Brookline Bancorp Announces Third Quarter Results

Brookline Bancorp, Inc.
·26 min read

Net Income of $18.7 million, EPS of $0.24

Announces $0.115 Dividend per Share

Resumes Stock Buyback Program

BOSTON, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the Company) today announced net income of $18.7 million, or $0.24 per basic and diluted share, for the third quarter of 2020, compared to $19.6 million, or $0.25 per basic and diluted share, for the second quarter of 2020, and $22.6 million, or $0.28 per basic and diluted share, for the third quarter of 2019.

Paul Perrault, President and Chief Executive Officer of the Company noted, As we look toward the close of 2020, we are thankful for the resilience of our employees in diligently meeting the needs of our customers throughout this unprecedented year. Today we are pleased to report another solid quarter of earnings and growth which are rooted in the strength of our core business areas. While we continue to monitor the situation with COVID-19, the business lines that are fundamental to our success continue to operate effectively during these challenging times."

BALANCE SHEET

Total assets at September 30, 2020 decreased $69.5 million to $9.0 billion from $9.1 billion at June 30, 2020, and increased $1.1 billion from $7.9 billion at September 30, 2019. At September 30, 2020, total loans and leases were $7.4 billion, representing a decrease of $11.3 million from June 30, 2020, and an increase of $749.5 million from September 30, 2019, primarily driven by loans originated under the Small Business Administration's Paycheck Protection Program ("PPP"). The Company has funded 2,922 PPP loans totaling $581.7 million as of August 8, 2020 when the program closed, of which $568.4 million remains outstanding, net of deferred fees and costs at September 30, 2020.

Total investment securities at September 30, 2020 decreased $72.1 million to $784.4 million, as compared to $856.5 million at June 30, 2020, and increased approximately $217.3 million from $567.1 million at September 30, 2019. Total cash and cash equivalents at September 30, 2020 increased $62.4 million to $317.3 million, as compared to $254.9 million at June 30, 2020, and increased $138.8 million from $178.5 million at September 30, 2019. As of September 30, 2020, total investment securities and total cash and cash equivalents represented 12.2 percent of total assets as compared to 12.3 percent and 9.5 percent as of June 30, 2020 and September 30, 2019, respectively.

Total deposits at September 30, 2020 increased $352.3 million to $6.8 billion from $6.4 billion at June 30, 2020 and increased $1.1 billion from $5.7 billion at September 30, 2019.

Total borrowed funds at September 30, 2020 decreased $401.6 million to $1.0 billion from $1.4 billion at June 30, 2020 and increased $18.6 million from $986.4 million at September 30, 2019.

The ratio of stockholders equity to total assets was 10.39 percent at September 30, 2020, as compared to 10.21 percent at June 30, 2020, and 11.83 percent at September 30, 2019. The ratio of tangible stockholders equity to tangible assets (non-GAAP) was 8.73 percent at September 30, 2020, as compared to 8.56 percent at June 30, 2020, and 9.94 percent at September 30, 2019. Tangible book value per share (non-GAAP) increased $0.10 from $9.67 at June 30, 2020 to $9.77 at September 30, 2020, compared to $9.63 at September 30, 2019.

On December 4, 2019, the Board of Directors approved a stock repurchase program authorizing management to repurchase up to $10.0 million of the Companys common stock over a period of twelve months commencing on January 1, 2020 and ending on December 31, 2020. On March 9, 2020, the Board of Directors approved an increase in the repurchase amount of $10.0 million bringing the total authorized amount to $20.0 million. Subsequently, as previously disclosed, the Company suspended the stock repurchase program effective as of March 24, 2020. As of September 30, 2020, the Company has repurchased 848,319 shares at a weighted average price of $12.27. In 2019, 136,065 shares of the Company's common stock were repurchased by the Company.

NET INTEREST INCOME

Net interest income increased $1.6 million to $65.9 million during the third quarter of 2020 from $64.3 million at the quarter ended June 30, 2020. The net interest margin decreased 1 basis point to 3.08 percent for the three months ended September 30, 2020.

NON-INTEREST INCOME

Total non-interest income for the quarter ended September 30, 2020 decreased $1.3 million to $4.9 million from $6.2 million for the quarter ended June 30, 2020. The decrease was primarily driven by decreases of $0.9 million in loan level derivative income, net, $0.5 million in gain on investment securities, net and $0.5 million in other non-interest income, partially offset by increases of $0.3 million in deposit fees and $0.3 million in gain on sales of loans and leases.

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 $4.5 million for the quarter ended September 30, 2020, compared to $5.3 million for the quarter ended June 30, 2020.

Total net charge-offs for the third quarter of 2020 were $5.0 million compared to $1.4 million in the second quarter of 2020. The increase in net charge-offs in the quarter was driven by the charge-off of $4.3 million on a commercial taxi medallion relationship which had a $3.2 million specific reserve previously established. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 27 basis points for the third quarter of 2020 from 8 basis points for the second quarter of 2020.

While economic conditions and forecasts have generally improved from Q2, there remains significant uncertainty and volatility related to the COVID-19 pandemic and its impact on businesses and households as we enter the fall and winter seasons.

The allowance for loan and lease losses represented 1.62 percent of total loans and leases at September 30, 2020, compared to 1.61 percent at June 30, 2020, and 0.89 percent at September 30, 2019. Excluding PPP loans, the allowance for loan and lease losses represents 1.76 percent coverage at September 30, 2020 compared to 1.75 percent at June 30, 2020.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.51 percent at September 30, 2020, a decrease from 0.56 percent at June 30, 2020. Total nonaccrual loans and leases decreased $3.3 million to $38.0 million at September 30, 2020 from $41.3 million at June 30, 2020. The ratio of nonperforming assets to total assets was 0.44 percent at September 30, 2020, a decrease from 0.47 percent at June 30, 2020. Total nonperforming assets decreased $3.4 million to $39.4 million at September 30, 2020 from $42.8 million at June 30, 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 September 30, 2020, approximately 77 percent of loans granted an initial loan payment deferral have returned to payment status and 910 credits totaling $280 million or 3.8 percent of total loans outstanding have been modified.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended September 30, 2020 increased $1.8 million to $40.9 million from $39.1 million for the quarter ended June 30, 2020. The increase was primarily driven by increases of $1.5 million in compensation and employee benefits expense due to lower deferred loan origination costs, $0.5 million in FDIC insurance expense and $0.1 million in equipment and data processing expense, partially offset by a decrease of $0.3 million in other expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 26.2 percent and 23.9 percent for the three and nine months ended September 30, 2020 compared to 24.9 percent for the three months ended June 30, 2020 and 24.9 percent and 24.4 percent for the three and nine months ended September 30, 2019.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets decreased to 0.83 percent during the third quarter 2020 from 0.88 percent for the second quarter of 2020.

The annualized return on average stockholders' equity decreased to 7.99 percent during the third quarter of 2020 from 8.45 percent for the second quarter of 2020. The annualized return on average tangible stockholders equity decreased to 9.70 percent for the third quarter of 2020 from 10.28 percent for the second quarter of 2020.

DIVIDEND DECLARED

The Companys Board of Directors approved a dividend of $0.115 per share for the quarter ended September 30, 2020. The dividend will be paid on November 27, 2020 to stockholders of record on November 13, 2020.

STOCK REPURCHASE

As previously disclosed, the Company suspended its stock repurchase program effective as of March 24, 2020 with $9.6 million remaining in the Board authorized program. On October 28, 2020, the Companys Board of Directors approved resumption of the stock repurchase program to be completed by December 31, 2020.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Daylight Time on Thursday, October 29, 2020 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Companys website, www.brooklinebancorp.c om . To listen to the call and view the Companys Earnings Presentation, please join the call via https://services.choruscall.com/links/brkl201029.html . To listen to the call without access to the slides, please dial 877-504-4120 (United States) or 412-902-6650 (international) and ask for the Brookline Bancorp, Inc. call. A recording of the call will be available for one week following the call on the Companys website under Investor Relations or by dialing 877-344-7529 (United States) or 412-317-0088 (internationally) and entering the passcode: 10148701.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with $9.0 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; 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-GAA P 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

 

September 30,
2020

June 30,
2020

 

March 31,
2020

December 31,
2019

September 30,
2019

 

(Dollars In Thousands Except per Share Data)

Earnings Data:

 

 

 

 

 

 

Net interest income

$

65,938

 

$

64,288

 

 

$

61,712

 

$

63,931

 

$

63,236

 

Provision for credit losses

 

4,528

 

 

5,347

 

 

 

54,114

 

 

3,602

 

 

871

 

Non-interest income

 

4,862

 

 

6,235

 

 

 

9,328

 

 

7,756

 

 

7,929

 

Non-interest expense

 

40,947

 

 

39,109

 

 

 

40,748

 

 

38,815

 

 

40,191

 

Income (loss) before provision for income taxes

 

25,325

 

 

26,067

 

 

 

(23,822

)

 

29,270

 

 

30,103

 

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

 

18,679

 

 

19,571

 

 

 

(17,276

)

 

22,183

 

 

22,596

 

 

 

 

 

 

 

 

Performance Ratios:

 

 

 

 

 

 

Net interest margin (1)

 

3.08

%

 

3.09

%

 

 

3.31

%

 

3.43

%

 

3.45

%

Interest-rate spread (1)

 

2.85

%

 

2.75

%

 

 

2.91

%

 

3.05

%

 

3.06

%

Return on average assets (annualized)

 

0.83

%

 

0.88

%

 

 

(0.87

)%

 

1.13

%

 

1.17

%

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

 

0.84

%

 

0.90

%

 

 

(0.89

)%

 

1.15

%

 

1.19

%

Return on average stockholders' equity (annualized)

 

7.99

%

 

8.45

%

 

 

(7.30

)%

 

9.42

%

 

9.74

%

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

 

9.70

%

 

10.28

%

 

 

(8.84

)%

 

11.42

%

 

11.85

%

Efficiency ratio (2)

 

57.83

%

 

55.46

%

 

 

57.36

%

 

54.15

%

 

56.48

%

 

 

 

 

 

 

 

Per Common Share Data:

 

 

 

 

 

 

Net income (loss) Basic

$

0.24

 

$

0.25

 

 

$

(0.22

)

$

0.28

 

$

0.28

 

Net income (loss) Diluted

 

0.24

 

 

0.25

 

 

 

(0.22

)

 

0.28

 

 

0.28

 

Cash dividends declared

 

0.115

 

 

0.115

 

 

 

0.115

 

 

0.115

 

 

0.115

 

Book value per share (end of period)

 

11.84

 

 

11.75

 

 

 

11.57

 

 

11.87

 

 

11.70

 

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

 

9.77

 

 

9.67

 

 

 

9.49

 

 

9.80

 

 

9.63

 

Stock price (end of period)

 

8.65

 

 

10.08

 

 

 

11.28

 

 

16.46

 

 

14.73

 

 

 

 

 

 

 

 

Balance Sheet:

 

 

 

 

 

 

Total assets

$

9,000,192

 

$

9,069,667

 

 

$

8,461,591

 

$

7,856,853

 

$

7,878,436

 

Total loans and leases

 

7,396,358

 

 

7,407,697

 

 

 

6,822,527

 

 

6,737,816

 

 

6,646,821

 

Total deposits

 

6,792,523

 

 

6,440,233

 

 

 

5,889,938

 

 

5,830,072

 

 

5,729,339

 

Brookline Bancorp, Inc. stockholders equity

 

935,558

 

 

926,413

 

 

 

912,568

 

 

945,606

 

 

932,311

 

 

 

 

 

 

 

 

Asset Quality:

 

 

 

 

 

 

Nonperforming assets

$

39,365

 

$

42,754

 

 

$

41,122

 

$

22,092

 

$

23,760

 

Nonperforming assets as a percentage of total assets

 

0.44

%

 

0.47

%

 

 

0.49

%

 

0.28

%

 

0.30

%

Allowance for loan and lease losses

$

119,971

 

$

119,553

 

 

$

113,181

 

$

61,082

 

$

59,135

 

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

 

1.62

%

 

1.61

%

 

 

1.66

%

 

0.91

%

 

0.89

%

Net loan and lease charge-offs

$

4,963

 

$

1,383

 

 

$

2,234

 

$

1,622

 

$

366

 

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

 

0.27

%

 

0.08

%

 

 

0.13

%

 

0.10

%

 

0.02

%

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

 

Stockholders equity to total assets

 

10.39

%

 

10.21

%

 

 

10.78

%

 

12.04

%

 

11.83

%

Tangible stockholders equity to tangible assets (non-GAAP)

 

8.73

%

 

8.56

%

 

 

9.02

%

 

10.15

%

 

9.94

%

 

 

 

 

 

 

 

(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)

 

September 30, 2020

June 30, 2020

 

March 31, 2020

 

December 31, 2019

September 30, 2019

ASSETS

(In Thousands Except Share Data)

Cash and due from banks

$

33,818

 

$

38,522

 

 

$

86,996

 

 

$

33,589

 

$

93,841

 

Short-term investments

 

283,515

 

 

216,394

 

 

 

253,772

 

 

 

44,201

 

 

84,689

 

Total cash and cash equivalents

 

317,333

 

 

254,916

 

 

 

340,768

 

 

 

77,790

 

 

178,530

 

Investment securities available-for-sale

 

783,867

 

 

854,505

 

 

 

761,539

 

 

 

498,995

 

 

467,339

 

Investment securities held-to-maturity

 

-

 

 

-

 

 

 

-

 

 

 

86,780

 

 

95,163

 

Equity securities held-for-trading

 

525

 

 

1,992

 

 

 

2,558

 

 

 

3,581

 

 

4,581

 

Total investment securities

 

784,392

 

 

856,497

 

 

 

764,097

 

 

 

589,356

 

 

567,083

 

Loans and leases held-for-sale

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

-

 

Loans and leases:

 

 

 

 

 

 

 

Commercial real estate loans

 

3,835,372

 

 

3,837,703

 

 

 

3,762,158

 

 

 

3,669,222

 

 

3,589,451

 

Commercial loans and leases

 

2,354,613

 

 

2,361,463

 

 

 

1,826,866

 

 

 

1,838,748

 

 

1,850,388

 

Consumer loans

 

1,206,373

 

 

1,208,531

 

 

 

1,233,503

 

 

 

1,229,846

 

 

1,206,982

 

Total loans and leases

 

7,396,358

 

 

7,407,697

 

 

 

6,822,527

 

 

 

6,737,816

 

 

6,646,821

 

Allowance for loan and lease losses

 

(119,971

)

 

(119,553

)

 

 

(113,181

)

 

 

(61,082

)

 

(59,135

)

Net loans and leases

 

7,276,387

 

 

7,288,144

 

 

 

6,709,346

 

 

 

6,676,734

 

 

6,587,686

 

Restricted equity securities

 

61,715

 

 

71,638

 

 

 

68,472

 

 

 

53,818

 

 

57,896

 

Premises and equipment, net of accumulated depreciation

 

72,441

 

 

73,127

 

 

 

73,786

 

 

 

74,350

 

 

75,229

 

Right-of-use asset operating leases

 

23,492

 

 

24,343

 

 

 

24,789

 

 

 

24,876

 

 

26,216

 

Deferred tax asset

 

42,269

 

 

42,683

 

 

 

38,141

 

 

 

25,017

 

 

25,204

 

Goodwill

 

160,427

 

 

160,427

 

 

 

160,427

 

 

 

160,427

 

 

160,427

 

Identified intangible assets, net of accumulated amortization

 

3,464

 

 

3,775

 

 

 

4,087

 

 

 

4,423

 

 

4,843

 

Other real estate owned and repossessed assets

 

1,413

 

 

1,454

 

 

 

2,038

 

 

 

2,631

 

 

2,132

 

Other assets

 

256,859

 

 

292,663

 

 

 

275,640

 

 

 

167,431

 

 

193,190

 

Total assets

$

9,000,192

 

$

9,069,667

 

 

$

8,461,591

 

 

$

7,856,853

 

$

7,878,436

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Demand checking accounts

$

1,550,267

 

$

1,603,037

 

 

$

1,175,329

 

 

$

1,141,578

 

$

1,106,684

 

NOW accounts

 

459,902

 

 

417,622

 

 

 

361,854

 

 

 

371,380

 

 

340,321

 

Savings accounts

 

716,630

 

 

657,758

 

 

 

653,026

 

 

 

613,467

 

 

604,481

 

Money market accounts

 

1,878,258

 

 

1,809,868

 

 

 

1,676,092

 

 

 

1,682,005

 

 

1,666,231

 

Certificate of deposit accounts

 

1,492,913

 

 

1,601,768

 

 

 

1,669,509

 

 

 

1,671,738

 

 

1,673,382

 

Brokered deposit accounts

 

694,553

 

 

350,180

 

 

 

354,128

 

 

 

349,904

 

 

338,240

 

Total deposits

 

6,792,523

 

 

6,440,233

 

 

 

5,889,938

 

 

 

5,830,072

 

 

5,729,339

 

Borrowed funds:

 

 

 

 

 

 

 

Advances from the FHLBB

 

841,169

 

 

1,267,570

 

 

 

1,137,431

 

 

 

758,469

 

 

854,481

 

Subordinated debentures and notes

 

83,707

 

 

83,668

 

 

 

83,630

 

 

 

83,591

 

 

83,551

 

Other borrowed funds

 

80,169

 

 

55,431

 

 

 

70,743

 

 

 

60,689

 

 

48,373

 

Total borrowed funds

 

1,005,045

 

 

1,406,669

 

 

 

1,291,804

 

 

 

902,749

 

 

986,405

 

Operating lease liabilities

 

23,492

 

 

24,343

 

 

 

24,789

 

 

 

24,876

 

 

26,216

 

Mortgagors escrow accounts

 

6,429

 

 

6,467

 

 

 

7,441

 

 

 

7,232

 

 

7,072

 

Reserve for unfunded credits

 

13,964

 

 

14,816

 

 

 

17,222

 

 

 

1,880

 

 

1,847

 

Accrued expenses and other liabilities

 

223,181

 

 

250,726

 

 

 

317,829

 

 

 

144,438

 

 

195,246

 

Total liabilities

 

8,064,634

 

 

8,143,254

 

 

 

7,549,023

 

 

 

6,911,247

 

 

6,946,125

 

Stockholders' equity:

 

 

 

 

 

 

 

Brookline Bancorp, Inc. stockholders equity:

 

 

 

 

 

 

 

Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued, 85,177,172 shares issued, 85,177,172 shares issued, 85,177,172 shares issued, and 85,177,172 shares issued, respectively

 

852

 

 

852

 

 

 

852

 

 

 

852

 

 

852

 

Additional paid-in capital

 

736,294

 

 

738,155

 

 

 

737,422

 

 

 

736,601

 

 

735,928

 

Retained earnings, partially restricted

 

247,336

 

 

237,808

 

 

 

227,359

 

 

 

265,376

 

 

252,435

 

Accumulated other comprehensive income

 

18,782

 

 

19,538

 

 

 

16,947

 

 

 

2,283

 

 

2,775

 

Treasury stock, at cost;

 

 

 

 

 

 

 

5,629,854, 5,859,708, 5,862,811, 5,003,127, and 5,003,127 shares, respectively

 

(67,376

)

 

(69,572

)

 

 

(69,617

)

 

 

(59,073

)

 

(59,176

)

Unallocated common stock held by the Employee Stock Ownership Plan;

 

 

 

 

 

 

 

58,227, 65,334, 72,441, 79,548, and 92,337 shares, respectively

 

(330

)

 

(368

)

 

 

(395

)

 

 

(433

)

 

(503

)

Total stockholders' equity

 

935,558

 

 

926,413

 

 

 

912,568

 

 

 

945,606

 

 

932,311

 

Total liabilities and stockholders' equity

$

9,000,192

 

$

9,069,667

 

 

$

8,461,591

 

 

$

7,856,853

 

$

7,878,436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

 

Three Months Ended

 

September 30, 2020

 

June 30, 2020

March 31, 2020

December 31, 2019

September 30, 2019

 

(In Thousands Except Share Data)

Interest and dividend income:

 

 

 

 

 

 

Loans and leases

$

76,240

 

$

77,416

$

79,559

 

$

83,309

$

83,566

 

Debt securities

 

3,746

 

 

3,701

 

2,976

 

 

2,910

 

2,977

 

Marketable and restricted equity securities

 

672

 

 

908

 

778

 

 

813

 

876

 

Short-term investments

 

46

 

 

99

 

209

 

 

418

 

487

 

Total interest and dividend income

 

80,704

 

 

82,124

 

83,522

 

 

87,450

 

87,906

 

Interest expense:

 

 

 

 

 

 

Deposits

 

10,583

 

 

12,778

 

16,240

 

 

17,655

 

18,300

 

Borrowed funds

 

4,183

 

 

5,058

 

5,570

 

 

5,864

 

6,370

 

Total interest expense

 

14,766

 

 

17,836

 

21,810

 

 

23,519

 

24,670

 

Net interest income

 

65,938

 

 

64,288

 

61,712

 

 

63,931

 

63,236

 

Provision for credit losses

 

4,528

 

 

5,347

 

54,114

 

 

3,602

 

871

 

Net interest income after provision for credit losses

 

61,410

 

 

58,941

 

7,598

 

 

60,329

 

62,365

 

Non-interest income:

 

 

 

 

 

 

Deposit fees

 

2,305

 

 

1,929

 

2,458

 

 

2,710

 

2,710

 

Loan fees

 

397

 

 

513

 

550

 

 

567

 

719

 

Loan level derivative income, net

 

527

 

 

1,440

 

2,156

 

 

2,494

 

