BankRI parent sees revenue, profit growth in 2016 1Q

BANK RHODE ISLAND parent company Brookline Bancorp started off 2016 with a solid quarter, with profit growth of 10.9 percent on revenue growth of 5.4 percent.
BANK RHODE ISLAND parent company Brookline Bancorp started off 2016 with a solid quarter, with profit growth of 10.9 percent on revenue growth of 5.4 percent.

BOSTON – Brookline Bancorp Inc. on Tuesday reported first-quarter profit grew 10.9 percent to $13.6 million, or 18 cents per diluted share, compared with $12.3 million, or 17 cents per diluted share, largely because of an increase realized in loans and leases.

Paul Perrault, president and CEO of the bank, which is the parent company of Providence-based Bank Rhode Island, said he was pleased with “another good quarter in all areas of the company.

“Most notably, we experienced solid growth in loans, deposits and revenues while holding expense levels,” he added. “Our asset quality remains strong and the company continues to be well-capitalized.”

Total revenue for the first quarter ended March 31 grew 5.4 percent to $64.4 million compared with $61.1 million in the same period last year. Total deposits grew 6.8 percent to $4.4 billion.

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Total assets grew 7.4 percent to $6.2 billion. Nonperforming assets grew to $32.5 million compared with $24.8 million during the prior-year period.

Total loans and leases grew 10.7 percent to $5.1 billion, while the allowance for loan and lease losses increased to $58.6 million, or 1.14 percent of total loans and leases. On a percentage basis, however, that was a decline from the allowance of $55.1 million, which was 1.19 percent of total loans and leases.

The bank’s net-interest margin dropped to 3.45 percent compared with 3.57 percent in the first quarter of last year. Return on average assets grew to 0.84 percent compared with 0.8 percent in 2015. Brookline declared a cash dividend of 9 cents compared with 8.5 cents last year.

“We look forward to the rest of the year with confidence,” Perrault said.

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