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Brookline Bancorp Announces Second Quarter Net Income Of $7.5 Million

NON-GAAP FINANCIAL MEASURES

The Company uses certain non-GAAP financial measures, such as net earnings from operations, tangible book value per common share and tangible stockholders’ equity to tangible assets. These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached.

 
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)
                     

At or for the Three Months Ended June 30,

At or for the Six Months Ended June 30,

2012 2011 2012 2011
(In Thousands Except Per Share Data)
 
Financial Data:
Net interest income $ 42,759 $ 27,798 $ 86,392 $ 53,738
Provision for credit losses 6,678 839 9,925 1,898
Non-interest income 4,721 1,518 8,315 2,643
Non-interest expense 28,699 15,877 61,290 29,326
Income before income taxes 12,103 12,600 23,492 25,157
Net income attributable to Brookline Bancorp, Inc. 7,529 7,001 13,878 14,267
 
Selected Statistical Data:
Net interest margin (1) 3.81 % 3.74 % 3.85 % 3.75 %
Interest rate spread (1) 3.63 % 3.47 % 3.67 % 3.47 %
Return on average assets 0.61 % 0.91 % 0.57 % 0.96 %
Return on average stockholders' equity 5.04 % 5.62 % 4.64 % 5.73 %
 
Common Share Data:
Basic earnings per share $ 0.11 $ 0.12 $ 0.20 $ 0.24
Diluted earnings per share 0.11 0.12 0.20 0.24
Dividends paid per share 0.085 0.085 0.17 0.17
Book value per common share 8.55 8.48 8.55 8.48
Tangible book value per common share 6.23 7.60 6.23 7.60
Market value per common share at end of period 8.85 9.27 8.85 9.27
 
(1) Calculated on a fully-taxable equivalent basis.

 

 
At or for the Three Months Ended
Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011
(Dollars in Thousands)
Balance Sheet:
Total assets $ 4,972,381 $ 4,877,124 $ 3,299,013 $ 3,157,498 $ 3,114,582
Loans and leases, gross 4,013,129

 

3,935,518 2,720,821

 

2,662,076 2,588,923
Deposits 3,521,206 3,459,333 2,252,331 2,179,605 2,159,133
Brookline Bancorp, Inc. stockholders’ equity 598,865 597,531 503,602 501,890 501,077
 
Asset Quality:
Non-performing assets $ 23,831 $ 14,648 $ 8,796 $ 10,486 $ 11,774
Non-performing assets / total assets 0.48 % 0.30 % 0.27 % 0.33 % 0.38 %
Allowance for loan and lease losses $ 37,431 $ 34,428 $ 31,703 $ 31,128 $ 30,847
Allowance for loan and lease losses / total loans and leases 0.93 % 0.87 % 1.17 % 1.17 % 1.19 %
Net loan and lease charge-offs $ 3,675 $ 522 $ 267 $ 610 $ 371
Net loan and lease charge-offs to average loans and leases (annualized) 0.37 % 0.05 % 0.04 % 0.09 % 0.06 %
 
Capital Ratios:
Stockholders’ equity to total assets 12.04 % 12.25 % 15.27 % 15.90 % 16.09 %
Tangible stockholders’ equity to tangible assets 9.07 % 9.18 % 13.93 % 14.49 % 14.66 %
 
 

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
                 
June 30, March 31, December 31, June 30,
2012 2012 2011 2011
(In Thousands Except Share Data)
ASSETS
Cash and due from banks $ 118,411 $ 88,884 $ 56,513 $ 23,412
Short-term investments   98,677     44,382     49,783     93,861  
Total cash and cash equivalents   217,088     133,266     106,296     117,273  
Investment securities available for sale 384,533 461,498 217,431 274,960
Restricted equity securities 61,291 53,554 39,283 39,283
Other securities   500     500     -     -  
Total securities   446,324     515,552     256,714     314,243  
Loans and leases
Commercial real estate:
Commercial real estate mortgage 1,194,158 1,172,049 748,736 682,220
Multi-family mortgage 612,213 596,285 481,459 454,581
Construction   88,759     77,487     40,798     34,254  
Total commercial real estate   1,895,130     1,845,821     1,270,993     1,171,055  
Commercial loans and leases:
Commercial 365,283 360,095 150,895 144,546
Equipment financing 368,721 344,812 246,118 215,426
Condominium association   43,596     45,872     46,953     39,711  
Total commercial loans   777,600     750,779     443,966     399,683  
Indirect automobile   581,063     578,622     573,350     590,974  
Consumer loans:
Residential mortgage 493,074 490,812 350,213 348,771
Home equity 260,623 262,591 76,527 73,129
Other consumer   5,639     6,893     5,772     5,311  
Total consumer loans   759,336     760,296     432,512     427,211  
Allowance for loan and lease losses   (37,431 )   (34,428 )   (31,703 )   (30,847 )
Net loans and leases   3,975,698     3,901,090     2,689,118     2,558,076  
Premises and equipment, net 56,248

 

48,908 38,495 34,727
Building held for sale 6,046 6,046 - -
Deferred tax asset 25,656 24,647 12,681 12,541
Goodwill 137,890

 

138,914 45,799 45,966
Identified intangible assets 24,578 25,849 5,214 6,033
Other real estate owned and repossessed assets, net 2,765 2,647 1,266 3,869
Monies in escrow – Bancorp Rhode Island, Inc. acquisition - - 112,983 -
Other assets   80,088     80,205     30,447     21,854  
Total assets $ 4,972,381   $ 4,877,124   $ 3,299,013   $ 3,114,582  
 
LIABILITIES AND EQUITY
Deposits
Demand checking accounts $ 546,036 $ 529,945 $ 225,284 $ 184,480
NOW accounts 185,234 181,299 110,220 139,382
Savings accounts 503,507 511,736 164,744 164,884
Money market savings accounts 1,236,967 1,174,805 946,411 848,467
Certificate of deposit accounts   1,049,462     1,061,548     805,672     821,920  
Total deposits   3,521,206     3,459,333     2,252,331     2,159,133  
Overnight and short-term borrowings 733,394 698,671 498,570 421,355
Other borrowed funds 60,707 59,865 8,349 4,789
Mortgagors’ escrow accounts 6,942 7,156 6,513 6,847
Accrued expenses and other liabilities   47,328     50,883     26,248     18,742  
Total liabilities   4,369,577     4,275,908     2,792,011     2,610,866  
 
Equity:
Brookline Bancorp, Inc. stockholders’ equity:

Preferred stock, $0.01 par value; 50,000,000 shares  authorized; none issued

- - - -

Common stock, $0.01 par value; 200,000,000 shares authorized;  75,414,713 shares, 75,585,504 shares, 64,597,180 shares and  64,447,889 shares issued, respectively

754 754 644 644
Additional paid-in capital 618,184 618,031 525,171 524,841
Retained earnings, partially restricted 42,006 40,398 39,993 36,633
Accumulated other comprehensive income 1,969 2,457 1,963 3,254
Treasury stock, at cost, 5,373,733 shares (62,107 ) (62,107 ) (62,107 ) (62,107 )

Unallocated common stock held by ESOP – 356,064 shares,   367,137 shares, 378,215 shares and 401,316 shares,   respectively

(1,941 ) (2,002 ) (2,062 ) (2,188 )
Total Brookline Bancorp, Inc. stockholders’ equity   598,865     597,531     503,602     501,077  
Noncontrolling interest in subsidiary   3,939     3,685     3,400     2,639  
Total equity   602,804     601,216     507,002     503,716  
Total liabilities and equity $ 4,972,381   $ 4,877,124   $ 3,299,013   $ 3,114,582  
 
 

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
                 
Three Months Ended June 30, Six Months Ended June 30,
2012 2011 2012 2011
(In Thousands Except Share Data)
Interest income:
Loans and leases $ 50,135 $ 33,786 $ 99,778 $ 65,411
Debt securities 1,541 1,754 4,770 3,511
Short-term investments 68 26 95 50
Marketable and restricted equity securities   95     55   187     92
Total interest income   51,839     35,621   104,830     69,064
 
Interest expense:
Deposits (excluding brokered deposits) 5,463 5,138 10,980 10,033
Borrowed funds and subordinated debt   3,617     2,685   7,458     5,293
Total interest expense   9,080     7,823   18,438     15,326
 
Net interest income 42,759 27,798 86,392 53,738
Provision for credit losses   6,678     839   9,925     1,898
Net interest income after provision for credit losses   36,081     26,959   76,467     51,840
 
Non-interest income:
Fees, charges and other income 4,168 1,518 7,901 2,563
Loss from investments in affordable housing projects (244 ) - (383 ) -
Gain on sales of securities   797     -   797     80
Total non-interest income   4,721     1,518   8,315     2,643
 
Non-interest expense:
Compensation and employee benefits 14,238 7,795 28,926 14,606
Occupancy 2,503 1,499 5,179 2,873
Equipment and data processing 3,632 2,290 7,275 4,365
Professional services 2,554 1,458 9,008 2,247
FDIC insurance 671 324 1,301 757
Advertising and marketing 774 517 1,476 910
Amortization of identified intangible assets 1,271 455 2,554 750
Other   3,056     1,539   5,571     2,818
Total non-interest expense   28,699     15,877   61,290     29,326
 
Income before income taxes 12,103 12,600 23,492 25,157
Provision for income taxes   4,320     5,273   9,075     10,281
Net income 7,783 7,327 14,417 14,876
 
Less net income attributable to noncontrolling interest in subsidiary   254     326   539     609
Net income attributable to Brookline Bancorp, Inc. $ 7,529   $ 7,001 $ 13,878   $ 14,267
 
Earnings per common share:
Basic $ 0.11 $ 0.12 $ 0.20 $ 0.24
Diluted 0.11 0.12 0.20 0.24
 
Weighted average common shares outstanding during the period:
Basic 69,677,656 58,629,265 69,671,130 58,620,467
Diluted 69,715,890 58,630,908 69,706,694 58,624,699
 
Dividends declared per common share $ 0.085 $ 0.085 $ 0.17 $ 0.17
 
 

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)
                     
Three Months Ended
Jun 30, 2012 Mar 31, 2012 Dec 31, 2011

 

Sep 30, 2011 Jun 30, 2011
(Dollars in Thousands)
NON-PERFORMING ASSETS:
 
Non-accrual loans:
Commercial real estate mortgage $ 2,120 $ - $ - $ - $ -
Multi-family mortgage 3,129 2,635 1,380 1,373 1,376
Construction   -     -     -     -     -  
Total commercial real estate 5,249 2,635 1,380 1,373 1,376
 
Commercial 6,896 2,146 - - -
Equipment financing 2,375 1,226 1,925 1,892 1,757
Condominium association   11     13     15     17     -  

Total commercial loans

9,282 3,385 1,940 1,909 1,757
 
Indirect automobile 91 26 111 59 117
 
Home equity 784 299 98 98 98
Residential mortgage 3,088 2,999 1,327 1,330 1,381
Other consumer   5     10     10     11     9  
Total consumer loans 3,877 3,308 1,435 1,439 1,488
 
Acquired loans   2,567     2,647     2,664     2,757     3,167  
Total non-accrual loans 21,066 12,001 7,530 7,537 7,905
 
Repossessed vehicles 487 403 389 558 461
Repossessed equipment 196 37 32 129 192
Other real estate owned 2,082 2,207 845 2,262 3,216
         
Total non-performing assets $ 23,831   $ 14,648   $ 8,796   $ 10,486   $ 11,774  
 
Restructured loans on accrual $ 6,443   $ 6,692   $ 5,205   $ 3,456   $ 4,905  
 
 
 
