Brookline Bancorp, Inc. reported a net income of $19.1 million for the first quarter of 2025, translating to earnings per share of $0.21, a 30.2% increase from the $14.7 million, or $0.16 per share, recorded in the same period last year. This growth was primarily driven by a $4.2 million rise in net interest income, which reached $85.8 million, alongside a reduction in the provision for credit losses on loans by $1.4 million. The company’s net interest margin improved to 3.22%, up from 3.06% a year earlier, reflecting a decrease in the cost of interest-bearing liabilities.
In terms of financial position, total assets decreased by $385.5 million, or 13.0% on an annualized basis, to $11.5 billion as of March 31, 2025, compared to $11.9 billion at the end of 2024. This decline was largely attributed to reductions in cash and cash equivalents, which fell to $357.5 million, and total loans and leases, which decreased to $9.6 billion. Total deposits, however, saw a slight increase of $9.8 million to $8.91 billion, with core deposits rising to 70.3% of total deposits.
Operationally, Brookline Bancorp's loan portfolio composition remained stable, with commercial real estate loans making up 57.9% of total loans and leases. The company reported a decrease in nonperforming assets to $64.0 million, or 0.56% of total assets, down from $70.5 million, indicating improved asset quality. The allowance for loan and lease losses was $124.1 million, representing 1.29% of total loans, slightly up from 1.28% at the end of 2024.
Strategically, Brookline Bancorp is focused on enhancing its commercial lending business and has plans for a merger with Berkshire Hills Bancorp, expected to close in the second half of 2025. The company is also actively managing its interest rate risk through various strategies, including the use of interest rate swaps. Looking ahead, management anticipates that the net interest margin will stabilize, contingent on the Federal Reserve's interest rate decisions and the overall economic environment.
About BROOKLINE BANCORP INC
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