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Brookline Bancorp Announces Third Quarter Net Income Of $11.4 Million, EPS Of $0.16

Stocks in this article: BRKL

The tax provision benefited, in part, from the inclusion of approximately $0.3 million in additional federal tax credits for the refurbishment of the Company’s new headquarters.

ASSET QUALITY

Asset quality remains strong. Nonperforming loans and leases increased slightly from $21.1 million at June 30, 2012 to $21.3 million at September 30, 2012. However, due to growth in the loan and lease portfolio, the ratio of nonperforming loans to total loans and leases decreased slightly from 0.52 percent at June 30, 2012 to 0.51 percent at September 30, 2012. Nonperforming assets at September 30, 2012 totaled $23.7 million or 0.47 percent of total assets, down from $23.8 million, or 0.48 percent of total assets, at June 30, 2012.

The provision for loan and lease losses was $3.0 million for the third quarter 2012, down from $6.7 million in the second quarter 2012, and up from $0.9 million in the third quarter 2011. Net charge-offs for the third quarter 2012 were $1.5 million, or 0.15 percent of average loans and leases on an annualized basis, compared to $3.7 million, or 0.37 percent of average loans and leases, in the second quarter 2012, and $0.6 million, or 0.09 percent of average loans and leases, for the third quarter 2011.

The allowance for loan and lease losses was $38.9 million at September 30, 2012, compared to $37.4 million at June 30, 2012 and $31.1 million at September 30, 2011. The allowance for loan and lease losses as a percent of total originated and acquired loans and leases was 0.94 percent at September 30, 2012, compared to 0.93 percent at June 30, 2012 and 1.17 percent at September 30, 2011. The allowance for loan and lease losses as a percent of originated loans and leases was 1.30 percent at September 30, 2012, as compared to 1.33 percent at June 30, 2012.

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