Brookline Bancorp Inc. has reported $7.3 million in net income for the quarter ended March 31, up from $6.4 million during the same period last year.
The board of directors also approved a regular quarterly dividend of 8-cents per share. The dividend will be paid May 16 to stockholders of record on April 29.
Operating highlights included:
• Completion of the acquisition of First Ipswich Bancorp and its subsidiaries. The acquisition added to the company’s consolidated balance sheet total assets of $271 million, total loans of $203 million, total deposits of $212 million, goodwill of $3.6 million and a core deposit intangible asset of $3.9 million. Net income for the 2011 first quarter included one month of Ipswich’s operating results, a modest amount of net income.
• Excluding Ipswich, loan growth of $67.7 million in the 2011 first quarter, an annualized rate of 12.1 percent. The growth by segment was as follows: commercial real estate – $26.8 million (10.7 percent annualized); commercial – $10.1 million (11.8 percent annualized); indirect auto ("auto") – $21.8 million (16.2 percent annualized) and consumer – $8.9 million (10.1 percent annualized).
• Excluding Ipswich, deposit growth of $90.4 million in the 2011 first quarter, an annualized rate of 2 percent. Transaction deposit accounts increased $100.8 million (39.6 percent annualized), while higher cost term certificates of deposit decreased $10.4 million (5.3 percent annualized).
