This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Brookline Bancorp Announces Strong 2011 Results

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.”


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.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,888.35 +168.43 0.95%
S&P 500 2,102.63 +22.22 1.07%
NASDAQ 5,156.3060 +47.64 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs