Brookline Bancorp Announces Second Quarter Results

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Net Income of $19.6 million, EPS of $0.25

Announces $0.115 Dividend per Share

BOSTON, July 22, 2020 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the Company) today announced net income of $19.6 million, or $0.25 per basic and diluted share, for the second quarter of 2020, compared to net loss of $(17.3) million, or $(0.22) per basic and diluted share, for the first quarter of 2020, and net income of $20.5 million, or $0.26 per basic and diluted share, for the second quarter of 2019.

Paul Perrault, President and Chief Executive Officer of the Company noted, The continued strength of our Companys core operations is reflected in this quarters earnings.  While we remain vigilant as we look to the future, the business lines that are fundamental to our success continue to operate effectively in these challenging times.

BALANCE SHEET

Total assets at June 30, 2020 increased $608.1 million to $9.1 billion from $8.5 billion at March 31, 2020, and increased $1.4 billion from $7.6 billion at June 30, 2019. At June 30, 2020, total loans and leases were $7.4 billion, representing an increase of $585.2 million from March 31, 2020, and an increase of $902.4 million from June 30, 2019, primarily driven by loans originated under the Small Business Administration's Paycheck Protection Program ("PPP"). The Company funded $565.8 million of PPP loans in the second quarter of 2020.

Total investment securities at June 30, 2020 increased $92.4 million to $856.5 million, as compared to $764.1 million at March 31, 2020, and increased approximately $265.7 million from $590.8 million at June 30, 2019. Total cash and cash equivalents at June 30, 2020 decreased $85.9 million to $254.9 million, as compared to $340.8 million at March 31, 2020, and increased $162.1 million from $92.8 million at June 30, 2019. As of June 30, 2020, total investment securities and total cash and cash equivalents represented 12.3 percent of total assets as compared to 13.1 percent and 9.0 percent as of March 31, 2020 and June 30, 2019, respectively.

Total deposits at June 30, 2020 increased $550.3 million to $6.4 billion from $5.9 billion at March 31, 2020 and increased $817.7 million from $5.6 billion at June 30, 2019.

Total borrowed funds at June 30, 2020 increased $114.9 million to $1.4 billion from $1.3 billion at March 31, 2020 and increased $475.9 million from $930.8 million at June 30, 2019.

The ratio of stockholders equity to total assets was 10.21 percent at June 30, 2020, as compared to 10.78 percent at March 31, 2020, and 12.03 percent at June 30, 2019. The ratio of tangible stockholders equity to tangible assets was 8.56 percent at June 30, 2020, as compared to 9.02 percent at March 31, 2020, and 10.08 percent at June 30, 2019. Tangible book value per share increased $0.18 from $9.49 at March 31, 2020 to $9.67 at June 30, 2020, compared to $9.45 at June 30, 2019.

NET INTEREST INCOME

Net interest income increased $2.6 million to $64.3 million during the second quarter of 2020 from $61.7 million at the quarter ended March 31, 2020. The net interest margin decreased 22 basis points to 3.09 percent for the three months ended June 30, 2020.

NON-INTEREST INCOME

Total non-interest income for the quarter ended June 30, 2020 decreased $3.1 million to $6.2 million from $9.3 million for the quarter ended March 31, 2020. The decrease was primarily driven by decreases of $0.5 million in deposit fees, $0.7 million in loan level derivative income, net, $0.7 million in gain on investment securities, net and $1.2 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 provision for credit losses of  $5.3 million for the quarter ended June 30, 2020, compared to $54.1 million for the quarter ended March 31, 2020. Asset quality was consistent during the second quarter and the increase in provision was primarily driven by the forecasted economic effect of the COVID-19 pandemic.

Total net charge-offs for the second quarter of 2020 were $1.4 million compared to $2.2 million in the first quarter of 2020. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis decreased to 8 basis points for the second quarter of 2020 from 13 basis points for the first quarter of 2020.

The allowance for loan and lease losses represented 1.61 percent of total loans and leases at June 30, 2020, compared to 1.66 percent at March 31, 2020, and 0.90 percent at June 30, 2019. Excluding PPP loans, the allowance for loan losses and lease losses represents 1.75 percent coverage at June 30, 2020 compared to 1.66 percent at March 31, 2020.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended June 30, 2020 decreased $1.6 million to $39.1 million from $40.7 million for the quarter ended March 31, 2020. The decrease was primarily driven by decreases of $0.6 million in compensation and employee benefits expense, $0.5 million in equipment and data processing expense, and $0.5 million in professional services expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 24.9 percent and a negative 2.2 percent for the three and six months ended June 30, 2020 compared to 27.5 percent for the three months ended March 31, 2020 and 24.9 percent and 24.1 percent for the three and six months ended June 30, 2019.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets increased to 0.88 percent during the second quarter 2020 from a negative 0.87 percent for the first quarter of 2020.

The annualized return on average stockholders' equity increased to 8.45 percent during the second quarter of 2020 from a negative 7.30 percent for the first quarter of 2020. The annualized return on average tangible stockholders equity increased to 10.28 percent for the second quarter of 2020 from a negative 8.84 percent for the first quarter of 2020.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.56 percent at June 30, 2020, a decrease from 0.57 percent at March 31, 2020. Nonperforming loans and leases increased $2.2 million to $41.3 million at June 30, 2020 from $39.1 million at March 31, 2020. The ratio of nonperforming assets to total assets was 0.47 percent at June 30, 2020, a decrease from 0.49 percent at March 31, 2020. Nonperforming assets increased $1.6 million to $42.8 million at June 30, 2020 from $41.1 million at March 31, 2020.

