BankRI parent Brookline Bank earns 6% profit increase in 3Q

BANK RHODE ISLAND parent company Brookline Bancorp. posted a 6.1 percent increase in net income in the third quarter to $14.3 million, on an 8.8 percent total interest and non-interest revenue increase to $66.9 million.
BANK RHODE ISLAND parent company Brookline Bancorp. posted a 6.1 percent increase in net income in the third quarter to $14.3 million, on an 8.8 percent total interest and non-interest revenue increase to $66.9 million.

BOSTON – Brookline Bancorp Inc. on Wednesday reported third-quarter profit grew 6.1 percent to $14.3 million, or 19 cents per diluted share, compared with $13.4 million, or 18 cents per diluted share, last year.

The parent company of Bank Rhode Island also reported year-over-year revenue growing 8.8 percent to $66.9 million for the three months that ended Sept. 30.

“We are pleased to report another strong quarter to our stockholders,” said Paul Perrault, company president and CEO, in prepared remarks. “The company continues to have broad-based loan growth, solid returns and strong asset quality.”

Interest and dividend income, which includes revenue from loans and leases, totaled $61.5 million for the quarter, marking a 8.54 percent increase compared with the prior-year period. The company realized strong growth in its commercial real estate, and commercial loan and leases portfolios.

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The company’s net interest margin, however, fell 6 basis points to 3.48 percent compared with the prior-year period. Nonperforming assets grew 84.1 percent to $38.7 million, totaling 0.61 percent of total assets. The company says the slide in nonperforming assets was largely driven by certain taxi medallion loans that were placed on nonaccrual.

Total loans and leases totaled $5.3 billion, marking a 10.4 percent increase for the quarter. Total assets grew 9.3 percent to $6.48 billion. Deposits totaled $4.56 billion, growing 10.1 percent.

The Brookline Bancorp board of directors approved a 9 cents per share dividend for the quarter.

Results for Bank Rhode Island were not reported in the filing.

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