Deposits of $3.62 billion at December 31, 2012 were up 5.4 percent annualized from September 30, 2012 and 10.2 percent from December 31, 2011 after exclusion of the $1.13 billion of deposits acquired from Bancorp Rhode Island. This growth was fueled by increases in NOW accounts and demand checking accounts which grew at an annualized rate of 64.1 percent and 22.4 percent during the quarter ended December 31, 2012, respectively. Core deposits, which increased from 70.8 percent to 72.0 percent of deposits quarter-to-quarter, increased 12.6 percent annualized in the fourth quarter 2012. Total borrowings increased 12.4 percent on an annualized basis to $854.0 million at December 31, 2012.
Cash and cash equivalents were $117.1 million as of December 31, 2012 as compared to $76.3 million as of September 30, 2012. The increase during the fourth quarter 2012 was related largely to the timing of cash items due to the Company at December 31, 2012 that cleared in January 2013. Investment securities available-for-sale of $481.3 million also increased 12.4 percent from September 30, 2012 to December 31, 2012 on an annualized basis, with total investment securities at 10.7 percent of total assets.
Stockholders’ equity to total assets was 11.89 percent at December 31, 2012. The tangible stockholders’ equity to tangible assets ratio remained constant at 9.08 percent at December 31, 2012 when compared with 9.08 percent at September 30, 2012 and decreased from 13.93 percent at December 31, 2011 as a result of Brookline Bancorp’s acquisition of Bancorp Rhode Island.
NET INTEREST INCOMENet interest income for the fourth quarter 2012 decreased $1.8 million to $44.6 million from $46.4 million in the third quarter of 2012. The decrease in interest income on commercial loans and leases from the third quarter 2012 was largely a result of a nonrecurring $1.4 million of yield adjustments recorded in the quarter ended September 30, 2012. The remaining decrease in interest income on loans and leases was largely driven by continued rate pressures in the economic environment and decreases in interest rates that were partially offset by strong growth across various loan and lease portfolios. Interest expense decreased $0.6 million in the fourth quarter 2012 as compared to the third quarter 2012, largely as a result of decreased FHLB borrowing costs and a decrease in the interest rates associated with core deposits. Net interest income for the year ended December 31, 2012 increased to $177.4 million from $110.2 million in the year ended December 31, 2011.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV