NON-INTEREST INCOMENon-interest income was $1.4 million for the fourth quarter 2011, up $583,000 from the fourth quarter 2010 and $498,000 from the third quarter 2011. On a year-to-date basis, non-interest income was $4.8 million, an increase of $2.6 million compared to 2010. This increase is primarily due to a $1.5 million penalty charged to income resulting from prepaying FHLB borrowings and partially offset by $834,000 in gains on the sale of securities that were both recorded in 2010. In addition, the increase was impacted by the First Ipswich acquisition. The change in non-interest income from the third quarter 2011 is due to additional losses from investments in low-income housing projects of $171,000, offset by an increase in related tax benefits of $106,000. The remaining change in other income was an increase of $169,000 primarily as a result of bankruptcy proceeds received on a defaulted bond.
Brookline Bancorp Announces Strong 2011 Results
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