Brookline Bancorp Reports Q4 Earnings and Merger Plans

Brookline Bancorp ( (BRKL) ) has released its Q4 earnings. Here is a breakdown of the information Brookline Bancorp presented to its investors.

Brookline Bancorp, Inc. is a bank holding company based in Boston, Massachusetts, providing commercial and retail banking services across eastern Massachusetts, Rhode Island, and the Lower Hudson Valley of New York State through its subsidiaries Brookline Bank, Bank Rhode Island, and PCSB Bank.

In its latest earnings report, Brookline Bancorp announced a net income of $17.5 million, or $0.20 per share, for the fourth quarter of 2024. Operating earnings, which exclude merger-related charges, were slightly higher at $20.7 million, or $0.23 per share. The company declared a quarterly dividend of $0.135 per share, maintaining its consistent payout to shareholders.

Key financial metrics revealed that the company’s total assets increased to $11.9 billion, with significant growth in total loans and leases to $9.8 billion. The net interest income rose to $85 million, driven by a 5-basis point increase in net interest margin to 3.12%. However, non-interest expenses grew due to merger-related charges, impacting overall profitability. The company’s asset quality remained stable, with a slight decrease in nonperforming assets and a consistent allowance for loan and lease losses.

Brookline Bancorp’s leadership expressed optimism about the company’s strategic position, highlighting the upcoming merger with Berkshire Hills Bancorp, expected to close by the second half of 2025. This merger is anticipated to strengthen the company’s market position and provide sustained growth opportunities.

Looking ahead, the company is focused on leveraging its solid financial foundation and strategic initiatives to enhance shareholder value and improve its competitive stance in the financial sector.