1. Brookline Bancorp
Shares of Brookline Bancorp (BRKL) of Brookline, Mass., closed at $9.02 Tuesday, returning 8% year-to-date, following last year's 19% decline.
dividendBrookline Bancorp reported first-quarter net interest income of $43.6 million, increasing 49% from the previous quarter and 70% year-over-year, reflecting the company's Jan. 1 acquisition of Bank Rhode Island. The first-quarter net interest margin was 4.62%, according to HighlineFI, increasing from 3.99% in the fourth quarter, and 3.74% in the first quarter of 2011. The company itself said on April 25 that its first-quarter net interest margin "should have been reported a 3.87%," although its first-quarter interest income and expenses were reported correctly on April 19. In comparison, Brookline reported a net interest margin of 3.80% in the fourth quarter, and 3.74% in the first quarter of 2011. First-quarter net income was $6.3 million, or nine cents a share, declining from $7.1 million, or 12 cents a share, the previous quarter, and $7.3 million, or 12 cents a share, a year earlier. The first-quarter results included $4.0 million in after-tax expenses associated with the acquisition of Bank Rhode Island. With the Bank Rhode Island acquisition, Brookline's total assets grew by nearly 50% during the first quarter, to $4.9 billion as of March 31. The shares trade for 1.5 times tangible book value, according to HighlineFI, and for 12 times the consensus 2013 EPS estimate of 74 cents. The consensus 2012 EPS estimate is 70 cents. KBW analyst Damon DelMonte rates Brookline Bancorp "Market Perform," with a $9.00 price target, and said on April 18 that "Despite the shortfall to expectations, we are not overly concerned as we figured there are some timing issues related to the expected accretion from the
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