Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today
announced net income of $22.6 million, or $0.28 per basic and
diluted share, for the third quarter of 2019, compared to $20.5
million, or $0.26 per basic and diluted share, for the second
quarter of 2019, and $22.5 million, or $0.28 per basic and diluted
share, for the third quarter of 2018.
Paul Perrault, President and Chief Executive
Officer of the Company commented on the third quarter earnings, "We
continued to produce strong results in the third quarter, including
favorable loan and deposit growth. With this growth we have
maintained our commitment to achieving solid returns for our
stockholders. Our Board has again voted to increase our
dividend, from $0.110 to $0.115. We look forward to a
productive fourth quarter.”
FIRST IPSWICH BANK CHARTER
CONSOLIDATION
On October 23, 2019, Brookline Bank and First
Ipswich Bank, both wholly-owned subsidiaries of the Company,
entered into a merger agreement pursuant to which First Ipswich
Bank will merge with and into Brookline Bank with Brookline Bank as
the surviving institution. We anticipate closing the transaction in
the first quarter of 2020. There are no branch closings as
part of this charter consolidation.
BALANCE SHEET
Total assets at September 30, 2019
increased $241.5 million to $7.9 billion from $7.6 billion at
June 30, 2019, and increased $557.8 million from $7.3 billion
at September 30, 2018, primarily driven by growth in the loan
portfolio. At September 30, 2019, total loans and leases were
$6.6 billion, representing an increase of $141.5 million from
June 30, 2019, and an increase of $419.1 million from
September 30, 2018, primarily driven by growth in the
commercial real estate portfolio.
Investment securities at September 30, 2019
decreased $23.7 million to $567.1 million, as compared to $590.8
million at June 30, 2019, and decreased approximately $87.6
million from $654.6 million at September 30, 2018. As of
September 30, 2019, securities, cash and cash equivalents
represented 9.5 percent of total assets as compared to 9.0 percent
and 9.7 percent as of June 30, 2019 and September 30,
2018, respectively.
Total deposits at September 30, 2019
increased $106.8 million from $5.6 billion at June 30, 2019 to
$5.7 billion and increased $495.7 million from $5.2 billion at
September 30, 2018 driven primarily by growth in demand
deposits.
Total borrowed funds at September 30, 2019
increased $55.6 million to $986.4 million from $930.8 million at
June 30, 2019 and decreased $96.5 million from $1.1 billion at
September 30, 2018.
The ratio of stockholders’ equity to total
assets was 11.83 percent at September 30, 2019, as compared to
12.03 percent at June 30, 2019, and 12.16 percent at
September 30, 2018. The ratio of tangible stockholders’ equity
to tangible assets was 9.94 percent at September 30, 2019, as
compared to 10.08 percent at June 30, 2019, and 10.11 percent
at September 30, 2018. Tangible book value per share increased
$0.18 from $9.45 at June 30, 2019 to $9.63 at
September 30, 2019, compared to $9.00 at September 30,
2018.
NET INTEREST INCOME
Net interest income increased $0.1 million to
$63.2 million during the third quarter of 2019 from $63.1 million
at the quarter ended June 30, 2019. The net interest margin
decreased 10 basis points to 3.45 percent for the three months
ended September 30, 2019.
NON-INTEREST INCOME
Non-interest income for the quarter ended
September 30, 2019 increased $0.4 million to $7.9 million from
$7.5 million for the quarter ended June 30, 2019. The increase
was primarily driven by increases of $0.3 million in loan fees,
$0.5 million in loan level derivative income and $0.1 million in
other non-interest income, partially offset by a decrease of $0.5
million in gain on securities.
PROVISION FOR CREDIT LOSSES
The Company recorded a provision for credit
losses of $0.9 million for the quarter ended September 30,
2019, compared to $3.8 million for the quarter ended June 30,
2019. The improved, lower provision in the third quarter results
from a reduction in classified assets, recoveries and lower
charge-offs.
Total net charge-offs for the third quarter of
2019 were $0.4 million compared to $3.1 million in the second
quarter of 2019. The ratio of net loan and lease charge-offs to
average loans and leases on an annualized basis decreased to 2
basis points for the third quarter of 2019 from 19 basis points for
the second quarter of 2019.
The allowance for loan and lease losses
represented 0.89 percent of total loans and leases at
September 30, 2019, compared to 0.90 percent at June 30,
2019, and 0.96 percent at September 30, 2018. The allowance
for loan and lease losses related to originated loans and leases
represented 0.90 percent of originated loans and leases at
September 30, 2019, compared to 0.92 percent at June 30,
2019, and 1.00 percent at September 30, 2018.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended
September 30, 2019 increased $0.6 million to $40.2 million
from $39.6 million for the quarter ended June 30, 2019. The
increase was primarily driven by increases of $0.9 million in
compensation and employee benefits expense, $0.1 million in
occupancy, $0.1 million in equipment and data processing, and $1.1
million in merger and restructuring expense related to the First
Ipswich Bank Charter consolidation referenced above, partially
offset by decreases of $0.7 million in FDIC insurance and $0.9
million in other non-interest expense.
PROVISION FOR INCOME TAXES
The effective tax rate was 24.9 percent and 24.4
percent for the three and nine months ended September 30,
2019, respectively, compared to 20.9 percent and 22.9 for the three
and nine months ended September 30, 2018, respectively.
RETURNS ON AVERAGE ASSETS AND AVERAGE
EQUITY
The annualized return on average assets
increased to 1.17 percent during the third quarter of 2019 from
1.08 percent for the second quarter of 2019. The annualized return
on average tangible assets increased to 1.19 percent for the third
quarter of 2019 from 1.11 percent for the second quarter of
2019.
The annualized return on average stockholders'
equity increased to 9.74 percent during the third quarter of 2019
from 8.98 percent for the second quarter of 2019. The annualized
return on average tangible stockholders’ equity increased to 11.85
percent for the third quarter of 2019 from 10.98 percent for the
second quarter of 2019.
ASSET QUALITY
The ratio of nonperforming loans and leases to
total loans and leases was 0.33 percent at September 30, 2019,
unchanged from 0.33 percent at June 30, 2019. Nonperforming
loans and leases increased $0.3 million to $21.6 million at
September 30, 2019 from $21.3 million at June 30, 2019.
The ratio of nonperforming assets to total assets was 0.30 percent
at September 30, 2019, unchanged from 0.30 percent at
June 30, 2019. Nonperforming assets increased $0.5 million to
$23.8 million at September 30, 2019 from $23.3 million at
June 30, 2019.
DIVIDEND DECLARED
The Company’s Board of Directors approved a
dividend of $0.115 per share for the quarter ended
September 30, 2019, an increase of half a cent from the prior
period. The dividend will be paid on November 22, 2019 to
stockholders of record on November 8, 2019, representing an
increase of 4.5 percent from the prior quarter and a 9.5 percent
increase from the prior year.
CONFERENCE CALL
The Company will conduct a conference
call/webcast at 1:30 PM Eastern Daylight Time on Thursday, October
24, 2019 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 10134880. 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 $7.9 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 "banks"). The Company provides
commercial and retail banking services, 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 operating earnings, operating return on average
assets, operating return on average tangible assets, operating
return on average stockholders' equity, operating return on average
tangible stockholders' equity, 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,
tangible stockholders’ equity to tangible assets, return on average
tangible assets (annualized) and return on average tangible
stockholders' equity (annualized). 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 (617) 425-5331 ccarlson@brkl.com
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
Selected Financial Highlights (Unaudited) |
|
|
At and for the Three Months Ended |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
|
|
(Dollars In Thousands Except per Share Data) |
Earnings
Data: |
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
63,236 |
|
|
$ |
63,134 |
|
|
$ |
62,999 |
|
|
$ |
63,159 |
|
|
$ |
62,332 |
|
Provision for credit losses |
|
871 |
|
|
|
3,757 |
|
|
|
1,353 |
|
|
|
123 |
|
|
|
2,717 |
|
Non-interest income |
|
7,929 |
|
|
|
7,478 |
|
|
|
6,630 |
|
|
|
6,461 |
|
|
|
7,069 |
|
Non-interest expense |
|
40,191 |
|
|
|
39,604 |
|
|
|
38,871 |
|
|
|
40,282 |
|
|
|
37,310 |
|
Income before provision for income taxes |
|
30,103 |
|
|
|
27,251 |
|
|
|
29,405 |
|
|
|
29,215 |
|
|
|
29,374 |
|
Net income attributable to Brookline Bancorp, Inc. |
|
22,596 |
|
|
|
20,471 |
|
|
|
22,467 |
|
|
|
21,138 |
|
|
|
22,460 |
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
Net interest margin (1) |
|
3.45 |
% |
|
|
3.55 |
% |
|
|
3.64 |
% |
|
|
3.58 |
% |
|
|
3.57 |
% |
Interest-rate spread (1) |
|
3.06 |
% |
|
|
3.13 |
% |
|
|
3.18 |
% |
|
|
3.25 |
% |
|
|
3.27 |
% |
Return on average assets (annualized) |
|
1.17 |
% |
|
|
1.08 |
% |
|
|
1.21 |
% |
|
|
1.15 |
% |
|
|
1.23 |
% |
Return on average tangible assets (annualized) (non-GAAP) |
|
1.19 |
% |
|
|
1.11 |
% |
|
|
1.24 |
% |
|
|
1.17 |
% |
|
|
1.26 |
% |
Return on average stockholders' equity (annualized) |
|
9.74 |
% |
|
|
8.98 |
% |
|
|
10.14 |
% |
|
|
9.40 |
% |
|
|
10.10 |
% |
Return on average tangible stockholders' equity (annualized)
(non-GAAP) |
|
11.85 |
% |
|
|
10.98 |
% |
|
|
12.48 |
% |
|
|
11.54 |
% |
|
|
12.44 |
% |
Efficiency ratio (2) |
|
56.48 |
% |
|
|
56.09 |
% |
|
|
55.83 |
% |
|
|
57.86 |
% |
|
|
53.76 |
% |
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
|
|
|
|
Net income — Basic |
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.28 |
|
Net income — Diluted |
|
0.28 |
|
|
|
0.26 |
|
|
|
0.28 |
|
|
|
0.26 |
|
|
|
0.28 |
|
Cash dividends declared |
|
0.115 |
|
|
|
0.110 |
|
|
|
0.110 |
|
|
|
0.105 |
|
|
|
0.105 |
|
Book value per share (end of period) |
|
11.70 |
|
|
|
11.53 |
|
|
|
11.30 |
|
|
|
11.30 |
|
|
|
11.08 |
|
Tangible book value per share (end of period) (non-GAAP) |
|
9.63 |
|
|
|
9.45 |
|
|
|
9.22 |
|
|
|
9.21 |
|
|
|
9.00 |
|
Stock price (end of period) |
|
14.73 |
|
|
|
15.38 |
|
|
|
14.40 |
|
|
|
13.82 |
|
|
|
16.70 |
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet: |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
7,878,436 |
|
|
$ |
7,636,980 |
|
|
$ |
7,519,130 |
|
|
$ |
7,392,805 |
|
|
$ |
7,320,596 |
|
Total loans and leases |
|
6,646,821 |
|
|
|
6,505,329 |
|
|
|
6,388,197 |
|
|
|
6,303,516 |
|
|
|
6,227,707 |
|
Total deposits |
|
5,729,339 |
|
|
|
5,622,493 |
|
|
|
5,620,633 |
|
|
|
5,454,044 |
|
|
|
5,233,611 |
|
Brookline Bancorp, Inc. stockholders’ equity |
|
932,311 |
|
|
|
918,468 |
|
|
|
900,572 |
|
|
|
900,140 |
|
|
|
890,368 |
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality: |
|
|
|
|
|
|
|
|
|
Nonperforming assets |
$ |
23,760 |
|
|
$ |
23,267 |
|
|
$ |
26,721 |
|
|
$ |
28,116 |
|
|
$ |
29,718 |
|
Nonperforming assets as a percentage of total assets |
|
0.30 |
% |
|
|
0.30 |
% |
|
|
0.36 |
% |
|
|
0.38 |
% |
|
|
0.41 |
% |
Allowance for loan and lease losses |
$ |
59,135 |
|
|
$ |
58,635 |
|
|
$ |
58,041 |
|
|
$ |
58,692 |
|
|
$ |
59,997 |
|
Allowance for loan and lease losses as a percentage of total loans
and leases |
|
0.89 |
% |
|
|
0.90 |
% |
|
|
0.91 |
% |
|
|
0.93 |
% |
|
|
0.96 |
% |
Net loan and lease charge-offs |
$ |
366 |
|
|
$ |
3,082 |
|
|
$ |
2,101 |
|
|
$ |
1,252 |
|
|
$ |
564 |
|
Net loan and lease charge-offs as a percentage of average loans and
leases (annualized) |
|
0.02 |
% |
|
|
0.19 |
% |
|
|
0.13 |
% |
|
|
0.08 |
% |
|
|
0.04 |
% |
|
|
|
|
|
|
|
|
|
|
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
Stockholders’ equity to total assets |
|
11.83 |
% |
|
|
12.03 |
% |
|
|
11.98 |
% |
|
|
12.18 |
% |
|
|
12.16 |
% |
Tangible stockholders’ equity to tangible assets (non-GAAP) |
|
9.94 |
% |
|
|
10.08 |
% |
|
|
9.99 |
% |
|
|
10.15 |
% |
|
|
10.11 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Calculated on a fully tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
(2) Calculated as non-interest expense as a percentage of net
interest income plus non-interest income. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Consolidated
Balance Sheets (Unaudited) |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
|
ASSETS |
(In Thousands Except
Share Data) |
Cash and due
