Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today
announced net income of $22.2 million, or $0.28 per basic and
diluted share, for the fourth quarter of 2019, compared to $22.6
million, or $0.28 per basic and diluted share, for the third
quarter of 2019, and $21.1 million, or $0.26 per basic and diluted
share, for the fourth quarter of 2018.
For the year ended December 31, 2019, the
Company reported net income of $87.7 million, or $1.10 per basic
and diluted share. This compared to $83.1 million, or $1.04 per
basic and diluted share, for the year ended December 31,
2018.
President and Chief Executive Officer Paul
Perrault commented on the Company’s performance in 2019. “We
had another successful year of solid growth and returns for our
stockholders in 2019. For the second straight year Brookline
Bancorp has achieved record earnings per share and net
income. I would like to thank all of our employees for their
hard work and dedication, demonstrating the values of Brookline
Bancorp, as we position ourselves for continued success and growth
in the new decade.”
On December 4, 2019, the Board of Directors (the
“Board”) of the Company approved a stock repurchase program
authorizing management to repurchase up to $10.0 million of the
Company’s common stock over a period of twelve months commencing on
January 1, 2020 and ending on December 31, 2020.
BALANCE SHEET
Total assets at December 31, 2019 decreased
$21.6 million to $7.86 billion from $7.88 billion at
September 30, 2019, and increased $464.0 million from $7.39
billion at December 31, 2018. At December 31, 2019, total
loans and leases were $6.74 billion, representing an increase of
$91.0 million from September 30, 2019, and an increase of
$434.3 million from December 31, 2018.
Investment securities at December 31, 2019
increased $22.3 million to $589.4 million, as compared to $567.1
million at September 30, 2019, and decreased $32.4 million
from $621.8 million at December 31, 2018. As of
December 31, 2019, securities and cash and cash equivalents
represented 8.5 percent of total assets as compared to 9.5 percent
and 9.6 percent as of September 30, 2019 and December 31,
2018, respectively.
Total deposits at December 31, 2019
increased $100.7 million to $5.83 billion from $5.73 billion at
September 30, 2019 and increased $376.0 million from $5.45
billion at December 31, 2018.
Total borrowed funds at December 31, 2019
decreased $83.7 million to $902.7 million from $986.4 million at
September 30, 2019 and decreased $17.8 million from $920.5
million at December 31, 2018.
The ratio of stockholders’ equity to total
assets was 12.04 percent at December 31, 2019, as compared to
11.83 percent at September 30, 2019, and 12.18 percent at
December 31, 2018. The ratio of tangible stockholders’ equity
to tangible assets was 10.15 percent at December 31, 2019, as
compared to 9.94 percent at September 30, 2019, and 10.15
percent at December 31, 2018. Tangible book value per share
increased $0.17 from $9.63 at September 30, 2019 to $9.80 at
December 31, 2019, compared to $9.21 at December 31,
2018.
NET INTEREST INCOME
Net interest income increased $0.7 million to
$63.9 million during the fourth quarter of 2019 from $63.2 million
for the quarter ended September 30, 2019. The net interest
margin decreased 2 basis points to 3.43 percent for the three
months ended December 31, 2019 from 3.45 percent for the three
months ended September 30, 2019.
NON-INTEREST INCOME
Non-interest income for the quarter ended
December 31, 2019 decreased $0.1 million to $7.8 million from
$7.9 million for the quarter ended September 30, 2019. The
decrease was primarily driven by decreases of $0.2 million in
revenue on sales of loans and leases and $0.3 million in other
non-interest income; partially offset by increases of $0.2 million
in loan level derivative income and $0.2 million in gain on
securities.
PROVISION FOR CREDIT LOSSES
The Company recorded a provision for credit
losses of $3.6 million for the quarter ended December 31,
2019, compared to $0.9 million for the quarter ended
September 30, 2019.
Total net charge-offs for the fourth quarter of
2019 were $1.6 million compared to $0.4 million in the third
quarter of 2019. The ratio of net loan and lease charge-offs to
average loans and leases on an annualized basis increased to 10
basis points for the fourth quarter of 2019 from 2 basis points for
the third quarter of 2019.
The allowance for loan and lease losses
represented 0.91 percent of total loans and leases at
December 31, 2019, compared to 0.89 percent at
September 30, 2019, and 0.93 percent at December 31,
2018. The allowance for loan and lease losses related to originated
loans and leases represented 0.91 percent of originated loans and
leases at December 31, 2019, compared to 0.90 percent at
September 30, 2019, and 0.96 percent at December 31,
2018.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended
December 31, 2019 decreased $1.4 million to $38.8 million from
$40.2 million for the quarter ended September 30, 2019. The
decrease was primarily driven by decreases of $0.9 million in
compensation and employee benefits, $0.1 million in equipment and
data processing and $1.1 million in merger and acquisition expense,
partially offset by an increase of $0.7 million in other
non-interest expense.
PROVISION FOR INCOME TAXES
The effective tax rate was 24.2 percent and 24.4
percent for the three and twelve months ended December 31,
2019, respectively.
RETURNS ON AVERAGE ASSETS AND AVERAGE
EQUITY
The annualized return on average assets
decreased to 1.13 percent during the fourth quarter of 2019
compared to 1.17 percent for the third quarter of 2019; and was
1.15 percent for the year ended December 31, 2019, compared to
1.15 percent for the year ended December 31, 2018.
The annualized return on average tangible
stockholders' equity decreased to 11.42 percent during the fourth
quarter of 2019 compared to 11.85 percent for the third quarter of
2019; and was 11.67 percent for the year ended December 31,
2019 compared to 11.70 percent for the year ended December 31,
2018.
ASSET QUALITY
The ratio of total nonperforming loans and
leases to total loans and leases was 0.29 percent at
December 31, 2019 as compared to 0.33 percent at
September 30, 2019. Nonperforming loans and leases decreased
$2.1 million to $19.5 million at December 31, 2019 from $21.6
million at September 30, 2019. The ratio of nonperforming
assets to total assets was 0.28 percent at December 31, 2019
as compared to 0.30 percent at September 30, 2019.
Nonperforming assets decreased $1.7 million to $22.1 million at
December 31, 2019 from $23.8 million at September 30,
2019.
DIVIDEND DECLARED
The Company’s Board approved a dividend of
$0.115 per share for the quarter ended December 31, 2019. The
dividend will be paid on February 28, 2020 to stockholders of
record on February 14, 2020.
CONFERENCE CALL
The Company will conduct a conference
call/webcast at 1:30 PM Eastern Daylight Time on Thursday, January
30, 2020 to discuss the results for the quarter, business
highlights and outlook. The call can be accessed by dialing
877-504-4120 (United States) or 412-902-6650 (internationally). A
recorded playback of the call will be available for one week
following the call at 877-344-7529 (United States) or 412-317-0088
(internationally). The passcode for the playback is 10137889. The
call will be available live and in a recorded version on the
Company’s website under “Investor Relations” at
www.brooklinebancorp.com.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company
with $7.9 billion in assets and branch locations in Massachusetts
and Rhode Island, is headquartered in Boston, Massachusetts and
operates as the holding company for Brookline Bank, Bank Rhode
Island, and First Ipswich Bank (the "banks"). The Company provides
commercial and retail banking services, cash management and
investment services to customers throughout Central New England.
More information about Brookline Bancorp, Inc. and its banks can be
found at the following websites: www.brooklinebank.com,
www.bankri.com, and www.firstipswich.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press
release that are not historical facts may constitute
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and are intended
to be covered by the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve risks and uncertainties. The Company’s actual
results could differ materially from those projected in the
forward-looking statements as a result of, among others, the risks
outlined in the Company’s Annual Report on Form 10-K, as updated by
its Quarterly Reports on Form 10-Q and other filings submitted to
the Securities and Exchange Commission ("SEC"). The Company does
not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the
date the forward-looking statements are made.
BASIS OF PRESENTATION
The Company's consolidated financial statements
have been prepared in conformity with generally accepted accounting
principles (“GAAP”) as set forth by the Financial Accounting
Standards Board in its Accounting Standards Codification and
through the rules and interpretive releases of the SEC under the
authority of federal securities laws. Certain amounts previously
reported have been reclassified to conform to the current period's
presentation.
NON-GAAP FINANCIAL MEASURES
The Company uses certain non-GAAP financial
measures, such as operating earnings, operating return on average
assets, operating return on average tangible assets, operating
return on average stockholders' equity, operating return on average
tangible stockholders' equity, the allowance for loan and lease
losses related to originated loans and leases as a percentage of
originated loans and leases, tangible book value per common share,
tangible stockholders’ equity to tangible assets, return on average
tangible assets and return on average tangible stockholders'
equity. These non-GAAP financial measures provide information for
investors to effectively analyze financial trends of ongoing
business activities, and to enhance comparability with peers across
the financial services sector. A detailed reconciliation table of
the Company's GAAP to the non-GAAP measures is attached.
