.17 $ 0.50 $ 0.32
Diluted Earnings Per
Common Share:
Income Before Change in
Accounting Principle $ 0.27 $ 0.16 $ 0.52 $ 0.31
Cumulative Effect of
Change in Accounting
Principle 0.00 0.00 (0.03) 0.00
Net Income $ 0.27 $ 0.16 $ 0.49 $ 0.31
Average Common Shares
Outstanding - Basic 3,727,340 3,720,600 3,725,470 3,290,077
Average Common Shares
Outstanding - Diluted 3,736,832 3,847,295 3,740,876 3,378,668
Selected Operating
Ratios:
Return on Assets 0.68% 0.62% 0.67%(b) 0.64%
Return on Assets
- Cash basis (a) 0.82% 0.79% 0.82%(b) 0.81%
Return on Equity 9.12% 7.31% 8.77%(b) 7.69%
Return on Equity
- Cash basis (a) 10.77% 9.03% 10.39%(b) 9.47%
(a) Cash basis ratios exclude amortization of goodwill, net of taxes
where applicable.
(b) Excludes cumulative effect of change in accounting principle, net
of taxes.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion