Brookline Bancorp posted a 17 percent increase in net income in the second quarter, pulling in $11.9 million this year compared with $10.1 million in the same period last year.
At June 30, the holding company for Brookline Bank, Bank Rhode Island and First Ipswich Bank recorded total loans and leases of $4.7 billion, an increase of about 2.7 percent from $4.6 billion in the year-ago quarter.
The company said that total loans and leases grew 8.2 percent on an annualized basis in the second quarter and in particular highlighted growth in its commercial real estate and commercial loan and lease portfolios of $67.3 million during the second quarter, or 7.2 percent annualized. Commercial real estate loans totaled $2.5 billion and commercial loans and leases totaled $1.3 billion in the second quarter, compared with $2.3 billion and $1.1 billion in the year-ago quarter.
Net interest income ticked up about 1.6 percent to $47.2 million, from $46.4 million in the year-ago quarter. Noninterest income increased about 27 percent over that same period to $4.9 million. Noninterest expense decreased slightly to $30.5 million, compared with $31.2 million in the same period last year.
Total deposits increased about 7 percent to $4.1 billion in the second quarter from $3.9 billion in the year-ago quarter.
Nonperforming assets totaled $25.9 million in the second quarter and represented 0.45 percent of total assets, compared with $18.4 million and 0.33 percent in the comparable period last year. The allowance for loan and lease losses totaled $56.4 million and represented 1.19 percent of total loans and leases, compared with $51.7 million and 1.12 percent in the same quarter last year. The company recorded net loan and lease charge-offs of $501,000 in the second quarter, compared with $720,000 in last year’s second quarter.
Total assets increased 3.5 percent to $5.8 billion from $5.6 billion last year.
The company’s board of directors approved a dividend of 9 cents per share to be paid on Aug. 21 to shareholders of record on Aug. 7.
