Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today
announced net income of $26.5 million, or $0.34 per basic and
diluted share, for the first quarter of 2021, compared to net
income of $26.7 million, or $0.34 per basic and diluted share, for
the fourth quarter of 2020, and net loss of $(17.3) million, or
$(0.22) per basic and diluted share, for the first quarter of 2020.
“Our Company’s solid performance continued in
the first quarter and I am pleased to announce an increase in our
dividend to $0.12 per share,” Paul Perrault, President and Chief
Executive Officer of the Company continued, “We are proud of the
work that our employees have done in supporting our customers and
communities over the past year and we look forward to a continued
strong performance for the remainder of the year.”
BALANCE SHEET
Total assets at March 31, 2021 decreased
$382.6 million to $8.6 billion from $8.9 billion at
December 31, 2020, and increased $98.2 million from $8.5
billion at March 31, 2020. At March 31, 2021, total loans
and leases were $7.3 billion, representing a decrease of $2.0
million from December 31, 2020, and an increase of $445.0
million from March 31, 2020.
On December 27, 2020, the Economic Aid to
Hard-Hit Small Businesses, Nonprofits, and Venues Act (the
“Economic Aid Act”) was signed into law. The Economic Aid Act
created a new round of Paycheck Protection Program (“PPP”) loans
administered by the Small Business Administration (“SBA”). The
Company participated in the new round of PPP lending and, as of
March 31, 2021, has funded 1,342 PPP loans totaling $249.5
million. The Company funded 2,922 PPP loans totaling $581.7 million
in the first two rounds of PPP funding which closed on August 8,
2020, of which $355.3 million remains outstanding, net of deferred
fees and costs, at March 31, 2021.
Total investment securities at March 31,
2021 decreased $15.9 million to $730.4 million from $746.3 million
at December 31, 2020, and decreased $33.7 million from $764.1
million at March 31, 2020. Total cash and cash equivalents at
March 31, 2021 decreased $304.0 million to $130.9 million from
$434.9 million at December 31, 2020, and decreased $209.8
million from $340.8 million at March 31, 2020. As of
March 31, 2021, total investment securities and total cash and
cash equivalents represented 10.1 percent of total assets as
compared to 13.2 percent and 13.1 percent as of December 31,
2020 and March 31, 2020, respectively.
Total deposits at March 31, 2021 decreased
$43.9 million to $6.87 billion from $6.91 billion at
December 31, 2020 and increased $1.0 billion from $5.9 billion
at March 31, 2020.
Total borrowed funds at March 31, 2021
decreased $274.2 million to $546.0 million from $820.2 million at
December 31, 2020 and decreased $745.8 million from $1.3
billion at March 31, 2020.
The ratio of stockholders’ equity to total
assets was 11.04 percent at March 31, 2021, as compared to
10.53 percent at December 31, 2020, and 10.78 percent at
March 31, 2020. The ratio of tangible stockholders’ equity to
tangible assets (non-GAAP) was 9.31 percent at March 31, 2021,
as compared to 8.86 percent at December 31, 2020, and 9.02
percent at March 31, 2020. Tangible book value per share
(non-GAAP) increased $0.05 from $9.96 at December 31, 2020 to
$10.01 at March 31, 2021, compared to $9.49 at March 31,
2020.
NET INTEREST INCOME
Net interest income increased $0.9 million to
$69.1 million during the first quarter of 2021 from $68.2 million
at the quarter ended December 31, 2020. The net interest
margin increased 16 basis points to 3.39 percent for the three
months ended March 31, 2021 from 3.23 percent for the three
months ended December 31, 2020.
NON-INTEREST INCOME
Total non-interest income for the quarter ended
March 31, 2021 increased $0.6 million to $4.8 million from
$4.2 million for the quarter ended December 31, 2020. The
increase was primarily driven by an increase of $0.6 million in
gain on sales of loans and leases and an increase of $0.3 million
in loan level derivative income, net, partially offset by a
decrease of $0.3 million in other non-interest income.
PROVISION FOR CREDIT LOSSES
On January 1, 2020, the Company adopted ASU
2016-13 "Financial Instruments-Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments", commonly
referred to as CECL.
The Company recorded a negative provision for
credit losses of $2.1 million for the quarter ended March 31,
2021, compared to a negative provision for credit losses of $2.1
million for the quarter ended December 31, 2020.
Total net charge-offs for the first quarter of
2021 were $1.8 million compared to $4.4 million in the fourth
quarter of 2020. The decrease is primarily driven by a decrease of
$3.4 million in the net charge-offs of commercial real estate
loans, partially offset by an increase in the net charge-offs of
commercial loans and equipment financing of $0.3 million and $0.5
million, respectively. The ratio of net loan and lease charge-offs
to average loans and leases on an annualized basis decreased to 10
basis points for the first quarter of 2021 from 24 basis points for
the fourth quarter of 2020.
The allowance for loan and lease losses
represented 1.51 percent of total loans and leases at
March 31, 2021, compared to 1.57 percent at December 31,
2020, and 1.66 percent at March 31, 2020. Excluding PPP loans,
the allowance for loan and lease losses represents 1.65 percent
coverage at March 31, 2021 compared to 1.69 percent at
December 31, 2020.
ASSET QUALITY
The ratio of nonperforming loans and leases to
total loans and leases was 0.43 percent at March 31, 2021, a
decrease from 0.53 percent at December 31, 2020. Total
nonaccrual loans and leases decreased $7.4 million to $31.0 million
at March 31, 2021 from $38.4 million at December 31,
2020. The ratio of nonperforming assets to total assets was 0.44
percent at March 31, 2021, a decrease from 0.50 percent at
December 31, 2020. Total nonperforming assets decreased $7.6
million to $37.4 million at March 31, 2021 from $45.0 million
at December 31, 2020.
