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Brookline Bancorp Announces Fourth Quarter Net Income Of $7.7 Million, EPS Of $0.11

Stocks in this article: BRKL

Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $7.7 million, or $0.11 per basic share and diluted share, for the fourth quarter of 2013, compared to $9.4 million, or $0.14 per basic and $0.13 per diluted share, for the third quarter of 2013, and $11.9 million, or $0.17 per basic and diluted share, for the fourth quarter of 2012.

For the year ended December 31, 2013, net income totaled $35.4 million, or $0.51 per basic and diluted share, compared to $37.1 million, or $0.53 per basic and diluted share, for 2012. Net earnings from operations were $36.0 million, or $0.52 per basic and $0.51 per diluted share, for the year ended December 31, 2013, compared to $41.1 million, or $0.59 per basic and diluted share, for 2012. The Company’s 2013 fourth quarter results include a charge of $0.9 million, or $0.01 per basic and diluted share, due to compensation-related expenses incurred upon the departure of the Company’s Chief Financial Officer.

Paul Perrault, President and Chief Executive Officer of Brookline Bancorp, Inc., stated: “We are pleased with the solid commercial loan and core deposit growth in 2013. We have experienced uneven results as we conclude our transition to a commercial bank and remain challenged by the historically low interest rate environment. With much of the transition work behind us, our strong balance sheet, expanding branch network, and new business initiatives position us well for 2014.”

BALANCE SHEET

Total assets increased $88.9 million during the fourth quarter of 2013 to $5.3 billion at December 31, 2013, and increased $177.6 million from $5.1 billion at December 31, 2012. The growth in total assets during the fourth quarter of 2013 is primarily driven by loans and leases, which increased $63.0 million to $4.4 billion at December 31, 2013, representing 5.9 percent growth on an annualized basis. At December 31, 2013, the commercial real estate and commercial loan and lease portfolios totaled $3.2 billion, or 72.7 percent of total loans and leases, as compared to $3.1 billion, or 71.7 percent at September 30, 2013, and $2.9 billion, or 68.3 percent at December 31, 2012. Strong loan growth continued in our total commercial loan and lease portfolio, which increased $84.8 million during the fourth quarter of 2013, or 11 percent on an annualized basis. This growth offsets the decrease of $40.4 million in the indirect automobile loan portfolio during the same period.

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