Net Income of $11.7 million, EPS of $0.17
5.9% Increase in Quarterly Dividend to $0.09 Per Share
BOSTON, April 22, 2015 /PRNewswire/ -- Brookline Bancorp, Inc. BRKL (the "Company") today announced net income of $11.7 million, or $0.17 per basic and diluted share, for the first quarter of 2015, compared to $10.9 million, or $0.16 per basic and diluted share, for the fourth quarter of 2014.
During the first quarter of 2015, the Company sold $255.2 million, or over 90% of its indirect automobile loan portfolio, which resulted in a nominal loss. The indirect automobile loan portfolio decreased from $317.0 million, or 6.6 percent of total loans and leases at December 31, 2014, to $23.3 million, or 0.5 percent of total loans and leases at March 31, 2015.
Additionally, in January 2015, the Company adopted Accounting Standards Update ("ASU") 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, which requires the initial costs of investments in qualified affordable housing projects be amortized in proportion to tax credits and other tax benefits received, and be recognized as a component of the provision of income taxes. The adoption of ASU 2014-01 required retrospective application which impacted the Company's net income, certain earnings per share calculations, effective tax rates, total assets, total liabilities, retained earnings and all related ratios for all periods presented. The cumulative impact as of January 1, 2015, of adopting ASU 2014-01 was an increase in other assets and retained earnings of $1.1 million.
Paul Perrault, President and Chief Executive Officer of the Company, stated: "We are pleased to report a strong start to 2015 as we continue to remain focused on our strong asset quality. We sold over 90% of the indirect automobile loan portfolio for book value as we continue to focus on our commercial real estate and commercial loan and lease portfolios as well as increasing deposits and lowering our wholesale funding costs. We look forward to the rest of the year with confidence."
BALANCE SHEET
Total assets of $5.8 billion at March 31, 2015 decreased $45.8 million from December 31, 2014, and increased $335.7 million from March 31, 2014. The decrease in total assets of 3.2 percent on an annualized basis during the first quarter of 2015 was driven by the sale of indirect automobile loans in March. At March 31, 2015, total loans and leases excluding the indirect automobile portfolio were $4.6 billion, representing an increase of $105.6 million from December 31, 2014, and an increase of $523.2 million from March 31, 2014. During the first quarter of 2015, total loans and leases excluding the indirect automobile portfolio grew 9.4 percent on an annualized basis. Strong loan growth continued in our total commercial real estate and commercial loan and lease portfolios, which increased $93.3 million during the first quarter of 2015, or 10.3 percent on an annualized basis. At March 31, 2015, the commercial real estate and commercial loan and lease portfolios totaled $3.7 billion, or 80.4 percent of total loans and leases, as compared to $3.6 billion, or 75.4 percent at December 31, 2014, and $3.3 billion, or 73.6 percent at March 31, 2014.
Cash, cash equivalents, and investment securities increased $148.7 million to $762.7 million, or 13.3 percent of total assets at March 31, 2015, as compared to $614.0 million, or 10.6 percent of total assets at December 31, 2014, and increased $162.2 million from $600.5 million, or 11.1 percent of total assets at March 31, 2014. The increase during the first quarter of 2015 was primarily driven by the sale of the indirect automobile portfolio, offset by the pay down of Federal Home Loan Bank of Boston ("FHLBB") advances.
Total deposits of $4.1 billion at March 31, 2015 increased $156.7 million from December 31, 2014 and increased $267.1 million from March 31, 2014. The increase during the first quarter of 2015 was primarily driven by an increase of $110.8 million in brokered deposits from December 31, 2014. There were no brokered deposits at March 31, 2014. Core deposits, which consist of demand checking, NOW, savings, and money market accounts, increased at a 6.9 percent annualized rate in the first quarter of 2015. The core deposit ratio decreased slightly to 74.4 percent at March 31, 2015 from 76.1 percent at both December 31, 2014 and March 31, 2014. The average cost of deposits decreased to 0.52 percent at March 31, 2015, from 0.53 percent at December 31, 2014 and 0.55 percent at March 31, 2014.
Total borrowings at March 31, 2015 were $924.9 million, a decrease of $201.5 million as compared to December 31, 2014 due to maturities of advances from the FHLBB. Total borrowings increased $32.9 million as compared to March 31, 2014 due to the issuance of subordinated debentures in the third quarter of 2014, partially offset by maturities of advances from the FHLBB.
The ratio of stockholders' equity to total assets was 11.32 percent at March 31, 2015, as compared to 11.06 percent at December 31, 2014 and 11.47 percent at March 31, 2014. The ratio of tangible stockholders' equity to tangible assets was 8.93 percent at March 31, 2015, as compared to 8.68 percent at December 31, 2014 and 8.88 percent at March 31, 2014.
NET INTEREST INCOME
Net interest income increased $1.0 million to $48.5 million during the first quarter of 2015 from the previous quarter. The net interest margin increased 7 basis points to 3.57 percent for the three months ended March 31, 2015.
PROVISION FOR LOAN LOSSES
The Company recorded a provision for loan and lease losses of $2.3 million for the quarter ended March 31, 2015, compared to $1.7 million during the fourth quarter of 2014. The increase of $0.6 million quarter over quarter is due to additional reserves required for loan growth during the quarter as well as a $1.6 million specific reserve established for one commercial relationship which was downgraded during the quarter. This was partially offset by the $1.9 million release of reserves related to the sale of indirect automobile loans.
Net charge-offs remained constant at $0.9 million for the first quarter of 2015 and the fourth quarter of 2014. The ratio of net charge-offs to average loans on an annualized basis remained constant at 0.07 percent for the first quarter of 2015 and the fourth quarter of 2014.
The allowance for loan losses represented 1.19 percent of total loans and leases at March 31, 2015, compared to 1.11 percent at December 31, 2014. The allowance for loan losses related to originated loans and leases as a percentage of originated loans and leases was 1.28 percent at March 31, 2015, compared to 1.20 percent at December 31, 2014.
NON-INTEREST INCOME
Non-interest income for the quarter ended March 31, 2015 remained consistent at $4.5 million from the previous quarter. The Company recorded a $0.5 million gain on the sale of loans and leases during the quarter, undertaken to manage concentration risk, offset by the decrease of $0.5 million from loan level derivative income.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended March 31, 2015 decreased approximately $1.2 million to $31.3 million from $32.5 million for the previous quarter. Compensation and employee benefits decreased $0.7 million due to a severance expense incurred in the fourth quarter of 2014 related to the discontinuation of indirect automobile originations as well as a decrease in employee headcount in the first quarter of 2015. The Company also incurred $0.2 million of snow removal expenses during the quarter, which was included in occupancy expense. Other expenses decreased $0.2 million from the previous quarter, driven by a decrease in expenses associated with collections and other real estate owned properties.
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The return on average assets increased during the first quarter of 2015 to 0.80 percent at March 31, 2015 from 0.76 percent for the fourth quarter of 2014. The return on average tangible assets increased to 0.82 percent for the first quarter of 2015 from 0.78 percent for the fourth quarter of 2014.
The return on average stockholders' equity increased during the first quarter of 2015 to 7.22 percent from 6.79 percent for the fourth quarter of 2014. The return on average tangible stockholders' equity increased to 9.41 percent for the first quarter of 2015 from 8.90 percent for the fourth quarter of 2014.
ASSET QUALITY
Nonperforming loans and leases increased $9.0 million during the first quarter of 2015 to $22.7 million at March 31, 2015 from the previous quarter. The increase was primarily driven by one relationship of $8.4 million which was downgraded during the first quarter of 2015. The ratio of nonperforming loans and leases to total loans and leases increased to 0.49 percent at March 31, 2015 from the previous quarter. Nonperforming assets also increased $9.6 million during the first quarter of 2015 to $24.8 million, or 0.43 percent of total assets, at March 31, 2015.
DIVIDEND DECLARED
The Company's Board of Directors approved a 5.9 percent increase in the quarterly dividend to $0.09 per share. The dividend will be paid on May 22, 2015 to shareholders of record on May 8, 2015.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Standard Time on Thursday, April 23, 2015 to discuss the results for the quarter, business highlights and outlook. The call can be accessed by dialing 877-504-4120 (United States) or 412-902-6650 (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 the playback is 10063263. The call will be available live and in a recorded version on the Company's website under "Investor Relations" at www.brooklinebancorp.com.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company with approximately $5.8 billion in assets and branch locations in 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.firstipswich.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 ("SEC"). 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 generally accepted accounting principles ("GAAP") as set forth by the Financial Accounting Standards Board 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 the allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases, tangible book value per common share and tangible stockholders' equity to tangible assets, return on average tangible assets and return on average tangible stockholders' equity. 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 services sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached.
Contact: Carl M. Carlson
Brookline Bancorp, Inc.
Chief Financial Officer and Treasurer
(617) 425-5331
ccarlson@brkl.com
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
|
Selected Financial Highlights (Unaudited) | |||||||||||||||||||
|
At and for the Three Months Ended | |||||||||||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, | |||||||||||||||
|
(Dollars In Thousands Except Share Data) | |||||||||||||||||||
|
Earnings Data: |
|||||||||||||||||||
|
Net interest income |
$ |
48,528 |
$ |
47,576 |
$ |
47,324 |
$ |
46,434 |
$ |
47,734 |
|||||||||
|
Provision for credit losses |
2,263 |
1,724 |
2,034 |
2,276 |
2,443 |
||||||||||||||
|
Non-interest income* |
4,470 |
4,541 |
6,189 |
3,822 |
5,628 |
||||||||||||||
|
Non-interest expense |
31,326 |
32,455 |
31,914 |
31,215 |
33,576 |
||||||||||||||
|
Income before provision for income taxes* |
19,409 |
