First Financial Corp.
180 Washington St.
Providence, RI 02903
401-421-3600; fax 401-861-6221
e-mail:
sterrien@firstbankri.com
First Financial Corp. is the bank holding company for First Bank and Trust Co.,
a state chartered commercial bank that first opened in 1972. For the first nine
months of the fiscal year, ending Sept. 30, the company reported a 19 percent
increase in total interest income to $9.9 million, and 11 percent increase in
net interest income to $4.9 million. Net income rose 9 percent to $1.5 million.
The bank’s main office is in Providence, although its Cranston branch is its largest
office with deposits of $52.8 million as of Dec. 31, 1999. The Providence branch
has deposits of about $26.7 million. The bank also operates branches in Richmond
and North Kingstown.
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Stock Information
Exchange: NASDAQ
Symbol: FTFN
Annual meeting: May 10, 2000
Shares of common stock outstanding as of March 20, 2000: 1,213,741
Stock price as of Monday, Nov. 13, 2000: $11.38
Market value as of Monday, Nov. 13, 2000: $13,812,373
12-month high stock price: $13.50
12-month low stock price: $9.75
Operating Results
(Dollars in thousands, except per share data)
| For the years ending Dec. 31 |
1999
|
1998
|
1997
|
| Income |
$12,006
|
$11,180
|
$10,434
|
| Net Income |
1,819
|
1,450
|
1,312
|
| Basic earnings per share |
1.47
|
1.15
|
1.04
|
| Total assets |
144,782
|
141,919
|
127,310
|
Stockholders’ Equity
|
1999
|
1997
|
1995
|
|
15,482
|
13,713
|
7,192
|
Directors
Artin H. Coloian, 35, director since 1996, chief of staff of the mayor
of Providence. Shares: 500
John Nazarian, Ph.D., 67, director since 1996, president of Rhode Island
College. Shares: 2,200
William P. Shields, 62, director since 1993, retired. Shares: 2,200
Patrick J. Shanahan, 55, director since 1980, Chairman, president and
chief executive officer of the company. Shares: 80,556
Gary R. Alger, 42, director since 1998, director of E.R. Alger and Co.
Shares: 1,800
Joseph V. Mega, 66, director since 1994, president, Crugnale Bakery.
Shares: 4,500
Raymond F. Bernardo, 82, director since 1980, retired. Shares: 19,940
Joseph A. Keough, esq., 58, director since 1980, judge/magistrate, Rhode
Island Superior Court. Shares: 5,500
Peter L. Mathieu, Jr., M.D., 75, director since 1980, pediatrician. Shares:
61,800
Directors’ fees
All directors of the company receive a fee of $500 for each company board meeting
attended, an annual retainer of $5,000, and a fee of $500 for each bank board
meeting attended up to a maximum of $1,000 for meetings attended on any given
day. Additionally non-employee directors receive a fee of $500 for all committee
meetings attended.
Top institutional holders
FleetBoston Financial Corp., 116,200 shares; John Hancock Advisers, Inc., 109,000
shares; and Wellington Management Co., 43,500 shares.
Executive Compensation
|
Fiscal year
|
1999
|
1998
|
| Patrick J. Shanahan, Jr., chairman, president and CEO |
$342,059
|
$306,167
|
| John A. Macomber, vice president, treasurer and CFO |
$108,030
|
$107,633
|
*Executive compensation includes salary, bonuses and other compensation, including
life insurance, cash profit sharing and other payments
Source: Proxy statement, annual report, quarterly reports, and other PBN research
