Net charge-offs were $267,000, or 0.04 percent of average loans, for the fourth quarter 2011. Net charge-offs for the fourth quarter 2010 were $2.0 million, or 0.36 percent of average loans, and were $610,000, or 0.09 percent of average loans, in the third quarter 2011. On a year-to-date basis, net charge-offs were $1.9 million, or 0.08 percent of average loans, a decrease of $3.2 million over the same period in 2010.
The provision for loan losses was $842,000 for the fourth quarter 2011, compared to $1.3 million in the fourth quarter 2010 and $891,000 in the third quarter 2011. On a year-to-date basis, the provision was $3.6 million, a decrease of $165,000 from the same period in 2010.
The allowance for loan losses was $31.7 million at December 31, 2011 compared to $29.7 million at December 31, 2010. The allowance for loan losses as a percent of total loans was 1.17 percent at December 31, 2011 compared to 1.32 percent at December 31, 2010 and the decrease was due to the impact of the First Ipswich acquisition. A non-accretable discount of $4.2 million, $3.5 million of which remains at December 31, 2011, was established as of February 28, 2011 in connection with the accounting for acquired First Ipswich loans at that date.
The Company’s Board of Directors approved a dividend of $0.085 per share. The dividend will be paid on February 24, 2012, to shareholders of record on February 10, 2012.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company with approximately $4.9 billion in assets and 43 branches throughout Massachusetts and Rhode Island, is headquartered in Brookline, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and The First National Bank of Ipswich. The Company provides commercial and retail banking services, and cash management and investment services to customers throughout Central New England. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites:
Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.