From March 1, 2020 through the earlier of December 31, 2020 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 June 30, 2020, the banks have granted 5,366 short-term deferments on loan balances of $1.2 billion, which represented 16 percent of total loan balances.

DIVIDEND DECLARED

The Companys Board of Directors approved a dividend of $0.115 per share for the quarter ended June 30, 2020. The dividend will be paid on August 21, 2020 to stockholders of record on August 7, 2020.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Daylight Time on Thursday, July 23, 2020 to discuss the results for the quarter, business highlights and outlook. The call can be accessed by dialing 877-504-4120 (United States) or 412-902-6650 (internationally) or by visiting https://services.choruscall.com/links/brkl200723.html .  A recorded playback of the call will be available for one week following the call at 877-344-7529 (United States) or 412-317-0088 (internationally). The passcode for the playback is 10145885. The call will be available live and in a recorded version on the Companys website under Investor Relations at www.brooklinebancorp.com .

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with $9.1 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 Companys 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 Companys 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 Companys control. These included, but are not limited to, the length and extent of the economic contraction as a result of the COVID-19 pandemic; continued deterioration in employment levels, general business and economic conditions on a national basis and in the local markets in which the Company operates; the possibility that future credit losses may be higher than currently expected; 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 Companys 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 Companys actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Companys 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. Carlson
Brookline Bancorp, Inc.
Chief Financial Officer
(617) 425-5331
ccarlson@brkl.com

 

 

 


BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Selected Financial Highlights (Unaudited)

 

 

At and for the Three Months Ended

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 

June 30, 2019

 

(Dollars In Thousands Except per Share Data)

Earnings Data:

 

 

 

 

 

 

 

 

 

Net interest income

$

64,288

 

 

$

61,712

 

 

$

63,931

 

 

$

63,236

 

 

$

63,134

 

Provision for credit losses

 

5,347

 

 

 

54,114

 

 

 

3,602

 

 

 

871

 

 

 

3,757

 

Non-interest income

 

6,235

 

 

 

9,328

 

 

 

7,756

 

 

 

7,929

 

 

 

7,478

 

Non-interest expense

 

39,109

 

 

 

40,748

 

 

 

38,815

 

 

 

40,191

 

 

 

39,604

 

Income (loss) before provision for income taxes

 

26,067

 

 

 

(23,822

)

 

 

29,270

 

 

 

30,103

 

 

 

27,251

 

Net income (loss) attributable to Brookline Bancorp, Inc.

 

19,571

 

 

 

(17,276

)

 

 

22,183

 

 

 

22,596

 

 

 

20,471

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

Net interest margin (1)

 

3.09

%

 

 

3.31

%

 

 

3.43

%

 

 

3.45

%

 

 

3.55

%

Interest-rate spread (1)

 

2.75

%

 

 

2.91

%

 

 

3.05

%

 

 

3.06

%

 

 

3.13

%

Return on average assets (annualized)

 

0.88

%

 

 

(0.87

)%

 

 

1.13

%

 

 

1.17

%

 

 

1.08

%

Return on average tangible assets (annualized) (non-GAAP)

 

0.90

%

 

 

(0.89

)%

 

 

1.15

%

 

 

1.19

%

 

 

1.11

%

Return on average stockholders' equity (annualized)

 

8.45

%

 

 

(7.30

)%

 

 

9.42

%

 

 

9.74

%

 

 

8.98

%

Return on average tangible stockholders' equity (annualized) (non-GAAP)

 

10.28

%

 

 

(8.84

)%

 

 

11.42

%

 

 

11.85

%

 

 

10.98

%

Efficiency ratio (2)

 

55.46

%

 

 

57.36

%

 

 

54.15

%

 

 

56.48

%

 

 

56.09

%

 

 

 

 

 

 

 

 

 

 

Per Common Share Data:

 

 

 

 

 

 

 

 

 

Net income (loss) Basic

$

0.25

 

 

$

(0.22

)

 

$

0.28

 

 

$

0.28

 

 

$

0.26

 

Net income (loss) Diluted

 

0.25

 

 

 

(0.22

)

 

 

0.28

 

 

 

0.28

 

 

 

0.26

 

Cash dividends declared

 

0.115

 

 

 

0.115

 

 

 

0.115

 

 

 

0.115

 

 

 

0.110

 

Book value per share (end of period)

 

11.75

 

 

 

11.57

 

 

 

11.87

 

 

 

11.70

 

 

 

11.53

 

Tangible book value per share (end of period) (non-GAAP)

 

9.67

 

 

 

9.49

 

 

 

9.80

 

 

 

9.63

 

 

 

9.45

 

Stock price (end of period)

 

10.08

 

 

 

11.28

 

 

 

16.46

 

 

 

14.73

 

 

 

15.38

 

Balance Sheet:

 

 

 

 

 

 

 

 

 

Total assets

$

9,069,667

 

 

$

8,461,591

 

 

$

7,856,853

 

 

$

7,878,436

 

 

$

7,636,980

 

Total loans and leases

 

7,407,697

 

 

 

6,822,527

 

 

 

6,737,816

 

 

 

6,646,821

 

 

 

6,505,329

 

Total deposits

 

6,440,233

 

 

 

5,889,938

 

 

 

5,830,072

 

 

 

5,729,339

 

 

 

5,622,493

 

Brookline Bancorp, Inc. stockholders equity

 

926,413

 

 

 

912,568

 

 

 

945,606

 

 

 

932,311

 

 

 

918,468

 

 

 

 

 

 

 

 

 

 

 

Asset Quality:

 

 

 

 

 

 

 

 

 

Nonperforming assets

$

42,754

 

 

$

41,122

 

 

$

22,092

 

 

$

23,760

 

 

$

23,267

 

Nonperforming assets as a percentage of total assets

 

0.47

%

 

 

0.49

%

 

 

0.28

%

 

 

0.30

%

 

 

0.30

%

Allowance for loan and lease losses

$

119,553

 

 

$

113,181

 

 

$

61,082

 

 

$

59,135

 

 

$

58,635

 

Allowance for loan and lease losses as a percentage of total loans and leases

 

1.61

%

 

 

1.66

%

 

 

0.91

%

 

 

0.89

%

 

 

0.90

%

Net loan and lease charge-offs

$

1,383

 

 

$

2,234

 

 

$

1,622

 

 

$

366

 

 

$

3,082

 

Net loan and lease charge-offs as a percentage of average loans and leases (annualized)

 

0.08

%

 

 

0.13

%

 

 

0.10

%

 

 

0.02

%

 

 

0.19

%

 

 

 

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

 

 

 

 

Stockholders equity to total assets

 

10.21

%

 

 

10.78

%

 

 

12.04

%

 

 

11.83

%

 

 

12.03

%

Tangible stockholders equity to tangible assets (non-GAAP)

 

8.56

%

 

 

9.02

%

 

 

10.15

%

 

 

9.94

%

 

 

10.08

%

 

 

 

 

 

 

 

 

 

 

(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)

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 

June 30, 2019

ASSETS

(In Thousands Except Share Data)

Cash and due from banks

$

38,522

 

 

$

86,996

 

 

$

33,589

 

 

$

93,841

 

 

$

46,532

 

Short-term investments

 

216,394

 

 

 

253,772

 

 

 

44,201

 

 

 

84,689

 

 

 

46,264

 

Total cash and cash equivalents

 

254,916

 

 

 

340,768

 

 

 

77,790

 

 

 

178,530

 

 

 

92,796

 

Investment securities available-for-sale

 

854,505

 

 

 

761,539

 

 

 

498,995

 

 

 

467,339

 

 

 

482,497

 

Investment securities held-to-maturity

 

 

 

 

 

 

 

86,780

 

 

 

95,163

 

 

 

103,572

 

Equity securities held-for-trading

 

1,992

 

 

 

2,558

 

 

 

3,581

 

 

 

4,581

 

 

 

4,698

 

Total investment securities

 

856,497

 

 

 

764,097

 

 

 

589,356

 

 

 

567,083

 

 

 

590,767

 

Loans and leases held-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

1,575

 

Loans and leases:

 

 

 

 

 

 

 

 

 

Commercial real estate loans

 

3,837,703

 

 

 

3,762,158

 

 

 

3,669,222

 

 

 

3,589,451

 

 

 

3,493,554

 

Commercial loans and leases

 

2,361,463

 

 

 

1,826,866

 

 

 

1,838,748

 

 

 

1,850,388

 

 

 

1,826,336

 

Consumer loans

 

1,208,531

 

 

 

1,233,503

 

 

 

1,229,846

 

 

 

1,206,982

 

 

 

1,185,439

 

Total loans and leases

 

7,407,697

 

 

 

6,822,527

 

 

 

6,737,816

 

 

 

6,646,821

 

 

 

6,505,329

 

Allowance for loan and lease losses

 

(119,553

)

 

 

(113,181

)

 

 

(61,082

)

 

 

(59,135

)

 

 

(58,635

)

Net loans and leases

 

7,288,144

 

 

 

6,709,346

 

 

 

6,676,734

 

 

 

6,587,686

 

 

 

6,446,694

 

Restricted equity securities

 

71,638

 

 

 

68,472

 

 

 

53,818

 

 

 

57,896

 

 

 

55,270

 

Premises and equipment, net of accumulated depreciation

 

73,127

 

 

 

73,786

 

 

 

74,350

 

 

 

75,229

 

 

 

75,373

 

Right-of-use asset operating leases

 

24,343

 

 

 

24,789

 

 

 

24,876

 

 

 

26,216

 

 

 

25,928

 

Deferred tax asset

 

42,683

 

 

 

38,141

 

 

 

25,017

 

 

 

25,204

 

 

 

25,629

 

Goodwill

 

160,427

 

 

 

160,427

 

 

 

160,427

 

 

 

160,427

 

 

 

160,427

 

Identified intangible assets, net of accumulated amortization

 

3,775

 

 

 

4,087

 

 

 

4,423

 

 

 

4,843

 

 

 

5,264

 

Other real estate owned and repossessed assets

 

1,454

 

 

 

2,038

 

 

 

2,631

 

 

 

2,132

 

 

 

1,966

 

Other assets

 

292,663

 

 

 

275,640

 

 

 

167,431

 

 

 

193,190

 

 

 

155,291

 

Total assets

$

9,069,667

 

 

$

8,461,591

 

 

$

7,856,853

 

 

$

7,878,436

 

 

$

7,636,980

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Demand checking accounts

$

1,603,037

 

 

$

1,175,329

 

 

$

1,141,578

 

 

$

1,106,684

 

 

$

1,042,854

 

NOW accounts

 

417,622

 

 

 

361,854

 

 

 

371,380

 

 

 

340,321

 

 

 

340,082

 

Savings accounts

 

657,758

 

 

 

653,026

 

 

 

613,467

 

 

 

604,481

 

 

 

585,322

 

Money market accounts

 

1,809,868

 

 

 

1,676,092

 

 

 

1,682,005

 

 

 

1,666,231

 

 

 

1,669,782

 

Certificate of deposit accounts

 

1,951,948

 

 

 

2,023,637

 

 

 

2,021,642

 

 

 

2,011,622

 

 

 

1,984,453

 

Total deposits

 

6,440,233

 

 

 

5,889,938

 

 

 

5,830,072

 

 

 

5,729,339

 

 

 

5,622,493

 

Borrowed funds:

 

 

 

 

 

 

 

 

 

Advances from the FHLBB

 

1,267,570

 

 

 

1,137,431

 

 

 

758,469

 

 

 

854,481

 

 

 

791,559

 

Subordinated debentures and notes

 

83,668

 

 

 

83,630

 

 

 

83,591

 

 

 

83,551

 

 

 

83,512

 

Other borrowed funds

 

55,431

 

 

 

70,743

 

 

 

60,689

 

 

 

48,373

 

 

 

55,693

 

Total borrowed funds

 

1,406,669

 

 

 

1,291,804

 

 

 

902,749

 

 

 

986,405

 

 

 

930,764

 

Operating lease liabilities

 

24,343

 

 

 

24,789

 

 

 

24,876

 

 

 

26,216

 

 

 

25,928

 

Mortgagors escrow accounts

 

6,467

 

 

 

7,441

 

 

 

7,232

 

 

 

7,072

 

 

 

6,823

 

Reserve for unfunded credits

 

14,816

 

 

 

17,222

 

 

 

1,880

 

 

 

1,847

 

 

 

1,841

 

Accrued expenses and other liabilities

 

250,726

 

 

 

317,829

 

 

 

144,438

 

 

 

195,246

 

 

 

130,663

 

Total liabilities

 

8,143,254

 

 

 

7,549,023

 

 

 

6,911,247

 

 

 

6,946,125

 

 

 

6,718,512

 

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

 

738,155

 

 

 

737,422

 

 

 

736,601

 

 

 

735,928

 

 

 

737,584

 

Retained earnings, partially restricted

 

237,808

 

 

 

227,359

 

 

 

265,376

 

 

 

252,435

 

 

 

238,625

 

Accumulated other comprehensive income (loss)

 

19,538

 

 

 

16,947

 

 

 

2,283

 

 

 

2,775

 

 

 

1,141

 

Treasury stock, at cost;

 

 

 

 

 

 

 

 

 

5,859,708, 5,862,811, 5,003,127, 5,003,127, and 5,025,764 shares, respectively

 

(69,572

)

 

 

(69,617

)

 

 

(59,073

)

 

 

(59,176

)

 

 

(59,199

)

Unallocated common stock held by the Employee Stock Ownership Plan;

 

 

 

 

 

 

 

 

 

65,334, 72,441 79,548, 92,337, and 98,208 shares, respectively

 

(368

)

 

 

(395

)

 

 

(433

)

 

 

(503

)

 

 

(535

)

Total stockholders' equity

 

926,413

 

 

 

912,568

 

 

 

945,606

 

 

 

932,311

 

 

 

918,468

 

Total liabilities and stockholders' equity

$

9,069,667

 

 

$

8,461,591

 

 

$

7,856,853

 

 

$

7,878,436

 

 

$

7,636,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

 

Three Months Ended

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 

June 30, 2019

 

(In Thousands Except Share Data)

Interest and dividend income:

 

 

 

 

 

 

 

 

 

Loans and leases

$

77,416

 

$

79,559

 

 

$

83,309

 

$

83,566

 

 

$

82,798

Debt securities

 

3,701

 

 

2,976

 

 

 

2,910

 

 

2,977

 

 

 

3,158

Marketable and restricted equity securities

 

908

 

 

778

 

 

 

813

 

 

876

 

 

 

877

Short-term investments

 

99

 

 

209

 

 

 

418

 

 

487

 

 

 

351

Total interest and dividend income

 

82,124

 

 

83,522

 

 

 

87,450

 

 

87,906

 

 

 

87,184

Interest expense:

 

 

 

 

 

 

 

 

 

Deposits

 

12,778

 

 

16,240

 

 

 

17,655

 

 

18,300

 

 

 

17,712

Borrowed funds

 

5,058

 

 

5,570

 

 

 

5,864

 

 

6,370

 

 

 

6,338

Total interest expense

 

17,836

 

 

21,810

 

 

 

23,519

 

 

24,670

 

 

 

24,050

Net interest income

 

64,288

 

 

61,712

 

 

 

63,931

 

 

63,236

 

 

 

63,134

Provision for credit losses

 

5,347

 

 

54,114

 

 

 

3,602

 

 

871

 

 

 

3,757

Net interest income after provision for credit losses

 

58,941

 

 

7,598

 

 

 

60,329

 

 

62,365

 

 

 

59,377

Non-interest income:

 

 

 

 

 

 

 

 

 

Deposit fees

 

1,929

 

 

2,458

 

 

 

2,710

 

 

2,710

 

 

 

2,680

Loan fees

 

513

 

 

550

 

 

 

567

 

 

719

 

 

 

398

Loan level derivative income, net

 

1,440

 

 

2,156

 

 

 

2,494

 

 

2,251

 

 

 

1,772

Gain (loss) on investment securities, net

 

586

 

 

1,330

 

 

 

133

 

 

(116

)

 

 

357

Gain on sales of loans and leases held-for-sale

 

299

 

 

120

 

 

 

309

 

 

550

 

 

 

561

Other

 

1,468

 

 

2,714

 

 

 

1,543

 

 

1,815

 

 

 

1,710

Total non-interest income

 

6,235

 

 

9,328

 

 

 

7,756

 

 

7,929

 

 

 

7,478

Non-interest expense:

 

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

24,619

 

 

25,219

 

 

 

23,987

 

 

24,871

 

 

 

23,953

Occupancy

 

3,825

 

 

3,953

 

 

 

4,102

 

 

3,895

 

 

 

3,752

Equipment and data processing

 

4,155

 

 

4,703

 

 

 

4,601

 

 

4,749

 

 

 

4,641

Professional services

 

1,056

 

 

1,651

 

 

 

1,120

 

 

1,083

 

 

 

1,087

FDIC insurance

 

858

 

 

378

 

 

 

53

 

 

54

 

 

 

745

Advertising and marketing

 

1,017

 

 

1,075

 

 

 

828

 

 

1,035

 

 

 

1,112

Amortization of identified intangible assets

 

311

 

 

336

 

 

 

420

 

 

421

 

 

 

420

Merger and restructuring expense

 

 

 

 

 

 

 

 

1,125

 

 

 

Other

 

3,268

 

 

3,433

 

 

 

3,704

 

 

2,958

 

 

 

3,894

Total non-interest expense

 

39,109

 

 

40,748

 

 

 

38,815

 

 

40,191

 

 

 

39,604

Income (loss) before provision for income taxes

 

26,067

 

 

(23,822

)

 

 

29,270

 

 

30,103

 

 

 

27,251

Provision (benefit) for income taxes

 

6,496

 

 

(6,546

)

 

 

7,087

 

 

7,507

 

 

 

6,780

Net income (loss) attributable to Brookline Bancorp, Inc.

$

19,571

 

$

(17,276

)

 

$

22,183

 

$

22,596

 

 

$

20,471

Earnings per common share:

 

 

 

 

 

 

 

 

 

Basic

$

0.25

 

$

(0.22

)

 

$

0.28

 

$

0.28

 

 

$

0.26

Diluted

$

0.25

 

$

(0.22

)

 

$

0.28

 

$

0.28

 

 

$

0.26

Weighted average common shares outstanding during the period:

 

 

 

 

 

 

 

 

Basic

 

78,849,282

 

 

79,481,462

 

 

 

79,682,724

 

 

79,700,403

 

 

 

79,669,922

Diluted

 

79,015,274

 

 

79,665,774

 

 

 

79,845,447

 

 

79,883,510

 

 

 

79,886,292

Dividends paid per common share

$

0.115

 

$

0.115

 

 

$

0.115

 

$

0.110

 

 

$

0.110

 

 

 

 

 

 

 

 

 

 


BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

 

 

 

Six Months Ended June 30,

 

2020

 

2019

 

(In Thousands Except Share Data)

Interest and dividend income:

 

 

 

Loans and leases

$

156,975

 

 

$

163,470

Debt securities

 

6,677

 

 

 

6,394

Marketable and restricted equity securities

 

1,686

 

 

 

1,788

Short-term investments

 

308

 

 

 

618

Total interest and dividend income

 

165,646

 

 

 

172,270

Interest expense:

 

 

 

Deposits

 

29,018

 

 

 

33,660

Borrowed funds

 

10,628

 

 

 

12,477

Total interest expense

 

39,646

 

 

 

46,137

Net interest income

 

126,000

 

 

 

126,133

Provision for credit losses

 

59,461

 

 

 

5,110

Net interest income after provision for credit losses

 

66,539

 

 

 

121,023

Non-interest income:

 

 

 

Deposit Fees

 

4,387

 

 

 

5,203

Loan Fees

 

1,063

 

 

 

811

Loan level derivative income, net

 

3,596

 

 

 

3,517

Gain on investment securities, net

 

1,916

 

 

 

491

Gain on sales of loans and leases held-for-sale

 

419

 

 

 

850

Other

 

4,182

 

 

 

3,236

Total non-interest income

 

15,563

 

 

 

14,108

Non-interest expense:

 

 

 

Compensation and employee benefits

 

49,838

 

 

 

47,696

Occupancy

 

7,778

 

 

 

7,699

Equipment and data processing

 

8,858

 

 

 

9,302

Professional services

 

2,707

 

 

 

2,163

FDIC insurance

 

1,236

 

 

 

1,338

Advertising and marketing

 

2,092

 

 

 

2,181

Amortization of identified intangible assets

 

647

 

 

 

822

Other

 

6,701

 

 

 

7,274

Total non-interest expense

 

79,857

 

 

 

78,475

Income before provision for income taxes

 

2,245

 

 

 

56,656

(Benefit) provision for income taxes

 

(50

)

 

 

13,675

Net income before noncontrolling interest in subsidiary

 

2,295

 

 

 

42,981

Less net income attributable to noncontrolling interest in subsidiary

 

 

 

 

43

Net income attributable to Brookline Bancorp, Inc.

$

2,295

 

 

$

42,938

Earnings per common share:

 

 

 

Basic

$

0.03

 

 

$

0.54

Diluted

$

0.03

 

 

$

0.54

Weighted average common shares outstanding during the period:

 

 

Basic

 

79,165,372

 

 

 

79,664,284

Diluted

 

79,340,524

 

 

 

79,859,572

Dividends paid per common share

$

0.230

 

 

$

0.215

 

 

 

 


BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Asset Quality Analysis (Unaudited)

 

At and for the Three Months Ended

 

June 30, 2020

 

March 31, 2020

 

December 31, 2019

 

September 30, 2019

 

June 30, 2019

 

(Dollars in Thousands)

NONPERFORMING ASSETS:

 

 

 

 

 

 

 

 

 

Loans and leases accounted for on a nonaccrual basis:

 

 

 

 

 

 

 

 

 

Commercial real estate mortgage

$

10,139

 

 

$

10,937

 

 

$

2,845

 

 

$

2,910

 

 

$

2,273

 

Multi-family mortgage

 

 

 

 

85

 

 

 

84

 

 

 

87

 

 

 

94

 

Total commercial real estate loans

 

10,139

 

 

 

11,022

 

 

 

2,929

 

 

 

2,997

 

 

 

2,367

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

12,427

 

 

 

12,991

 

 

 

4,909

 

 

 

3,139

 

 

 

6,349

 

Equipment financing

 

13,100

 

 

 

10,356

 

 

 

9,822

 

 

 

12,817

 

 

 

9,931

 

Condominium association

 

190

 

 

 

203

 

 

 

151

 

 

 

163

 

 

 

170

 

Total commercial loans and leases

 

25,717

 

 

 

23,550

 

 

 

14,882

 

 

 

16,119

 

 

 

16,450

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage

 

4,157

 

 

 

3,446

 

 

 

753

 

 

 

1,605

 

 

 

1,642

 

Home equity

 

1,278

 

 

 

1,059

 

 

 

896

 

 

 

904

 

 

 

835

 

Other consumer

 

9

 

 

 

7

 

 

 

1

 

 

 

3

 

 

 

7

 

Total consumer loans

 

5,444

 

 

 

4,512

 

 

 

1,650

 

 

 

2,512

 

 

 

2,484

 

 

 

 

 

 

 

 

 

 

 

Total nonaccrual loans and leases

 

41,300

 

 

 

39,084

 

 

 

19,461

 

 

 

21,628

 

 

 

21,301

 

 

 

 

 

 

 

 

 

 

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

201

 

 

 

957

 

Other repossessed assets

 

1,454

 

 

 

2,038

 

 

 

2,631

 

 

 

1,931

 

 

 

1,009

 

Total nonperforming assets

$

42,754

 

 

$

41,122

 

 

$

22,092

 

 

$

23,760

 

 

$

23,267

 

 

 

 

 

 

 

 

 

 

 

Loans and leases past due greater than 90 days and still accruing

$

1,974

 

 

$

1,045

 

 

$

10,109

 

 

$

11,885

 

 

$

11,612

 

 

 

 

 

 

 

 

 

 

 

Troubled debt restructurings on accrual

 

10,172

 

 

 

16,480

 

 

 

17,076

 

 

 

22,233

 

 

 

27,761

 

Troubled debt restructurings on nonaccrual

 

5,972

 

 

 

5,819

 

 

 

6,104

 

 

 

5,763

 

 

 

8,431

 

Total troubled debt restructurings

$

16,144

 

 

$

22,299

 

 

$

23,180

 

 

$

27,996

 

 

$

36,192

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans and leases as a percentage of total loans and leases

 

0.56

%

 

 

0.57

%

 

 

0.29

%

 

 

0.33

%

 

 

0.33

%

Nonperforming assets as a percentage of total assets

 

0.47

%

 

 

0.49

%

 

 

0.28

%

 

 

0.30

%

 

 

0.30

%

 

 

 

 

 

 

 

 

 

 

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:

 

 

 

 

 

 

Allowance for loan and lease losses at beginning of period

$

113,181

 

 

$

61,082

 

 

$

59,135

 

 

$

58,635

 

 

$

58,041

 

CECL adjustment to retained earnings

 

 

 

 

6,632

 

 

 

 

 

 

 

 

 

 

Charge-offs

 

(1,803

)

 

 

(2,539

)

 

 

(1,894

)

 

 

(1,190

)

 

 

(3,412

)

Recoveries

 

420

 

 

 

305

 

 

 

272

 

 

 

824

 

 

 

330

 

Net charge-offs

 

(1,383

)

 

 

(2,234

)

 

 

(1,622

)

 

 

(366

)

 

 

(3,082

)

Provision for loan and lease losses excluding unfunded commitments *

 

7,755

 

 

 

47,701

 

 

 

3,569

 

 

 

866

 

 

 

3,676

 

Allowance for loan and lease losses at end of period

$

119,553

 

 

$

113,181

 

 

$

61,082

 

 

$

59,135

 

 

$

58,635

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan and lease losses as a percentage of total loans and leases

 

1.61

%

 

 

1.66

%

 

 

0.91

%

 

 

0.89

%

 

 

0.90

%

 

 

 

 

 

 

 

 

 

 

NET CHARGE-OFFS:

 

 

 

 

Commercial real estate loans$(94) $— $— $— $— Commercial loans and leases 1,498 2,280 1,589 403 3,107 Consumer loans (21) (46) 33 (37) (25)Total net charge-offs$1,383 $2,234 $1,622 $366 $3,082 Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.08% 0.13% 0.10% 0.02% 0.19%

*provision for loan and lease losses does not include provision of $2.4 million and $6.4 million for credit losses on unfunded commitments during the three months ended June 30, 2020 and March 31, 2020, respectively.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Average Yields / Costs (Unaudited)

Three Months Ended

June 30, 2020

March 31, 2020

June 30, 2019

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)

$

773,523

$

3,719

1.92

%

$

605,885

$

3,024

2.00

%

$

593,404

$

3,210

2.16

%

Marketable and restricted equity securities (2)

71,058

915

5.15

%

58,881

786

5.33

%

59,224

888

5.99

%

Short-term investments

245,577

99

0.16

%

84,309

209

0.99

%

44,634

351

3.14

%

Total investments

1,090,158

4,733

1.74

%

749,075

4,019

2.15

%

697,262

4,449

2.55

%

Loans and Leases:

Commercial real estate loans (3)

3,761,667

36,829

3.87

%

3,697,011

40,468

4.33

%

3,447,136

41,363

4.75

%

Commercial loans (3)

1,234,537

10,450

3.35

%

783,309

8,328

4.21

%

811,890

9,879

4.82

%

Equipment financing (3)

1,069,192

18,973

7.10

%

1,052,846

18,946

7.20

%

1,005,376

18,291

7.28

%

Residential mortgage loans (3)

814,431

8,068

3.96

%

810,583

7,934

3.92

%

774,533

8,186

4.23

%

Other consumer loans (3)

411,326

3,153

3.07

%

417,815

3,955

3.79

%

417,600

5,187

4.97

%

Total loans and leases

7,291,153

77,473

4.25

%

6,761,564

79,631

4.71

%

6,456,535

82,906

5.14

%

Total interest-earning assets

8,381,311

82,206

3.92

%

7,510,639

83,650

4.46

%

7,153,797

87,355

4.88

%

Non-interest-earning assets

488,229

455,187

417,599

Total assets

$

8,869,540

$

7,965,826

$

7,571,396

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:

Deposits:

NOW accounts

$

395,158

114

0.12

%

$

359,641

116

0.13

%

$

343,745

50

0.06

%

Savings accounts

663,782

357

0.22

%

626,945

643

0.41

%

602,333

737

0.49

%

Money market accounts

1,784,343

2,074

0.47

%

1,678,649

4,241

1.02

%

1,683,735

5,571

1.33

%

Certificates of deposit

2,019,195

10,233

2.04

%

2,040,903

11,240

2.22

%

1,950,704

11,354

2.33

%

Total interest-bearing deposits

4,862,478

12,778

1.06

%

4,706,138

16,240

1.39

%

4,580,517

17,712

1.55

%

Borrowings

Advances from the FHLBB

1,102,079

3,751

1.35

%

772,462

4,097

2.10

%

761,651

4,825

2.51

%

Subordinated debentures and notes

83,647

1,263

6.04

%

83,609

1,284

6.14

%

83,490

1,305

6.25

%

Other borrowed funds

70,795

44

0.25

%

91,052

189

0.84

%

84,600

208

0.99

%

Total borrowings

1,256,521

5,058

1.59

%

947,123

5,570

2.33

%

929,741

6,338

2.70

%

Total interest-bearing liabilities

6,118,999

17,836

1.17

%

5,653,261

21,810

1.55

%

5,510,258

24,050

1.75

%

Non-interest-bearing liabilities:

Demand checking accounts

1,512,089

1,134,314

1,015,524

Other non-interest-bearing liabilities

312,213

232,113

133,790

Total liabilities

7,943,301

7,019,688

6,659,572

Stockholders’ equity

926,239

946,138

911,824

Noncontrolling interest in subsidiary

Total liabilities and equity

$

8,869,540

$

7,965,826

$

7,571,396

Net interest income (tax-equivalent basis) /Interest-rate spread (4)

64,370

2.75

%

61,840

2.91

%

63,305

3.13

%

Less adjustment of tax-exempt income

82

128

171

Net interest income

$

64,288

$

61,712

$

63,134

Net interest margin (5)

3.09

%

3.31

%

3.55

%

(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

Average Yields / Costs (Unaudited)

Six Months Ended

June 30, 2020

June 30, 2019

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)

$

689,704

$

6,743

1.96

%

$

600,758

$

6,499

2.16

%

Marketable and restricted equity securities (2)

64,968

1,701

5.24

%

59,803

1,808

6.05

%

Short-term investments

164,943

308

0.37

%

38,866

618

3.18

%

Total investments

919,615

8,752

1.90

%

699,427

8,925

2.55

%

Loans and Leases:

Commercial real estate loans (3)

3,729,339

77,297

4.10

%

3,412,051

81,382

4.74

%

Commercial loans (3)

1,008,923

18,778

3.68

%

802,346

19,482

4.83

%

Equipment financing (3)

1,061,019

37,919

7.15

%

996,832

36,276

7.28

%

Residential mortgage loans (3)

812,507

16,002

3.94

%

776,419

16,309

4.20

%

Other consumer loans (3)

414,570

7,108

3.43

%

412,914

10,238

4.99

%

Total loans and leases

7,026,358

157,104

4.47

%

6,400,562

163,687

5.11

%

Total interest-earning assets

7,945,973

165,856

4.17

%

7,099,989

172,612

4.86

%

Non-interest-earning assets

471,710

403,107

Total assets

$

8,417,683

$

7,503,096

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:

Deposits:

NOW accounts

$

377,399

230

0.12

%

$

338,983

192

0.11

%

Savings accounts

645,363

1,000

0.31

%

614,307

1,334

0.44

%

Money market accounts

1,731,496

6,315

0.73

%

1,679,988

10,846

1.30

%

Certificates of deposit

2,030,049

21,473

2.13

%

1,897,901

21,288

2.26

%

Total interest-bearing deposits

4,784,307

29,018

1.22

%

4,531,179

33,660

1.50

%

Borrowings

Advances from the FHLBB

937,271

7,848

1.66

%

758,613

9,435

2.47

%

Subordinated debentures and notes

83,628

2,547

6.09

%

83,471

2,613

6.26

%

Other borrowed funds

80,924

233

0.58

%

86,589

429

1.00

%

Total borrowings

1,101,823

10,628

1.91

%

928,673

12,477

2.67

%

Total interest-bearing liabilities

5,886,130

39,646

1.35

%

5,459,852

46,137

1.70

%

Non-interest-bearing liabilities:

Demand checking accounts

1,323,202

1,021,215

Other non-interest-bearing liabilities

272,162

122,544

Total liabilities

7,481,494

6,603,611

Brookline Bancorp, Inc. stockholders’ equity

936,189

899,301

Noncontrolling interest in subsidiary

184

Total liabilities and equity

$

8,417,683

$

7,503,096

Net interest income (tax-equivalent basis) /Interest-rate spread (4)

126,210

2.82

%

126,475

3.16

%

Less adjustment of tax-exempt income

210

342

Net interest income

$

126,000

$

126,133

Net interest margin (5)

3.19

%

3.59

%

(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 June 30,

At and for the Six Months Ended June 30,

2020

2019

2020

2019

Reconciliation Table - Non-GAAP Financial Information

(Dollars in Thousands Except Share Data)

Net income attributable to Brookline Bancorp, Inc.

$

19,571

$

20,471

$

2,295

$

42,938

Less:

Security gains (after-tax)

440

268

1,958

373

Operating earnings

$

19,131

$

20,203

$

337

$

42,565

Operating earnings per common share:

Basic

$

0.24

$

0.25

$

$

0.53

Diluted

0.24

0.25

0.53

Weighted average common shares outstanding during the period:

Basic

78,849,282

79,669,922

79,165,372

79,664,284

Diluted

79,015,274

79,886,292

79,340,524

79,859,572

Return on average assets *

0.88

%

1.08

%

0.05

%

1.14

%

Less:

Security gains (after-tax) *

0.02

%

0.01

%

0.04

%

0.01

%

Operating return on average assets *

0.86

%

1.07

%

0.01

%

1.13

%

Return on average tangible assets *

0.90

%

1.11

%

0.06

%

1.17

%

Less:

Security gains (after-tax) *

0.02

%

0.02

%

0.05

%

0.01

%

Operating return on average tangible assets *

0.88

%

1.09

%

0.01

%

1.16

%

Return on average stockholders' equity *

8.45

%

8.98

%

0.49

%

9.55

%

Less:

Security gains (after-tax) *

0.19

%

0.12

%

0.42

%

0.08

%

Operating return on average stockholders' equity *

8.26

%

8.86

%

0.07

%

9.47

%

Return on average tangible stockholders' equity *

10.28

%

10.98

%

0.59

%

11.71

%

Less:

Security gains (after-tax) *

0.24

%

0.15

%

0.50

%

0.10

%

Operating return on average tangible stockholders' equity *

10.04

%

10.83

%

0.09

%

11.61

%

* Ratios at and for the three and six months ended are annualized.

At and for the Three Months Ended

June 30, 2020

March 31, 2020

December 31, 2019

September 30, 2019

June 30, 2019

(Dollars in Thousands)

Net income (loss), as reported

$

19,571

$

(17,276

)

$

22,183

$

22,596

$

20,471

Average total assets

$

8,869,540

$

7,965,826

$

7,860,593

$

7,746,492

$

7,571,396

Less: Average goodwill and average identified intangible assets, net

164,385

164,701

165,071

165,493

165,914

Average tangible assets

$

8,705,155

$

7,801,125

$

7,695,522

$

7,580,999

$

7,405,482

Return on average tangible assets (annualized)

0.90

%

(0.89

)%

1.15

%

1.19

%

1.11

%

Average total stockholders’ equity

$

926,239

$

946,138

$

941,891

$

928,063

$

911,824

Less: Average goodwill and average identified intangible assets, net

164,385

164,701

165,071

165,493

165,914

Average tangible stockholders’ equity

$

761,854

$

781,437

$

776,820

$

762,570

$

745,910

Return on average tangible stockholders’ equity (annualized)

10.28

%

(8.84

)%

11.42

%

11.85

%

10.98

%

Brookline Bancorp, Inc. stockholders’ equity

$

926,413

$

912,568

$

945,606

$

932,311

$

918,468

Less:

Goodwill

160,427

160,427

160,427

160,427

160,427

Identified intangible assets, net

3,775

4,087

4,423

4,843

5,264

Tangible stockholders' equity

$

762,211

$

748,054

$

780,756

$

767,041

$

752,777

Total assets

$

9,069,667

$

8,461,591

$

7,856,853

$

7,878,436

$

7,636,980

Less:

Goodwill

160,427

160,427

160,427

160,427

160,427

Identified intangible assets, net

3,775

4,087

4,423

4,843

5,264

Tangible assets

$

8,905,465

$

8,297,077

$

7,692,003

$

7,713,166

$

7,471,289

Tangible stockholders’ equity to tangible assets

8.56

%

9.02

%

10.15

%

9.94

%

10.08

%

Tangible stockholders' equity

$

762,211

$

748,054

$

780,756

$

767,041

$

752,777

Number of common shares issued

85,177,172

85,177,172

85,177,172

85,177,172

85,177,172

Less:

Treasury shares

5,859,708

5,862,811

5,003,127

5,003,127

5,025,764

Unallocated ESOP shares

65,334

72,441

79,548

92,337

98,208

Unvested restricted shares

398,188

395,085

406,450

407,784

377,122

Number of common shares outstanding

78,853,942

78,846,835

79,688,047

79,673,924

79,676,078

Tangible book value per common share

$

9.67

$

9.49

$

9.80

$

9.63

$

9.45

Allowance for loan and lease losses

$

119,553

$

113,181

$

61,082

$

59,135

$

58,635

Total loans and leases

$

7,407,697

$

6,822,527

$

6,737,816