From March 1, 2020 through the earlier of
January 1, 2022 or 60 days after the termination date of the
national emergency declared by the President on March 13, 2020
concerning the COVID-19 outbreak (the “national emergency”), a
financial institution may elect to suspend the requirements under
accounting principles generally accepted in the U.S. for loan
modifications related to the COVID-19 pandemic that would otherwise
be categorized as a troubled debt restructured, including
impairment accounting. This troubled debt restructuring relief
applies for the term of the loan modification that occurs during
the applicable period for a loan that was not more than 30 days
past due as of December 31, 2019. Financial institutions are
required to maintain records of the volume of loans involved in
modifications to which troubled debt restructuring relief is
applicable. As of March 31, 2021, approximately 88 percent of
loans granted an initial loan payment deferral have returned to
payment status and 341 credits totaling $126 million or 1.7 percent
of total loans outstanding are operating under modified terms.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended
March 31, 2021 increased $0.8 million to $40.8 million from
$40.0 million for the quarter ended December 31, 2020. The
increase was primarily driven by increases of $0.8 million in
compensation and employee benefits expense, $0.3 million in
equipment and data processing, $0.2 million in occupancy and $0.2
million in other non-interest expense, partially offset by
decreases of $0.6 million in FDIC insurance expense and $0.1
million in professional services.
PROVISION FOR INCOME TAXES
The effective tax rate was 24.9 percent for the
three months ended March 31, 2021 compared to 22.7 percent for
the three months ended December 31, 2020 and 27.5 percent for
the three months ended March 31, 2020.
RETURNS ON AVERAGE ASSETS AND AVERAGE
EQUITY
The annualized return on average assets
increased to 1.21 percent during the first quarter 2021 from 1.20
percent for the fourth quarter of 2020.
The annualized return on average stockholders'
equity decreased to 11.18 percent during the first quarter of 2021
from 11.38 percent for the fourth quarter of 2020. The annualized
return on average tangible stockholders’ equity decreased to 13.51
percent for the first quarter of 2021 from 13.79 percent for the
fourth quarter of 2020.
DIVIDEND DECLARED
The Company’s Board of Directors approved a
dividend of $0.12 per share for the quarter ended March 31,
2021, an increase of half a cent from the prior period. The
dividend will be paid on May 28, 2021 to stockholders of record on
May 14, 2021, representing an increase of 4.3 percent from the
prior quarter.
CONFERENCE CALL
The Company will conduct a conference
call/webcast at 1:30 PM Eastern Daylight Time on Thursday, April
29, 2021 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://services.choruscall.com/links/brkl210429.html. To listen to
the call without access to the slides, interested parties may dial
877-504-4120 (United States) or 412-902-6650 (internationally) and
ask for the Brookline Bancorp, Inc. conference call. 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 877-344-7529 (United States) or 412-317-0088
(internationally) and entering the passcode: 10154349.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company
with $8.6 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 and Bank Rhode
Island (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 and www.bankri.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. Statements contained in this press
release that do not describe historical or current facts are
forward-looking statements, including statements regard the
potential effects of COVID-19 on the Company’s business, credit
quality, financial condition, liquidity and results of operations.
Forward-looking statements made with regard to the potential
effects of COVID-19 on the Company’s business, financial condition,
credit quality, liquidity and results of operation 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 included, but are
not limited to, continued deterioration in employment levels,
general business and economic conditions on a national basis and 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; the
possibility that future credit losses may be higher than currently
expected; reputational risk relating to the Company’s participation
