2Q profit up 27% for BankRI parent, as revenue falls slightly

Brookline Bancorp Inc. parent company of Bank Rhode Island, reported a 26.6 percent increase in earnings for the second quarter of 2013 compared with the same 2013 period to $9.5 million, or 14 cents per diluted share. More

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2Q profit up 27% for BankRI parent, as revenue falls slightly

BANK RI PARENT BROOKLINE BANCORP INC. reported net income of $9.5 million in the second quarter, an improvement of 26.6 percent on the same 2012 period.
Posted 7/25/13

BOSTON – Brookline Bancorp Inc. parent company of Bank Rhode Island, reported a 26.6 percent increase in earnings for the second quarter of 2013 compared with the same 2013 period to $9.5 million, or 14 cents per diluted share. The bank’s net income for the second quarter of 2012 was $7.5 million, or 11 cents per diluted share. Total interest and non-interest income in the period fell 0.9 percent to $56 million.

“We are pleased to report increased earnings for the quarter and the successful completion of our three-phase systems conversions as of May 2013,” said Brookline Bancorp President and CEO Paul Perrault. “Our already stellar asset quality continues to improve and our bankers continue to compete effectively in our markets, despite continued competitive pressures.”

The bank’s assets gained 0.8 percent through the quarter and stood at $5.2 billion on June 30, as total loans increased 0.7 percent to $4.2 billion. In addition, the bank took a provision for credit losses of $2.44 million, a significant drop from the $6.68 million it took in the 2013 second quarter, as non-performing assets fell 20.3 percent to $19 million. The bank’s net interest margin fell to 3.78 percent in the second quarter, a drop from 3.81 percent in the year-earlier period.

Brookline Bancorp, the holding company for Brookline Bank, acquired BankRI in January 2012.

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