Brookline Bancorp, Inc. (NASDAQ: BRKL) today reported net income of $6.3 million, or $0.09 fully diluted earnings per share (EPS), for the quarter ended March 31, 2012. These results compare to the first quarter 2011 net income of $7.3 million, or $0.12 fully diluted EPS, and the net income for the fourth quarter 2011 of $7.1 million, or $0.12 fully diluted EPS. Net earnings from operations were $10.3 million, or $0.15 per fully diluted share, after adjustment for merger-related expenses of $4.0 million (after-tax) associated with the January 1, 2012 acquisition of Bancorp Rhode Island, Inc. (“Bancorp Rhode Island”).
“Brookline Bancorp again delivered solid operating results, through continued organic loan and deposit growth and strong credit fundamentals” reported Paul A. Perrault, President and CEO of Brookline Bancorp. “We have already begun to capitalize upon the Bank Rhode Island acquisition and, looking forward, we remain enthusiastic about the growth opportunities in our respective marketplaces and our capacity to deliver on an expanded suite of products and services.”
FIRST QUARTER OPERATING RESULTS
Brookline Bancorp posted net operating earnings of $10.3 million, or $0.15 per diluted share in the first quarter of 2012, after adjustment for merger-related expenses of $4.0 million after tax. Total revenues (net interest income and non-interest income) of $47.2 million increased 57.4 percent as compared to the last quarter of 2011, driven by 53.0 percent growth in net interest income and 141.1 percent growth in other fee income. These results reflect increases in average commercial real estate loans, commercial loans and consumer loans of $589.8 million, $299.2 million and $338.4 million, respectively, and average core deposits of $638.6 million over the fourth quarter of 2011. Net interest margin was 4.08 percent, up from the fourth quarter of 2011, as Brookline Bancorp began to benefit from the Bancorp Rhode Island acquisition and continued to improve low-cost deposit balances.