Thursday, Brookline Bancorp Inc. (BRKL), reported a rise in profit for the third quarter, with earnings and revenue coming in ahead of analysts' expectations. Earnings for the quarter were helped by an increase in net interest income and the absence of a significant loss from impairment of securities present last year.
Brookline Bancorp's net income attributable to shareholders increased to $5.24 million or $0.09 per share from $1.75 million or $0.03 per share a year earlier. Excluding the net income attributable to non-controlling interest in subsidiary, net income rose to $5.43 million from $1.81 million for the year-ago period.
On average, four Analysts polled by Thomson Reuters expected the company to earn $0.08 per share, on revenues of $20.83 million for the quarter. Analysts estimates typically exclude special items.
Net interest income rose to $21.77 million from $19.34 million for the prior year period mainly due to a decline in total interest expense of $12.55 million, compared to $16.65 million last year. Net interest margin improved to 3.39% from 3.18% a year-ago. Total non-interest income rose to $995 thousand compared with total non-interest loss of $642 thousand for the year earlier period, reflecting the absence of impairment of securities of $1.6 million present last year.
Provision for loan losses dropped to $2.27 million from $3.16 million a year earlier, primarily due to a decline in indirect automobile loan net charge-offs. Nonperforming assets were $9.3 million or 0.35% of total assets at the end of the quarter. Allowance for loan losses increased to $29.40 million at the end of the quarter from $25.73 million at the end of the same quarter a year earlier.
Total deposits increased to $1.44 billion at the end of the quarter, compared to $1.24 billion at the end of the prior year period. Total interest-earning assets increased to $2.57 billion at the end of the quarter from $2.44 billion at the end of the same period a year earlier.
For the nine-month period, net income attributable to shareholders increased to $13.36 million or $0.23 per share from $8.12 million or $0.14 per share a year earlier. Net interest income rose to $62.70 million from $54.55 million for the year-ago period and total non-interest income rose to $1.94 million from $226 thousand last year.
Thursday, BRKL closed at $9.51, down $0.06 or 0.63%, on a volume of 0.28 million shares on the Nasdaq.
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