BankRI profits drop 19% in 2006, to $7.7M

Bancorp Rhode Island, the parent of Providence-based Bank Rhode Island, today reported a 19-percent year-to-year drop in earnings. BankRI reported $7.7 million in net income for the year, or $1.57 per diluted share. Dependent on interest income, it struggled with a shrinking margin, but it also grew its commercial loan portfolio by 19 percent, to…
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