Contact: |
Carl M. Carlson |
|
Brookline Bancorp, Inc. |
|
Chief Financial Officer |
|
(617) 425-5331 |
|
ccarlson@brkl.com |
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Selected
Financial Highlights (Unaudited) |
|
|
At and for the Three Months Ended |
|
At and for the Twelve Months
Ended |
|
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
|
(Dollars In
Thousands Except per Share Data) |
Earnings Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
63,931 |
|
|
$ |
63,236 |
|
|
$ |
63,134 |
|
|
$ |
62,999 |
|
|
$ |
63,159 |
|
|
$ |
253,300 |
|
|
$ |
247,699 |
|
Provision for credit losses |
|
3,602 |
|
|
|
871 |
|
|
|
3,757 |
|
|
|
1,353 |
|
|
|
123 |
|
|
|
9,583 |
|
|
|
4,951 |
|
Non-interest income |
|
7,756 |
|
|
|
7,929 |
|
|
|
7,478 |
|
|
|
6,630 |
|
|
|
6,461 |
|
|
|
29,793 |
|
|
|
25,224 |
|
Non-interest expense |
|
38,815 |
|
|
|
40,191 |
|
|
|
39,604 |
|
|
|
38,871 |
|
|
|
40,282 |
|
|
|
157,481 |
|
|
|
155,232 |
|
Income before provision for income taxes |
|
29,270 |
|
|
|
30,103 |
|
|
|
27,251 |
|
|
|
29,405 |
|
|
|
29,215 |
|
|
|
116,029 |
|
|
|
112,740 |
|
Net income attributable to Brookline Bancorp, Inc. |
|
22,183 |
|
|
|
22,596 |
|
|
|
20,471 |
|
|
|
22,467 |
|
|
|
21,138 |
|
|
|
87,717 |
|
|
|
83,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (1) |
|
3.43 |
% |
|
|
3.45 |
% |
|
|
3.55 |
% |
|
|
3.64 |
% |
|
|
3.58 |
% |
|
|
3.51 |
% |
|
|
3.61 |
% |
Interest-rate spread (1) |
|
3.05 |
% |
|
|
3.06 |
% |
|
|
3.13 |
% |
|
|
3.18 |
% |
|
|
3.25 |
% |
|
|
3.10 |
% |
|
|
3.32 |
% |
Return on average assets (annualized) |
|
1.13 |
% |
|
|
1.17 |
% |
|
|
1.08 |
% |
|
|
1.21 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
Return on average tangible assets (annualized) (non-GAAP) |
|
1.15 |
% |
|
|
1.19 |
% |
|
|
1.11 |
% |
|
|
1.24 |
% |
|
|
1.17 |
% |
|
|
1.17 |
% |
|
|
1.18 |
% |
Return on average stockholders' equity (annualized) |
|
9.42 |
% |
|
|
9.74 |
% |
|
|
8.98 |
% |
|
|
10.14 |
% |
|
|
9.40 |
% |
|
|
9.56 |
% |
|
|
9.51 |
% |
Return on average tangible stockholders' equity (annualized)
(non-GAAP) |
|
11.42 |
% |
|
|
11.85 |
% |
|
|
10.98 |
% |
|
|
12.48 |
% |
|
|
11.54 |
% |
|
|
11.67 |
% |
|
|
11.70 |
% |
Efficiency ratio (2) |
|
54.15 |
% |
|
|
56.48 |
% |
|
|
56.09 |
% |
|
|
55.83 |
% |
|
|
57.86 |
% |
|
|
55.63 |
% |
|
|
56.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income — Basic |
$ |
0.28 |
|
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
$ |
1.10 |
|
|
$ |
1.04 |
|
Net income — Diluted |
|
0.28 |
|
|
|
0.28 |
|
|
|
0.26 |
|
|
|
0.28 |
|
|
|
0.26 |
|
|
|
1.10 |
|
|
|
1.04 |
|
Cash dividends declared |
|
0.115 |
|
|
|
0.115 |
|
|
|
0.110 |
|
|
|
0.110 |
|
|
|
0.105 |
|
|
|
0.450 |
|
|
|
0.395 |
|
Book value per share (end of period) |
|
11.87 |
|
|
|
11.70 |
|
|
|
11.53 |
|
|
|
11.30 |
|
|
|
11.30 |
|
|
|
11.87 |
|
|
|
11.30 |
|
Tangible book value per share (end of period) (non-GAAP) |
|
9.80 |
|
|
|
9.63 |
|
|
|
9.45 |
|
|
|
9.22 |
|
|
|
9.21 |
|
|
|
9.80 |
|
|
|
9.21 |
|
Stock price (end of period) |
|
16.46 |
|
|
|
14.73 |
|
|
|
15.38 |
|
|
|
14.40 |
|
|
|
13.82 |
|
|
|
16.46 |
|
|
|
13.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
7,856,853 |
|
|
$ |
7,878,436 |
|
|
$ |
7,636,980 |
|
|
$ |
7,519,130 |
|
|
$ |
7,392,805 |
|
|
$ |
7,856,853 |
|
|
$ |
7,392,805 |
|
Total loans and leases |
|
6,737,816 |
|
|
|
6,646,821 |
|
|
|
6,505,329 |
|
|
|
6,388,197 |
|
|
|
6,303,516 |
|
|
|
6,737,816 |
|
|
|
6,303,516 |
|
Total deposits |
|
5,830,072 |
|
|
|
5,729,339 |
|
|
|
5,622,493 |
|
|
|
5,620,633 |
|
|
|
5,454,044 |
|
|
|
5,830,072 |
|
|
|
5,454,044 |
|
Brookline Bancorp, Inc. stockholders’ equity |
|
945,606 |
|
|
|
932,311 |
|
|
|
918,468 |
|
|
|
900,572 |
|
|
|
900,140 |
|
|
|
945,606 |
|
|
|
900,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets |
$ |
22,092 |
|
|
$ |
23,760 |
|
|
$ |
23,267 |
|
|
$ |
26,721 |
|
|
$ |
28,116 |
|
|
$ |
22,092 |
|
|
$ |
28,116 |
|
Nonperforming assets as a percentage of total assets |
|
0.28 |
% |
|
|
0.30 |
% |
|
|
0.30 |
% |
|
|
0.36 |
% |
|
|
0.38 |
% |
|
|
0.28 |
% |
|
|
0.38 |
% |
Allowance for loan and lease losses |
$ |
61,082 |
|
|
$ |
59,135 |
|
|
$ |
58,635 |
|
|
$ |
58,041 |
|
|
$ |
58,692 |
|
|
$ |
61,082 |
|
|
$ |
58,692 |
|
Allowance for loan and lease losses as a percentage of total loans
and leases |
|
0.91 |
% |
|
|
0.89 |
% |
|
|
0.90 |
% |
|
|
0.91 |
% |
|
|
0.93 |
% |
|
|
0.91 |
% |
|
|
0.93 |
% |
Net loan and lease charge-offs |
$ |
1,622 |
|
|
$ |
366 |
|
|
$ |
3,082 |
|
|
$ |
2,101 |
|
|
$ |
1,252 |
|
|
$ |
7,171 |
|
|
$ |
4,651 |
|
Net loan and lease charge-offs as a percentage of average loans and
leases (annualized) |
|
0.10 |
% |
|
|
0.02 |
% |
|
|
0.19 |
% |
|
|
0.13 |
% |
|
|
0.08 |
% |
|
|
0.11 |
% |
|
|
0.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to total assets |
|
12.04 |
% |
|
|
11.83 |
% |
|
|
12.03 |
% |
|
|
11.98 |
% |
|
|
12.18 |
% |
|
|
12.04 |
% |
|
|
12.18 |
% |
Tangible stockholders’ equity to tangible assets (non-GAAP) |
|
10.15 |
% |
|
|
9.94 |
% |
|
|
10.08 |
% |
|
|
9.99 |
% |
|
|
10.15 |
% |
|
|
10.15 |
% |
|
|
10.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Calculated on a fully tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Calculated as non-interest expense as a percentage of net
interest income plus non-interest income. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Consolidated
Balance Sheets (Unaudited) |
|
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
ASSETS |
(In Thousands Except Share Data) |
Cash and due from banks |
$ |
33,589 |
|
|
$ |
93,841 |
|
|
$ |
46,532 |
|
|
$ |
51,276 |
|
|
$ |
47,542 |
|
Short-term
investments |
|
44,201 |
|
|
|
84,689 |
|
|
|
46,264 |
|
|
|
61,063 |
|
|
|
42,042 |
|
Total cash and cash equivalents |
|
77,790 |
|
|
