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 March 31, 2004
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 by check mark whether the registrant is an accelerated filer (as defined in rule 12b-2 of the Exchange Act).
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, $0.01 par value – 59,009,656 shares outstanding as of May 7, 2004.
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
FORM 10-Q
Index
Part I - Financial Information
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
(In thousands except share data)
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March 31, |
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December
31, |
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(unaudited) |
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ASSETS |
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Cash and due from banks |
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$ |
14,886 |
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$ |
15,131 |
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Short-term investments |
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140,402 |
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127,572 |
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Securities available for sale |
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285,768 |
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287,952 |
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Securities held to maturity (market value of $1,308 and $1,381, respectively) |
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1,272 |
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1,343 |
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Restricted equity securities |
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14,239 |
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11,401 |
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Loans, excluding money market loan participations |
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1,129,540 |
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1,072,740 |
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Money market loan participations |
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— |
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2,000 |
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Allowance for loan losses |
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(16,388 |
) |
(16,195 |
) |
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Net loans |
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1,113,152 |
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1,058,545 |
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Other investment |
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4,256 |
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4,251 |
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Accrued interest receivable |
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5,306 |
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5,248 |
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Bank premises and equipment, net |
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2,683 |
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2,737 |
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Deferred tax asset |
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8,109 |
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8,843 |
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Other assets |
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1,135 |
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1,011 |
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Total assets |
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$ |
1,591,208 |
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$ |
1,524,034 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Deposits |
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$ |
709,641 |
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$ |
679,921 |
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Borrowed funds |
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267,281 |
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220,519 |
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Mortgagors’ escrow accounts |
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5,253 |
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4,565 |
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Income taxes payable |
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1,734 |
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1,489 |
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Accrued expenses and other liabilities |
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11,146 |
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10,856 |
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Total liabilities |
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995,055 |
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917,350 |
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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, $0.01 par value; 200,000,000 shares authorized;60,275,256 shares and 60,160,530 shares issued, respectively |
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603 |
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602 |
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Additional paid-in capital |
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470,248 |
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469,493 |
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Retained earnings, partially restricted |
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157,439 |
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169,417 |
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Accumulated other comprehensive income |
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2,411 |
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2,529 |
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Treasury stock, at cost – 1,335,299 shares |
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(17,017 |
) |
(17,017 |
) |
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Unearned compensation – recognition and retention plans |
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(13,233 |
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(13,960 |
) |
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Unallocated common stock held by ESOP – 788,323 shares and 803,356 shares, respectively |
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(4,298 |
) |
(4,380 |
) |
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Total stockholders’ equity |
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596,153 |
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606,684 |
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Total liabilities and stockholders’ equity |
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$ |
1,591,208 |
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$ |
1,524,034 |
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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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2004 |
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2003 |
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(unaudited) |
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Interest income: |
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Loans |
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$ |
15,059 |
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$ |
13,268 |
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Debt securities |
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1,506 |
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3,253 |
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Marketable equity securities |
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78 |
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111 |
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Restricted equity securities |
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70 |
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77 |
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Short-term investments |
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298 |
|
577 |
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Total interest income |
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17,011 |
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17,286 |
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Interest expense: |
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Deposits |
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2,697 |
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3,442 |
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Borrowed funds |
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2,139 |
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1,421 |
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Total interest expense |
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4,836 |
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4,863 |
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Net interest income |
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12,175 |
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12,423 |
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Provision for loan losses |
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330 |
|
375 |
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Net interest income after provision for loan losses |
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11,845 |
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12,048 |
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Non-interest income: |
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Fees and charges |
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1,121 |
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546 |
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Gains on sales of securities, net |
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581 |
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328 |
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Swap agreement market valuation credit |
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