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Brookline Bancorp Announces Second Quarter Net Income Of $9.5 Million, EPS Of $0.14

Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $9.5 million, or $0.14 per basic and diluted share, for the second quarter of 2013, compared to $8.8 million, or $0.13 per basic and diluted share, for the first quarter of 2013, and $7.5 million, or $0.11 per basic and diluted share, for the second quarter of 2012. This increase in earnings per share represents an 8 percent increase from the first quarter 2013 and a 26 percent increase from the second quarter of 2012.

Paul Perrault, President and Chief Executive Officer of Brookline Bancorp, Inc., stated: “We are pleased to report increased earnings for the quarter and the successful completion of our three-phase systems conversions as of May 2013. Our already stellar asset quality continues to improve and our bankers continue to compete effectively in our markets, despite continued competitive pressures.”

BALANCE SHEET

Total assets increased $40.1 million during the second quarter, to $5.2 billion at June 30, 2013, and increased $178.1 million from $5.0 billion at June 30, 2012. Total loans and leases increased $31.0 million during the quarter to $4.2 billion, representing 3 percent growth on an annualized basis. At June 30, 2013, the commercial loan and lease and commercial real estate portfolios totaled $3.0 billion, or 70.2 percent of total loans and leases. Strong loan growth continued in our commercial real estate portfolios of $55.6 million in the quarter or 11 percent on an annualized basis. This growth offset the decrease in the indirect automobile portfolio of $31.2 million from March 31, 2013 to June 30, 2013.

Deposits of $3.7 billion at June 30, 2013 were up $30.9 million from March 31, 2013 and up $135.8 million from June 30, 2012. This represents an annualized increase of 4 percent from June 30, 2012. Core deposits, which consist of demand checking, NOW, savings, and money market accounts, increased at a 7 percent annualized rate in the second quarter of 2013, raising the core deposit ratio from 72.6 percent at March 31, 2013 to 73.4 percent at June 30, 2013. Total borrowings increased $9.6 million from $820.4 million at March 31, 2013 to $830.0 million at June 30, 2013.

Stock quotes in this article: BRKL 

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