Brookline Bancorp Inc. has reported net income of $6.35 million for the quarter ended March 31, up 84 percent from $3.44 million in the same quarter in 2009.
The board of directors also declared a regular quarterly dividend of 8-cents per share payable May 17 to stockholders of record on April 30.
Stock of the Federal Home Loan Bank of Boston (FHLB) owned by the company is unchanged at $36 million since the beginning of 2009. Due to reported losses, the FHLB has restricted stock redemptions and ceased the payment of dividends since 2008. In 2008, the company received $1.2 million in dividend income on its FHLB stock.
Loan growth in the 2010 first quarter was modest at $9.7 million. Net interest income was $4 million, or 21.1 percent, higher in the first quarter of 2010 compared to the same quarter in 2009 due to a higher portion of interest-earning assets being funded by lower cost deposits and a more rapid decline in rates paid on interest-bearing liabilities than in the yield on interest-earning assets.