from banks |
$ |
93,841 |
|
|
$ |
46,532 |
|
|
$ |
51,276 |
|
|
$ |
47,542 |
|
|
$ |
30,762 |
|
Short-term investments |
|
84,689 |
|
|
|
46,264 |
|
|
|
61,063 |
|
|
|
42,042 |
|
|
|
23,114 |
|
Total cash and cash equivalents |
|
178,530 |
|
|
|
92,796 |
|
|
|
112,339 |
|
|
|
89,584 |
|
|
|
53,876 |
|
Investment securities available-for-sale |
|
467,339 |
|
|
|
482,497 |
|
|
|
489,020 |
|
|
|
502,793 |
|
|
|
534,788 |
|
Investment securities held-to-maturity |
|
95,163 |
|
|
|
103,572 |
|
|
|
113,694 |
|
|
|
114,776 |
|
|
|
115,684 |
|
Equity securities held-for-trading |
|
4,581 |
|
|
|
4,698 |
|
|
|
4,341 |
|
|
|
4,207 |
|
|
|
4,169 |
|
Total investment securities |
|
567,083 |
|
|
|
590,767 |
|
|
|
607,055 |
|
|
|
621,776 |
|
|
|
654,641 |
|
Loans and leases held-for-sale |
|
— |
|
|
|
1,575 |
|
|
|
869 |
|
|
|
3,247 |
|
|
|
937 |
|
Loans and leases: |
|
|
|
|
|
|
|
|
|
Commercial real estate loans: |
|
|
|
|
|
|
|
|
|
Commercial real estate mortgage |
|
2,441,091 |
|
|
|
2,421,104 |
|
|
|
2,355,507 |
|
|
|
2,330,725 |
|
|
|
2,287,979 |
|
Multi-family mortgage |
|
919,234 |
|
|
|
877,330 |
|
|
|
855,703 |
|
|
|
847,711 |
|
|
|
828,849 |
|
Construction |
|
229,126 |
|
|
|
195,120 |
|
|
|
199,258 |
|
|
|
173,300 |
|
|
|
164,217 |
|
Total commercial real estate loans |
|
3,589,451 |
|
|
|
3,493,554 |
|
|
|
3,410,468 |
|
|
|
3,351,736 |
|
|
|
3,281,045 |
|
Commercial loans and leases: |
|
|
|
|
|
|
|
|
|
Commercial |
|
766,883 |
|
|
|
763,145 |
|
|
|
741,577 |
|
|
|
736,418 |
|
|
|
771,200 |
|
Equipment financing |
|
1,029,280 |
|
|
|
1,015,205 |
|
|
|
995,863 |
|
|
|
982,089 |
|
|
|
954,579 |
|
Condominium association |
|
54,225 |
|
|
|
47,986 |
|
|
|
49,142 |
|
|
|
50,451 |
|
|
|
52,205 |
|
Total commercial loans and leases |
|
1,850,388 |
|
|
|
1,826,336 |
|
|
|
1,786,582 |
|
|
|
1,768,958 |
|
|
|
1,777,984 |
|
Consumer loans: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
792,733 |
|
|
|
769,983 |
|
|
|
775,578 |
|
|
|
782,968 |
|
|
|
759,167 |
|
Home equity |
|
375,257 |
|
|
|
374,746 |
|
|
|
376,126 |
|
|
|
376,484 |
|
|
|
380,303 |
|
Other consumer |
|
38,992 |
|
|
|
40,710 |
|
|
|
39,443 |
|
|
|
23,370 |
|
|
|
29,208 |
|
Total consumer loans |
|
1,206,982 |
|
|
|
1,185,439 |
|
|
|
1,191,147 |
|
|
|
1,182,822 |
|
|
|
1,168,678 |
|
Total loans and leases` |
|
6,646,821 |
|
|
|
6,505,329 |
|
|
|
6,388,197 |
|
|
|
6,303,516 |
|
|
|
6,227,707 |
|
Allowance for loan and lease losses |
|
(59,135 |
) |
|
|
(58,635 |
) |
|
|
(58,041 |
) |
|
|
(58,692 |
) |
|
|
(59,997 |
) |
Net loans and leases |
|
6,587,686 |
|
|
|
6,446,694 |
|
|
|
6,330,156 |
|
|
|
6,244,824 |
|
|
|
6,167,710 |
|
Restricted equity securities |
|
57,896 |
|
|
|
55,270 |
|
|
|
54,192 |
|
|
|
61,751 |
|
|
|
63,963 |
|
Premises and equipment, net of accumulated depreciation |
|
75,229 |
|
|
|
75,373 |
|
|
|
75,520 |
|
|
|
76,382 |
|
|
|
77,886 |
|
Right-of-use asset operating leases |
|
26,216 |
|
|
|
25,928 |
|
|
|
26,205 |
|
|
|
— |
|
|
|
— |
|
Deferred tax asset |
|
25,204 |
|
|
|
25,629 |
|
|
|
27,084 |
|
|
|
21,495 |
|
|
|
22,249 |
|
Goodwill |
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
Identified intangible assets, net of accumulated
amortization |
|
4,843 |
|
|
|
5,264 |
|
|
|
5,684 |
|
|
|
6,086 |
|
|
|
6,623 |
|
Other real estate owned and repossessed assets |
|
2,132 |
|
|
|
1,966 |
|
|
|
3,912 |
|
|
|
4,019 |
|
|
|
3,934 |
|
Other assets |
|
193,190 |
|
|
|
155,291 |
|
|
|
115,687 |
|
|
|
103,214 |
|
|
|
108,350 |
|
Total assets |
$ |
7,878,436 |
|
|
$ |
7,636,980 |
|
|
$ |
7,519,130 |
|
|
$ |
7,392,805 |
|
|
$ |
7,320,596 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
Demand checking accounts |
$ |
1,106,684 |
|
|
$ |
1,042,854 |
|
|
$ |
1,011,031 |
|
|
$ |
1,033,551 |
|
|
$ |
1,017,234 |
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
NOW accounts |
|
340,321 |
|
|
|
340,082 |
|
|
|
369,896 |
|
|
|
336,317 |
|
|
|
322,587 |
|
Savings accounts |
|
604,481 |
|
|
|
585,322 |
|
|
|
625,770 |
|
|
|
619,961 |
|
|
|
612,210 |
|
Money market accounts |
|
1,666,231 |
|
|
|
1,669,782 |
|
|
|
1,706,708 |
|
|
|
1,675,050 |
|
|
|
1,623,220 |
|
Certificate of deposit accounts |
|
2,011,622 |
|
|
|
1,984,453 |
|
|
|
1,907,228 |
|
|
|
1,789,165 |
|
|
|
1,658,360 |
|
Total interest-bearing deposits |
|
4,622,655 |
|
|
|
4,579,639 |
|
|
|
4,609,602 |
|
|
|
4,420,493 |
|
|
|
4,216,377 |
|
Total deposits |
|
5,729,339 |
|
|
|
5,622,493 |
|
|
|
5,620,633 |
|
|
|
5,454,044 |
|
|
|
5,233,611 |
|
Borrowed funds: |
|
|
|
|
|
|
|
|
|
Advances from the FHLBB |
|
854,481 |
|
|
|
791,559 |
|
|
|
730,018 |
|
|
|
784,375 |
|
|
|
959,446 |
|
Subordinated debentures and notes |
|
83,551 |
|
|
|
83,512 |
|
|
|
83,472 |
|
|
|
83,433 |
|
|
|
83,392 |
|
Other borrowed funds |
|
48,373 |
|
|
|
55,693 |
|
|
|
52,515 |
|
|
|
52,734 |
|
|
|
40,048 |
|
Total borrowed funds |
|
986,405 |
|
|
|
930,764 |
|
|
|
866,005 |
|
|
|
920,542 |
|
|
|
1,082,886 |
|
Operating lease liabilities |
|
26,216 |
|
|
|
25,928 |
|
|
|
26,205 |
|
|
|
— |
|
|
|
— |
|
Mortgagors’ escrow accounts |
|
7,072 |
|
|
|
6,823 |
|
|
|
7,517 |
|
|
|
7,426 |
|
|
|
8,227 |
|
Accrued expenses and other liabilities |
|
197,093 |
|
|
|
132,504 |
|
|
|
98,198 |
|
|
|
100,174 |
|
|
|
96,047 |
|
Total liabilities |
|
6,946,125 |
|
|
|
6,718,512 |
|
|
|
6,618,558 |
|
|
|
6,482,186 |
|
|
|
6,420,771 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Brookline Bancorp, Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value; 200,000,000 shares authorized;
85,177,172 shares issued, 85,177,172 shares issued, 85,177,172
