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TheStreet Open House

Brookline Bancorp Announces Second Quarter Net Income Of $7.5 Million

ASSET QUALITY

Non-performing loans and leases totaled $21.1 million, or 0.52 percent of total loans and leases, at June 30, 2012, up from $12.0 million, or 0.30 percent of total loans and leases, at March 31, 2012. Non-performing assets at June 30, 2012 totaled $23.8 million or 0.48 percent of total assets, up from $14.6 million, or 0.30 percent of total assets, at March 31, 2012. These increases in non-performing loans included the two commercial loans discussed previously.

The provision for credit losses was $6.7 million for the second quarter 2012, which included $4.2 million related to the aforementioned problem credit, compared to $3.2 million in the first quarter 2012, and $1.2 million in the second quarter 2011. Net charge-offs for the second quarter 2012 were $3.7 million, or 0.37 percent of average loans and leases on an annualized basis, compared to $0.5 million, or 0.05 percent of average loans and leases, in the first quarter 2012, and $0.4 million, or 0.06 percent of average loans and leases for the second quarter 2011.

The allowance for loan and lease losses was $37.4 million at June 30, 2012, compared to $34.4 million at March 31, 2012 and $30.8 million at June 30, 2011. The allowance for loan and lease losses as a percent of total loans and leases was 0.93 percent at June 30, 2012, compared to 0.87 percent at March 31, 2012 and 1.19 percent at June 30, 2011.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.085 per share. The dividend will be paid on August 24, 2012, to shareholders of record on August 10, 2012.

CHARTER CONVERSIONS

On June 29, 2012, two of the Company’s subsidiaries, Brookline Bank and First Ipswich Bank (formerly The First National Bank of Ipswich), converted to state-chartered financial institutions and became members of the Federal Reserve System. As a result, Brookline Bank is now a Massachusetts savings bank and First Ipswich Bank is now a Massachusetts trust company, both of which are now regulated by the Massachusetts Division of Banks and the Board of Governors of the Federal Reserve System.

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