SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2003
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-23695
Brookline Bancorp, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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04-3402944 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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160 Washington Street, Brookline, MA |
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02447-0469 |
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(Address of principal executive offices) |
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(Zip Code) |
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(617) 730-3500 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.
YES ý NO o
Indicate the number of shares outstanding of each of the issuer’s classes of stock, as of the latest practicable date.
Common stock, $0.01 par value – 58,819,204 shares outstanding as of November 3, 2003.
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
FORM 10-Q
Index
Part I - Financial Information
Item 1. Financial Statements
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
(In thousands except share data)
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September
30, |
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December 31, |
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(unaudited) |
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ASSETS |
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Cash and due from banks |
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$ |
12,547 |
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$ |
13,571 |
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Short-term investments |
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121,610 |
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224,897 |
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Securities available for sale |
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293,222 |
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361,049 |
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Securities held to maturity (market value of $1,450 and $4,944, respectively) |
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1,411 |
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4,861 |
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Restricted equity securities |
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9,423 |
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9,423 |
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Loans, excluding money market loan participations |
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1,013,764 |
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803,425 |
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Money market loan participations |
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3,000 |
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4,000 |
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Allowance for loan losses |
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(15,954 |
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(15,052 |
) |
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Net loans |
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1,000,810 |
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792,373 |
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Other investment |
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4,166 |
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3,979 |
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Accrued interest receivable |
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5,046 |
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5,224 |
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Bank premises and equipment, net |
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2,763 |
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1,813 |
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Deferred tax asset |
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6,868 |
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5,779 |
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Other assets |
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593 |
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388 |
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Total assets |
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$ |
1,458,459 |
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$ |
1,423,357 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Deposits |
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$ |
667,771 |
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$ |
649,325 |
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Borrowed funds |
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170,531 |
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124,900 |
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Mortgagors’ escrow accounts |
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4,935 |
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4,256 |
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Income taxes payable |
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895 |
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4,970 |
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Accrued expenses and other liabilities |
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10,007 |
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7,525 |
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Total liabilities |
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854,139 |
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790,976 |
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Stockholders’ equity: |
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Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued |
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— |
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— |
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Common stock, $0.01 par value; 200,000,000 shares authorized; 58,996,410 shares and 58,714,948 shares issued, respectively |
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590 |
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587 |
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Additional paid-in capital |
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451,512 |
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449,254 |
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Retained earnings, partially restricted |
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170,824 |
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185,788 |
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Accumulated other comprehensive income |
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3,424 |
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4,155 |
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Treasury stock, at cost - 1,335,299 shares and 170,299 shares, respectively |
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(17,017 |
) |
(1,944 |
) |
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Unearned compensation - recognition and retention plan |
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(548 |
) |
(741 |
) |
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Unallocated common stock held by ESOP - 818,861 shares and 865,364 shares, respectively |
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(4,465 |
) |
(4,718 |
) |
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Total stockholders’ equity |
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604,320 |
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632,381 |
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Total liabilities and stockholders’ equity |
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$ |
1,458,459 |
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$ |
1,423,357 |
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See accompanying notes to the unaudited consolidated financial statements.
1
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands except share data)
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Three
months ended |
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Nine
months ended |
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2003 |
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2002 |
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2003 |
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2002 |
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(unaudited) |
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Interest income: |
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Loans, excluding money market loan participations |
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$ |
14,403 |
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$ |
14,215 |
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$ |
41,572 |
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$ |
43,046 |
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Money market loan participations |
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7 |
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43 |
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25 |
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128 |
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Debt securities |
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1,750 |
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2,455 |
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5,912 |
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7,324 |
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Marketable equity securities |
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90 |
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109 |
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298 |
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378 |
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Restricted equity securities |
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71 |
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87 |
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219 |
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257 |
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Short-term investments |
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288 |
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1,723 |
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1,215 |
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2,537 |
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Total interest income |
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16,609 |
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18,632 |
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49,241 |
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53,670 |
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Interest expense: |
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