|
178,530 |
|
|
|
92,796 |
|
|
|
112,339 |
|
|
|
89,584 |
|
Investment
securities available-for-sale |
|
498,995 |
|
|
|
467,339 |
|
|
|
482,497 |
|
|
|
489,020 |
|
|
|
502,793 |
|
Investment
securities held-to-maturity |
|
86,780 |
|
|
|
95,163 |
|
|
|
103,572 |
|
|
|
113,694 |
|
|
|
114,776 |
|
Investment
securities trading |
|
3,581 |
|
|
|
4,581 |
|
|
|
4,698 |
|
|
|
4,341 |
|
|
|
4,207 |
|
Total investment securities |
|
589,356 |
|
|
|
567,083 |
|
|
|
590,767 |
|
|
|
607,055 |
|
|
|
621,776 |
|
Loans and
leases held-for-sale |
|
— |
|
|
|
— |
|
|
|
1,575 |
|
|
|
869 |
|
|
|
3,247 |
|
Loans and
leases: |
|
|
|
|
|
|
|
|
|
Commercial real estate loans: |
|
|
|
|
|
|
|
|
|
Commercial real estate mortgage |
|
2,491,011 |
|
|
|
2,441,091 |
|
|
|
2,421,104 |
|
|
|
2,355,507 |
|
|
|
2,330,725 |
|
Multi-family mortgage |
|
932,163 |
|
|
|
919,234 |
|
|
|
877,330 |
|
|
|
855,703 |
|
|
|
847,711 |
|
Construction |
|
246,048 |
|
|
|
229,126 |
|
|
|
195,120 |
|
|
|
199,258 |
|
|
|
173,300 |
|
Total commercial real estate loans |
|
3,669,222 |
|
|
|
3,589,451 |
|
|
|
3,493,554 |
|
|
|
3,410,468 |
|
|
|
3,351,736 |
|
Commercial loans and leases: |
|
|
|
|
|
|
|
|
|
Commercial |
|
729,502 |
|
|
|
766,883 |
|
|
|
763,145 |
|
|
|
741,577 |
|
|
|
736,418 |
|
Equipment financing |
|
1,052,408 |
|
|
|
1,029,280 |
|
|
|
1,015,205 |
|
|
|
995,863 |
|
|
|
982,089 |
|
Condominium association |
|
56,838 |
|
|
|
54,225 |
|
|
|
47,986 |
|
|
|
49,142 |
|
|
|
50,451 |
|
Total commercial loans and leases |
|
1,838,748 |
|
|
|
1,850,388 |
|
|
|
1,826,336 |
|
|
|
1,786,582 |
|
|
|
1,768,958 |
|
Consumer loans: |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
814,245 |
|
|
|
792,733 |
|
|
|
769,983 |
|
|
|
775,578 |
|
|
|
782,968 |
|
Home equity |
|
376,819 |
|
|
|
375,257 |
|
|
|
374,746 |
|
|
|
376,126 |
|
|
|
376,484 |
|
Other consumer |
|
38,782 |
|
|
|
38,992 |
|
|
|
40,710 |
|
|
|
39,443 |
|
|
|
23,370 |
|
Total consumer loans |
|
1,229,846 |
|
|
|
1,206,982 |
|
|
|
1,185,439 |
|
|
|
1,191,147 |
|
|
|
1,182,822 |
|
Total loans and leases |
|
6,737,816 |
|
|
|
6,646,821 |
|
|
|
6,505,329 |
|
|
|
6,388,197 |
|
|
|
6,303,516 |
|
Allowance
for loan and lease losses |
|
(61,082 |
) |
|
|
(59,135 |
) |
|
|
(58,635 |
) |
|
|
(58,041 |
) |
|
|
(58,692 |
) |
Net loans and leases |
|
6,676,734 |
|
|
|
6,587,686 |
|
|
|
6,446,694 |
|
|
|
6,330,156 |
|
|
|
6,244,824 |
|
Restricted
equity securities |
|
53,818 |
|
|
|
57,896 |
|
|
|
55,270 |
|
|
|
54,192 |
|
|
|
61,751 |
|
Premises and
equipment, net of accumulated depreciation |
|
74,350 |
|
|
|
75,229 |
|
|
|
75,373 |
|
|
|
75,520 |
|
|
|
76,382 |
|
Right-of-use
asset operating leases |
|
24,876 |
|
|
|
26,216 |
|
|
|
25,928 |
|
|
|
26,205 |
|
|
|
— |
|
Deferred tax
asset ("DTA") |
|
25,017 |
|
|
|
25,204 |
|
|
|
25,629 |
|
|
|
27,084 |
|
|
|
21,495 |
|
Goodwill |
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
Identified
intangible assets, net of accumulated amortization |
|
4,423 |
|
|
|
4,843 |
|
|
|
5,264 |
|
|
|
5,684 |
|
|
|
6,086 |
|
Other real
estate owned and repossessed assets |
|
2,631 |
|
|
|
2,132 |
|
|
|
1,966 |
|
|
|
3,912 |
|
|
|
4,019 |
|
Other
assets |
|
167,431 |
|
|
|
193,190 |
|
|
|
155,291 |
|
|
|
115,687 |
|
|
|
103,214 |
|
Total assets |
$ |
7,856,853 |
|
|
$ |
7,878,436 |
|
|
$ |
7,636,980 |
|
|
$ |
7,519,130 |
|
|
$ |
7,392,805 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Non-interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
Demand checking accounts |
$ |
1,141,578 |
|
|
$ |
1,106,684 |
|
|
$ |
1,042,854 |
|
|
$ |
1,011,031 |
|
|
$ |
1,033,551 |
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
NOW accounts |
|
371,380 |
|
|
|
340,321 |
|
|
|
340,082 |
|
|
|
369,896 |
|
|
|
336,317 |
|
Savings accounts |
|
613,467 |
|
|
|
604,481 |
|
|
|
585,322 |
|
|
|
625,770 |
|
|
|
619,961 |
|
Money market accounts |
|
1,682,005 |
|
|
|
1,666,231 |
|
|
|
1,669,782 |
|
|
|
1,706,708 |
|
|
|
1,675,050 |
|
Certificate of deposit accounts |
|
2,021,642 |
|
|
|
2,011,622 |
|
|
|
1,984,453 |
|
|
|
1,907,228 |
|
|
|
1,789,165 |
|
Total interest-bearing deposits |
|
4,688,494 |
|
|
|
4,622,655 |
|
|
|
4,579,639 |
|
|
|
4,609,602 |
|
|
|
4,420,493 |
|
Total deposits |
|
5,830,072 |
|
|
|
5,729,339 |
|
|
|
5,622,493 |
|
|
|
5,620,633 |
|
|
|
5,454,044 |
|
Borrowed
funds: |
|
|
|
|
|
|
|
|
|
Advances from the FHLBB |
|
758,469 |
|
|
|
854,481 |
|
|
|
791,559 |
|
|
|
730,018 |
|
|
|
784,375 |
|
Subordinated debentures and notes |
|
83,591 |
|
|
|
83,551 |
|
|
|
83,512 |
|
|
|
83,472 |
|
|
|
83,433 |
|
Other borrowed funds |
|
60,689 |
|
|
|
48,373 |
|
|
|
55,693 |
|
|
|
52,515 |
|
|
|
52,734 |
|
Total borrowed funds |
|
902,749 |
|
|
|
986,405 |
|
|
|
930,764 |
|
|
|
866,005 |
|
|
|
920,542 |
|
Operating
lease liabilities |
|
24,876 |
|
|
|
26,216 |
|
|
|
25,928 |
|
|
|
26,205 |
|
|
|
— |
|
Mortgagors’
escrow accounts |
|
7,232 |
|
|
|
7,072 |
|
|
|
6,823 |
|
|
|
7,517 |
|
|
|
7,426 |
|
Accrued
expenses and other liabilities |
|
146,318 |
|
|
|
197,093 |
|
|
|
132,504 |
|
|
|
98,198 |
|
|
|
100,174 |
|
Total liabilities |
|
6,911,247 |
|
|
|
6,946,125 |
|
|
|
6,718,512 |
|
|
|
6,618,558 |
|
|
|
6,482,186 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Brookline Bancorp, Inc. stockholders’ equity |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value; 200,000,000 shares authorized;
85,177,172 shares issued, 85,177,172 shares issued, 85,177,172
shares issued, 85,177,172 shares issued, and 85,177,172 shares
issued, respectively |
|
852 |
|
|
|
852 |
|
|
|
852 |
|
|
|
852 |
|
|
|
852 |
|
Additional paid-in capital |
|
736,601 |
|
|
|
735,928 |
|
|
|
737,584 |
|
|
|
736,872 |
|
|
|
755,629 |
|
Retained earnings, partially restricted |
|
265,376 |
|
|
|
252,435 |
|
|
|
238,625 |
|
|
|
226,929 |
|
|
|
212,838 |
|
Accumulated other comprehensive income (loss) |
|
2,283 |
|
|
|
2,775 |
|
|
|
1,141 |
|
|
|
(4,393 |
) |
|
|
(9,460 |
) |
Treasury stock, at cost; |
|
|
|
|
|
|
|
|
|
5,003,127 shares, 5,003,127 shares, 5,025,764 shares, 5,020,025
shares, and 5,020,025 shares, respectively |
|
(59,073 |
) |
|
|
(59,176 |
) |
|
|
(59,199 |
) |
|
|
(59,121 |
) |
|
|
(59,120 |
) |
Unallocated common stock held by the Employee Stock Ownership
Plan; |
|
|
|
|
|
|
|
|
|
79,548 shares, 92,337 shares, 98,208 shares,104,079 shares, and
109,950 shares, respectively |
|
(433 |
) |
|
|
(503 |
) |
|
|
(535 |
) |
|
|
(567 |
) |
|
|
(599 |
) |
Total Brookline Bancorp, Inc. stockholders’ equity |
|
945,606 |
|
|
|
932,311 |
|
|
|
918,468 |
|
|
|
900,572 |
|
|
|
900,140 |
|
Noncontrolling interest in subsidiary |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,479 |
|
Total stockholders' equity |
|
945,606 |
|
|
|
932,311 |
|
|
|
918,468 |
|
|
|
900,572 |
|
|
|
910,619 |
|
Total liabilities and stockholders' equity |
$ |
7,856,853 |
|
|
$ |
7,878,436 |
|
|
$ |
7,636,980 |
|
|
$ |
7,519,130 |
|
|
$ |
7,392,805 |
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Consolidated
Statements of Income (Unaudited) |
|
Three Months Ended |
|
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
(In Thousands Except
Share Data) |
Interest and
dividend income: |
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
83,309 |
|
$ |
83,566 |
|
|
$ |
82,798 |
|
$ |
80,672 |
|
$ |
78,791 |
|
Debt securities |
|
2,910 |
|
|
2,977 |
|
|
|
3,158 |
|
|
3,236 |
|
|
3,489 |
|
Marketable and restricted equity securities |
|
813 |
|
|
876 |
|
|
|
877 |
|
|
911 |
|
|
1,008 |
|
Short-term investments |
|
418 |
|
|
487 |
|
|
|
351 |
|
|
267 |
|
|
256 |
|
Total interest and dividend income |
|
87,450 |
|
|
87,906 |
|
|
|
87,184 |
|
|
85,086 |
|
|
83,544 |
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
Deposits |
|
17,655 |
|
|
18,300 |
|
|
|
17,712 |
|
|
15,948 |
|
|
13,744 |
|
Borrowed funds |
|
5,864 |
|
|
6,370 |
|
|
|
6,338 |
|
|
6,139 |
|
|
6,641 |
|
Total interest expense |
|
23,519 |
|
|
24,670 |
|
|
|
24,050 |
|
|
22,087 |
|
|
20,385 |
|
Net interest
income |
|
63,931 |
|
|
63,236 |
|
|
|
63,134 |
|
|
62,999 |
|
|
63,159 |
|
Provision
for credit losses |
|
3,602 |
|
|
871 |
|
|
|
3,757 |
|
|
1,353 |
|
|
123 |
|
Net interest income after provision for credit losses |
|
60,329 |
|
|
62,365 |
|
|
|
59,377 |
|
|
61,646 |
|
|
63,036 |
|
Non-interest
income: |
|
|
|
|
|
|
|
|
|
Deposit fees |
|
2,710 |
|
|
2,710 |
|
|
|
2,680 |
|
|
2,523 |
|
|
2,669 |
|
Loan fees |
|
567 |
|
|
719 |
|
|
|
398 |
|
|
413 |
|
|
390 |
|
Loan level derivative income, net |
|
2,494 |
|
|
2,251 |
|
|
|
1,772 |
|
|
1,745 |
|
|
1,811 |
|
Gain (loss) on investment securities, net |
|
133 |
|
|
(116 |
) |
|
|
357 |
|
|
134 |
|
|
(692 |
) |
Gain on sales of loans and leases held-for-sale |
|
309 |
|
|
550 |
|
|
|
561 |
|
|
289 |
|
|
327 |
|
Other |
|
1,543 |
|
|
1,815 |
|
|
|
1,710 |
|
|
1,526 |
|
|
1,956 |
|
Total non-interest income |
|
7,756 |
|
|
7,929 |
|
|
|
7,478 |
|
|
6,630 |
|
|
6,461 |
|
Non-interest
expense: |
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
23,987 |
|
|
24,871 |
|
|
|
23,953 |
|
|
23,743 |
|
|
24,413 |
|
Occupancy |
|
4,102 |
|
|
3,895 |
|
|
|
3,752 |
|
|
3,947 |
|
|
3,240 |
|
Equipment and data processing |
|
4,601 |
|
|
4,749 |
|
|
|
4,641 |
|
|
4,661 |
|
|
4,626 |
|
Professional services |
|
1,120 |
|
|
1,083 |
|
|
|
1,087 |
|
|
1,076 |
|
|
1,130 |
|
FDIC insurance |
|
53 |
|
|
54 |
|
|
|
745 |
|
|
593 |
|
|
727 |
|
Advertising and marketing |
|
828 |
|
|
1,035 |
|
|
|
1,112 |
|
|
1,069 |
|
|
773 |
|
Amortization of identified intangible assets |
|
420 |
|
|
421 |
|
|
|
420 |
|
|
402 |
|
|
537 |
|
Merger and restructuring expense |
|
— |
|
|
1,125 |
|
|
|
— |
|
|
— |
|
|
526 |
|
Other |
|
3,704 |
|
|
2,958 |
|
|
|
3,894 |
|
|
3,380 |
|
|
4,310 |
|
Total non-interest expense |
|
38,815 |
|
|
40,191 |
|
|
|
39,604 |
|
|
38,871 |
|
|
40,282 |
|
Income
before provision for income taxes |
|
29,270 |
|
|
30,103 |
|
|
|
27,251 |
|
|
29,405 |
|
|
29,215 |
|
Provision
for income taxes |
|
7,087 |
|
|
7,507 |
|
|
|
6,780 |
|
|
6,895 |
|
|
7,055 |
|
Net income before noncontrolling interest in subsidiary |
|
22,183 |
|
|
22,596 |
|
|
|
20,471 |
|
|
22,510 |
|
|
22,160 |
|
Less net
income attributable to noncontrolling interest in subsidiary |
|
— |
|
|
— |
|
|
|
— |
|
|
43 |
|
|
1,022 |
|
Net income attributable to Brookline Bancorp, Inc. |
$ |
22,183 |
|
$ |
22,596 |
|
|
$ |
20,471 |
|
$ |
22,467 |
|
$ |
21,138 |
|
Earnings per
common share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.28 |
|
$ |
0.28 |
|
|
$ |
0.26 |
|
$ |
0.28 |
|
$ |
0.26 |
|
Diluted |
$ |
0.28 |
|
$ |
0.28 |
|
|
$ |
0.26 |
|
$ |
0.28 |
|
$ |
0.26 |
|
Weighted average common shares outstanding during the period: |
|
|
|
|
|
|
|
|
Basic |
|
79,682,724 |
|
|
79,700,403 |
|
|
|
79,669,922 |
|
|
79,658,583 |
|
|
80,258,456 |
|
Diluted |
|
79,845,447 |
|
|
79,883,510 |
|
|
|
79,886,292 |
|
|
79,843,578 |
|
|
80,407,525 |
|
Dividends
paid per common share |
$ |
0.115 |
|
$ |
0.110 |
|
|
$ |
0.110 |
|
$ |
0.105 |
|
$ |
0.105 |
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Consolidated
Statements of Income (Unaudited) |
|
|
|
Twelve Months Ended December 31, |
|
|
2019 |
|
|
2018 |
|
(In Thousands Except
Share Data) |
Interest and
dividend income: |
|
|
|
Loans and leases |
$ |
330,345 |
|
$ |
295,269 |
Debt securities |
|
12,281 |
|
|
13,960 |
Marketable and restricted equity securities |
|
3,477 |
|
|
3,964 |
Short-term investments |
|
1,523 |
|
|
700 |
Total interest and dividend income |
|
347,626 |
|
|
313,893 |
Interest
expense: |
|
|
|
Deposits |
|
69,615 |
|
|
41,978 |
Borrowed funds |
|
24,711 |
|
|
