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Brookline Bancorp Announces Third Quarter Net Income Of $9.4 Million, EPS Of $0.14

Stocks in this article: BRKL

Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $9.4 million, or $0.14 per basic share and $0.13 per diluted share, for the third quarter of 2013, compared to $9.5 million, or $0.14 per basic and diluted share, for the second quarter of 2013, and $11.4 million, or $0.16 per basic and diluted share, for the third quarter of 2012.

Paul Perrault, President and Chief Executive Officer of Brookline Bancorp, Inc., stated: “Brookline delivered another solid quarter for our shareholders in what continues to be a challenging environment. We are pleased to report growth in commercial real estate loans, commercial loans and deposits—growth that reflects the hard work of our dedicated bankers in a very competitive marketplace as well as the strength of our commercial banking niche. We are also pleased to report continuing declines in nonperforming assets to 0.32 percent of total assets, a level that is one of the lowest amongst our peers.”


Total assets increased $85.7 million during the third quarter of 2013 to $5.2 billion at September 30, 2013, and increased $174.8 million from $5.1 billion at September 30, 2012. The growth in total assets during the third quarter of 2013 is primarily driven by loans and leases, which increased $94.5 million to $4.3 billion at September 30, 2013, representing 9 percent growth on an annualized basis. At September 30, 2013, the commercial real estate and commercial loan and lease portfolios totaled $3.1 billion, or 71.7 percent of total loans and leases, as compared to $3.0 billion, or 70.2 percent at June 30, 2013, and $2.8 billion, or 67.4 percent at September 30, 2012. Strong loan growth continued in our commercial real estate portfolio, which increased $61.8 million during the third quarter of 2013, or 12 percent on an annualized basis. This growth offsets the decrease of $38.8 million in the indirect automobile portfolio during the same period.

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