shares issued, 85,177,172 shares issued, and 85,177,172 shares
issued, respectively |
|
852 |
|
|
|
852 |
|
|
|
852 |
|
|
|
852 |
|
|
|
852 |
|
Additional paid-in capital |
|
735,928 |
|
|
|
737,584 |
|
|
|
736,872 |
|
|
|
755,629 |
|
|
|
753,941 |
|
Retained earnings, partially restricted |
|
252,435 |
|
|
|
238,625 |
|
|
|
226,929 |
|
|
|
212,838 |
|
|
|
200,151 |
|
Accumulated other comprehensive loss |
|
2,775 |
|
|
|
1,141 |
|
|
|
(4,393 |
) |
|
|
(9,460 |
) |
|
|
(15,599 |
) |
Treasury stock, at cost; |
|
|
|
|
|
|
|
|
|
5,003,127 shares, 5,025,764 shares, 5,020,025 shares, 5,020,025
shares, and 4,291,317 shares, respectively |
|
(59,176 |
) |
|
|
(59,199 |
) |
|
|
(59,121 |
) |
|
|
(59,120 |
) |
|
|
(48,334 |
) |
Unallocated common stock held by the Employee Stock Ownership
Plan; |
|
|
|
|
|
|
|
|
|
92,337 shares, 98,208 shares, 104,079 shares,109,950 shares, and
118,050 shares, respectively |
|
(503 |
) |
|
|
(535 |
) |
|
|
(567 |
) |
|
|
(599 |
) |
|
|
(643 |
) |
Total Brookline Bancorp, Inc. stockholders’ equity |
|
932,311 |
|
|
|
918,468 |
|
|
|
900,572 |
|
|
|
900,140 |
|
|
|
890,368 |
|
Noncontrolling interest in subsidiary |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,479 |
|
|
|
9,457 |
|
Total stockholders' equity |
|
932,311 |
|
|
|
918,468 |
|
|
|
900,572 |
|
|
|
910,619 |
|
|
|
899,825 |
|
Total liabilities and stockholders' equity |
$ |
7,878,436 |
|
|
$ |
7,636,980 |
|
|
$ |
7,519,130 |
|
|
$ |
7,392,805 |
|
|
$ |
7,320,596 |
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
Consolidated Statements of Income (Unaudited) |
|
Three Months Ended |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
|
|
(In Thousands Except Share Data) |
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
83,566 |
|
|
$ |
82,798 |
|
$ |
80,672 |
|
$ |
78,791 |
|
|
$ |
75,877 |
|
Debt securities |
|
2,977 |
|
|
|
3,158 |
|
|
3,236 |
|
|
3,489 |
|
|
|
3,585 |
|
Marketable and restricted equity securities |
|
876 |
|
|
|
877 |
|
|
911 |
|
|
1,008 |
|
|
|
1,029 |
|
Short-term investments |
|
487 |
|
|
|
351 |
|
|
267 |
|
|
256 |
|
|
|
145 |
|
Total interest and dividend income |
|
87,906 |
|
|
|
87,184 |
|
|
85,086 |
|
|
83,544 |
|
|
|
80,636 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
Deposits |
|
18,300 |
|
|
|
17,712 |
|
|
15,948 |
|
|
13,744 |
|
|
|
11,916 |
|
Borrowed funds |
|
6,370 |
|
|
|
6,338 |
|
|
6,139 |
|
|
6,641 |
|
|
|
6,388 |
|
Total interest expense |
|
24,670 |
|
|
|
24,050 |
|
|
22,087 |
|
|
20,385 |
|
|
|
18,304 |
|
Net interest income |
|
63,236 |
|
|
|
63,134 |
|
|
62,999 |
|
|
63,159 |
|
|
|
62,332 |
|
Provision for credit losses |
|
871 |
|
|
|
3,757 |
|
|
1,353 |
|
|
123 |
|
|
|
2,717 |
|
Net interest income after provision for credit losses |
|
62,365 |
|
|
|
59,377 |
|
|
61,646 |
|
|
63,036 |
|
|
|
59,615 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
Deposit fees |
|
2,710 |
|
|
|
2,680 |
|
|
2,523 |
|
|
2,669 |
|
|
|
2,648 |
|
Loan fees |
|
719 |
|
|
|
398 |
|
|
413 |
|
|
390 |
|
|
|
417 |
|
Loan level derivative income, net |
|
2,251 |
|
|
|
1,772 |
|
|
1,745 |
|
|
1,811 |
|
|
|
2,192 |
|
Gain (loss) on investment securities, net |
|
(116 |
) |
|
|
357 |
|
|
134 |
|
|
(692 |
) |
|
|
(243 |
) |
Gain on sales of loans and leases held-for-sale |
|
550 |
|
|
|
561 |
|
|
289 |
|
|
327 |
|
|
|
535 |
|
Other |
|
1,815 |
|
|
|
1,710 |
|
|
1,526 |
|
|
1,956 |
|
|
|
1,520 |
|
Total non-interest income |
|
7,929 |
|
|
|
7,478 |
|
|
6,630 |
|
|
6,461 |
|
|
|
7,069 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
24,871 |
|
|
|
23,953 |
|
|
23,743 |
|
|
24,413 |
|
|
|
22,338 |
|
Occupancy |
|
3,895 |
|
|
|
3,752 |
|
|
3,947 |
|
|
3,240 |
|
|
|
3,913 |
|
Equipment and data processing |
|
4,749 |
|
|
|
4,641 |
|
|
4,661 |
|
|
4,626 |
|
|
|
4,601 |
|
Professional services |
|
1,083 |
|
|
|
1,087 |
|
|
1,076 |
|
|
1,130 |
|
|
|
1,075 |
|
FDIC insurance |
|
54 |
|
|
|
745 |
|
|
593 |
|
|
727 |
|
|
|
846 |
|
Advertising and marketing |
|
1,035 |
|
|
|
1,112 |
|
|
1,069 |
|
|
773 |
|
|
|
1,068 |
|
Amortization of identified intangible assets |
|
421 |
|
|
|
420 |
|
|
402 |
|
|
537 |
|
|
|
537 |
|
Merger and restructuring expense |
|
1,125 |
|
|
|
— |
|
|
— |
|
|
526 |
|
|
|
22 |
|
Other |
|
2,958 |
|
|
|
3,894 |
|
|
3,380 |
|
|
4,310 |
|
|
|
2,910 |
|
Total non-interest expense |
|
40,191 |
|
|
|
39,604 |
|
|
38,871 |
|
|
40,282 |
|
|
|
37,310 |
|
Income before provision for income taxes |
|
30,103 |
|
|
|
27,251 |
|
|
29,405 |
|
|
29,215 |
|
|
|
29,374 |
|
Provision for income taxes |
|
7,507 |
|
|
|
6,780 |
|
|
6,895 |
|
|
7,055 |
|
|
|
6,140 |
|
Net income before noncontrolling interest in subsidiary |
|
22,596 |
|
|
|
20,471 |
|
|
22,510 |
|
|
22,160 |
|
|
|
23,234 |
|
Less net income attributable to noncontrolling interest in
subsidiary |
|
— |
|
|
|
— |
|
|
43 |
|
|
1,022 |
|
|
|
774 |
|
Net income attributable to Brookline Bancorp, Inc. |
$ |
22,596 |
|
|
$ |
20,471 |
|
$ |
22,467 |
|
$ |
21,138 |
|
|
$ |
22,460 |
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.28 |
|
|
$ |
0.26 |
|
$ |
0.28 |
|
$ |
0.26 |
|
|
$ |
0.28 |
|
Diluted |
$ |
0.28 |
|
|
$ |
0.26 |
|
$ |
0.28 |
|
$ |
0.26 |
|
|
$ |
0.28 |
|
Weighted average common shares outstanding during
the period: |
|
|
|
|
|
|
|
|
Basic |
|
79,700,403 |
|
|
|
79,669,922 |
|
|
79,658,583 |
|
|
80,258,456 |
|
|
|
80,315,050 |
|
Diluted |
|
79,883,510 |
|
|
|
79,886,292 |
|
|
79,843,578 |
|
|
80,407,525 |
|
|
|
80,515,467 |
|
Dividends paid per common share |
$ |
0.110 |
|
|
$ |
0.110 |
|
$ |
0.105 |
|
$ |
0.105 |
|
|
$ |
0.100 |
