Bancorp Rhode Island, Inc. (NASDAQ: BARI), the parent company of
Bank Rhode Island, today reported net income of $2.3 million for
the quarter ended March 31, 2011, an increase of 4.0 percent
compared to the first quarter 2010 net income of $2.2 million and a
8.5 percent increase from net income of $2.1 million in the fourth
quarter 2010. The Company’s diluted earnings per share (EPS) was
$0.49 for the first quarter 2011 compared to $0.48 for the prior
year first quarter and $0.45 for the fourth quarter 2010.
“We have maintained a disciplined operating approach in what
continues to be a less than favorable economic environment,”
commented President and CEO, Merrill W. Sherman. “We are pleased to
be off to a solid start in 2011.”
The Company’s commercial loan and lease portfolio continued its
upward trend, growing to $783.7 million as of March 31, 2011. This
represented increases of $3.4 million from year-end 2010 and $31.5
million, or 4.2 percent, from March 31, 2010. Consumer loans were
$210.1 million at March 31, 2011, flat compared to December 31,
2010 and up 4.3 percent from a year ago. Residential mortgage loans
were $160.7 million as of March 31, 2011, down 2.6 percent from
year-end 2010.
Core deposit (demand deposits, NOW, money market and savings
accounts) trends remain positive at March 31, 2011. The growth from
year-end was driven primarily by money market and savings accounts,
partly offset by a decline in demand deposits which posted record
annual growth in the fourth quarter 2010. At the end of the first
quarter, core deposits stood at 70.4 percent of total deposits
compared to 65.8 percent a year ago and 69.0 percent at year-end
2010. Higher cost time deposits continue to decline as expected,
consistent with the Company’s objective to lower its funding costs.
Total deposits were $1.1 billion at March 31, 2011, a decrease of
$18.5 million from December 31, 2010.
Net interest income for the first quarter 2011 increased to
$13.5 million from $13.1 million in the first quarter 2010 and
$13.2 million in the fourth quarter 2010. Net interest margin for
the first quarter 2011 rose to 3.58 percent, representing an
improvement of 6 basis points from the first quarter 2010 and 9
basis points from the fourth quarter 2010.
Noninterest income was $2.3 million for the first quarter 2011,
unchanged from the first quarter 2010 and down $341,000 from $2.7
million in the fourth quarter 2010. The latter decline was
primarily due to a reduction in loan related fees and service
charges on deposit accounts.
Noninterest expense was $11.3 million in the first quarter 2011,
up $781,000 compared to the first quarter 2010 and up $1.3 million
from the fourth quarter 2010. The increase compared to the prior
periods was largely attributable to an accrual related to a
judgment issued with respect to a previously disclosed jury verdict
against the Bank. Excluding this accrual, noninterest expenses were
flat compared to the first quarter 2010.
Nonperforming assets at March 31, 2011 totaled $17.5 million or
1.09 percent of total assets. This represented a slight decrease
from $17.6 million, or 1.10 percent of total assets, at December
31, 2010. Net charge-offs were $1.6 million, or 0.55 percent of
average loans and leases, for the first quarter 2011, up slightly
from $1.5 million, or 0.55 percent of average loans and leases, in
the first quarter 2010 but down from $2.0 million, or 0.69 percent
of average loans and leases, in the fourth quarter 2010.
The provision for loan and lease losses was $1.1 million for the
first quarter 2011, compared to $1.6 million in the first quarter
2010 and $2.4 million on a linked-quarter basis. The allowance for
loan and lease losses was $18.2 million at March 31, 2011, a
decrease of $432,000, or 2.3 percent, from year-end 2010. The
allowance for loan and lease losses as a percent of total loans and
leases was 1.58 percent at March 31, 2011 compared to 1.61 percent
at December 31, 2010.
Total assets at March 31, 2011 were $1.6 billion, up slightly
from year-end 2010.
At March 31, 2011, the Company’s tier 1 capital ratio was
approximately 8.10 percent and its total risk-based capital ratio
was approximately 12.60 percent.
The Company’s Board of Directors approved a dividend of $0.19
per share. The dividend will be paid on June 8, 2011, to
shareholders of record on May 18, 2011.
About BancorpRI
Bancorp Rhode Island, Inc. is the parent company of Bank Rhode
Island, a full-service, FDIC-insured, state-chartered financial
institution. The Bank, headquartered in Providence, Rhode Island,
operates 17 branches and more than 60 ATMs throughout Providence,
Kent and Washington Counties. As of March 31, 2011, BankRI had $1.6
billion in assets and $1.1 billion in deposits. For more
information, visit www.bankri.com.
This release may contain “forward-looking statements” within the
meaning of section 21E of the Securities Exchange Act of 1934, as
amended. 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.
On April 19, 2011, the Company entered into a merger agreement
with Brookline Bancorp, Inc. (“Brookline Bancorp”) pursuant to
which the Company will merge with and into Brookline Bancorp,
whereupon the separate corporate existence of the Company will
cease and its subsidiary, Bank Rhode Island will become a wholly
owned subsidiary of Brookline Bancorp. In connection with the
merger, Brookline Bancorp intends to file with the Securities and
Exchange Commission (“SEC”) a registration statement on Form S-4,
which will include a proxy statement of the Company and a
prospectus of Brookline Bancorp, as well as other relevant
materials concerning the merger. Investors and security holders of
the Company are urged to read the proxy statement/prospectus and
the other relevant materials when they become available because
they will contain important information about Brookline Bancorp,
the Company and the proposed transaction. The proxy
statement/prospectus and other relevant materials (when they become
available), and any and all documents filed by Brookline Bancorp or
the Company with the SEC, may be obtained free of charge at the
SEC’s website at www.sec.gov. In addition, investors may obtain
free copies of the documents filed by Brookline Bancorp with the
SEC by directing a written request to Paul R. Bechet, Chief
Financial Officer, Brookline Bancorp, 160 Washington Street,
Brookline, MA 02445. Investors may obtain free copies of the
documents filed by the Company with the SEC by directing a written
request to Linda H. Simmons, Chief Financial Officer, One Turks
Head Place, Providence, Rhode Island 02903. The Company and certain
of their directors and executive officers may be deemed to be
participants in the solicitation of proxies from the shareholders
of the Company in connection with the merger. Information about the
directors and executive officers of the Company is set forth in the
proxy statement for the Company’s 2011 annual meeting of
shareholders, as filed with the SEC on a Schedule 14A on April 15,
2011. Additional information regarding the interests of those
participants and other persons who may be deemed participants in
the transaction may be obtained by reading the proxy statement
regarding the merger when it becomes available.
BANCORP RHODE ISLAND, INC. Selected Financial
Highlights (unaudited)
Three Months Ended
March 31,
2011 2010
FINANCIAL DATA:
(In thousands, except per share data)
Net interest income $ 13,515 $ 13,088
Provision for loan and lease losses 1,125 1,600
Noninterest income 2,332 2,315
Noninterest expense 11,269 10,488
Net income 2,307 2,219
FINANCIAL PERFORMANCE RATIOS: Return on assets (3)
(6) 0.59 % 0.57 %
Return on equity (4) (6) 7.25 % 7.32 %
Net interest margin (2) (6) 3.58 % 3.52 %
Efficiency ratio (5) (6) 71.11 % 68.09 %
PER SHARE DATA: Earnings per share - basic $ 0.49 $
0.48
Earnings per share - diluted 0.49 0.48
Book value per share of common stock 27.77 26.69
Tangible book value per share of common stock 25.15 24.05
Market value (at period end) 30.87 27.35
Dividends per share 0.19 0.17
CAPITAL RATIOS: Tier 1 capital ratio (7) 8.10 % 7.80
% Total risk-based capital ratio (7) 12.60 % 12.03 % Tangible
common equity ratio (1) (6) 7.40 % 7.08 %
Three Months Ended Mar 31, 2011 Dec 31, 2010
Sep 30, 2010 Jun 30, 2010 Mar 31, 2010 (In
thousands)
BALANCE SHEET: Total assets $ 1,606,508 $
1,603,759 $ 1,573,323 $ 1,613,520 $ 1,586,778 Total loans and
leases 1,154,448 1,155,489 1,135,227 1,136,524 1,123,838 Total
