BOSTON – Brookline Bancorp Inc. on Wednesday reported second-quarter profit grew 16.9 percent to $15.6 million, or 20 cents per diluted share, compared with $13.4 million, or 18 cents per diluted share, a year earlier.
The Boston-based parent of Bank Rhode Island reported total interest and noninterest income increased 7.8 percent to $69.7 million for the quarter ended June 30.
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“During the quarter, we generated steady growth in loans and deposits with a stable net interest margin,” said Paul Perrault, president and CEO, in prepared remarks.
Indeed, growth in total interest and dividend income was fueled by double-digit growth in total loans and leases, which increased 10.4 percent to $61.1 million compared with a year earlier. As a result, the bank reported total loans and leases of $5.5 billion, representing a 5.3 percent increase compared with a year earlier. The allowance for loan and lease losses grew to $64.5 million by the end of the quarter compared with $57.3 million on June 30, 2016.
Total noninterest income fell 16.7 percent to $4.5 million. The decrease is largely because of a reduction in net loan level derivative income, which fell to $186,000 compared with $1.2 million a year earlier.
Total assets grew 5.7 percent to $6.7 billion. Total deposits increased 5 percent to $4.7 billion.
The company’s net interest margin increased to 3.59 percent compared with 3.44 percent a year earlier.
A breakdown of Bank Rhode Island financial performance was not immediately available.
“We look forward to continued success in the second half of 2017,” Perrault said.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
