Banks ready midyear reports

PROVIDENCE – It’s that time of year again: Banks are getting ready to report their second quarter and midyear results.
In recent quarters, the releases have been nerve-wracking experiences for executives and investors as the credit industry and the economy has deteriorated – and profits have deteriorated with them.
Last week, local players Westerly-based Washington Trust (Nasdaq: WASH) and Providence-based Bank Rhode Island . (Nasdaq: BARI) officials announced that they will be releasing their earnings reports on July 21 and July 24, respectively. Rockland, Mass.-based Independent Bank Corp., parent of Rockland Trust, said it will be releasing its earnings July 17.
As of mid-week last week, regional banks, Sovereign Bancorp. (NYSE: SOV) and Webster Financial Corp. (NYSE: WBS), had not announced when they will release their earnings. Newport Bancorp Inc. (Nasdaq: NFSB), parent for Newport Federal Savings Bank, also hadn’t announced anything as of last week. And financial giant Bank of America (NYSE: BAC) said it will reveal its second-quarter performance on July 21.
Because Citizens Financial Group, based in Providence, is owned by Royal Bank of Scotland, it reports earnings only twice a year. As of last week, the date of the earnings release had not been announced.
Washington Trust Bancorp Inc. (Nasdaq Global Market: WASH), based in Westerly, is the parent of The Washington Trust Co., a Rhode Island-chartered bank founded in 1800 that has offices in Rhode Island, Massachusetts and southeastern Connecticut. Additional information is available at www.washtrust.com.
Bancorp Rhode Island Inc. (Nasdaq: BARI), based in Providence, is the parent of Bank Rhode Island, a state-chartered, FDIC-insured institution with 16 branches in Providence, Kent and Washington counties. Additional information on BankRI and its parent company is available at bankri.com.
Independent Bank Corp. (Nasdaq: INDB) is the parent of Rockland Trust Co., a full-service community bank with $2.7 billion in assets that serves southeastern Massachusetts and Cape Cod. Additional information is available at www.RocklandTrust.com.
Sovereign Bancorp Inc. (NYSE: SOV), the parent company of Sovereign Bank, is a $90 billion financial institution with nearly 800 community banking offices, more than 2,000 ATMs and about 12,000 employees mostly in the Northeast. For additional information, visit www.sovereignbank.com.
Webster Financial Corp. (NYSE: WBS) – a $17.1 billion company based in Waterbury, Conn. – is the holding company for both Webster Insurance and Webster Bank N.A., a financial services company with more than 150 branches including 10 branches in Rhode Island. Additional information is available at www.websterbankonline.com.
Newport Bancorp Inc. (Nasdaq: NFSB) is the holding company for Newport Federal Savings Bank, a $370 million institution created by the 2005 merger of NewportFed and Westerly Savings bank that converted from a mutual bank to a shareholder institution in mid-2006. It has five branches in Rhode Island. Additional information is available at www.newportfederal.com.
Bank of America (NYSE: BAC) is one of the world’s largest financial institutions, with clients in 175 nations, including 98 percent of the U.S. Fortune 500 and 80 percent of the Fortune Global 500. In the United States alone, it serves more than 56 million consumers and small businesses via more than 5,700 retail offices and 17,000 ATMs. To learn more, visit www.bankofamerica.com.
Citizens Financial Group Inc., a $164 billion commercial bank holding company with about 25,000 employees at 1,600 branches in 13 states and non-branch offices in about 40 states, is owned by the U.K.based Royal Bank of Scotland Group plc. Additional information is available at www.citizensbank.com.