Non-performing loans and leases as a percentage of total loans and leases 0.52 % 0.30 % 0.28 % 0.28 % 0.31 %
Non-performing assets as a percentage of total assets 0.48 % 0.30 % 0.27 % 0.33 % 0.38 %
 
 
PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
 
Balance at beginning of period $ 34,428 $ 31,703 $ 31,128 $ 30,847 $ 30,048
Provision for credit losses 6,678 3,247 842 891 1,170
Charge-offs (3,970 ) (788 ) (533 ) (792 ) (606 )
Recoveries   295     266     266     182     235  
Net charge-offs   (3,675 )   (522 )   (267 )   (610 )   (371 )
Balance at end of period $ 37,431   $ 34,428   $ 31,703   $ 31,128   $ 30,847  
 
 
Allowance for loan and lease losses as a percent of total loans and leases 0.93 % 0.87 % 1.17 % 1.17 % 1.19 %
 
 
NET CHARGE-OFFS:
 
Commercial real estate $ (40 ) $ (40 ) $ - $ 30 $ -
Commercial 3,293 263 (18 ) 132 79
Auto 225 292 278 448 292
Consumer   197     7     7     -     -  
Total net charge-offs $ 3,675   $ 522   $ 267   $ 610   $ 371  
 
 
Net charge-offs to average loans and leases (annualized) 0.37 % 0.05 % 0.04 % 0.09 % 0.06 %
 
 

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs
                                     
Three Months Ended
June 30, 2012 March 31, 2012 June 30, 2011

Average Balance

Interest (1)

Average Yield/Cost

Average Balance

Interest (1)

Average Yield/Cost

Average Balance

Interest (1)

Average Yield/Cost

 

Assets

Interest-earning assets:
Short-term investments $ 71,675 $ 68 0.38 % $ 50,810 $ 27 0.21 % $ 71,395 $ 26 0.15 %
Debt securities (2) 430,206 1,548 1.44 % 517,843 3,237 2.50 % 313,687 1,762 2.25 %
Equity securities (2) 54,583 110 0.81 % 55,943 108 0.78 % 40,015 64 0.64 %
Commercial real estate loans (3) 1,859,292 23,607 5.10 % 1,829,833 23,468 5.17 % 1,159,065 15,337 5.31 %
Commercial loans (3) 412,476 4,713 4.58 % 393,861 4,588 4.67 % 181,555 2,174 4.80 %
Equipment financing (3) 348,426 7,428 8.53 % 341,736 6,756 7.91 % 214,529 4,414 8.23 %
Indirect automobile loans (3) 580,678 6,033 4.18 % 574,926 6,247 4.37 % 587,351 7,277 4.97 %
Residential mortgage loans (3) 489,688 5,445 4.45 % 491,012 5,544 4.52 % 343,088 3,852 4.49 %
Other consumer loans (3)   266,572     3,003 4.53 %   273,561     3,040 4.47 %   78,759     789 4.02 %
Total interest-earning assets 4,513,596   51,955 4.62 % 4,529,525   53,015 4.70 % 2,989,444   35,695 4.79 %
Allowance for loan losses (35,962 ) (32,999 ) (30,074 )
Non-interest earning assets   427,299     364,369     134,125  
Total assets $ 4,904,933   $ 4,860,895   $ 3,093,495  
 

Liabilities and Stockholders' Equity

Interest-bearing liabilities:

Deposits:
NOW accounts 189,118 57 0.12 % 179,086 $ 53 0.12 % 137,732 60 0.18 %
Savings accounts 505,601 443 0.35 % 511,147 498 0.39 % 165,214 266 0.65 %
Money market savings accounts 1,204,754 2,260 0.75 % 1,143,545 2,152 0.76 % 822,691 1,972 0.96 %
Certificates of deposit   1,056,021     2,702 1.03 %   1,078,276     2,813 1.05 %   830,260     2,840 1.37 %
Total deposits (4) 2,955,494 5,462 0.74 % 2,912,054 5,516 0.76 % 1,955,897 5,138 1.05 %
Federal Home Loan Bank advances 694,746 3,424 1.98 % 723,831 3,671 2.04 % 421,908 2,623 2.49 %
Other borrowings   60,550     193 1.28 %   58,766     170 1.16 %   10,243     62 2.44 %
Total interest-bearing liabilities 3,710,790   9,079 0.98 % 3,694,651   9,357 1.02 % 2,388,048   7,823 1.31 %
Non-interest-bearing demandchecking accounts (4) 542,100 509,522 175,994
Other liabilities   50,327     55,182     27,371  
Total liabilities 4,303,217 4,259,355 2,591,413
Brookline Bancorp, Inc. stockholders’ equity 597,908 597,978 498,276
Noncontrolling interest in subsidiary   3,808     3,562     3,806  
Total liabilities and equity $ 4,904,933   $ 4,860,895   $ 3,093,495  
Net interest income (tax equivalent basis) /interest rate spread (5) 42,876 3.63 % 43,658 3.68 % 27,872 3.47 %
Less adjustment of tax exempt income   117   24   74
Net interest income   42,759 $ 43,634   27,798
Net interest margin (6) 3.81 % 3.87 % 3.74 %

(1)

 

Tax exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax equivalent basis.

 

(2)

Average balances include unrealized gains (losses) on securities available for sale. Equity securities include marketable equity securities and restricted equity securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.

 

(3)

Loans on non-accrual status are included in the average balances.

 

(4)

Including non-interest-bearing checking accounts, the average interest rate on total deposits was 0.63%, 0.89% and 0.97% in the three months ended June 30, 2012, March 31, 2012, and June 30, 2011, respectively.

 

(5)

Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

 

(6)

Net interest margin represents net interest income (tax equivalent basis) divided by average interest-earning assets.

 
 

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs
                         
Six Months Ended
June 30, 2012 June 30, 2011

Average Balance

Interest (1)

Average Yield/Cost

Average Balance

Interest (1)

Average Yield/Cost

 

Assets

Interest-earning assets:
Short-term investments $ 64,780 $ 95 0.29 % $ 64,693 $ 50 0.16 %
Debt securities (2) 460,483 4,785 2.08 % 310,249 3,525 2.26 %
Equity securities (2) 55,263 219 0.79 % 38,968 105 0.48 %
Commercial real estate loans (3) 1,844,566 46,845 5.10 % 1,108,233 29,351 5.29 %
Commercial loans (3) 405,639 9,326 4.61 % 166,567 3,979 4.80 %
Equipment financing (3) 342,558 14,465 8.45 % 212,073 8,788 8.29 %
Indirect automobile loans (3) 577,802 12,280 4.27 % 573,799 14,595 5.13 %
Residential mortgage loans (3) 490,467 10,989 4.48 % 325,302 7,389 4.54 %
Other consumer loans (3)   270,065     6,043 4.50 %   73,370     1,427 3.92 %
Total interest-earning assets 4,511,623   105,047 4.67 % 2,873,254   69,209 4.82 %
Allowance for loan losses (34,515 ) (29,927 )
Non-interest earning assets   406,052     124,749  
Total assets $ 4,883,160   $ 2,968,076  
 

