PROVIDENCE — Bancorp Rhode Island, Inc., the parent company of Bank Rhode Island, released record annual earnings of $5.6 million today, a 29 percent increase over last year.
The company’s annual diluted earnings per share increased 31 percent from last year, from $1.14 to $1.49.
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The company also reported record fourth quarter profits of $1.5 million, up 16 percent from $1.3 million for the same period last year. Diluted earnings per share for the fourth quarter increased 11 percent, from $0.35 in 1999 to $0.39 this year.
According to Bancorp Rhode Island, this was the sixth consecutive quarter the company has posted record earnings. The company said its total assets have climbed 17 percent, to $739 million, since opening in 1996.
Bancorp Rhode Island’s board of directors declared a cash dividend of $0.12 per share, payable on March 6 to shareholders of record on February 13.
