Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today
announced net income of $7.6 million, or $0.09 per basic and
diluted share, for the first quarter of 2023, compared to net
income of $29.7 million, or $0.39 per basic and diluted share, for
the fourth quarter of 2022, and net income of $24.7 million, or
$0.32 per basic and diluted share, for the first quarter of 2022.
Financial results for the first quarter of 2023
reflect pre-tax one-time costs of $21.5 million associated with the
acquisition of PCSB Financial Corporation ("PCSB") and its
subsidiary, PCSB Bank, which closed January 1, 2023. Excluding
these one-time costs, operating earnings was $23.3 million, or
$0.27 per diluted share, for the first quarter of 2023. These
one-time costs consist of merger-related costs of $6.4 million
associated with the acquisition and $16.7 million of provision for
credit losses expense attributable to the closing of the
acquisition, partially offset by $1.7 million in securities gains.
Please refer to "Non-GAAP Financial Information" below for
a reconciliation of net income to operating earnings.
"I am very pleased to report we successfully
completed the acquisition and conversion of PCSB Financial and PCSB
Bank," said Paul Perrault, Brookline Bancorp, Inc. Chairman and
Chief Executive Officer. "Our acquisition assures that PCSB Bank
will remain well positioned to continue its growth in the New York
market. Like all financial institutions, we continue to monitor the
recent developments in the banking sector and in our markets, to
take advantage of opportunities as they present themselves.”
PCSB FINANCIAL CORPORATION
On January 1, 2023, the Company completed its
previously announced acquisition (the “merger”) of PCSB. PCSB’s
bank subsidiary, PCSB Bank, now operates as a separate subsidiary
of the Company and has 15 banking offices throughout Westchester
County and the lower Hudson Valley of New York state. The
transaction included the acquisition of approximately $1.3 billion
in loans, the assumption of $1.6 billion in deposits, and $52.9
million of borrowings, each at fair value. Total consideration of
$297.8 million consisted of 11,820,904 shares of the Company's
common stock issued and cash of $130.5 million.
The following table provides the purchase price allocation of
net assets acquired for this transaction:
| Assets: |
|
|
Cash |
$ |
42,373 |
|
| Investments |
|
366,763 |
|
| Loans |
|
1,336,737 |
|
| Allowance for credit losses on
PCD Loans |
|
(2,344 |
) |
| Bank premises and
equipment |
|
14,631 |
|
| Goodwill |
|
80,813 |
|
| CDI |
|
30,265 |
|
| Other Assets |
|
104,663 |
|
| Total Assets Acquired |
$ |
1,973,901 |
|
| |
|
| Liabilities: |
|
| Deposits |
$ |
1,570,563 |
|
| Borrowings |
|
52,923 |
|
| Other Liabilities |
|
52,624 |
|
| Total Liabilities |
$ |
1,676,110 |
|
| Purchase Price |
$ |
297,791 |
|
| |
|
|
|
BALANCE SHEET
Total assets at March 31, 2023 increased
$2.3 billion to $11.5 billion from $9.2 billion at
December 31, 2022, and increased $2.9 billion from $8.6
billion at March 31, 2022. At March 31, 2023, total loans
and leases were $9.2 billion, representing an increase of $1.6
billion from December 31, 2022, and an increase of $2.0
billion from March 31, 2022. The loan portfolio grew $1.6
billion in the first quarter compared to growth of $223.1 million
in the fourth quarter.
Total investment securities at March 31,
2023 increased $410.3 million to $1.1 billion from $656.8 million
at December 31, 2022, and increased $336.5 million from $730.6
million at March 31, 2022. Total cash and cash equivalents at
March 31, 2023 increased $103.3 million to $486.3 million from
$383.0 million at December 31, 2022, and increased $193.0
million from $293.3 million at March 31, 2022. As of
March 31, 2023, total investment securities and total cash and
cash equivalents represented 13.5 percent of total assets as
compared to 11.3 percent and 11.9 percent as of December 31,
2022 and March 31, 2022, respectively.
Total deposits at March 31, 2023 increased
$1.9 billion to $8.5 billion from $6.5 billion at December 31,
2022, and increased $1.4 billion from $7.1 billion at
March 31, 2022.
Total borrowed funds at March 31, 2023
increased $197.5 million to $1.6 billion from $1.4 billion at
December 31, 2022, and increased $1.2 billion from $392.9
million at March 31, 2022.
The ratio of stockholders’ equity to total
assets was 10.11 percent at March 31, 2023, as compared to
10.80 percent at December 31, 2022, and 11.37 percent at
March 31, 2022. The ratio of tangible stockholders’ equity to
tangible assets (non-GAAP) was 7.94 percent at March 31, 2023,
as compared to 9.20 percent at December 31, 2022, and 9.67
percent at March 31, 2022. Tangible book value per share
(non-GAAP) decreased $0.72 from $10.80 at December 31, 2022 to
$10.08 at March 31, 2023, compared to $10.56 at March 31,
2022.
NET INTEREST INCOME
Net interest income increased $6.0 million to
$86.0 million for the first quarter of 2023 from $80.0 million for
the quarter ended December 31, 2022. The net interest margin
decreased 45 basis points to 3.36 percent for the three months
ended March 31, 2023 from 3.81 percent for the three months
ended December 31, 2022.
NON-INTEREST INCOME
Total non-interest income for the quarter ended
March 31, 2023 increased $3.9 million to $12.9 million from
$9.1 million for the quarter ended December 31, 2022. The
increase was primarily driven by increases of $2.1 million in other
non-interest income which was primarily driven by the mark to
market on interest rate swaps on participated loans and bank owned
life insurance income, $1.7 million in loan level derivative
income, net, and $1.4 million in gain on securities, net, partially
offset by a decrease of $1.0 million in gain on sales of loans and
leases and a decrease of $0.3 million in deposit fees.
PROVISION FOR CREDIT LOSSES
The Company recorded a provision for credit
losses of $25.5 million for the quarter ended March 31, 2023,
compared to $5.7 million for the quarter ended December 31,
2022. The increase in the provision for credit losses was primarily
driven by the acquisition of PCSB Bank as well as loan growth.
Total net charge-offs for the first quarter of
2023 were $0.5 million compared to $0.3 million in the fourth
quarter of 2022. The increase was primarily driven by an increase
in net charge-offs on equipment financing loans of $0.2 million.
The ratio of net loan and lease charge-offs to average loans and
leases on an annualized basis was 2 basis points for the first
quarter of 2023, unchanged from 2 basis points for the fourth
quarter of 2022.
The allowance for loan and lease losses
represented 1.31 percent of total loans and leases at
March 31, 2023, compared to 1.29 percent at December 31,
2022, and 1.32 percent at March 31, 2022.
ASSET QUALITY
The ratio of nonperforming loans and leases to
total loans and leases was 0.31 percent at March 31, 2023, an
increase from 0.19 percent at December 31, 2022. Total
nonaccrual loans and leases increased $13.6 million to $28.5
million at March 31, 2023 from $14.9 million at
December 31, 2022. The ratio of nonperforming assets to total
assets was 0.25 percent at March 31, 2023, an increase from
0.17 percent at December 31, 2022. Total nonperforming assets
increased $13.7 million to $29.0 million at March 31,
2023 from $15.3 million at December 31, 2022. The increase in
nonperforming assets was primarily driven by the acquisition of
PCSB in addition to a single C&I loan relationship.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended
March 31, 2023 increased $17.6 million to $64.8 million
from $47.2 million for the quarter ended December 31, 2022.
The increase was primarily driven by increases of $7.0 million in
compensation and employee benefits expense, $5.8 million in merger
and acquisition expense, $1.8 million in amortization of identified
intangible assets expense, $1.2 million in occupancy, $0.7 million
in equipment and data processing expense, $0.4 million in
advertising and marketing expense, $0.5 million in other
non-interest expense, and $0.2 million in FDIC insurance expense,
partially offset by a decrease of $0.1 million in professional
services expense.
PROVISION FOR INCOME TAXES
The effective tax rate was 12.8 percent for the
three months ended March 31, 2023 compared to 17.8 percent for
the three months ended December 31, 2022 and 25.2 percent for
the three months ended March 31, 2022.
RETURNS ON AVERAGE ASSETS AND AVERAGE
EQUITY
The annualized return on average assets
decreased to 0.27 percent during the first quarter 2023 from 1.34
percent for the fourth quarter of 2022.
The annualized return on average stockholders'
equity decreased to 2.61 percent during the first quarter of 2023
from 12.09 percent for the fourth quarter of 2022. The annualized
return on average tangible stockholders’ equity decreased to 3.43
percent for the first quarter of 2023 from 14.48 percent for the
fourth quarter of 2022.
DIVIDEND DECLARED
The Company’s Board of Directors approved a
dividend of $0.135 per share for the quarter ended March 31,
2023. The dividend will be paid on May 26, 2023 to stockholders of
record on May 12, 2023.
CONFERENCE CALL
The Company will conduct a conference
call/webcast at 1:30 PM Eastern Time on Thursday, April 27, 2023 to
discuss the results for the quarter, business highlights and
outlook. A copy of the Earnings Presentation is available on the
Company’s website, www.brooklinebancorp.com. To listen to the call
and view the Company’s Earnings Presentation, please join the call
via https://events.q4inc.com/attendee/119704415. To listen to the
call without access to the slides, interested parties may dial
833-470-1428 (United States) or 404-975-4839 (internationally) and
ask for the Brookline Bancorp, Inc. conference call (Access Code
576006). A recorded playback of the call will be available for one
week following the call on the Company’s website under “Investor
Relations” or by dialing 866-813-9403 (United States) or
204-525-0658 (internationally) and entering the passcode:
989324.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company
with $11.5 billion in assets and branch locations in Massachusetts,
Rhode Island, and the Lower Hudson Valley of New York State, is
headquartered in Boston, Massachusetts and operates as the holding
company for Brookline Bank, Bank Rhode Island, and PCSB Bank (the
"banks"). The Company provides commercial and retail banking
services, cash management and investment services to customers
throughout Central New England and the Lower Hudson Valley of New
York State. More information about Brookline Bancorp, Inc. and its
banks can be found at the following websites:
www.brooklinebank.com, www.bankri.com and www.pcsb.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. We may also make forward-looking
statements in other documents we file with the Securities and
Exchange Commission ("SEC"), in our annual reports to shareholders,
in press releases and other written materials, and in oral
statements made by our officers, directors or employees. You can
identify forward looking statements by the use of the words
“believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,”
“outlook,” “will,” “should,” and other expressions that predict or
indicate future events and trends and which do not relate to
historical matters, including statements regarding the Company’s
business, credit quality, financial condition, liquidity and
results of operations. Forward-looking statements may differ,
possibly materially, from what is included in this press release
due to factors and future developments that are uncertain and
beyond the scope of the Company’s control. These include, but are
not limited to, the Company’s ability to achieve the synergies and
value creation contemplated by the acquisition of PCSB; turbulence
in the capital and debt markets; changes in interest rates;
competitive pressures from other financial institutions; general
economic conditions (including inflation and concerns about
liquidity) on a national basis or in the local markets in which the
Company operates; changes in consumer behavior due to changing
political, business and economic conditions, or legislative or
regulatory initiatives; changes in the value of securities and
other assets in the Company’s investment portfolio; increases in
loan and lease default and charge-off rates; the adequacy of
allowances for loan and lease losses; decreases in deposit levels
that necessitate increases in borrowing to fund loans and
investments; operational risks including, but not limited to,
cybersecurity incidents, fraud, natural disasters, and future
pandemics; changes in regulation; the possibility that future
credit losses may be higher than currently expected due to changes
in economic assumptions and adverse economic developments; the risk
that goodwill and intangibles recorded in the Company’s financial
statements will become impaired; and changes in assumptions used in
making such forward-looking statements. Forward-looking statements
involve risks and uncertainties which are difficult to predict. 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 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 earnings per common
share, operating return on average assets, operating return on
average tangible assets, operating return on average stockholders'
equity, operating return on average tangible stockholders' equity,
tangible book value per common share, tangible stockholders’ equity
to tangible assets, return on average tangible assets (annualized)
and return on average tangible stockholders' equity (annualized).
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.
INVESTOR RELATIONS:
|
Contact: |
Carl M. CarlsonBrookline Bancorp, Inc.Co-President and Chief
Financial Officer(617) 425-5331ccarlson@brkl.com |
| |
| BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
| Selected
Financial Highlights (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
At and for the Three Months Ended |
|
| |
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
| |
(Dollars In Thousands Except per Share Data) |
|
Earnings Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
86,049 |
|
|
$ |
80,030 |
|
|
$ |
78,026 |
|
|
$ |
71,867 |
|
|
$ |
69,848 |
|
|
Provision (credit) for credit losses |
25,542 |
|
|
5,725 |
|
|
2,835 |
|
|
227 |
|
|
(160 |
) |
|
Non-interest income |
12,937 |
|
|
9,056 |
|
|
6,834 |
|
|
6,928 |
|
|
5,529 |
|
|
Non-interest expense |
64,776 |
|
|
47,225 |
|
|
44,959 |
|
|
44,871 |
|
|
42,487 |
|
|
Income before provision for income taxes |
8,668 |
|
|
36,136 |
|
|
37,066 |
|
|
33,697 |
|
|
33,050 |
|
|
Net income |
7,560 |
|
|
29,695 |
|
|
30,149 |
|
|
25,195 |
|
|
24,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (1) |
3.36 |
% |
|
3.81 |
% |
|
3.80 |
% |
|
3.56 |
% |
|
3.49 |
% |
|
Interest-rate spread (1) |
2.66 |
% |
|
3.35 |
% |
|
3.58 |
% |
|
3.41 |
% |
|
3.31 |
% |
|
Return on average assets (annualized) |
0.27 |
% |
|
1.34 |
% |
|
1.40 |
% |
|
1.18 |
% |
|
1.16 |
% |
|
Return on average tangible assets (annualized) (non-GAAP) |
0.28 |
% |
|
1.37 |
% |
|
1.43 |
% |
|
1.21 |
% |
|
1.18 |
% |
|
Return on average stockholders' equity (annualized) |
2.61 |
% |
|
12.09 |
% |
|
12.29 |
% |
|
10.32 |
% |
|
9.91 |
% |
|
Return on average tangible stockholders' equity (annualized)
(non-GAAP) |
3.43 |
% |
|
14.48 |
% |
|
14.72 |
% |
|
12.39 |
% |
|
11.84 |
% |
|
Efficiency ratio (2) |
65.44 |
% |
|
53.01 |
% |
|
52.98 |
% |
|
56.95 |
% |
|
56.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income — Basic |
$ |
0.09 |
|
|
$ |
0.39 |
|
|
$ |
0.39 |
|
|
$ |
0.33 |
|
|
$ |
0.32 |
|
|
Net income — Diluted |
0.09 |
|
|
0.39 |
|
|
0.39 |
|
|
0.33 |
|
|
0.32 |
|
|
Cash dividends declared |
0.135 |
|
|
0.135 |
|
|
0.135 |
|
|
0.130 |
|
|
0.130 |
|
|
Book value per share (end of period) |
13.14 |
|
|
12.91 |
|
|
12.54 |
|
|
12.63 |
|
|
12.65 |
|
|
Tangible book value per share (end of period) (non-GAAP) |
10.08 |
|
|
10.80 |
|
|
10.43 |
|
|
10.51 |
|
|
10.56 |
|
|
Stock price (end of period) |
10.50 |
|
|
14.15 |
|
|
11.65 |
|
|
13.31 |
|
|
15.82 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
11,522,485 |
|
|
$ |
9,185,836 |
|
|
$ |
8,695,708 |
|
|
$ |
8,514,230 |
|
|
$ |
8,633,736 |
|
|
Total loans and leases |
9,246,965 |
|
|
7,644,388 |
|
|
7,421,304 |
|
|
7,291,912 |
|
|
7,223,130 |
|
|
Total deposits |
8,456,462 |
|
|
6,522,146 |
|
|
6,735,605 |
|
|
6,894,457 |
|
|
7,094,378 |
|
|
Total stockholders’ equity |
1,165,066 |
|
|
992,125 |
|
|
963,618 |
|
|
968,496 |
|
|
981,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets |
$ |
28,962 |
|
|
$ |
15,302 |
|
|
$ |
18,312 |
|
|
$ |
21,259 |
|
|
$ |
26,506 |
|
|
Nonperforming assets as a percentage of total assets |
0.25 |
% |
|
0.17 |
% |
|
0.21 |
% |
|
0.25 |
% |
|
0.31 |
% |
|
Allowance for loan and lease losses |
$ |
120,865 |
|
|
$ |
98,482 |
|
|
$ |
94,169 |
|
|
$ |
93,188 |
|
|
$ |
95,463 |
|
|
Allowance for loan and lease losses as a percentage of total loans
and leases |
1.31 |
% |
|
1.29 |
% |
|
1.27 |
% |
|
1.28 |
% |
|
1.32 |
% |
|
Net loan and lease charge-offs (recoveries) |
$ |
451 |
|
|
$ |
310 |
|
|
$ |
(179 |
) |
|
$ |
1,242 |
|
|
$ |
1,947 |
|
|
Net loan and lease charge-offs as a percentage of average loans and
leases (annualized) |
0.02 |
% |
|
0.02 |
% |
|
(0.01 |
)% |
|
0.07 |
% |
|
0.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to total assets |
10.11 |
% |
|
10.80 |
% |
|
11.08 |
% |
|
11.38 |
% |
|
11.37 |
% |
|
Tangible stockholders’ equity to tangible assets (non-GAAP) |
7.94 |
% |
|
9.20 |
% |
|
9.39 |
% |
|
9.65 |
% |
|
9.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
| |
|
|
|
|
|
| |
March 31, 2023 |
December 31,2022 |
September 30,2022 |
June 30,2022 |
March 31, 2022 |
|
ASSETS |
(In Thousands Except Share Data) |
|
Cash and due from banks |
$ |
30,782 |
|
$ |
191,767 |
|
$ |
65,638 |
|
$ |
50,429 |
|
$ |
89,032 |
|
|
Short-term investments |
|
455,538 |
|
|
191,192 |
|
|
46,873 |
|
|
39,900 |
|
|
204,239 |
|
|
Total cash and cash equivalents |
|
486,320 |
|
|
382,959 |
|
|
112,511 |
|
|
90,329 |
|
|
293,271 |
|
|
Investment securities available-for-sale |
|
1,067,032 |
|
|
656,766 |
|
|
675,692 |
|
|
717,818 |
|
|
730,562 |
|
|
Total investment securities |
|
1,067,032 |
|
|
656,766 |
|
|
675,692 |
|
|
717,818 |
|
|
730,562 |
|
|
Loans and leases: |
|
|
|
|
|
|
