This Day On The Street
Continue to site
ADVERTISEMENT
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

NON-INTEREST INCOME

Non-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.

NON-INTEREST EXPENSE

Non-interest expense was $16.5 million in the fourth quarter 2011, up $3.9 million compared to the fourth quarter 2010 and down $559,000 from the third quarter 2011. The change from the third quarter 2011 was primarily due to a write-down of $719,000 incurred in the third quarter of 2011 resulting from a property acquired through foreclosure that was under construction. There were no write-downs recorded in the fourth quarter 2011. Offsetting the write-down expense was an increase in professional service fees.

On a year-to-date basis, non-interest expense was $62.9 million, an increase of $14.7 million over the same period in 2010. The increase in the year-to-date comparison was primarily driven by the acquisition of First Ipswich and the merger-related expenses associated with the acquisition of Bancorp Rhode Island.

ASSET QUALITY

Non-performing assets at December 31, 2011 totaled $8.8 million or 0.27 percent of total assets. This represented a decrease from $10.5 million, or 0.33 percent of total assets, at September 30, 2011.

3 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
SYM TRADE IT LAST %CHG

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs