Home Economy Economic Activity SEC filing of the week: BankRI parent posts $68.7M profit in 2024

SEC filing of the week: BankRI parent posts $68.7M profit in 2024

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PBN Staff

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01/31/2025

BROOKLINE BANCORP Inc., the parent company of Bank Rhode Island, reported 2024 earnings of $68.7 million, down from the $75 million profit recorded a year prior, according to its recent filing with the U.S. Securities and Exchange Commission.

PROVIDENCE – Brookline Bancorp Inc., the parent company of Bank Rhode Island that is being acquired by Berkshire Hills Bancorp Inc., has posted 2024 earnings of $68.7 million, down from the $75 million profit reported a year prior, according to its filing with the U.S. Securities and Exchange Commission on Wednesday. Earnings per diluted share

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PROVIDENCE – Brookline Bancorp Inc., the parent company of Bank Rhode Island that is being acquired by Berkshire Hills Bancorp Inc., has posted 2024 earnings of $68.7 million, down from the $75 million profit reported a year prior, according to its filing with the U.S. Securities and Exchange Commission on Wednesday. Earnings per diluted share dropped to 77 cents for the year from 85 cents in 2023. For the fourth quarter, the company reported a profit of $17.5 million, down 23.5% from $22.9 million a year prior. Earnings per diluted share for the fourth quarter were 20 cents, down 26 cents from the fourth quarter of 2023. Brookline’s earnings report did not break out the performance of Providence-based Bank Rhode Island. Brookline Bancorp is also the parent company of Brookline Bank. This is expected to be the final full-year earnings report for Brookline. The $1.1 billion deal to be acquired by Berkshire Hills – the parent of Berkshire Bank – is expected to be completed in the second half of 2025. “Brookline Bancorp had an excellent year in 2024. We finished the year with solid deposit and loan growth and are well positioned as we look forward to 2025,” said Paul Perrault, Brookline CEO and chairman. “We are looking forward to 2025 and our recently announced strategic merger with Berkshire Hills Bancorp.” The bank reported $355 million in interest income and noninterest income for 2024, down 4.3% from $371 million a year prior. Meanwhile, interest and noninterest expenses shot up from $477.1 million in 2023 to $540 million. The net interest margin – a key metric that indicates the difference between the interest income generated and the amount the company pays out – was 3.06% compared with 3.24% in 2023. Total assets stood at $11.9 billion as of Dec. 31, a 4.6% increase year over year. Total deposits of $8.9 million marked a 4.1% increase year over year. Nonperforming assets – typically loans and leases that are more than 90 days overdue – totaled $70.5 million as of Dec. 31, up from $45.3 million a year prior, largely because of a significant increase in nonperforming commercial loans and leases. Meanwhile, Brookline’s provision for credit losses on loans stood at $22 million at the end of 2024, down from $37.9 million a year earlier.