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| 8-K - BROOKLINE BANCORP, INC. 8-K - BROOKLINE BANCORP INC | a50548097.htm |
Exhibit 99.1
Brookline Bancorp Announces Fourth Quarter Net Income of $11.9 Million, EPS of $0.17
Solid Organic Loan and Deposit Growth Continues
Business Fundamentals Remain Strong
BOSTON--(BUSINESS WIRE)--January 30, 2013--Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $11.9 million, or $0.17 per basic and diluted share, for the fourth quarter of 2012, compared to $7.1 million, or $0.12 per basic and diluted share, for the fourth quarter of 2011, and $11.4 million, or $0.16 per basic and diluted share, for the third quarter of 2012.
For the year ended December 31, 2012, net income totaled $37.1 million, or $0.53 per basic and diluted share, compared to $27.6 million, or $0.47 per basic and diluted share, for 2011. Operating earnings were $41.1 million, or $0.59 per basic and diluted share, for the year ended December 31, 2012, compared to $28.9 million, or $0.49 per basic and diluted share, for 2011.
Paul Perrault, President and Chief Executive Officer of Brookline Bancorp, Inc., stated: “Our strong fourth quarter and 2012 results reflect the significant progress we have made in carrying out our primary business objectives. We continue to generate strong loan growth while maintaining our traditionally strong asset quality. At the same time, we are also continuing to enhance our infrastructure to support this growth.”
BALANCE SHEET
Total assets at December 31, 2012 grew to $5.15 billion, an annualized increase of 6.8 percent from the prior quarter and 4.9 percent from December 31, 2011 after adjustment for the $1.69 billion of total assets acquired from Bancorp Rhode Island, Inc. on January 1, 2012.
The loan and lease portfolio grew to $4.18 billion as of December 31, 2012, up 3.1 percent annualized from the prior quarter and 11.8 percent from December 31, 2011, after adjustment for the $1.14 billion in loans and leases acquired from Bancorp Rhode Island on January 1, 2012. Strong organic loan growth continued in the commercial loan and lease and commercial real estate portfolios, which reached $2.85 billion, or 68.3 percent of total loans, at December 31, 2012. The commercial loan and lease and commercial real estate portfolios increased to $2.05 billion, an increase of 19.6 percent for the full year 2012 after adjustment for the $803.0 million in commercial loan and lease and commercial real estate portfolios acquired from Bancorp Rhode Island. The commercial loan and lease portfolio increased 14.9 percent and the commercial real estate portfolio increased 5.9 percent on an annualized basis during the fourth quarter 2012. The indirect automobile portfolio decreased $31.9 million from September 30, 2012 to December 31, 2012, as anticipated, reflecting significant paydowns on the portfolio and the continuing pricing pressures in the auto lending market.
Deposits of $3.62 billion at December 31, 2012 were up 5.4 percent annualized from September 30, 2012 and 10.2 percent from December 31, 2011 after exclusion of the $1.13 billion of deposits acquired from Bancorp Rhode Island. This growth was fueled by increases in NOW accounts and demand checking accounts which grew at an annualized rate of 64.1 percent and 22.4 percent during the quarter ended December 31, 2012, respectively. Core deposits, which increased from 70.8 percent to 72.0 percent of deposits quarter-to-quarter, increased 12.6 percent annualized in the fourth quarter 2012. Total borrowings increased 12.4 percent on an annualized basis to $854.0 million at December 31, 2012.
Cash and cash equivalents were $117.1 million as of December 31, 2012 as compared to $76.3 million as of September 30, 2012. The increase during the fourth quarter 2012 was related largely to the timing of cash items due to the Company at December 31, 2012 that cleared in January 2013. Investment securities available-for-sale of $481.3 million also increased 12.4 percent from September 30, 2012 to December 31, 2012 on an annualized basis, with total investment securities at 10.7 percent of total assets.
Stockholders’ equity to total assets was 11.89 percent at December 31, 2012. The tangible stockholders’ equity to tangible assets ratio remained constant at 9.08 percent at December 31, 2012 when compared with 9.08 percent at September 30, 2012 and decreased from 13.93 percent at December 31, 2011 as a result of Brookline Bancorp’s acquisition of Bancorp Rhode Island.
NET INTEREST INCOME
Net interest income for the fourth quarter 2012 decreased $1.8 million to $44.6 million from $46.4 million in the third quarter of 2012. The decrease in interest income on commercial loans and leases from the third quarter 2012 was largely a result of a nonrecurring $1.4 million of yield adjustments recorded in the quarter ended September 30, 2012. The remaining decrease in interest income on loans and leases was largely driven by continued rate pressures in the economic environment and decreases in interest rates that were partially offset by strong growth across various loan and lease portfolios. Interest expense decreased $0.6 million in the fourth quarter 2012 as compared to the third quarter 2012, largely as a result of decreased FHLB borrowing costs and a decrease in the interest rates associated with core deposits. Net interest income for the year ended December 31, 2012 increased to $177.4 million from $110.2 million in the year ended December 31, 2011.
Net interest margin for the fourth quarter 2012 was 3.79 percent, down from 4.00 percent at September 30, 2012, but only slightly less than third quarter 2012 net interest margin of 3.86 after excluding the $1.4 million of periodic yield adjustments recorded in accordance with GAAP. Net interest margin was up slightly from 3.78 percent for the quarter ended December 31, 2011. Strong loan growth in the majority of the Company’s loan portfolios and a slight decrease in the cost of borrowing were offset by continued rate pressures on the commercial loan and lease and other consumer loan portfolios.
NON-INTEREST INCOME
Non-interest income was $6.5 million for the fourth quarter 2012, up $2.7 million from the third quarter 2012. The increase in non-interest income as compared to the third quarter is primarily due to a $1.9 million gain on a sale of equipment leases totaling $19.6 million during the quarter undertaken to manage concentration risk.
Non-interest income was $18.6 million for the year ended December 31, 2012, up $13.5 million from the year ended December 31, 2011. The growth in 2012 was primarily driven by $13.0 million in non-interest income attributable to Bancorp Rhode Island.
NON-INTEREST EXPENSE AND TAX PROVISION
Non-interest expense of $28.9 million in the fourth quarter 2012 decreased $1.6 million from the third quarter 2012. Significant changes in non-interest expense included the following:
- Compensation and employee benefit expense increased $1.0 million, or 7.1 percent during the fourth quarter 2012, as a result of the addition of loan officers and other individuals in key support areas of the Company. The increase in compensation and employee benefit expense was offset by a $0.4 million decrease in professional services expense.
- Equipment and data processing expense decreased $0.9 million, or 21.1 percent as a result of the reduction in conversion costs incurred in conjunction with Brookline Bank’s core system conversion.
- The increase in other expenses in the third quarter as compared to the fourth quarter is associated with the Company’s continued migration to standardized, consolidated operating and financial reporting platforms.
The effective tax rate increased by 5.4 percentage points, from 30.6 percent at September 30, 2012 to 36.0 percent of income before taxes at December 31, 2012, as a result of federal tax credits for the refurbishment of the Company’s new headquarters taken in the third quarter 2012.
ASSET QUALITY
Asset quality remains stable and strong. Nonperforming loans and leases increased slightly from $21.3 million at September 30, 2012 to $22.2 million at December 31, 2012. The ratio of nonperforming loans to total loans and leases increased from 0.51 percent at September 30, 2012 to 0.53 percent at December 31, 2012. Nonperforming assets at December 31, 2012 totaled $23.7 million or 0.46 percent of total assets, which is consistent with $23.7 million, or 0.47 percent of total assets, at September 30, 2012.
The provision for loan and lease losses was $3.1 million for the fourth quarter 2012, up slightly from $3.0 million in the third quarter 2012, and up from $0.8 million in the fourth quarter 2011. Net charge-offs for the fourth quarter 2012 were $0.8 million, or 0.08 percent of average loans and leases on an annualized basis, compared to $1.5 million, or 0.15 percent of average loans and leases, in the third quarter 2012, and $0.3 million, or 0.04 percent of average loans and leases, for the fourth quarter 2011.
The allowance for loan and lease losses was $41.2 million at December 31, 2012, compared to $38.9 million at September 30, 2012 and $31.7 million at December 31, 2011, an increase that reflects the loan growth experienced across the Company. The allowance for loan and lease losses as a percent of total loans and leases was 0.98 percent at December 31, 2012, compared to 0.94 percent at September 30, 2012 and 1.17 percent at December 31, 2011. The allowance for loan and lease losses as a percent of originated loans and leases was 1.33 percent at December 31, 2012, as compared to 1.31 percent at September 30, 2012.
DIVIDEND DECLARED
The Company’s Board of Directors approved a dividend of $0.085 per share. The dividend will be paid on February 27, 2013, to shareholders of record on February 13, 2013.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30PM eastern time on Thursday, January 31, 2013 to discuss the results for the quarter, business highlights and outlook. The call can be accessed by dialing 888-317-6016 (United States) or 412-317-6016 (internationally). A recorded playback of the call will be available for one week following the call at 877-344-7529 (United States) or 412-317-0088 (internationally). The passcode for playback is 10023656. The call will be available live or in a recorded version on the Company’s website under “Investor Relations” at www.brooklinebank.com.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company with approximately $5.15 billion in assets and 46 branches throughout Massachusetts and Rhode Island, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and First Ipswich Bank. The Company provides commercial and retail banking services, and cash management and investment services to customers throughout Central New England. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com, and www.fnbi.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
BASIS OF PRESENTATION
The Company's consolidated financial statements have been prepared in conformity with GAAP as set forth by the FASB in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period's presentation.
NON-GAAP FINANCIAL MEASURES
The Company uses certain non-GAAP financial measures, such as net earnings from operations, the allowance for loan and lease losses as a percentage of originated loans and leases, tangible book value per common share and tangible stockholders’ equity to tangible assets. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached.
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
| Selected Financial Highlights (Unaudited) | |||||||||||||||||||||||||
|
As of and for the Three Months |
As of and for the Year |
||||||||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