17,938 |
19,565 |
16,765 |
17,343 |
||||||||||||||
|
Net income attributable to Brookline Bancorp, Inc.* |
11,703 |
10,875 |
11,740 |
10,131 |
10,542 |
||||||||||||||
|
Performance Ratios: |
|||||||||||||||||||
|
Net interest margin (1) |
3.57 |
% |
3.50 |
% |
3.54 |
% |
3.63 |
% |
3.87 |
% | |||||||||
|
Interest-rate spread (1) |
3.37 |
% |
3.37 |
% |
3.43 |
% |
3.48 |
% |
3.66 |
% | |||||||||
|
Return on average assets* |
0.80 |
% |
0.76 |
% |
0.83 |
% |
0.74 |
% |
0.79 |
% | |||||||||
|
Return on average tangible assets (non-GAAP)* |
0.82 |
% |
0.78 |
% |
0.85 |
% |
0.76 |
% |
0.81 |
% | |||||||||
|
Return on average stockholders' equity* |
7.22 |
% |
6.79 |
% |
7.41 |
% |
6.46 |
% |
6.78 |
% | |||||||||
|
Return on average tangible stockholders' equity (non-GAAP)* |
9.41 |
% |
8.90 |
% |
9.77 |
% |
8.56 |
% |
9.01 |
% | |||||||||
|
Efficiency ratio* |
59.11 |
% |
62.27 |
% |
59.64 |
% |
62.11 |
% |
62.92 |
% | |||||||||
|
Per Common Share Data: |
|||||||||||||||||||
|
Net income — Basic* |
$ |
0.17 |
$ |
0.16 |
$ |
0.17 |
$ |
0.15 |
$ |
0.15 |
|||||||||
|
Net income — Diluted* |
0.17 |
0.16 |
0.17 |
0.14 |
0.15 |
||||||||||||||
|
Cash dividends declared |
0.085 |
0.085 |
0.085 |
0.085 |
0.085 |
||||||||||||||
|
Book value per share (end of period)* |
9.30 |
9.16 |
9.05 |
8.99 |
8.89 |
||||||||||||||
|
Tangible book value per share (end of period) (non-GAAP)* |
7.15 |
7.00 |
6.87 |
6.80 |
6.69 |
||||||||||||||
|
Stock price (end of period) |
10.05 |
10.03 |
8.55 |
9.37 |
9.42 |
||||||||||||||
|
Balance Sheet: |
|||||||||||||||||||
|
Total assets* |
$ |
5,755,146 |
$ |
5,800,948 |
$ |
5,718,944 |
$ |
5,588,306 |
$ |
5,419,450 |
|||||||||
|
Total loans and leases |
4,634,594 |
4,822,607 |
4,736,028 |
4,603,913 |
4,461,997 |
||||||||||||||
|
Total deposits |
4,114,795 |
3,958,106 |
3,889,204 |
3,861,147 |
3,847,650 |
||||||||||||||
|
Brookline Bancorp, Inc. stockholders' equity* |
651,319 |
641,818 |
633,379 |
628,483 |
621,464 |
||||||||||||||
|
Asset Quality: |
|||||||||||||||||||
|
Nonperforming assets |
$ |
24,757 |
$ |
15,170 |
$ |
19,785 |
$ |
18,407 |
$ |
19,430 |
|||||||||
|
Nonperforming assets as a percentage of total assets* |
0.43 |
% |
0.26 |
% |
0.35 |
% |
0.33 |
% |
0.36 |
% | |||||||||
|
Allowance for loan and lease losses |
$ |
55,106 |
$ |
53,659 |
$ |
52,822 |
$ |
51,686 |
$ |
50,224 |
|||||||||
|
Allowance for loan and lease losses as a percentage of total loans and leases |
1.19 |
% |
1.11 |
% |
1.12 |
% |
1.12 |
% |
1.13 |
% | |||||||||
|
Net loan and lease charge-offs |
$ |
854 |
$ |
874 |
$ |
793 |
$ |
720 |
$ |
666 |
|||||||||
|
Net loan and lease charge-offs as a percentage of average loans and leases (annualized) |
0.07 |
% |
0.07 |
% |
0.07 |
% |
0.06 |
% |
0.06 |
% | |||||||||
|
Capital Ratios: |
|||||||||||||||||||
|
Stockholders' equity to total assets* |
11.32 |
% |
11.06 |
% |
11.08 |
% |
11.25 |
% |
11.47 |
% | |||||||||
|
Tangible stockholders' equity to tangible assets (non-GAAP)* |
8.93 |
% |
8.68 |
% |
8.64 |
% |
8.75 |
% |
8.88 |
% | |||||||||
|
(1) Calculated on a fully tax-equivalent basis. |
|||||||||||||||||||
|
(*) Previously reported amounts have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||||||||||||||
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
|
Consolidated Balance Sheets (Unaudited) | ||||||||||||||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, | ||||||||||||||||||
|
ASSETS |
(In Thousands Except Share Data) | |||||||||||||||||||||
|
Cash and due from banks |
$ |
35,118 |
$ |
36,893 |
$ |
37,237 |
$ |
58,962 |
$ |
50,000 |
||||||||||||
|
Short-term investments |
162,003 |
25,830 |
50,901 |
20,771 |
22,936 |
|||||||||||||||||
|
Total cash and cash equivalents |
197,121 |
62,723 |
88,138 |
79,733 |
72,936 |
|||||||||||||||||
|
Investment securities available-for-sale |
565,115 |
550,761 |
527,516 |
528,586 |
527,073 |
|||||||||||||||||
|
Investment securities held-to-maturity |
500 |
500 |
500 |
500 |
500 |
|||||||||||||||||
|
Total investment securities |
565,615 |
551,261 |
528,016 |
529,086 |
527,573 |
|||||||||||||||||
|
Loans and leases held-for-sale |
787 |
1,537 |
464 |
13,890 |
177 |
|||||||||||||||||
|
Loans and leases: |
||||||||||||||||||||||
|
Commercial real estate loans: |
||||||||||||||||||||||
|
Commercial real estate mortgage |
1,714,140 |
1,680,082 |
1,610,592 |
1,545,483 |
1,505,674 |
|||||||||||||||||
|
Multi-family mortgage |
652,500 |
639,706 |
630,852 |
631,371 |
632,122 |
|||||||||||||||||
|
Construction |
134,247 |
148,013 |
161,279 |
137,731 |
136,679 |
|||||||||||||||||
|
Total commercial real estate loans |
2,500,887 |
2,467,801 |
2,402,723 |
2,314,585 |
2,274,475 |
|||||||||||||||||
|
Commercial loans and leases: |