deposits 1,101,661 1,120,166 1,115,683 1,174,020 1,107,071
Shareholders' equity 130,192 128,678 130,769 129,127 123,679
ASSET QUALITY: Total nonperforming assets $ 17,473 $ 17,643
$ 15,152 $ 16,759 $ 16,392 Nonperforming assets / total assets 1.09
% 1.10 % 0.96 % 1.04 % 1.03 % Allowance for loans and leases $
18,222 $ 18,654 $ 18,212 $ 17,396 $ 16,625 Allowance to total loans
and leases 1.58 % 1.61 % 1.60 % 1.53 % 1.48 % Net charge-offs $
1,557 $ 1,993 $ 459 $ 779 $ 1,511 Net charge-offs to average loans
0.55 % 0.69 % 0.16 % 0.28 % 0.55 %
BANCORP RHODE
ISLAND, INC. Selected Financial Highlights (unaudited)
Mar 31, 2011 Dec 31,
2010 Sep 30, 2010 Jun 30, 2010 Mar 31,
2010 (in thousands)
LOAN AND LEASE PORTFOLIO:
Commercial loans and leases: Commercial real estate -
non-owner occupied $ 196,353 $ 200,809 $ 202,342 $ 191,345 $
193,868 Commercial real estate - owner occupied 183,111 179,766
177,526 179,109 172,174 Commercial & industrial 161,004 157,879
156,042 163,088 164,448 Multifamily 84,772 79,934 73,375 67,588
66,716 Small business 62,233 62,841 59,756 59,833 57,911
Construction 28,273 30,349 31,035 30,675 30,105 Leases and other
72,156 73,054 76,417
77,688 72,969 Subtotal 787,902 784,632
776,493 769,326 758,191 Unearned lease income (5,962 ) (6,159 )
(6,516 ) (6,777 ) (7,039 ) Net deferred loan origination costs
1,756 1,791 1,777
1,825 1,041 Total commercial loans and leases
783,696 780,264 771,754 764,374 752,193 Residential
mortgages 160,658 164,877 161,106 164,750 170,200 Consumer
loans 210,094 210,348 202,367 207,400 201,445
Total loans and leases $ 1,154,448 $
1,155,489 $ 1,135,227 $ 1,136,524 $ 1,123,838
(1) Calculated by dividing common
shareholders’ equity less goodwill by total assets less
goodwill.
(2) Calculated by dividing annualized net
interest income by average interest-earning assets.
(3) Calculated by dividing annualized net
income by average total assets.
(4) Calculated by dividing annualized net
income applicable to common shares by average common shareholders’
equity.
(5) Calculated by dividing noninterest
expense by net interest income plus noninterest income.
(6) Non-GAAP performance measure.
(7) Tier 1 capital and total risk-based
capital ratio are estimated for March 31, 2011.
BANCORP RHODE ISLAND, INC. Consolidated
Balance Sheet (unaudited)
March 31,
December 31, 2011 2010
(In thousands)
ASSETS: Cash and due from banks $
16,573 $ 14,384 Overnight investments 551 395
Total cash and cash equivalents 17,124
14,779
Available for sale securities (amortized
cost of $359,299 and $357,402, respectively)
361,579 360,025 Stock in Federal Home Loan Bank of Boston 16,274
16,274 Loans and leases receivable: Commercial loans and leases
783,696 780,264 Residential mortgage loans 160,658 164,877 Consumer
and other loans 210,094 210,348
Total loans and leases receivable 1,154,448
1,155,489 Allowance for loan and lease losses (18,222
) (18,654 )
Net loans and leases receivable
1,136,226 1,136,835 Premises and equipment, net
11,677 11,889 Goodwill 12,262 12,262 Accrued interest receivable
4,411 4,842 Investment in bank-owned life insurance 31,580 31,277
Prepaid expenses and other assets 15,375
15,576
Total assets $ 1,606,508
$ 1,603,759 LIABILITIES:
Deposits: Demand deposit accounts $ 254,291 $ 264,274 NOW accounts
65,127 70,327 Money market accounts 113,126 96,285 Savings accounts
343,286 341,667 Certificates of deposit accounts 325,831
347,613
Total deposits 1,101,661
1,120,166 Overnight and short-term borrowings 36,068 40,997
Wholesale repurchase agreements 19,801 20,000 Federal Home Loan
Bank of Boston borrowings 273,582 260,889 Subordinated deferrable
interest debentures 13,403 13,403 Other liabilities 31,801