in the Paycheck Protection Program and other pandemic-related
legislative and regulatory initiatives and programs; and turbulence
in capital and debt markets. 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 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 (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.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, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
|
(Dollars In Thousands Except per Share Data) |
Earnings Data: |
|
|
|
|
|
Net interest income |
$ |
69,109 |
|
$ |
68,225 |
|
$ |
65,938 |
|
$ |
64,288 |
|
$ |
61,712 |
|
(Credit) provision for credit losses |
|
(2,147 |
) |
|
(2,103 |
) |
|
4,528 |
|
|
5,347 |
|
|
54,114 |
|
Non-interest income |
|
4,794 |
|
|
4,219 |
|
|
4,862 |
|
|
6,235 |
|
|
9,328 |
|
Non-interest expense |
|
40,811 |
|
|
40,038 |
|
|
40,947 |
|
|
39,109 |
|
|
40,748 |
|
Income (loss) before provision for income taxes |
|
35,239 |
|
|
34,509 |
|
|
25,325 |
|
|
26,067 |
|
|
(23,822 |
) |
Net income (loss) attributable to Brookline Bancorp, Inc. |
|
26,454 |
|
|
26,663 |
|
|
18,679 |
|
|
19,571 |
|
|
(17,276 |
) |
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
Net interest margin (1) |
|
3.39 |
% |
|
3.23 |
% |
|
3.08 |
% |
|
3.09 |
% |
|
3.31 |
% |
Interest-rate spread (1) |
|
3.15 |
% |
|
3.03 |
% |
|
2.85 |
% |
|
2.75 |
% |
|
2.91 |
% |
Return on average assets (annualized) |
|
1.21 |
% |
|
1.20 |
% |
|
0.83 |
% |
|
0.88 |
% |
|
(0.87 |
)% |
Return on average tangible assets (annualized) (non-GAAP) |
|
1.24 |
% |
|
1.22 |
% |
|
0.84 |
% |
|
0.90 |
% |
|
(0.89 |
)% |
Return on average stockholders' equity (annualized) |
|
11.18 |
% |
|
11.38 |
% |
|
7.99 |
% |
|
8.45 |
% |
|
(7.30 |
)% |
Return on average tangible stockholders' equity (annualized)
(non-GAAP) |
|
13.51 |
% |
|
13.79 |
% |
|
9.70 |
% |
|
10.28 |
% |
|
(8.84 |
)% |
Efficiency ratio (2) |
|
55.22 |
% |
|
55.27 |
% |
|
57.83 |
% |
|
55.46 |
% |
|
57.36 |
% |
|
|
|
|
|
|
Per
Common Share Data: |
|
|
|
|
|
Net income (loss) — Basic |
$ |
0.34 |
|
$ |
0.34 |
|
$ |
0.24 |
|
$ |
0.25 |
|
$ |
(0.22 |
) |
Net income (loss) — Diluted |
|
0.34 |
|
|
0.34 |
|
|
0.24 |
|
|
0.25 |
|
|
(0.22 |
) |
Cash dividends declared |
|
0.120 |
|
|
0.115 |
|
|
0.115 |
|
|
0.115 |
|
|
0.115 |
|
Book value per share (end of period) |
|
12.10 |
|
|
12.05 |
|
|
11.84 |
|
|
11.75 |
|
|
11.57 |
|
Tangible book value per share (end of period) (non-GAAP) |
|
10.01 |
|
|
9.96 |
|
|
9.77 |
|
|
9.67 |
|
|
9.49 |
|
Stock price (end of period) |
|
15.00 |
|
|
12.04 |
|
|
8.65 |
|
|
10.08 |
|
|
11.28 |
|
|
|
|
|
|
|
Balance Sheet: |
|
|
|
|
|
Total assets |
$ |
8,559,810 |
|
$ |
8,942,424 |
|
$ |
9,000,192 |
|
$ |
9,069,667 |
|
$ |
8,461,591 |
|
Total loans and leases |
|
7,267,552 |
|
|
7,269,553 |
|
|
7,396,358 |
|
|
7,407,697 |
|
|
6,822,527 |
|
Total deposits |
|
6,866,786 |
|
|
6,910,696 |
|
|
6,792,523 |
|
|
6,440,233 |
|
|
5,889,938 |
|
Brookline Bancorp, Inc. stockholders’ equity |
|
945,399 |
|
|
941,778 |
|
|
935,558 |
|
|
926,413 |
|
|
912,568 |
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
Nonperforming assets |
$ |
37,403 |
|
$ |
44,963 |
|
$ |
39,365 |
|
$ |
42,754 |
|
$ |
41,122 |
|
Nonperforming assets as a percentage of total assets |
|
0.44 |
% |
|
0.50 |
% |
|
0.44 |
% |
|
0.47 |
% |
|
0.49 |
% |
Allowance for loan and lease losses |
$ |
109,837 |
|
$ |
114,379 |
|
$ |
119,971 |
|
$ |
119,553 |
|
$ |
113,181 |
|
Allowance for loan and lease losses as a percentage of total loans
and leases |
|
1.51 |
% |
|
1.57 |
% |
|
1.62 |
% |
|
1.61 |
% |
|
1.66 |
% |
Net loan and lease charge-offs |
$ |
1,760 |
|
$ |
4,381 |
|
$ |
4,963 |
|
$ |
1,383 |
|
$ |
2,234 |
|
Net loan and lease charge-offs as a percentage of average loans and
leases (annualized) |
|
0.10 |
% |
|
0.24 |
% |
|
0.27 |
% |
|
0.08 |
% |
|
0.13 |
% |
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
Stockholders’ equity to total assets |
|
11.04 |
% |
|
10.53 |
% |
|
10.39 |
% |
|
10.21 |
% |
|
10.78 |
% |
Tangible stockholders’ equity to tangible assets (non-GAAP) |
|
9.31 |
% |
|
8.86 |
% |
|
8.73 |
% |
|
8.56 |
% |
|
9.02 |
% |
|
|
|
|
|
|
(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, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
ASSETS |
(In Thousands Except Share Data) |
Cash and due from banks |
$ |
41,284 |
|
$ |
36,069 |
|
$ |
33,818 |
|
$ |
38,522 |
|
$ |
86,996 |
|
Short-term
investments |
|
89,643 |
|
|
398,848 |
|
|
283,515 |
|
|
216,394 |
|
|
253,772 |
|
Total cash and cash equivalents |
|
130,927 |
|
|
434,917 |
|
|
317,333 |
|
|
254,916 |
|
|
340,768 |
|
Investment
securities available-for-sale |
|
729,901 |
|
|
745,822 |
|
|
783,867 |
|
|
854,505 |
|
|
761,539 |
|
Investment
securities held-to-maturity |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Equity
securities held-for-trading |
|
518 |
|
|
526 |
|
|
525 |
|
|
1,992 |
|
|
2,558 |
|
Total investment securities |
|
730,419 |
|
|
746,348 |
|
|
784,392 |
|
|
856,497 |
|
|
764,097 |
|
Loans and
leases: |
|
|
|
|
|
Commercial real estate loans |
|
3,790,341 |
|
|
3,823,826 |
|
|
3,835,372 |
|
|
3,837,703 |
|
|
3,762,158 |
|
Commercial loans and leases |
|
2,324,202 |
|
|
2,274,899 |
|
|
2,354,613 |
|
|
2,361,463 |
|
|
1,826,866 |
|
Consumer loans |
|
1,153,009 |
|
|
1,170,828 |
|
|
1,206,373 |
|
|
1,208,531 |
|
|
1,233,503 |
|
Total loans and leases |
|
7,267,552 |
|
|
7,269,553 |
|
|
7,396,358 |
|
|
7,407,697 |
|
|
6,822,527 |
|
Allowance
for loan and lease losses |
|
(109,837 |
) |
|
(114,379 |
) |
|
(119,971 |
) |
|
(119,553 |
) |
|
(113,181 |
) |
Net loans and leases |
|
7,157,715 |
|
|
7,155,174 |
|
|
7,276,387 |
|
|
7,288,144 |
|
|
6,709,346 |
|
Restricted
equity securities |
|
40,400 |
|
|
49,786 |
|
|
61,715 |
|
|
71,638 |
|
|
68,472 |
|
Premises and
equipment, net of accumulated depreciation |
|
72,524 |
|
|
71,568 |
|
|
72,441 |
|
|
73,127 |
|
|
73,786 |
|
Right-of-use
asset operating leases |
|
23,180 |
|
|
24,143 |
|
|
23,492 |
|
|
24,343 |
|
|
24,789 |
|
Deferred tax
asset |
|
42,857 |
|
|
40,129 |
|
|
42,269 |
|
|
42,683 |
|
|
38,141 |
|
Goodwill |
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
Identified
intangible assets, net of accumulated amortization |
|
2,920 |
|
|
3,152 |
|
|
3,464 |
|
|
3,775 |
|
|
4,087 |
|
Other real
estate owned and repossessed assets |
|
6,383 |
|
|
6,515 |
|
|
1,413 |
|
|
1,454 |
|
|
2,038 |
|
Other
assets |
|
192,058 |
|
|
250,265 |
|
|
256,859 |
|
|
292,663 |
|
|
275,640 |
|
Total assets |
$ |
8,559,810 |
|
$ |
8,942,424 |
|
$ |
9,000,192 |
|
$ |
9,069,667 |
|
$ |
8,461,591 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Demand checking accounts |
$ |
1,724,170 |
|
$ |
1,592,205 |
|
$ |
1,550,267 |
|
$ |
1,603,037 |
|
$ |
1,175,329 |
|
NOW accounts |
|
481,988 |
|
|
513,948 |
|
|
459,902 |
|
|
417,622 |
|
|
361,854 |
|
Savings accounts |
|
724,504 |
|
|
701,659 |
|
|
716,630 |
|
|
657,758 |
|
|
653,026 |
|
Money market accounts |
|
2,192,468 |
|
|
2,018,977 |
|
|
1,878,258 |
|
|
1,809,868 |
|
|
1,676,092 |
|
Certificate of deposit accounts |
|
1,273,105 |
|
|
1,389,998 |
|
|
1,492,913 |
|
|
1,601,768 |
|
|
1,669,509 |
|
Brokered deposit accounts |
|
470,551 |
|
|
693,909 |
|
|
694,553 |
|
|
350,180 |
|
|
354,128 |
|
Total deposits |
|
6,866,786 |
|
|
6,910,696 |
|
|
6,792,523 |
|
|
6,440,233 |
|
|
5,889,938 |
|
Borrowed
funds: |
|
|
|
|
|
Advances from the FHLBB |
|
378,646 |
|
|
648,849 |
|
|
841,169 |
|
|
1,267,570 |
|
|
1,137,431 |
|
Subordinated debentures and notes |
|
83,783 |
|
|
83,746 |
|
|
83,707 |
|
|
83,668 |
|
|
83,630 |
|
Other borrowed funds |
|
83,574 |
|
|
87,652 |
|
|
80,169 |
|
|
55,431 |
|
|
70,743 |
|
Total borrowed funds |
|
546,003 |
|
|
820,247 |
|
|
1,005,045 |
|
|
1,406,669 |
|
|
1,291,804 |
|
Operating
lease liabilities |
|
23,180 |
|
|
24,143 |
|
|
23,492 |
|
|
24,343 |
|
|
24,789 |
|
Mortgagors’
escrow accounts |
|
6,483 |
|
|
5,901 |
|
|
6,429 |
|
|
6,467 |
|
|
7,441 |
|
Reserve for
unfunded credits |
|
13,705 |
|
|
13,071 |
|
|
13,964 |
|
|
14,816 |
|
|
17,222 |
|
Accrued
expenses and other liabilities |
|
158,254 |
|
|
226,588 |
|
|
223,181 |
|
|
250,726 |
|
|
317,829 |
|
Total liabilities |
|
7,614,411 |
|
|
8,000,646 |
|
|
8,064,634 |
|
|
8,143,254 |
|
|
7,549,023 |
|
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 |
|
737,882 |
|
|
737,178 |
|
|
736,294 |
|
|
738,155 |
|
|
737,422 |
|
Retained earnings, partially restricted |
|
282,301 |
|
|
264,892 |
|
|
247,336 |
|
|
237,808 |
|
|
227,359 |
|
Accumulated other comprehensive income |
|
2,082 |
|
|
16,490 |
|
|
18,782 |
|
|
19,538 |
|
|
16,947 |
|
Treasury stock, at cost; |
|
|
|
|
|
6,534,602, 6,525,783, 5,629,854, 5,859,708, and 5,862,811 shares,
respectively |
|
(77,463 |
) |
|
(77,343 |
) |
|
(67,376 |
) |
|
(69,572 |
) |
|
(69,617 |
) |
Unallocated common stock held by the Employee Stock Ownership
Plan; |
|
|
|
|
|
44,502, 51,114, 58,227, 65,334, and 72,441 shares,
respectively |
|
(255 |
) |
|
(291 |
) |
|
(330 |
) |
|
(368 |
) |
|
(395 |
) |
Total stockholders' equity |
|
945,399 |
|
|
941,778 |
|
|
935,558 |
|
|
926,413 |
|
|
912,568 |
|
Total liabilities and stockholders' equity |
$ |
8,559,810 |
|
$ |
8,942,424 |
|
$ |
9,000,192 |
|
$ |
9,069,667 |
|
$ |
8,461,591 |
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Consolidated
Statements of Income (Unaudited) |
|
|
Three Months Ended |
|
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
|
(In Thousands Except Share Data) |
Interest and
dividend income: |
|
|
|
|
|
Loans and leases |
$ |
75,009 |
|
$ |
76,583 |
|
$ |
76,240 |
$ |
77,416 |
$ |
79,559 |
|
Debt securities |
|
3,118 |
|
|
3,335 |
|
|
3,746 |
|
3,701 |
|
2,976 |
|
Marketable and restricted equity securities |
|
301 |
|
|
490 |
|
|
672 |
|
908 |
|
778 |
|
Short-term investments |
|
39 |
|
|
59 |
|
|
46 |
|
99 |
|
209 |
|
Total interest and dividend income |
|
78,467 |
|
|
80,467 |
|
|
80,704 |
|
82,124 |
|
83,522 |
|
Interest
expense: |
|
|
|
|
|
Deposits |
|
6,707 |
|
|
8,825 |
|
|
10,583 |
|
12,778 |
|
16,240 |
|
Borrowed funds |
|
2,651 |
|
|
3,417 |
|
|
4,183 |
|
5,058 |
|
5,570 |
|
Total interest expense |
|
9,358 |
|
|
12,242 |
|
|
14,766 |
|
17,836 |
|
21,810 |
|
Net interest
income |
|
69,109 |
|
|
68,225 |
|
|
65,938 |
|
64,288 |
|
61,712 |
|
(Credit)
provision for credit losses |
|
(2,147 |
) |
|
(2,103 |
) |
|
4,528 |
|
5,347 |
|
54,114 |
|
Net interest income after provision for credit losses |
|
71,256 |
|
|
70,328 |
|
|
61,410 |
|
58,941 |
|
7,598 |
|
Non-interest
income: |
|
|
|
|
|
Deposit fees |
|
2,281 |
|
|
2,358 |
|
|
2,305 |
|
1,929 |
|
2,458 |
|
Loan fees |
|
599 |
|
|
588 |
|
|
397 |
|
513 |
|
550 |
|
Loan level derivative income, net |
|
474 |
|
|
145 |
|
|
527 |
|
1,440 |
|
2,156 |
|
(Loss) gain on investment securities, net |
|
(7 |
) |
|
- |
|
|
54 |
|
586 |
|
1,330 |
|
Gain on sales of loans and leases held-for-sale |
|
709 |
|
|
67 |
|
|
632 |
|
299 |
|
120 |
|
Other |
|
738 |
|
|
1,061 |
|
|
947 |
|
1,468 |
|
2,714 |
|
Total non-interest income |
|
4,794 |
|
|
4,219 |
|
|
4,862 |
|
6,235 |
|
9,328 |
|
Non-interest
expense: |
|
|
|
|
|
Compensation and employee benefits |
|
25,821 |
|
|
25,054 |
|
|
26,092 |
|
24,619 |
|
25,219 |
|
Occupancy |
|
4,004 |
|
|
3,806 |
|
|
3,802 |
|
3,825 |
|
3,953 |
|
Equipment and data processing |
|
4,493 |
|
|
4,193 |
|
|
4,293 |
|
4,155 |
|
4,703 |
|
Professional services |
|
1,226 |
|
|
1,338 |
|
|
1,112 |
|
1,056 |
|
1,651 |
|
FDIC insurance |
|
1,044 |
|
|
1,630 |
|
|
1,363 |
|
858 |
|
378 |
|
Advertising and marketing |
|
1,100 |
|
|
1,010 |
|
|
1,024 |
|
1,017 |
|
1,075 |
|
Amortization of identified intangible assets |
|
232 |
|
|
312 |
|
|
312 |
|
311 |
|
336 |
|
Other |
|
2,891 |
|
|
2,695 |
|
|
2,949 |
|
3,268 |
|
3,433 |
|
Total non-interest expense |
|
40,811 |
|
|
40,038 |
|
|
40,947 |
|
39,109 |
|
40,748 |
|
Income
(loss) before provision for income taxes |
|
35,239 |
|
|
34,509 |
|
|
25,325 |
|
26,067 |
|
(23,822 |
) |
Provision
(benefit) for income taxes |
|
8,785 |
|
|
7,846 |
|
|
6,646 |
|
6,496 |
|
(6,546 |
) |
Net income (loss) attributable to Brookline Bancorp, Inc. |
$ |
26,454 |
|
$ |
26,663 |
|
$ |
18,679 |
$ |
19,571 |
$ |
(17,276 |
) |
Earnings per
common share: |
|
|
|
|
|
Basic |
$ |
0.34 |
|
$ |
0.34 |
|
$ |
0.24 |
$ |
0.25 |
$ |
(0.22 |
) |
Diluted |
$ |
0.34 |
|
$ |
0.34 |
|
$ |
0.24 |
$ |
0.25 |
$ |
(0.22 |
) |
Weighted average common shares outstanding during the period: |
|
|
|
|
Basic |
|
78,143,752 |
|
|
78,533,351 |
|
|
78,948,139 |
|
78,849,282 |
|
79,481,462 |
|
Diluted |
|
78,404,063 |
|
|
78,680,873 |
|
|
79,055,901 |
|
79,015,274 |
|
79,665,774 |
|
Dividends
paid per common share |
$ |
0.115 |
|
$ |
0.115 |
|
$ |
0.115 |
$ |
0.115 |
$ |
0.115 |
|
|
|
|
|
|
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Asset
Quality Analysis (Unaudited) |
|
|
At and for the Three Months Ended |
|
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
|
(Dollars in Thousands) |
NONPERFORMING ASSETS: |
|
|
|
|
|
Loans and
leases accounted for on a nonaccrual basis: |
|
|
|
|
|
Commercial real estate mortgage |
$ |
3,611 |
|
$ |
3,300 |
|
$ |
10,841 |
|
$ |
10,139 |
|
$ |
10,937 |
|
Multi-family mortgage |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
85 |
|
Construction |
|
3,853 |
|
|
3,853 |
|
|
- |
|
|
- |
|
|
- |
|
Total commercial real estate loans |
|
7,464 |
|
|
7,153 |
|
|
10,841 |
|
|
10,139 |
|
|
11,022 |
|
|
|
|
|
|
|
Commercial |
|
3,161 |
|
|
7,702 |
|
|
7,751 |
|
|
12,427 |
|
|
12,991 |
|
Equipment financing |
|
