BANCORP RHODE ISLAND INC - FORM 8-K - EX-99.1 - EX 99.1 PRESS RELEASE & FINANCIALS

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8-K - FORM 8-K - BANCORP RHODE ISLAND INC	form8k12711.htm

Exhibit 99.1

Contacts: Linda H. Simmons Debbie Mandeville

Chief Financial Officer Investor Relations Officer

(401) 574-1652 (401) 574-1547

lsimmons@bankri.com dmandeville@bankri.com

BancorpRI Announces Strong Year-End Results

Net Income reaches $9.8 million in 2010

Significant earnings growth over prior year

Providence, R.I. – January 27, 2011 – Bancorp Rhode Island, Inc. (NASDAQ: BARI), the parent company of Bank Rhode Island, today reported net income of $2.1 million for the quarter ended December 31, 2010, an 87.6 percent increase compared to the fourth quarter 2009 net income of $1.1 million and a 24.3 percent decrease from record net income of $2.8 million in the third quarter 2010. The Company’s diluted earnings per share (EPS) was $0.45 for the fourth quarter 2010 compared to $0.24 for the prior year fourth quarter and $0.60 for the third quarter 2010.

Net income for 2010 was $9.8 million, an increase of 77.6 percent compared to net income of $5.5 million for 2009. The Company’s diluted EPS was $2.10 for 2010, an increase of 200.0 percent compared to $0.70 diluted EPS, after preferred stock dividends and discount accretion for 2009.

“BancorpRI had an excellent year in 2010, and we are pleased with our financial performance,” commented President and CEO, Merrill W. Sherman. “We delivered record levels of net income for the year and provided our shareholders with a healthy increase in the dividend during a period of great uncertainty in the banking industry and overall economy. We are successfully capitalizing on our competitive strength in commercial lending, as demonstrated by the solid growth in that portfolio year after year. We are building long-term customer relationships and consistently providing outstanding customer service. Our business model remains as strong as ever, and we are well positioned to take advantage of opportunities to grow this franchise.”

The Company’s commercial loan and lease portfolio continued its steady growth in the fourth quarter, totaling $780.3 million as of December 31, 2010. This represented an increase of $47.9 million, or 6.5 percent, from year-end 2009 and $8.5 million, or 1.1 percent, from September 30, 2010. Consumer loans rose to $210.3 million as of December 31, 2010, up $8.0 million from September 30, 2010.

BancorpRI Q4 Results

Page Two

Residential mortgage loans were $164.9 million, which represented an increase of $3.8 million from September 30, 2010.

Demand deposits were $264.3 million at December 31, 2010, an increase of $60.0 million from $204.3 million at December 31, 2009. This represents an increase of 29.4 percent from year-end 2009 and 8.9 percent from September 30, 2010. This is the largest dollar increase year over year in the Bank’s history and reflects a successful execution of its business strategy.

Core deposits (demand deposits, NOW, money market and savings accounts) at December 31, 2010 have risen to 69.0 percent of total deposits, compared to 64.8 percent at year-end 2009. Higher cost time deposits continued to decline in line with the Company’s ongoing efforts to reduce overall funding costs. Total deposits of $1.1 billion at December 31, 2010 were up slightly from the prior year-end and prior quarter.

Net interest income for the fourth quarter 2010 was $13.2 million, compared to $13.0 million in the fourth quarter 2009 and $13.5 million in the third quarter 2010. Net interest margin for the fourth quarter 2010 was 3.49 percent, an increase of 7 basis points from the fourth quarter 2009 and a decrease of 12 basis points from the third quarter 2010. The latter decline is attributable to the sustained pressure on asset yields caused by the prolonged low rate environment. For 2010, net interest income was $53.4 million, an increase of $5.1 million, or 10.5 percent, from 2009 and the net interest margin was 3.56 percent, an increase of 31 basis points from 2009.

Noninterest income was $2.7 million for the fourth quarter 2010, compared to $2.4 million in the fourth quarter 2009 and $2.3 million in the third quarter 2010. The increase in noninterest income from the prior year and prior quarter was primarily due to the inclusion of other-than-temporary impairment on investment securities in the prior periods. For 2010, noninterest income was $9.6 million, an increase of 4.3 percent from 2009.

Noninterest expense was $9.9 million in the fourth quarter 2010, flat compared to the fourth quarter 2009 and down 4.0 percent from the third quarter 2010. The decrease from the third quarter was primarily driven by lower compensation, loan workout and other real estate owned and marketing costs. For 2010, noninterest expense was $41.2 million, an increase of $1.7 million, or 4.2 percent, over 2009.

Nonperforming assets at December 31, 2010 were $17.6 million or 1.10 percent of total assets. This represented a decrease from $20.0 million, or 1.26 percent of total assets, at December 31, 2009 and an increase from $15.2 million, or 0.96 percent of total assets, at September 30, 2010. Net charge-offs were $2.0 million, or 0.69 percent of average loans and leases, for the fourth quarter 2010, down from $3.8 million, or 1.35 percent of average loans and leases, in the fourth quarter 2009 and

BancorpRI Q4 Results

Page Three

up from $459,000, or 0.16 percent of average loans and leases, in the third quarter 2010. For 2010, the net charge-offs declined 41.1 percent to $4.7 million from $8.0 million in 2009. Net charge-offs as a percent of average loans and leases decreased to 0.42 percent in 2010 from 0.73 percent for 2009.

The provision for loan and lease losses was $2.4 million for the fourth quarter 2010, compared to $3.8 million in the fourth quarter 2009 and compared to $1.3 million on a linked-quarter basis. For 2010, the provision was $6.9 million, a decrease of 30.8 percent from $9.9 million for 2009. The allowance for loan and lease losses was $18.7 million at December 31, 2010, an increase of $2.1 million from year-end 2009. The allowance for loan and lease losses as a percent of total loans and leases increased to 1.61 percent at December 31, 2010 from 1.49 percent of total loans and leases at December 31, 2009.

Total assets at December 31, 2010 were $1.6 billion, up slightly from year-end 2009 and an increase of 1.9 percent from September 30, 2010.

At December 31, 2010, the Company’s tier 1 capital ratio was approximately 7.90 percent and its total risk-based capital ratio was approximately 12.40 percent.

The Company’s Board of Directors approved a dividend of $0.19 per share. The dividend will be paid on March 9, 2011, to shareholders of record on February 16, 2011.

Company executives will host a conference call Thursday, January 27, at 10 a.m. Eastern Time (ET) to discuss the Company’s quarterly and full year 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 12:00 p.m. ET that can be accessed through 5:00 p.m. ET on Wednesday, February 2, 2011. The replay dial-in number is (877) 344-7529; when prompted, enter conference ID number 447089. 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 17 branches and more than 60 ATMs throughout Providence, Kent and Washington Counties. As of December 31, 2010, 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.

###

BANCORP RHODE ISLAND, INC.
Selected Financial Highlights (unaudited)

				Three Months Ended						Twelve Months Ended
				December 31,						December 31,
				2010			2009			2010			2009
				(In thousands, except per share data)
FINANCIAL DATA:
Net interest income				$	13,215		$	13,001		$	53,407		$	48,322
Provision for loan and lease losses					2,435			3,807			6,860			9,917
Noninterest income					2,673			2,353			9,562			9,165
Noninterest expense					9,935			9,949			41,203			39,529
Net income					2,126			1,133			9,835			5,539
Net income applicable to common shares					2,126			1,133			9,835			3,242

FINANCIAL PERFORMANCE RATIOS:
Return on assets (3) (6)					0.53	%		0.28	%		0.62	%		0.36	%
Return on equity (4) (6)					6.46	%		3.67	%		7.73	%		2.66	%
Net interest margin (2) (6)					3.49	%		3.42	%		3.56	%		3.25	%
Efficiency ratio (5) (6)					62.53	%		64.80	%		65.43	%		68.76	%

PER SHARE DATA:
Earnings per share - basic				$	0.45		$	0.25		$	2.10		$	0.71
Earnings per share - diluted					0.45			0.24			2.10			0.70
Book value per share of common stock					27.53			26.16			27.53			26.16
Tangible book value per share of common stock					24.91			23.50			24.91			23.50
Market value (at period end)					29.09			25.68			29.09			25.68
Dividends per share					0.19			0.17			0.70			0.68

CAPITAL RATIOS:
Tier 1 capital ratio (7)					7.90	%		7.65	%
Total risk-based capital ratio (7)					12.40	%		11.97	%
Tangible common equity ratio (1) (6)					7.31	%		6.87	%



	Three Months Ended
	Dec 31, 2010			Sep 30, 2010			Jun 30, 2010			Mar 31, 2010			Dec 31, 2009
	(In thousands)

BALANCE SHEET:
Total assets	$	1,603,759		$	1,573,323		$	1,613,520		$	1,586,778		$	1,589,946
Total loans and leases		1,155,489			1,135,227			1,136,524			1,123,838			1,111,847
Total deposits		1,120,166			1,115,683			1,174,020			1,107,071			1,098,284
Shareholders' equity		128,678			130,769			129,127			123,679			120,661

ASSET QUALITY:
Total nonperforming assets	$	17,643		$	15,152		$	16,759		$	16,392		$	20,015
Nonperforming assets / total assets		1.10	%		0.96	%		1.04	%		1.03	%		1.26	%
Allowance for loans and leases	$	18,654		$	18,212		$	17,396		$	16,625		$	16,536
Allowance to total loans and leases		1.61	%		1.60	%		1.53	%		1.48	%		1.49	%
Net charge-offs	$	1,993		$	459		$	779		$	1,511		$	3,808
Net charge-offs to average loans		0.69	%		0.16	%		0.28	%		0.55	%		1.35	%

BANCORP RHODE ISLAND, INC.
Selected Financial Highlights (unaudited)


			Dec 31, 2010			Sep 30, 2010			Jun 30, 2010			Mar 31, 2010			Dec 31, 2009
			(in thousands)

LOAN AND LEASE PORTFOLIO:

Commercial loans and leases:
		Commercial real estate - non-owner occupied	$	200,809		$	202,342		$	191,345		$	193,868		$	180,416
		Commercial real estate - owner occupied		179,766			177,526			179,109			172,174			168,425
		Commercial & industrial		157,879			156,042			163,088			164,448			167,968
		Multifamily		79,934			73,375			67,588			66,716			66,350
		Small business		62,841			59,756			59,833			57,911			56,148
		Construction		30,349			31,035			30,675			30,105			23,405
		Leases and other		73,054			76,417			77,688			72,969			75,057
		Subtotal		784,632			776,493			769,326			758,191			737,769
		Unearned lease income		(6,159	)		(6,516	)		(6,777	)		(7,039	)		(7,693	)
		Net deferred loan origination costs		1,791			1,777			1,825			1,041			2,321
		Total commercial loans and leases		780,264			771,754			764,374			752,193			732,397

Residential mortgages				164,877			161,106			164,750			170,200			173,294

Consumer loans				210,348			202,367			207,400			201,445			206,156


		Total loans and leases	$	1,155,489		$	1,135,227		$	1,136,524		$	1,123,838		$	1,111,847


	(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 December 31, 2010.

BANCORP RHODE ISLAND, INC.
Consolidated Balance Sheet (unaudited)

	December 31,			December 31,
	2010			2009
	(In thousands)
ASSETS:
Cash and due from banks	$	14,384		$	18,866
Overnight investments		395			1,964
Total cash and cash equivalents		14,779			20,830
Available for sale securities (amortized cost of $357,402 and
$380,108, respectively)		360,025			381,839
Stock in Federal Home Loan Bank of Boston		16,274			16,274
Loans and leases receivable:
Commercial loans and leases		780,264			732,397
Residential mortgage loans		164,877			173,294
Consumer and other loans		210,348			206,156
Total loans and leases receivable		1,155,489			1,111,847
Allowance for loan and lease losses		(18,654	)		(16,536	)
Net loans and leases receivable		1,136,835			1,095,311
Premises and equipment, net		11,889			12,378
Goodwill		12,262			12,239
Accrued interest receivable		4,842			4,964
Investment in bank-owned life insurance		31,277			30,010
Prepaid expenses and other assets		15,576			16,101
Total assets	$	1,603,759		$	1,589,946

LIABILITIES:
Deposits:
Demand deposit accounts	$	264,274		$	204,281
NOW accounts		70,327			74,558
Money market accounts		96,285			65,076
Savings accounts		341,667			367,225
Certificates of deposit accounts		347,613			387,144
Total deposits		1,120,166			1,098,284
Overnight and short-term borrowings		40,997			40,171
Wholesale repurchase agreements		20,000			20,000
Federal Home Loan Bank of Boston borrowings		260,889			277,183
Subordinated deferrable interest debentures		13,403			13,403
Other liabilities		19,626			20,244
Total liabilities		1,475,081			1,469,285
SHAREHOLDERS’ EQUITY:
Common stock, par value $0.01 per share, authorized 11,000,000 shares:
Issued: (5,047,942 shares and 4,969,444 shares, respectively)		50			50
Additional paid-in capital		73,866			72,783
Treasury stock, at cost (373,850 shares and 364,750 shares, respectively)		(12,527	)		(12,309	)
Retained earnings		65,584			59,012
Accumulated other comprehensive income, net		1,705			1,125
Total shareholders’ equity		128,678			120,661
Total liabilities and shareholders’ equity	$	1,603,759		$	1,589,946

BANCORP RHODE ISLAND, INC.
Consolidated Statements of Operations (unaudited)

	Three Months Ended					Twelve Months Ended
	December 31,					December 31,
	2010		2009			2010			2009
	(In thousands, except per share data)
Interest and dividend income:
Overnight investments	$	1	$	-		$	7		$	10
Mortgage-backed securities		2,567		3,258			11,601			13,357
Investment securities		394		630			1,896			2,157
Loans and leases		14,698		15,037			59,298			59,753
Total interest and dividend income		17,660		18,925			72,802			75,277
Interest expense:
Deposits		1,678		2,842			8,030			14,868
Overnight and short-term borrowings		10		19			63			86
Wholesale repurchase agreements		143		143			564			551
Federal Home Loan Bank of Boston borrowings		2,447		2,754			10,068			10,720
Subordinated deferrable interest debentures		167		166			670			730
Total interest expense		4,445		5,924			19,395			26,955
Net interest income		13,215		13,001			53,407			48,322
Provision for loan and lease losses		2,435		3,807			6,860			9,917
Net interest income after provision for loan and lease losses		10,780		9,194			46,547			38,405
Noninterest income:
Total other-than-temporary impairment losses on
available for sale securities		-		(1,773	)		54			(2,469	)
Non-credit component of other-than-temporary impairment losses
recognized in other comprehensive income		-		1,459			(1,086	)		2,085
Credit component of other-than-temporary impairment losses on		-		(314	)		(1,032	)		(384	)
available for sale securities
Service charges on deposit accounts		1,229		1,404			5,178			5,377
Loan related fees		352		166			836			869
Income from bank-owned life insurance		314		339			1,267			1,245
Gain on sale of available for sale securities		217		-			1,260			61
Commissions on nondeposit investment products		211		187			740			776
Net gains on lease sales and commissions on loans
originated for others		41		347			127			408
Other income		309		224			1,186			813
Total noninterest income		2,673		2,353			9,562			9,165
Noninterest expense:
Salaries and employee benefits		5,555		5,270			22,973			20,573
Occupancy		823		900			3,340			3,552
Data processing		648		691			2,623			2,640
Professional services		565		659			2,283			2,612
FDIC insurance		509		462			1,934			2,527
Operating		470		473			1,860			1,877
Equipment		253		292			1,029			1,001
Marketing		237		344			1,211			1,318
Loan servicing		166		143			646			665
Loan workout and other real estate owned		118		192			987			688
Other expenses		591		523			2,317			2,076
Total noninterest expense		9,935		9,949			41,203			39,529
Income before income taxes		3,518		1,598			14,906			8,041
Income tax expense		1,392		465			5,071			2,502
Net income		2,126		1,133			9,835			5,539
Preferred stock dividends		-		-			-			(892	)
Prepayment charges and accretion of preferred stock discount		-		-			-			(1,405	)
Net income applicable to common shares	$	2,126	$	1,133		$	9,835		$	3,242

Per share data:
Basic earnings per common share	$	0.45	$	0.25		$	2.10		$	0.71
Diluted earnings per common share	$	0.45	$	0.24		$	2.10		$	0.70
Cash dividends declared per common share	$	0.19	$	0.17		$	0.70		$	0.68
Weighted average common shares outstanding – basic		4,674		4,619			4,659			4,604
Weighted average common shares outstanding – diluted		4,703		4,650			4,687			4,626

BANCORP RHODE ISLAND, INC.
Asset Quality Analysis (unaudited)

	Three Months Ended
	Dec 31, 2010			Sep 30, 2010			Jun 30, 2010			Mar 31, 2010			Dec 31, 2009
	(Dollars in thousands)
NONPERFORMING ASSETS:

Nonperforming loans & leases:
Commercial real estate	$	5,273		$	5,384		$	5,131		$	4,952		$	6,909
Commercial & industrial		2,462			1,455			1,155			1,544			2,919
Multifamily		717			-			-			-			205
Small business		1,090			1,158			986			957			1,147
Construction		469			469			469			710			469
Leases		581			1,115			2,252			1,415			1,878
Residential mortgage		5,045			3,570			3,737			4,349			4,124
Consumer		876			871			1,081			442			664
Total nonperforming loans & leases		16,513			14,022			14,811			14,369			18,315

Other real estate owned		1,130			1,130			1,948			2,023			1,700

Total nonperforming assets	$	17,643		$	15,152		$	16,759		$	16,392		$	20,015


Total nonperforming loans & leases / total loans & leases		1.43	%		1.24	%		1.30	%		1.28	%		1.65	%
Total nonperforming assets / total assets		1.10	%		0.96	%		1.04	%		1.03	%		1.26	%


PROVISION AND ALLOWANCE FOR LOAN LOSSES:

Balance at beginning of period	$	18,212		$	17,396		$	16,625		$	16,536		$	16,537
Charged-off loans & leases		(2,154	)		(487	)		(909	)		(1,612	)		(3,893	)
Recoveries on charged-off loans & leases		161			28			130			101			85
Net loans & leases charged-off		(1,993	)		(459	)		(779	)		(1,511	)		(3,808	)
Provision for loan and lease losses		2,435			1,275			1,550			1,600			3,807
Balance at end of period	$	18,654		$	18,212		$	17,396		$	16,625		$	16,536


Allowance to nonperforming loans & leases		112.97	%		129.88	%		117.45	%		115.70	%		90.29	%
Allowance to total loans & leases		1.61	%		1.60	%		1.53	%		1.48	%		1.49	%


NET CHARGE-OFFS:

Commercial real estate	$	726		$	-		$	(100	)	$	549		$	322
Commercial & industrial		487			(5	)		(4	)		(11	)		1,807
Other commercial loans & leases		565			226			387			529			238
Residential mortgages		141			89			490			347			852
Consumer		74			149			6			97			589
Total net charge-offs	$	1,993		$	459		$	779		$	1,511		$	3,808


Net charge-offs to average loans & leases		0.69	%		0.16	%		0.28	%		0.55	%		1.35	%


DELINQUENCIES AND NON-ACCRUING LOANS AND LEASES AS % OF TOTAL LOANS:

Loans & leases 30-59 days past due		0.56	%		0.47	%		0.90	%		0.90	%		0.95	%
Loans & leases 60-89 days past due		0.21	%		0.22	%		0.21	%		0.22	%		0.19	%
Loans & leases 90+ days past due and still accruing		-			-			0.08	%		-			0.07	%
Total accruing past due loans & leases		0.77	%		0.69	%		1.19	%		1.12	%		1.21	%

Non-accrual loans & leases		1.43	%		1.24	%		1.22	%		1.28	%		1.57	%

Total delinquent and nonaccrual loans & leases		2.20	%		1.93	%		2.41	%		2.40	%		2.78	%

BANCORP RHODE ISLAND, INC.
Consolidated Average Balances, Yields and Costs (unaudited)


	Three Months Ended December 31,
(Dollars in thousands)	2010								2009
	Average Balance			Interest Earned/Paid		Average Yield			Average Balance			Interest Earned/Paid		Average Yield

ASSETS:
Earning assets:
Overnight investments	$	1,174		$	1		0.13	%	$	1,006		$	-		0.06	%
Available for sale securities		353,923			2,961		3.35	%		375,801			3,888		4.14	%
Stock in the FHLB		16,274			-		0.00	%		16,274			-		0.00	%
Loans and leases receivable:
Commercial loans and leases		774,844			10,787		5.53	%		729,612			10,639		5.80	%
Residential mortgages loans		161,978			1,728		4.27	%		178,803			2,064		4.62	%
Consumer and other loans		204,642			2,183		4.23	%		208,407			2,334		4.44	%
Total earning assets		1,512,835			17,660		4.65	%		1,509,903			18,925		4.99	%
Cash and due from banks		16,406								15,409
Allowance for loans and leases		(18,460	)							(17,069	)
Premises and equipment		12,000								12,463
Goodwill, net		12,262								12,051
Accrued interest receivable		4,279								4,152
Bank-owned life insurance		31,076								29,795
Prepaid expenses and other assets		15,762								12,253
Total assets	$	1,586,160							$	1,578,957


