Brookline Bank’s parent company recorded net income of $22.9 million in the fourth quarter of 2023, flat compared to the $22.7 million the previous quarter thanks to higher deposit costs and spending related to its acquisition of PCSB Bank.

Brookline Bancorp owns both Brookline Bank, Bank Rhode Island and now New York-based PCSB as separate banks within the same holding company.

Net interest income was burdened with higher funding costs but remained stable at $83.6 million, down from $84.1 million in the third quarter. Brookline Bancorp’s net interest margin was also down 3 basis points to 3.15 percent from 3.18 percent last quarter.

Total loans and leases went up to $9.6 billion, compared to $9.3 billion in the third quarter and the $7.6 billion it had in the fourth quarter of the previous year, as loans held by PCSB Bank were added to the mix.

Total deposits were flat at $8.5 billion, from $8.6 billion last quarter, as the bank a reduction in its brokered deposits. Deposits gained from PCSB Bank contributed to the year-on-year increase from the $6.5 billion in deposits in the fourth quarter of 2022.

“Brookline Bancorp began the year by welcoming PCSB Bank customers and employees to our family of banks. I would like to thank our customers and the continued hard work and dedication of all our company’s employees to our overall success in 2023. In 2023, our industry experienced challenging headwinds. As we enter 2024, we remain well positioned to take advantage of opportunities in the tremendous markets we serve,” Paul Perrault, chairman and CEO of Brookline Bancorp, said in a statement.

On the same day, the company announced that Chief Operations Officer James Cosman will retire effective April 1. He will remain with the company on a part-time basis and work on special projects.

Upon Cosman’s retirement Mona Macero, currently senior vice president and managing director of Brookline Bancorp’s commercial markets payment group, will assume the role of executive vice president and chief digital officer. She will oversee the company’s commercial payments, IT, information security, and support and administrative services areas.

Kelly Bressette, currently director of loan operations, will also become executive vice president and director of operations, overseeing loan and deposit operations and mortgage underwriting. Both will report to co-president and COO Michael McCurdy.