19,626
Total liabilities
1,476,316 1,475,081
SHAREHOLDERS’ EQUITY: Common stock, par value $0.01 per
share, authorized 11,000,000 shares: Issued: (5,074,192 shares and
5,047,942 shares, respectively) 50 50 Additional paid-in capital
74,556 73,866 Treasury stock, at cost (385,950 shares and 373,850
shares, respectively) (12,897 ) (12,527 ) Retained earnings 67,001
65,584 Accumulated other comprehensive income, net 1,482
1,705
Total shareholders’ equity
130,192 128,678 Total
liabilities and shareholders’ equity $ 1,606,508
$ 1,603,759 BANCORP
RHODE ISLAND, INC. Consolidated Statements of Operations
(unaudited)
Three Months Ended March
31, 2011 2010 (In
thousands, except per share data) Interest and dividend income:
Overnight investments $ - $ 5 Mortgage-backed securities 2,625
3,229 Investment securities 397 550 Federal Home Loan Bank of
Boston stock dividends 12 - Loans and leases 14,550
14,568
Total interest and dividend income
17,584 18,352 Interest
expense: Deposits 1,459 2,278 Overnight and short-term borrowings
10 18 Wholesale repurchase agreements 139 139 Federal Home Loan
Bank of Boston borrowings 2,296 2,665 Subordinated deferrable
interest debentures 165 164
Total
interest expense 4,069 5,264
Net interest income 13,515 13,088
Provision for loan and lease losses 1,125
1,600
Net interest income after provision for loan
and lease losses 12,390
11,488 Noninterest income:
Total other-than-temporary impairment
losses on available for sale securities
- (1,592 )
Non-credit component of
other-than-temporary impairment losses recognized in other
comprehensive income
- 1,021
Credit component of other-than-temporary
impairment losses on available for sale securities
- (571 ) Service charges on deposit accounts 1,140 1,264 Income
from bank-owned life insurance 303 315 Loan related fees 220 189
Gain on sale of available for sale securities 212 475 Commissions
on nondeposit investment products 194 237
Net (loss) gain on lease sales and
commissions on loans originated for others
(4 ) 36 Other income 267 370
Total
noninterest income 2,332
2,315 Noninterest expense: Salaries and employee
benefits 5,934 5,843 Occupancy 907 861 Data processing 681 654
Professional services 606 632 FDIC insurance 477 475 Operating 454
462 Marketing 353 258 Equipment 276 255 Loan workout and other real
estate owned 206 336 Loan servicing 144 176 Other expenses
1,231 536
Total noninterest expense
11,269 10,488 Income
before income taxes 3,453 3,315 Income tax
expense 1,146 1,096
Net income
$ 2,307 $ 2,219
Per share data: Basic earnings per common share $ 0.49 $
0.48 Diluted earnings per common share $ 0.49 $ 0.48 Cash dividends
declared per common share $ 0.19 $ 0.17 Weighted average common
shares outstanding – basic 4,683 4,622 Weighted average common
shares outstanding – diluted 4,715 4,650
BANCORP
RHODE ISLAND, INC. Asset Quality Analysis (unaudited)
Three Months Ended Mar 31,
2011 Dec 31, 2010 Sep 30, 2010 Jun 30,
2010 Mar 31, 2010 (Dollars in thousands)
NONPERFORMING ASSETS: Nonperforming loans &
leases: Commercial real estate $ 4,792 $ 5,273 $ 5,384 $ 5,131 $
4,952 Commercial & industrial 2,255 2,462 1,455 1,155 1,544
Multifamily 1,050 717 - - - Small business 1,059 1,090 1,158 986
957 Construction 232 469 469 469 710 Leases 591 581 1,115 2,252
1,415 Residential mortgage 4,926 5,045 3,570 3,737 4,349 Consumer
993 876 871 1,081
442 Total nonperforming loans & leases
15,898 16,513 14,022 14,811 14,369 Other real estate owned
1,575 1,130 1,130 1,948 2,023
Total nonperforming assets $ 17,473 $ 17,643 $ 15,152
$ 16,759 $ 16,392 Total
nonperforming loans & leases / total loans & leases 1.38 %
1.43 % 1.24 % 1.30 % 1.28 % Total nonperforming assets / total
