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

(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 nonaccrual status are included in the average balances.

(4) Including non-interest-bearing checking accounts, the average interest rate on total deposits was 0.60%, 0.63% and 0.91% in the three months ended September 30, 2012, June 30, 2012, and September 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 (Unaudited)
 
Nine Months Ended
September 30, 2012 September 30, 2011

Average Balance
Interest (1)

Average Yield/Cost

Average Balance
Interest (1)

Average Yield/Cost
(Dollars in Thousands)
Assets:
Interest-earning assets:
Short-term investments $ 98,781 $ 166 0.23 % $ 72,702 $ 77 0.14 %
Investment securities available-for-sale (2) 447,344 6,753 2.01 % 294,017 5,020 2.28 %
Restricted equity securities (2) 54,893 317 0.77 % 39,361 161 0.54 %
Commercial real estate loans (3) 1,889,996 70,723 5.01 % 1,136,722 44,922 5.29 %
Commercial loans (3) 360,453 16,170 5.99 % 174,887 6,308 4.82 %
Equipment financing (3) 384,453 22,000 7.63 % 215,786 13,366 8.26 %
Indirect automobile loans (3) 577,857 18,132 4.19 % 576,488 21,591 5.01 %
Residential mortgage loans (3) 498,929 16,675 4.46 % 332,467 11,205 4.49 %
Other consumer loans (3)   269,473     9,587 4.75 %   74,886     2,222 3.97 %
Total interest-earning assets 4,582,179   160,523 4.68 % 2,917,316   104,872 4.80 %
Allowance for loan and lease losses (34,914 ) (30,340 )
Non-interest earning assets   405,524     133,079  
Total assets $ 4,952,789   $ 3,020,055  
 
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts $ 182,441 $ 162 0.12 % $ 132,056 $ 166 0.17 %
Savings accounts 517,168 1,351 0.35 % 154,869 734 0.63 %
Money market accounts 1,188,551 6,658 0.75 % 801,484 5,667 0.95 %
Certificates of deposit   1,064,431     8,184 1.03 %   815,934     8,436 1.38 %
Total interest-bearing deposits (4) 2,952,591 16,355 0.74 % 1,904,343 15,003 1.05 %
Advances from the FHLBB 723,934 10,502 1.94 % 412,260 7,854 2.55 %
Other borrowed funds   59,344     563 1.27 %   8,199     111 1.82 %
Total interest-bearing liabilities 3,735,869   27,420 0.98 % 2,324,802   22,968 1.32 %
Non-interest-bearing demand
checking accounts (4) 545,109 166,829
Other liabilities   67,793     26,136  
Total liabilities 4,348,771 2,517,767
Brookline Bancorp, Inc. stockholders’ equity 598,292 499,620
Noncontrolling interest in subsidiary   5,726     2,668  
Total liabilities and equity $ 4,952,789   $ 3,020,055  
Net interest income (tax equivalent basis) /
Interest rate spread (5) 133,103 3.70 % 81,904 3.48 %
Less adjustment of tax-exempt income   298   218
Net interest income $ 132,805 $ 81,686
Net interest margin (6) 3.88 % 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.

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