2,251

 

Gain (loss) on investment securities, net

 

54

 

 

586

 

1,330

 

 

133

 

(116

)

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

 

632

 

 

299

 

120

 

 

309

 

550

 

Other

 

947

 

 

1,468

 

2,714

 

 

1,543

 

1,815

 

Total non-interest income

 

4,862

 

 

6,235

 

9,328

 

 

7,756

 

7,929

 

Non-interest expense:

 

 

 

 

 

 

Compensation and employee benefits

 

26,092

 

 

24,619

 

25,219

 

 

23,987

 

24,871

 

Occupancy

 

3,802

 

 

3,825

 

3,953

 

 

4,102

 

3,895

 

Equipment and data processing

 

4,293

 

 

4,155

 

4,703

 

 

4,601

 

4,749

 

Professional services

 

1,112

 

 

1,056

 

1,651

 

 

1,120

 

1,083

 

FDIC insurance

 

1,363

 

 

858

 

378

 

 

53

 

54

 

Advertising and marketing

 

1,024

 

 

1,017

 

1,075

 

 

828

 

1,035

 

Amortization of identified intangible assets

 

312

 

 

311

 

336

 

 

420

 

421

 

Merger and restructuring expense

 

-

 

 

-

 

-

 

 

-

 

1,125

 

Other

 

2,949

 

 

3,268

 

3,433

 

 

3,704

 

2,958

 

Total non-interest expense

 

40,947

 

 

39,109

 

40,748

 

 

38,815

 

40,191

 

Income (loss) before provision for income taxes

 

25,325

 

 

26,067

 

(23,822

)

 

29,270

 

30,103

 

Provision (benefit) for income taxes

 

6,646

 

 

6,496

 

(6,546

)

 

7,087

 

7,507

 

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

$

18,679

 

$

19,571

$

(17,276

)

$

22,183

$

22,596

 

Earnings per common share:

 

 

 

 

 

 

Basic

$

0.24

 

$

0.25

$

(0.22

)

$

0.28

$

0.28

 

Diluted

$

0.24

 

$

0.25

$

(0.22

)

$

0.28

$

0.28

 

Weighted average common shares outstanding during the period:

 

 

 

 

 

Basic

 

78,948,139

 

 

78,849,282

 

79,481,462

 

 

79,682,724

 

79,700,403

 

Diluted

 

79,055,901

 

 

79,015,274

 

79,665,774

 

 

79,845,447

 

79,883,510

 

Dividends paid per common share

$

0.115

 

$

0.115

$

0.115

 

$

0.115

$

0.110

 

 

 

 

 

 

 

 



BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

 

 

 

Nine Months Ended September 30,

 

2020

2019

 

(In Thousands Except Share Data)

Interest and dividend income:

 

 

Loans and leases

$

233,215

$

247,036

Debt securities

 

10,423

 

9,371

Marketable and restricted equity securities

 

2,358

 

2,664

Short-term investments

 

354

 

1,105

Total interest and dividend income

 

246,350

 

260,176

Interest expense:

 

 

Deposits

 

39,601

 

51,960

Borrowed funds

 

14,811

 

18,847

Total interest expense

 

54,412

 

70,807

Net interest income

 

191,938

 

189,369

Provision for credit losses

 

63,989

 

5,981

Net interest income after provision for credit losses

 

127,949

 

183,388

Non-interest income:

 

 

Deposit Fees

 

6,692

 

7,913

Loan Fees

 

1,460

 

1,530

Loan level derivative income, net

 

4,123

 

5,768

Gain on investment securities, net

 

1,970

 

375

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

 

1,051

 

1,400

Other

 

5,129

 

5,051

Total non-interest income

 

20,425

 

22,037

Non-interest expense:

 

 

Compensation and employee benefits

 

75,931

 

72,567

Occupancy

 

11,580

 

11,594

Equipment and data processing

 

13,152

 

14,051

Professional services

 

3,819

 

3,246

FDIC insurance

 

2,599

 

1,392

Advertising and marketing

 

3,116

 

3,216

Amortization of identified intangible assets

 

959

 

1,243

Merger and restructuring expense

 

-

 

1,125

Other

 

9,650

 

10,232

Total non-interest expense

 

120,806

 

118,666

Income before provision for income taxes

 

27,568

 

86,759

Provision for income taxes

 

6,596

 

21,182

Net income before noncontrolling interest in subsidiary

 

20,972

 

65,577

Less net income attributable to noncontrolling interest in subsidiary

 

-

 

43

Net income attributable to Brookline Bancorp, Inc.

$

20,972

$

65,534

Earnings per common share:

 

 

Basic

$

0.27

$

0.82

Diluted

$

0.27

$

0.82

Weighted average common shares outstanding during the period:

 

Basic

 

79,092,424

 

79,676,456

Diluted

 

79,245,113

 

79,867,683

Dividends paid per common share

$

0.345

$

0.325

 

 

 


BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Asset Quality Analysis (Unaudited)

 

At and for the Three Months Ended

 

September 30, 2020

June 30,  2020

March 31, 2020

December 31, 2019

September 30, 2019

 

(Dollars in Thousands)

NONPERFORMING ASSETS:

 

 

 

 

 

Loans and leases accounted for on a nonaccrual basis:

 

 

 

 

 

Commercial real estate mortgage

$

10,841

 

$

10,139

 

$

10,937

 

$

2,845

 

$

2,910

 

Multi-family mortgage

 

-

 

 

-

 

 

85

 

 

84

 

 

87

 

Total commercial real estate loans

 

10,841

 

 

10,139

 

 

11,022

 

 

2,929

 

 

2,997

 

 

 

 

 

 

 

Commercial

 

7,751

 

 

12,427

 

 

12,991

 

 

4,909

 

 

3,139

 

Equipment financing

 

13,372

 

 

13,100

 

 

10,356

 

 

9,822

 

 

12,817

 

Condominium association

 

117

 

 

190

 

 

203

 

 

151

 

 

163

 

Total commercial loans and leases

 

21,240

 

 

25,717

 

 

23,550

 

 

14,882

 

 

16,119

 

 

 

 

 

 

 

Residential mortgage

 

4,634

 

 

4,157

 

 

3,446

 

 

753

 

 

1,605

 

Home equity

 

1,235

 

 

1,278

 

 

1,059

 

 

896

 

 

904

 

Other consumer

 

2

 

 

9

 

 

7

 

 

1

 

 

3

 

Total consumer loans

 

5,871

 

 

5,444

 

 

4,512

 

 

1,650

 

 

2,512

 

 

 

 

 

 

 

Total nonaccrual loans and leases

 

37,952

 

 

41,300

 

 

39,084

 

 

19,461

 

 

21,628

 

 

 

 

 

 

 

Other real estate owned

 

-

 

 

-

 

 

-

 

 

-

 

 

201

 

Other repossessed assets

 

1,413

 

 

1,454

 

 

2,038

 

 

2,631

 

 

1,931

 

Total nonperforming assets

$

39,365

 

$

42,754

 

$

41,122

 

$

22,092

 

$

23,760

 

 

 

 

 

 

 

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

$

1,180

 

$

1,974

 

$

1,045

 

$

10,109

 

$

11,885

 

 

 

 

 

 

 

Troubled debt restructurings on accrual

 

11,309

 

 

10,172

 

 

16,480

 

 

17,076

 

 

22,233

 

Troubled debt restructurings on nonaccrual

 

5,742

 

 

5,972

 

 

5,819

 

 

6,104

 

 

5,763

 

Total troubled debt restructurings

$

17,051

 

$

16,144

 

$

22,299

 

$

23,180

 

$

27,996

 

 

 

 

 

 

 

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

 

0.51

%

 

0.56

%

 

0.57

%

 

0.29

%

 

0.33

%

Nonperforming assets as a percentage of total assets

 

0.44

%

 

0.47

%

 

0.49

%

 

0.28

%

 

0.30

%

 

 

 

 

 

 

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:

 

 

 

Allowance for loan and lease losses at beginning of period

$

119,553

 

$

113,181

 

$

61,082

 

$

59,135

 

$

58,635

 

CECL adjustment to retained earnings

 

-

 

 

-

 

 

6,632

 

 

-

 

 

-

 

Charge-offs

 

(5,511

)

 

(1,803

)

 

(2,539

)

 

(1,894

)

 

(1,190

)

Recoveries

 

548

 

 

420

 

 

305

 

 

272

 

 

824 Net charge-offs (4,963) (1,383) (2,234) (1,622) (366)Provision for loan and lease losses excluding unfunded commitments * 5,381 7,755 47,701 3,569 866 Allowance for loan and lease losses at end of period$119,971 $119,553 $113,181 $61,082 $59,135 Allowance for loan and lease losses as a percentage of total loans and leases 1.62% 1.61% 1.66% 0.91% 0.89% NET CHARGE-OFFS: Commercial real estate loans$70 $(94)$- $- $- Commercial loans and leases 4,917 1,498 2,280 1,589 403 Consumer loans (24) (21) (46) 33 (37)Total net charge-offs$4,963 $1,383 $2,234 $1,622 $366 Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.27% 0.08% 0.13% 0.10% 0.02% *provision for loan and lease losses does not include (credit) provision of $(0.9) million, $2.4 million and $6.4 million for credit losses on unfunded commitments during the three months ended September 30, 2020, June 30, 2020 and March 31, 2020, respectively.


BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Average Yields / Costs (Unaudited)

Three Months Ended

September 30, 2020

June 30, 2020

September 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)

$

851,608

$

3,746

1.76

%

$

773,523

$

3,719

1.92

%

$

573,389

$

3,027

2.11

%

Marketable and restricted equity securities (2)

66,154

670

4.06

%

71,058

915

5.15

%

59,638

885

5.94

%

Short-term investments

192,446

46

0.10

%

245,577

99

0.16

%

70,707

487

2.76

%

Total investments

1,110,208

4,462

1.61

%

1,090,158

4,733

1.74

%

703,734

4,399

2.50

%

Loans and Leases:

Commercial real estate loans (3)

3,831,826

35,615

3.64

%

3,761,667

36,829

3.87

%

3,539,485

41,724

4.61

%

Commercial loans (3)

1,281,202

10,677

3.27

%

1,234,537

10,450

3.35

%

838,092

10,291

4.81

%

Equipment financing (3)

1,089,058

19,018

6.99

%

1,069,192

18,973

7.10

%

1,019,179

18,519

7.27

%

Residential mortgage loans (3)

814,559

7,860

3.86

%

814,431

8,068

3.96

%

776,482

8,215

4.23

%

Other consumer loans (3)

395,990

3,127

3.13

%

411,326

3,153

3.07

%

415,082

4,917

4.69

%

Total loans and leases

7,412,635

76,297

4.12

%

7,291,153

77,473

4.25

%

6,588,320

83,666

5.08

%

Total interest-earning assets

8,522,843

80,759

3.79

%

8,381,311

82,206

3.92

%

7,292,054

88,065

4.83

%

Non-interest-earning assets

495,829

488,229

454,438

Total assets

$

9,018,672

$

8,869,540

$

7,746,492

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:

Deposits:

NOW accounts

$

427,009

128

0.12

%

$

395,158

114

0.12

%

$

335,091

129

0.15

%

Savings accounts

688,223

258

0.15

%

663,782

357

0.22

%

600,609

820

0.54

%

Money market accounts

1,855,803

1,658

0.36

%

1,784,343

2,074

0.47

%

1,683,548

5,413

1.28

%

Certificates of deposit

1,536,969

7,022

1.82

%

1,637,486

8,364

2.05

%

1,658,650

9,691

2.32

%

Brokered deposit accounts

562,112

1,517

1.07

%

381,709

1,869

1.97

%

342,291

2,247

2.60

%

Total interest-bearing deposits

5,070,116

10,583

0.83

%

4,862,478

12,778

1.06

%

4,620,189

18,300

1.57

%

Borrowings

Advances from the FHLBB

944,865

2,876

1.19

%

1,102,079

3,751

1.35

%

759,738

4,859

2.50

%

Subordinated debentures and notes

83,687

1,246

5.96

%

83,647

1,263

6.04

%

83,530

1,300

6.22

%

Other borrowed funds

118,969

61

0.21

%

70,795

44

0.25

%

79,620

211

1.05

%

Total borrowings

1,147,521

4,183

1.43

%

1,256,521

5,058

1.59

%

922,888

6,370

2.70

%

Total interest-bearing liabilities

6,217,637

14,766

0.94

%

6,118,999

17,836

1.17

%

5,543,077

24,670

1.77

%

Non-interest-bearing liabilities:

Demand checking accounts

1,569,411

1,512,089

1,096,788

Other non-interest-bearing liabilities

296,992

312,213

178,564

Total liabilities

8,084,040

7,943,301

6,818,429

Stockholders’ equity

934,632

926,239

928,063

Total liabilities and equity

$

9,018,672

$

8,869,540

$

7,746,492

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

65,993

2.85

%

64,370

2.75

%

63,395

3.06

%

Less adjustment of tax-exempt income

55

82

159

Net interest income

$

65,938

$

64,288

$

63,236

Net interest margin (5)

3.08

%

3.09

%

3.45

%

(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)

Nine Months Ended

September 30, 2020

September 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)

$

744,065

$

10,489

1.88

%

$

591,535

$

9,526

2.15

%

Marketable and restricted equity securities (2)

65,367

2,371

4.84

%

59,747

2,693

6.01

%

Short-term investments

174,177

354

0.27

%

49,833

1,105

2.96

%

Total investments

983,609

13,214

1.79

%

701,115

13,324

2.53

%

Loans and Leases:

Commercial real estate loans (3)

3,763,750

112,912

3.94

%

3,454,996

123,106

4.70

%

Commercial loans (3)

1,100,346

29,455

3.52

%

814,392

29,773

4.82

%

Equipment financing (3)

1,070,433

56,937

7.09

%

1,004,363

54,795

7.27

%

Residential mortgage loans (3)

813,196

23,862

3.91

%

776,440

24,524

4.21

%

Other consumer loans (3)

408,332

10,235

3.33

%

413,645

15,155

4.89

%

Total loans and leases

7,156,057

233,401

4.35

%

6,463,836

247,353

5.10

%

Total interest-earning assets

8,139,666

246,615

4.04

%

7,164,951

260,677

4.85

%

Non-interest-earning assets

479,809

420,287

Total assets

$

8,619,475

$

7,585,238

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:

Deposits:

NOW accounts

$

394,057

358

0.12

%

$

337,671

321

0.13

%

Savings accounts

659,754

1,258

0.25

%

609,284

2,154

0.47

%

Money market accounts

1,773,234

7,973

0.60

%

1,681,594

16,259

1.29

%

Certificates of deposit

1,618,818

24,637

2.03

%

1,587,646

26,601

2.24

%

Brokered deposit accounts

434,409

5,375

1.65

%

344,979

6,625

2.57

%

Total interest-bearing deposits

4,880,272

39,601

1.08

%

4,561,174

51,960

1.52

%

Borrowings

Advances from the FHLBB

939,821

10,724

1.50

%

758,992

14,294

2.48

%

Subordinated debentures and notes

83,648

3,793

6.05

%

83,491

3,913

6.25

%

Other borrowed funds

93,698

294

0.42

%

84,477

640

1.01

%

Total borrowings

1,117,167

14,811

1.74

%

926,960

18,847

2.68

%

Total interest-bearing liabilities

5,997,439

54,412

1.21

%

5,488,134

70,807

1.72

%

Non-interest-bearing liabilities:

Demand checking accounts

1,405,871

1,046,683

Other non-interest-bearing liabilities

280,499

141,305

Total liabilities

7,683,809

6,676,122

Brookline Bancorp, Inc. stockholders’ equity

935,666

908,994

Noncontrolling interest in subsidiary

-

122

Total liabilities and equity

$

8,619,475

$

7,585,238

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

192,203

2.83

%

189,870

3.13

%

Less adjustment of tax-exempt income

265

501

Net interest income

$

191,938

$

189,369

Net interest margin (5)

3.15

%

3.54

%

(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)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Reconciliation Table - Non-GAAP Financial Information

(Dollars in Thousands Except Share Data)

Net income attributable to Brookline Bancorp, Inc.

$

18,679

$

22,596

$

20,972

$

65,534

Less:

Security gains (losses) (after-tax)

40

(87

)

1,499

284

Add:

Merger and restructuring-related expenses (after-tax)

-

845

-

851

Operating earnings

$

18,639

$

23,528

$

19,473

$

66,101

Operating earnings per common share:

Basic

$

0.24

$

0.30

$

0.25

$

0.83

Diluted

0.24

0.29

0.25

0.83

Weighted average common shares outstanding during the period:

Basic

78,948,139

79,700,403

79,092,424

79,676,456

Diluted

79,055,901

79,883,510

79,245,113

79,867,683

Return on average assets *

0.83

%

1.17

%

0.32

%

1.15

%

Less:

Security gains (losses) (after-tax) *

-

%

-

%

0.02

%

-

%

Add:

Merger and restructuring-related expenses (after-tax) *

-

%

0.04

%

-

%

0.01

%

Operating return on average assets *

0.83

%

1.21

%

0.30

%

1.16

%

Return on average tangible assets *

0.84

%

1.19

%

0.33

%

1.18

%

Less:

Security gains (losses) (after-tax) *

-

%

-

%

0.02

%

0.01

%

Add:

Merger and restructuring-related expenses (after-tax) *

-

%

0.05

%

-

%

0.02

%

Operating return on average tangible assets *

0.84

%

1.24

%

0.31

%

1.19

%

Return on average stockholders' equity *

7.99

%

9.74

%

2.99

%

9.61

%

Less:

Security gains (losses) (after-tax) *

0.01

%

(0.04

)%

0.22

%

0.04

%

Add:

Merger and restructuring-related expenses (after-tax) *

-

%

0.36

%

-

%

0.13

%

Operating return on average stockholders' equity *

7.98

%

10.14

%

2.77

%

9.70

%

Return on average tangible stockholders' equity *

9.70

%

11.85

%

3.63

%

11.76

%

Less:

Security gains (losses) (after-tax) *

0.02

%

(0.05

)%

0.26

%

0.05

%

Add:

Merger and restructuring-related expenses (after-tax) *

-

%

0.44

%

-

%

0.15

%

Operating return on average tangible stockholders' equity *

9.68

%

12.34

%

3.37

%

11.86

%

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

At and for the Three Months Ended

September 30,
2020

June 30,
2020

March 31,
2020

December 31,
2019

September 30,
2019

(Dollars in Thousands)

Net income (loss), as reported

$

18,679

$

19,571

$

(17,276

)

$

22,183

$

22,596

Average total assets

$

9,018,672

$

8,869,540

$

7,965,826

$

7,860,593

$

7,746,492

Less: Average goodwill and average identified intangible assets, net

164,072

164,385

164,701

165,071

165,493

Average tangible assets

$

8,854,600

$

8,705,155

$

7,801,125

$

7,695,522

$

7,580,999

Return on average tangible assets (annualized)

0.84

%

0.90

%

(0.89

)%

1.15

%

1.19

%

Average total stockholders’ equity

$

934,632

$

926,239

$

946,138

$

941,891

$

928,063

Less: Average goodwill and average identified intangible assets, net

164,072

164,385

164,701

165,071

165,493

Average tangible stockholders’ equity

$

770,560

$

761,854

$

781,437

$

776,820

$

762,570

Return on average tangible stockholders’ equity (annualized)

9.70

%

10.28

%

(8.84

)%

11.42

%

11.85

%

Brookline Bancorp, Inc. stockholders’ equity

$

935,558

$

926,413

$

912,568

$

945,606

$

932,311

Less:

Goodwill

160,427

160,427

160,427

160,427

160,427

Identified intangible assets, net

3,464

3,775

4,087

4,423

4,843

Tangible stockholders' equity

$

771,667

$

762,211

$

748,054

$

780,756

$

767,041

Total assets

$

9,000,192

$

9,069,667

$

8,461,591

$

7,856,853

$

7,878,436

Less:

Goodwill

160,427

160,427

160,427

160,427

160,427

Identified intangible assets, net

3,464

3,775

4,087

4,423

4,843

Tangible assets

$

8,836,301

$

8,905,465

$

8,297,077

$

7,692,003

$

7,713,166

Tangible stockholders’ equity to tangible assets

8.73

%

8.56

%

9.02

%

10.15

%

9.94

%

Tangible stockholders' equity

$

771,667

$

762,211

$

748,054

$

780,756

$

767,041

Number of common shares issued

85,177,172

85,177,172

85,177,172

85,177,172

85,177,172

Less:

Treasury shares

5,629,854

5,859,708

5,862,811

5,003,127

5,003,127

Unallocated ESOP shares

58,227

65,334

72,441

79,548

92,337

Unvested restricted shares

487,318

398,188

395,085

406,450

407,784

Number of common shares outstanding

79,001,773

78,853,942

78,846,835

79,688,047

79,673,924

Tangible book value per common share

$

9.77

$

9.67

$

9.49

$

9.80

$

9.63

Allowance for loan and lease losses

$

119,971

$

119,553

$

113,181

$

61,082

$

59,135

Total loans and leases

$

7,396,358

$

7,407,697

$

6,822,527

$

6,737,816

$

6,646,821

Less:

Total PPP loans

568,383

565,768

-

-

-

Total loans and leases excluding PPP loans

$

6,827,975

$

6,841,929

$

6,822,527

$

6,737,816

$

6,646,821

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

1.76

%

1.75

%

1.66

%

0.91

%

0.89

%

PDF available: http://ml.globenewswire.com/Resource/Download/cec3855d-edf6-4322-8fe8-04fde8fa0b4f