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Brookline Bancorp Announces Strong 2011 Results

Stocks in this article: BRKL

Brookline Bancorp, Inc. (NASDAQ: BRKL) today reported net income of $7.1 million, or $0.12 fully diluted earnings per share (EPS), for the quarter ended December 31, 2011. These results compare to the fourth quarter 2010 net income of $6.4 million, or $0.11 fully diluted EPS, and the net income for the third quarter 2011 of $6.3 million, or $0.11 fully diluted EPS. Net earnings from operations were $7.6 million, or $0.13 per fully diluted share, after adjustment for additional professional service fees, including merger-related expenses, of $499,000 (after-tax) associated with the January 1, 2012 acquisition of Bancorp Rhode Island, Inc. (“Bancorp Rhode Island”).

For the year ended December 31, 2011, the Company reported net income of $27.6 million, or $0.47 fully diluted EPS, compared to net income of $26.9 million, or $0.46 fully diluted EPS, for the same period in 2010. Year-to-date net earnings from operations were $28.9 million, or $.49 per fully diluted share, after adjustment for the increase in professional service fees, including merger-related expenses, of $1.3 million (after-tax) related to the acquisitions of First Ipswich Bancorp (“First Ipswich”) and Bancorp Rhode Island.

“Brookline Bancorp had an excellent year in 2011 and we are pleased with our financial performance as we continue to grow our loan portfolio and deposit base, while maintaining our solid credit quality” said Paul A. Perrault, President and CEO of Brookline Bancorp. “We are very excited about the benefits that are expected from integrating First Ipswich and Bancorp Rhode Island into the Company. Our further expansion into Central New England should provide many additional service opportunities to further strengthen our position in a very competitive marketplace.”

BALANCE SHEET

Total assets at December 31, 2011 were $3.3 billion, representing an increase of 21.3 percent from year-end 2010 and 4.5 percent from September 30, 2011.

The loan portfolio grew to $2.7 billion as of December 31, 2011. This represented increases of $467.3 million, or 20.7 percent, from year-end 2010 and $58.7 million, or 2.2 percent, from September 30, 2011. Growth from year-end 2010 was driven by organic growth of 11.9 percent among all major loan categories and the addition of $203.1 million in loans from the First Ipswich acquisition. Commercial real estate loans were $1.3 billion at December 31, 2011, up $267.2 million compared to December 31, 2010. Commercial loans were $444.0 million as of December 31, 2011, up 29.0 percent from year-end 2010, primarily due to the increases in Eastern Funding’s portfolio, driven by the purchase of a loan portfolio in the third quarter of 2011, and commercial and industrial loans due to the First Ipswich acquisition. The increase in the loan portfolio from September 30, 2011 was driven by growth in the commercial real estate and commercial portfolios, 3.2 percent and 2.8 percent respectively.

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