LIABILITIES AND SHAREHOLDERS' EQUITY:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	71,390		$	11		0.06	%	$	68,126		$	15		0.08	%
Money market accounts		86,710			131		0.60	%		59,512			175		1.17	%
Savings accounts		357,803			307		0.34	%		370,178			660		0.71	%
Certificate of deposit accounts		353,121			1,229		1.38	%		396,369			1,992		1.99	%
Overnight and short-term borrowings		39,947			10		0.11	%		38,498			19		0.19	%
Wholesale repurchase agreements		17,935			143		3.13	%		19,348			143		2.90	%
FHLB borrowings		243,728			2,447		3.93	%		275,156			2,754		3.92	%
Subordinated deferrable interest debentures		13,403			167		4.93	%		13,403			166		4.92	%
Total interest-bearing liabilities		1,184,037			4,445		1.49	%		1,240,590			5,924		1.89	%

Noninterest-bearing deposits		253,318								203,281
Other liabilities		18,232								12,557
Total liabilities		1,455,587								1,456,428

Shareholders' equity:		130,573								122,529
Total liabilities and shareholders' equity	$	1,586,160							$	1,578,957


Net interest income				$	13,215							$	13,001

Net interest spread							3.16	%							3.10	%

Net interest margin							3.49	%							3.42	%

BANCORP RHODE ISLAND, INC.
Consolidated Average Balances, Yields and Costs (unaudited)


	Twelve Months Ended December 31,
(Dollars in thousands)	2010								2009
	Average Balance			Interest Earned/Paid		Average Yield			Average Balance			Interest Earned/Paid		Average Yield

ASSETS:
Earning assets:
Overnight investments	$	2,674		$	7		0.25	%	$	1,456		$	10		0.78	%
Available for sale securities		354,477			13,497		3.81	%		362,706			15,514		4.28	%
Stock in the FHLB		16,274			-		0.00	%		15,912			-		0.00	%
Loans and leases receivable:
Commercial loans and leases		756,293			42,829		5.66	%		703,982			40,823		5.80	%
Residential mortgages loans		165,999			7,570		4.56	%		192,853			9,486		4.92	%
Consumer and other loans		204,680			8,899		4.35	%		210,805			9,444		4.48	%
Total earning assets		1,500,397			72,802		4.85	%		1,487,714			75,277		5.06	%
Cash and due from banks		16,075								18,186
Allowance for loans and leases		(17,604	)							(16,159	)
Premises and equipment		12,184								12,512
Goodwill, net		12,242								12,055
Accrued interest receivable		4,312								4,252
Bank-owned life insurance		30,601								29,323
Prepaid expenses and other assets		15,565								10,395
Total assets	$	1,573,772							$	1,558,278


LIABILITIES AND SHAREHOLDERS' EQUITY:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	70,243		$	48		0.07	%	$	65,471		$	60		0.09	%
Money market accounts		80,272			583		0.73	%		31,157			367		1.18	%
Savings accounts		366,691			1,739		0.47	%		377,755			3,380		0.89	%
Certificate of deposit accounts		369,372			5,660		1.53	%		409,564			11,061		2.70	%
Overnight and short-term borrowings		38,952			63		0.16	%		44,298			86		0.19	%
Wholesale repurchase agreements		17,479			564		3.19	%		13,699			551		3.97	%
FHLB borrowings		248,958			10,068		3.99	%		262,466			10,720		4.03	%
Subordinated deferrable interest debentures		13,403			670		5.00	%		13,403			730		5.45	%
Total interest-bearing liabilities		1,205,370			19,395		1.61	%		1,217,813			26,955		2.21	%

Noninterest-bearing deposits		228,829								189,419
Other liabilities		12,297								11,495
Total liabilities		1,446,496								1,418,727

Shareholders' equity:		127,276								139,551
Total liabilities and shareholders' equity	$	1,573,772							$	1,558,278


Net interest income				$	53,407							$	48,322

Net interest spread							3.24	%							2.85	%

Net interest margin							3.56	%							3.25	%

Attached files

BANCORP RHODE ISLAND INC Reports

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