Commercial real estate loans |
|
5,610,414 |
|
|
4,404,148 |
|
|
4,269,512 |
|
|
4,225,754 |
|
|
4,235,325 |
|
|
Commercial loans and leases |
|
2,147,149 |
|
|
2,016,499 |
|
|
1,933,645 |
|
|
1,860,182 |
|
|
1,800,383 |
|
|
Consumer loans |
|
1,489,402 |
|
|
1,223,741 |
|
|
1,218,147 |
|
|
1,205,976 |
|
|
1,187,422 |
|
|
Total loans and leases |
|
9,246,965 |
|
|
7,644,388 |
|
|
7,421,304 |
|
|
7,291,912 |
|
|
7,223,130 |
|
|
Allowance for loan and lease losses |
|
(120,865 |
) |
|
(98,482 |
) |
|
(94,169 |
) |
|
(93,188 |
) |
|
(95,463 |
) |
|
Net loans and leases |
|
9,126,100 |
|
|
7,545,906 |
|
|
7,327,135 |
|
|
7,198,724 |
|
|
7,127,667 |
|
|
Restricted equity securities |
|
86,230 |
|
|
71,307 |
|
|
44,760 |
|
|
35,406 |
|
|
29,066 |
|
|
Premises and equipment, net of accumulated depreciation |
|
87,799 |
|
|
71,391 |
|
|
69,912 |
|
|
69,557 |
|
|
69,365 |
|
|
Right-of-use asset operating leases |
|
30,067 |
|
|
19,484 |
|
|
18,614 |
|
|
18,226 |
|
|
19,571 |
|
|
Deferred tax asset |
|
75,028 |
|
|
52,237 |
|
|
56,894 |
|
|
50,736 |
|
|
46,886 |
|
|
Goodwill |
|
241,222 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
Identified intangible assets, net of accumulated amortization |
|
30,080 |
|
|
1,781 |
|
|
1,902 |
|
|
2,022 |
|
|
2,142 |
|
|
Other real estate owned and repossessed assets |
|
508 |
|
|
408 |
|
|
591 |
|
|
507 |
|
|
990 |
|
|
Other assets |
|
292,099 |
|
|
223,170 |
|
|
227,270 |
|
|
170,478 |
|
|
153,789 |
|
|
Total assets |
$ |
11,522,485 |
|
$ |
9,185,836 |
|
$ |
8,695,708 |
|
$ |
8,514,230 |
|
$ |
8,633,736 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand checking accounts |
$ |
1,899,370 |
|
$ |
1,802,518 |
|
$ |
1,848,562 |
|
$ |
1,845,365 |
|
$ |
1,903,331 |
|
|
NOW accounts |
|
757,411 |
|
|
544,118 |
|
|
597,870 |
|
|
628,791 |
|
|
627,904 |
|
|
Savings accounts |
|
1,268,375 |
|
|
762,271 |
|
|
824,789 |
|
|
894,926 |
|
|
967,183 |
|
|
Money market accounts |
|
2,185,971 |
|
|
2,174,952 |
|
|
2,405,680 |
|
|
2,402,992 |
|
|
2,432,377 |
|
|
Certificate of deposit accounts |
|
1,362,970 |
|
|
928,143 |
|
|
924,771 |
|
|
1,006,786 |
|
|
1,048,036 |
|
|
Brokered deposit accounts |
|
982,365 |
|
|
310,144 |
|
|
133,933 |
|
|
115,597 |
|
|
115,547 |
|
|
Total deposits |
|
8,456,462 |
|
|
6,522,146 |
|
|
6,735,605 |
|
|
6,894,457 |
|
|
7,094,378 |
|
|
Borrowed funds: |
|
|
|
|
|
|
Advances from the FHLBB |
|
1,458,457 |
|
|
1,237,823 |
|
|
557,895 |
|
|
307,967 |
|
|
201,236 |
|
|
Subordinated debentures and notes |
|
84,080 |
|
|
84,044 |
|
|
84,008 |
|
|
83,970 |
|
|
83,934 |
|
|
Other borrowed funds |
|
87,565 |
|
|
110,785 |
|
|
116,865 |
|
|
86,263 |
|
|
107,727 |
|
|
Total borrowed funds |
|
1,630,102 |
|
|
1,432,652 |
|
|
758,768 |
|
|
478,200 |
|
|
392,897 |
|
|
Operating lease liabilities |
|
31,373 |
|
|
19,484 |
|
|
18,614 |
|
|
18,226 |
|
|
19,571 |
|
|
Mortgagors’ escrow accounts |
|
17,080 |
|
|
5,607 |
|
|
5,785 |
|
|
5,771 |
|
|
5,780 |
|
|
Reserve for unfunded credits |
|
23,112 |
|
|
20,602 |
|
|
19,555 |
|
|
17,511 |
|
|
16,305 |
|
|
Accrued expenses and other liabilities |
|
199,290 |
|
|
193,220 |
|
|
193,763 |
|
|
131,569 |
|
|
122,870 |
|
|
Total liabilities |
|
10,357,419 |
|
|
8,193,711 |
|
|
7,732,090 |
|
|
7,545,734 |
|
|
7,651,801 |
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock, $0.01 par value; 200,000,000 shares authorized;
96,998,075 shares issued, 85,177,172 shares issued, 85,177,172
shares issued, 85,177,172 shares issued, and 85,177,172 shares
issued, respectively |
|
970 |
|
|
852 |
|
|
852 |
|
|
852 |
|
|
852 |
|
|
Additional paid-in capital |
|
904,174 |
|
|
736,074 |
|
|
735,119 |
|
|
738,544 |
|
|
737,658 |
|
|
Retained earnings, partially restricted |
|
407,528 |
|
|
412,019 |
|
|
392,779 |
|
|
372,677 |
|
|
357,576 |
|
|
Accumulated other comprehensive income |
|
(52,688 |
) |
|
(61,947 |
) |
|
(70,227 |
) |
|
(44,977 |
) |
|
(29,322 |
) |
|
Treasury stock, at cost; |
|
|
|
|
|
|
7,734,891, 7,731,445, 7,730,945, 7,995,888, and 7,037,464 shares,
respectively |
|
(94,918 |
) |
|
(94,873 |
) |
|
(94,866 |
) |
|
(98,525 |
) |
|
(84,718 |
) |
|
Unallocated common stock held by the Employee Stock Ownership
Plan; |
|
|
|
|
|
|
0, 0, 4,833, 11,442, and 18,051 shares, respectively |
|
— |
|
|
— |
|
|
(39 |
) |
|
(75 |
) |
|
(111 |
) |
|
Total stockholders' equity |
|
1,165,066 |
|
|
992,125 |
|
|
963,618 |
|
|
968,496 |
|
|
981,935 |
|
|
Total liabilities and stockholders' equity |
$ |
11,522,485 |
|
$ |
9,185,836 |
|
$ |
8,695,708 |
|
$ |
8,514,230 |
|
$ |
8,633,736 |
|
| |
|
|
|
|
|
| |
| BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
| Consolidated
Statements of Income (Unaudited) |
| |
| |
Three Months Ended |
| |
March 31, 2023 |
December 31,2022 |
September 30, 2022 |
June 30,2022 |
March 31, 2022 |
| |
(In Thousands Except Share Data) |
|
Interest and dividend income: |
|
|
|
|
|
|
Loans and leases |
$ |
121,931 |
|
$ |
98,386 |
|
$ |
84,375 |
|
$ |
74,287 |
|
$ |
71,721 |
|
|
Debt securities |
|
7,870 |
|
|
3,497 |
|
|
3,337 |
|
|
3,249 |
|
|
2,996 |
|
|
Restricted equity securities |
|
1,255 |
|
|
766 |
|
|
467 |
|
|
337 |
|
|
328 |
|
|
Short-term investments |
|
1,495 |
|
|
754 |
|
|
464 |
|
|
156 |
|
|
66 |
|
|
Total interest and dividend income |
|
132,551 |
|
|
103,403 |
|
|
88,643 |
|
|
78,029 |
|
|
75,111 |
|
|
Interest expense: |
|
|
|
|
|
|
Deposits |
|
29,368 |
|
|
14,185 |
|
|
7,354 |
|
|
4,282 |
|
|
3,771 |
|
|
Borrowed funds |
|
17,134 |
|
|
9,188 |
|
|
3,263 |
|
|
1,880 |
|
|
1,492 |
|
|
Total interest expense |
|
46,502 |
|
|
23,373 |
|
|
10,617 |
|
|
6,162 |
|
|
5,263 |
|
|
Net interest income |
|
86,049 |
|
|
80,030 |
|
|
78,026 |
|
|
71,867 |
|
|
69,848 |
|
|
Provision (credit) for credit losses |
|
25,542 |
|
|
5,725 |
|
|
2,835 |
|
|
227 |
|
|
(160 |
) |
|
Net interest income after provision for credit losses |
|
60,507 |
|
|
74,305 |
|
|
75,191 |
|
|
71,640 |
|
|
70,008 |
|
|
Non-interest income: |
|
|
|
|
|
|
Deposit fees |
|
2,657 |
|
|
2,916 |
|
|
2,759 |
|
|
2,744 |
|
|
2,500 |
|
|
Loan fees |
|
391 |
|
|
446 |
|
|
349 |
|
|
666 |
|
|
747 |
|
|
Loan level derivative income, net |
|
2,373 |
|
|
670 |
|
|
1,275 |
|
|
1,615 |
|
|
686 |
|
|
Gain on investment securities, net |
|
1,701 |
|
|
321 |
|
|
— |
|
|
— |
|
|
— |
|
|
Gain on sales of loans and leases held-for-sale |
|
1,638 |
|
|
2,612 |
|
|
889 |
|
|
291 |
|
|
344 |
|
|
Other |
|
4,177 |
|
|
2,091 |
|
|
1,562 |
|
|
1,612 |
|
|
1,252 |
|
|
Total non-interest income |
|
12,937 |
|
|
9,056 |
|
|
6,834 |
|
|
6,928 |
|
|
5,529 |
|
|
Non-interest expense: |
|
|
|
|
|
|
Compensation and employee benefits |
|
36,565 |
|
|
29,525 |
|
|
28,306 |
|
|
28,772 |
|
|
26,884 |
|
|
Occupancy |
|
5,223 |
|
|
4,005 |
|
|
3,906 |
|
|
3,807 |
|
|
4,284 |
|
|
Equipment and data processing |
|
6,462 |
|
|
5,758 |
|
|
5,066 |
|
|
4,931 |
|
|
5,078 |
|
|
Professional services |
|
1,430 |
|
|
1,546 |
|
|
1,069 |
|
|
1,219 |
|
|
1,226 |
|
|
FDIC insurance |
|
1,244 |
|
|
1,001 |
|
|
709 |
|
|
739 |
|
|
728 |
|
|
Advertising and marketing |
|
1,410 |
|
|
1,052 |
|
|
1,337 |
|
|
1,319 |
|
|
1,272 |
|
|
Amortization of identified intangible assets |
|
1,966 |
|
|
120 |
|
|
120 |
|
|
120 |
|
|
134 |
|
|
Merger and acquisition expense |
|
6,409 |
|
|
641 |
|
|
1,073 |
|
|
535 |
|
|
— |
|
|
Other |
|
4,067 |
|
|
3,577 |
|
|
3,373 |
|
|
3,429 |
|
|
2,881 |
|
|
Total non-interest expense |
|
64,776 |
|
|
47,225 |
|
|
44,959 |
|
|
44,871 |
|
|
42,487 |
|
|
Income before provision for income taxes |
|
8,668 |
|
|
36,136 |
|
|
37,066 |
|
|
33,697 |
|
|
33,050 |
|
|
Provision for income taxes |
|
1,108 |
|
|
6,441 |
|
|
6,917 |
|
|
8,502 |
|
|
8,345 |
|
|
Net income |
$ |
7,560 |
|
$ |
29,695 |
|
$ |
30,149 |
|
$ |
25,195 |
|
$ |
24,705 |
|
|
Earnings per common share: |
|
|
|
|
|
|
Basic |
$ |
0.09 |
|
$ |
0.39 |
|
$ |
0.39 |
|
$ |
0.33 |
|
$ |
0.32 |
|
|
Diluted |
$ |
0.09 |
|
$ |
0.39 |
|
$ |
0.39 |
|
$ |
0.33 |
|
$ |
0.32 |
|
|
Weighted average common shares outstanding during the period: |
|
|
|
|
|
Basic |
|
86,563,641 |
|
|
76,841,655 |
|
|
76,779,038 |
|
|
77,091,013 |
|
|
77,617,227 |
|
|
Diluted |
|
86,837,806 |
|
|
77,065,076 |
|
|
77,007,971 |
|
|
77,419,288 |
|
|
77,926,822 |
|
|
Dividends paid per common share |
$ |
0.135 |
|
$ |
0.135 |
|
$ |
0.130 |
|
$ |
0.130 |
|
$ |
0.125 |
|
| |
| BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
| Asset
Quality Analysis (Unaudited) |
| |
| |
At and for the Three Months Ended |
| |
March 31, 2023 |
December 31,2022 |
September 30, 2022 |
June 30,2022 |
March 31, 2022 |
| |
(Dollars in Thousands) |
|
NONPERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases accounted for on a nonaccrual basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate mortgage |
$ |
4,589 |
|
$ |
607 |
|
$ |
3,136 |
|
$ |
6,470 |
|
$ |
8,313 |
|
|
Construction |
|
3,883 |
|
|
707 |
|
|
— |
|
|
— |
|
|
— |
|
|
Total commercial real estate loans |
|
8,472 |
|
|
1,314 |
|
|
3,136 |
|
|
6,470 |
|
|
8,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
5,495 |
|
|
464 |
|
|
618 |
|
|
892 |
|
|
1,366 |
|
|
Equipment financing |
|
9,908 |
|
|
9,653 |
|
|
10,544 |
|
|
10,183 |
|
|
11,685 |
|
|
Condominium association |
|
51 |
|
|
58 |
|
|
64 |
|
|
71 |
|
|
77 |
|
|
Total commercial loans and leases |
|
15,454 |
|
|
10,175 |
|
|
11,226 |
|
|
11,146 |
|
|
13,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
3,449 |
|
|
2,680 |
|
|
2,741 |
|
|
2,412 |
|
|
3,394 |
|
|
Home equity |
