BankRI Reports Banner Year
Friday, January 28, 2011
BankRI's parent company, Bancorp Rhode Island, Inc. (NASDAQ: BARI), reported, “BancorpRI had an excellent year in 2010, and we are pleased with our financial performance,” said Merrill Sherman, CEO.
According to the report, BankRI realized 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.
Moreover, 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.
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Additionally, the Company announced 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.
“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,” said Sherman.
The Company, which has a focus on commercial lending in Rhode Island reported that 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. 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. According to the Company, "This is the largest dollar increase year over year in the Bank’s history and reflects a successful execution of its business strategy."
Now, $1.6 billion in Assets
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.
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.
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