15,772 |
|
|
16,757 |
|
|
13,372 |
|
|
13,100 |
|
|
10,356 |
|
Condominium association |
|
106 |
|
|
112 |
|
|
117 |
|
|
190 |
|
|
203 |
|
Total commercial loans and leases |
|
19,039 |
|
|
24,571 |
|
|
21,240 |
|
|
25,717 |
|
|
23,550 |
|
|
|
|
|
|
|
Residential mortgage |
|
3,722 |
|
|
5,587 |
|
|
4,634 |
|
|
4,157 |
|
|
3,446 |
|
Home equity |
|
793 |
|
|
1,136 |
|
|
1,235 |
|
|
1,278 |
|
|
1,059 |
|
Other consumer |
|
2 |
|
|
1 |
|
|
2 |
|
|
9 |
|
|
7 |
|
Total consumer loans |
|
4,517 |
|
|
6,724 |
|
|
5,871 |
|
|
5,444 |
|
|
4,512 |
|
|
|
|
|
|
|
Total nonaccrual loans and leases |
|
31,020 |
|
|
38,448 |
|
|
37,952 |
|
|
41,300 |
|
|
39,084 |
|
|
|
|
|
|
|
Other real
estate owned |
|
5,328 |
|
|
5,415 |
|
|
- |
|
|
- |
|
|
- |
|
Other
repossessed assets |
|
1,055 |
|
|
1,100 |
|
|
1,413 |
|
|
1,454 |
|
|
2,038 |
|
Total nonperforming assets |
$ |
37,403 |
|
$ |
44,963 |
|
$ |
39,365 |
|
$ |
42,754 |
|
$ |
41,122 |
|
|
|
|
|
|
|
Loans and
leases past due greater than 90 days and still accruing |
$ |
1,179 |
|
$ |
11,975 |
|
$ |
1,180 |
|
$ |
1,974 |
|
$ |
1,045 |
|
|
|
|
|
|
|
Troubled
debt restructurings on accrual |
|
16,770 |
|
|
11,483 |
|
|
11,309 |
|
|
10,172 |
|
|
16,480 |
|
Troubled
debt restructurings on nonaccrual |
|
6,293 |
|
|
7,476 |
|
|
5,742 |
|
|
5,972 |
|
|
5,819 |
|
Total troubled debt restructurings |
$ |
23,063 |
|
$ |
18,959 |
|
$ |
17,051 |
|
$ |
16,144 |
|
$ |
22,299 |
|
|
|
|
|
|
|
Nonperforming loans and leases as a percentage of total loans and
leases |
|
0.43 |
% |
|
0.53 |
% |
|
0.51 |
% |
|
0.56 |
% |
|
0.57 |
% |
Nonperforming assets as a percentage of total assets |
|
0.44 |
% |
|
0.50 |
% |
|
0.44 |
% |
|
0.47 |
% |
|
0.49 |
% |
|
|
|
|
|
|
PROVISION AND ALLOWANCE FOR LOAN AND LEASE
LOSSES: |
|
|
|
Allowance
for loan and lease losses at beginning of period |
$ |
114,379 |
|
$ |
119,971 |
|
$ |
119,553 |
|
$ |
113,181 |
|
$ |
61,082 |
|
CECL adjustment to retained earnings |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
6,632 |
|
Charge-offs |
|
(2,143 |
) |
|
(4,810 |
) |
|
(5,511 |
) |
|
(1,803 |
) |
|
(2,539 |
) |
Recoveries |
|
383 |
|
|
429 |
|
|
548 |
|
|
420 |
|
|
305 |
|
Net charge-offs |
|
(1,760 |
) |
|
(4,381 |
) |
|
(4,963 |
) |
|
(1,383 |
) |
|
(2,234 |
) |
Provision for loan and lease losses excluding unfunded commitments
* |
|
(2,782 |
) |
|
(1,211 |
) |
|
5,381 |
|
|
7,755 |
|
|
47,701 |
|
Allowance for loan and lease losses at end of period |
$ |
109,837 |
|
$ |
114,379 |
|
$ |
119,971 |
|
$ |
119,553 |
|
$ |
113,181 |
|
|
|
|
|
|
|
Allowance
for loan and lease losses as a percentage of total loans and
leases |
|
1.51 |
% |
|
1.57 |
% |
|
1.62 |
% |
|
1.61 |
% |
|
1.66 |
% |
|
|
|
|
|
|
NET
CHARGE-OFFS: |
|
|
|
|
|
Commercial
real estate loans |
$ |
- |
|
$ |
3,444 |
|
$ |
70 |
|
$ |
(94 |
) |
$ |
- |
|
Commercial
loans and leases |
|
1,809 |
|
|
1,011 |
|
|
4,917 |
|
|
1,498 |
|
|
2,280 |
|
Consumer
loans |
|
(49 |
) |
|
(74 |
) |
|
(24 |
) |
|
(21 |
) |
|
(46 |
) |
Total net charge-offs |
$ |
1,760 |
|
$ |
4,381 |
|
$ |
4,963 |
|
$ |
1,383 |
|
$ |
2,234 |
|
|
|
|
|
|
|
Net loan and
lease charge-offs as a percentage of average loans and leases
(annualized) |
|
0.10 |
% |
|
0.24 |
% |
|
0.27 |
% |
|
0.08 |
% |
|
0.13 |
% |
|
|
|
|
|
|
*Provision for loan
and lease losses does not include provision (credit) of $0.6
million, $(0.9) million, $(0.9) million, $2.4 million and $6.4
million for credit losses on unfunded commitments during the three
months ended March 31, 2021, December 31, 2020, September 30, 2020,
June 30, 2020 and March 31, 2020,
respectively. |
|
BROOKLINE
BANCORP, INC. AND SUBSIDIARIES |
Average
Yields / Costs (Unaudited) |
|
|
Three Months Ended |
|
March 31, 2021 |
December 31, 2020 |
March 31, 2020 |
|
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) |
$ |
754,699 |
$ |
3,118 |
1.65 |
% |
$ |
770,414 |
$ |
3,334 |
1.73 |
% |
$ |
605,885 |
$ |
3,024 |
2.00 |
% |
Marketable and restricted equity securities (2) |
|
45,673 |
|
301 |
2.64 |
% |
|
51,469 |
|
491 |
3.81 |
% |
|
58,881 |
|
786 |
5.33 |
% |
Short-term investments |
|
191,751 |
|
39 |
0.08 |
% |
|
223,665 |
|
59 |
0.10 |
% |
|
84,309 |
|
209 |
0.99 |
% |
Total investments |
|
992,123 |
|
3,458 |
1.39 |
% |
|
1,045,548 |
|
3,884 |
1.49 |
% |
|
749,075 |
|
4,019 |
2.15 |
% |
Loans and Leases: |
|
|
|
|
|
|
|
|
|
Commercial real estate loans (3) |
|
3,785,897 |
|
34,245 |
3.62 |
% |
|
3,833,172 |
|
35,526 |
3.63 |
% |
|
3,697,011 |
|
40,468 |
4.33 |
% |
