PROVIDENCE – The parent company of Bank Rhode Island reported Wednesday that net income for the first quarter rose 15.9% from the same period last year.
Boston-based Brookline Bancorp Inc., also the parent of Brookline Bank and First Ipswich Bank, both in Massachusetts, said earnings increased to nearly $22.5 million, or 28 cents per diluted share, on total interest, dividend and non-interest income of $91.7 million in the quarter ended March 31.
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That compared with net income of $19.4 million, or 24 cents per diluted share, on total revenue of $77.8 million in the first quarter last year.
Total assets were $7.5 billion as of March 31, an increase of 3.7% from a year earlier, driven by growth in all major loan categories, the company reported.
Investment securities decreased 10.2% to $607.1 million, or 8.1% of total assets, as of March 31. The company said it continued to redirect cash flow from its investment portfolio to fund loan demand.
All types of loans totaled $6.4 billion at the end of the quarter, a 4.5% year-over-year increase. Commercial real estate loans – including commercial real estate mortgages, multi-family mortgages, and construction loans – totaled $3.41 billion a 5% increase over the year.
Commercial loans and leases – including commercial, equipment financing, and condominium association – totaled $1.79 billion, and represented an increase of 4.7%.
Consumer loans – including residential mortgage, home equity, and other consumer loans – totaled $1.19 billion, a year-over-year increase of 2.6%.
Deposits totaled $5.6 billion as of March 31, an increase of 8.3% from a year earlier, driven primarily by growth in certificates of deposit, the company reported.
Also during the first quarter, Brookline Bank completed its purchase of the remaining 15.9% interest in Eastern Funding LLC for a cash total of $35.9 million, the company said.
The company’s net interest margin – the difference between interest income generated and the amount it paid out in interest to lenders – was 3.64%, a decline from 3.66% a year earlier.
The company’s efficiency ratio improved to 55.8% from 60.8% a year earlier.
Scott Blake is a PBN staff writer. He can be reached at Blake@PBN.com.
