FDIC: 16 banks within R.I., Bristol County, Mass., report profit increases through 3Q

CITIZENS BANK N.A. reported a net income of $1.4 billion through the third quarter, according to financial data from the Federal Deposit Insurance Corp. Thursday. / BLOOMBERG FILE PHOTO/SCOTT EISEN
CITIZENS BANK N.A. reported a net income of $1.4 billion through the third quarter, according to financial data from the Federal Deposit Insurance Corp. Thursday. / BLOOMBERG FILE PHOTO/SCOTT EISEN

PROVIDENCE – Sixteen banks that operate in Rhode Island and Bristol County, Mass., reported increases in third quarter year-to-date profit from 2018, while seven banks reported net-income declines, according to data from the Federal Deposit Insurance Corp. Tuesday.

Eight Rhode Island-based banks, 11 Massachusetts-based banks and four institutions with local branches that are headquartered outside the region reported a combined year-to-date income of $24.8 billion as of Sept. 30. The figure represents a 2.3% decrease from the same period last year when the institutions reported a $25.3 billion in combined profit through three quarters.

The FDIC said Tuesday that its insured institutions reported a combined net income of $57.4 billion through this year’s third quarter, representing a 7.3% decrease from the 2018 third quarter. The decline was attributed to “nonrecurring events at three large institutions.” The FDIC said that 62% of all institutions reported year-to-year net-income increases.

The top-three net incomes for Rhode Island-based banks through the third quarter were:

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  • Citizens Bank N.A., of Providence, reported a net income of $1.4 billion through the third quarter, an increase of 33.3% year over year.
  • The Washington Trust Co., of Westerly, saw a 4.4% increase year of year, from $52.2 million through the 2018 third quarter to $54.5 million through the 2019 third quarter.
  • Bank Rhode Island, of Providence, reported $18.5 million in net income through the third quarter this year, increasing 4.8% year over year.

East Greenwich-based Independence Bank had a 33.3% drop in net income through the third quarter from $4.3 million in 2018 to $2.9 million this year. Freedom National Bank of Smithfield saw a 17.7% decrease year over year in YTD income, falling from $282,000 through the 2018 third quarter to $232,000 as of this year’s third quarter.

The top-three net incomes for banks based in Bristol County, Mass. through the third quarter were:

  • Taunton-based Bristol County Savings Bank reported a net income of $19.8 million through this year’s third quarter, an increase of 44.4% year over year.
  • Swansea-based BayCoast Bank has a net income of $9.7 million through the third quarter, an increase of 33.9% from last year.
  • Taunton-based Mechanics Cooperative Bank reported a year-to-date net income of $4.6 million as of Sept. 30, which declined year over year by 6.1%.

Mansfield Co-operative Bank, of Mansfield, also saw a slight year-over-year decline in net income through the third quarter, dipping from $2.4 million in 2018 to $2.3 million in 2019.

The top-three net incomes of banks with local branches in the area but operate outside the region are:

  • Bank of America N.A. reported a net income of $20.5 billion as of Sept. 30, a decline of 4.4% year over year.
  • TD Bank N.A. reported a profit of $2 billion through the 2019 third quarter, a year-to-year increase of 3.1%.
  • Webster Bank N.A. saw a 11.2% increase year over year in net income, rising from $277.7 million through the third quarter of 2018 to $308.9 million through the 2019 third quarter.

James Bessette is the PBN special sections editor. Email him at Research@PBN.com.

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