BANCORP RHODE ISLAND INC - FORM 8-K - EX-99.1 - PRESS RELEASE

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8-K - FORM 8-K - BANCORP RHODE ISLAND INC	form8k102711.htm

Exhibit 99.1

Contacts: Linda H. Simmons Debbie Mandeville

Chief Financial Officer Investor Relations Officer

(401) 574-1652 (401) 574-1547

lsimmons@bankri.com dmandeville@bankri.com

BancorpRI Announces Third Quarter 2011 Results

Solid Core Earnings

Core Deposits Continue to Grow

Providence, R.I. – October 27, 2011 – Bancorp Rhode Island, Inc. (NASDAQ: BARI), the parent company of Bank Rhode Island, today reported net income of $2.6 million, or $0.55 diluted earnings per share (EPS), for the quarter ended September 30, 2011. These results reflect expenses of $533,000 (after-tax), or $0.11 per diluted share, related to the pending merger with Brookline Bancorp, Inc. Net income for the third quarter 2011 compares to net income of $2.8 million, or $0.60 diluted EPS, for the third quarter 2010 and net income of $1.8 million, or $0.38 diluted EPS, for the second quarter 2011.

For the nine month period ended September 30, 2011, the Company reported net income of $6.8 million, or $1.42 diluted EPS, compared to net income of $7.7 million, or $1.65 diluted EPS, for the same period in 2010. The nine month results for the period ended September 30, 2011 reflect expenses of $2.0 million (after-tax), or $0.43 per diluted share, related to the pending merger with Brookline Bancorp, Inc.

The Company’s commercial loan and lease portfolio grew to $792.1 million as of September 30, 2011. This represented increases of $11.9 million, or 1.5 percent, from year-end 2010 and $20.4 million, or 2.6 percent, from September 30, 2010. Consumer loans were $204.1 million at September 30, 2011, down $6.2 million, or 3.0 percent, compared to December 31, 2010 and up $1.7 million, or 0.9 percent, from a year ago. Residential mortgage loans were $151.4 million as of September 30, 2011, down $13.5 million, or 8.2 percent, from year-end 2010.

Core deposit (demand deposits, NOW, money market and savings accounts) trends remain positive with growth of 6.5 percent from year-end 2010 and 9.0 percent from a year ago. The growth over the prior periods was driven primarily by money market and demand deposit accounts, partly offset by a reduction in savings accounts and certificates of deposit. At the end of the third quarter, core deposits rose to 73.4 percent of total deposits compared to 69.0 percent at year-end 2010 and 67.7 percent a year ago. Total deposits were $1.1 billion at September 30, 2011, up slightly from year-end 2010 and from a year ago.

BancorpRI Q3 Results

Page Two

Net interest income for the third quarter 2011 increased to $13.8 million from $13.5 million in the third quarter 2010 and decreased compared to $14.0 million in the second quarter 2011. The net interest margin for the third quarter 2011 was 3.66 percent, representing an improvement of 5 basis points from the third quarter 2010 and a decrease of 3 basis points from the second quarter 2011. On a year-to-date basis, net interest income was $41.3 million, an increase of $1.1 million, or 2.8 percent, from the same period in 2010, and the net interest margin was 3.65 percent, an increase of 6 basis points from the same period in 2010.

Noninterest income was $2.2 million for the third quarter 2011, down slightly from the third quarter 2010 and the second quarter 2011. On a year-to-date basis, noninterest income was $6.8 million, relatively flat compared to the same period in 2010.

Noninterest expense was $9.9 million in the third quarter 2011, down $417,000 compared to the third quarter 2010 due to a reduction in FDIC insurance expense. The decrease in noninterest expense for the third quarter 2011 of $2.7 million from the second quarter 2011 was primarily attributable to lower merger-related and FDIC insurance expenses. On a year-to-date basis, noninterest expense was $33.8 million, an increase of $2.6 million over the same period in 2010. The increase in the year-to-date comparison was primarily driven by merger-related expenses and an accrual related to a judgment issued with respect to a previously disclosed jury verdict against the Bank recorded in the first quarter 2011, partially offset by a reduction in FDIC insurance expense.

Nonperforming assets at September 30, 2011 totaled $22.1 million or 1.40 percent of total assets. This represented an increase from $19.4 million, or 1.20 percent of total assets, at June 30, 2011. Net charge-offs were $1.5 million, or 0.53 percent of average loans and leases, for the third quarter 2011. Net charge-offs for the third quarter 2010 were $459,000, or 0.16 percent of average loans and leases, and were $989,000, or 0.34 percent of average loans and leases, in the second quarter 2011. On a year-to-date basis, net charge-offs were $4.1 million, or 0.47 percent of average loans and leases, an increase of $1.3 million over the same period in 2010.

The provision for loan and lease losses was $1.6 million for the third quarter 2011, compared to $1.3 million in the third quarter 2010 and $850,000 in the second quarter 2011. On a year-to-date basis, the provision was $3.6 million, a decrease of $850,000 from the same period in 2010.

The allowance for loan and lease losses was $18.1 million at September 30, 2011 compared to $18.7 million at December 31, 2010. The allowance for loan and lease losses as a percent of total loans and leases was 1.58 percent at September 30, 2011 compared to 1.61 percent at December 31, 2010.

BancorpRI Q3 Results

Page Three

At September 30, 2011, the Company’s tier 1 capital ratio was approximately 8.40 percent and its total risk-based capital ratio was approximately 13.10 percent.

The Company’s Board of Directors approved a dividend of $0.19 per share. The dividend will be paid on November 14, 2011, to shareholders of record on November 7, 2011.

About BancorpRI

Bancorp Rhode Island, Inc. is the parent company of Bank Rhode Island, a full-service, FDIC-insured, state-chartered financial institution. The Bank, headquartered in Providence, Rhode Island, operates 17 branches and more than 60 ATMs throughout Providence, Kent and Washington Counties. As of September 30, 2011, BankRI had $1.6 billion in assets and $1.1 billion in deposits. For more information, visit www.bankri.com.

This release may contain “forward-looking statements” within the meaning of section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic conditions and changing competition which could cause actual future results to differ materially from those indicated herein. Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission.

BANCORP RHODE ISLAND, INC.
Selected Financial Highlights (unaudited)



					Three Months Ended						Nine Months Ended
					September 30,						September 30,
					2011			2010			2011			2010
				(In thousands, except per share data)

FINANCIAL DATA:
Net interest income					$	13,807		$	13,478		$	41,321		$	40,192
Provision for loan and lease losses						1,600			1,275			3,575			4,425
Noninterest income						2,199			2,289			6,803			6,889
Noninterest expense						9,933			10,350			33,820			31,268
Net income						2,643			2,808			6,769			7,708

FINANCIAL PERFORMANCE RATIOS:
Return on assets (3) (6)						0.66	%		0.71	%		0.57	%		0.66	%
Return on equity (4) (6)						7.71	%		8.57	%		6.84	%		8.16	%
Net interest margin (2) (6)						3.66	%		3.61	%		3.65	%		3.59	%
Efficiency ratio (5) (6)						62.06	%		65.64	%		70.28	%		66.41	%

PER SHARE DATA:
Earnings per share - basic					$	0.56		$	0.60		$	1.44		$	1.65
Earnings per share - diluted						0.55			0.60			1.42			1.65
Book value per share of common stock						29.58			27.98			29.58			27.98
Tangible book value per share of common stock						26.96			25.35			26.96			25.35
Market value (at period end)						42.39			27.93			42.39			27.93
Dividends per share						0.19			0.17			0.57			0.51

CAPITAL RATIOS:
Tier 1 capital ratio (7)						8.40	%		8.10	%
Total risk-based capital ratio (7)						13.10	%		12.52	%
Tangible common equity ratio (1) (6)						8.09	%		7.59	%



	Three Months Ended
	Sep 30, 2011				Jun 30, 2011			Mar 31, 2011			Dec 31, 2010			Sep 30, 2010
	(In thousands)

BALANCE SHEET:
Total assets	$	1,575,216			$	1,618,756		$	1,606,508		$	1,603,759		$	1,573,323
Total loans and leases		1,147,584				1,152,677			1,154,448			1,155,489			1,135,227
Total deposits		1,121,708				1,095,845			1,101,661			1,120,166			1,115,683
Shareholders' equity		138,643				133,531			130,192			128,678			130,769

