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.
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. &#8226