||||||||||||||||||||||
|
Commercial |
560,344 |
514,077 |
495,712 |
478,856 |
437,957 |
|||||||||||||||||
|
Equipment financing |
614,301 |
601,424 |
576,541 |
552,489 |
529,670 |
|||||||||||||||||
|
Condominium association |
52,707 |
51,593 |
49,600 |
45,608 |
43,810 |
|||||||||||||||||
|
Total commercial loans and leases |
1,227,352 |
1,167,094 |
1,121,853 |
1,076,953 |
1,011,437 |
|||||||||||||||||
|
Indirect automobile loans |
23,335 |
316,987 |
353,263 |
376,314 |
373,965 |
|||||||||||||||||
|
Consumer loans: |
||||||||||||||||||||||
|
Residential mortgage |
578,994 |
571,920 |
570,128 |
550,814 |
530,347 |
|||||||||||||||||
|
Home equity |
292,198 |
287,058 |
274,762 |
270,203 |
261,836 |
|||||||||||||||||
|
Other consumer |
11,828 |
11,747 |
13,299 |
15,044 |
9,937 |
|||||||||||||||||
|
Total consumer loans |
883,020 |
870,725 |
858,189 |
836,061 |
802,120 |
|||||||||||||||||
|
Total loans and leases |
4,634,594 |
4,822,607 |
4,736,028 |
4,603,913 |
4,461,997 |
|||||||||||||||||
|
Allowance for loan and lease losses |
(55,106) |
(53,659) |
(52,822) |
(51,686) |
(50,224) |
|||||||||||||||||
|
Net loans and leases |
4,579,488 |
4,768,948 |
4,683,206 |
4,552,227 |
4,411,773 |
|||||||||||||||||
|
Restricted equity securities |
74,804 |
74,804 |
74,804 |
71,446 |
66,559 |
|||||||||||||||||
|
Premises and equipment, net of accumulated depreciation |
79,252 |
80,619 |
81,479 |
82,166 |
81,396 |
|||||||||||||||||
|
Deferred tax asset |
25,834 |
27,687 |
29,168 |
27,799 |
29,319 |
|||||||||||||||||
|
Goodwill |
137,890 |
137,890 |
137,890 |
137,890 |
137,890 |
|||||||||||||||||
|
Identified intangible assets, net of accumulated amortization |
12,806 |
13,544 |
14,371 |
15,199 |
16,026 |
|||||||||||||||||
|
Other real estate owned and repossessed assets |
2,023 |
1,456 |
2,463 |
1,246 |
1,290 |
|||||||||||||||||
|
Other assets* |
79,526 |
80,479 |
78,945 |
77,624 |
74,511 |
|||||||||||||||||
|
Total assets* |
$ |
5,755,146 |
$ |
5,800,948 |
$ |
5,718,944 |
$ |
5,588,306 |
$ |
5,419,450 |
||||||||||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||||||||||||||
|
Deposits: |
||||||||||||||||||||||
|
Non-interest-bearing deposits: |
||||||||||||||||||||||
|
Demand checking accounts |
$ |
729,932 |
$ |
726,118 |
$ |
705,604 |
$ |
716,883 |
$ |
682,383 |
||||||||||||
|
Interest-bearing deposits: |
||||||||||||||||||||||
|
NOW accounts |
237,200 |
235,063 |
220,766 |
209,682 |
212,877 |
|||||||||||||||||
|
Savings accounts |
571,030 |
531,727 |
532,790 |
518,343 |
517,327 |
|||||||||||||||||
|
Money market accounts |
1,525,053 |
1,518,490 |
1,522,612 |
1,516,023 |
1,517,290 |
|||||||||||||||||
|
Certificate of deposit accounts |
1,051,580 |
946,708 |
907,432 |
900,216 |
917,773 |
|||||||||||||||||
|
Total interest-bearing deposits |
3,384,863 |
3,231,988 |
3,183,600 |
3,144,264 |
3,165,267 |
|||||||||||||||||
|
Total deposits |
4,114,795 |
3,958,106 |
3,889,204 |
3,861,147 |
3,847,650 |
|||||||||||||||||
|
Borrowed funds: |
||||||||||||||||||||||
|
Advances from the FHLBB |
806,491 |
1,004,026 |
1,027,211 |
1,005,644 |
855,915 |
|||||||||||||||||
|
Subordinated debentures and notes |
82,806 |
82,763 |
82,763 |
9,201 |
9,182 |
|||||||||||||||||
|
Other borrowed funds |
35,628 |
39,615 |
22,891 |
26,159 |
26,919 |
|||||||||||||||||
|
Total borrowed funds |
924,925 |
1,126,404 |
1,132,865 |
1,041,004 |
892,016 |
|||||||||||||||||
|
Mortgagors' escrow accounts |
8,414 |
8,501 |
8,757 |
8,359 |
8,696 |
|||||||||||||||||
|
Accrued expenses and other liabilities |
51,046 |
61,332 |
50,430 |
45,411 |
45,703 |
|||||||||||||||||
|
Total liabilities |
5,099,180 |
5,154,343 |
5,081,256 |
4,955,921 |
4,794,065 |
|||||||||||||||||
|
Stockholders' equity: |
||||||||||||||||||||||
|
Brookline Bancorp, Inc. stockholders' equity: |
||||||||||||||||||||||
|
Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares issued |
757 |
757 |
757 |
757 |
757 |
|||||||||||||||||
|
Additional paid-in capital |
617,845 |
617,475 |
616,997 |
617,709 |
617,978 |
|||||||||||||||||
|
Retained earnings, partially restricted* |
90,589 |
84,860 |
79,959 |
74,193 |
70,026 |
|||||||||||||||||
|
Accumulated other comprehensive income (loss) |
1,747 |
(1,622) |
(4,681) |
(3,209) |
(5,936) |
|||||||||||||||||
|
Treasury stock, at cost; |
||||||||||||||||||||||
|
5,042,238 shares, 5,040,571 shares, 5,035,956 shares, 5,144,807 shares, and 5,171,985 shares, respectively |
(58,301) |
(58,282) |
(58,228) |
(59,487) |
(59,826) |
|||||||||||||||||
|
Unallocated common stock held by the Employee Stock Ownership Plan; |
||||||||||||||||||||||
|
241,803 shares, 251,382 shares, 261,453 shares, 271,524 shares, and 281,595 shares, respectively |
(1,318) |
(1,370) |
(1,425) |
(1,480) |
(1,535) |