ASSET QUALITY:
Total nonperforming assets	$	22,108			$	19,447		$	17,473		$	17,643		$	15,152
Nonperforming assets / total assets		1.40	%			1.20	%		1.09	%		1.10	%		0.96	%
Allowance for loans and leases	$	18,149			$	18,083		$	18,222		$	18,654		$	18,212
Allowance to total loans and leases		1.58	%			1.57	%		1.58	%		1.61	%		1.60	%
Net charge-offs	$	1,534			$	989		$	1,557		$	1,993		$	459
Net charge-offs to average loans and leases		0.53	%			0.34	%		0.55	%		0.69	%		0.16	%

BANCORP RHODE ISLAND, INC.
Selected Financial Highlights (unaudited)


			Sep 30, 2011			Jun 30, 2011			Mar 31, 2011			Dec 31, 2010			Sep 30, 2010
			(In thousands)

LOAN AND LEASE PORTFOLIO:

Commercial loans and leases:
		Commercial real estate - non-owner occupied	$	219,147		$	210,888		$	196,353		$	200,809		$	202,342
		Commercial real estate - owner occupied		170,913			176,059			183,111			179,766			177,526
		Commercial & industrial		170,783			159,512			161,004			157,879			156,042
		Multifamily		89,750			86,387			84,772			79,934			73,375
		Small business		59,166			60,141			62,233			62,841			59,756
		Construction		19,046			27,071			28,273			30,349			31,035
		Leases and other		66,753			70,777			72,156			73,054			76,417
		Subtotal		795,558			790,835			787,902			784,632			776,493
		Unearned lease income		(5,194	)		(5,828	)		(5,962	)		(6,159	)		(6,516	)
		Net deferred loan origination costs		1,750			1,697			1,756			1,791			1,777
		Total commercial loans and leases		792,114			786,704			783,696			780,264			771,754

Consumer loans				204,112			208,558			210,094			210,348			202,367

Residential mortgages				151,358			157,415			160,658			164,877			161,106


		Total loans and leases	$	1,147,584		$	1,152,677		$	1,154,448		$	1,155,489		$	1,135,227



	(1)	Calculated by dividing common shareholders’ equity less goodwill by total assets less goodwill.
	(2)	Calculated by dividing annualized net interest income by average interest-earning assets.
	(3)	Calculated by dividing annualized net income by average total assets.
	(4)	Calculated by dividing annualized net income applicable to common shares by average common shareholders’ equity.
	(5)	Calculated by dividing noninterest expense by net interest income plus noninterest income.
	(6)	Non-GAAP performance measure.
	(7)	Tier 1 capital and total risk-based capital ratio are estimated for September 30, 2011.

BANCORP RHODE ISLAND, INC.
Consolidated Balance Sheet (unaudited)

	September 30,			December 31,
	2011			2010
	(In thousands)
ASSETS:
Cash and due from banks	$	29,695		$	14,384
Overnight investments		599			395
Total cash and cash equivalents		30,294			14,779
Available for sale securities (amortized cost of $316,991 and
$357,402, respectively)		327,060			360,025
Stock in Federal Home Loan Bank of Boston		16,274			16,274
Loans and leases receivable:
Commercial loans and leases		792,114			780,264
Consumer and other loans		204,112			210,348
Residential mortgage loans		151,358			164,877
Total loans and leases receivable		1,147,584			1,155,489
Allowance for loan and lease losses		(18,149	)		(18,654	)
Net loans and leases receivable		1,129,435			1,136,835
Premises and equipment, net		11,208			11,889
Goodwill		12,262			12,262
Accrued interest receivable		4,181			4,842
Investment in bank-owned life insurance		32,193			31,277
Prepaid expenses and other assets		12,309			15,576
Total assets	$	1,575,216		$	1,603,759

LIABILITIES:
Deposits:
Demand deposit accounts	$	284,959		$	264,274
NOW accounts		75,915			70,327
Money market accounts		132,305			96,285
Savings accounts		329,796			341,667
Certificates of deposit accounts		298,733			347,613
Total deposits		1,121,708			1,120,166
Overnight and short-term borrowings		38,501			40,997
Wholesale repurchase agreements		10,000			20,000
Federal Home Loan Bank of Boston borrowings		231,870			260,889
Subordinated deferrable interest debentures		13,403			13,403
Other liabilities		21,091			19,626
Total liabilities		1,436,573			1,475,081
SHAREHOLDERS’ EQUITY:
Common stock, par value $0.01 per share, authorized 11,000,000 shares:
Issued: (5,083,991 shares and 5,047,942 shares, respectively)		50			50
Additional paid-in capital		75,771			73,866
Treasury stock, at cost (396,986 shares and 373,850 shares, respectively)		(13,406	)		(12,527	)
Retained earnings		69,683			65,584
Accumulated other comprehensive income, net		6,545			1,705
Total shareholders’ equity		138,643			128,678
Total liabilities and shareholders’ equity	$	1,575,216		$	1,603,759

