BankRI parent sees profits rise in 4Q, 2012

BANK RI PARENT BROOKLINE BANCORP INC. reported a bottom line of $12.2 million, or 17 cents per diluted share, during the fourth quarter of 2012 and $33.4 million, or 53 cents per diluted share, for the fiscal year as a whole.
Posted 1/31/13

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 Thursday.

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 non-interest 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.

The bank’s total interest and dividend income for 2012 rose 51.7 percent from $140.5 million to $213.2 million. At the same time, the bank’s total non-interest income skyrocketed 267 percent from $5.1 million to $18.6 million during 2012.

“Our strong fourth quarter and 2012 results reflect the significant progress we have made in carrying out our primary business objectives,” Brookline President and CEO Paul Perrault said in prepared remarks.

“We continue to generate strong loan growth while maintaining our traditionally strong asset quality,” said Perrault, adding: “At the same time, we are also continuing to enhance our infrastructure to support this growth.”

The bank saw its total assets grow to $5.15 billion as of Dec. 31, an annualized increase of 4.9 percent when adjusted for the $1.69 billion in assets that came when Brookline acquired Bank Rhode Island on Jan. 1, 2012.

The commercial loan and lease and commercial real estate portfolios increased 19.6 percent to $2.05 billion for the year.

Deposits of $3.6 billion at Dec. 31 were up 5.4 percent from the end of the previous quarter and 10.2 percent from Dec. 31, 2011, after the exclusion of the $1.13 billion in deposits acquired from BankRI.

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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