24,216 |
Total interest expense |
|
94,326 |
|
|
66,194 |
Net interest
income |
|
253,300 |
|
|
247,699 |
Provision
for credit losses |
|
9,583 |
|
|
4,951 |
Net interest income after provision for credit losses |
|
243,717 |
|
|
242,748 |
Non-interest
income: |
|
|
|
Deposit fees |
|
10,623 |
|
|
10,400 |
Loan fees |
|
2,097 |
|
|
1,427 |
Loan level derivative income, net |
|
8,262 |
|
|
5,440 |
Gain on investment securities, net |
|
508 |
|
|
227 |
Gain on sales of loans and leases held-for-sale |
|
1,709 |
|
|
1,883 |
Other |
|
6,594 |
|
|
5,847 |
Total non-interest income |
|
29,793 |
|
|
25,224 |
Non-interest
expense: |
|
|
|
Compensation and employee benefits |
|
96,554 |
|
|
91,535 |
Occupancy |
|
15,696 |
|
|
14,991 |
Equipment and data processing |
|
18,652 |
|
|
18,213 |
Professional services |
|
4,366 |
|
|
4,404 |
FDIC insurance |
|
1,445 |
|
|
2,722 |
Advertising and marketing |
|
4,044 |
|
|
4,016 |
Amortization of identified intangible assets |
|
1,663 |
|
|
2,080 |
Merger and restructuring expense |
|
1,125 |
|
|
3,787 |
Other |
|
13,936 |
|
|
13,484 |
Total non-interest expense |
|
157,481 |
|
|
155,232 |
Income
before provision for income taxes |
|
116,029 |
|
|
112,740 |
Provision
for income taxes |
|
28,269 |
|
|
26,189 |
Net income before noncontrolling interest in subsidiary |
|
87,760 |
|
|
86,551 |
Less net
income attributable to noncontrolling interest in subsidiary |
|
43 |
|
|
3,489 |
Net income attributable to Brookline Bancorp, Inc. |
$ |
87,717 |
|
$ |
83,062 |
Earnings per
common share: |
|
|
|
Basic |
$ |
1.10 |
|
$ |
1.04 |
Diluted |
$ |
1.10 |
|
$ |
1.04 |
Weighted average common shares outstanding during the period: |
|
|
Basic |
|
79,679,781 |
|
|
79,669,660 |
Diluted |
|
79,856,921 |
|
|
79,909,243 |
Dividends
paid per common share |
$ |
0.440 |
|
$ |
0.395 |
|
|
|
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Asset
Quality Analysis (Unaudited) |
|
At and for the Three Months Ended |
|
December 31, 2019 |
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
(Dollars in Thousands) |
NONPERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
Loans and
leases accounted for on a nonaccrual basis: |
|
|
|
|
|
|
|
|
|
Commercial real estate mortgage |
$ |
2,845 |
|
|
$ |
2,910 |
|
|
$ |
2,273 |
|
|
$ |
2,889 |
|
|
$ |
3,928 |
|
Multi-family mortgage |
|
84 |
|
|
|
87 |
|
|
|
94 |
|
|
|
101 |
|
|
|
330 |
|
Construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
396 |
|
|
|
396 |
|
Total commercial real estate loans |
|
2,929 |
|
|
|
2,997 |
|
|
|
2,367 |
|
|
|
3,386 |
|
|
|
4,654 |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
4,909 |
|
|
|
3,139 |
|
|
|
6,349 |
|
|
|
5,728 |
|
|
|
6,621 |
|
Equipment financing |
|
9,822 |
|
|
|
12,817 |
|
|
|
9,931 |
|
|
|
10,253 |
|
|
|
9,500 |
|
Condominium association |
|
151 |
|
|
|
163 |
|
|
|
170 |
|
|
|
224 |
|
|
|
265 |
|
Total commercial loans and leases |
|
14,882 |
|
|
|
16,119 |
|
|
|
16,450 |
|
|
|
16,205 |
|
|
|
16,386 |
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
753 |
|
|
|
1,605 |
|
|
|
1,642 |
|
|
|
2,188 |
|
|
|
2,132 |
|
Home equity |
|
896 |
|
|
|
904 |
|
|
|
835 |
|
|
|
1,022 |
|
|
|
908 |
|
Other consumer |
|
1 |
|
|
|
3 |
|
|
|
7 |
|
|
|
8 |
|
|
|
17 |
|
Total consumer loans |
|
1,650 |
|
|
|
2,512 |
|
|
|
2,484 |
|
|
|
3,218 |
|
|
|
3,057 |
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual loans and leases |
|
19,461 |
|
|
|
21,628 |
|
|
|
21,301 |
|
|
|
22,809 |
|
|
|
24,097 |
|
|
|
|
|
|
|
|
|
|
|
Other real
estate owned |
|
— |
|
|
|
201 |
|
|
|
957 |
|
|
|
3,054 |
|
|
|
3,054 |
|
Other
repossessed assets |
|
2,631 |
|
|
|
1,931 |
|
|
|
1,009 |
|
|
|
858 |
|
|
|
965 |
|
Total nonperforming assets |
$ |
22,092 |
|
|
$ |
23,760 |
|
|
$ |
23,267 |
|
|
$ |
26,721 |
|
|
$ |
28,116 |
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases past due greater than 90 days and still accruing |
$ |
10,109 |
|
|
$ |
11,885 |
|
|
$ |
11,612 |
|
|
$ |
16,800 |
|
|
$ |
13,482 |
|
|
|
|
|
|
|
|
|
|
|
Troubled
debt restructurings on accrual |
|
17,076 |
|
|
|
22,233 |
|
|
|
27,761 |
|
|
|
28,543 |
|
|
|
12,257 |
|
Troubled
debt restructurings on nonaccrual |
|
6,104 |
|
|
|
5,763 |
|
|
|
8,431 |
|
|
|
7,597 |
|
|
|
8,684 |
|
Total troubled debt restructurings |
$ |
23,180 |
|
|
$ |
27,996 |
|
|
$ |
36,192 |
|
|
$ |
36,140 |
|
|
$ |
20,941 |
|
|
|
|
|
|
|
|
|
|
|
Total
nonaccrual loans and leases as a percentage of total loans and
leases |
|
0.29 |
% |
|
|
0.33 |
% |
|
|
0.33 |
% |
|
|
0.36 |
% |
|
|
0.38 |
% |
Nonperforming assets as a percentage of total assets |
|
0.28 |
% |
|
|
0.30 |
% |
|
|
0.30 |
% |
|
|
0.36 |
% |
|
|
0.38 |
% |
|
|
|
|
|
|
|
|
|
|
PROVISION AND ALLOWANCE FOR LOAN AND LEASE
LOSSES: |
|
|
|
|
|
|
Allowance
for loan and lease losses at beginning of period |
$ |
59,135 |
|
|
$ |
58,635 |
|
|
$ |
58,041 |
|
|
$ |
58,692 |
|
|
$ |
59,997 |
|
Charge-offs |
|
(1,894 |
) |
|
|
(1,190 |
) |
|
|
(3,412 |
) |
|
|
(2,542 |
) |
|
|
(1,604 |
) |
Recoveries |
|
272 |
|
|
|
824 |
|
|
|
330 |
|
|
|
441 |
|
|
|
352 |
|
Net charge-offs |
|
(1,622 |
) |
|
|
(366 |
) |
|
|
(3,082 |
) |
|
|
(2,101 |
) |
|
|
(1,252 |
) |
(Credit) provision for loan and lease losses |
|
3,569 |
|
|
|
866 |
|
|
|
3,676 |
|
|
|
1,450 |
|
|
|
(53 |
) |
Allowance for loan and lease losses at end of period |
$ |
61,082 |
|
|
$ |
59,135 |
|
|
$ |
58,635 |
|
|
$ |
58,041 |
|
|
$ |
58,692 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan and lease losses as a percentage of total loans and
leases |
|
0.91 |
% |
|
|
0.89 |
% |
|
|
0.90 |
% |
|
|
0.91 |
% |
|
|
0.93 |
% |
Allowance
for loan and lease losses related to originated loans and leases as
a percentage of originated loans and leases (non-GAAP) |
|
0.91 |
% |
|
|
0.90 |
% |
|
|
0.92 |
% |
|
|
0.93 |
% |
|
|
0.96 |
% |
|
|
|
|
|
|
|
|
|
|
NET
CHARGE-OFFS: |
|
|
|
|
|
|
|
|
|
Commercial
real estate loans |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Commercial
loans and leases |
|
1,589 |
|
|
|
403 |
|
|
|
3,107 |
|
|
|
2,124 |
|
|
|
883 |
|
Consumer
loans |
|
33 |
|
|
|
(37 |
) |
|
|
(25 |
) |
|
|
(23 |
) |
|
|
369 |
|
Total net charge-offs |
$ |
1,622 |
|
|
$ |
366 |
|
|
$ |
3,082 |
|
|
$ |
2,101 |
|
|
$ |
1,252 |
|
|
|
|
|
|
|
|
|
|
|
Net loan and
lease charge-offs as a percentage of average loans and leases
(annualized) |
|
0.10 |
% |
|
|
0.02 |
% |
|
|
0.19 |
% |
|
|
0.13 |
% |
|
|
0.08 |
% |
|
|
|
|
|
|
|
|
|
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Average
Yields / Costs (Unaudited) |
|
Three Months Ended |
|
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities (2) |
$ |
567,037 |
|
|
$ |
2,957 |
|
2.09 |
% |
|
$ |
573,389 |
|
|
$ |
3,027 |
|
2.11 |
% |
|
$ |
637,803 |
|
|
$ |
3,542 |
|
2.22 |
% |
Marketable and restricted equity securities (2) |
|
59,763 |
|
|
|
823 |
|
5.51 |
% |
|
|
59,638 |
|
|
|
885 |
|
5.94 |
% |
|
|
69,374 |
|
|
|
1,017 |
|
5.87 |
% |
Short-term investments |
|
93,997 |
|
|
|
418 |
|
1.78 |
% |
|
|
70,707 |
|
|
|
487 |
|
2.76 |
% |
|
|
50,728 |
|
|
|
256 |
|
2.02 |
% |
Total investments |
|
720,797 |
|
|
|
4,198 |
|
2.33 |
% |
|
|
703,734 |
|
|
|
4,399 |
|
2.50 |
% |
|
|
757,905 |
|
|
|
4,815 |
|
2.54 |
% |
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans (3) |
|
3,605,169 |
|
|
|
40,976 |
|
4.45 |
% |
|
|
3,539,485 |
|
|
|
41,724 |
|
4.61 |
% |
|
|
3,310,185 |
|
|
|
39,014 |
|
4.61 |
% |
Commercial loans (3) |
|
826,116 |
|
|
|
10,066 |
|
4.78 |
% |
|
|
838,092 |
|
|
|
10,291 |
|
4.81 |
% |
|
|
825,582 |
|
|
|
10,007 |
|
4.75 |
% |
Equipment financing (3) |
|
1,037,431 |
|
|
|
19,271 |
|
7.43 |
% |
|
|
1,019,179 |
|
|
|
18,519 |
|
7.27 |
% |
|
|
959,706 |
|
|
|
17,145 |
|
7.15 |
% |
Residential mortgage loans (3) |
|
804,672 |
|
|
|
8,402 |
|
4.18 |
% |
|
|
776,482 |
|
|
|
8,215 |
|
4.23 |
% |
|
|
763,775 |
|
|
|
7,840 |
|
4.11 |
% |
Other consumer loans (3) |
|
417,950 |
|
|
|
4,680 |
|
4.43 |
% |
|
|
415,082 |
|
|
|
4,917 |
|
4.69 |
% |
|
|
404,747 |
|
|
|
4,883 |
|
4.78 |
% |
Total loans and leases |
|
6,691,338 |
|
|
|
83,395 |
|
4.99 |
% |
|
|
6,588,320 |
|
|
|
83,666 |
|
5.08 |
% |
|
|
6,263,995 |
|
|
|
78,889 |
|
5.04 |
% |
Total interest-earning assets |
|
7,412,135 |
|
|
|
87,593 |
|
4.73 |
% |
|
|
7,292,054 |
|
|
|
88,065 |
|
4.83 |
% |
|
|
7,021,900 |
|
|
|
83,704 |
|
4.77 |
% |
Allowance
for loan and lease losses |
|
(59,202 |
) |
|
|
|
|
|
|
(59,386 |
) |
|
|
|
|
|
|
(59,806 |
) |
|
|
|
|
Non-interest-earning assets |
|
507,660 |
|
|
|
|
|
|
|
513,824 |
|
|
|
|
|
|
|
420,837 |
|
|
|
|
|
Total assets |
$ |
7,860,593 |
|
|
|
|
|
|
$ |
7,746,492 |
|
|
|
|
|
|
$ |
7,382,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
344,036 |
|
|
|
115 |
|
0.13 |
% |
|
$ |
335,091 |
|
|
|
129 |
|
0.15 |
% |
|
$ |
333,592 |
|
|
|
88 |
|
0.10 |
% |
Savings accounts |
|
604,276 |
|
|
|
746 |
|
0.49 |
% |
|
|
600,609 |
|
|
|
820 |
|
0.54 |
% |
|
|
616,766 |
|
|
|
526 |
|
0.34 |
% |
Money market accounts |
|
1,685,885 |
|
|
|
4,947 |
|
1.16 |
% |
|
|
1,683,548 |
|
|
|
5,413 |
|
1.28 |
% |
|
|
1,647,346 |
|
|
|
4,914 |
|
1.18 |
% |
Certificates of deposit |
|
2,026,753 |
|
|
|
11,847 |
|
2.32 |
% |
|
|
2,000,941 |
|
|
|
11,938 |
|
2.37 |
% |
|
|
1,701,254 |
|
|
|
8,216 |
|
1.92 |
% |
Total interest-bearing deposits |
|
4,660,950 |
|
|
|
17,655 |
|
1.50 |
% |
|
|
4,620,189 |
|
|
|
18,300 |
|
1.57 |
% |
|
|
4,298,958 |
|
|
|
13,744 |
|
1.27 |
% |
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advances from the FHLBB |
|
753,460 |
|
|
|
4,407 |
|
2.29 |
% |
|
|
759,738 |
|
|
|
4,859 |
|
2.50 |
% |
|
|
903,342 |
|
|
|
5,227 |
|
2.26 |
% |
Subordinated debentures and notes |
|
83,570 |
|
|
|
1,293 |
|
6.19 |
% |
|
|
83,530 |
|
|
|
1,300 |
|
6.22 |
% |
|
|
83,410 |
|
|
|
1,302 |
|
6.24 |
% |
Other borrowed funds |
|
64,543 |
|
|
|
164 |
|
1.01 |
% |
|
|
79,620 |
|
|
|
211 |
|
1.05 |
% |
|
|
50,829 |
|
|
|
112 |
|
0.87 |
% |
Total borrowings |
|
901,573 |
|
|
|
5,864 |
|
2.55 |
% |
|
|
922,888 |
|
|
|
6,370 |
|
2.70 |
% |
|
|
1,037,581 |
|
|
|
6,641 |
|
2.50 |
% |
Total interest-bearing liabilities |
|
5,562,523 |
|
|
|
23,519 |
|
1.68 |
% |
|
|
5,543,077 |
|
|
|
24,670 |
|
1.77 |
% |
|
|
5,336,539 |
|
|
|
20,385 |
|
1.52 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand checking accounts |
|
1,142,600 |
|
|
|
|
|
|
|
1,096,788 |
|
|
|
|
|
|
|
1,028,086 |
|
|
|
|
|
Other non-interest-bearing liabilities |
|
213,579 |
|
|
|
|
|
|
|
178,564 |
|
|
|
|
|
|
|
109,261 |
|
|
|
|
|
Total liabilities |
|
6,918,702 |
|
|
|
|
|
|
|
6,818,429 |
|
|
|
|
|
|
|
6,473,886 |
|
|
|
|
|
Brookline
Bancorp, Inc. stockholders’ equity |
|
941,891 |
|
|
|
|
|
|
|
928,063 |
|
|
|
|
|
|
|
899,244 |
|
|
|
|
|
Noncontrolling interest in subsidiary |
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
9,801 |
|
|
|
|
|
Total liabilities and equity |
$ |
7,860,593 |
|
|
|
|
|
|
$ |
7,746,492 |
|
|
|
|
|
|
$ |
7,382,931 |
|
|
|
|
|
Net interest
income (tax-equivalent basis) /Interest-rate spread (4) |
|
|
|
64,074 |
|
3.05 |
% |
|
|
|
|
63,395 |
|
3.06 |
% |
|
|
|
|
63,319 |
|
3.25 |
% |
Less
adjustment of tax-exempt income |
|
|
|
143 |
|
|
|
|
|
|
159 |
|
|
|
|
|
|
160 |
|
|
Net interest
income |
|
|
$ |
63,931 |
|
|
|
|
|
$ |
63,236 |
|
|
|
|
|
$ |
63,159 |
|
|
Net interest
margin (5) |
|
|
|
|
3.43 |
% |
|
|
|
|
|
3.45 |
% |
|
|
|
|
|
3.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax-exempt income
on debt securities, equity securities and revenue bonds included in
commercial real estate loans is included on a tax-equivalent
basis. |
(2) Average balances
include unrealized gains (losses) on investment securities.