BANCORP RHODE ISLAND, INC.
Consolidated Statements of Operations (unaudited)


Three Months Ended			Nine Months Ended
September 30,			September 30,
	2011	2010	2011	2010
	(In thousands, except per share data)

Interest and dividend income:
Overnight investments	$	-	$	1		$	1	$	6
Mortgage-backed securities		2,508		2,764			7,739		9,034
Investment securities		399		462			1,167		1,502
Federal Home Loan Bank of Boston stock dividends		11		-			36		-
Loans and leases		14,243		14,927			43,298		44,600
Total interest and dividend income		17,161		18,154			52,241		55,142
Interest expense:
Deposits		1,271		1,910			3,978		6,352
Overnight and short-term borrowings		10		16			29		53
Wholesale repurchase agreements		10		139			291		421
Federal Home Loan Bank of Boston borrowings		1,897		2,438			6,124		7,621
Subordinated deferrable interest debentures		166		173			498		503
Total interest expense		3,354		4,676			10,920		14,950
Net interest income		13,807		13,478			41,321		40,192
Provision for loan and lease losses		1,600		1,275			3,575		4,425
Net interest income after provision for loan and lease losses		12,207		12,203			37,746		35,767
Noninterest income:
Total other-than-temporary impairment losses on
available for sale securities		-		5			-		54
Non-credit component of other-than-temporary impairment losses
recognized in other comprehensive income		-		(422	)		-		(1,086	)
Credit component of other-than-temporary impairment losses on
available for sale securities		-		(417	)		-		(1,032	)
Service charges on deposit accounts		1,177		1,337			3,532		3,949
Commissions on nondeposit investment products		336		144			886		529
Income from bank-owned life insurance		307		320			916		953
Loan related fees		127		162			478		484
Net gain on lease sales and commissions on loans
originated for others		58		44			118		86
Gain on sale of available for sale securities		-		465			212		1,043
Other income		194		234			661		877
Total noninterest income		2,199		2,289			6,803		6,889
Noninterest expense:
Salaries and employee benefits		5,769		5,829			18,358		17,418
Occupancy		815		827			2,568		2,517
Data processing		702		667			2,070		1,975
Professional services		558		549			3,296		1,718
Loan workout and other real estate owned		392		196			759		869
Operating		370		461			1,252		1,390
Equipment		275		266			807		776
Marketing		267		333			998		974
Loan servicing		155		133			434		480
FDIC insurance		72		475			991		1,425
Other expenses		558		614			2,287		1,726
Total noninterest expense		9,933		10,350			33,820		31,268
Income before income taxes		4,473		4,142			10,729		11,388
Income tax expense		1,830		1,334			3,960		3,680
Net income	$	2,643	$	2,808		$	6,769	$	7,708

Per share data:
Basic earnings per common share	$	0.56	$	0.60		$	1.44	$	1.65
Diluted earnings per common share	$	0.55	$	0.60		$	1.42	$	1.65
Cash dividends declared per common share	$	0.19	$	0.17		$	0.57	$	0.51
Weighted average common shares outstanding – basic		4,685		4,674			4,685		4,653
Weighted average common shares outstanding – diluted		4,783		4,703			4,757		4,682

BANCORP RHODE ISLAND, INC.
Asset Quality Analysis (unaudited)

	Three Months Ended
	Sep 30, 2011			Jun 30, 2011			Mar 31, 2011			Dec 31, 2010			Sep 30, 2010
	(Dollars in thousands)
NONPERFORMING ASSETS:

Nonperforming loans & leases:
Commercial real estate	$	6,195		$	5,432		$	4,792		$	5,273		$	5,384
Commercial & industrial		3,807			2,362			2,255			2,462			1,455
Multifamily		2,664			1,568			1,050			717			-
Small business		1,176			817			1,059			1,090			1,158
Construction		-			45			232			469			469
Leases		758			1,713			591			581			1,115
Consumer		1,023			1,038			993			876			871
Residential mortgage		5,820			5,722			4,926			5,045			3,570
Total nonperforming loans & leases		21,443			18,697			15,898			16,513			14,022

Other real estate owned		464			750			1,575			1,130			1,130
Non-real estate foreclosed assets		201			-			-			-			-

Total nonperforming assets	$	22,108		$	19,447		$	17,473		$	17,643		$	15,152


Total nonperforming loans & leases / total loans & leases		1.87	%		1.62	%		1.38	%		1.43	%		1.24	%
Total nonperforming assets / total assets		1.40	%		1.20	%		1.09	%		1.10	%		0.96	%


PROVISION AND ALLOWANCE FOR LOAN LOSSES:

Balance at beginning of period	$	18,083		$	18,222		$	18,654		$	18,212		$	17,396
Charged-off loans & leases		(1,582	)		(1,137	)		(1,686	)		(2,154	)		(487	)
Recoveries on charged-off loans & leases		48			148			129			161			28
Net loans & leases charged-off		(1,534	)		(989	)		(1,557	)		(1,993	)		(459	)
Provision for loan and lease losses		1,600			850			1,125			2,435			1,275
Balance at end of period	$	18,149		$	18,083		$	18,222		$	18,654		$	18,212


Allowance to nonperforming loans & leases		84.64	%		96.72	%		114.62	%		112.97	%		129.88	%
Allowance to total loans & leases		1.58	%		1.57	%		1.58	%		1.61	%		1.60	%


NET CHARGE-OFFS:

Commercial real estate	$	167		$	-		$	532		$	726		$	-
Commercial & industrial		254			(47	)		-			487			(5	)
Construction		-			62			237			-			-
Other commercial loans & leases		974			427			397			565			226
Consumer		4			32			12			74			149
Residential mortgages		135			515			379			141			89
Total net charge-offs	$	1,534		$	989		$	1,557		$	1,993		$	459


Net charge-offs to average loans & leases		0.53	%		0.34	%		0.55	%		0.69	%		0.16	%


DELINQUENCIES AND NONACCRUING LOANS AND LEASES AS % OF TOTAL LOANS:

Loans & leases 30-59 days past due		0.83	%		0.37	%		0.83	%		0.56	%		0.47	%
Loans & leases 60-89 days past due		0.08	%		0.16	%		0.28	%		0.21	%		0.22	%
Loans & leases 90+ days past due and still accruing		0.03	%		0.01	%		0.06	%		-			-
Total accruing past due loans & leases		0.94	%		0.54	%		1.17	%		0.77	%		0.69	%

Nonaccrual loans & leases		1.84	%		1.61	%		1.32	%		1.43	%		1.24	%

Total delinquent and nonaccrual loans & leases		2.78	%		2.15	%		2.49	%		2.20	%		1.93	%

BANCORP RHODE ISLAND, INC.
Consolidated Average Balances, Yields and Costs (unaudited)


	Three Months Ended September 30,
(Dollars in thousands)	2011								2010
	Average Balance			Interest Earned/Paid		Average Yield			Average Balance			Interest Earned/Paid		Average Yield

ASSETS:
Earning assets:
Overnight investments	$	834		$	-		0.42	%	$	5,220		$	1		0.08	%
Available for sale securities		340,587			2,907		3.41	%		344,872			3,226		3.74	%
Stock in the FHLB		16,274			11		0.27	%		16,274			-		0.00	%
Loans and leases receivable:
Commercial loans and leases		788,877			10,522		5.30	%		760,236			10,788		5.64	%
Consumer and other loans		206,315			2,168		4.17	%		205,978			2,265		4.36	%
Residential mortgages loans		154,352			1,553		4.02	%		162,473			1,874		4.61	%
Total earning assets		1,507,239			17,161		4.53	%		1,495,053			18,154		4.83	%
Cash and due from banks		17,632								15,617
Allowance for loans and leases		(18,150	)							(17,683	)
Premises and equipment		11,371								12,136
Goodwill, net		12,262								12,262
Accrued interest receivable		4,048								4,346
Bank-owned life insurance		31,992								30,761
Prepaid expenses and other assets		15,684								16,535
Total assets	$	1,582,078							$	1,569,027


