Cash and cash equivalents were $76.3 million as of September 30, 2012 as compared to $217.1 million as of June 30, 2012, a decrease that reflects the redeployment of cash to fund loan growth and security reinvestment efforts to reduce further pre-payment risk. As a result, investment securities available-for-sale of $466.8 million increased 21.4 percent from June 30, 2012 to September 30, 2012, with total investment securities at 10.6 percent of total assets.
Stockholders’ equity to total assets was 11.97 percent at September 30, 2012. The tangible stockholders' equity to tangible assets ratio remained relatively constant at 9.08 percent at September 30, 2012 when compared with 9.07 percent at June 30, 2012 and declined from 14.49 percent at September 30, 2011 as a result of the Brookline Bancorp’s acquisition of Bancorp Rhode Island.
Non-interest income was $3.8 million for the third quarter 2012, down $0.9 million from the second quarter 2012, in part, as a result of the Company waiving certain deposit fees during the month of the core system conversion and, in part, as a result of a reduction of late fee income on several large loans that paid off during the quarter. Additionally, gains on sales of investment securities in the third quarter decreased $0.8 million as compared to the second quarter, which included $0.8 million of gains on sales of investment securities in connection with a partial restructuring of the investment portfolios. Non-interest income was $12.1 million for the first nine months of 2012, up $8.5 million from the first nine months of 2011. The growth in the first nine months of 2012 was primarily driven by $7.9 million of non-interest income attributable to Bancorp Rhode Island.NON-INTEREST EXPENSE AND TAX PROVISION Non-interest expense of $30.4 million in the third quarter 2012 increased $1.8 million from the second quarter 2012 and $13.4 million from the third quarter 2011. The increase from third quarter 2011 to third quarter 2012 reflects the Company’s acquisition of Bancorp Rhode Island. Although compensation expense increased $0.9 million in the third quarter 2012, it remained consistent with compensation expense as reported in the first quarter 2012 despite business and infrastructure growth. This increase in compensation quarter-to-quarter was offset by a decrease of $0.6 million in professional services and a $0.3 million decline in FDIC insurance premiums quarter-to-quarter. Equipment and data processing expense for the quarter ended September 30, 2012 increased $0.4 million, largely as a result of software license termination fees. Other non-interest expense increased $1.3 million on a linked quarter basis reflecting operating expenses related to the Company’s continued migration to standardized operating and financial reporting platforms.
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