This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs