PROVIDENCE – Bank Rhode Island’s holding company Wednesday reported a 2% decrease in profit in the second quarter compared with the same period last year.
Boston-based Brookline Bancorp Inc. reported net income of $20.5 million, or 26 cents per diluted share, in the quarter ended June 30, compared with net income of $20.8 million, or 26 cents per diluted share, in the second quarter of 2018.
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The slight decrease in profit was driven by higher rates paid out related to deposits, as well as increased expense for compensation and employee benefits.
Total revenue grew by 13% to $94.7 million in the second quarter from $83.6 million in the same quarter a year earlier.
In the second quarter, interest income totaled $87.1 million compared with $78.1 million in the second quarter of 2018. Non-interest income was $7.5 million compared with $5.5 million a year earlier.
The company’s total loan portfolio grew by 5% to $6.5 billion in the second quarter, compared with $6.2 billion a year earlier.
Commercial real estate loans increased by 7% to $3.5 billion from $3.3 billion a year earlier. Other commercial loans grew by 5% to $1.8 billion from $1.7 billion. Consumer loans were essentially flat at $1.2 billion.
The company’s total assets increased by 5% to $7.6 billion in the quarter from $7.3 billion a year earlier.
Total deposits grew by 8% to $5.6 billion from $5.2 billion a year earlier.
“We are pleased to report another strong quarter to our stockholders,” said Paul Perrault, Brookline Bancorp’s CEO and president, in a statement.
“The company continues to have broad-based loan growth, solid returns and strong asset quality,” Perrault said. “Brookline Bancorp and its employees continue to execute on our strategy of high performance for both our customers and our stockholders.”
Brookline Bancorp operates as a holding company for Bank Rhode Island, the fifth-largest consumer bank in the state based on in-state deposits. It also serves as a holding company for Brookline Bank and First Ipswich Bank, both based in Massachusetts.
The company released its second-quarter earnings report at the close of business Wednesday. It is listed on the Nasdaq Stock Market with the symbol “BRKL.”
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
