PROVIDENCE – Rhode Island banking institution assets increased 28.9% year over year to $174.1 billion in the second quarter of 2019, according to the Federal Deposit Insurance Corp. Thursday.
The increase in assets is largely due to an increase of Citizens Bank’s assets by more than $39 billion to total $163 billion. The FDIC said that this was due to the Rhode Island charter of Citizens assuming assets of the Pennsylvania charter of Citizens in January 2019.
Other Rhode Island bank assets at the end of the second quarter:
- The Washington Trust Co.: $5.2 billion, a 9.5% increase year over year.
- Bank Rhode Island: $2.4 billion, a 4.8% increase year over year.
- BankNewport: $1.7 billion, a 6.4% increase year over year.
- Centreville Bank: $1.3 billion, a 4% increase year over year.
- Home Loan Investment Bank F.S.B.: $330.2 million, a 13.7% increase year over year.
- Freedom National Bank: $117.6 million, a 4.4% decline year over year.
- Independence Bank: $66.3 million, a 4.8% increase year over year.
The state was said to have seen its past-due and nonaccrual loans increase to 1.25% from 1.02% year over year, while the percent of noncurrent loans increased to 0.98% from 0.77%.
Meanwhile, banks’ year-to-date annualized net interest margin in Rhode Island increased to 3.59% from 3.47%. The year-to-date annualized return on assets at the end of the second quarter in the Ocean State was 1.1%, an increase from 0.94% one year prior.
The report also contained economic indicators for the state at the end of the quarter (not seasonally adjusted):
- Total nonfarm employment increased 0.7% year over year.
- Manufacturing employment declined 3.1% year over year.
- Private service-providing employment increased 1% year over year.
- Government employment increased 0.6% year over year.
- The state unemployment rate was 3.6%, a 0.4 percentage-point decline year over year.
- Single-family home permits declined 15.4% on a four-quarter moving total.
- Multifamily building permits increased 14% on a four-quarter moving total.
- The home price index increased 4% year over year.
- Nonbusiness bankruptcy filings per 1,000 people increased 1.98% on a quarterly annualized level.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