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
Consolidated Statements of Income (Unaudited) |
|
|
|
Nine Months Ended September 30, |
|
|
2019 |
|
|
2018 |
|
|
|
(In Thousands Except Share Data) |
Interest and dividend
income: |
|
|
|
Loans and leases |
$ |
247,036 |
|
$ |
216,478 |
Debt securities |
|
9,371 |
|
|
10,471 |
Marketable and restricted equity securities |
|
2,664 |
|
|
2,956 |
Short-term investments |
|
1,105 |
|
|
444 |
Total interest and dividend income |
|
260,176 |
|
|
230,349 |
Interest expense: |
|
|
|
Deposits |
|
51,960 |
|
|
28,234 |
Borrowed funds |
|
18,847 |
|
|
17,575 |
Total interest expense |
|
70,807 |
|
|
45,809 |
Net interest income |
|
189,369 |
|
|
184,540 |
Provision for credit losses |
|
5,981 |
|
|
4,828 |
Net interest income after provision for credit losses |
|
183,388 |
|
|
179,712 |
Non-interest income: |
|
|
|
Deposit Fees |
|
7,913 |
|
|
7,731 |
Loan Fees |
|
1,530 |
|
|
1,037 |
Loan level derivative income, net |
|
5,768 |
|
|
3,629 |
Gain on investment securities, net |
|
375 |
|
|
1,162 |
Gain on sales of loans and leases held-for-sale |
|
1,400 |
|
|
1,556 |
Other |
|
5,051 |
|
|
3,648 |
Total non-interest income |
|
22,037 |
|
|
18,763 |
Non-interest expense: |
|
|
|
Compensation and employee benefits |
|
72,567 |
|
|
67,217 |
Occupancy |
|
11,594 |
|
|
11,751 |
Equipment and data processing |
|
14,051 |
|
|
13,587 |
Professional services |
|
3,246 |
|
|
3,274 |
FDIC insurance |
|
1,392 |
|
|
1,995 |
Advertising and marketing |
|
3,216 |
|
|
3,243 |
Amortization of identified intangible assets |
|
1,243 |
|
|
1,543 |
Merger and restructuring expense |
|
1,125 |
|
|
3,261 |
Other |
|
10,232 |
|
|
9,079 |
Total non-interest expense |
|
118,666 |
|
|
114,950 |
Income before provision for
income taxes |
|
86,759 |
|
|
83,525 |
Provision for income taxes |
|
21,182 |
|
|
19,134 |
Net income before noncontrolling interest in subsidiary |
|
65,577 |
|
|
64,391 |
Less net income attributable
to noncontrolling interest in subsidiary |
|
43 |
|
|
2,467 |
Net income attributable to Brookline Bancorp, Inc. |
$ |
65,534 |
|
$ |
61,924 |
Earnings per common share: |
|
|
|
Basic |
$ |
0.82 |
|
$ |
0.78 |
Diluted |
$ |
0.82 |
|
$ |
0.78 |
Weighted average
common shares outstanding during the period: |
|
|
Basic |
|
79,676,456 |
|
|
79,471,238 |
Diluted |
|
79,867,683 |
|
|
79,740,992 |
Dividends paid per common
share |
$ |
0.325 |
|
$ |
0.290 |
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
Asset Quality Analysis (Unaudited) |
|
At and for the Three Months Ended |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
|
|
(Dollars in Thousands) |
NONPERFORMING
ASSETS: |
|
|
|
|
|
|
|
|
|
Loans and leases accounted for on
a nonaccrual basis: |
|
|
|
|
|
|
|
|
|
Commercial real estate mortgage |
$ |
2,910 |
|
|
$ |
2,273 |
|
|
$ |
2,889 |
|
|
$ |
3,928 |
|
|
$ |
3,369 |
|
Multi-family mortgage |
|
87 |
|
|
|
94 |
|
|
|
101 |
|
|
|
330 |
|
|
|
357 |
|
Construction |
|
— |
|
|
|
— |
|
|
|
396 |
|
|
|
396 |
|
|
|
640 |
|
Total commercial real estate loans |
|
2,997 |
|
|
|
2,367 |
|
|
|
3,386 |
|
|
|
4,654 |
|
|
|
4,366 |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
3,139 |
|
|
|
6,349 |
|
|
|
5,728 |
|
|
|
6,621 |
|
|
|
7,862 |
|
Equipment financing |
|
12,817 |
|
|
|
9,931 |
|
|
|
10,253 |
|
|
|
9,500 |
|
|
|
9,659 |
|
Condominium association |
|
163 |
|
|
|
170 |
|
|
|
224 |
|
|
|
265 |
|
|
|
295 |
|
Total commercial loans and leases |
|
16,119 |
|
|
|
16,450 |
|
|
|
16,205 |
|
|
|
16,386 |
|
|
|
17,816 |
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
1,605 |
|
|
|
1,642 |
|
|
|
2,188 |
|
|
|
2,132 |
|
|
|
2,538 |
|
Home equity |
|
904 |
|
|
|
835 |
|
|
|
1,022 |
|
|
|
908 |
|
|
|
1,053 |
|
Other consumer |
|
3 |
|
|
|
7 |
|
|
|
8 |
|
|
|
17 |
|
|
|
11 |
|
Total consumer loans |
|
2,512 |
|
|
|
2,484 |
|
|
|
3,218 |
|
|
|
3,057 |
|
|
|
3,602 |
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual loans and leases |
|
21,628 |
|
|
|
21,301 |
|
|
|
22,809 |
|
|
|
24,097 |
|
|
|
25,784 |
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
201 |
|
|
|
957 |
|
|
|
3,054 |
|
|
|
3,054 |
|
|
|
3,136 |
|
Other repossessed assets |
|
1,931 |
|
|
|
1,009 |
|
|
|
858 |
|
|
|
965 |
|
|
|
798 |
|
Total nonperforming assets |
$ |
23,760 |
|
|
$ |
23,267 |
|
|
$ |
26,721 |
|
|
$ |
28,116 |
|
|
$ |
29,718 |
|
|
|
|
|
|
|
|
|
|
|
Loans and leases past due greater
than 90 days and still accruing |
$ |
11,885 |
|
|
$ |
11,612 |
|
|
$ |
16,800 |
|
|
$ |
13,482 |
|
|
$ |
14,954 |
|
|
|
|
|
|
|
|
|
|
|
Troubled debt restructurings on
accrual |
|
22,233 |
|
|
|
27,761 |
|
|
|
28,543 |
|
|
|
12,257 |
|
|
|
12,657 |
|
Troubled debt restructurings on
nonaccrual |
|
5,763 |
|
|
|
8,431 |
|
|
|
7,597 |
|
|
|
8,684 |
|
|
|
8,779 |
|
Total troubled debt restructurings |
$ |
27,996 |
|
|
$ |
36,192 |
|
|
$ |
36,140 |
|
|
$ |
20,941 |
|
|
$ |
21,436 |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases as
a percentage of total loans and leases |
|
0.33 |
% |
|
|
0.33 |
% |
|
|
0.36 |
% |
|
|
0.38 |
% |
|
|
0.41 |
% |
Nonperforming assets as a
percentage of total assets |
|
0.30 |
% |
|
|
0.30 |
% |
|
|
0.36 |
% |
|
|
0.38 |
% |
|
|
0.41 |
% |
|
|
|
|
|
|
|
|
|
|
PROVISION AND
ALLOWANCE FOR LOAN AND LEASE LOSSES: |
|
|
|
|
|
|
Allowance for loan and lease
losses at beginning of period |
$ |
58,635 |
|
|
$ |
58,041 |
|
|
$ |
58,692 |
|
|
$ |
59,997 |
|
|
$ |
57,981 |
|
Charge-offs |
|
(1,190 |
) |
|
|
(3,412 |
) |
|
|
(2,542 |
) |
|
|
(1,604 |
) |
|
|
(1,227 |
) |
Recoveries |
|
824 |
|
|
|
330 |
|
|
|
441 |
|
|
|
352 |
|
|
|
663 |
|
Net charge-offs |
|
(366 |
) |
|
|
(3,082 |
) |
|
|
(2,101 |
) |
|
|
(1,252 |
) |
|
|
(564 |
) |
Provision for loan and lease losses |
|
866 |
|
|
|
3,676 |
|
|
|
1,450 |
|
|
|
(53 |
) |
|
|
2,580 |
|
Allowance for loan and lease losses at end of period |
$ |
59,135 |
|
|
$ |
58,635 |
|
|
$ |
58,041 |
|
|
$ |
58,692 |
|
|
$ |
59,997 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease
losses as a percentage of total loans and leases |
|
0.89 |
% |
|
|
0.90 |
% |
|
|
0.91 |
% |
|
|
0.93 |
% |
|
|
0.96 |
% |
Allowance for loan and lease
losses related to originated loans and leases as a percentage of
originated loans and leases (non-GAAP) |
|
0.90 |
% |
|
|
0.92 |
% |
|
|
0.93 |
% |
|
|
0.96 |
% |
|
|
1.00 |
% |
|
|
|
|
|
|
|
|
|
|
NET
CHARGE-OFFS: |
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Commercial loans and leases |
|
403 |
|
|
|
3,107 |
|
|
|
2,124 |
|
|
|
883 |
|
|
|
579 |
|
Consumer loans |
|
(37 |
) |
|
|
(25 |
) |
|
|
(23 |
) |
|
|
369 |
|
|
|
(15 |
) |
Total net charge-offs |
$ |
366 |
|
|
$ |
3,082 |
|
|
$ |
2,101 |
|
|
$ |
1,252 |
|
|
$ |
564 |
|
|
|
|
|
|
|
|
|
|
|
Net loan and lease charge-offs as
a percentage of average loans and leases (annualized) |
|
0.02 |
% |
|
|
0.19 |
% |
|
|
0.13 |
% |
|
|
0.08 |
% |
|
|
0.04 |
% |
|
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
Average Yields / Costs (Unaudited) |
|
Three Months Ended |
|
September 30, 2019 |
|
June 30, 2019 |
|
September 30, 2018 |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
|
|
(Dollars in Thousands) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities (2) |
$ |
573,389 |
|
|
$ |
3,027 |
|
2.11 |
% |
|
$ |
593,404 |
|
|
$ |
3,210 |
|
2.16 |
% |
|
$ |
663,125 |
|
|
$ |
3,638 |
|
2.20 |
% |
Marketable and restricted equity securities (2) |
|
59,638 |
|
|
|
885 |
|
5.94 |
% |
|
|
59,224 |
|
|
|
888 |
|
5.99 |
% |
|
|
67,607 |
|
|
|
1,029 |
|
6.09 |
% |
Short-term investments |
|
70,707 |
|
|
|
487 |
|
2.76 |
% |
|
|
44,634 |
|
|
|
351 |
|
3.14 |
% |
|
|
31,061 |
|
|
|
145 |
|
1.87 |
% |
Total investments |
|
703,734 |
|
|
|
4,399 |
|
2.50 |
% |
|
|
697,262 |
|
|
|
4,449 |
|
2.55 |
% |
|
|
761,793 |
|
|
|
4,812 |
|
2.53 |
% |
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans (3) |
|
3,539,485 |
|
|
|
41,724 |
|
4.61 |
% |
|
|
3,447,136 |
|
|
|
41,363 |
|
4.75 |
% |
|
|
3,260,634 |
|
|
|
37,332 |
|
4.48 |
% |
Commercial loans (3) |
|
838,092 |
|
|
|
10,291 |
|
4.81 |
% |
|
|
811,890 |
|
|
|
9,879 |
|
4.82 |
% |
|
|
819,383 |
|
|
|
9,862 |
|
4.72 |
% |
Equipment financing (3) |
|
1,019,179 |
|
|
|
18,519 |
|
7.27 |
% |
|
|
1,005,376 |
|
|
|
18,291 |
|
7.28 |
% |
|
|
933,007 |
|
|
|
16,220 |
|
6.95 |
% |
Residential mortgage loans (3) |
|
776,482 |
|
|
|
8,215 |
|
4.23 |
% |
|
|
774,533 |
|
|
|
8,186 |
|
4.23 |
% |
|
|
756,421 |
|
|
|
7,648 |
|
4.04 |
% |
Other consumer loans (3) |
|
415,082 |
|
|
|
4,917 |
|
4.69 |
% |
|
|
417,600 |
|
|
|
5,187 |
|
4.97 |
% |
|
|
412,248 |
|
|
|
4,928 |
|
4.73 |
% |
Total loans and leases |
|
6,588,320 |
|
|
|
83,666 |
|
5.08 |
% |
|
|
6,456,535 |
|
|
|
82,906 |
|
5.14 |
% |
|
|
6,181,693 |
|
|
|
75,990 |
|
4.92 |
% |
Total interest-earning assets |
|
7,292,054 |
|
|
|
88,065 |
|
4.83 |
% |
|
|
7,153,797 |
|
|
|
87,355 |
|
4.88 |
% |
|
|
6,943,486 |
|
|
|
80,802 |
|
4.65 |
% |
Allowance for loan and lease
losses |
|
(59,386 |
) |
|
|
|
|
|
|
(58,137 |
) |
|
|
|
|
|
|
(58,576 |
) |
|
|
|
|
Non-interest-earning assets |
|
513,824 |
|
|
|
|
|
|
|
475,736 |
|
|
|
|
|
|
|
417,503 |
|
|
|
|
|
Total assets |
$ |
7,746,492 |
|
|
|
|
|
|
$ |
7,571,396 |
|
|
|
|
|
|
$ |
7,302,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
335,091 |
|
|
|
129 |
|
0.15 |
% |
|
$ |
343,745 |
|
|
|
50 |
|
0.06 |
% |
|
$ |
344,760 |
|
|
|
72 |
|
0.08 |
% |
Savings accounts |
|
600,609 |
|
|
|
820 |
|
0.54 |
% |
|
|
602,333 |
|
|
|
737 |
|
0.49 |
% |
|
|
599,514 |
|
|
|
472 |
|
0.31 |
% |
Money market accounts |
|
1,683,548 |
|
|
|
5,413 |
|
1.28 |
% |
|
|
1,683,735 |
|
|
|
5,571 |
|
1.33 |
% |
|
|
1,668,402 |
|
|
|
4,367 |
|
1.04 |
% |
Certificates of deposit |
|
2,000,941 |
|
|
|
11,938 |
|
2.37 |
% |
|
|
1,950,704 |
|
|
|
11,354 |
|
2.33 |
% |
|
|
1,612,551 |
|
|
|
7,005 |
|
1.72 |
% |
Total interest-bearing deposits |
|
4,620,189 |
|
|
|
18,300 |
|
1.57 |
% |
|
|
4,580,517 |
|
|
|
17,712 |
|
1.55 |
% |
|
|
4,225,227 |
|
|
|
11,916 |
|
1.12 |
% |
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advances from the FHLBB |
|
759,738 |
|
|
|
4,859 |
|
2.50 |
% |
|
|
761,651 |
|
|
|
4,825 |
|
2.51 |
% |
|
|
907,306 |
|
|
|
4,979 |
|
2.15 |
% |
Subordinated debentures and notes |
|
83,530 |
|
|
|
1,300 |
|
6.22 |
% |
|
|
83,490 |
|
|
|
1,305 |
|
6.25 |
% |
|
|
83,370 |
|
|
|
1,301 |
|
6.24 |
% |
Other borrowed funds |
|
79,620 |
|
|
|
211 |
|
1.05 |
% |
|
|
84,600 |
|
|
|
208 |
|
0.99 |
% |
|
|
56,918 |
|
|
|
108 |
|
0.75 |
% |
Total borrowings |
|
922,888 |
|
|
|
6,370 |
|
2.70 |
% |
|
|
929,741 |
|
|
|
6,338 |
|
2.70 |
% |
|
|
1,047,594 |
|
|
|
6,388 |
|
2.39 |
% |
Total interest-bearing liabilities |
|
5,543,077 |
|
|
|
24,670 |
|
1.77 |
% |
|
|
5,510,258 |
|
|
|
24,050 |
|
1.75 |
% |
|
|
5,272,821 |
|
|
|
18,304 |
|
1.38 |
% |
Non-interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand checking accounts |
|
1,096,788 |
|
|
|
|
|
|
|
1,015,524 |
|
|
|
|
|
|
|
1,023,610 |
|
|
|
|
|
Other non-interest-bearing liabilities |
|
178,564 |
|
|
|
|
|
|
|
133,790 |
|
|
|
|
|
|
|
107,449 |
|
|
|
|
|
Total liabilities |
|
6,818,429 |
|
|
|
|
|
|
|
6,659,572 |
|
|
|
|
|
|
|
6,403,880 |
|
|
|
|
|
Brookline Bancorp, Inc.
