Photo by James Sanna | Banker & Tradesman Staff

Brookline Bank’s parent company continued to pull back its commercial real estate lending portfolio in the first quarter.

Brookline Bancorp’s total loans and leases across its three subsidiary banks were $9.6 billion, representing a decrease of $136.6 million from the fourth quarter of 2024 and a decrease of $12.4 million from the first quarter of 2024. Additionally, the multi-bank holding company recorded a provision for credit losses of $6.0 million for the first quarter of 2025, compared to $4.1 million in the fourth quarter of 2024. The increase in provision was largely driven by deterioration in a single commercial credit that required a specific reserve.

Total net charge-offs at its component banks – Brookline Bank, Bank Rhode Island and PCSB Bank, in New York State – were $7.6 million for the first quarter of 2025, compared to $7.3 million in the fourth quarter of 2024. The $7.6 million in net charge-offs was driven by a large $7.1 million charge-off in commercial loans, the majority of which was previously reserved for.

“We are pleased to report solid earnings for the first quarter of the year,” said Brookline Bancorp Chairman and CEO Paul Perrault. “Despite external economic headwinds, our bankers continue to perform well and grow deposits. The contraction in our loan portfolios is intentional as we reduce our commercial real estate exposure while increasing our participation in the C&I markets.”

Additionally, Brookline Bancorp’s total deposits increased $9.8 million to $8.9 billion from the fourth quarter of 2024, primarily driven by an increase of $113.8 million in customer deposits and partially offset by a decline of $104.0 million in brokered deposits.

Brookline Bancorp and Berkshire Bank plan to merge later this year.