| (In Thousands Except Per Share Data) | |||||||||||||||||||||||||
| Earnings Data: | |||||||||||||||||||||||||
| Net interest income | $ | 44,564 | $ | 28,514 | $ | 177,368 | $ | 110,199 | |||||||||||||||||
| Provision for credit losses | 3,101 | 842 | 15,888 | 3,631 | |||||||||||||||||||||
| Non-interest income | 6,504 | 1,491 | 18,605 | 5,062 | |||||||||||||||||||||
| Non-interest expense | 28,869 | 16,463 | 120,375 | 62,925 | |||||||||||||||||||||
| Income before income taxes | 19,098 | 12,700 | 59,710 | 48,705 | |||||||||||||||||||||
| Net income attributable to Brookline Bancorp, Inc. | 11,863 | 7,058 | 37,142 | 27,600 | |||||||||||||||||||||
| Performance Ratios: | |||||||||||||||||||||||||
| Net interest margin (1) | 3.79 | % | 3.78 | % | 3.85 | % | 3.76 | % | |||||||||||||||||
| Interest rate spread (1) | 3.62 | % | 3.55 | % | 3.67 | % | 3.50 | % | |||||||||||||||||
| Return on average assets | 0.93 | % | 0.89 | % | 0.73 | % | 0.90 | % | |||||||||||||||||
| Return on average stockholders' equity | 7.76 | % | 5.59 | % | 5.29 | % | 5.51 | % | |||||||||||||||||
| Per Common Share Data: | |||||||||||||||||||||||||
| Net income — Basic | $ | 0.17 | $ | 0.12 | $ | 0.53 | $ | 0.47 | |||||||||||||||||
| Net income — Diluted | 0.17 | 0.12 | 0.53 | 0.47 | |||||||||||||||||||||
| Cash dividends declared | 0.085 | 0.085 | 0.34 | 0.34 | |||||||||||||||||||||
| Book value per share (end of period) | 8.70 | 8.50 | 8.70 | 8.50 | |||||||||||||||||||||
| Tangible book value per share (end of period) (non-GAAP) | 6.43 | 7.64 | 6.43 | 7.64 | |||||||||||||||||||||
| Stock price (end of period) | 8.50 | 8.44 | 8.50 | 8.44 | |||||||||||||||||||||
| (1) Calculated on a fully tax-equivalent basis. | |||||||||||||||||||||||||
| At or for the Three Months Ended | |||||||||||||||||||||||||
| Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | |||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||
| Balance Sheet: | |||||||||||||||||||||||||
| Total assets | $ | 5,147,534 | $ | 5,061,444 | $ | 4,972,381 | $ | 4,877,124 | $ | 3,299,013 | |||||||||||||||
| Total loans and leases | 4,178,945 |
|
4,146,315 | 4,013,129 | 3,935,518 |
|
2,720,821 | ||||||||||||||||||
| Total deposits | 3,616,259 | 3,568,016 | 3,521,206 | 3,459,333 | 2,252,331 | ||||||||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity | 612,097 | 605,962 | 598,865 | 597,531 | 503,602 | ||||||||||||||||||||
| Asset Quality: | |||||||||||||||||||||||||
| Nonperforming assets | $ | 23,703 | $ | 23,675 | $ | 23,831 | $ | 14,648 | $ | 8,796 | |||||||||||||||
| Nonperforming assets as a percentage of total assets | 0.46 | % | 0.47 | % | 0.48 | % | 0.30 | % | 0.27 | % | |||||||||||||||
| Allowance for loan and lease losses | $ | 41,152 | $ | 38,913 | $ | 37,431 | $ | 34,428 | $ | 31,703 | |||||||||||||||
|
Allowance for loan and lease losses as a percentage |
0.98 | % | 0.94 | % | 0.93 | % | 0.87 | % | 1.17 | % | |||||||||||||||
| Net loan and lease charge-offs | $ | 826 | $ | 1,539 | $ | 3,675 | $ | 522 | $ | 267 | |||||||||||||||
|
Net loan and lease charge-offs as a percentage |
0.08 | % | 0.15 | % | 0.37 | % | 0.05 | % | 0.04 | % | |||||||||||||||
| Capital Ratios: | |||||||||||||||||||||||||
| Stockholders’ equity to total assets | 11.89 | % | 11.97 | % | 12.04 | % | 12.25 | % | 15.27 | % | |||||||||||||||
|
Tangible stockholders’ equity to |
9.08 | % | 9.08 | % | 9.07 | % | 9.18 | % | 13.93 | % | |||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
| Consolidated Balance Sheets (Unaudited) | ||||||||||||||||||||||||||
|
December 31, |
September 30, |
June 30, |
March 31, | December 31, | ||||||||||||||||||||||
| 2012 | 2012 | 2012 | 2012 | 2011 | ||||||||||||||||||||||
| (In Thousands Except Share Data) | ||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||
| Cash and due from banks | $ | 78,441 | $ | 41,617 | $ | 118,411 | $ | 88,884 | $ | 56,513 | ||||||||||||||||
| Short-term investments | 38,656 | 34,655 | 98,677 | 44,382 | 49,783 | |||||||||||||||||||||
| Total cash and cash equivalents | 117,097 | 76,272 | 217,088 | 133,266 | 106,296 | |||||||||||||||||||||
| Investment securities available-for-sale | 481,323 | 466,822 | 384,533 | 461,498 | 217,431 | |||||||||||||||||||||
| Restricted equity securities | 68,661 | 68,661 | 61,291 | 53,554 | 39,283 | |||||||||||||||||||||
| Other securities | 500 | 500 | 500 | 500 | - | |||||||||||||||||||||
| Total securities | 550,484 | 535,983 | 446,324 | 515,552 | 256,714 | |||||||||||||||||||||
| Loans and leases: | ||||||||||||||||||||||||||
| Commercial real estate loans: | ||||||||||||||||||||||||||
| Commercial real estate mortgage | 1,301,233 | 1,262,411 | 1,221,202 | 1,200,412 | 748,736 | |||||||||||||||||||||
| Multi-family mortgage | 606,533 | 628,162 | 612,213 | 596,285 | 481,459 | |||||||||||||||||||||
| Construction | 98,197 | 86,345 | 88,759 | 77,487 | 40,798 | |||||||||||||||||||||
| Total commercial real estate | 2,005,963 | 1,976,918 | 1,922,174 | 1,874,184 | 1,270,993 | |||||||||||||||||||||
| Commercial loans and leases: | ||||||||||||||||||||||||||
| Commercial | 382,277 | 346,744 | 319,867 | 309,338 | 150,895 | |||||||||||||||||||||
| Equipment financing | 420,991 | 426,597 | 387,093 | 367,206 | 246,118 | |||||||||||||||||||||
| Condominium association | 44,187 | 43,732 | 43,596 | 45,872 | 46,953 | |||||||||||||||||||||
| Total commercial loans and leases | 847,455 | 817,073 | 750,556 | 722,416 | 443,966 | |||||||||||||||||||||
| Indirect automobile | 542,344 | 574,279 | 581,063 | 578,622 | 573,350 | |||||||||||||||||||||
| Consumer loans: | ||||||||||||||||||||||||||
| Residential mortgage | 514,342 | 507,856 | 493,074 | 490,812 | 350,213 | |||||||||||||||||||||
| Home equity | 261,562 | 263,194 | 260,623 | 262,591 | 76,527 | |||||||||||||||||||||
| Other consumer | 7,279 | 6,995 | 5,639 | 6,893 | 5,772 | |||||||||||||||||||||
| Total consumer loans | 783,183 | 778,045 | 759,336 | 760,296 | 432,512 | |||||||||||||||||||||
| Total loans and leases | 4,178,945 | 4,146,315 | 4,013,129 | 3,935,518 | 2,720,821 | |||||||||||||||||||||
| Allowance for loan and lease losses | (41,152 | ) | (38,913 | ) | (37,431 | ) | (34,428 | ) | (31,703 | ) | ||||||||||||||||
| Net loans and leases | 4,137,793 | 4,107,402 | 3,975,698 | 3,901,090 | 2,689,118 | |||||||||||||||||||||
| Premises and equipment, net | 70,791 |
|
66,814 |
|
56,248 | 48,908 | 38,495 | |||||||||||||||||||
| Building held-for-sale | - | 6,046 | 6,046 | 6,046 | - | |||||||||||||||||||||
| Deferred tax asset | 27,197 | 27,354 | 25,656 | 24,647 | 12,681 | |||||||||||||||||||||
| Goodwill, net | 137,890 |
|
137,890 |
|
137,890 | 138,914 | 45,799 | |||||||||||||||||||
| Identified intangible assets, net of accumulated amortization | 21,510 | 23,307 | 24,578 | 25,849 | 5,214 | |||||||||||||||||||||
| Other real estate owned and repossessed assets, net | 1,491 | 2,386 | 2,765 | 2,647 | 1,266 | |||||||||||||||||||||
| Monies in escrow – Bancorp Rhode Island, Inc. acquisition | - | - | - | - | 112,983 | |||||||||||||||||||||
| Other assets | 83,281 | 77,990 | 80,088 | 80,205 | 30,447 | |||||||||||||||||||||
| Total assets | $ | 5,147,534 | $ | 5,061,444 | $ | 4,972,381 | $ | 4,877,124 | $ | 3,299,013 | ||||||||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||
| Demand checking accounts | $ | 623,274 | $ | 590,189 | $ | 546,036 | $ | 529,945 | $ | 225,284 | ||||||||||||||||
| NOW accounts | 212,858 | 183,478 | 185,234 | 181,299 | 110,220 | |||||||||||||||||||||
| Savings accounts | 515,367 | 520,614 | 503,507 | 511,736 | 164,744 | |||||||||||||||||||||
| Money market accounts | 1,253,819 | 1,231,206 | 1,236,967 | 1,174,805 | 946,411 | |||||||||||||||||||||
| Certificate of deposit accounts | 1,010,941 | 1,042,529 | 1,049,462 | 1,061,548 | 805,672 | |||||||||||||||||||||
|
Total deposits |
3,616,259 | 3,568,016 | 3,521,206 | 3,459,333 | 2,252,331 | |||||||||||||||||||||
| Borrowed funds: | ||||||||||||||||||||||||||
| Advances from the FHLBB | 790,865 | 771,110 | 733,394 | 698,671 | 498,570 | |||||||||||||||||||||
| Other borrowed funds | 63,104 | 57,146 | 60,707 | 59,865 | 8,349 | |||||||||||||||||||||
| Total borrowed funds | 853,969 | 828,256 | 794,101 | 758,536 | 506,919 | |||||||||||||||||||||
| Mortgagors’ escrow accounts | 6,946 | 7,066 | 6,942 | 7,156 | 6,513 | |||||||||||||||||||||
| Accrued expenses and other liabilities | 54,551 | 47,889 | 47,328 | 50,883 | 26,248 | |||||||||||||||||||||
| Total liabilities | 4,531,725 | 4,451,227 | 4,369,577 | 4,275,908 | 2,792,011 | |||||||||||||||||||||
| Equity: | ||||||||||||||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity: | ||||||||||||||||||||||||||
|
Preferred stock, $0.01 par value; 50,000,000 shares |
- | - | - | - | - | |||||||||||||||||||||
|
Common stock, $0.01 par value; 200,000,000 shares authorized; |
754 | 754 | 754 | 754 | 644 | |||||||||||||||||||||
| Additional paid-in capital | 618,429 | 618,176 | 618,184 | 618,031 | 525,171 | |||||||||||||||||||||
| Retained earnings, partially restricted | 53,358 | 47,451 | 42,006 | 40,398 | 39,993 | |||||||||||||||||||||
| Accumulated other comprehensive income | 3,483 | 3,569 | 1,969 | 2,457 | 1,963 | |||||||||||||||||||||
| Treasury stock, at cost; 5,373,733 shares | (62,107 | ) | (62,107 | ) | (62,107 | ) | (62,107 | ) | (62,107 | ) | ||||||||||||||||
|
Unallocated common stock held by ESOP; 333,918 shares, |
(1,820 | ) | (1,881 | ) | (1,941 | ) | (2,002 | ) | (2,062 | ) | ||||||||||||||||
| Total Brookline Bancorp, Inc. stockholders’ equity | 612,097 | 605,962 | 598,865 | 597,531 | 503,602 | |||||||||||||||||||||
| Noncontrolling interest in subsidiary | 3,712 | 4,255 | 3,939 | 3,685 | 3,400 | |||||||||||||||||||||
| Total equity | 615,809 | 610,217 | 602,804 | 601,216 | 507,002 | |||||||||||||||||||||
| Total liabilities and equity | $ | 5,147,534 | $ | 5,061,444 | $ | 4,972,381 | $ | 4,877,124 | $ | 3,299,013 | ||||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||
| Consolidated Statements of Income (Unaudited) | |||||||||||||||||||||