|||||||||||||||||
|
Total Brookline Bancorp, Inc. stockholders' equity* |
651,319 |
641,818 |
633,379 |
628,483 |
621,464 |
|||||||||||||||||
|
Noncontrolling interest in subsidiary |
4,647 |
4,787 |
4,309 |
3,902 |
3,921 |
|||||||||||||||||
|
Total stockholders' equity* |
655,966 |
646,605 |
637,688 |
632,385 |
625,385 |
|||||||||||||||||
|
Total liabilities and stockholders' equity* |
$ |
5,755,146 |
$ |
5,800,948 |
$ |
5,718,944 |
$ |
5,588,306 |
$ |
5,419,450 |
||||||||||||
|
(*) Previously reported amounts have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | ||||||||||||||||||||||
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
|
Consolidated Statements of Income (Unaudited) | |||||||||||||||||||
|
Three Months Ended | |||||||||||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, | |||||||||||||||
|
(In Thousands Except Share Data) | |||||||||||||||||||
|
Interest and dividend income: |
|||||||||||||||||||
|
Loans and leases |
$ |
53,381 |
$ |
52,637 |
$ |
51,769 |
$ |
50,433 |
$ |
51,942 |
|||||||||
|
Debt securities |
2,683 |
2,596 |
2,312 |
2,360 |
2,259 |
||||||||||||||
|
Marketable and restricted equity securities |
524 |
564 |
520 |
539 |
449 |
||||||||||||||
|
Short-term investments |
21 |
29 |
15 |
14 |
44 |
||||||||||||||
|
Total interest and dividend income |
56,609 |
55,826 |
54,616 |
53,346 |
54,694 |
||||||||||||||
|
Interest expense: |
|||||||||||||||||||
|
Deposits |
4,304 |
4,320 |
4,248 |
4,201 |
4,291 |
||||||||||||||
|
Borrowed funds |
3,777 |
3,930 |
3,044 |
2,711 |
2,669 |
||||||||||||||
|
Total interest expense |
8,081 |
8,250 |
7,292 |
6,912 |
6,960 |
||||||||||||||
|
Net interest income |
48,528 |
47,576 |
47,324 |
46,434 |
47,734 |
||||||||||||||
|
Provision for credit losses |
2,263 |
1,724 |
2,034 |
2,276 |
2,443 |
||||||||||||||
|
Net interest income after provision for credit losses |
46,265 |
45,852 |
45,290 |
44,158 |
45,291 |
||||||||||||||
|
Non-interest income: |
|||||||||||||||||||
|
Deposit fees |
2,066 |
2,177 |
2,352 |
2,204 |
1,959 |
||||||||||||||
|
Loan fees |
342 |
331 |
253 |
126 |
434 |
||||||||||||||
|
Loan level derivative income |
— |
562 |
322 |
62 |
— |
||||||||||||||
|
Gain/(loss) on sales of securities, net |
— |
78 |
— |
(13) |
— |
||||||||||||||
|
Gain on sales of loans and leases held-for-sale |
869 |
323 |
538 |
54 |
602 |
||||||||||||||
|
(Loss)/gain on sale/disposals of premises and equipment, net |
— |
— |
(2) |
(6) |
1,510 |
||||||||||||||
|
Litigation settlement |
— |
— |
1,412 |
— |
— |
||||||||||||||
|
Other |
1,193 |
1,070 |
1,314 |
1,395 |
1,123 |
||||||||||||||
|
Total non-interest income* |
4,470 |
4,541 |
6,189 |
3,822 |
5,628 |
||||||||||||||
|
Non-interest expense: |
|||||||||||||||||||
|
Compensation and employee benefits |
17,524 |
18,216 |
18,258 |
17,295 |
18,032 |
||||||||||||||
|
Occupancy |
3,472 |
3,401 |
3,334 |
3,154 |
4,405 |
||||||||||||||
|
Equipment and data processing |
4,020 |
4,102 |
4,193 |
4,348 |
4,377 |
||||||||||||||
|
Professional services |
1,094 |
1,159 |
991 |
1,480 |
1,727 |
||||||||||||||
|
FDIC insurance |
867 |
782 |
873 |
847 |
860 |
||||||||||||||
|
Advertising and marketing |
748 |
872 |
745 |
776 |
665 |
||||||||||||||
|
Amortization of identified intangible assets |
738 |
827 |
828 |
827 |
861 |
||||||||||||||
|
Other |
2,863 |
3,096 |
2,692 |
2,488 |
2,649 |
||||||||||||||
|
Total non-interest expense |
31,326 |
32,455 |
31,914 |
31,215 |
33,576 |
||||||||||||||
|
Income before provision for income taxes* |
19,409 |
17,938 |
19,565 |
16,765 |
17,343 |
||||||||||||||
|
Provision for income taxes* |
7,104 |
6,586 |
7,163 |
6,158 |
6,379 |
||||||||||||||
|
Net income before noncontrolling interest in subsidiary* |
12,305 |
11,352 |
12,402 |
10,607 |
10,964 |
||||||||||||||
|
Less net income attributable to noncontrolling interest in subsidiary |
602 |
477 |
662 |
476 |
422 |
||||||||||||||
|
Net income attributable to Brookline Bancorp, Inc.* |
$ |
11,703 |
$ |
10,875 |
$ |
11,740 |
$ |
10,131 |
$ |
10,542 |
|||||||||
|
Earnings per common share:* |
|||||||||||||||||||
|
Basic |
$ |
0.17 |
$ |
0.16 |
$ |
0.17 |
$ |
0.15 |
$ |
0.15 |
|||||||||
|
Diluted |
$ |
0.17 |
$ |
0.16 |
$ |
0.17 |
$ |
0.14 |
$ |
0.15 |
|||||||||
|
Weighted average common shares outstanding during the period: |
|||||||||||||||||||
|
Basic |
70,036,090 |
70,024,495 |
69,989,909 |
69,866,576 |
69,875,473 |
||||||||||||||
|
Diluted |
70,164,105 |
70,130,243 |
70,088,987 |
70,012,377 |
69,983,999 |
||||||||||||||
|
Dividends declared per common share |
$ |
0.085 |
$ |
0.085 |
$ |
0.085 |
$ |
0.085 |
$ |
0.085 |
|||||||||
|
(*) Previously reported amounts have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||||||||||||||
