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Brookline Bancorp Announces 2011 Third Quarter Earnings

Brookline Bancorp, Inc. (the “Company”) (NASDAQ:BRKL) announced today its earnings for the 2011 third quarter.

The Company earned $6,275,000, or $0.11 per share on a basic and diluted basis, for the quarter ended September 30, 2011 compared to $7,038,000, or $0.12 per share on a basic and diluted basis, for the quarter ended September 30, 2010. Net income for the nine months ended September 30, 2011 was $20,543,000, or $0.35 per share on a basic and diluted basis, compared to $20,474,000, or $0.35 per share on a basic and diluted basis, for the nine months ended September 30, 2010.

The acquisition of First Ipswich Bancorp and its subsidiaries (“Ipswich”) was completed effective February 28, 2011. On April 19, 2011, the Company and Bancorp Rhode Island, Inc. (“Bancorp Rhode Island”) entered into a Merger Agreement pursuant to which Bancorp Rhode Island will merge with and into the Company (the “Merger”). The Merger has been approved by Bancorp Rhode Island shareholders. Subject to the remaining regulatory approvals and other customary closing conditions, completion of the Merger is expected to occur in the 2011 fourth quarter.

Net income for the three month and nine month periods ended September 30, 2011 was reduced by $487,000 ($0.008 per share on a basic and diluted basis) and $1,411,000 ($0.024 per share on a basic and diluted basis), respectively, as a result of non-tax deductible professional fees and other expenses relating to the transactions mentioned above.

Operating highlights for the quarterly and nine month periods included:
  • Continued loan and deposit growth (excluding $203 million of loans acquired and $212 million of deposits assumed from First Ipswich Bancorp as of the February 28, 2011 acquisition date).
  2011 third quarter   2011 nine month period

Annualized growth rate

Annualized growth rate
(Dollars in millions)

Commercial real estate loans $ 60.6 20.7 % $ 120.7 12.0 %
Commercial loans 33.0 33.2 52.6 15.3
Indirect automobile loans (18.7 ) (13.0 ) 17.7 3.3
Consumer loans   (1.2 ) (1.1 )   14.0 4.0
Total (excluding deferred loan origination costs) $ 73.7 11.5 % $ 205.0 9.2 %

Transaction deposits $ 34.5 10.3 % $ 198.7 26.0 %
Certificates of deposit   (14.0 ) (6.8 )   (42.2 ) (7.1 )
Total $ 20.5 3.8 % $ 156.5 11.5 %

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