Bank RI parent grows profit 5.2% in 2016 as loan, lease activity rise

BROOKLINE BANCORP, the Boston-based parent of Bank Rhode Island, posted a 5.2 percent net income increase in 2016 to $52.4 million.
BROOKLINE BANCORP, the Boston-based parent of Bank Rhode Island, posted a 5.2 percent net income increase in 2016 to $52.4 million.

BOSTON – Despite a slight drop in fourth-quarter profit, Brookline Bancorp Inc. reported 2016 net income grew 5.2 percent to $52.4 million.

Earnings per diluted share totaled 19 cents for the quarter ended Dec. 31 and 74 cents for the year.

Total interest and dividend income and noninterest income grew 2.9 percent to $66.4 million during the fourth quarter, while growing 6.2 percent to $262.3 million for the year.

Paul Perrault, president and CEO of the parent company of Bank Rhode Island, lauded the overall growth, pointing specifically to gains in loans and deposits.

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“We are very pleased to finish 2016 with over 5 percent year-to-year growth in earnings,” he said.

Total loans and leases grew 8.1 percent to $5.4 billion. Nonperforming assets, meanwhile, more than doubled to $41.5 million in 2016 compared with $20.7 million in 2015. Total assets grew 6.5 percent to $6 billion.

Total deposits grew 7.1 percent to $4.6 billion.

The bank’s net interest margin fell to 3.44 percent compared to 3.54 percent a year earlier, while the return on average tangible assets for 2016 fell to 0.85 percent from 0.87 percent a year earlier.

Financial details related specifically to Bank Rhode Island’s performance were not immediately disclosed.

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