stockholders’ equity |
|
928,063 |
|
|
|
|
|
|
|
911,824 |
|
|
|
|
|
|
|
889,259 |
|
|
|
|
|
Noncontrolling interest in
subsidiary |
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
9,274 |
|
|
|
|
|
Total liabilities and equity |
$ |
7,746,492 |
|
|
|
|
|
|
$ |
7,571,396 |
|
|
|
|
|
|
$ |
7,302,413 |
|
|
|
|
|
Net interest income
(tax-equivalent basis) /Interest-rate spread (4) |
|
|
|
63,395 |
|
3.06 |
% |
|
|
|
|
63,305 |
|
3.13 |
% |
|
|
|
|
62,498 |
|
3.27 |
% |
Less adjustment of tax-exempt
income |
|
|
|
159 |
|
|
|
|
|
|
171 |
|
|
|
|
|
|
166 |
|
|
Net interest income |
|
|
$ |
63,236 |
|
|
|
|
|
$ |
63,134 |
|
|
|
|
|
$ |
62,332 |
|
|
Net interest margin (5) |
|
|
|
|
3.45 |
% |
|
|
|
|
|
3.55 |
% |
|
|
|
|
|
3.57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 on an actual/actual
basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
Average Yields / Costs (Unaudited) |
|
Nine Months Ended |
|
September 30, 2019 |
|
September 30, 2018 |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
|
|
(Dollars in Thousands) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
Debt securities (2) |
$ |
591,535 |
|
|
$ |
9,526 |
|
2.15 |
% |
|
$ |
658,993 |
|
|
$ |
10,632 |
|
2.15 |
% |
Marketable and restricted equity securities (2) |
|
59,747 |
|
|
|
2,693 |
|
6.01 |
% |
|
|
67,056 |
|
|
|
2,956 |
|
5.88 |
% |
Short-term investments |
|
49,833 |
|
|
|
1,105 |
|
2.96 |
% |
|
|
34,295 |
|
|
|
444 |
|
1.73 |
% |
Total investments |
|
701,115 |
|
|
|
13,324 |
|
2.53 |
% |
|
|
760,344 |
|
|
|
14,032 |
|
2.46 |
% |
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans (3) |
|
3,454,996 |
|
|
|
123,106 |
|
4.70 |
% |
|
|
3,209,798 |
|
|
|
107,133 |
|
4.40 |
% |
Commercial loans (3) |
|
814,392 |
|
|
|
29,773 |
|
4.82 |
% |
|
|
809,849 |
|
|
|
27,609 |
|
4.50 |
% |
Equipment financing (3) |
|
1,004,363 |
|
|
|
54,795 |
|
7.27 |
% |
|
|
905,345 |
|
|
|
46,823 |
|
6.90 |
% |
Residential mortgage loans (3) |
|
776,440 |
|
|
|
24,524 |
|
4.21 |
% |
|
|
740,507 |
|
|
|
21,933 |
|
3.95 |
% |
Other consumer loans (3) |
|
413,645 |
|
|
|
15,155 |
|
4.89 |
% |
|
|
400,304 |
|
|
|
13,333 |
|
4.45 |
% |
Total loans and leases |
|
6,463,836 |
|
|
|
247,353 |
|
5.10 |
% |
|
|
6,065,803 |
|
|
|
216,831 |
|
4.77 |
% |
Total interest-earning assets |
|
7,164,951 |
|
|
|
260,677 |
|
4.85 |
% |
|
|
6,826,147 |
|
|
|
230,863 |
|
4.51 |
% |
Allowance for loan and lease
losses |
|
(58,759 |
) |
|
|
|
|
|
|
(58,935 |
) |
|
|
|
|
Non-interest-earning assets |
|
479,046 |
|
|
|
|
|
|
|
401,999 |
|
|
|
|
|
Total assets |
$ |
7,585,238 |
|
|
|
|
|
|
$ |
7,169,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
337,671 |
|
|
|
321 |
|
0.13 |
% |
|
$ |
342,418 |
|
|
|
195 |
|
0.08 |
% |
Savings accounts |
|
609,284 |
|
|
|
2,154 |
|
0.47 |
% |
|
|
619,317 |
|
|
|
1,278 |
|
0.28 |
% |
Money market accounts |
|
1,681,594 |
|
|
|
16,259 |
|
1.29 |
% |
|
|
1,735,710 |
|
|
|
10,455 |
|
0.81 |
% |
Certificates of deposit |
|
1,932,625 |
|
|
|
33,226 |
|
2.30 |
% |
|
|
1,428,799 |
|
|
|
16,306 |
|
1.53 |
% |
Total interest-bearing deposits |
|
4,561,174 |
|
|
|
51,960 |
|
1.52 |
% |
|
|
4,126,244 |
|
|
|
28,234 |
|
0.91 |
% |
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
Advances from the FHLBB |
|
758,992 |
|
|
|
14,294 |
|
2.48 |
% |
|
|
960,399 |
|
|
|
13,423 |
|
1.84 |
% |
Subordinated debentures and notes |
|
83,491 |
|
|
|
3,913 |
|
6.25 |
% |
|
|
83,330 |
|
|
|
3,879 |
|
6.21 |
% |
Other borrowed funds |
|
84,477 |
|
|
|
640 |
|
1.01 |
% |
|
|
46,643 |
|
|
|
273 |
|
0.78 |
% |
Total borrowings |
|
926,960 |
|
|
|
18,847 |
|
2.68 |
% |
|
|
1,090,372 |
|
|
|
17,575 |
|
2.13 |
% |
Total interest-bearing liabilities |
|
5,488,134 |
|
|
|
70,807 |
|
1.72 |
% |
|
|
5,216,616 |
|
|
|
45,809 |
|
1.17 |
% |
Non-interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand checking accounts |
|
1,046,683 |
|
|
|
|
|
|
|
986,763 |
|
|
|
|
|
Other non-interest-bearing liabilities |
|
141,305 |
|
|
|
|
|
|
|
92,280 |
|
|
|
|
|
Total liabilities |
|
6,676,122 |
|
|
|
|
|
|
|
6,295,659 |
|
|
|
|
|
Brookline Bancorp, Inc.
stockholders’ equity |
|
908,994 |
|
|
|
|
|
|
|
864,675 |
|
|
|
|
|
Noncontrolling interest in
subsidiary |
|
122 |
|
|
|
|
|
|
|
8,877 |
|
|
|
|
|
Total liabilities and equity |
$ |
7,585,238 |
|
|
|
|
|
|
$ |
7,169,211 |
|
|
|
|
|
Net interest income
(tax-equivalent basis) /Interest-rate spread (4) |
|
|
|
189,870 |
|
3.13 |
% |
|
|
|
|
185,054 |
|
3.34 |
% |
Less adjustment of tax-exempt
income |
|
|
|
501 |
|
|
|
|
|
|
514 |
|
|
Net interest income |
|
|
$ |
189,369 |
|
|
|
|
|
$ |
184,540 |
|
|
Net interest margin (5) |
|
|
|
|
3.54 |
% |
|
|
|
|
|
3.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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 on an actual/actual
basis. |
|
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
Non-GAAP Financial Information (Unaudited) |
|
|
|
At and for the Three Months Ended September
30, |
|
At and for the Nine Months Ended September
30, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
Reconciliation Table - Non-GAAP Financial
Information |
|
(Dollars in Thousands Except Share Data) |
|
|
|
|
|
|
|
|
|
Net income
attributable to Brookline Bancorp, Inc. |
|
$ |
22,596 |
|
|
$ |
22,460 |
|
|
$ |
65,534 |
|
|
$ |
61,924 |
|
Less: |
|
|
|
|
|
|
|
|
|
Security gains (after-tax) |
|
|
(87 |
) |
|
|
— |
|
|
|
284 |
|
|
|
883 |
|
Add: |
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) |
|
|
845 |
|
|
|
17 |
|
|
|
851 |
|
|
|
2,478 |
|
Operating earnings |
|
|
$ |
23,528 |
|
|
$ |
22,477 |
|
|
$ |
66,101 |
|
|
$ |
63,519 |
|
|
|
|
|
|
|
|
|
|
|
Operating earnings per common
share: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.30 |
|
|
$ |
0.28 |
|
|
$ |
0.83 |
|
|
$ |
0.80 |
|
Diluted |
|
|
|
0.29 |
|
|
|
0.28 |
|
|
|
0.83 |
|
|
|
0.80 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding during the period: |
|
|
|
|
|
|
|
|
Basic |
|
|
|
79,700,403 |
|
|
|
80,315,050 |
|
|
|
79,676,456 |
|
|
|
79,471,238 |
|
Diluted |
|
|
|
79,883,510 |
|
|
|
80,515,467 |
|
|
|
79,867,683 |
|
|
|
79,740,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets * |
|
|
1.17 |
% |
|
|
1.23 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
Less: |
|
|
|
|
|
|
|
|
|
Security gains (after-tax) * |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
