In Selected Financial Highlights, LOAN AND LEASE PORTFOLIO
section, in the Jun 30, 2010 (first) column: Subtotal should be
769,326; Total commercial loans and leases should be 764,374; Total
loans and leases should be 1,136,524 (sted 583,889, 578,937 and
951,087 respectively).
The corrected release reads:
BANCORPRI ANNOUNCES RECORD NET
INCOME OF $2.7 MILLION
Significant earnings growth over
prior periods Net interest margin up sharply
Bancorp Rhode Island, Inc. (NASDAQ: BARI), the parent company of
Bank Rhode Island, today reported net income of $2.7 million for
the quarter ended June 30, 2010, a three-fold increase over the
second quarter 2009 net income of $740,000 and a 20.8 percent
increase over net income of $2.2 million in the first quarter 2010.
The Company’s diluted earnings per share (EPS) were $0.57 for the
second quarter 2010 compared to $0.07 in the prior year period,
after preferred stock dividends and discount accretion, and $0.48
for the first quarter 2010.
For the six month period ended June 30, 2010, the Company
reported net income of $4.9 million, or $1.05 diluted EPS compared
to net income of $2.2 million, or $0.29 diluted EPS, after
preferred stock dividends and discount accretion, for the same
period in 2009.
“Our results for the first half of 2010 send a clear signal of
our ability to execute on the fundamentals of the business as we
continue to expand our net interest margin and maintain our credit
quality,” commented President and CEO, Merrill W. Sherman.
“Commercial loan and core deposit generation continue to be solid.
Our balance sheet remains strong with ample capital levels and
manageable credit issues. From the beginning, our business strategy
and focus have played a key role in differentiating ourselves from
our competitors. Our efforts have put us in an attractive market
niche with potential for future growth in earnings and market
share.”
The Company’s commercial loan and lease portfolio continued its
steady growth and totaled $764.4 million as of June 30, 2010. This
represented an increase of $12.2 million or 1.6 percent from March
31, 2010 and $32.0 million or 4.4 percent from year-end 2009.
Consumer loans were $207.4 million as of June 30, 2010, up from
$201.4 million at March 31, 2010. Residential mortgage loans were
$164.8 million, a decrease of $5.5 million from March 31, 2010.
Total deposits grew to $1.2 billion as of June 30, 2010, an
increase of $66.9 million from March 31, 2010 and up $75.7 million
from year-end 2009. The sharp increase in demand deposit balances
from March 31, 2010 reflects a temporary inflow of approximately
$53.0 million attributable to the settlement of personal injury
litigation to which the Bank was not a party. Excluding the
temporary inflow referenced, core deposits (demand deposits, NOW,
money market and savings accounts) at June 30, 2010, have risen to
67.9 percent of total deposits, compared to 64.8 percent at
year-end 2009.
Net interest income for the second quarter 2010 was $13.6
million, compared to $11.6 million in the second quarter 2009, and
$13.1 million in the first quarter 2010. This increase was driven
by significant improvement in the net interest margin. Net interest
margin for the second quarter 2010 rose to 3.67 percent, an
increase of 57 basis points from the second quarter 2009 and 15
basis points from the first quarter 2010. On a year-to-date basis,
net interest income was $26.7 million, an increase of $4.1 million
or 17.9 percent from 2009, and the net interest margin was 3.59
percent, an increase of 50 basis points from a year ago.
Noninterest income was $2.3 million for the second quarter 2010,
compared to $2.2 million in the second quarter 2009 and flat with
the first quarter 2010. The increase in noninterest income from the
prior year was primarily driven by a modest gain on the sale of a
mortgage-backed security.
Noninterest expense was $10.4 million in the second quarter
2010, compared to $10.1 million in the second quarter 2009, and
down slightly from the first quarter 2010. On a year-to-date basis,
noninterest expense was $20.9 million, an increase of $1.2 million
over the same period in 2009. The increases in the quarterly and
year-to-date comparisons were primarily driven by higher
compensation and loan workout and other real estate owned related
costs, partially offset by a reduction in FDIC insurance
expense.