|
1,079 |
|
|
723 |
|
|
616 |
|
|
721 |
|
|
680 |
|
|
Other consumer |
|
— |
|
|
2 |
|
|
2 |
|
|
3 |
|
|
1 |
|
|
Total consumer loans |
|
4,528 |
|
|
3,405 |
|
|
3,359 |
|
|
3,136 |
|
|
4,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total nonaccrual loans and leases |
|
28,454 |
|
|
14,894 |
|
|
17,721 |
|
|
20,752 |
|
|
25,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other repossessed assets |
|
508 |
|
|
408 |
|
|
591 |
|
|
507 |
|
|
990 |
|
|
Total nonperforming assets |
$ |
28,962 |
|
$ |
15,302 |
|
$ |
18,312 |
|
$ |
21,259 |
|
$ |
26,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases past due greater than 90 days and still
accruing |
$ |
726 |
|
$ |
33 |
|
$ |
9,583 |
|
$ |
266 |
|
$ |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases as a percentage of total loans and
leases |
|
0.31 |
% |
|
0.19 |
% |
|
0.24 |
% |
|
0.28 |
% |
|
0.35 |
% |
|
Nonperforming assets as a percentage of total assets |
|
0.25 |
% |
|
0.17 |
% |
|
0.21 |
% |
|
0.25 |
% |
|
0.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION AND ALLOWANCE FOR LOAN AND LEASE
LOSSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses at beginning of period |
$ |
98,482 |
|
$ |
94,169 |
|
$ |
93,188 |
|
$ |
95,463 |
|
$ |
99,084 |
|
|
Charge-offs |
|
(845 |
) |
|
(658 |
) |
|
(598 |
) |
|
(1,533 |
) |
|
(2,344 |
) |
|
Recoveries |
|
394 |
|
|
348 |
|
|
777 |
|
|
291 |
|
|
397 |
|
|
Net (charge-offs) recoveries |
|
(451 |
) |
|
(310 |
) |
|
179 |
|
|
(1,242 |
) |
|
(1,947 |
) |
|
Provision (credit) for loan and lease losses excluding unfunded
commitments * |
|
22,834 |
|
|
4,623 |
|
|
802 |
|
|
(1,033 |
) |
|
(1,674 |
) |
|
Allowance for loan and lease losses at end of period |
$ |
120,865 |
|
$ |
98,482 |
|
$ |
94,169 |
|
$ |
93,188 |
|
$ |
95,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses as a percentage of total loans
and leases |
|
1.31 |
% |
|
1.29 |
% |
|
1.27 |
% |
|
1.28 |
% |
|
1.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS (RECOVERIES): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans |
$ |
(6 |
) |
$ |
(6 |
) |
$ |
(6 |
) |
$ |
(6 |
) |
$ |
31 |
|
|
Commercial loans and leases |
|
457 |
|
|
320 |
|
|
(179 |
) |
|
1,254 |
|
|
1,948 |
|
|
Consumer loans |
|
— |
|
|
(4 |
) |
|
6 |
|
|
(6 |
) |
|
(32 |
) |
|
Total net charge-offs (recoveries) |
$ |
451 |
|
$ |
310 |
|
$ |
(179 |
) |
$ |
1,242 |
|
$ |
1,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan and lease charge-offs as a percentage of average loans and
leases (annualized) |
|
0.02 |
% |
|
0.02 |
% |
|
(0.01 |
)% |
|
0.07 |
% |
|
0.11 |
% |
| |
|
|
|
|
|
| *Provision
for loan and lease losses does not include provision of $2.5
million, $1.0 million, $2.0 million, $1.2 million, and $1.5 million
for credit losses on unfunded commitments during the three months
ended March 31, 2023, December 31, 2022, September 30, 2022, June
30, 2022 and March 31, 2022,
respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
| Average
Yields / Costs (Unaudited) |
| |
| |
Three Months Ended |
| |
March 31, 2023 |
December 31, 2022 |
March 31, 2022 |
| |
AverageBalance |
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) |
$ |
1,029,068 |
|
$ |
7,974 |
3.10 |
% |
|
$ |
665,969 |
|
$ |
3,497 |
2.10 |
% |
|
$ |
720,263 |
|
$ |
2,996 |
1.66 |
% |
|
Marketable and restricted equity securities (2) |
|
76,911 |
|
|
1,255 |
6.53 |
% |
|
|
52,093 |
|
|
766 |
5.88 |
% |
|
|
27,909 |
|
|
328 |
4.70 |
% |
|
Short-term investments |
|
147,654 |
|
|
1,495 |
4.05 |
% |
|
|
60,385 |
|
|
754 |
5.00 |
% |
|
|
192,475 |
|
|
66 |
0.14 |
% |
|
Total investments |
|
1,253,633 |
|
|
10,724 |
3.42 |
% |
|
|
778,447 |
|
|
5,017 |
2.58 |
% |
|
|
940,647 |
|
|
3,390 |
1.44 |
% |
|
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans (3) |
|
5,579,977 |
|
|
67,667 |
4.85 |
% |
|
|
4,341,929 |
|
|
53,088 |
4.78 |
% |
|
|
4,152,414 |
|
|
36,027 |
3.47 |
% |
|
Commercial loans (3) |
|
892,522 |
|
|
14,017 |
6.28 |
% |
|
|
797,312 |
|
|
10,541 |
5.18 |
% |
|
|
755,809 |
|
|
7,998 |
4.23 |
% |
|
Equipment financing (3) |
|
1,226,717 |
|
|
21,213 |
6.92 |
% |
|
|
1,200,911 |
|
|
20,816 |
6.93 |
% |
|
|
1,105,194 |
|
|
18,012 |
6.52 |
% |
|
Residential mortgage loans (3) |
|
1,032,025 |
|
|
11,073 |
4.29 |
% |
|
|
842,860 |
|
|
8,051 |
3.82 |
% |
|
|
804,939 |
|
|
6,992 |
3.47 |
% |
|
Other consumer loans (3) |
|
420,047 |
|
|
7,997 |
7.71 |
% |
|
|
382,196 |
|
|
5,940 |
6.15 |
% |
|
|
366,534 |
|
|
2,750 |
3.04 |
% |
|
Total loans and leases |
|
9,151,288 |
|
|
121,967 |
5.33 |
% |
|
|
7,565,208 |
|
|
98,436 |
5.20 |
% |
|
|
7,184,890 |
|
|
71,779 |
4.00 |
% |
|
Total interest-earning assets |
|
10,404,921 |
|
|
132,691 |
5.10 |
% |
|
|
8,343,655 |
|
|
103,453 |