Commercial loans (3) |
|
1,249,824 |
|
12,746 |
4.08 |
% |
|
1,260,883 |
|
11,936 |
3.71 |
% |
|
783,309 |
|
8,328 |
4.21 |
% |
Equipment financing (3) |
|
1,079,039 |
|
18,043 |
6.69 |
% |
|
1,086,855 |
|
18,626 |
6.86 |
% |
|
1,052,846 |
|
18,946 |
7.20 |
% |
Residential mortgage loans (3) |
|
780,785 |
|
7,232 |
3.71 |
% |
|
803,884 |
|
7,530 |
3.75 |
% |
|
810,583 |
|
7,934 |
3.92 |
% |
Other consumer loans (3) |
|
375,590 |
|
2,795 |
3.02 |
% |
|
385,818 |
|
3,020 |
3.10 |
% |
|
417,815 |
|
3,955 |
3.79 |
% |
Total loans and leases |
|
7,271,135 |
|
75,061 |
4.13 |
% |
|
7,370,612 |
|
76,638 |
4.16 |
% |
|
6,761,564 |
|
79,631 |
4.71 |
% |
Total interest-earning assets |
|
8,263,258 |
|
78,519 |
3.80 |
% |
|
8,416,160 |
|
80,522 |
3.83 |
% |
|
7,510,639 |
|
83,650 |
4.46 |
% |
Non-interest-earning assets |
|
450,900 |
|
|
|
458,307 |
|
|
|
455,187 |
|
|
Total assets |
$ |
8,714,158 |
|
|
$ |
8,874,467 |
|
|
$ |
7,965,826 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
477,893 |
|
130 |
0.11 |
% |
$ |
451,014 |
|
126 |
0.11 |
% |
$ |
359,641 |
|
116 |
0.13 |
% |
Savings accounts |
|
712,728 |
|
235 |
0.13 |
% |
|
701,378 |
|
245 |
0.14 |
% |
|
626,945 |
|
643 |
0.41 |
% |
Money market accounts |
|
2,084,503 |
|
1,486 |
0.29 |
% |
|
1,947,686 |
|
1,546 |
0.32 |
% |
|
1,678,649 |
|
4,241 |
1.02 |
% |
Certificates of deposit |
|
1,328,112 |
|
4,154 |
1.27 |
% |
|
1,452,867 |
|
5,718 |
1.57 |
% |
|
1,682,900 |
|
9,251 |
2.21 |
% |
Brokered deposit accounts |
|
610,824 |
|
702 |
0.47 |
% |
|
746,281 |
|
1,190 |
0.63 |
% |
|
358,003 |
|
1,989 |
2.23 |
% |
Total interest-bearing deposits |
|
5,214,060 |
|
6,707 |
0.52 |
% |
|
5,299,226 |
|
8,825 |
0.66 |
% |
|
4,706,138 |
|
16,240 |
1.39 |
% |
Borrowings |
|
|
|
|
|
|
|
|
|
Advances from the FHLBB |
|
488,537 |
|
1,370 |
1.12 |
% |
|
619,844 |
|
2,118 |
1.34 |
% |
|
772,462 |
|
4,097 |
2.10 |
% |
Subordinated debentures and notes |
|
83,764 |
|
1,242 |
5.93 |
% |
|
83,725 |
|
1,245 |
5.95 |
% |
|
83,609 |
|
1,284 |
6.14 |
% |
Other borrowed funds |
|
92,391 |
|
39 |
0.17 |
% |
|
81,320 |
|
54 |
0.26 |
% |
|
91,052 |
|
189 |
0.84 |
% |
Total borrowings |
|
664,692 |
|
2,651 |
1.60 |
% |
|
784,889 |
|
3,417 |
1.70 |
% |
|
947,123 |
|
5,570 |
2.33 |
% |
Total interest-bearing liabilities |
|
5,878,752 |
|
9,358 |
0.65 |
% |
|
6,084,115 |
|
12,242 |
0.80 |
% |
|
5,653,261 |
|
21,810 |
1.55 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
Demand checking accounts |
|
1,643,373 |
|
|
|
1,587,618 |
|
|
|
1,134,314 |
|
|
Other non-interest-bearing liabilities |
|
245,551 |
|
|
|
265,440 |
|
|
|
232,113 |
|
|
Total liabilities |
|
7,767,676 |
|
|
|
7,937,173 |
|
|
|
7,019,688 |
|
|
Stockholders’ equity |
|
946,482 |
|
|
|
937,294 |
|
|
|
946,138 |
|
|
Total liabilities and equity |
$ |
8,714,158 |
|
|
$ |
8,874,467 |
|
|
$ |
7,965,826 |
|
|
Net interest
income (tax-equivalent basis) /Interest-rate spread (4) |
|
|
69,161 |
3.15 |
% |
|
|
68,280 |
3.03 |
% |
|
|
61,840 |
2.91 |
% |
Less
adjustment of tax-exempt income |
|
|
52 |
|
|
|
55 |
|
|
|
128 |
|
Net interest
income |
|
$ |
69,109 |
|
|
$ |
68,225 |
|
|
$ |
61,712 |
|
Net interest
margin (5) |
|
|
3.39 |
% |
|
|
3.23 |
% |
|
|
3.31 |
% |
|
|
|
|
|
|
|
|
|
|
(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, |
|
|
|
|
|
2021 |
|
|
2020 |
|
Reconciliation Table - Non-GAAP Financial
Information |
|
|
(Dollars in Thousands Except Share Data) |
|
|
|
|
|
Net income attributable to Brookline Bancorp, Inc. |
|
|
$ |
26,454 |
|
$ |
(17,276 |
) |
Less: |
|
|
|
|
|
Security gains (losses) (after-tax) |
|
|
|
(5 |
) |
|
964 |
|
Operating earnings |
|
|
|
$ |
26,459 |
|
$ |
(18,240 |
) |
|
|
|
|
|
|
Operating
earnings per common share: |
|
|
|
|
|
Basic |
|
|
|
$ |
0.34 |
|
$ |
(0.23 |
) |
Diluted |
|
|
|
|
0.34 |
|
|
(0.23 |
) |
|
|
|
|
|
|
Weighted average common shares outstanding during the period: |
|
|
|
|
Basic |
|
|
|
|
78,143,752 |
|
|
79,481,462 |
|
Diluted |
|
|
|
|
78,404,063 |
|
|
79,665,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets * |
|
|
|
1.21 |
% |
|
(0.87 |
)% |
Less: |
|
|
|
|
|
Security gains (losses) (after-tax) * |
|
|
|
- |
% |
|
0.05 |
% |
Operating return on average assets * |
|
|
|
1.21 |
% |
|
(0.92 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible assets * |
|
|
|
1.24 |
% |
|
(0.89 |
)% |
Less: |
|
|
|
|
|
Security gains (losses) (after-tax) * |
|
|
|
- |
% |
|
0.05 |
% |
Operating return on average tangible assets * |
|
|
|
1.24 |
% |
|
