BankRI parent reports record earnings
of $83M in 2018

PROVIDENCE – Brookline Bancorp Inc., the Boston-based holding company for Bank Rhode Island, late Wednesday reported record earnings for 2018.

Earnings for the year totaled $83.1 million, or $1.04 per diluted share. That was a 64 percent increase from $50.5 million, or 68 cents per diluted share, in 2017, according to the company, also the parent for Brookline Bank and First Ipswich Bank, both in Massachusetts.

Last year’s earnings record was driven by a $48.2 million increase in income from loans and leases.

Total income for last year was $339.1 million, a 15 percent increase from 2017. That included $313.9 million in interest income, primarily from loans and leases, and $25.2 million in noninterest income.

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Expenses for last year increased to $221.4 million from $179 million in 2017. The increase was driven by $91.5 million in compensation and benefits, a $9.1 million increase from 2017.

For the fourth quarter, Brookline Bancorp reported earnings of $21.1 million, or 26 cents per diluted share. That was an increase from $6.8 million, or 9 cents per diluted share in the fourth quarter of 2017.

However, fourth-quarter earnings decreased from a record $22.5 million in the third quarter of 2018.

As of Dec. 31, assets totaled $7.39 billion, an increase from $6.78 billion a year earlier. Nonperforming assets, meanwhile, decreased to $28.1 million from $31.7 million a year earlier.

Year-end loans and leases totaled $6.3 billion, an increase from $5.73 billion at year-end 2017.

Total deposits were $5.45 billion as of Dec. 31, an increase from $4.87 billion a year earlier.

The company’s net interest margin – the difference between interest income generated and the amount paid out to lenders – improved 4 basis points to 3.61 percent for 2018 from 3.57 percent for 2017.

“2018 was a successful year for Brookline Bancorp,” company President and CEO Paul Perrault said in a statement. “We completed the acquisition of First Commons Bank in March, and finished the year with record earnings, strong asset quality and capital, and good momentum going into the new year.

“I want to thank all our employees for their hard work and dedication in providing our customers with superior service through the year,” he added. “With all our accomplishments in 2018, we are positioned to achieve continued success and growth in 2019.”

Bank Rhode Island is the state’s fifth-largest consumer bank, based on market share of deposits.

Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.