president and CEO
of Bank RI.
(File photo)
Bancorp Rhode Island, Inc., the parent company of Bank Rhode Island, reports that its earnings for the second quarter of 2001 reached a record $1.6 million, up 16 percent over the second quarter of last year.
It was the eighth consecutive quarter Bancorp Rhode Island, Inc. posted record earnings.
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The company’s diluted earnings per share reached $0.40, up from $0.36 in the second quarter of 2000. On a cash basis, excluding goodwill amortization, net of taxes, earnings per share reached $0.45 per share, up from $0.41 per share for the second quarter the previous year.
For the six months ended June 30, earnings reached $3.1 million, an 18 percent increase over 2000. Diluted earnings per share for the six-month period increased 14 percent, climbing to $0.81.
President and Chief Executive Officer Merrill W. Sherman said the company has been successful in attracting new customers, especially business customers.
“We are very pleased that we have been able to improve on our financial results quarter after quarter even as the economic climate becomes more challenging,” said Sherman.
Total deposits have increased $27 million since year-end, a 9 percent annualized growth rate. That growth was centered in checking and savings accounts. Checking and savings balances grew $31.6 million since year-end, partially offset by a $4.6 million decrease in CD balances.
“We have always focused on attracting checking and savings accounts,” said Sherman.
She added that checking and savings balances now make up more than 60 percent of the company’s deposits.
The company’s growth also fueled a 49 percent jump in non-interest income in the second quarter. Added activity pushed service charges on deposit accounts, the largest component of non-interest income, up 35 percent.
Bank Rhode Island’s board of directors also declared a cash dividend of $0.12 a share. That dividend will be paid on August 28 to shareholders of record on August 7.
