Brookline Bank’s parent company recorded net income of $22.9 million in the fourth quarter of 2023, flat compared to the $22.7 million the previous quarter thanks to higher deposit costs and spending related to its acquisition of PCSB Bank.
Brookline Bank reported a slight improvement in net income for the third quarter versus the previous quarter, faring better than most banks amid industry-wide margin compression.
After shelving half a billion dollars in the first quarter to keep its two subsidiary banks safe after the March bank failures, Brookline Bancorp took the offensive in the second quarter by pursuing more lending.
By waiting longer than expected to receive regulatory approval for its recent bank acquisition, Brookline Bancorp now has an additional year before the Durbin Amendment takes effect.
The parent company of Brookline Bank has completed its acquisition of New York-based PCSB Bank, giving the company its first bank outside the eastern part of New England.
Yesterday’s approval came nearly seven months after the parent company of Brookline Bank and Bank Rhode Island announced plans to acquire the New York-based bank.
Brookline Bancorp still expects to complete its acquisition of New York-based PCSB Financial Corp. this year, but the company has not yet received all regulatory approvals.
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Clarendon Private, Brookline Bancorp’s new wealth management division, has operated as the company expected and executives say the division remains on track to break even by late 2024.
Brookline Bank’s parent company does not plan to seek out lending opportunities in New York City, even as its latest acquisition moves the bank holding company into the New York metropolitan area.
The parent company of Brookline Bank plans to acquire a New York-based bank and operate it as a separate subsidiary.
Brookline Bancorp plans to maintain its multi-bank holding structure and keep separate charters for Brookline Bank and Bank Rhode Island.
As Brookline Bank’s parent company approaches $10 billion in assets, executives expect the company to see few effects from the additional costs and regulatory requirements associated with reaching that threshold.
The parent company of Brookline Bank and Bank Rhode Island has launched a Boston-based investment and wealth management company to provide services for individuals, families, endowments and foundations.
Brookline Bancorp saw record earnings in the second quarter as net income increased more than 60 percent compared to the same quarter last year.
The parent company of The Provident Bank, rebranded last year as BankProv, has adopted a new stock repurchase program, one of several local banks planning to repurchase shares this year.
Massachusetts stock banks fourth quarter earnings results continue to show improvements in COVID-related loan modifications.
Local banks have started to see the number of loans requiring COVID-19-related modifications decline but continue to watch how the pandemic could affect their loan portfolios.
The impact of the coronavirus crisis continues to show in bank performance, with two more local stock banks seeing income losses in the first quarter.
Two subsidiaries of holding company Brookline Bancorp have merged into one bank. First Ipswich Bank, which at the end of 2019 had about $466 million in assets, has merged into Brookline Bank.
