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Brookline Bancorp Announces Fourth Quarter Net Income Of $11.9 Million, EPS Of $0.17

Stocks in this article: BRKL

ASSET QUALITY

Asset quality remains stable and strong. Nonperforming loans and leases increased slightly from $21.3 million at September 30, 2012 to $22.2 million at December 31, 2012. The ratio of nonperforming loans to total loans and leases increased from 0.51 percent at September 30, 2012 to 0.53 percent at December 31, 2012. Nonperforming assets at December 31, 2012 totaled $23.7 million or 0.46 percent of total assets, which is consistent with $23.7 million, or 0.47 percent of total assets, at September 30, 2012.

The provision for loan and lease losses was $3.1 million for the fourth quarter 2012, up slightly from $3.0 million in the third quarter 2012, and up from $0.8 million in the fourth quarter 2011. Net charge-offs for the fourth quarter 2012 were $0.8 million, or 0.08 percent of average loans and leases on an annualized basis, compared to $1.5 million, or 0.15 percent of average loans and leases, in the third quarter 2012, and $0.3 million, or 0.04 percent of average loans and leases, for the fourth quarter 2011.

The allowance for loan and lease losses was $41.2 million at December 31, 2012, compared to $38.9 million at September 30, 2012 and $31.7 million at December 31, 2011, an increase that reflects the loan growth experienced across the Company. The allowance for loan and lease losses as a percent of total loans and leases was 0.98 percent at December 31, 2012, compared to 0.94 percent at September 30, 2012 and 1.17 percent at December 31, 2011. The allowance for loan and lease losses as a percent of originated loans and leases was 1.33 percent at December 31, 2012, as compared to 1.31 percent at September 30, 2012.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.085 per share. The dividend will be paid on February 27, 2013, to shareholders of record on February 13, 2013.

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