Nonperforming assets at June 30, 2010, totaled $16.8 million, or
1.04 percent of total assets, up slightly from $16.4 million, or
1.03 percent at March 31, 2010, and down from $20.0 million, or
1.26 percent at December 31, 2009. Net charge-offs were $779,000 or
0.28 percent of average loans and leases for the second quarter
2010, down compared to $1.1 million or 0.40 percent in the second
quarter 2009 and $1.5 million or 0.55 percent in the first quarter
2010. On a year-to-date basis, the net charge-offs were $2.3
million or 0.41 percent of average loans and leases, an increase of
$321,000 over the same period in 2009.
The provision for loan and lease losses was $1.6 million for the
second quarter 2010, compared to $2.6 million in the second quarter
2009 and flat from the linked quarter. On a year-to-date basis, the
provision was $3.2 million, a decrease of $1.1 million from the
same period in 2009. The allowance for loan and lease losses as a
percent of total loans and leases was 1.53 percent at June 30,
2010, up from 1.48 percent at March 31, 2010.
Total assets at June 30, 2010, were $1.6 billion, an increase of
1.7 percent from the first quarter 2010 and 1.5 percent from
year-end 2009.
At June 30, 2010, the Company’s tier 1 capital ratio was
approximately 7.80 percent and its total risk-based capital ratio
was approximately 12.10 percent.
The Company’s Board of Directors approved a dividend of $0.17
per share. The dividend will be paid on September 1, 2010, to
shareholders of record on August 11, 2010.
Company executives will host a conference call Thursday, July
22, at 11 a.m. Eastern Time (ET) to discuss the Company’s second
quarter 2010 results. Access to the conference call is available by
dialing toll free (877) 317-6789, or via webcast in the Investor
Relations section of the website at www.bankri.com. International callers can
join by dialing (412) 317-6789. Please dial in at least 10 minutes
prior to the start of the call to ensure a timely connection.
There will be a replay of the call available the same day
beginning at approximately 1:00 p.m. ET that can be accessed
through 9 a.m. ET on Wednesday, July 28, 2010. The replay dial-in
number is (877) 344-7529; when prompted, enter conference ID number
441776. The webcast will be archived in the Investor Relations
section of the website at www.bankri.com.
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 16 branches and more than 60 ATMs throughout Providence,
Kent and Washington Counties. As of June 30, 2010, BankRI had $1.6
billion in assets and $1.2 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.
BANCORP RHODE ISLAND, INC. Selected Financial
Highlights (unaudited)
Three Months Ended Six Months Ended June
30, June 30, 2010 2009 2010
2009 (In thousands, except per share data)
FINANCIAL DATA: Net interest income $ 13,626 $ 11,573 $
26,714 $ 22,655 Provision for loan and lease losses 1,550 2,600
3,150 4,210 Noninterest income 2,285 2,214 4,600 4,571 Noninterest
expense 10,430 10,145 20,918 19,768 Net income 2,681 740 4,900
2,203 Net income applicable to common shares 2,681 303 4,900 1,330
FINANCIAL PERFORMANCE RATIOS: Return on assets (3)
(6) 0.68 % 0.19 % 0.63 % 0.29 % Return on equity (4) (6) 8.54 %
1.00 % 7.93 % 2.21 % Net interest margin (2) (6) 3.67 % 3.10 % 3.59
% 3.09 % Efficiency ratio (5) (6) 65.55 % 73.58 % 66.80 % 72.61 %
PER SHARE DATA: Earnings per share - basic $ 0.57 $
0.07 $ 1.05 $ 0.29 Earnings per share - diluted 0.57 0.07 1.05 0.29
Book value per share of common stock 27.63 26.07 27.63 26.07
Tangible book value per share of common stock 25.00 23.45 25.00
23.45 Market value (at period end) 26.20 19.71 26.20 19.71
Dividends per share 0.17 0.17 0.34 0.34
CAPITAL
RATIOS: Tier 1 capital ratio (7) 7.80 % 9.74 % Total risk-based
capital ratio (7) 12.10 % 14.72 % Tangible common equity ratio (1)
(6) 7.30 % 6.86 %
Three Months Ended
Jun 30, 2010 Mar 31, 2010 Dec 31, 2009 Sep
