BankRI parent posts increase in earnings, revenue in 2016 2Q

BROOKLINE BANCORP, the Boston-based parent of Bank Rhode Island, recorded both a profit and total revenue increase in the second quarter, following a similar performance in the first three months of 2016.
BROOKLINE BANCORP, the Boston-based parent of Bank Rhode Island, recorded both a profit and total revenue increase in the second quarter, following a similar performance in the first three months of 2016.

BOSTON – Brookline Bancorp Inc. on Thursday reported second-quarter profit grew 6.5 percent to $13.4 million, or 18 cents per diluted share, compared with $12.6 million, or 17 cents per diluted share, during the same period last year.

At the same time, total interest and noninterest revenue for the parent company of Bank Rhode Island grew 7.6 percent to $64.6 million for the quarter ended June 30 compared with $60 million during the same period last year. Paul Perrault, president and CEO of Brookline Bancorp, attributes company growth to increases realized in loan and deposits.

“I am proud of our employees who work together to live the Brookline Bancorp culture of providing excellent customer service and contributing to the growth of the company,” he said in a statement.

Total assets grew 8.9 percent to $6.3 billion compared with $5.8 billion last year. Total loans and leases grew 11.2 percent to $5.3 billion compared with $4.7 billion during the same period in 2015, according to the company’s income statement. Total interest and dividend income for the quarter grew 7.4 percent to $59.2 million, as the bank realized double-digit growth in both commercial real estate and other commercial loans and leases, totaling $2.8 billion and $1.4 billion, respectively. Total consumer loans grew 5.9 percent to $968.4 million compared with the same period last year.
Total deposits grew 8.6 percent to $4.5 billion, which the bank attributes to solid growth in core deposits.

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The allowance for loan and lease losses grew 1.5 percent to $57.3 million, as nonperforming loans and leases as a percentage of total loans and leases grew to 0.61 percent compared with 0.5 percent in the second quarter of 2015. Nonperforming assets as a percentage of total assets grew to 0.52 percent compared with 0.45 percent in the same period last year. Total net charge-offs grew to $4 million compared with $501,000 during the same period last year.

The bank’s net interest margin fell to 3.44 percent compared with 3.49 percent in 2015.

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