BancorpRI Announces Net Income Growth of 27.5%; Announces EPS of $0.60
October 28, 2010 8:29 AM
Bancorp Rhode Island, Inc. (NASDAQ: BARI), the parent company of Bank Rhode Island, today reported record net income of $2.8 million for the quarter ended September 30, 2010, a 27.5 percent increase over the third quarter 2009 net income of $2.2 million and a 4.7 percent increase over net income of $2.7 million in the second quarter 2010. The Company's diluted earnings per share (EPS) grew to $0.60 for the third quarter 2010 compared to $0.17 in the prior year period, after preferred stock dividends and discount accretion, and $0.57 for the second quarter 2010.
For the nine month period ended September 30, 2010, the Company reported net income of $7.7 million, or $1.65 diluted EPS, exceeding net income of $4.4 million, or $0.46 diluted EPS, after preferred stock dividends and discount accretion, for the same period in 2009.