30, 2009 Jun 30, 2009 (In thousands)
BALANCE
SHEET: Total assets $ 1,613,520 $ 1,586,778 $ 1,589,946 $
1,569,084 $ 1,583,686 Total loans and leases 1,136,524 1,123,838
1,111,847 1,116,627 1,117,655 Total deposits 1,174,020 1,107,071
1,098,284 1,091,931 1,084,673 Shareholders' equity 129,127 123,679
120,661 121,961 148,674
ASSET QUALITY: Total
nonperforming assets $ 16,759 $ 16,392 $ 20,015 $ 16,894 $ 18,796
Nonperforming assets / total assets 1.04 % 1.03 % 1.26 % 1.08 %
1.19 % Allowance for loans and leases $ 17,396 $ 16,625 $ 16,536 $
16,537 $ 16,905 Allowance to total loans and leases 1.53 % 1.48 %
1.49 % 1.48 % 1.51 % Net charge-offs $ 779 $ 1,511 $ 3,808 $ 2,268
$ 1,118 Net charge-offs to average loans 0.28 % 0.55 % 1.35 % 0.81
% 0.40 %
BANCORP RHODE ISLAND, INC. Selected
Financial Highlights (unaudited)
Jun 30, 2010 Mar 31, 2010 Dec 31,
2009 Sep 30, 2009 Jun 30, 2009 (in thousands)
LOAN AND LEASE PORTFOLIO: Commercial loans and
leases: Commercial real estate - non-owner occupied $ 185,437 $
187,988 $ 170,148 $ 163,766 $ 159,576 Commercial real estate -
owner occupied 174,267 167,603 167,853 167,222 163,461 Commercial
& industrial 173,588 174,649 178,808 183,911 188,570
Multi-family 67,588 66,716 66,350 58,622 58,596 Small business
59,833 57,911 56,148 55,442 53,660 Construction 30,925 30,355
23,405 23,630 21,573 Leases and other 77,688 72,969
75,057 78,506 72,587 Subtotal
769,326
758,191 737,769 731,099 718,023 Unearned lease income (6,777 )
(7,039 ) (7,693 ) (9,218 ) (8,702 ) Net deferred loan origination
costs 1,825 1,041 2,321 2,540 2,318
Total commercial loans and leases
764,374
752,193 732,397 724,421 711,639 Residential mortgages
164,750 170,200 173,294 182,303 191,271 Consumer loans
207,400 201,445 206,156 209,903 214,745
Total loans and
leases $
1,136,524
$ 1,123,838 $ 1,111,847 $ 1,116,627 $
1,117,655
(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 June 30, 2010.
BANCORP RHODE ISLAND, INC. Consolidated Balance Sheet
(unaudited)
June 30, December 31,
2010 2009 (In thousands)
ASSETS: Cash and due
from banks $ 23,857 $ 18,866 Overnight investments 30,224
1,964
Total cash and cash equivalents 54,081
20,830 Available for sale securities (amortized cost of
$336,707 and $380,108, respectively) 345,566 381,839 Stock in
Federal Home Loan Bank of Boston 16,274 16,274 Loans and leases
receivable: Commercial loans and leases 764,374 732,397 Residential
mortgage loans 164,750 173,294 Consumer and other loans 207,400
206,156
Total loans and leases receivable
1,136,524 1,111,847 Allowance for loan and lease
losses (17,396 ) (16,536 )
Net loans and leases receivable
1,119,128 1,095,311 Premises and equipment, net
12,127 12,378 Goodwill 12,262 12,239 Accrued interest receivable
4,704 4,964 Investment in bank-owned life insurance 30,644 30,010
Prepaid expenses and other assets 18,734 16,101
Total assets $
1,613,520 $
1,589,946
LIABILITIES: Deposits: Demand deposit accounts
$ 290,794 $ 204,281 NOW accounts 73,501 74,558 Money market
accounts 83,315 65,076 Savings accounts 366,087 367,225
Certificates of deposit accounts 360,323 387,144
Total deposits 1,174,020 1,098,284 Overnight
and short-term borrowings 37,338 40,171 Wholesale repurchase
agreements 20,000 20,000 Federal Home Loan Bank of Boston
borrowings 223,396 277,183 Subordinated deferrable interest
debentures 13,403 13,403 Other liabilities 16,236 20,244
Total liabilities 1,484,393
1,469,285 SHAREHOLDERS’ EQUITY: Common stock,
par value $0.01 per share, authorized 11,000,000 shares: Issued:
(5,047,941 shares and 4,969,444 shares, respectively) 50 50
Additional paid-in capital 73,514 72,783 Treasury stock, at cost
(373,850 shares and 364,750 shares, respectively) (12,527 ) (12,309
) Retained earnings 62,332 59,012 Accumulated other comprehensive
income, net 5,758 1,125
Total shareholders’
equity 129,127 120,661 Total
liabilities and shareholders’ equity $
1,613,520
$
1,589,946 BANCORP RHODE ISLAND, INC.
Consolidated Statements of Operations (unaudited)
Three Months Ended Six Months Ended June
30, June 30, 2010 2009 2010
2009 (In thousands, except per share data) Interest and
dividend income: Overnight investments $ - $ - $ 5 $ 9
Mortgage-backed securities 3,041 3,360 6,270 6,763 Investment
securities 490 536 1,040 987 Loans and leases 15,105 14,896
29,673 29,593
Total interest and dividend
income 18,636 18,792 36,988
37,352 Interest expense: Deposits 2,164 4,224
4,442 8,718 Overnight and short-term borrowings 19 21 37 48
Wholesale repurchase agreements 143 134 282 267 Federal Home Loan
Bank of Boston borrowings 2,518 2,650 5,183 5,275 Subordinated
deferrable interest debentures 166 190 330 389
Total interest expense 5,010
7,219 10,274 14,697
Net interest income 13,626 11,573
26,714 22,655 Provision for loan and lease losses
1,550 2,600 3,150 4,210
Net interest income after provision for loan and lease
losses 12,076 8,973 23,564
18,445 Noninterest income: Total
other-than-temporary impairment losses on available for sale
securities (1,069 ) - (2,661 ) - Non-credit component of
other-than-temporary impairment losses recognized in other
comprehensive income 1,025 - 2,046 -
Credit component of other-than-temporary impairment losses on (44 )
- (615 ) - available for sale securities Service charges on deposit
accounts 1,348 1,367 2,612 2,577 Income from bank-owned life
insurance 318 304 633 593 Commissions on nondeposit investment
products 148 111 385 267 Loan related fees 133 229 322 628 Gain on
sale of available for sale securities 103 - 578 61 Net gains on
lease sales and commissions on loans originated for others 6 19 42
48 Other income 273 184 643 397
Total noninterest income 2,285 2,214
4,600 4,571 Noninterest expense:
Salaries and employee benefits 5,746 4,926 11,589 10,079 Occupancy
829 832 1,690 1,788 Data processing 654 670 1,308 1,290
Professional services 537 646 1,169 1,344 FDIC insurance 475 1,176
950 1,563 Marketing 383 332 641 647 Loan workout and other real
estate owned 337 149 673 277 Equipment 255 242 510 483 Loan
servicing 171 189 347 348 Other expenses 1,043 983
2,041 1,949
Total noninterest expense
10,430 10,145 20,918
19,768 Income before income taxes 3,931
1,042 7,246 3,248 Income tax expense 1,250
302 2,346 1,045
Net income
2,681 740 4,900
2,203 Preferred stock dividends - (375 ) - (750 )
Prepayment charges and accretion of preferred stock discount -
(62 ) - (123 )
Net income applicable to common
shares $
2,681 $ 303 $
4,900 $ 1,330 Per
share data: Basic earnings per common share $ 0.57
$
0.07 $ 1.05
$ 0.29 Diluted earnings per common share $ 0.57
$ 0.07 $ 1.05
$ 0.29 Cash dividends declared per
common share $ 0.17 $ 0.17 $ 0.34 $ 0.34 Weighted average common
shares outstanding – basic 4,664 4,602 4,643 4,596 Weighted average
common shares outstanding – diluted 4,690 4,620 4,670 4,615
BANCORP RHODE ISLAND, INC. Asset Quality Analysis
(unaudited)
Three
Months Ended
Jun 30,2010
Mar 31, 2010
Dec 31, 2009
Sep 30,2009
Jun 30,2009
(Dollars in thousands)
NON-PERFORMING ASSETS:
Nonperforming loans & leases: Commercial real estate $ 5,131 $
4,952 $ 6,909 $ 3,159 $ 4,801 Commercial & industrial 1,155
1,544 2,919 3,263 4,360 Multifamily - - 205 205 - Small business
986 957 1,147 585 542 Construction 469 710 469 469 1,000 Leases
2,252 1,415 1,878 1,059 833 Residential mortgage 3,737 4,349 4,124
5,175 5,933 Consumer 1,081 442 664 984
284 Total nonperforming loans & leases 14,811 14,369
18,315 14,899 17,753 Other real estate owned 1,948 2,023
1,700 1,995 921 Non-real estate foreclosed assets - - - - 122
Total nonperforming assets $ 16,759 $ 16,392 $
20,015 $ 16,894 $ 18,796 Total
nonperforming loans & leases / total loans & leases 1.30 %
1.28 % 1.65 % 1.33 % 1.59 % Total nonperforming assets / total
assets 1.04 % 1.03 % 1.26 % 1.08 % 1.19 %
PROVISION AND ALLOWANCE FOR LOAN LOSSES: Balance at
beginning of period $ 16,625 $ 16,536 $ 16,537 $ 16,905 $ 15,423
Charged-off loans & leases (909 ) (1,612 ) (3,893 ) (2,285 )
(1,138 ) Recoveries on charged-off loans & leases 130
101 85 17 20 Net loans & leases
charged-off (779 ) (1,511 ) (3,808 ) (2,268 ) (1,118 ) Provision
for loan and lease losses 1,550 1,600 3,807
1,900 2,600 Balance at end of period $ 17,396
$ 16,625 $ 16,536 $ 16,537 $ 16,905
Allowance to nonperforming loans & leases 117.45
% 115.70 % 90.29 % 110.99 % 95.22 % Allowance to total loans &
leases 1.53 % 1.48 % 1.49 % 1.48 % 1.51 %
NET
CHARGE-OFFS: Commercial real estate $ (100 ) $ 549 $ 322
$ 50 $ - Commercial & industrial (4 ) (11 ) 1,807 1,412 249
Other commercial loans & leases 387 529 238 227 244 Residential
mortgages 490 347 852 556 619 Consumer 6 97 589
23 6 Total net charge-offs $ 779 $
1,511 $ 3,808 $ 2,268 $ 1,118
Net charge-offs to average loans & leases 0.28 % 0.55 %
1.35 % 0.81 % 0.40 %
DELINQUENCIES AND
NON-ACCRUING LOANS AND LEASES AS % OF TOTAL LOANS: Loans
& leases 30-59 days past due 0.90 % 0.90 % 0.95 % 0.97 % 0.68 %
Loans & leases 60-89 days past due 0.21 % 0.22 % 0.19 % 0.16 %
0.19 % Loans & leases 90+ days past due and still accruing 0.08
% - 0.07 % 0.02 % - Total accruing past due loans
& leases 1.19 % 1.12 % 1.21 % 1.15 % 0.87 % Non-accrual
loans & leases 1.22 % 1.28 % 1.57 % 1.31 % 1.59 % Total
delinquent and nonaccrual loans & leases 2.41 % 2.40 % 2.78 %
2.46 % 2.46 %
BANCORP RHODE ISLAND, INC. Consolidated
Average Balances, Yields and Costs (unaudited)
Three Months Ended June 30, (Dollars in
thousands)
2010 2009
Average Balance
InterestEarned/Paid
AverageYield
Average Balance
InterestEarned/Paid
AverageYield
ASSETS: Earning assets: Overnight investments $ 2,009
$ - 0.09 % $ 3,149 $ - 0.08 % Available for sale securities 346,907
3,531 4.08 % 370,685 3,896 4.22 % Stock in the FHLB 16,274 - 0.00 %
15,671 - 0.00 % Loans and leases receivable: Commercial loans and
leases 757,664 10,943 5.79 % 694,723 10,041 5.79 % Residential
mortgages loans 167,289 1,939 4.64 % 198,144 2,460 4.97 % Consumer
and other loans 204,235 2,223 4.36 %
214,928 2,395 4.47 % Total earning assets
1,494,378 18,636 5.00 % 1,497,300
18,792 5.03 % Cash and due from banks 18,798 12,335
Allowance for loans and leases (17,034 ) (15,788 ) Premises and
equipment 12,244 12,425 Goodwill, net 12,262 12,051 Accrued
interest receivable 4,252 4,213 Bank-owned life insurance 30,435
29,158 Prepaid expenses and other assets 16,898