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
|
Asset Quality Analysis (Unaudited) | |||||||||||||||||||
|
At and for the Three Months Ended | |||||||||||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, | |||||||||||||||
|
(Dollars in Thousands) | |||||||||||||||||||
|
NONPERFORMING ASSETS: |
|||||||||||||||||||
|
Loans and leases accounted for on a nonaccrual basis: |
|||||||||||||||||||
|
Commercial real estate mortgage |
$ |
3,250 |
$ |
1,009 |
$ |
3,174 |
$ |
3,011 |
$ |
1,814 |
|||||||||
|
Multi-family mortgage |
— |
— |
299 |
— |
— |
||||||||||||||
|
Total commercial real estate loans |
3,250 |
1,009 |
3,473 |
3,011 |
1,814 |
||||||||||||||
|
Commercial |
12,039 |
5,196 |
6,071 |
6,383 |
6,350 |
||||||||||||||
|
Equipment financing |
2,321 |
3,223 |
2,756 |
3,251 |
4,633 |
||||||||||||||
|
Total commercial loans and leases |
14,360 |
8,419 |
8,827 |
9,634 |
10,983 |
||||||||||||||
|
Indirect automobile loans |
468 |
645 |
474 |
325 |
378 |
||||||||||||||
|
Residential mortgage |
2,632 |
1,682 |
2,636 |
2,384 |
3,138 |
||||||||||||||
|
Home equity |
1,979 |
1,918 |
1,865 |
1,771 |
1,799 |
||||||||||||||
|
Other consumer |
45 |
41 |
47 |
36 |
28 |
||||||||||||||
|
Total consumer loans |
4,656 |
3,641 |
4,548 |
4,191 |
4,965 |
||||||||||||||
|
Total nonaccrual loans and leases |
22,734 |
13,714 |
17,322 |
17,161 |
18,140 |
||||||||||||||
|
Other real estate owned |
1,043 |
953 |
1,536 |
675 |
855 |
||||||||||||||
|
Other repossessed assets |
980 |
503 |
927 |
571 |
435 |
||||||||||||||
|
Total nonperforming assets |
$ |
24,757 |
$ |
15,170 |
$ |
19,785 |
$ |
18,407 |
$ |
19,430 |
|||||||||
|
Loans and leases past due greater than 90 days and still accruing |
$ |
8,061 |
$ |
6,008 |
$ |
3,919 |
$ |
6,653 |
$ |
7,774 |
|||||||||
|
Troubled debt restructurings on accrual |
14,184 |
14,815 |
15,174 |
12,396 |
11,532 |
||||||||||||||
|
Troubled debt restructurings on nonaccrual |
6,126 |
5,625 |
5,609 |
5,992 |
6,764 |
||||||||||||||
|
Total troubled debt restructurings |
$ |
20,310 |
$ |
20,440 |
$ |
20,783 |
$ |
18,388 |
$ |
18,296 |
|||||||||
|
Nonperforming loans and leases as a percentage of total loans and leases |
0.49 |
% |
0.28 |
% |
0.37 |
% |
0.37 |
% |
0.41 |
% | |||||||||
|
Nonperforming assets as a percentage of total assets* |
0.43 |
% |
0.26 |
% |
0.35 |
% |
0.33 |
% |
0.36 |
% | |||||||||
|
PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES: |
|||||||||||||||||||
|
Allowance for loan and lease losses at beginning of period |
$ |
53,659 |
$ |
52,822 |
$ |
51,686 |
$ |
50,224 |
$ |
48,473 |
|||||||||
|
Charge-offs |
(1,665) |
(1,068) |
(1,136) |
(1,196) |
(1,050) |
||||||||||||||
|
Recoveries |
811 |
194 |
343 |
476 |
384 |
||||||||||||||
|
Net charge-offs |
(854) |
(874) |
(793) |
(720) |
(666) |
||||||||||||||
|
Provision for loan and lease losses |
2,301 |
1,711 |
1,929 |
2,182 |
2,417 |
||||||||||||||
|
Allowance for loan and lease losses at end of period |
$ |
55,106 |
$ |
53,659 |
$ |
52,822 |
$ |
51,686 |
$ |
50,224 |
|||||||||
|
Allowance for loan and lease losses as a percentage of total loans and leases |
1.19 |
% |
1.11 |
% |
1.12 |
% |
1.12 |
% |
1.13 |
% | |||||||||
|
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases (non-GAAP) |
1.28 |
% |
1.20 |
% |
1.26 |
% |
1.31 |
% |
1.33 |
% | |||||||||
|
NET CHARGE-OFFS: |
|||||||||||||||||||
|
Commercial real estate loans |
$ |
388 |
$ |
62 |
$ |
64 |
$ |
— |
$ |
— |
|||||||||
|
Commercial loans and leases |
238 |
480 |
348 |
578 |
300 |
||||||||||||||
|
Indirect automobile loans |
239 |
281 |
208 |
55 |
185 |
||||||||||||||
|
Consumer loans |
(11) |
51 |
173 |
87 |
181 |
||||||||||||||
|
Total net charge-offs |
$ |
854 |
$ |
874 |
$ |
793 |
$ |
720 |
$ |
666 |
|||||||||
|
Net loan and lease charge-offs as a percentage of average loans and leases (annualized) |
0.07 |
% |
0.07 |
% |
0.07 |
% |
0.06 |
% |
0.06 |
% | |||||||||
|
(*) Previously reported amounts have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||||||||||||||
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
|
Average Yields / Costs (Unaudited) | ||||||||||||||||||||||||||||||||
|
Three Months Ended | ||||||||||||||||||||||||||||||||
|
March 31, 2015 |
December 31, 2014 |
March 31, 2014 | ||||||||||||||||||||||||||||||
|
Average |
Interest |
Average Yield/ Cost |
Average |
Interest |
Average Yield/ Cost |
Average |
Interest |
Average Yield/ Cost | ||||||||||||||||||||||||
|
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
|
Assets: |
||||||||||||||||||||||||||||||||
|
Interest-earning assets: |
||||||||||||||||||||||||||||||||
|
Investments: |
||||||||||||||||||||||||||||||||
|
Debt securities (2) |
$ |
555,558 |
$ |
2,683 |
1.93 |
% |
$ |
525,286 |
$ |
2,596 |
