- Brookline Bancorp (BRKL, Financial) reported increased net income to $19.1 million in Q1 2025, up from $17.5 million in Q4 2024.
- The net interest margin improved to 3.22% in Q1 2025 from 3.12% in Q4 2024.
- A quarterly dividend of $0.135 per share is declared, payable on May 23, 2025.
Brookline Bancorp, Inc. (BRKL) has announced its financial results for the first quarter of 2025, reporting a net income of $19.1 million, or $0.21 per share. This marks an improvement from the previous quarter's net income of $17.5 million ($0.20 per share) and the same quarter last year's $14.7 million ($0.16 per share). The company highlights operating earnings of $20.0 million, translating to $0.22 per share.
The company observed a positive shift in key financial metrics despite external economic challenges. Notably, total assets decreased to $11.5 billion, with loans and leases dropping to $9.6 billion. Meanwhile, total deposits rose by $9.8 million, reaching $8.9 billion, primarily fueled by an increase in customer deposits by $113.8 million, countered by a $104.0 million decline in brokered deposits.
Brookline Bancorp also reported an improvement in its net interest margin, climbing 10 basis points to 3.22% for Q1 2025, signaling lower funding costs. The nonperforming loans ratio decreased to 0.65%, showcasing enhanced asset quality. Despite a decline in non-interest income to $5.7 million, primarily due to reduced derivative revenue, Brookline Bancorp's effective tax rate fell to 25.0% from 26.4%, aiding overall profitability.
The company is strategically reducing its commercial real estate exposure in favor of bolstering its presence in the commercial and industrial (C&I) markets. During this period, Brookline Bancorp declared a quarterly dividend of $0.135 per share, which is scheduled for payment on May 23, 2025, indicating continued shareholder return.
