BankRI reports drop in third-quarter profit

PROVIDENCE – Bancorp Rhode Island Inc., the parent of Bank Rhode Island, reported profit declined in the third quarter to $2.6 million, from $2.8 million during the same period last year. More
This item is available in full to subscribers. If you are a current subscriber, log in to continue.

You can access an additional 12 stories by registering for a free account. Click here to continue.

Otherwise, purchase a subscription to continue.

You can also purchase this single article, if you prefer. Click here to continue.
RHODE ISLAND & MASSACHUSETTS NEWS BRIEFS

BankRI reports drop in third-quarter profit

Posted 10/31/11

PROVIDENCE – Bancorp Rhode Island Inc., the parent of Bank Rhode Island, reported profit declined in the third quarter to $2.6 million, from $2.8 million during the same period last year.

Earnings per diluted share were 55 cents for the three months ended Sept. 30, down from the 60-cent EPS a year earlier.

The third-quarter results reflect a $533,000 after-tax expense related to a pending merger, the bank said.

In the third quarter, the bank grew its commercial loan and lease portfolio to $792.1 million, up $20.4 million from Sept. 30, 2010.

Total net interest income and noninterest income was $14.41 million for the third quarter, down from $19.77 million in the second quarter.

The earnings release comes after Bancorp Rhode Island shareholders approved on Sept. 8 the merger with Massachusetts-based Brookline Bancorp.

The $234 million acquisition was announced in April and is expected to close in the fourth quarter. •

No comments on this story | Add your comment
Please log in or register to add your comment
Calendar
PBN Hosted
Events

The 2nd Annual Healthiest Employers event will recognize employers who have strong, effective Health and Wellness programs in the region. Deadline for enrollment is June 28th.
Advertisement
National
Local
Latest News