Brookline Bancorp (BRKL) in Boston reported higher quarterly earnings after an acquisition boosted interest income.
The $5.2 billion-asset company's fourth-quarter earnings rose 68% from a year earlier, to $11.9 million, or 17 cents a share.
Net interest income rose 56% from a year earlier, to $44.6 million. Brookline added nearly $1.7 billion assets from its 2012 acquisition of Bancorp Rhode Island. The net interest margin expanded by 1 basis point from a year earlier, to 3.79%.
The loan-loss provision rose 268% from a year earlier, to $3.1 million. Net chargeoffs totaled $800,000 in the fourth quarter, a significant increase from $40,000 a year earlier.
Noninterest income jumped 363% from a year earlier, to $6.5 million. Fee income more than doubled and the company increased its loan-sales income by $1.9 million. Overall, the company gave much of the credit for its noninterest income spike to the Bancorp Rhode Island acquisition.