Brookline Bancorp, Inc. Announces Unaudited Consolidated Earnings for the Fourth Quarter and Full Year Ended December 31, 2012; Declares Dividend Payable on February 27, 2013; Reports Total Net Charge-Offs for the Fourth Quarter Ended December 31, 2012
January 30, 2013 at 05:39 pm EST
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Brookline Bancorp, Inc. announced unaudited consolidated earnings for the fourth quarter and full year ended December 31, 2012. For the quarter, net interest income was $44,564,000 against $28,514,000 for the same period a year ago, the decrease in interest income on commercial loans and leases from the third quarter 2012 was largely a result of a nonrecurring $1.4 million of yield adjustments recorded in the quarter ended September 30, 2012. The remaining decrease in interest income on loans and leases was largely driven by continued rate pressures in the economic environment and decreases in interest rates that were partially offset by strong growth across various loan and lease portfolios. Income before income taxes was $19,098,000 against $12,700,000 for the same period a year ago. Net income attributable to the company was $11,863,000 or $0.17 basic and diluted earnings per share against $7,058,000 or $0.12 basic and diluted earnings per share for the same period a year ago. Return on average assets was 0.93% against 0.89% for the same period a year ago. Return on average stockholders' equity was 7.76% against 5.59% for the same period a year ago. Book value per share as on December 31, 2012 was $8.70 compared to $8.50 as at December 31, 2011. Tangible book value per share as on December 31, 2012 (non-GAAP) was $6.43 compared to $7.64 as at December 31, 2011.
For the year, net interest income was $177,368,000 against $110,199,000 for the same period a year ago. Income before income taxes was $59,710,000 against $48,705,000 for the same period a year ago. Net income attributable to the company was $37,142,000 or $0.53 basic and diluted earnings per share against $27,600,000 or $0.47 basic and diluted earnings per share for the same period a year ago. Return on average assets was 0.73% against 0.90% for the same period a year ago. Return on average stockholders' equity was 5.29% against 5.51% for the same period a year ago. Book value per share as on December 31, 2012 was $8.70 compared to $8.50 as at December 31, 2011. Tangible book value per share as on December 31, 2012 (non-GAAP) was $6.43 compared to $7.64 as at December 31, 2011.
The company's board of directors approved a dividend of $0.085 per share. The dividend will be paid on February 27, 2013, to shareholders of record on February 13, 2013.
The company reported total net charge-offs of $826,000 for the fourth quarter ended December 31, 2012 against $267,000 for the same period ended December 31, 2011.
Brookline Bancorp, Inc. is a bank holding company for Brookline Bank, Bank Rhode Island (BankRI), PCSB Bank (the Banks). The Bank offers a range of commercial, business and retail banking services, including a full complement of cash management products, on-line banking services, and consumer and residential loans and investment services, designed to meet the financial needs of small-to mid-sized businesses and individuals throughout Central New England and the Lower Hudson Valley in New York. Its specialty lending activities, including equipment financing, are focused on the New York and New Jersey metropolitan area, with services offered throughout the United States. The Bank, through its subsidiary Eastern Funding LLC, conducts equipment financing activities in the greater New York and New Jersey metropolitan area and elsewhere in the United States. The Bank operates 29 full-service banking offices and two lending offices in the greater Boston metropolitan area.
Brookline Bancorp, Inc. Announces Unaudited Consolidated Earnings for the Fourth Quarter and Full Year Ended December 31, 2012; Declares Dividend Payable on February 27, 2013; Reports Total Net Charge-Offs for the Fourth Quarter Ended December 31, 2012