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Brookline Bancorp (BRKL) in Boston reported higher quarterly earnings after an acquisition boosted interest income.
January 31 -
The Federal Reserve Board said Thursday that it had approved Brookline Bancorp Inc.'s acquisition of Bancorp Rhode Island Inc. in Providence, R.I.
December 8
Brookline Bancorp (BRKL) in Boston reported lower quarterly profit as its loan income declined on tightening margins.
The $5.2 billion-asset company reported a profit of $9.4 million in the third quarter, down 18% from the same period a year earlier, it announced Wednesday. Earnings per share of 13 cents were 1 cent shy of the average estimates of analysts polled by Bloomberg.
Brookline's net interest income fell 6%, to $43.4 million, as its net interest margin decreased by 44 basis points, to 3.56%. Its provision for credit losses dropped by 4%, to $2.7 million, and net chargeoffs fell 60%, to $621,000.
Noninterest income dipped 9%, to $3.5 million, as its loss from investments in affordable-housing projects rose by about $500,000, offsetting an increase in fee income. Noninterest expense fell 3%, to $29.6 million, as its professional-services costs declined.
Brookline