PROVIDENCE – Boston-based Brookline Bancorp Inc., parent company of Bank Rhode Island, reported Wednesday a second-quarter net income of $21.9 million, marking a 13% decline over a year ago.
Earnings per diluted share fell 8 cents to 25 cents per share.
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“I am pleased to report on our consistent performance in the second quarter,” Brookline Bancorp CEO and chairman Paul Perrault said. “Core deposits increased from the prior quarter and our bankers continue to demonstrate our culture by providing excellent customer service to our clients, which contributes to the continued growth of our Company.”
Deposits totaled $8.52 billion at the end of the second quarter, up from $6.89 billion a year ago, primarily driven by the completion of the acquisition of New York-based PCSB Financial Corp.
With rising interest rates, interest income increased by $67.3 million from the second of 2022 to $145.4 million. This was offset by a $53.2 million increase in interest expenses to $59.3 million.
Noninterest quarterly expenses climbed 29% to $57.8 million year over year, and noninterest income decreased 12.9% to $5.4 million.
Net interest margin – the difference between interest income generated and the amount paid out – declined 30 basis points to 3.26%.
Total assets stood at $11.2 billion at the end of the second quarter, an increase from $8.5 billion a year ago, including $9.3 billion in loans. The growth in loans was driven primarily by the acquisition of PCSB Financial.
Brookline Bancorp is also the parent company for Brookline Bank and New York-based PCSB Bank.
(Updated to include that Brookline Bancorp is the parent company of PCSB Bank.)