1.98 |
% |
$ |
502,598 |
$ |
2,263 |
1.80 |
% | ||||||||||||||
|
Marketable and restricted equity securities (2) |
74,836 |
566 |
3.03 |
% |
75,188 |
641 |
3.41 |
% |
66,954 |
497 |
2.97 |
% | ||||||||||||||||||||
|
Short-term investments |
49,841 |
21 |
0.17 |
% |
57,047 |
29 |
0.20 |
% |
45,834 |
44 |
0.38 |
% | ||||||||||||||||||||
|
Total investments |
680,235 |
3,270 |
1.92 |
% |
657,521 |
3,266 |
1.99 |
% |
615,386 |
2,804 |
1.82 |
% | ||||||||||||||||||||
|
Loans and Leases: |
||||||||||||||||||||||||||||||||
|
Commercial real estate loans (3) |
2,475,950 |
26,245 |
4.24 |
% |
2,422,804 |
26,243 |
4.33 |
% |
2,228,495 |
25,702 |
4.61 |
% | ||||||||||||||||||||
|
Commercial loans (3) |
610,695 |
6,506 |
4.26 |
% |
562,180 |
5,944 |
4.14 |
% |
476,455 |
4,693 |
3.94 |
% | ||||||||||||||||||||
|
Equipment financing (3) |
611,309 |
10,544 |
6.90 |
% |
588,886 |
9,951 |
6.76 |
% |
522,288 |
11,037 |
8.45 |
% | ||||||||||||||||||||
|
Indirect automobile loans (3) |
282,494 |
2,142 |
3.08 |
% |
334,919 |
2,587 |
3.06 |
% |
384,833 |
3,264 |
3.44 |
% | ||||||||||||||||||||
|
Residential mortgage loans (3) |
576,858 |
5,307 |
3.68 |
% |
569,896 |
5,143 |
3.61 |
% |
532,593 |
4,809 |
3.61 |
% | ||||||||||||||||||||
|
Other consumer loans (3) |
299,119 |
2,828 |
3.83 |
% |
293,117 |
2,959 |
4.01 |
% |
267,204 |
2,579 |
3.91 |
% | ||||||||||||||||||||
|
Total loans and leases |
4,856,425 |
53,572 |
4.41 |
% |
4,771,802 |
52,827 |
4.43 |
% |
4,411,868 |
52,084 |
4.72 |
% | ||||||||||||||||||||
|
Total interest-earning assets |
5,536,660 |
56,842 |
4.11 |
% |
5,429,323 |
56,093 |
4.13 |
% |
5,027,254 |
54,888 |
4.37 |
% | ||||||||||||||||||||
|
Allowance for loan and lease losses |
(54,319) |
(53,542) |
(49,087) |
|||||||||||||||||||||||||||||
|
Non-interest-earning assets* |
369,773 |
381,934 |
384,155 |
|||||||||||||||||||||||||||||
|
Total assets* |
$ |
5,852,114 |
$ |
5,757,715 |
$ |
5,362,322 |
||||||||||||||||||||||||||
|
Liabilities and Stockholders' Equity: |
||||||||||||||||||||||||||||||||
|
Interest-bearing liabilities: |
||||||||||||||||||||||||||||||||
|
Deposits: |
||||||||||||||||||||||||||||||||
|
NOW accounts |
$ |
237,718 |
$ |
44 |
0.07 |
% |
$ |
222,410 |
$ |
45 |
0.08 |
% |
$ |
206,226 |
$ |
41 |
0.08 |
% | ||||||||||||||
|
Savings accounts |
541,595 |
273 |
0.20 |
% |
528,557 |
292 |
0.22 |
% |
508,555 |
303 |
0.24 |
% | ||||||||||||||||||||
|
Money market accounts |
1,536,751 |
1,816 |
0.48 |
% |
1,537,740 |
1,994 |
0.51 |
% |
1,505,992 |
1,959 |
0.53 |
% | ||||||||||||||||||||
|
Certificates of deposit |
1,033,511 |
2,171 |
0.85 |
% |
915,294 |
1,989 |
0.86 |
% |
927,199 |
1,988 |
0.87 |
% | ||||||||||||||||||||
|
Total interest-bearing deposits |
3,349,575 |
4,304 |
0.52 |
% |
3,204,001 |
4,320 |
0.53 |
% |
3,147,972 |
4,291 |
0.55 |
% | ||||||||||||||||||||
|
Borrowings |
||||||||||||||||||||||||||||||||
|
Advances from the FHLBB |
941,314 |
2,504 |
1.06 |
% |
1,005,585 |
2,662 |
1.04 |
% |
803,729 |
2,531 |
1.26 |
% | ||||||||||||||||||||
|
Subordinated debentures and notes |
82,784 |
1,248 |
6.03 |
% |
82,743 |
1,250 |
6.04 |
% |
9,170 |
99 |
4.32 |
% | ||||||||||||||||||||
|
Other borrowed funds |
37,806 |
25 |
0.26 |
% |
33,667 |
18 |
0.21 |
% |
29,268 |
39 |
0.54 |
% | ||||||||||||||||||||
|
Total borrowings |
1,061,904 |
3,777 |
1.42 |
% |
1,121,995 |
3,930 |
1.37 |
% |
842,167 |
2,669 |
1.27 |
% | ||||||||||||||||||||
|
Total interest-bearing liabilities |
4,411,479 |
8,081 |
0.74 |
% |
4,325,996 |
8,250 |
0.76 |
% |
3,990,139 |
6,960 |
0.71 |
% | ||||||||||||||||||||
|
Non-interest-bearing liabilities: |
||||||||||||||||||||||||||||||||
|
Demand checking accounts |
728,099 |
727,718 |
698,462 |
|||||||||||||||||||||||||||||
|
Other non-interest-bearing liabilities |
59,226 |
58,831 |
47,103 |
|||||||||||||||||||||||||||||
|
Total liabilities |
5,198,804 |
5,112,545 |
4,735,704 |
|||||||||||||||||||||||||||||
|
Brookline Bancorp, Inc. stockholders' equity* |
648,683 |
640,706 |
622,369 |
|||||||||||||||||||||||||||||
|
Noncontrolling interest in subsidiary |
4,627 |
4,464 |
4,249 |
|||||||||||||||||||||||||||||
|
Total liabilities and equity* |
$ |
5,852,114 |
$ |
5,757,715 |
$ |
5,362,322 |
||||||||||||||||||||||||||
|
Net interest income (tax-equivalent basis) /Interest-rate spread (4) |
48,761 |
3.37 |
% |
47,843 |
3.37 |
% |
47,928 |
3.66 |
% | |||||||||||||||||||||||
|
Less adjustment of tax-exempt income |
233 |
267 |
194 |
|||||||||||||||||||||||||||||
|
Net interest income |
$ |
48,528 |
$ |
47,576 |
$ |
47,734 |
||||||||||||||||||||||||||
|
Net interest margin (5) |
3.57 |
% |
3.50 |
% |
3.87 |
% | ||||||||||||||||||||||||||
|
