BankRI parent sees 33.1% increase in profit

BOSTON – Brookline Bancorp Inc. – the parent company of Bank Rhode Island – saw its bottom line soar 66.1 percent during the fourth quarter of 2012 and 33.1 percent over the year as a whole, the bank announced last week. More

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banking

BankRI parent sees 33.1% increase in profit

Posted 2/4/13

BOSTON – Brookline Bancorp Inc. – the parent company of Bank Rhode Island – saw its bottom line soar 66.1 percent during the fourth quarter of 2012 and 33.1 percent over the year as a whole, the bank announced last week.

The bank’s net income for the three months ended Dec. 31 was $12.2 million, or 17 cents per diluted share, versus $7.4 million, or 12 cents per diluted share during the fourth quarter of 2011.

During the quarter, the company saw total interest and dividend income rise 47.6 percent to $53 million.

Brookline’s total noninterest income rose more than 300 percent to $6.5 million, from $1.5 million during the same period in 2011.

For the 2012 fiscal year, Brookline saw its net income rise 33.1 percent to $38.4 million, or 53 cents per diluted share, from $28.8 million, or 47 cents per diluted share, during 2011.

On the year, the bank had a net interest margin of 3.85 percent, compared with 3.76 percent in 2011. Return on average assets was 0.73 percent on the year, versus 0.9 percent in 2011, while return on average stockholder equity in 2012 came in at 5.29 percent, compared with 5.51 percent a year earlier. •

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