Dividend payments may not be consistent and average yield on equity
securities may vary from month to month. |
(3) Loans on
nonaccrual status are included in the average balances. |
(4) Interest rate
spread represents the difference between the yield on
interest-earning assets and the cost of interest-bearing
liabilities. |
(5) Net interest
margin represents net interest income (tax-equivalent basis)
divided by average interest-earning assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Average
Yields / Costs (Unaudited) |
|
Twelve Months Ended |
|
December 31, 2019 |
|
December 31, 2018 |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
Average Balance |
|
Interest (1) |
|
Average Yield/ Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
Thousands) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
Debt securities (2) |
$ |
585,360 |
|
|
$ |
12,483 |
|
2.13 |
% |
|
$ |
653,652 |
|
|
$ |
14,174 |
|
2.17 |
% |
Marketable and restricted equity securities (2) |
|
59,751 |
|
|
|
3,516 |
|
5.88 |
% |
|
|
67,640 |
|
|
|
3,973 |
|
5.88 |
% |
Short-term investments |
|
71,090 |
|
|
|
1,523 |
|
2.14 |
% |
|
|
38,437 |
|
|
|
700 |
|
1.82 |
% |
Total investments |
|
716,201 |
|
|
|
17,522 |
|
2.45 |
% |
|
|
759,729 |
|
|
|
18,847 |
|
2.48 |
% |
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans (3) |
|
3,492,848 |
|
|
|
164,082 |
|
4.63 |
% |
|
|
3,235,101 |
|
|
|
146,147 |
|
4.46 |
% |
Commercial loans (3) |
|
817,347 |
|
|
|
39,839 |
|
4.81 |
% |
|
|
813,815 |
|
|
|
37,616 |
|
4.56 |
% |
Equipment financing (3) |
|
1,012,698 |
|
|
|
74,066 |
|
7.31 |
% |
|
|
919,047 |
|
|
|
63,968 |
|
6.96 |
% |
Residential mortgage loans (3) |
|
783,556 |
|
|
|
32,926 |
|
4.20 |
% |
|
|
746,372 |
|
|
|
29,773 |
|
3.99 |
% |
Other consumer loans (3) |
|
414,730 |
|
|
|
19,835 |
|
4.78 |
% |
|
|
401,425 |
|
|
|
18,216 |
|
4.53 |
% |
Total loans and leases |
|
6,521,179 |
|
|
|
330,748 |
|
5.07 |
% |
|
|
6,115,760 |
|
|
|
295,720 |
|
4.84 |
% |
Total interest-earning assets |
|
7,237,380 |
|
|
|
348,270 |
|
4.81 |
% |
|
|
6,875,489 |
|
|
|
314,567 |
|
4.58 |
% |
Allowance
for loan and lease losses |
|
(58,871 |
) |
|
|
|
|
|
|
(59,154 |
) |
|
|
|
|
Non-interest-earning assets |
|
476,125 |
|
|
|
|
|
|
|
406,746 |
|
|
|
|
|
Total assets |
$ |
7,654,634 |
|
|
|
|
|
|
$ |
7,223,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
339,275 |
|
|
|
436 |
|
0.13 |
% |
|
$ |
340,194 |
|
|
|
283 |
|
0.08 |
% |
Savings accounts |
|
608,022 |
|
|
|
2,900 |
|
0.48 |
% |
|
|
618,674 |
|
|
|
1,804 |
|
0.29 |
% |
Money market accounts |
|
1,682,676 |
|
|
|
21,206 |
|
1.26 |
% |
|
|
1,715,057 |
|
|
|
15,369 |
|
0.90 |
% |
Certificates of deposit |
|
1,956,350 |
|
|
|
45,073 |
|
2.30 |
% |
|
|
1,497,473 |
|
|
|
24,522 |
|
1.64 |
% |
Total interest-bearing deposits |
|
4,586,323 |
|
|
|
69,615 |
|
1.52 |
% |
|
|
4,171,398 |
|
|
|
41,978 |
|
1.01 |
% |
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
Advances from the FHLBB |
|
757,598 |
|
|
|
18,701 |
|
2.43 |
% |
|
|
946,017 |
|
|
|
18,650 |
|
1.94 |
% |
Subordinated debentures and notes |
|
83,511 |
|
|
|
5,206 |
|
6.23 |
% |
|
|
83,350 |
|
|
|
5,181 |
|
6.22 |
% |
Other borrowed funds |
|
79,276 |
|
|
|
804 |
|
1.01 |
% |
|
|
46,079 |
|
|
|
385 |
|
0.83 |
% |
Total borrowings |
|
920,385 |
|
|
|
24,711 |
|
2.65 |
% |
|
|
1,075,446 |
|
|
|
24,216 |
|
2.22 |
% |
Total interest-bearing liabilities |
|
5,506,708 |
|
|
|
94,326 |
|
1.71 |
% |
|
|
5,246,844 |
|
|
|
66,194 |
|
1.26 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand checking accounts |
|
1,070,859 |
|
|
|
|
|
|
|
997,179 |
|
|
|
|
|
Other non-interest-bearing liabilities |
|
159,690 |
|
|
|
|
|
|
|
96,560 |
|
|
|
|
|
Total liabilities |
|
6,737,257 |
|
|
|
|
|
|
|
6,340,583 |
|
|
|
|
|
Brookline
Bancorp, Inc. stockholders’ equity |
|
917,286 |
|
|
|
|
|
|
|
873,388 |
|
|
|
|
|
Noncontrolling interest in subsidiary |
|
91 |
|
|
|
|
|
|
|
9,110 |
|
|
|
|
|
Total liabilities and equity |
$ |
7,654,634 |
|
|
|
|
|
|
$ |
7,223,081 |
|
|
|
|
|
Net interest
income (tax-equivalent basis) /Interest-rate spread (4) |
|
|
|
253,944 |
|
3.10 |
% |
|
|
|
|
248,373 |
|
3.32 |
% |
Less
adjustment of tax-exempt income |
|
|
|
644 |
|
|
|
|
|
|
674 |
|
|
Net interest
income |
|
|
$ |
253,300 |
|
|
|
|
|
$ |
247,699 |
|
|
Net interest
margin (5) |
|
|
|
|
3.51 |
% |
|
|
|
|
|
3.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax-exempt income
on debt securities, equity securities and revenue bonds included in
commercial real estate loans is included on a tax-equivalent
basis. |
(2) Average balances
include unrealized gains (losses) on investment securities.
Dividend payments may not be consistent and average yield on equity
securities may vary from month to month. |
(3) Loans on
nonaccrual status are included in the average balances. |
(4) Interest rate
spread represents the difference between the yield on
interest-earning assets and the cost of interest-bearing
liabilities. |
(5) Net interest
margin represents net interest income (tax-equivalent basis)
divided by average interest-earning assets. |
|
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Non-GAAP
Financial Information (Unaudited) |
|
|
|
|
|
At and for the Three Months Ended December
31, |
|
At and for the Twelve Months Ended December
31, |
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation Table - Non-GAAP Financial
Information |
|
|
|
(Dollars in
Thousands Except Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Brookline Bancorp, Inc. |
|
|
|
|
|
$ |
22,183 |
|
|
$ |
21,138 |
|
|
$ |
87,717 |
|
|
$ |
83,062 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security gains (loss) (after-tax) |
|
|
101 |
|
|
|
(525 |
) |
|
|
384 |
|
|
|
174 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) |
|
|
|
— |
|
|
|
399 |
|
|
|
851 |
|
|
|
2,908 |
|
Operating earnings |
|
|
|
|
|
|
$ |
22,082 |
|
|
$ |
22,062 |
|
|
$ |
88,184 |
|
|
$ |
85,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
$ |
0.28 |
|
|
$ |
0.27 |
|
|
$ |
1.11 |
|
|
$ |
1.08 |
|
Diluted |
|
|
|
|
|
|
|
0.28 |
|
|
|
0.27 |
|
|
|
1.10 |
|
|
|
1.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding during the period: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
79,682,724 |
|
|
|
80,258,456 |
|
|
|
79,679,781 |
|
|
|
79,669,660 |
|
Diluted |
|
|
|
|
|
|
|
79,845,447 |
|
|
|
80,407,525 |
|
|
|
79,856,921 |
|
|
|
79,909,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets * |
|
|
|
|
|
|
1.13 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security gains (loss) (after-tax) * |
|
|
|
|
|
|
0.01 |
% |
|
|
(0.03 |
)% |
|
|
0.01 |
% |
|
|
— |
% |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) * |
|
|
|
|
— |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.04 |
% |
Operating return on average assets * |
|
|
|
|
|
|
1.12 |
% |
|
|
1.20 |
% |
|
|
1.15 |
% |
|
|
1.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible assets * |
|
|
|
|
|
|
1.15 |
% |
|
|
1.17 |
% |
|
|
1.17 |
% |
|
|
1.18 |
% |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security gains (loss) (after-tax) * |
|
|
|
|
|
|
0.01 |
% |
|
|
(0.03 |
)% |
|
|
0.01 |
% |
|
|
— |
% |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) * |
|
|
|