Liabilities and Stockholders' Equity

Interest-bearing liabilities:
Deposits:
NOW accounts 184,102 110 0.12 % $ 130,405 $ 107 0.17 %
Savings accounts 508,374 942 0.37 % 149,365 484 0.65 %
Money market savings accounts 1,174,149 4,412 0.76 % 772,528 3,696 0.96 %
Certificates of deposit   1,067,148     5,515 1.04 %   817,300     5,746 1.42 %
Total deposits (4) 2,933,773 10,979 0.75 % 1,869,598 10,033 1.08 %
Federal Home Loan Bank advances 709,373 7,095 2.01 % 405,695 5,193 2.58 %
Other borrowings   59,574     362 1.22 %   9,460     101 2.15 %
Total interest-bearing liabilities 3,702,720   18,436 1.00 % 2,284,753   15,327 1.35 %
Non-interest-bearing demandchecking accounts (4) 525,811 155,814
Other liabilities   52,754     26,631  
Total liabilities 4,281,285 2,467,198
Brookline Bancorp, Inc. stockholders’ equity 598,277 498,283
Noncontrolling interest in subsidiary   3,598     2,595  
Total liabilities and equity $ 4,883,160   $ 2,968,076  
Net interest income (tax equivalent basis) /interest rate spread (5) 86,611 3.67 % 53,882 3.47 %
Less adjustment of tax exempt income   219   144
Net interest income $ 86,392 $ 53,738
Net interest margin (6) 3.85 % 3.75 %

(1)

 

Tax exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax equivalent basis.

 

(2)

Average balances include unrealized gains (losses) on securities available for sale. Equity securities include marketable equity securities and restricted equity securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.

 

(3)

Loans on non-accrual status are included in the average balances.

 

(4)

Including non-interest-bearing checking accounts, the average interest rate on total deposits was 0.64% and 1.00% in the six months ended June 30, 2012 and 2011, respectively.

 

(5)

Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

 

(6)

Net interest margin represents net interest income (tax equivalent basis) divided by average interest-earning assets.

 
 

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information
                     
Three Months Ended June 30, Six Months Ended June 30,
2012 2011 2012 2011
Reconciliation Table - Non-GAAP Financial Information (In Thousands Except Per Share Data)
 
Net income attributable to Brookline Bancorp, Inc. $ 7,529 $ 7,001 $ 13,878 $ 14,267

Add:

Merger related expenses (after-tax)   -     774     3,972     924  
Net earnings from operations $ 7,529   $ 7,775   $ 17,850   $ 15,191  
 
Earnings per common share:
Basic $ 0.11 $ 0.13 $ 0.26 $ 0.26
Diluted 0.11 0.13 0.26 0.26
 
Weighted average common shares outstanding during the period:
Basic 69,677,656 58,629,265 69,671,130 58,620,467
Diluted 69,715,890 58,630,908 69,706,694 58,624,699
 
 
 
 
Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011
(Dollars in Thousands)
 
Brookline Bancorp, Inc. stockholders’ equity $ 598,865 $ 597,531 $ 503,602 501,890 $ 501,077
Less:
Goodwill 137,890 138,914 45,799 46,203

45,966

Identified intangible assets

  24,578     25,849     5,214     5,591    

6,033

 
Tangible stockholders' equity $ 436,397   $ 432,768   $ 452,589   $ 450,096   $

449,078

 
 
Total assets 4,972,381 4,877,124 3,299,013 3,157,498 3,114,582
Less:
Goodwill 137,890

 

138,914 45,799 46,203 45,966

Identified intangible assets

  24,578     25,849     5,214  

 

  5,591    

6,033

 
Tangible assets $ 4,809,913   $ 4,712,361   $ 3,248,000   $ 3,105,704   $

3,062,583

 

 

 

Tangible stockholders’ equity to tangible assets 9.07 % 9.18 % 13.93 % 14.49 % 14.66 %
 
 
 
Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011
(Dollars in Thousands Except Per Share Data)
 
Tangible stockholders' equity $ 436,397   $ 432,768   $ 452,589   $ 450,096   $

449,078

 
 
Common shares issued 75,414,713 75,585,504 64,597,180 64,580,180 64,447,889
Less:
Treasury shares   5,373,733     5,373,733     5,373,733     5,373,733     5,373,733  
Number of common shares outstanding   70,040,980     70,211,771     59,223,447     59,206,447     59,074,156  
 
Tangible book value per common share $ 6.23 $ 6.16 $ 7.64 $ 7.60 $ 7.60
 




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