PROVIDENCE – Bancorp Rhode Island Inc. (Nasdaq: BARI), the parent of Bank Rhode Island, today reported a 43-percent increase in first-quarter profit to $2.2 million from the year-ago $1.5 million. Earnings per diluted share increased 41 percent to 44 cents from the year ago 31 cents per share.
Average total assets increased 0.3 percent year-over-year to $1.48 billion on March 31.
Total deposits increased 1.2 percent to $1.03 billion on March 31, 0.3 percent more than at year’s end. “The company achieved year-over-year growth in all major deposit categories and quarter-over-quarter growth in NOW, savings and certificate of deposit balances,” BankRI said.
Total loans and leases edged up 0.3 percent over the quarter to $1.01 billion from $1.00 billion at the end of the preceding and year-ago quarters. The commercial loan portfolio grew 2 percent over the quarter to $532.5 million, an increase of 21 percent over the $441.5 million total at the end of the first quarter of 2006.
Net interest income declined 7.4 percent to $10.2 million as interest income increased 8.8 percent to $21.1 million but interest expenses increased 30.3 percent to $10.9 million. But the net interest margin increased over the quarter to 2.97 percent from the fourth quarter’s 2.91 percent.
“Our balance sheet and earnings results clearly demonstrate the continued successful execution of our strategic plan,” said President and CEO Merrill W. Sherman. “We are pleased with the outcome of the first quarter, which reflects the continued conversion of our balance sheet to a more commercial profile.
“Additionally, over the past 18 months, we have implemented several initiatives to reduce our overhead, and the year-over-year decline in expenses is a strong indication that our actions are producing results.”
The company’s board of directors has approved a dividend of 15 cents per share, payable June 6 to shareholders of record on May 16.
Bancorp Rhode Island Inc. (Nasdaq: BARI) is the parent of Bank Rhode Island, a state-chartered, FDIC-insured institution with 16 branches in Providence, Kent and Washington counties. Additional information is available at bankri.com.