4.96 |
% |
|
|
8,125,537 |
|
|
75,169 |
3.70 |
% |
|
Non-interest-earning assets |
|
726,166 |
|
|
|
|
|
|
|
513,976 |
|
|
|
|
|
|
|
405,506 |
|
|
|
|
|
|
Total assets |
$ |
11,131,087 |
|
|
|
|
|
|
$ |
8,857,631 |
|
|
|
|
|
|
$ |
8,531,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
810,333 |
|
|
901 |
0.45 |
% |
|
$ |
583,499 |
|
|
257 |
0.18 |
% |
|
$ |
589,891 |
|
|
103 |
0.07 |
% |
|
Savings accounts |
|
1,160,003 |
|
|
2,514 |
0.88 |
% |
|
|
787,021 |
|
|
1,155 |
0.58 |
% |
|
|
933,173 |
|
|
198 |
0.09 |
% |
|
Money market accounts |
|
2,366,235 |
|
|
12,140 |
2.08 |
% |
|
|
2,282,217 |
|
|
7,711 |
1.34 |
% |
|
|
2,416,577 |
|
|
1,570 |
0.26 |
% |
|
Certificates of deposit |
|
1,346,761 |
|
|
7,456 |
2.25 |
% |
|
|
922,250 |
|
|
2,865 |
1.23 |
% |
|
|
1,091,729 |
|
|
1,848 |
0.69 |
% |
|
Brokered deposit accounts |
|
534,527 |
|
|
6,357 |
4.82 |
% |
|
|
218,188 |
|
|
2,197 |
3.99 |
% |
|
|
132,751 |
|
|
52 |
0.16 |
% |
|
Total interest-bearing deposits |
|
6,217,859 |
|
|
29,368 |
1.92 |
% |
|
|
4,793,175 |
|
|
14,185 |
1.17 |
% |
|
|
5,164,121 |
|
|
3,771 |
0.30 |
% |
|
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advances from the FHLBB |
|
1,264,523 |
|
|
14,531 |
4.60 |
% |
|
|
736,652 |
|
|
6,979 |
3.71 |
% |
|
|
103,878 |
|
|
187 |
0.72 |
% |
|
Subordinated debentures and notes |
|
84,062 |
|
|
1,354 |
6.44 |
% |
|
|
84,025 |
|
|
1,332 |
6.34 |
% |
|
|
83,915 |
|
|
1,244 |
5.93 |
% |
|
Other borrowed funds |
|
158,499 |
|
|
1,249 |
3.20 |
% |
|
|
148,195 |
|
|
877 |
2.35 |
% |
|
|
130,080 |
|
|
61 |
0.19 |
% |
|
Total borrowings |
|
1,507,084 |
|
|
17,134 |
4.55 |
% |
|
|
968,872 |
|
|
9,188 |
3.71 |
% |
|
|
317,873 |
|
|
1,492 |
1.88 |
% |
|
Total interest-bearing liabilities |
|
7,724,943 |
|
|
46,502 |
2.44 |
% |
|
|
5,762,047 |
|
|
23,373 |
1.61 |
% |
|
|
5,481,994 |
|
|
5,263 |
0.39 |
% |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand checking accounts |
|
1,930,162 |
|
|
|
|
|
|
|
1,843,780 |
|
|
|
|
|
|
|
1,880,039 |
|
|
|
|
|
|
Other non-interest-bearing liabilities |
|
316,347 |
|
|
|
|
|
|
|
269,498 |
|
|
|
|
|
|
|
171,717 |
|
|
|
|
|
|
Total liabilities |
|
9,971,452 |
|
|
|
|
|
|
|
7,875,325 |
|
|
|
|
|
|
|
7,533,750 |
|
|
|
|
|
|
Stockholders’ equity |
|
1,159,635 |
|
|
|
|
|
|
|
982,306 |
|
|
|
|
|
|
|
997,293 |
|
|
|
|
|
|
Total liabilities and equity |
$ |
11,131,087 |
|
|
|
|
|
|
$ |
8,857,631 |
|
|
|
|
|
|
$ |
8,531,043 |
|
|
|
|
|
|
Net interest income (tax-equivalent basis) /Interest-rate spread
(4) |
|
|
|
|
86,189 |
2.66 |
% |
|
|
|
|
|
80,080 |
3.35 |
% |
|
|
|
|
|
69,906 |
3.31 |
% |
|
Less adjustment of tax-exempt income |
|
|
|
|
140 |
|
|
|
|
|
|
|
50 |
|
|
|
|
|
|
|
58 |
|
|
|
Net interest income |
|
|
|
$ |
86,049 |
|
|
|
|
|
|
$ |
80,030 |
|
|
|
|
|
|
$ |
69,848 |
|
|
|
Net interest margin (5) |
|
|
|
|
|
3.36 |
% |
|
|
|
|
|
|
3.81 |
% |
|
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 on an actual/actual
basis. |
| |
| BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
| Non-GAAP
Financial Information (Unaudited) |
| |
|
|
At and for the Three Months Ended March 31, |
| |
|
|
|
2023 |
2022 |
|
Reconciliation Table - Non-GAAP Financial
Information |
|
|
(Dollars in Thousands Except Share Data) |
| |
|
|
|
|
|
Reported Pretax Income |
|
|
$ |
8,668 |
|
$ |
33,050 |
|
|
Less: |
|
|
|
|
|
|
Security gains |
|
|
|
1,701 |
|
|
— |
|
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision |
|
|
|
16,744 |
|
|
— |
|
|
Merger and acquisition expense |
|
|
|
6,409 |
|
|
— |
|
|
Operating Pretax Income |
|
|
|
$ |
30,120 |
|
$ |
33,050 |
|
|
Estimated effective tax rate |
|
|
|
|
22.7 |
% |
|
25.2 |
% |
|
Estimated taxes |
|
|
|
|
6,837 |
|
|
8,345 |
|
|
Operating earnings after tax |
|
|
|
$ |
23,283 |
|
$ |
24,705 |
|
| |
|
|
|
|
|
| Operating
earnings per common share: |
|
|
|
|
|
|
Basic |
|
|
|
$ |
0.27 |
|
$ |
0.32 |
|
|
Diluted |
|
|
|
$ |
0.27 |
|
$ |
0.32 |
|
| |
|
|
|
|
|
|
Weighted average common shares outstanding during the period: |
|
|
|
|
|
Basic |
|
|
|
|
86,563,641 |
|
|
77,617,227 |
|
|
Diluted |
|
|
|
|
86,837,806 |
|
|
77,926,822 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
Return on average assets * |
|
|
|
0.27 |
% |
|
1.16 |
% |
|
Less: |
|
|
|
|
|
|
Security gains (after-tax) * |
|
|
|
0.05 |
% |
|
— |
% |
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision * |
|
|
|
0.47 |
% |
|
— |
% |
|
Merger and acquisition expense (after-tax) * |
|
|
|
0.18 |
% |
|
— |
% |
|
Operating return on average assets * |
|
|
|
0.87 |
% |
|
1.16 |
% |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
Return on average tangible assets * |
|
|
|
0.28 |
% |
|
1.18 |
% |
|
Less: |
|
|
|
|
|
|
Security gains (after-tax) * |
|
|
|
0.05 |
