Projo Biz Blog

Providence-based Bancorp Rhode Island this morning reported reduced fourth-quarter net income from the year-ago period and said it plans to nominate five current directors to the banking company’s board at its May annual meeting.

Net income was $2.4 million, or 51 cents a basic common share, compared with $2.5 million, or 53 cents a basic share, in the fourth quarter of 2006.

The company also reported several one-time events that affected income for the year.
For example, there was a gain on a sale of securities of $165,000, net of taxes. Also, the company said net income for 2006 was impacted by an after tax charge of $558,000 attributable to an investment portfolio restructuring. Excluding those item, the company said core earnings for 2007 were $8.9 million, up 7 percent from 2006 core earnings of $8.3 million.

At year end, nonperforming loans totaled $4.1 million, or .28 percent of total assets, up from $1.4 million, or .10 percent of total assets at year-end 2006. Net charge offs for 2007 were $458,000, or .03 percent of total assets in 2006. The bank said it has no subprime, indirect auto or credit card portfolio exposure.

Bancorp Rhode Island also said its board intends to nominate for re-election current directors Anthony F. Andrade, Board Chairman Malcolm G. Chace, Ernest J. Chornyei, Jr., Edward J. Mack II, and President and CEO, Merrill W. Sherman at the upcoming annual meeting of shareholders to be held May 21, 2008.

"The Board Governance and Nominating Committee engaged in a deliberative process before recommending this slate to the Board of Directors, including evaluating our current directors and reviewing other candidates," stated John A. Yena, Vice Chairman of the Board and a member of the Board Governance and Nominating Committee of Bancorp Rhode Island.
Bancorp Rhode Island (BARI:NASDAQ) is the parent company of Bank Rhode Island, with 16 branches.

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