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23.10.2008 12:03:00
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Bancorp Rhode Island, Inc. Announces Third Quarter 2008 Earnings Increase to $2.32 Million
Bancorp Rhode Island, Inc. (NASDAQ: BARI), the parent company of Bank Rhode Island, today announced net income for the third quarter 2008 of $2.32 million, an increase of two percent from $2.28 million in the third quarter 2007. The company’s diluted earnings per share (EPS) were $0.50 for the third quarter 2008, up nine percent from $0.46 in the third quarter 2007.
Net interest margin for the third quarter of 2008 expanded to 3.34 percent, an increase of 10 basis points from the second quarter of 2008 and an increase of 43 basis points from the third quarter of 2007.
Total assets ended the third quarter 2008 at $1.49 billion, unchanged from the second quarter 2008, and a year ago. The bank’s commercial loan portfolio ended the third quarter 2008 at $639.6 million, up 1.4 percent from $630.8 million in the prior quarter and up 15 percent from $554.9 million in the third quarter 2007. Residential mortgage balances declined compared to the prior quarter and year over year as the bank continued its strategic conversion to a more commercially oriented balance sheet. Consumer loan balances were also down year over year, but were up from the prior quarter.
The company continues to be well capitalized with a Tier 1 capital ratio of 8.03 percent and a total risk-weighted capital ratio in excess of 13 percent.
"There is no question we are operating in a difficult environment. I am pleased we are able to report a modest earnings increase while many other institutions are reporting losses or substantial declines in year-over-year earnings,” said Merrill W. Sherman, president and chief executive officer of Bancorp Rhode Island, Inc. "We believe these results evidence the value of a prudent, patient and long-term approach towards investing that has always formed the hallmark of our business strategy.”
Nonperforming loans at September 30, 2008, totaled $11.7 million, compared to $6.8 million in the prior quarter and $4.0 million a year ago. As a percentage of total loans, nonperforming loans ended the third quarter 2008 at 1.11 percent, compared to 0.64 percent in the second quarter 2008 and 0.39 percent in the third quarter 2007. The increase came primarily from loans in the purchased mortgage portfolio and several commercial credits. The third quarter’s provision for loan and lease losses increased to $1.5 million compared to $970 thousand in the prior quarter and $290 thousand a year ago. Net charge offs for the third quarter 2008 were $477 thousand or .04 percent of average loans outstanding, as compared to $273 thousand or .03 percent of average loans outstanding in the third quarter 2007.
Total deposits were $1.02 billion at the end of the third quarter 2008, compared to $1.04 billion at the prior quarter end and $1.02 billion a year ago. The overall cost of interest bearing deposits was reduced by 25 basis points during the third quarter.
Noninterest expense was $9.30 million in the third quarter 2008, compared to $9.61 million in the prior quarter and $9.49 million in the third quarter 2007.
Noninterest income was $2.33 million in the third quarter 2008, down from $2.49 million in the prior quarter and $2.86 million a year ago. The decrease was primarily due to an impairment loss on available for sale securities of $219 thousand, offset by $168 thousand of gains on the sale of available for sale securities.
"Our vision and culture has put Bank Rhode Island in a solid position in our marketplace. We are more than just open for business – we have both the willingness and ability to provide new loans to our customers and potential customers,” Sherman added.
The company’s Board of Directors approved a dividend of $0.17 per share. The dividend will be paid on December 3, 2008 to shareholders of record on November 12, 2008.
Bancorp Rhode Island, Inc. will host a conference call at 10:00 a.m. Eastern Daylight Time (EDT) on Thursday, October 23, to discuss its third quarter 2008 earnings. The conference call can be accessed by dialing toll free (800) 762-8779, or via webcast at http://www.bankri.com/investorrelations. Please dial in at least 10 minutes prior to the start of the call to ensure a timely connection.
There will be a playback of the call available the same day beginning at approximately 1 p.m. EDT that can be accessed through 11:59 p.m. EDT on Saturday, October 25, 2008. The replay dial-in number is (800) 406-7325; when prompted, enter conference ID number 3927063. The webcast will be archived on the "Investor Relations” page of the Bank Rhode Island website at http://www.bankri.com/investorrelations.
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 16 branches throughout Providence, Kent and Washington Counties.
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.
| BANCORP RHODE ISLAND, INC. | |||||
| Selected Financial Highlights (unaudited) | |||||
| September 30, | December 31, | ||||
| 2008 | 2007 | ||||
|
Balance Sheet Data: |
(Dollars in thousands, except per share data) | ||||
| Total Assets | $ | 1,489,980 | $ | 1,477,119 | |
| Total Loans and Leases | 1,060,739 | 1,038,132 | |||
| Nonperforming Loans | 11,737 | 4,149 | |||
| Total Other Real Estate Owned | 352 | - | |||
| Allowance for Loan and Lease Losses | 14,199 | 12,619 | |||
| Allowance to Nonperforming Loans and Leases | 120.98% | 304.15% | |||
| Allowance to Total Loans and Leases | 1.34% | 1.22% | |||
| Total Deposits | $ | 1,022,154 | $ | 1,014,780 | |
| Total Shareholders' Equity | 114,226 | 113,108 | |||
| Book Value Per Share | $ | 24.97 | $ | 24.79 | |
| Tangible Book Value Per Share | $ | 22.34 | $ | 22.21 | |
| Quarter Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||
| (Dollars in millions) | ||||||||||||
|
Average Balance Sheet Data: |
||||||||||||
| Average Total Assets | $ | 1,495 | $ | 1,487 | $ | 1,481 | $ | 1,469 | ||||
| Average Total Loans and Leases | 1,060 | 1,025 | 1,046 | 1,012 | ||||||||
| Average Total Interest-bearing Liabilities | 1,186 | 1,163 | 1,175 | 1,152 | ||||||||
| Average Total Equity | 113 | 116 | 113 | 115 | ||||||||
| Quarter Ended | Nine Months Ended | |||||||||||
| September 30, | June 30, | |||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||
|
Statement of Operations Data: |
|
(Dollars in thousands, except per share data) |
||||||||||
| Interest and Dividend Income | $ | 20,137 | $ | 21,950 | $ | 60,650 | $ | 64,367 | ||||
| Interest Expense | 8,216 | 11,685 | 26,997 | 33,582 | ||||||||
| Net Interest Income | 11,921 | 10,265 | 33,653 | 30,785 | ||||||||
| Provision for Loan and Lease Losses | 1,515 | 290 | 2,770 | 490 | ||||||||
| Noninterest Income | 2,333 | 2,856 | 7,728 | 8,082 | ||||||||
| Noninterest Expense | 9,304 | 9,492 | 28,376 | 28,627 | ||||||||
| Income Before Income Taxes | 3,435 | 3,339 | 10,235 | 9,750 | ||||||||
| Income Taxes | 1,111 | 1,061 | 3,344 | 3,100 | ||||||||
| Net Income | $ | 2,324 | $ | 2,278 | $ | 6,891 | $ | 6,650 | ||||
| Quarter Ended | Nine Months Ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2008 | 2007 | 2008 | 2007 | ||||||||||
|
Data Per Common Share: |
|||||||||||||
| Earnings Per Common Share - Basic | $ | 0.51 | $ | 0.47 | $ | 1.51 | $ | 1.38 | |||||
| Earnings Per Common Share - Diluted | $ | 0.50 | $ | 0.46 | $ | 1.49 | $ | 1.34 | |||||
| Average Common Shares Outstanding- Basic | 4,566,563 | 4,818,486 | 4,562,225 | 4,824,383 | |||||||||
| Average Common Shares Outstanding- Diluted | 4,628,916 | 4,925,366 | 4,633,419 | 4,953,963 | |||||||||
|
Selected Operating Ratios: |
|||||||||||||
| Net Interest Margin | 3.34% | 2.91% | 3.19% | 2.95% | |||||||||
| Return on Assets | 0.62% | 0.61% | 0.62% | 0.61% | |||||||||
| Return on Equity | 8.20% | 7.79% | 8.12% | 7.74% | |||||||||
| Efficiency Ratio (1) | 65.27% | 72.34% | 68.57% | 73.65% | |||||||||
| (1) Calculated by dividing total noninterest expenses by net interest income plus noninterest income. | |||||||||||||
| BANCORP RHODE ISLAND, INC. | |||||||||||
| Consolidated Balance Sheets (unaudited) | |||||||||||
| September 30, | December 31, | ||||||||||
| 2008 | 2007 | ||||||||||
| ASSETS: | (In thousands) | ||||||||||
| Cash and due from banks | $ | 28,500 | $ | 20,465 | |||||||
| Overnight investments | 805 | 17,097 | |||||||||
| Total cash and cash equivalents | 29,305 | 37,562 | |||||||||
| Investment securities available for sale | 60,624 | 76,986 | |||||||||
| Mortgage-backed securities available for sale | 272,807 | 258,195 | |||||||||
| Total available for sale securities | 333,431 | 335,181 | |||||||||
| Stock in Federal Home Loan Bank of Boston | 15,671 | 15,671 | |||||||||
| Loans and leases receivable: | |||||||||||
| Commercial loans and leases | 639,608 | 573,668 | |||||||||
| Residential mortgage loans | 215,118 | 248,728 | |||||||||
| Consumer and other loans | 206,013 | 215,736 | |||||||||
| Total loans and leases receivable | 1,060,739 | 1,038,132 | |||||||||
| Less allowance for loan and lease losses | (14,199 | ) | (12,619 | ) | |||||||
| Net loans and leases receivable | 1,046,540 | 1,025,513 | |||||||||
| Premises and equipment, net | 12,990 | 13,721 | |||||||||
| Goodwill | 12,019 | 11,772 | |||||||||
| Accrued interest receivable | 5,664 | 6,557 | |||||||||
| Investment in bank-owned life insurance | 24,969 | 24,186 | |||||||||
| Prepaid expenses and other assets | 9,391 | 6,956 | |||||||||
| Total assets | $ | 1,489,980 | $ | 1,477,119 | |||||||
| LIABILITIES: | |||||||||||
| Deposits: | |||||||||||
| Demand deposit accounts | $ | 181,323 | $ | 172,634 | |||||||
| NOW accounts | 56,207 | 65,191 | |||||||||
| Money market accounts | 3,968 | 6,054 | |||||||||
| Savings accounts | 373,587 | 396,838 | |||||||||
| Certificates of deposit accounts | 407,069 | 374,063 | |||||||||
| Total deposits | 1,022,154 | 1,014,780 | |||||||||
| Overnight and short-term borrowings | 55,776 | 66,795 | |||||||||
| Wholesale repurchase agreements | 10,000 | 10,000 | |||||||||
| Federal Home Loan Bank of Boston borrowings | 259,683 | 241,505 | |||||||||
| Subordinated deferrable interest debentures | 13,403 | 13,403 | |||||||||
| Other liabilities | 14,738 | 17,528 | |||||||||
| Total liabilities | 1,375,754 | 1,364,011 | |||||||||
| SHAREHOLDERS EQUITY: | |||||||||||
| Preferred stock, par value $0.01, authorized 1,000,000 shares | - | - | |||||||||
| Common stock, par value $0.01 per share, authorized 11,000,000 shares | 49 | 49 | |||||||||
| Additional paid-in-capital | 71,810 | 70,123 | |||||||||
| Treasury stock, at cost | (12,055 | ) | (10,189 | ) | |||||||
| Retained earnings | 57,861 | 53,194 | |||||||||
| Accumulated other comprehensive income loss, net | (3,439 | ) | (69 | ) | |||||||
| Total shareholders' equity | 114,226 | 113,108 | |||||||||
| Total liabilities and shareholders' equity | $ | 1,489,980 | $ | 1,477,119 | |||||||
| Amortized cost | |||||||||||
| Investment securities | $ | 62,750 | $ | 77,193 | |||||||
| Mortgage-backed securities | 275,972 | 258,094 | |||||||||
| Shares of stock | |||||||||||
| Preferred stock, issued and outstanding | - | - | |||||||||
| Common stock, issued and outstanding | 4,926,420 | 4,867,121 | |||||||||
| Treasury stock | 352,250 | 305,200 | |||||||||
| BANCORP RHODE ISLAND, INC. | ||||||||||||
| Consolidated Statements of Operations (unaudited) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| September 30, | September 30, | |||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||
| (In thousands, except per share data) | ||||||||||||
| Interest and dividend income: | ||||||||||||
| Commercial loans and leases | $ | 10,076 | $ | 10,200 | $ | 29,624 | $ | 29,440 | ||||
| Residential mortgage loans | 2,899 | 3,427 | 9,232 | 10,374 | ||||||||
| Consumer and other loans | 2,776 | 3,507 | 8,613 | 10,249 | ||||||||
| Mortgage-backed securities | 3,570 | 2,620 | 10,257 | 8,223 | ||||||||
| Investment securities | 691 | 1,577 | 2,151 | 4,444 | ||||||||
| Federal Home Loan Bank of Boston stock dividends | 119 | 254 | 512 | 800 | ||||||||
| Overnight investments | 6 | 365 | 261 | 837 | ||||||||
| Total interest and dividend income | 20,137 | 21,950 | 60,650 | 64,367 | ||||||||
| Interest expense: | ||||||||||||
| NOW accounts | 33 | 99 | 138 | 300 | ||||||||
| Money market accounts | 17 | 40 | 65 | 103 | ||||||||
| Savings accounts | 1,510 | 2,955 | 5,688 | 8,094 | ||||||||
| Certificate of deposit accounts | 3,213 | 4,479 | 10,905 | 13,369 | ||||||||
| Overnight and short-term borrowings | 209 | 703 | 853 | 2,006 | ||||||||
| Wholesale repurchase agreements | 136 | 136 | 404 | 466 | ||||||||
| Federal Home Loan Bank of Boston borrowings | 2,864 | 2,767 | 8,234 | 7,998 | ||||||||
| Subordinated deferrable interest debentures | 234 | 506 | 710 | 1,246 | ||||||||
| Total interest expense | 8,216 | 11,685 | 26,997 | 33,582 | ||||||||
| Net interest income | 11,921 | 10,265 | 33,653 | 30,785 | ||||||||
| Provision for loan and lease losses | 1,515 | 290 | 2,770 | 490 | ||||||||
| Net interest income after provision for loan and lease losses | 10,406 | 9,975 | 30,883 | 30,295 | ||||||||
| Noninterest income: | ||||||||||||
| Service charges on deposit accounts | 1,469 | 1,386 | 4,352 | 4,090 | ||||||||
| Income from bank-owned life insurance | 266 | 264 | 783 | 775 | ||||||||
| Gain on sale of available for sale securities | 168 | 254 | 410 | 254 | ||||||||
| Impairment of available for sale securities | (219) | - | (219) | - | ||||||||
| Net gains on lease sales and commissions on loans originated for others | 55 | 295 | 374 | 1,018 | ||||||||
| Commissions on nondeposit investment products | 174 | 146 | 629 | 437 | ||||||||
| Loan related fees | 136 | 119 | 443 | 468 | ||||||||
| Other income | 284 | 392 | 956 | 1,040 | ||||||||
| Total noninterest income | 2,333 | 2,856 | 7,728 | 8,082 | ||||||||
| Noninterest expense: | ||||||||||||
| Salaries and employee benefits | 5,067 | 5,316 | 15,206 | 15,863 | ||||||||
| Occupancy | 899 | 882 | 2,628 | 2,684 | ||||||||
| Data processing | 697 | 691 | 2,124 | 2,129 | ||||||||
| Professional services | 709 | 446 | 2,198 | 1,698 | ||||||||
| Marketing | 367 | 347 | 1,100 | 1,147 | ||||||||
| Equipment | 233 | 337 | 807 | 1,004 | ||||||||
| Loan servicing | 185 | 220 | 503 | 606 | ||||||||
| Loan workout and other real estate owned | 78 | 43 | 314 | 47 | ||||||||
| Other expenses | 1,069 | 1,210 | 3,496 | 3,449 | ||||||||
| Total noninterest expense | 9,304 | 9,492 | 28,376 | 28,627 | ||||||||
| Income before income taxes | 3,435 | 3,339 | 10,235 | 9,750 | ||||||||
| Income tax expense | 1,111 | 1,061 | 3,344 | 3,100 | ||||||||
| Net income | $ | 2,324 | $ | 2,278 | $ | 6,891 | $ | 6,650 | ||||
| Per share data: | ||||||||||||
| Basic earnings per common share | $ | 0.51 | $ | 0.47 | $ | 1.51 | $ | 1.38 | ||||
| Diluted earnings per common share | $ | 0.50 | $ | 0.46 | $ | 1.49 | $ | 1.34 | ||||
| Average common shares outstanding-basic | 4,566,563 | 4,818,486 | 4,562,225 | 4,824,383 | ||||||||
| Average common shares outstanding-diluted | 4,628,916 | 4,925,366 | 4,633,419 | 4,953,963 | ||||||||
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