Bank Rhode Island announces 1996 earnings of $1.6 million; Directors declare dividend.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)--Jan. 23, 1997--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. today reported net income of $1.6 million or $.30 per common share, for the year ended Dec. 31, 1996. For the quarter ended Dec. 31, 1996, the bank also reported net income of $552,000, or $.07 per common share. Bank Rhode Island began operations on March 22, 1996. The board of directors also declared a quarterly dividend on the bank's three classes 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. as follows: Series A, $.546875 per share; Series B, $.5625 per share; and Series C, $2.1325 per share. Dividends will be payable on Feb. 15, 1997, to stockholders of record on Jan. 31, 1997. "The introduction in the fourth quarter of our premium savings product, proved to be a very successful vehicle for growth," 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 chief executive officer. "Commercial loan commitments and outstandings showed solid gains, despite a highly competitive environment and credit quality continues to be strong," added Sherman. "This increasing momentum at year end signals that we are well positioned to aggressively seek out business opportunities in a challenging marketplace, as we enter 1997," concluded Sherman. Bank Rhode Island is a full service, FDIC-insured, state chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission with 12 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. and Kent Counties. Total assets stood at $472.4 million as of Dec. 31, 1996 and total deposits were $424.8 million.
Bank Rhode Island
Selected Financial Highlights
Dec. 31, 1996
(Dollars in thousands)
Total assets $472,417
Total loans 383,039
Nonperforming loans 1,333
Allowance for loan losses 4,024
Allowance to nonperforming loans 301.88%
Allowance to total loans 1.05%
Total deposits 424,817
Total stockholders' equity 43,627
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Dec. 31, 1996
Quarter only Year to date
(In thousands, except per share data)
Interest income $8,661 $26,514
Interest expense 3,863 11,778
Net interest income 4,798 14,736
Provision for loan losses 284 837
Noninterest income 430 1,237
Noninterest expense 4,075 12,718
Income before taxes 869 2,418
Income taxes 317 846
Net income 552 1,572
Dividends on preferred stock 360 720
Net income available to common
stockholders $192 $852
Earnings per common share $0.07 $0.30
Average common shares
outstanding 2,800,000 2,800,000
CONTACT: Nancy Dunn Dunn may refer to: Places
Bank Rhode Island or Albert Albert, German churchman Albert, 1490–1545, German churchman, cardinal of the Roman Catholic Church. A member of the house of Brandenburg, he became (1514) Archbishop of Mainz. Rietheimer, 401/477-1020 Bank Rhode Island |
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