Brookline posts 21% profit increase in 2014

BROOKLINE BANCORP, parent of Bank Rhode Island, posted a 20.9 percent net income increase in 2014, as it increased the volume of loans.
BROOKLINE BANCORP, parent of Bank Rhode Island, posted a 20.9 percent net income increase in 2014, as it increased the volume of loans.

BROOKLINE, Mass. – Brookline Bancorp Inc. posted net income of 44.9 million for 2014, an increase of 20.8 percent on the 2013 results. Total interest and non-interest income increase 7.5 percent to $236.6 million.
The bank attributed the increase to loan growth and improvements in its asset quality.
Brookline Bancorp, parent company of Bank Rhode Island, reported earnings of 61 cents per diluted share compared with 51 cents per diluted share for the year ended Dec. 31, 2013.
Total assets increased 9 percent to $5.8 billion in 2014, bolstered by a 9 percent increase of loan and leases totaling $4.8 billion in the same year.
A breakdown of Bank Rhode Island result was not immediately available.
Net income in the fourth quarter came to $10.8 million, an increase of 40.9 percent, and earnings per diluted share were 15 cents. The bank will pay an 8.5 cent per share fourth-quarter dividend.
Paul Perrault, president and CEO of Brookline Bancorp, is optimistic.
“We are pleased to report over 20 percent growth in earnings for 2014,” Perrault said in a statement. “Our continued loan growth, exceptional asset quality and solid momentum has us well positioned for success in 2015.”

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