LIABILITIES AND SHAREHOLDERS' EQUITY:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	67,085		$	11		0.06	%	$	71,493		$	10		0.06	%
Money market accounts		130,253			226		0.69	%		81,539			138		0.68	%
Savings accounts		330,208			273		0.33	%		366,125			395		0.43	%
Certificate of deposit accounts		305,751			761		0.99	%		364,245			1,367		1.49	%
Overnight and short-term borrowings		37,292			10		0.10	%		39,675			16		0.16	%
Wholesale repurchase agreements		12,717			10		0.32	%		13,804			139		3.94	%
FHLB borrowings		255,761			1,897		2.90	%		233,124			2,438		4.09	%
Subordinated deferrable interest debentures		13,403			166		4.90	%		13,403			173		5.08	%
Total interest-bearing liabilities		1,152,470			3,354		1.15	%		1,183,408			4,676		1.57	%

Noninterest-bearing deposits		277,591								242,389
Other liabilities		16,051								13,223
Total liabilities		1,446,112								1,439,020

Shareholders' equity:		135,966								130,007
Total liabilities and shareholders' equity	$	1,582,078							$	1,569,027


Net interest income				$	13,807							$	13,478

Net interest spread							3.38	%							3.26	%

Net interest margin							3.66	%							3.61	%

BANCORP RHODE ISLAND, INC.
Consolidated Average Balances, Yields and Costs (unaudited)


	Nine Months Ended September 30,
(Dollars in thousands)	2011								2010
	Average Balance			Interest Earned/Paid		Average Yield			Average Balance			Interest Earned/Paid		Average Yield

ASSETS:
Earning assets:
Overnight investments	$	765		$	1		0.26	%	$	3,174		$	6		0.27	%
Available for sale securities		348,742			8,906		3.41	%		354,663			10,536		3.96	%
Stock in the FHLB		16,274			36		0.29	%		16,274			-		0.00	%
Loans and leases receivable:
Commercial loans and leases		783,659			31,730		5.41	%		750,035			32,042		5.71	%
Consumer and other loans		208,235			6,573		4.22	%		204,692			6,716		4.39	%
Residential mortgages loans		159,407			4,995		4.18	%		167,354			5,842		4.65	%
Total earning assets		1,517,082			52,241		4.60	%		1,496,192			55,142		4.92	%
Cash and due from banks		16,910								15,963
Allowance for loans and leases		(18,381	)							(17,316	)
Premises and equipment		11,592								12,246
Goodwill, net		12,262								12,235
Accrued interest receivable		4,103								4,323
Bank-owned life insurance		31,691								30,440
Prepaid expenses and other assets		15,389								16,103
Total assets	$	1,590,648							$	1,570,186


LIABILITIES AND SHAREHOLDERS' EQUITY:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	67,935		$	66		0.13	%	$	69,857		$	37		0.07	%
Money market accounts		118,677			599		0.67	%		78,103			452		0.77	%
Savings accounts		337,199			807		0.32	%		369,686			1,432		0.52	%
Certificate of deposit accounts		318,197			2,506		1.05	%		374,848			4,431		1.58	%
Overnight and short-term borrowings		37,706			29		0.10	%		38,617			53		0.18	%
Wholesale repurchase agreements		17,414			291		2.21	%		17,326			421		3.20	%
FHLB borrowings		268,389			6,124		3.01	%		250,721			7,621		4.01	%
Subordinated deferrable interest debentures		13,403			498		4.92	%		13,403			503		4.98	%
Total interest-bearing liabilities		1,178,920			10,920		1.22	%		1,212,561			14,950		1.65	%

Noninterest-bearing deposits		264,663								220,576
Other liabilities		14,712								10,742
Total liabilities		1,458,295								1,443,879

Shareholders' equity:		132,353								126,307
Total liabilities and shareholders' equity	$	1,590,648							$	1,570,186


Net interest income				$	41,321							$	40,192

Net interest spread							3.38	%							3.27	%

Net interest margin							3.65	%							3.59	%

BANCORP RHODE ISLAND INC - FORM 8-K - EX-99.1 - PRESS RELEASE - October 27, 2011

Attached files

BANCORP RHODE ISLAND INC Reports