Bank RI parent sees bottom line rise in 1Q

BANK RI PARENT BROOKLINE BANCORP INC. reported a bottom line of $8.8 million, or 13 cents per diluted share, for the first quarter of 2013
Posted 4/25/13

BOSTON – Brookline Bancorp Inc. – the parent company of Bank Rhode Island – saw its bottom line rise 38.8 percent during the first quarter of 2013, the bank announced Thursday.

The bank’s net income for the three months ended March 31 was $8.8 million, or 13 cents per diluted share, versus $6.3 million, or 9 cents per diluted share, during the first quarter of 2012.

During the quarter, the company saw total interest and dividend income fall 2.6 percent to $51.6 million. Brookline’s total non-interest income fell 7.45 percent to $3.3 million from $3.6 million during the same period in 2012.

Total income fell 2.9 percent year over year during the quarter, to $54.9 million from $56.6 million during the first quarter of 2012.

The bank saw its total assets grow year-over-year to $5.1 billion during the quarter, from $4.9 billion during the first quarter of 2012. From the fourth quarter ending Dec. 31, however, total assets fell from $5.15 billion.

The commercial loan and lease and commercial real estate portfolios increased 6.1 percent to $4.2 billion from the first quarter of 2012. From the fourth quarter of 2012, total loans and leases fell slightly by $172,700.

“We are pleased with the continued growth in our commercial loan portfolios, despite the challenges of operating in a low interest-rate environment and a highly competitive marketplace. We remain focused on maintaining our traditionally strong asset quality,” Paul Perrault, president and CEO of Brookline Bancorp said in prepared remarks.

The bank’s provision for credit losses did decline 42.9 percent to $1.9 million from the year-earlier period, even as loans grew. However, the percentage of nonperforming assets as a percentage of total assets increased to 0.45 percent from 0.3 percent, as the total allowance for loan and lease losses as a percentage of total loans and leases increased to 1.02 percent from 0.87 percent a year earlier.

Deposits of $3.6 billion at March 31 represented an increase of less than 1 percent from the end of the previous quarter and 4.8 percent from March 31, 2012.

In the quarter, the bank had a net interest margin of 3.70 percent, compared with 3.87 percent in the first quarter of 2012. Return on average assets was 0.7 percent in the quarter, versus 0.52 percent during the same period last year. Return on average stockholder equity in first quarter came in at 5.72 percent, compared with 4.25 percent a year earlier.

Results for Bank Rhode Island were not broken out by Brookline Bancorp at this time.

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