% |
|
— |
% |
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision * |
|
|
|
0.48 |
% |
|
— |
% |
|
Merger and acquisition expense (after-tax) * |
|
|
|
0.18 |
% |
|
— |
% |
|
Operating return on average tangible assets * |
|
|
|
0.89 |
% |
|
1.18 |
% |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
Return on average stockholders' equity * |
|
|
|
2.61 |
% |
|
9.91 |
% |
|
Less: |
|
|
|
|
|
|
Security gains (after-tax) * |
|
|
|
0.45 |
% |
|
— |
% |
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision * |
|
|
|
4.46 |
% |
|
— |
% |
|
Merger and acquisition expense (after-tax) * |
|
|
|
1.71 |
% |
|
— |
% |
|
Operating return on average stockholders' equity
* |
|
|
|
8.33 |
% |
|
9.91 |
% |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
Return on average tangible stockholders' equity * |
|
|
|
3.43 |
% |
|
11.84 |
% |
|
Less: |
|
|
|
|
|
|
Security gains (after-tax) * |
|
|
|
0.60 |
% |
|
— |
% |
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision * |
|
|
|
5.87 |
% |
|
— |
% |
|
Merger and acquisition expense (after-tax) * |
|
|
|
2.25 |
% |
|
— |
% |
|
Operating return on average tangible stockholders' equity
* |
|
|
|
10.95 |
% |
|
11.84 |
% |
| |
|
|
|
|
|
|
* Ratios at and for the three months ended are annualized. |
|
|
|
|
| |
|
|
|
|
|
| |
At and for the Three Months Ended |
| |
March 31,2023 |
December 31,2022 |
September 30,2022 |
June 30,2022 |
March 31,2022 |
| |
(Dollars in Thousands) |
| |
|
|
|
|
|
|
Net income, as reported |
$ |
7,560 |
|
$ |
29,695 |
|
$ |
30,149 |
|
$ |
25,195 |
|
$ |
24,705 |
|
| |
|
|
|
|
|
| Average
total assets |
$ |
11,131,087 |
|
$ |
8,857,631 |
|
$ |
8,586,420 |
|
$ |
8,515,330 |
|
$ |
8,531,043 |
|
| Less:
Average goodwill and average identified intangible assets, net |
|
278,135 |
|
|
162,266 |
|
|
162,387 |
|
|
162,507 |
|
|
162,632 |
|
| Average
tangible assets |
$ |
10,852,952 |
|
$ |
8,695,365 |
|
$ |
8,424,033 |
|
$ |
8,352,823 |
|
$ |
8,368,411 |
|
| |
|
|
|
|
|
|
Return on average tangible assets
(annualized) |
|
0.28 |
% |
|
1.37 |
% |
|
1.43 |
% |
|
1.21 |
% |
|
1.18 |
% |
| |
|
|
|
|
|
| Average
total stockholders’ equity |
$ |
1,159,635 |
|
$ |
982,306 |
|
$ |
981,379 |
|
$ |
976,167 |
|
$ |
997,293 |
|
| Less:
Average goodwill and average identified intangible assets, net |
|
278,135 |
|
|
162,266 |
|
|
162,387 |
|
|
162,507 |
|
|
162,632 |
|
| Average
tangible stockholders’ equity |
$ |
881,500 |
|
$ |
820,040 |
|
$ |
818,992 |
|
$ |
813,660 |
|
$ |
834,661 |
|
| |
|
|
|
|
|
|
Return on average tangible stockholders’ equity
(annualized) |
|
3.43 |
% |
|
14.48 |
% |
|
14.72 |
% |
|
12.39 |
% |
|
11.84 |
% |
| |
|
|
|
|
|
| Total
stockholders’ equity |
$ |
1,165,066 |
|
$ |
992,125 |
|
$ |
963,618 |
|
$ |
968,496 |
|
$ |
981,935 |
|
|
Less: |
|
|
|
|
|
|
Goodwill |
|
241,222 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
Identified intangible assets, net |
|
30,080 |
|
|
1,781 |
|
|
1,902 |
|
|
2,022 |
|
|
2,142 |
|
| Tangible
stockholders' equity |
$ |
893,764 |
|
$ |
829,917 |
|
$ |
801,289 |
|
$ |
806,047 |
|
$ |
819,366 |
|
| |
|
|
|
|
|
| Total
assets |
$ |
11,522,485 |
|
$ |
9,185,836 |
|
$ |
8,695,708 |
|
$ |
8,514,230 |
|
$ |
8,633,736 |
|
|
Less: |
|
|
|
|
|
|
Goodwill |
|
241,222 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
Identified intangible assets, net |
|
30,080 |
|
|
1,781 |
|
|
1,902 |
|
|
2,022 |
|
|
2,142 |
|
| Tangible
assets |
$ |
11,251,183 |
|
$ |
9,023,628 |
|
$ |
8,533,379 |
|
$ |
8,351,781 |
|
$ |
8,471,167 |
|
| |
|
|
|
|
|
|
Tangible stockholders’ equity to tangible
assets |
|
7.94 |
% |
|
9.20 |
% |
|
9.39 |
% |
|
9.65 |
% |
|
9.67 |
% |
| |
|
|
|
|
|
| Tangible
stockholders' equity |
$ |
893,764 |
|
$ |
829,917 |
|
$ |
801,289 |
|
$ |
806,047 |
|
$ |
819,366 |
|
| |
|
|
|
|
|
| Number of
common shares issued |
|
96,998,075 |
|
|
85,177,172 |
|
|
85,177,172 |
|
|
85,177,172 |
|
|
85,177,172 |
|
|
Less: |
|
|
|
|
|
|
Treasury shares |
|
7,734,891 |
|
|
7,731,445 |
|
|
7,730,945 |
|
|
7,995,888 |
|
|
7,037,464 |
|
|
Unallocated ESOP shares |
|
— |
|
|
— |
|
|
4,833 |
|
|
11,442 |
|
|
18,051 |
|
|
Unvested restricted shares |
|
598,049 |
|
|
601,495 |
|
|
601,995 |
|
|
497,297 |
|
|
500,098 |
|
| Number of
common shares outstanding |
|
88,665,135 |
|
|
76,844,232 |
|
|
76,839,399 |
|
|
76,672,545 |
|
|
77,621,559 |
|
| |
|
|
|
|
|
|
Tangible book value per common share |
$ |
10.08 |
|
$ |
10.80 |
|
$ |
10.43 |
|
$ |
10.51 |
|
$ |
10.56 |
|
PDF
available: http://ml.globenewswire.com/Resource/Download/bbc06783-cc3a-44b0-adc8-09afc853bed9
Brookline Bancorp (NASDAQ:BRKL)
Historical Stock Chart
From Apr 2024 to May 2024
Brookline Bancorp (NASDAQ:BRKL)
Historical Stock Chart
From May 2023 to May 2024
