Bank RI parent posts 5% profit increase on 1% revenue decline

Brookline Bancorp, Inc., parent company of Bank Rhode Island, posted earnings of $10 million for the second quarter of 2014, an increase of 5.1 percent over net income of $9.5 million in the second quarter of 2013. More

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Bank RI parent posts 5% profit increase on 1% revenue decline

BANK RHODE ISLAND parent Brookline Bancorp Inc. reported that its second-quarter net earnings rose 5.1 percent.
Posted 7/31/14

BOSTON - Brookline Bancorp Inc., parent company of Bank Rhode Island, posted earnings of $10 million for the second quarter of 2014, an increase of 5.1 percent over net income of $9.5 million in the second quarter of 2013.

Diluted earnings per share were 14 cents for the second quarter of 2014, the same as the first quarter of the previous year.

“Brookline delivered another solid quarter for our shareholders, despite a challenging environment and an extremely competitive marketplace,” said President and CEO Paul Perrault in the bank’s July 30 release of the earnings report. “We are pleased with our continued strong loan growth due to the perseverance of our dedicated bankers. Our traditionally strong asset quality continues to improve and remains at levels that are very favorable amongst our peers.”

Brookline Bancorp’s interest and non-interest income for the second quarter of the year totaled $56.6 million, a decline of 1.1 percent from the $56 million recorded in second quarter of 2013. The owner of Brookline Bank, Bank Rhode Island and First Ipswich Bank saw its provision for credit losses decline 6.7 percent to $2.3 million in the period.

Total assets for the bank were $5.6 billion, a year-over-year gain of 8.5 percent, compared with $5.2 billion in first quarter of 2013.

The earnings report did not break out results for Bank Rhode Island.

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