Brookline Bancorp Announces Second Quarter Results

The ratio of stockholders' equity to total assets was 10.95 percent at June 30, 2016, as compared to 11.01 percent at March 31, 2016, and 11.05 percent at December 31, 2015, respectively. The ratio of tangible stockholders' equity to tangible assets was 8.82 percent at June 30, 2016, as compared to 8.83 percent at March 31, 2016, and 8.81 percent at December 31, 2015.

NET INTEREST INCOME

Net interest income increased $1.1 million to $50.3 million during the second quarter of 2016 from the first quarter driven by the growth in interest earning assets as the net interest margin decreased 1 basis point to 3.44 percent.

PROVISION FOR LOAN AND LEASE LOSSES

The Company recorded a provision for loan and lease losses of $2.7 million for the quarter ended June 30, 2016, compared to $2.3 million for the quarter ended March 31, 2016.

Net charge-offs increased $3.6 million to $4.0 million for the second quarter of 2016 from $0.4 million for the first quarter of 2016 due to a $3.4 million charge off of a commercial relationship which had a specific reserve of $3.3 million recorded in a prior period. As a result, the ratio of net charge-offs to average loans on an annualized basis increased to 31 basis points for the second quarter of 2016 from 3 basis points for the first quarter of 2016.

The allowance for loan and lease losses represented 1.09 percent of total loans and leases at June 30, 2016, compared to 1.14 percent at March 31, 2016 and December 31, 2015. The allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases was 1.13 percent at June 30, 2016, compared to 1.20 percent at March 31, 2016 and December 31, 2015.

NON-INTEREST INCOME

Non-interest income for the quarter ended June 30, 2016 decreased $1.1 million to $5.4 million from $6.5 million for the first quarter. The decrease was primarily driven by a decrease of $0.6 million in gain on sales of loans and leases held-for-sale and a decrease of $0.4 million due to lower loan level derivative income.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended June 30, 2016 increased $0.2 million to $32.3 million from $32.1 million for the quarter ended March 31, 2016. The Company's efficiency ratio was 57.97 percent at June 30, 2016, compared with 57.57 percent at March 31, 2016.

PROVISION FOR INCOME TAXES

The effective tax rate was 35.8 percent for the three months and six months ended June 30, 2016.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The return on average assets decreased during the second quarter of 2016 to 0.81 percent at June 30, 2016 from 0.84 percent at March 31, 2016. The return on average tangible assets decreased to 0.83 percent for the second quarter of 2016 from 0.86 percent for the first quarter of 2016. 

The return on average stockholders' equity decreased during the second quarter of 2016 to 7.38 percent from 7.57 percent for the first quarter of 2016. The return on average tangible stockholders' equity decreased to 9.40 percent for the second quarter of 2016 from 9.69 percent for the first quarter of 2016.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.61 percent at June 30, 2016 as compared to 0.62 percent at March 31, 2016. Nonperforming loans and leases at June 30, 2016 remained consistent at $31.9 million with March 31, 2016. Nonperforming assets at June 30, 2016 increased $0.2 million to $32.7 million, or 0.52 percent of total assets, from $32.5 million, or 0.53 percent of total assets, at March 31, 2016.

DIVIDEND DECLARED

The Company's Board of Directors approved a dividend of $0.09 per share for the quarter ended June 30, 2016. The dividend will be paid on August 19, 2016 to stockholders of record on August 5, 2016.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Daylight Time on Thursday, July 21, 2016 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). 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 10088672. The call will be available live and in a recorded version on the Company's website under "Investor Relations" at www.brooklinebancorp.com.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with $6.3 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, Bank Rhode Island, and First Ipswich Bank (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, www.bankri.com, and www.firstipswich.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. Forward-looking statements involve risks and uncertainties. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company's Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission ("SEC"). The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

The Company's consolidated financial statements have been prepared in conformity with generally accepted accounting principles ("GAAP") as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period's presentation.

NON-GAAP FINANCIAL MEASURES

The Company uses certain non-GAAP financial measures, such as 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 and return on average tangible stockholders' equity. 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.

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, 2016		March 31, 2016		December 31, 2015		September 30, 2015		June 30, 2015
	(Dollars In Thousands Except per Share Data)
Earnings Data:
Net interest income	$    50,257		$    49,203		$         50,078		$           48,587		$     47,172
Provision for credit losses	2,545		2,378		1,520		1,755		1,913
Non-interest income	5,375		6,469		6,063		4,784		4,867
Non-interest expense	32,250		32,053		32,329		31,270		30,452
Income before provision for income taxes	20,837		21,241		22,292		20,346		19,674
Net income attributable to Brookline Bancorp, Inc.	12,654		12,812		13,327		12,888		11,865
Performance Ratios:
Net interest margin (1)	3.44 %		3.45 %		3.54 %		3.54 %		3.49 %
Interest-rate spread (1)	3.25 %		3.26 %		3.42 %		3.41 % Werbung Mehr Nachrichten zur Brookline Bancorp Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:44 - PR Newswire Datang Intnl Pwr Gen - 2023 Annual Report 07:13 - PR Newswire Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc 04:49 - PR Newswire Norges Bank - Form 8.3 - BHP Group Limited Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59