Carl Carlson
Co-President and Chief Financial & Strategy Officer at Brookline Bancorp
Thank you, Paul. As Paul mentioned, loans declined by $61,000,000 with commercial real estate and equipment finance declining $95,000,000 and $46,000,000 respectively, while commercial loans grew $53,000,000 and consumer loans grew $27,000,000 Owner occupied commercial real estate increased by $15,000,000 and investment commercial real estate decreased by $110,000,000 bringing the percentage of investment commercial real estate to total risk based capital to 363% at quarter's end. The decline in equipment finance loans was driven by the continued runoff of the specialty vehicle portfolio, which decreased by $27,000,000 during the quarter to $240,000,000 Our net interest margin improved 10 basis points to three thirty two basis points on higher asset yields as well as lower funding costs. Net interest income increased $2,900,000 for the quarter to $88,700,000 Fee income was slightly higher at $6,000,000 bringing total revenues for the quarter to $94,700,000 which is 3% higher than Q1 and 10% higher than 2024. Non interest expense excluding merger charges was $57,700,000 a decrease of $1,300,000 from Q1 due to lower expenses in nearly every category except marketing which increased $503,000 Merger expenses for the quarter were $439,000 and were largely non tax deductible contributing to a higher effective tax rate.
