Bank Rhode Island Announces Third Quarter Earnings of $1.0 Million.EAST PROVIDENCE East Providence, city (1990 pop. 50,380), Providence co., E R.I., on the Providence and Seekonk rivers; inc. as a city 1958. It has a petrochemical production facility and is a wholesale and distribution center for petroleum products in the S New England area. , R.I.--(BUSINESS WIRE)--Oct. 20, 1998--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 September September: see month. 30, 1998 of $1.0 million compared to $952,000 for the third quarter of 1997, bringing year to date net income for 1998 to $2.8 million. This compares to net income of $2.5 million for the nine months ended September 30, 1998. These results represent a 5.4% increase quarter to quarter over the prior year and a 12.1% increase year to date. Benefiting from the redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. with proceeds of the public offering of common stock in March 1998, basic and 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 were $.25 for the quarter ended September 30, 1998, compared to $.21 for the same quarter in the prior year. This represents a 19.0% increase over the same quarter in the prior year. For the nine months ended September 30, 1998, basic earnings per common share were up 18.4% to $.58, compared to $.49 for the same period in 1997. Diluted earnings per common share for the nine month period were $.57 in 1998 compared to $.49 in 1997. Excluding goodwill amortization, basic earnings per common share rose to $.31 for the quarter ended Sept. 30, 1998, up from $.28 for the same period in the prior year. Diluted earnings per common share excluding goodwill amortization were $.30 for the quarter ended Sept. 30, 1998, up from $.28 for the same period in 1997. For the nine months ended Sept. 30, 1998, basic earnings per common share excluding goodwill amortization were $.75, up from $.70 for the same period in 1997. For the nine months ended Sept. 30, 1998, diluted earnings per common share excluding goodwill amortization were $.74, up from $.70 for the same period in 1997. Commercial loan outstandings rose to $121.3 million at Sept. 30, 1998, up 5.8 percent from $114.7 million at Dec. 31, 1997. Consumer loan outstandings rose to $38.2 million at Sept. 30, 1998, up 14.6 percent from $33.4 million at Dec. 31, 1997. "Our commercial and consumer loan growth this quarter has been gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. and reflects the results of strategic initiatives in both areas," 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. , 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. . "We are also pleased to report that the redemption of our preferred stock with proceeds of a public offering of our common stock in March, has had the desired positive impact on our earnings per share," added Sherman. 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 FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured, state chartered financial institution. Headquartered in East Providence, the bank has 13 branches located in 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. County and Kent County. Total assets stood at $575.9 million at Sept. 30, 1998 and total deposits were $474.2 million. -0-
BANK RHODE ISLAND
Selected Financial Highlights
September 30, December 31,
1998 1997
(Dollars in thousands, except per share data)
Total Assets $575,914 $533,025
Total Loans 430,313 405,819
Nonperforming Loans 1,816 1,679
Allowance for Loan Losses 4,943 4,340
Allowance to Nonperforming Loans 272.19% 258.49%
Allowance to Total Loans 1.15% 1.07%
Total Deposits 474,216 464,907
Total Shareholders' Equity 46,799 44,707
Book Value Per Share $ 12.07 $ 10.77
Tangible Book Value Per Share $ 8.11 $ 5.18
Quarter Ended Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
(Dollars in thousands, except per share data)
Interest Income $ 10,276 $ 9,612 $ 29,985 $ 27,485
Interest Expense 5,156 4,531 14,819 12,712
Net Interest Income 5,120 5,081 15,166 14,773
Provision for
Loan Losses 180 250 837 750
Noninterest Income 663 471 2,019 1,366
Noninterest Expense 4,062 3,799 12,147 11,536
Income Before Taxes 1,541 1,503 4,201 3,853
Income Taxes 538 551 1,449 1,397
Net Income 1,003 952 2,752 2,456
Dividends on
Preferred Stock 62 352 749 1,070
Net Income
Available to
Common Shareholders $ 941 $ 600 $ 2,003 $ 1,386
Per Share Data:
Basic EPS $ 0.25 $ 0.21 $ 0.58 $ 0.49
Basic EPS (Excluding
Goodwill Amortization) $ 0.31 $ 0.28 $ 0.75 $ 0.70
Diluted EPS $ 0.25 $ 0.21 $ 0.57 $ 0.49
Diluted EPS (Excluding
Goodwill Amortization) $ 0.30 $ 0.28 $ 0.74 $ 0.70
Average Common Shares
Outstanding-Basic 3,722,535 2,800,042 3,434,230 2,800,014
Average Common Shares
Outstanding-Diluted 3,811,807 2,800,042 3,523,051 2,800,014
Selected Operating Ratios:
Return on Assets 0.69% 0.75% 0.66% 0.67%
Return on Assets (Excluding
Goodwill Amortization) 0.85% 0.93% 0.82% 0.86%
Return on Equity 8.70% 8.79% 8.03% 7.63%
Return on Equity (Excluding
Goodwill Amortization) 10.45% 10.59% 9.80% 9.47%
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