BankRI parent posts 11% increase in profit in 1Q

BOSTON – Brookline Bancorp Inc. Thursday recorded $11.7 million in net income for the first quarter, representing an 11.4 percent increase compared with the same period last year.

Brookline Bancorp, parent of Bank Rhode Island, finished the quarter with earnings per diluted share of 17 cents, compared with 15 cents per diluted share in the same period last year, according to a company release.

“We are pleased to report a strong start to 2015 as we continue to remain focused on our strong asset quality,” said Paul Perrault, president and CEO, in a statement.

Total revenue grew 1.3 percent from the same period last year, but total non-interest income fell 19.6 percent to $4.5 million compared with $5.6 million a year earlier.

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Total interest and dividend income grew 3.5 percent to $56.6 million.

Total assets grew 5.5 percent to $5.8 billion. The bank also recorded a 7.9 percent increase in deposits, ending the quarter with $4.1 billion, and a 2.2 percent increase in loans and leases to $4.6 billion.

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