9,285 Total assets $ 1,572,233 $ 1,560,979
LIABILITIES AND SHAREHOLDERS' EQUITY:
Interest-bearing liabilities: Deposits: NOW accounts $ 69,378 $ 12
0.07 % $ 67,072 $ 14 0.08 % Money market accounts 81,271 165 0.81 %
16,228 51 1.26 % Savings accounts 373,225 506 0.54 % 385,887 930
0.97 % Certificate of deposit accounts 374,935 1,481 1.58 % 424,699
3,229 3.05 % Overnight and short-term borrowings 37,011 19 0.20 %
45,065 22 0.19 % Wholesale repurchase agreements 20,000 143 2.82 %
10,000 134 5.32 % FHLB borrowings 247,720 2,518 4.02 % 249,852
2,649 4.20 % Subordinated deferrable interest debentures
13,403 166 4.93 % 13,403 190
5.67 % Total interest-bearing liabilities 1,216,943
5,010 1.65 % 1,212,206 7,219 2.39 %
Noninterest-bearing deposits 219,136 185,196 Other
liabilities 10,168 13,565 Total
liabilities 1,446,247 1,410,967 Shareholders' equity:
125,986 150,012 Total liabilities and
shareholders' equity $ 1,572,233 $ 1,560,979
Net interest income $ 13,626 $ 11,573
Net interest spread 3.35 % 2.64 % Net interest margin
3.67 % 3.10 %
BANCORP RHODE ISLAND, INC. Consolidated
Average Balances, Yields and Costs (unaudited)
Six Months Ended June 30, (Dollars in
thousands)
2010 2009
Average Balance
InterestEarned/Paid
AverageYield
Average Balance
InterestEarned/Paid
AverageYield
ASSETS: Earning assets: Overnight investments $ 2,150
$ 5 0.50 % $ 1,984 $ 9 0.96 % Available for sale securities 359,640
7,310 4.10 % 356,714 7,750 4.38 % Stock in the FHLB 16,274 - 0.00 %
15,671 - 0.00 % Loans and leases receivable: Commercial loans and
leases 744,825 21,254 5.74 % 683,843 19,747 5.81 % Residential
mortgages loans 169,834 3,968 4.67 % 202,949 5,120 5.05 % Consumer
and other loans 204,039 4,451 4.40 %
211,361 4,726 4.51 % Total earning assets
1,496,762 36,988 4.97 % 1,472,522
37,352 5.10 % Cash and due from banks 16,139 20,288
Allowance for loans and leases (17,129 ) (15,224 ) Premises and
equipment 12,301 12,490 Goodwill, net 12,221 12,058 Accrued
interest receivable 4,312 4,251 Bank-owned life insurance 30,277
29,011 Prepaid expenses and other assets 16,232
9,109 Total assets $ 1,571,115 $ 1,544,505
LIABILITIES AND SHAREHOLDERS' EQUITY:
Interest-bearing liabilities: Deposits: NOW accounts $ 69,025 $ 27
0.08 % $ 64,176 $ 32 0.10 % Money market accounts 76,356 314 0.83 %
10,450 52 1.01 % Savings accounts 371,497 1,037 0.56 % 386,046
2,013 1.05 % Certificate of deposit accounts 380,237 3,064 1.62 %
421,680 6,621 3.17 % Overnight and short-term borrowings 38,080 37
0.20 % 48,635 48 0.20 % Wholesale repurchase agreements 19,116 282
2.93 % 10,000 267 5.39 % FHLB borrowings 259,665 5,183 3.97 %
248,769 5,275 4.22 % Subordinated deferrable interest debentures
13,403 330 4.95 % 13,403
389 5.83 % Total interest-bearing liabilities 1,227,379
10,274 1.69 % 1,203,159 14,697
2.46 % Noninterest-bearing deposits 209,489 178,360 Other
liabilities 9,652 13,153 Total
liabilities 1,446,520 1,394,672 Shareholders' equity:
124,595 149,833 Total liabilities and
shareholders' equity $ 1,571,115 $ 1,544,505
Net interest income $ 26,714 $ 22,655
Net interest spread 3.28 % 2.64 % Net interest margin
3.59 % 3.09 %
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