Brookline Bancorp Announces Fourth Quarter Results

BOSTON, Jan. 25, 2017 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ:BRKL) (the "Company") today announced net income of $13.3 million, or $0.19 per basic and diluted share, for the fourth quarter of 2016, compared to $13.3 million, or $0.19 per basic and diluted share, for the fourth quarter of 2015.

For the year ended December 31, 2016, the Company reported net income of $52.4 million, or $0.74 per basic and diluted share, compared to $49.8 million, or $0.71 per basic and diluted share, for the year ended December 31, 2015.

Paul Perrault, President and Chief Executive Officer of the Company, stated: "We are very pleased to finish 2016 with over 5 percent year-to-year growth in earnings. We grew our loan balances by more than 8 percent and our demand deposits grew by 13 percent. Our asset quality remains stable and we continue to be well-capitalized. Looking towards 2017, the Company is solidly positioned to continue to grow and deliver consistent returns to our stockholders. I am grateful to all our employees who have demonstrated dedication and commitment in accomplishing these outstanding results."

BALANCE SHEET

Total assets at December 31, 2016 increased $57.8 million to $6.44 billion from $6.38 billion at September 30, 2016, and increased $395.8 million from $6.04 billion at December 31, 2015. The increase in total assets of 3.6 percent on an annualized basis during the fourth quarter of 2016 was driven by growth in loans and leases. At December 31, 2016, total loans and leases were $5.40 billion, representing an increase of $66.6 million from September 30, 2016, and an increase of $403.3 million from December 31, 2015. During the fourth quarter of 2016, total loans and leases grew 5.0 percent on an annualized basis. Solid loan growth continued in the commercial real estate and commercial loan and lease portfolios, which increased $59.7 million during the fourth quarter of 2016, or 5.5 percent on an annualized basis.

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