(0.94 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders' equity * |
|
|
|
11.18 |
% |
|
(7.30 |
)% |
Less: |
|
|
|
|
|
Security gains (losses) (after-tax) * |
|
|
|
- |
% |
|
0.41 |
% |
Operating return on average stockholders' equity
* |
|
|
|
11.18 |
% |
|
(7.71 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible stockholders' equity * |
|
|
|
13.51 |
% |
|
(8.84 |
)% |
Less: |
|
|
|
|
|
Security gains (losses) (after-tax) * |
|
|
|
- |
% |
|
0.49 |
% |
Operating return on average tangible stockholders' equity
* |
|
|
|
13.51 |
% |
|
(9.33 |
)% |
|
|
|
|
|
|
* Ratios at and for the three months ended are annualized. |
|
|
|
|
|
|
|
|
|
|
|
At and for the Three Months Ended |
|
March 31, 2021 |
December 31, 2020 |
September 30, 2020 |
June 30, 2020 |
March 31, 2020 |
|
(Dollars in Thousands) |
|
|
|
|
|
|
Net income (loss), as reported |
$ |
26,454 |
|
$ |
26,663 |
|
$ |
18,679 |
|
$ |
19,571 |
|
$ |
(17,276 |
) |
|
|
|
|
|
|
Average
total assets |
$ |
8,714,158 |
|
$ |
8,874,467 |
|
$ |
9,018,672 |
|
$ |
8,869,540 |
|
$ |
7,965,826 |
|
Less:
Average goodwill and average identified intangible assets, net |
|
163,457 |
|
|
163,758 |
|
|
164,072 |
|
|
164,385 |
|
|
164,701 |
|
Average
tangible assets |
$ |
8,550,701 |
|
$ |
8,710,709 |
|
$ |
8,854,600 |
|
$ |
8,705,155 |
|
$ |
7,801,125 |
|
|
|
|
|
|
|
Return on average tangible assets
(annualized) |
|
1.24 |
% |
|
1.22 |
% |
|
0.84 |
% |
|
0.90 |
% |
|
(0.89 |
)% |
|
|
|
|
|
|
Average
total stockholders’ equity |
$ |
946,482 |
|
$ |
937,294 |
|
$ |
934,632 |
|
$ |
926,239 |
|
$ |
946,138 |
|
Less:
Average goodwill and average identified intangible assets, net |
|
163,457 |
|
|
163,758 |
|
|
164,072 |
|
|
164,385 |
|
|
164,701 |
|
Average
tangible stockholders’ equity |
$ |
783,025 |
|
$ |
773,536 |
|
$ |
770,560 |
|
$ |
761,854 |
|
$ |
781,437 |
|
|
|
|
|
|
|
Return on average tangible stockholders’ equity
(annualized) |
|
13.51 |
% |
|
13.79 |
% |
|
9.70 |
% |
|
10.28 |
% |
|
(8.84 |
)% |
|
|
|
|
|
|
Brookline
Bancorp, Inc. stockholders’ equity |
$ |
945,399 |
|
$ |
941,778 |
|
$ |
935,558 |
|
$ |
926,413 |
|
$ |
912,568 |
|
Less: |
|
|
|
|
|
Goodwill |
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
Identified intangible assets, net |
|
2,920 |
|
|
3,152 |
|
|
3,464 |
|
|
3,775 |
|
|
4,087 |
|
Tangible
stockholders' equity |
$ |
782,052 |
|
$ |
778,199 |
|
$ |
771,667 |
|
$ |
762,211 |
|
$ |
748,054 |
|
|
|
|
|
|
|
Total
assets |
$ |
8,559,810 |
|
$ |
8,942,424 |
|
$ |
9,000,192 |
|
$ |
9,069,667 |
|
$ |
8,461,591 |
|
Less: |
|
|
|
|
|
Goodwill |
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
|
160,427 |
|
Identified intangible assets, net |
|
2,920 |
|
|
3,152 |
|
|
3,464 |
|
|
3,775 |
|
|
4,087 |
|
Tangible
assets |
$ |
8,396,463 |
|
$ |
8,778,845 |
|
$ |
8,836,301 |
|
$ |
8,905,465 |
|
$ |
8,297,077 |
|
|
|
|
|
|
|
Tangible stockholders’ equity to tangible
assets |
|
9.31 |
% |
|
8.86 |
% |
|
8.73 |
% |
|
8.56 |
% |
|
9.02 |
% |
|
|
|
|
|
|
Tangible
stockholders' equity |
$ |
782,052 |
|
$ |
778,199 |
|
$ |
771,667 |
|
$ |
762,211 |
|
$ |
748,054 |
|
|
|
|
|
|
|
Number of
common shares issued |
|
85,177,172 |
|
|
85,177,172 |
|
|
85,177,172 |
|
|
85,177,172 |
|
|
85,177,172 |
|
Less: |
|
|
|
|
|
Treasury shares |
|
6,534,602 |
|
|
6,525,783 |
|
|
5,629,854 |
|
|
5,859,708 |
|
|
5,862,811 |
|
Unallocated ESOP shares |
|
44,502 |
|
|
51,114 |
|
|
58,227 |
|
|
65,334 |
|
|
72,441 |
|
Unvested restricted shares |
|
449,981 |
|
|
458,800 |
|
|
487,318 |
|
|
398,188 |
|
|
395,085 |
|
Number of
common shares outstanding |
|
78,148,087 |
|
|
78,141,475 |
|
|
79,001,773 |
|
|
78,853,942 |
|
|
78,846,835 |
|
|
|
|
|
|
|
Tangible book value per common share |
$ |
10.01 |
|
$ |
9.96 |
|
$ |
9.77 |
|
$ |
9.67 |
|
$ |
9.49 |
|
|
|
|
|
|
|
Allowance
for loan and lease losses |
$ |
109,837 |
|
$ |
114,379 |
|
$ |
119,971 |
|
$ |
119,553 |
|
$ |
113,181 |
|
|
|
|
|
|
|
Total loans
and leases |
$ |
7,267,552 |
|
$ |
7,269,553 |
|
$ |
7,396,358 |
|
$ |
7,407,697 |
|
$ |
6,822,527 |
|
Less: |
|
|
|
|
|
Total PPP loans |
|
604,790 |
|
|
489,216 |
|
|
568,383 |
|
|
565,768 |
|
|
- |
|
Total loans and leases excluding PPP loans |
$ |
6,662,762 |
|
$ |
6,780,337 |
|
$ |
6,827,975 |
|
$ |
6,841,929 |
|
$ |
6,822,527 |
|
|
|
|
|
|
|
Allowance for loan and lease losses as a percentage of
total loans and leases less PPP loans |
|
1.65 |
% |
|
1.69 |
% |
|
1.76 |
% |
|
1.75 |
% |
|
1.66 |
% |
|
|
|
|
|
|
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