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

Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $11.9 million, or $0.17 per basic and diluted share, for the fourth quarter of 2012, compared to $7.1 million, or $0.12 per basic and diluted share, for the fourth quarter of 2011, and $11.4 million, or $0.16 per basic and diluted share, for the third quarter of 2012.

For the year ended December 31, 2012, net income totaled $37.1 million, or $0.53 per basic and diluted share, compared to $27.6 million, or $0.47 per basic and diluted share, for 2011. Operating earnings were $41.1 million, or $0.59 per basic and diluted share, for the year ended December 31, 2012, compared to $28.9 million, or $0.49 per basic and diluted share, for 2011.

Paul Perrault, President and Chief Executive Officer of Brookline Bancorp, Inc., stated: “Our strong fourth quarter and 2012 results reflect the significant progress we have made in carrying out our primary business objectives. We continue to generate strong loan growth while maintaining our traditionally strong asset quality. At the same time, we are also continuing to enhance our infrastructure to support this growth.”

BALANCE SHEET

Total assets at December 31, 2012 grew to $5.15 billion, an annualized increase of 6.8 percent from the prior quarter and 4.9 percent from December 31, 2011 after adjustment for the $1.69 billion of total assets acquired from Bancorp Rhode Island, Inc. on January 1, 2012.

The loan and lease portfolio grew to $4.18 billion as of December 31, 2012, up 3.1 percent annualized from the prior quarter and 11.8 percent from December 31, 2011, after adjustment for the $1.14 billion in loans and leases acquired from Bancorp Rhode Island on January 1, 2012. Strong organic loan growth continued in the commercial loan and lease and commercial real estate portfolios, which reached $2.85 billion, or 68.3 percent of total loans, at December 31, 2012. The commercial loan and lease and commercial real estate portfolios increased to $2.05 billion, an increase of 19.6 percent for the full year 2012 after adjustment for the $803.0 million in commercial loan and lease and commercial real estate portfolios acquired from Bancorp Rhode Island. The commercial loan and lease portfolio increased 14.9 percent and the commercial real estate portfolio increased 5.9 percent on an annualized basis during the fourth quarter 2012. The indirect automobile portfolio decreased $31.9 million from September 30, 2012 to December 31, 2012, as anticipated, reflecting significant paydowns on the portfolio and the continuing pricing pressures in the auto lending market.

If you liked this article you might like

7 Thrifts and Mortgage Bank Stocks to Buy on Rising Interest Rates

Insider Trading Alert - BRKL, KIRK And FBIZ Traded By Insiders

Cash Dividend On The Way From Brookline Bancorp (BRKL)

'Mad Money' Lightning Round: I Like Blackstone Group

Jim Cramer's 'Mad Money' Recap: Thank You, Corporate America