|
— |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.04 |
% |
Operating return on average tangible assets * |
|
|
|
|
|
|
1.14 |
% |
|
|
1.22 |
% |
|
|
1.17 |
% |
|
|
1.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders' equity * |
|
|
|
|
|
|
9.42 |
% |
|
|
9.40 |
% |
|
|
9.56 |
% |
|
|
9.51 |
% |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security gains (loss) (after-tax) * |
|
|
|
|
|
|
0.04 |
% |
|
|
(0.23 |
)% |
|
|
0.04 |
% |
|
|
0.02 |
% |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) * |
|
|
|
|
— |
% |
|
|
0.18 |
% |
|
|
0.09 |
% |
|
|
0.33 |
% |
Operating return on average stockholders' equity
* |
|
|
|
|
9.38 |
% |
|
|
9.81 |
% |
|
|
9.61 |
% |
|
|
9.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible stockholders' equity * |
|
|
|
|
11.42 |
% |
|
|
11.54 |
% |
|
|
11.67 |
% |
|
|
11.70 |
% |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Security gains (loss) (after-tax) * |
|
|
|
|
|
|
0.05 |
% |
|
|
(0.29 |
)% |
|
|
0.05 |
% |
|
|
0.02 |
% |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger and restructuring-related expenses (after-tax) * |
|
|
|
|
— |
% |
|
|
0.22 |
% |
|
|
0.11 |
% |
|
|
0.41 |
% |
Operating return on average tangible stockholders' equity
* |
|
|
|
|
11.37 |
% |
|
|
12.05 |
% |
|
|
11.73 |
% |
|
|
12.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Ratios at and for the three months ended are annualized. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued) |
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Non-GAAP
Financial Information (Unaudited) |
|
At and for the Three Months Ended |
|
At and for the Twelve Months
Ended |
|
December 31, 2019 |
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, as reported |
$ |
22,183 |
|
|
$ |
22,596 |
|
|
$ |
20,471 |
|
|
$ |
22,467 |
|
|
$ |
21,138 |
|
|
$ |
87,717 |
|
|
$ |
83,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
total assets |
$ |
7,860,593 |
|
|
$ |
7,746,492 |
|
|
$ |
7,571,396 |
|
|
$ |
7,434,038 |
|
|
$ |
7,382,931 |
|
|
$ |
7,654,634 |
|
|
$ |
7,223,081 |
|
Less:
Average goodwill and average identified intangible assets, net |
|
165,071 |
|
|
|
165,493 |
|
|
|
165,914 |
|
|
|
166,327 |
|
|
|
166,777 |
|
|
|
165,697 |
|
|
|
163,712 |
|
Average
tangible assets |
$ |
7,695,522 |
|
|
$ |
7,580,999 |
|
|
$ |
7,405,482 |
|
|
$ |
7,267,711 |
|
|
$ |
7,216,154 |
|
|
$ |
7,488,937 |
|
|
$ |
7,059,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible assets
(annualized) |
|
1.15 |
% |
|
|
1.19 |
% |
|
|
1.11 |
% |
|
|
1.24 |
% |
|
|
1.17 |
% |
|
|
1.17 |
% |
|
|
1.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
total stockholders’ equity |
$ |
941,891 |
|
|
$ |
928,063 |
|
|
$ |
911,824 |
|
|
$ |
886,639 |
|
|
$ |
899,244 |
|
|
$ |
917,286 |
|
|
$ |
873,388 |
|
Less:
Average goodwill and average identified intangible assets, net |
|
165,071 |
|
|
|
165,493 |
|
|
|
165,914 |
|
|
|
166,327 |
|
|
|
166,777 |
|
|
|
165,697 |
|
|
|
163,712 |
|
Average
tangible stockholders’ equity |
$ |
776,820 |
|
|
$ |
762,570 |
|
|
$ |
745,910 |
|
|
$ |
720,312 |
|
|
$ |
732,467 |
|
|
$ |
751,589 |
|
|
$ |
709,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible stockholders’ equity
(annualized) |
|
11.42 |
% |
|
|
11.85 |
% |
|
|
10.98 |
% |
|
|
12.48 |
% |
|
|
11.54 |
% |
|
|
11.67 |
% |
|
|
11.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brookline
Bancorp, Inc. stockholders’ equity |
$ |
945,606 |
|
|
$ |
932,311 |
|
|
$ |
918,468 |
|
|
$ |
900,572 |
|
|
$ |
900,140 |
|
|
$ |
945,606 |
|
|
$ |
900,140 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
Identified intangible assets, net |
|
4,423 |
|
|
|
4,843 |
|
|
|
5,264 |
|
|
|
5,684 |
|
|
|
6,086 |
|
|
|
4,423 |
|
|
|
6,086 |
|
Tangible
stockholders' equity |
$ |
780,756 |
|
|
$ |
767,041 |
|
|
$ |
752,777 |
|
|
$ |
734,461 |
|
|
$ |
733,627 |
|
|
$ |
780,756 |
|
|
$ |
733,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
7,856,853 |
|
|
$ |
7,878,436 |
|
|
$ |
7,636,980 |
|
|
$ |
7,519,130 |
|
|
$ |
7,392,805 |
|
|
$ |
7,856,853 |
|
|
$ |
7,392,805 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
|
|
160,427 |
|
Identified intangible assets, net |
|
4,423 |
|
|
|
4,843 |
|
|
|
5,264 |
|
|
|
5,684 |
|
|
|
6,086 |
|
|
|
4,423 |
|
|
|
6,086 |
|
Tangible
assets |
$ |
7,692,003 |
|
|
$ |
7,713,166 |
|
|
$ |
7,471,289 |
|
|
$ |
7,353,019 |
|
|
$ |
7,226,292 |
|
|
$ |
7,692,003 |
|
|
$ |
7,226,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity to tangible
assets |
|
10.15 |
% |
|
|
9.94 |
% |
|
|
10.08 |
% |
|
|
9.99 |
% |
|
|
10.15 |
% |
|
|
10.15 |
% |
|
|
10.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
stockholders' equity |
$ |
780,756 |
|
|
$ |
767,041 |
|
|
$ |
752,777 |
|
|
$ |
734,461 |
|
|
$ |
733,627 |
|
|
$ |
780,756 |
|
|
$ |
733,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
common shares issued |
|
85,177,172 |
|
|
|
85,177,172 |
|
|
|
85,177,172 |
|
|
|
85,177,172 |
|
|
|
85,177,172 |
|
|
|
85,177,172 |
|
|
|
85,177,172 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury shares |
|
5,003,127 |
|
|
|
5,003,127 |
|
|
|
5,025,764 |
|
|
|
5,020,025 |
|
|
|
5,020,025 |
|
|
|
5,003,127 |
|
|
|
5,020,025 |
|
Unallocated ESOP shares |
|
79,548 |
|
|
|
92,337 |
|
|
|
98,208 |
|
|
|
104,079 |
|
|
|
109,950 |
|
|
|
79,548 |
|
|
|
109,950 |
|
Unvested restricted shares |
|
406,450 |
|
|
|
407,784 |
|
|
|
377,122 |
|
|
|
390,636 |
|
|
|
393,636 |
|
|
|
406,450 |
|
|
|
393,636 |
|
Number of
common shares outstanding |
|
79,688,047 |
|
|
|
79,673,924 |
|
|
|
79,676,078 |
|
|
|
79,662,432 |
|
|
|
79,653,561 |
|
|
|
79,688,047 |
|
|
|
79,653,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per common share |
$ |
9.80 |
|
|
$ |
9.63 |
|
|
$ |
9.45 |
|
|
$ |
9.22 |
|
|
$ |
9.21 |
|
|
$ |
9.80 |
|
|
$ |
9.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan and lease losses |
$ |
61,082 |
|
|
$ |
59,135 |
|
|
$ |
58,635 |
|
|
$ |
58,041 |
|
|
$ |
58,692 |
|
|
$ |
61,082 |
|
|
$ |
58,692 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for acquired loans and leases losses |
|
2,215 |
|
|
|
1,955 |
|
|
|
1,857 |
|
|
|
1,795 |
|
|
|
1,814 |
|
|
|
2,215 |
|
|
|
1,814 |
|
Allowance for originated loan and lease losses |
$ |
58,867 |
|
|
$ |
57,180 |
|
|
$ |
56,778 |
|
|
$ |
56,246 |
|
|
$ |
56,878 |
|
|
$ |
58,867 |
|
|
$ |
56,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
and leases |
$ |
6,737,816 |
|
|
$ |
6,646,821 |
|
|
$ |
6,505,329 |
|
|
$ |
6,388,197 |
|
|
$ |
6,303,516 |
|
|
$ |
6,737,816 |
|
|
$ |
6,303,516 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total acquired loans and leases |
|
288,129 |
|
|
|
310,745 |
|
|
|
337,420 |
|
|
|
370,177 |
|
|
|
394,407 |
|
|
|
288,129 |
|
|
|
394,407 |
|
Total originated loans and leases |
$ |
6,449,687 |
|
|
$ |
6,336,076 |
|
|
$ |
6,167,909 |
|
|
$ |
6,018,020 |
|
|
$ |
5,909,109 |
|
|
$ |
6,449,687 |
|
|
$ |
5,909,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses related to originated
loans and leases as a percentage of originated loans and
leases |
|
0.91 |
% |
|
|
0.90 |
% |
|
|
0.92 |
% |
|
|
0.93 |
% |
|
|
0.96 |
% |
|
|
0.91 |
% |
|
|
0.96 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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