(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 investment 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) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||||||||||||||||||||||||||||
|
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | ||||||||||||||||||||||||||||||||
|
(*) Previously reported amounts have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | ||||||||||||||||||||||||||||||||
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
|
Non-GAAP Financial Information (Unaudited) | |||||||||||||||||||
|
At and for the Three Months Ended | |||||||||||||||||||
|
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 | |||||||||||||||
|
(Dollars in Thousands) | |||||||||||||||||||
|
Net income, as reported* |
$ |
11,703 |
$ |
10,875 |
$ |
11,740 |
$ |
10,131 |
$ |
10,542 |
|||||||||
|
Average total assets* |
$ |
5,852,114 |
$ |
5,757,715 |
$ |
5,654,792 |
$ |
5,474,193 |
$ |
5,362,322 |
|||||||||
|
Less: Average goodwill and average identified intangible assets, net |
151,125 |
151,932 |
152,755 |
153,577 |
154,447 |
||||||||||||||
|
Average tangible assets* |
$ |
5,700,989 |
$ |
5,605,783 |
$ |
5,502,037 |
$ |
5,320,616 |
$ |
5,207,875 |
|||||||||
|
Return on average tangible assets (annualized)* |
0.82 |
% |
0.78 |
% |
0.85 |
% |
0.76 |
% |
0.81 |
% | |||||||||
|
Average total stockholders' equity* |
$ |
648,683 |
$ |
640,706 |
$ |
633,406 |
$ |
627,114 |
$ |
622,369 |
|||||||||
|
Less: Average goodwill and average identified intangible assets, net |
151,125 |
151,932 |
152,755 |
153,577 |
154,447 |
||||||||||||||
|
Average tangible stockholders' equity* |
$ |
497,558 |
$ |
488,774 |
$ |
480,651 |
$ |
473,537 |
$ |
467,922 |
|||||||||
|
Return on average tangible stockholders' equity (annualized)* |
9.41 |
% |
8.90 |
% |
9.77 |
% |
8.56 |
% |
9.01 |
% | |||||||||
|
Brookline Bancorp, Inc. stockholders' equity* |
$ |
651,319 |
$ |
641,818 |
$ |
633,379 |
$ |
628,483 |
$ |
621,464 |
|||||||||
|
Less: |
|||||||||||||||||||
|
Goodwill |
137,890 |
137,890 |
137,890 |
137,890 |
137,890 |
||||||||||||||
|
Identified intangible assets, net |
12,806 |
13,544 |
14,371 |
15,199 |
16,026 |
||||||||||||||
|
Tangible stockholders' equity* |
$ |
500,623 |
$ |
490,384 |
$ |
481,118 |
$ |
475,394 |
$ |
467,548 |
|||||||||
|
Total assets* |
$ |
5,755,146 |
$ |
5,800,948 |
$ |
5,718,944 |
$ |
5,588,306 |
$ |
5,419,450 |
|||||||||
|
Less: |
|||||||||||||||||||
|
Goodwill |
137,890 |
137,890 |
137,890 |
137,890 |
137,890 |
||||||||||||||
|
Identified intangible assets, net |
12,806 |
13,544 |
14,371 |
15,199 |
16,026 |
||||||||||||||
|
Tangible assets* |
$ |
5,604,450 |
$ |
5,649,514 |
$ |
5,566,683 |
$ |
5,435,217 |
$ |
5,265,534 |
|||||||||
|
Tangible stockholders' equity to tangible assets* |
8.93 |
% |
8.68 |
% |
8.64 |
% |
8.75 |
% |
8.88 |
% | |||||||||
|
Tangible stockholders' equity* |
$ |
500,623 |
$ |
490,384 |
$ |
481,118 |
$ |
475,394 |
$ |
467,548 |
|||||||||
|
Number of common shares issued |
75,744,445 |
75,744,445 |
75,744,445 |
75,744,445 |
75,744,445 |
||||||||||||||
|
Less: |
|||||||||||||||||||
|
Treasury shares |
5,042,238 |
5,040,571 |
5,035,956 |
5,144,807 |
5,171,985 |
||||||||||||||
|
Unallocated ESOP shares |
241,803 |
251,382 |
261,453 |
271,524 |
281,595 |
||||||||||||||
|
Unvested restricted shares |
418,035 |
419,702 |
427,952 |
434,459 |
408,651 |
||||||||||||||
|
Number of common shares outstanding |
70,042,369 |
70,032,790 |
70,019,084 |
69,893,655 |
69,882,214 |
||||||||||||||
|
Tangible book value per common share* |
$ |
7.15 |
$ |
7.00 |
$ |
6.87 |
$ |
6.80 |
$ |
6.69 |
|||||||||
|
Allowance for loan and lease losses |
$ |
55,106 |
$ |
53,659 |
$ |
52,822 |
$ |
51,686 |
$ |
50,224 |
|||||||||
|
Less: |
|||||||||||||||||||
|
Allowance for acquired loans and leases losses |
2,911 |
2,848 |
1,933 |
1,247 |
1,403 |
||||||||||||||
|
Allowance for originated loan and lease losses |
$ |
52,195 |
$ |
50,811 |
$ |
50,889 |
$ |
50,439 |
$ |
48,821 |
|||||||||
|
Total loans and leases |
$ |
4,634,594 |
$ |
4,822,607 |
$ |
4,736,028 |
$ |
4,603,913 |
$ |
4,461,997 |
|||||||||
|
Less: |
|||||||||||||||||||
|
Total acquired loans and leases |
561,103 |
590,654 |
709,404 |
747,106 |
779,747 |
||||||||||||||
|
Total originated loans and leases |
$ |
4,073,491 |
$ |
4,231,953 |
$ |
4,026,624 |
$ |
3,856,807 |
$ |
3,682,250 |
|||||||||
|
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases |
1.28 |
% |
1.20 |
% |
1.26 |
% |
1.31 |
% |
1.33 |
% | |||||||||
|
(*) Previously reported amounts have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||||||||||||||
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/brookline-bancorp-announces-first-quarter-results-300070613.html
SOURCE Brookline Bancorp, Inc.
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