0.02 |
% |
Add: |
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) * |
|
|
0.04 |
% |
|
|
— |
% |
|
|
0.01 |
% |
|
|
0.05 |
% |
Operating
return on average assets * |
|
|
1.21 |
% |
|
|
1.23 |
% |
|
|
1.16 |
% |
|
|
1.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets * |
|
|
1.19 |
% |
|
|
1.26 |
% |
|
|
1.18 |
% |
|
|
1.18 |
% |
Less: |
|
|
|
|
|
|
|
|
|
Security gains (after-tax) * |
|
|
— |
% |
|
|
— |
% |
|
|
0.01 |
% |
|
|
0.02 |
% |
Add: |
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) * |
|
|
0.05 |
% |
|
|
— |
% |
|
|
0.02 |
% |
|
|
0.05 |
% |
Operating
return on average tangible assets * |
|
|
1.24 |
% |
|
|
1.26 |
% |
|
|
1.19 |
% |
|
|
1.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
stockholders' equity * |
|
|
9.74 |
% |
|
|
10.10 |
% |
|
|
9.61 |
% |
|
|
9.55 |
% |
Less: |
|
|
|
|
|
|
|
|
|
Security gains (after-tax) * |
|
|
(0.04 |
)% |
|
|
— |
% |
|
|
0.04 |
% |
|
|
0.14 |
% |
Add: |
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) * |
|
|
0.36 |
% |
|
|
0.01 |
% |
|
|
0.13 |
% |
|
|
0.38 |
% |
Operating
return on average stockholders' equity * |
|
|
10.14 |
% |
|
|
10.11 |
% |
|
|
9.70 |
% |
|
|
9.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible stockholders' equity * |
|
|
11.85 |
% |
|
|
12.44 |
% |
|
|
11.76 |
% |
|
|
11.76 |
% |
Less: |
|
|
|
|
|
|
|
|
|
Security gains (after-tax) * |
|
|
(0.05 |
)% |
|
|
— |
% |
|
|
0.05 |
% |
|
|
0.17 |
% |
Add: |
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) * |
|
|
0.44 |
% |
|
|
0.01 |
% |
|
|
0.15 |
% |
|
|
0.47 |
% |
Operating
return on average tangible stockholders' equity * |
|
|
12.34 |
% |
|
|
12.45 |
% |
|
|
11.86 |
% |
|
|
12.06 |
% |
|
|
|
|
|
|
|
|
|
|
* Ratios at and
for the three and nine months ended are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At and for the Three Months Ended |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
Net income, as reported |
$ |
22,596 |
|
|
$ |
20,471 |
|
|
$ |
22,467 |
|
|
$ |
21,138 |
|
|
$ |
22,460 |
|
|
|
|
|
|
|
|
|
|
|
Average total assets |
$ |
7,746,492 |
|
|
$ |
7,571,396 |
|
|
$ |
7,434,038 |
|
|
$ |
7,382,931 |
|
|
$ |
7,302,413 |
|
Less: Average goodwill and
average identified intangible assets, net |
|
165,493 |
|
|
|
165,914 |
|
|
|
166,327 |
|
|
|
166,777 |
|
|
|
167,313 |
|
Average tangible assets |
$ |
7,580,999 |
|
|
$ |
7,405,482 |
|
|
$ |
7,267,711 |
|
|
$ |
7,216,154 |
|
|
$ |
7,135,100 |
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible assets (annualized) |
|
1.19 |
% |
|
|
1.11 |
% |
|
|
1.24 |
% |
|
|
1.17 |
% |
|
|
1.26 |
% |
|
|
|
|
|
|
|
|
|
|
Average total stockholders’
equity |
$ |
928,063 |
|
|
$ |
911,824 |
|
|
$ |
886,639 |
|
|
$ |
899,244 |
|
|
$ |
889,259 |
|
Less: Average goodwill and
average identified intangible assets, net |
|
165,493 |
|
|
|
165,914 |
|
|
|
166,327 |
|
|
|
166,777 |
|
|
|
167,313 |
|
Average tangible stockholders’
equity |
$ |
762,570 |
|
|
$ |
745,910 |
|
|
$ |
720,312 |
|
|
$ |
732,467 |
|
|
$ |
721,946 |
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible stockholders’ equity (annualized) |
|
11.85 |
% |
|
|
10.98 |
% |
|
|
12.48 |
% |
|
|
11.54 |
% |
|
|
12.44 |
% |
|
|
|
|
|
|
|
|
|
|
Brookline Bancorp, Inc.
stockholders’ equity |
$ |
932,311 |
|
|
$ |
918,468 |
|
|
$ |
900,572 |
|
|
$ |
900,140 |
|
|
$ |
890,368 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
Identified intangible assets, net |
|
4,843 |
|
|
|
5,264 |
|
|
|
5,684 |
|
|
|
6,086 |
|
|
|
6,623 |
|
Tangible stockholders'
equity |
$ |
767,041 |
|
|
$ |
752,777 |
|
|
$ |
734,461 |
|
|
$ |
733,627 |
|
|
$ |
723,318 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
7,878,436 |
|
|
$ |
7,636,980 |
|
|
$ |
7,519,130 |
|
|
$ |
7,392,805 |
|
|
$ |
7,320,596 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
Identified intangible assets, net |
|
4,843 |
|
|
|
5,264 |
|
|
|
5,684 |
|
|
|
6,086 |
|
|
|
6,623 |
|
Tangible assets |
$ |
7,713,166 |
|
|
$ |
7,471,289 |
|
|
$ |
7,353,019 |
|
|
$ |
7,226,292 |
|
|
$ |
7,153,546 |
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’
equity to tangible assets |
|
9.94 |
% |
|
|
10.08 |
% |
|
|
9.99 |
% |
|
|
10.15 |
% |
|
|
10.11 |
% |
|
|
|
|
|
|
|
|
|
|
Tangible stockholders'
equity |
$ |
767,041 |
|
|
$ |
752,777 |
|
|
$ |
734,461 |
|
|
$ |
733,627 |
|
|
$ |
723,318 |
|
|
|
|
|
|
|
|
|
|
|
Number of common shares
issued |
|
85,177,172 |
|
|
|
85,177,172 |
|
|
|
85,177,172 |
|
|
|
85,177,172 |
|
|
|
85,177,172 |
|
Less: |
|
|
|
|
|
|
|
|
|
Treasury shares |
|
5,003,127 |
|
|
|
5,025,764 |
|
|
|
5,020,025 |
|
|
|
5,020,025 |
|
|
|
4,291,317 |
|
Unallocated ESOP shares |
|
92,337 |
|
|
|
98,208 |
|
|
|
104,079 |
|
|
|
109,950 |
|
|
|
118,050 |
|
Unvested restricted shares |
|
407,784 |
|
|
|
377,122 |
|
|
|
390,636 |
|
|
|
393,636 |
|
|
|
398,094 |
|
Number of common shares
outstanding |
|
79,673,924 |
|
|
|
79,676,078 |
|
|
|
79,662,432 |
|
|
|
79,653,561 |
|
|
|
80,369,711 |
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per common share |
$ |
9.63 |
|
|
$ |
9.45 |
|
|
$ |
9.22 |
|
|
$ |
9.21 |
|
|
$ |
9.00 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease
losses |
$ |
59,135 |
|
|
$ |
58,635 |
|
|
$ |
58,041 |
|
|
$ |
58,692 |
|
|
$ |
59,997 |
|
Less: |
|
|
|
|
|
|
|
|
|
Allowance for acquired loans and leases losses |
|
1,955 |
|
|
|
1,857 |
|
|
|
1,795 |
|
|
|
1,814 |
|
|
|
1,817 |
|
Allowance for originated loan and lease losses |
$ |
57,180 |
|
|
$ |
56,778 |
|
|
$ |
56,246 |
|
|
$ |
56,878 |
|
|
$ |
58,180 |
|
|
|
|
|
|
|
|
|
|
|
Total loans and leases |
$ |
6,646,821 |
|
|
$ |
6,505,329 |
|
|
$ |
6,388,197 |
|
|
$ |
6,303,516 |
|
|
$ |
6,227,707 |
|
Less: |
|
|
|
|
|
|
|
|
|
Total acquired loans and leases |
|
310,745 |
|
|
|
337,420 |
|
|
|
370,177 |
|
|
|
394,407 |
|
|
|
426,865 |
|
Total originated loans and leases |
$ |
6,336,076 |
|
|
$ |
6,167,909 |
|
|
$ |
6,018,020 |
|
|
$ |
5,909,109 |
|
|
$ |
5,800,842 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and
lease losses related to originated loans and leases as a
percentage of originated loans and
leases |
|
0.90 |
% |
|
|
0.92 |
% |
|
|
0.93 |
% |
|
|
0.96 |
% |
|
|
1.00 |
% |
|
|
|
|
|
|
|
|
|
|
Brookline Bancorp (NASDAQ:BRKL)
Historical Stock Chart
From Apr 2024 to May 2024
Brookline Bancorp (NASDAQ:BRKL)
Historical Stock Chart
From May 2023 to May 2024