assets 1.09 % 1.10 % 0.96 % 1.04 % 1.03 %
PROVISION AND ALLOWANCE FOR LOAN LOSSES: Balance at
beginning of period $ 18,654 $ 18,212 $ 17,396 $ 16,625 $ 16,536
Charged-off loans & leases (1,686 ) (2,154 ) (487 ) (909 )
(1,612 ) Recoveries on charged-off loans & leases 129
161 28 130
101 Net loans & leases charged-off (1,557 ) (1,993 )
(459 ) (779 ) (1,511 ) Provision for loan and lease losses
1,125 2,435 1,275 1,550
1,600 Balance at end of period $ 18,222
$ 18,654 $ 18,212 $ 17,396 $ 16,625
Allowance to nonperforming loans & leases 114.62
% 112.97 % 129.88 % 117.45 % 115.70 % Allowance to total loans
& leases 1.58 % 1.61 % 1.60 % 1.53 % 1.48 %
NET CHARGE-OFFS: Commercial real estate $ 532 $ 726 $
- $ (100 ) $ 549 Commercial & industrial - 487 (5 ) (4 ) (11 )
Construction 237 - - - - Other commercial loans & leases 397
565 226 387 529 Residential mortgages 379 141 89 490 347 Consumer
12 74 149 6
97 Total net charge-offs $ 1,557 $ 1,993
$ 459 $ 779 $ 1,511 Net
charge-offs to average loans & leases 0.55 % 0.69 % 0.16 % 0.28
% 0.55 %
DELINQUENCIES AND NON-ACCRUING LOANS AND
LEASES AS % OF TOTAL LOANS: Loans & leases 30-59
days past due 0.83 % 0.56 % 0.47 % 0.90 % 0.90 % Loans & leases
60-89 days past due 0.28 % 0.21 % 0.22 % 0.21 % 0.22 % Loans &
leases 90+ days past due and still accruing 0.06 % -
- 0.08 % - Total accruing
past due loans & leases 1.17 % 0.77 % 0.69 % 1.19 % 1.12 %
Non-accrual loans & leases 1.32 % 1.43 %
1.24 % 1.22 % 1.28 % Total delinquent
and nonaccrual loans & leases 2.49 % 2.20 %
1.93 % 2.41 % 2.40 %
BANCORP
RHODE ISLAND, INC. Consolidated Average Balances, Yields and
Costs (unaudited)
Three Months Ended March 31, (Dollars
in thousands)
2011 2010
AverageBalance
InterestEarned/Paid
AverageYield
AverageBalance
InterestEarned/Paid
AverageYield
ASSETS: Earning assets: Overnight investments $ 762 $
- 0.19 % $ 2,292 $ 5 0.87 % Available for sale securities 355,404
3,022 3.40 % 372,516 3,779 4.06 % Stock in the FHLB 16,274 12 0.31
% 16,274 - 0.00 % Loans and leases receivable: Commercial loans and
leases 777,681 10,656 5.54 % 730,907 10,311 5.71 % Residential
mortgages loans 163,640 1,699 4.15 % 172,408 2,029 4.71 % Consumer
and other loans 210,548 2,195 4.23 %
203,840 2,228 4.43 % Total earning assets
1,524,309 17,584 4.65 % 1,498,237
18,352 4.94 % Cash and due from banks 17,117 13,451
Allowance for loans and leases (18,528 ) (17,225 ) Premises and
equipment 11,797 12,359 Goodwill, net 12,262 12,179 Accrued
interest receivable 4,269 4,372 Bank-owned life insurance 31,388
30,118 Prepaid expenses and other assets 15,366
18,579 Total assets $ 1,597,980 $ 1,572,070
LIABILITIES AND SHAREHOLDERS' EQUITY:
Interest-bearing liabilities: Deposits: NOW accounts $ 68,042 $ 46
0.27 % $ 68,669 $ 15 0.08 % Money market accounts 105,289 172 0.66
% 71,387 149 0.85 % Savings accounts 343,366 270 0.32 % 369,750 531
0.58 % Certificate of deposit accounts 335,236 971 1.17 % 385,599
1,583 1.67 % Overnight and short-term borrowings 39,769 10 0.10 %
39,161 18 0.19 % Wholesale repurchase agreements 20,045 139 2.77 %
18,222 139 3.06 % FHLB borrowings 272,971 2,296 3.37 % 271,742
2,665 3.92 % Subordinated deferrable interest debentures
13,403 165 4.94 % 13,403 164
4.90 % Total interest-bearing liabilities 1,198,121
4,069 1.38 % 1,237,933 5,264 1.72 %
Noninterest-bearing deposits 254,722 199,735 Other
liabilities 16,076 11,427 Total
liabilities 1,468,919 1,449,095 Shareholders' equity:
129,061 122,975 Total liabilities and
shareholders' equity $ 1,597,980 $ 1,572,070
Net interest income $ 13,515 $ 13,088 Net
interest spread 3.27 % 3.22 % Net interest margin 3.58 %
3.52 %
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