| Three Months Ended Dec. 31, | Year Ended Dec. 31, | ||||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
| (In Thousands Except Share Data) | |||||||||||||||||||||
| Interest and dividend income: | |||||||||||||||||||||
| Loans and leases | $ | 50,662 | $ | 34,500 | $ | 203,711 | $ | 133,938 | |||||||||||||
| Debt securities | 1,832 | 1,299 | 8,551 | 6,297 | |||||||||||||||||
| Short-term investments | 42 | 28 | 208 | 105 | |||||||||||||||||
| Marketable and restricted equity securities | 440 | 55 | 730 | 195 | |||||||||||||||||
| Total interest and dividend income | 52,976 | 35,882 | 213,200 | 140,535 | |||||||||||||||||
| Interest expense: | |||||||||||||||||||||
| Deposits | 5,077 | 4,754 | 21,432 | 19,757 | |||||||||||||||||
| Borrowed funds and subordinated debt | 3,335 | 2,614 | 14,400 | 10,579 | |||||||||||||||||
| Total interest expense | 8,412 | 7,368 | 35,832 | 30,336 | |||||||||||||||||
| Net interest income | 44,564 | 28,514 | 177,368 | 110,199 | |||||||||||||||||
| Provision for credit losses | 3,101 | 842 | 15,888 | 3,631 | |||||||||||||||||
| Net interest income after provision for credit losses | 41,463 | 27,672 | 161,480 | 106,568 | |||||||||||||||||
| Non-interest income: | |||||||||||||||||||||
| Fees, charges and other income | 4,716 | 1,662 | 16,475 | 5,653 | |||||||||||||||||
| Loss from investments in affordable housing projects | (239 | ) | (171 | ) | (694 | ) | (671 | ) | |||||||||||||
| Gain on sales of securities, net | 129 | - | 926 | 80 | |||||||||||||||||
| Gain on sales of loans and leases | 1,898 | - | 1,898 | - | |||||||||||||||||
| Total non-interest income | 6,504 | 1,491 | 18,605 | 5,062 | |||||||||||||||||
| Non-interest expense: | |||||||||||||||||||||
| Compensation and employee benefits | 15,705 | 8,092 | 58,830 | 30,789 | |||||||||||||||||
| Occupancy | 2,759 | 1,628 | 10,611 | 6,138 | |||||||||||||||||
| Equipment and data processing | 3,191 | 2,417 | 14,540 | 9,144 | |||||||||||||||||
| Professional services | 1,536 | 1,722 | 12,475 | 5,375 | |||||||||||||||||
| FDIC insurance | 1,089 | 510 | 4,212 | 1,746 | |||||||||||||||||
| Advertising and marketing | 818 | 360 | 2,984 | 1,376 | |||||||||||||||||
| Amortization of identified intangible assets | 1,797 | 377 | 5,622 | 1,570 | |||||||||||||||||
| Other | 1,974 | 1,357 | 11,101 | 6,787 | |||||||||||||||||
| Total non-interest expense | 28,869 | 16,463 | 120,375 | 62,925 | |||||||||||||||||
| Income before income taxes | 19,098 | 12,700 | 59,710 | 48,705 | |||||||||||||||||
| Provision for income taxes | 6,868 | 5,339 | 21,341 | 19,886 | |||||||||||||||||
| Net income | 12,230 | 7,361 | 38,369 | 28,819 | |||||||||||||||||
|
Less net income attributable to noncontrolling |
367 | 303 | 1,227 | 1,219 | |||||||||||||||||
| Net income attributable to Brookline Bancorp, Inc. | $ | 11,863 | $ | 7,058 | $ | 37,142 | $ | 27,600 | |||||||||||||
| Earnings per common share: | |||||||||||||||||||||
| Basic | $ | 0.17 | $ | 0.12 | $ | 0.53 | $ | 0.47 | |||||||||||||
| Diluted | 0.17 | 0.12 | $ | 0.53 | $ | 0.47 | |||||||||||||||
| Weighted average common shares outstanding during the period: | |||||||||||||||||||||
| Basic | 69,742,225 | 58,652,370 | 69,702,417 | 58,633,627 | |||||||||||||||||
| Diluted | 69,799,324 | 58,652,760 | 69,746,256 | 58,636,431 | |||||||||||||||||
| Dividends declared per common share | $ | 0.085 | $ | 0.085 | $ | 0.34 | $ | 0.34 | |||||||||||||
|
Note: Certain amounts previously reported have been reclassified to conform to the current period's presentation. |
|||||||||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
| Asset Quality Analysis (Unaudited) | ||||||||||||||||||||||||||
| At or for the Three Months Ended | ||||||||||||||||||||||||||
| Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | ||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||
| NONPERFORMING ASSETS: | ||||||||||||||||||||||||||
| Loans and leases accounted for on a nonaccrual basis: | ||||||||||||||||||||||||||
| Commercial real estate mortgage | $ | 2,546 | $ | 2,078 | $ | 2,120 | $ | - | $ | - | ||||||||||||||||
| Multi-family mortgage | 1,931 | 2,758 | 3,129 | 2,634 | 1,380 | |||||||||||||||||||||
| Construction | - | - | - | - | - | |||||||||||||||||||||
| Total commercial real estate loans | 4,477 | 4,836 | 5,249 | 2,634 | 1,380 | |||||||||||||||||||||
| Commercial | 3,330 | 5,432 | 6,896 | 2,146 | - | |||||||||||||||||||||
| Equipment financing | 3,840 | 3,040 | 2,375 | 1,226 | 1,925 | |||||||||||||||||||||
| Condominium association | 8 | 9 | 11 | 13 | 15 | |||||||||||||||||||||
| Total commercial loans and leases | 7,178 | 8,481 | 9,282 | 3,385 | 1,940 | |||||||||||||||||||||
| Indirect automobile loans | 96 | 80 | 91 | 27 | 111 | |||||||||||||||||||||
| Residential mortgage | 2,994 | 2,298 | 3,088 | 2,999 | 1,327 | |||||||||||||||||||||
| Home equity | 716 | 988 | 784 | 299 | 98 | |||||||||||||||||||||
| Other consumer | 45 | 49 | 5 | 10 | 10 | |||||||||||||||||||||
| Total consumer loans | 3,755 | 3,335 | 3,877 | 3,308 | 1,435 | |||||||||||||||||||||
| Acquired from First Ipswich Bank | 6,705 | 4,557 | 2,567 | 2,647 | 2,664 | |||||||||||||||||||||
| Total nonaccrual loans and leases | 22,211 | 21,289 | 21,066 | 12,001 | 7,530 | |||||||||||||||||||||
| Other real estate owned | 904 | 1,690 | 2,082 | 2,207 | 845 | |||||||||||||||||||||
| Other repossessed assets | 588 | 696 | 683 | 440 | 421 | |||||||||||||||||||||
| Total nonperforming assets | $ | 23,703 | $ | 23,675 | $ | 23,831 | $ | 14,648 | $ | 8,796 | ||||||||||||||||
| Troubled debt restructurings on accrual | $ | 7,191 | $ | 6,588 | $ | 6,443 | $ | 6,692 | $ | 5,205 | ||||||||||||||||
| Nonperforming loans and leases as a percentage of total loans and leases | 0.53 | % | 0.51 | % | 0.52 | % | 0.30 | % | 0.28 | % | ||||||||||||||||
| Nonperforming assets as a percentage of total assets | 0.46 | % | 0.47 | % | 0.48 | % | 0.30 | % | 0.27 | % | ||||||||||||||||
| PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES: | ||||||||||||||||||||||||||
| Allowance for loan and lease losses at beginning of period | $ | 38,913 | $ | 37,431 | $ | 34,428 | $ | 31,703 | $ | 31,128 | ||||||||||||||||
| Charge-offs | (1,527 | ) | (1,807 | ) | (3,970 | ) | (788 | ) | (533 | ) | ||||||||||||||||
| Recoveries | 701 | 268 | 295 | 266 | 266 | |||||||||||||||||||||
| Net charge-offs | (826 | ) | (1,539 | ) | (3,675 | ) | (522 | ) | (267 | ) | ||||||||||||||||
| Provision for loan and lease losses | 3,065 | 3,021 | 6,678 | 3,247 | 842 | |||||||||||||||||||||
| Allowance for loan and lease losses at end of period | $ | 41,152 | $ | 38,913 | $ | 37,431 | $ | 34,428 | $ | 31,703 | ||||||||||||||||
|
Allowance for loan and lease losses as a percentage of |
0.98 | % | 0.94 | % | 0.93 | % | 0.87 | % | 1.17 | % | ||||||||||||||||
|
Allowance for loan and lease losses as a percentage of |
1.33 | % | 1.31 | % | 1.33 | % | 1.29 | % | 1.25 | % | ||||||||||||||||
| NET CHARGE-OFFS: | ||||||||||||||||||||||||||
| Commercial real estate loans | $ | - | $ | (38 | ) | $ | (40 | ) | $ | (40 | ) | $ | - | |||||||||||||
| Commercial loans and leases | 196 | 1,179 | 3,292 | 263 | (18 | ) | ||||||||||||||||||||
| Indirect automobile loans | 366 | 301 | 225 | 292 | 278 | |||||||||||||||||||||
| Consumer loans | 264 | 97 | 198 | 7 | 7 | |||||||||||||||||||||
| Total net charge-offs | $ | 826 | $ | 1,539 | $ | 3,675 | $ | 522 | $ | 267 | ||||||||||||||||
|
Net loan and lease charge-offs as a percentage of |
0.08 | % | 0.15 | % | 0.37 | % | 0.05 | % | 0.04 | % | ||||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||
| Average Yields / Costs (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
| December 31, 2012 | September 30, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||||||||||
|
Average |
Interest (1) |
Average |
Average |
Interest (1) |
Average |
Average |
Interest (1) |
Average |
||||||||||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||
| Short-term investments | $ | 70,040 | $ | 42 | 0.24 | % | $ | 103,614 | $ | 71 | 0.27 | % | $ | 76,376 | $ | 28 | 0.15 | % | ||||||||||||||||||||||
| Investment securities available-for-sale (2) | 456,690 | 1,854 | 1.62 | % | 418,513 | 1,967 | 1.88 | % | 231,662 | 1,307 | 2.26 | % | ||||||||||||||||||||||||||||
| Restricted equity securities (2) | 68,660 | 508 | 2.95 | % | 56,047 | 98 | 0.70 | % | 40,136 | 64 | 0.63 | % | ||||||||||||||||||||||||||||
| Commercial real estate loans (3) | 1,967,921 | 23,798 | 4.86 | % | 1,944,222 | 23,648 | 4.89 | % | 1,240,063 | 16,296 | 5.26 | % | ||||||||||||||||||||||||||||
| Commercial loans (3) | 395,991 | 5,042 | 5.08 | % | 378,270 | 5,660 | 5.97 | % | 198,000 | 2,389 | 4.81 | % | ||||||||||||||||||||||||||||
| Equipment financing (3) | 428,867 | 8,285 | 7.73 | % | 406,976 | 9,025 | 8.87 | % | 238,290 | 4,652 | 7.81 | % | ||||||||||||||||||||||||||||
| Indirect automobile loans (3) | 560,118 | 5,510 | 3.91 | % | 577,119 | 5,852 | 4.03 | % | 573,102 | 6,722 | 4.65 | % | ||||||||||||||||||||||||||||
| Residential mortgage loans (3) | 507,955 | 5,323 | 4.19 | % | 506,701 | 5,686 | 4.49 | % | 346,244 | 3,696 | 4.27 | % | ||||||||||||||||||||||||||||
| Other consumer loans (3) | 269,019 | 2,713 | 4.01 | % | 269,915 | 3,544 | 5.22 | % | 79,924 | 800 | 3.98 | % | ||||||||||||||||||||||||||||
| Total interest-earning assets | 4,725,261 | 53,075 | 4.50 | % | 4,661,377 | 55,551 | 4.77 | % | 3,023,797 | 35,954 | 4.75 | % | ||||||||||||||||||||||||||||
| Allowance for loan and lease losses | (39,435 | ) | (40,510 | ) | (31,230 | ) | ||||||||||||||||||||||||||||||||||
| Non-interest-earning assets | 398,980 | 423,762 | 192,987 | |||||||||||||||||||||||||||||||||||||
| Total assets | $ | 5,084,806 | $ | 5,044,629 | $ | 3,185,554 | ||||||||||||||||||||||||||||||||||
| Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||||||||||||||
| NOW accounts | $ | 184,849 | $ | 48 | 0.10 | % | $ | 181,891 | $ | 51 | 0.11 | % | $ | 111,798 | $ | 50 | 0.18 | % | ||||||||||||||||||||||
| Savings accounts | 518,452 | 374 | 0.29 | % | 517,068 | 410 | 0.32 | % | 165,619 | 208 | 0.50 | % | ||||||||||||||||||||||||||||
| Money market accounts | 1,246,514 | 2,115 | 0.68 | % | 1,239,230 | 2,246 | 0.72 | % | 917,712 | 1,960 | 0.85 | % | ||||||||||||||||||||||||||||
| Certificates of deposit | 1,028,884 | 2,540 | 0.98 | % | 1,049,390 | 2,668 | 1.01 | % | 806,158 | 2,536 | 1.25 | % | ||||||||||||||||||||||||||||
| Total interest-bearing deposits (4) | 2,978,699 | 5,077 | 0.68 | % | 2,987,579 | 5,375 | 0.72 | % | 2,001,287 | 4,754 | 0.94 | % | ||||||||||||||||||||||||||||
| Advances from the FHLBB | 757,842 | 3,207 | 1.68 | % | 757,017 | 3,408 | 1.79 | % | 420,874 | 2,602 | 2.45 | % | ||||||||||||||||||||||||||||
| Other borrowed funds | 62,299 | 128 | 0.82 | % | 57,753 | 200 | 1.38 | % | 6,206 | 12 | 0.75 | % | ||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 3,798,840 | 8,412 | 0.88 | % | 3,802,349 | 8,983 | 0.94 | % | 2,428,367 | 7,368 | 1.20 | % | ||||||||||||||||||||||||||||
|
Non-interest-bearing demand |
612,267 | 572,305 | 223,359 | |||||||||||||||||||||||||||||||||||||
| Other liabilities | 58,496 | 58,300 | 25,987 | |||||||||||||||||||||||||||||||||||||
| Total liabilities | 4,469,603 | 4,432,954 | 2,677,713 | |||||||||||||||||||||||||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity | 611,181 | 605,988 | 504,576 | |||||||||||||||||||||||||||||||||||||
| Noncontrolling interest in subsidiary | 4,022 | 5,687 | 3,265 | |||||||||||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 5,084,806 | $ | 5,044,629 | $ | 3,185,554 | ||||||||||||||||||||||||||||||||||
|
Net interest income (tax-equivalent basis) / |
44,663 | 3.62 | % | 46,568 | 3.83 | % | 28,586 | 3.55 | % | |||||||||||||||||||||||||||||||
| Less adjustment of tax-exempt income | 99 | 157 | 73 | |||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 44,564 | $ | 46,411 | $ | 28,513 | ||||||||||||||||||||||||||||||||||
| Net interest margin (6) | 3.79 | % | 4.00 | % | 3.78 | % | ||||||||||||||||||||||||||||||||||
|
(1) |
Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis. |
|
|
(2) |
Average balances include unrealized gains (losses) on securities available-for-sale. Equity securities include marketable equity securities and restricted equity securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month. |
|
|
(3) |
Loans on nonaccrual status are included in the average balances. |
|
|
(4) |
Including non-interest-bearing checking accounts, the average interest rate on total deposits was 0.56%, 0.60% and 0.85% in the three months ended December 31, 2012, September 30, 2012, and December 31, 2011, respectively. |
|
|
(5) |
Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. |
|
|
(6) |
Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. |
|
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||
| Average Yields / Costs (Unaudited) | |||||||||||||||||||||||||||
| Twelve Months Ended | |||||||||||||||||||||||||||
| December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||||||
|
Average |
Interest (1) |
Average |
Average |
Interest (1) |
Average |
||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||
| Short-term investments | $ | 95,173 | $ | 209 | 0.22 | % | $ | 73,628 | $ | 105 | 0.14 | % | |||||||||||||||
| Investment securities available-for-sale (2) | 449,694 | 8,606 | 1.91 | % | 278,300 | 6,327 | 2.27 | % | |||||||||||||||||||
| Restricted equity securities (2) | 58,354 | 824 | 1.41 | % | 39,557 | 224 | 0.57 | % | |||||||||||||||||||
| Commercial real estate loans (3) | 1,910,320 | 94,521 | 4.97 | % | 1,162,770 | 61,217 | 5.28 | % | |||||||||||||||||||
| Commercial loans (3) | 370,366 | 19,471 | 5.26 | % | 180,713 | 8,698 | 4.81 | % | |||||||||||||||||||
| Equipment financing (3) | 394,845 | 32,027 | 8.11 | % | 221,458 | 18,019 | 8.14 | % | |||||||||||||||||||
| Indirect automobile loans (3) | 573,398 | 23,641 | 4.12 | % | 575,635 | 28,313 | 4.92 | % | |||||||||||||||||||
| Residential mortgage loans (3) | 501,660 | 21,998 | 4.39 | % | 335,940 | 14,901 | 4.44 | % | |||||||||||||||||||
| Other consumer loans (3) | 269,725 | 12,299 | 4.56 | % | 76,156 | 3,022 | 3.97 | % | |||||||||||||||||||
| Total interest-earning assets | 4,623,535 | 213,596 | 4.63 | % | 2,944,157 | 140,826 | 4.79 | % | |||||||||||||||||||
| Allowance for loan and lease losses | (38,073 | ) | (30,564 | ) | |||||||||||||||||||||||
| Non-interest earning assets | 502,330 | 148,179 | |||||||||||||||||||||||||
| Total assets | $ | 5,087,792 | $ | 3,061,772 | |||||||||||||||||||||||
| Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||
| NOW accounts | $ | 183,046 | $ | 209 | 0.11 | % | $ | 126,950 | $ | 216 | 0.17 | % | |||||||||||||||
| Savings accounts | 517,485 | 1,726 | 0.33 | % | 157,578 | 942 | 0.60 | % | |||||||||||||||||||
| Money market accounts | 1,203,113 | 8,773 | 0.73 | % | 830,780 | 7,626 | 0.92 | % | |||||||||||||||||||
| Certificates of deposit | 1,055,510 | 10,724 | 1.02 | % | 813,470 | 10,973 | 1.35 | % | |||||||||||||||||||
| Total interest-bearing deposits (4) | 2,959,154 | 21,432 | 0.72 | % | 1,928,778 | 19,757 | 1.02 | % | |||||||||||||||||||
| Advances from the FHLBB | 732,457 | 13,710 | 1.87 | % | 414,432 | 10,456 | 2.52 | % | |||||||||||||||||||
| Other borrowed funds | 60,497 | 690 | 1.14 | % | 7,696 | 123 | 1.60 | % | |||||||||||||||||||
| Total interest-bearing liabilities | 3,752,108 | 35,832 | 0.95 | % | 2,350,906 | 30,336 | 1.29 | % | |||||||||||||||||||
|
Non-interest-bearing demand |
562,238 | 181,078 | |||||||||||||||||||||||||
| Other liabilities | 68,055 | 26,099 | |||||||||||||||||||||||||
| Total liabilities | 4,382,401 | 2,558,083 | |||||||||||||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity | 701,661 | 500,922 | |||||||||||||||||||||||||
| Noncontrolling interest in subsidiary | 3,730 | 2,767 | |||||||||||||||||||||||||
| Total liabilities and equity | $ | 5,087,792 | $ | 3,061,772 | |||||||||||||||||||||||
|
Net interest income (tax equivalent basis) / |
177,764 | 3.67 | % | 110,490 | 3.50 | % | |||||||||||||||||||||
| Less adjustment of tax-exempt income | 396 | 291 | |||||||||||||||||||||||||
| Net interest income | $ | 177,368 | $ | 110,199 | |||||||||||||||||||||||
| Net interest margin (6) | 3.85 | % | 3.76 | % | |||||||||||||||||||||||
|
(1) |
Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis. |
|
|
(2) |
Average balances include unrealized gains (losses) on securities available for sale. Equity securities include marketable equity securities and restricted equity securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month. |
|
|
(3) |
Loans on nonaccrual status are included in the average balances. |
|
|
(4) |
Including non-interest-bearing checking accounts, the average interest rate on total deposits was 0.61% and 0.94% in the twelve months ended December 31, 2012 and 2011, respectively. |
|
|
(5) |
Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. |
|
|
(6) |
Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. |
|
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
| Non-GAAP Financial Information (Unaudited) | |||||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
| Reconciliation Table - Non-GAAP Financial Information | (Dollars in Thousands Except Share Data) | ||||||||||||||||||||||||
| Net income attributable to Brookline Bancorp, Inc. | $ | 11,863 | $ | 7,058 | $ | 37,142 | $ | 27,600 | |||||||||||||||||
| Add: | |||||||||||||||||||||||||
| Acquisition-related expenses (after-tax) | - | 499 | 3,972 | 1,302 | |||||||||||||||||||||
| Net earnings from operations | $ | 11,863 | $ | 7,557 | $ | 41,114 | $ | 28,902 | |||||||||||||||||
| Operating earnings per common share: | |||||||||||||||||||||||||
| Basic | $ | 0.17 | $ | 0.13 | $ | 0.59 | $ | 0.49 | |||||||||||||||||
| Diluted | 0.17 | 0.13 | 0.59 | 0.49 | |||||||||||||||||||||
| Weighted average common shares outstanding during the period: | |||||||||||||||||||||||||
| Basic | 69,742,225 | 58,652,370 | 69,702,417 | 58,633,627 | |||||||||||||||||||||
| Diluted | 69,799,324 | 58,652,760 | 69,746,256 | 58,636,431 | |||||||||||||||||||||
| Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | |||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity | $ | 612,097 | $ | 605,962 | $ | 598,865 | 597,531 | $ | 503,602 | ||||||||||||||||
| Less: | |||||||||||||||||||||||||
|
Goodwill |
137,890 | 137,890 | 137,890 | 138,914 | 45,799 | ||||||||||||||||||||
| Identified intangible assets | 21,510 | 23,307 | 24,578 | 25,849 | 5,214 | ||||||||||||||||||||
| Tangible stockholders' equity | $ | 452,697 | $ | 444,765 | $ | 436,397 | $ | 432,768 | $ | 452,589 | |||||||||||||||
| Total assets | 5,147,534 | 5,061,444 | 4,972,381 | 4,877,124 | 3,299,013 | ||||||||||||||||||||
| Less: | |||||||||||||||||||||||||
| Goodwill | 137,890 | 137,890 | 137,890 | 138,914 | 45,799 | ||||||||||||||||||||
| Identified intangible assets | 21,510 | 23,307 | 24,578 | 25,849 | 5,214 | ||||||||||||||||||||
| Tangible assets | $ | 4,988,134 | $ | 4,900,247 | $ | 4,809,913 | $ | 4,712,361 | $ | 3,248,000 | |||||||||||||||
|
|
|
||||||||||||||||||||||||
| Tangible stockholders’ equity to tangible assets | 9.08 | % | 9.08 | % | 9.07 | % | 9.18 | % | 13.93 | % | |||||||||||||||
| Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | |||||||||||||||||||||
| (Dollars in Thousands Except Per Share Data) | |||||||||||||||||||||||||
| Tangible stockholders' equity | $ | 452,697 | $ | 444,765 | $ | 436,397 | $ | 432,768 | $ | 452,589 | |||||||||||||||
| Common shares issued | 75,749,825 | 75,749,819 | 75,414,713 | 75,585,504 | 64,597,180 | ||||||||||||||||||||
| Less: | |||||||||||||||||||||||||
| Treasury shares | 5,373,733 | 5,373,733 | 5,373,733 | 5,373,733 | 5,373,733 | ||||||||||||||||||||
| Number of common shares outstanding | 70,376,092 | 70,376,086 | 70,040,980 | 70,211,771 | 59,223,447 | ||||||||||||||||||||
| Tangible book value per common share | $ | 6.43 | $ | 6.32 | $ | 6.23 | $ | 6.16 | $ | 7.64 | |||||||||||||||
CONTACT:
Brookline Bancorp, Inc.
Julie A. Gerschick, 617-425-5331
Chief
Financial Officer and Treasurer
jgerschick@brkl.com