Brookline Bancorp, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. The company recorded interest and dividend income of $159.6 million for the three months ended September 30, 2024, up from $147.1 million in the same period of 2023. For the nine months, interest and dividend income increased to $470.4 million from $425.0 million year-over-year. However, total interest expense also rose significantly, reaching $76.6 million for the third quarter, compared to $63.0 million in 2023, and $225.8 million for the nine months, up from $168.8 million.
Net interest income for the third quarter was $83.0 million, a slight decrease from $84.1 million in the prior year, while for the nine months, it fell to $244.6 million from $256.2 million. The provision for credit losses increased to $4.8 million for the third quarter, up from $3.0 million in 2023, but decreased for the nine months to $17.6 million from $34.4 million, reflecting a lack of day-one provision impact from the acquisition of PCSB Bank in 2023.
Net income for the third quarter was $20.1 million, down from $22.7 million in the same quarter of 2023, while net income for the nine months decreased to $51.2 million from $52.1 million. The company’s net interest margin for the third quarter was 3.07%, down from 3.18% in the previous year, and for the nine months, it was 3.05%, down from 3.27%.
Total assets increased by $294.5 million to $11.7 billion as of September 30, 2024, with total loans and leases rising to $9.8 billion, an increase of $113.6 million. Commercial loans accounted for 84.4% of total loans, with a slight increase from the previous period. Total deposits also grew by $184.1 million to $8.7 billion, although core deposits remained relatively stable.
The company’s stockholders' equity increased to $1.2 billion, reflecting a $31.7 million rise since December 31, 2023. The dividend payout ratio for the third quarter was 59.72%, compared to 52.81% in the same period last year. The company continues to focus on growing its commercial lending business through both organic growth and acquisitions, maintaining a modestly asset-sensitive interest rate risk profile.
About BROOKLINE BANCORP INC
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