Brookline Bancorp this week posted a 26 percent increase in its net income to $9.5 million for the quarter ended June 30, compared with $7.5 million for the same period last year.

Total assets at the holding company for Brookline Bank, First Ipswich Bank and Bank Rhode Island increased $40.1 million during the second quarter, to $5.2 billion at June 30, and increased $178.1 million from $5 billion for the same quarter last year.

Total loans and leases increased $31 million during the quarter to $4.2 billion, representing a 3 percent growth on an annualized basis. The commercial loan and lease and commercial real estate portfolios totaled $3 billion, or 70.2 percent of total loans and leases. The company posted loan growth of $55.6 million, or 11 percent on an annualized basis, in its commercial real estate portfolio, offsetting a $31.2 million decrease in its indirect auto portfolio.

Nonperforming loans and leases declined to 0.34 percent of total assets, compared with 0.42 percent during the first quarter. The ratio of nonperforming loans and leases to total loans and leases also decreased to 0.42 percent from 0.52 percent during that same time frame. Nonperforming assets dropped to $19 million, or 0.37 percent of total assets, from $22.9 million, or 0.45 percent, during the previous quarter.

The provision for loan and lease losses increased from $1.8 million for the first quarter of 2013 to $2.4 million for the second quarter of 2013. The allowance for loan and lease losses was $44.3 million at June 30, compared with $37.4 million last year. As a share of total loans and leases, the allowance for losses came to 1.05 percent, compared with 0.93 percent last year. The company attributed this increase to an allowance for continued loan growth in the commercial real estate portfolios and an additional allowance recorded for subsequent deterioration in the acquired loan portfolios.

Brookline Bancorp Posts Increases, Improved Asset Quality For Q2

by Banker & Tradesman time to read: 1 min
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