PROVIDENCE — Bank Rhode Island recently reported a net income for the quarter ended June 30 of $1 million, up 22 percent from the same period last year. The bank’s net income for the first six months of 1999 reached $1.9 million, compared to $1.7 million for the first half of 1998. Diluted earnings per common share also rose sharply, increasing 69 percent from $.16 to $.27 a share. The increase was due to Bank Rhode Island’s improvement in net income along with the capital restructuring the bank undertook in March of last year. On a cash basis (excluding amortization of goodwill, net of taxes) diluted earnings per common share reached $.32. For the first six months of 1999, diluted earnings per common share stood at $.49 and were $.60 on a cash basis.
Bank Rhode Island also announced that its Board of Directors has declared a cash dividend of $.05 per common share. The dividend will be paid on Aug. 31 to stockholders of record as of the close of business on Aug. 10. The dividend is the first on common shares since Bank Rhode Island’s formation in March of 1996.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
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“I think our financial results are really starting to show just how successful we’ve been,” said Merrill W. Sherman, Bank Rhode Island President and CEO. “We decided to issue a dividend because we want to share some of that financial success with the people who made it possible, our shareholders.”
BankBoston reports growth of 11 percent
BOSTON — BankBoston Corporation recently reported a second quarter net income of $250 million, or $.83 per common share on a diluted basis. The increase was 11 percent compared with $223 million, or $.75 per share, in the first quarter of 1999. Net income for the first half of 1999 was $473 million, or $1.58 per share, compared with net income for the first half of 1998 of $480 million, or $1.54 per share.
Total core revenues grew to $1,371 million, up by 11 percent from the first quarter and 24 percent from the second quarter of 1998, based on the strength of non-interest income which reached 50 percent of total revenues in the current quarter.
The corporation’s Brazilian and Argentine operations continued their strong performance despite a difficult economic environment and together they reported an increase of approximately 50 percent in net income this year compared with the first year of 1998.
BankBoston Chairman and CEO Chad Gifford commented on not only the success of BankBoston, but its new partner Fleet.
“Coupled with Fleet Financial’s strong second quarter results, we are bringing together two companies with great individual momentum that are expected to enjoy significant synergy on both the revenue and coast sides,” said Gifford. “Our integration efforts are very much on track, our original expectations have been reinforced, and our enthusiasm for the potential of this alliance grows as we approach the closing.”
First Financial Corp. has record earnings
PROVIDENCE — First Financial Corp., parent company of First Bank and Trust Company, reported record earnings for the second quarter. Net income reached $488,613 for the quarter, an increase of 38.1 percent over $353,877 earned in the second quarter of 1998. Earning per share on a diluted basis for the second quarter ended June 30, amounted to $.40 as compared to $.28 for last year’s second quarter.
There were two nonrecurring transactions that had a favorable impact on second-quarter 1999 earnings. One involved a gain on the sale of foreclosed real estate. The second involved the write-off of an impaired long-lived asset. The favorable after-tax effect of the two transactions was $61,439.
Excluding the one-time transactions, earnings for the second quarter amounted to $427,174, an increase of 20.7 percent over 1998. Earnings per share, excluding the one-time transactions, totaled $.35 for the second quarter ended June 30, and increase of 25 percent over the prior year’s second quarter.
Washington Trust sees most profitable quarter in 200 years
Net income for Washington Trust Bancorp, Inc., (NASDAQ: WASH) was up $2.7 million , or 26 cents per diluted share, for the quarter ended June 30, according to a statement issued by the Westerly bank. That figure represents a 7.4 percent increase over the net income for the same quarter last year, which was $2.5 million, or 24 cents per diluted share.
This is the most profitable quarter Washington Trust has had in almost 200 years of service to the community,” said John Warren, the company’s chairman and chief executive officer. “So far this year we’ve had terrific loan and deposit growth, fee income is up substantially, and non-performing assets are at the lowest level in over 10 years.”
Net income for the six months ended June 30 amounted to $5.3 million, an increase of 8.3 percent from the $4.9 million reported for the same six month period in 1998. Diluted earnings per share for the first six months of 1999 amounted to 51 cents, up from 47 cents per share in 1998. Washington Trust’s return on average assets and average equity for the first half of 1999 were 1.09 percent and 14.30 percent respectively. Comparative amounts for 1998 were 1.14 percent and 14.09 percent.
FirstFed shares increase 23 percent
SWANSEA, Mass. — FirstFed America Bancorp, Inc., recently announced basic and diluted earnings per share of $.27 for the first quarter, an increase of 23 percent from $0.22 per share for the comparable quarter last fiscal year. The company also announced that its board of directors declared a quarterly dividend of $.07 per share, payable on Aug. 16, to all shareholders of record as of July 30. This represents a 40 percent increase over the dividend paid in each quarter of fiscal year 1999.
