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20.04.2016 23:05
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Brookline Bancorp Announces First Quarter Results
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PR Newswire
BOSTON, April 20, 2016
BOSTON, April 20, 2016 /PRNewswire/ -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the "Company") today announced net income of $12.8 million, or $0.18 per basic and diluted share, for the first quarter of 2016, compared to $11.7 million, or $0.17 per basic and diluted share, for the first quarter of 2015.
Paul Perrault, President and Chief Executive Officer of the Company, stated: "I am pleased to report another good quarter in all areas of the Company. Most notably, we experienced solid growth in loans, deposits and revenues while holding expense levels. Our asset quality remains strong and the Company continues to be well-capitalized. We look forward to the rest of the year with confidence."
BALANCE SHEET
Total assets at March 31, 2016 increased $138.7 million to $6.2 billion from $6.0 billion at December 31, 2015, and increased $425.9 million from $5.8 billion at March 31, 2015. The increase in total assets of 9.2 percent on an annualized basis during the first quarter of 2016 was primarily driven by increases in loans and leases. At March 31, 2016, total loans and leases were $5.1 billion, representing an increase of $134.9 million from December 31, 2015, and an increase of $495.9 million from March 31, 2015. During the first quarter of 2016, total loans and leases grew 10.8 percent on an annualized basis. Strong loan growth continued in the commercial real estate and commercial loan and lease portfolios, which increased $126.3 million during the first quarter of 2016, or 12.5 percent on an annualized basis.
Investment securities at March 31, 2016 increased $12.6 million to $619.6 million, or 10.0 percent of total assets, as compared to $607.0 million, or 10.0 percent of total assets, at December 31, 2015, and increased approximately $54.0 million from $565.6 million, or 9.8 percent of total assets, at March 31, 2015.
Total deposits at March 31, 2016 increased $87.4 million to $4.4 billion from $4.3 billion at December 31, 2015 and increased $278.7 million from $4.1 billion at March 31, 2015. Core deposits, which consist of demand checking, NOW, savings, and money market accounts, increased $67.2 million from December 31, 2015 and increased $222.1 million from March 31, 2015. Core deposits as a percentage of total deposits also increased slightly to 74.8 percent at March 31, 2016 from 74.7 percent at December 31, 2015 and increased from 74.4 percent at March 31, 2015. The average cost of interest bearing deposits increased slightly to 0.54 percent for the three months ended March 31, 2016 from 0.52 percent for the three months ended December 31, 2015.
Total borrowings at March 31, 2016 increased $45.3 million to $1.0 billion from $983.0 million at December 31, 2015 and increased $103.4 million from $924.9 million at March 31, 2015.
The ratio of stockholders' equity to total assets was 11.01 percent at March 31, 2016, as compared to 11.05 percent at December 31, 2015, and 11.32 percent at March 31, 2015, respectively. The ratio of tangible stockholders' equity to tangible assets was 8.83 percent at March 31, 2016, as compared to 8.81 percent at December 31, 2015, and 8.93 percent at March 31, 2015.
NET INTEREST INCOME
Net interest income decreased $0.9 million to $49.2 million during the first quarter of 2016 from the previous quarter and the net interest margin decreased 9 basis points to 3.45 percent. The prior quarter included the accelerated recognition of $1.0 million related to the prepayment of several acquired loans which contributed to the decline in net interest income for the quarter.
PROVISION FOR LOAN AND LEASE LOSSES
The Company recorded a provision for loan and lease losses of $2.3 million for the quarter ended March 31, 2016, compared to $1.7 million for the quarter ended December 31, 2015. The increase of $0.6 million quarter over quarter was primarily driven by the solid loan growth in the quarter.
Net charge-offs decreased $1.0 million to $0.4 million for the first quarter of 2016 from $1.4 million for the fourth quarter of 2015. The ratio of net charge-offs to average loans on an annualized basis decreased to 3 basis points for the first quarter of 2016 from 11 basis points for the fourth quarter of 2015.
The allowance for loan and lease losses represented 1.14 percent of total loans and leases at March 31, 2016, compared to 1.14 percent at December 31, 2015, and 1.19 percent at March 31, 2015. The allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases was 1.20 percent at March 31, 2016, compared to 1.20 percent at December 31, 2015, and 1.28 percent at March 31, 2015.
NON-INTEREST INCOME
Non-interest income for the quarter ended March 31, 2016 increased $0.4 million to $6.5 million from $6.1 million for the previous quarter. The increase was primarily driven by an increase of $0.3 million in gain on sales of loans and leases held-for-sale and an increase of $0.1 million due to loan level derivative mark to market adjustments recorded in other income.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended March 31, 2016 decreased $0.3 million to $32.1 million from $32.3 million for the quarter ended December 31, 2015. The Company's efficiency ratio improved to 57.57% at March 31, 2016, compared with 59.11% at March 31, 2015.
PROVISION FOR INCOME TAXES
The effective tax rate was 35.8 percent and 36.6 percent for the three months ended March 31, 2016 and March 31, 2015, respectively. The decrease in the effective tax rate was primarily driven by investments in municipal bonds and changes in state tax laws.
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The return on average assets increased during the first quarter of 2016 to 0.84 percent at March 31, 2016 from 0.80 percent at March 31, 2015. The return on average tangible assets increased to 0.86 percent for the first quarter of 2016 from 0.82 percent for the first quarter of 2015.
The return on average stockholders' equity increased during the first quarter of 2016 to 7.57 percent from 7.22 percent for the first quarter of 2015. The return on average tangible stockholders' equity increased to 9.69 percent for the first quarter of 2016 from 9.41 percent for the first quarter of 2015.
ASSET QUALITY
The ratio of nonperforming loans and leases to total loans and leases was 0.62 percent at March 31, 2016 as nonperforming loans and leases increased $12.6 million to $31.9 million at December 31, 2015, a majority of which related to the restructure of taxi medallion loans during the quarter. Nonperforming assets increased $11.8 million to $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 March 31, 2016. The dividend will be paid on May 20, 2016 to stockholders of record on May 6, 2016.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Standard Time on Thursday, April 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 10083828. 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 $6.2 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 | ||||||||
| | March 31, 2016 | | December 31, 2015 | | September 30, 2015 | | June 30, 2015 | | March 31, 2015 |
| | (Dollars In Thousands Except per Share Data) | ||||||||
| Earnings Data: | | | | | | | | | |
| Net interest income | $ 49,203 | | $ 50,078 | | $ 48,587 | | $ 47,172 | | $ 48,528 |
| Provision for credit losses | 2,378 | | 1,520 | | 1,755 | | 1,913 | | 2,263 |
| Non-interest income | 6,469 | | 6,063 | | 4,784 | | 4,867 | | 4,470 |
| Non-interest expense | 32,053 | | 32,329 | | 31,270 | | 30,452 | | 31,326 |
| Income before provision for income taxes | 21,241 | | 22,292 | | 20,346 | | 19,674 | | 19,409 |
| Net income attributable to Brookline Bancorp, Inc. | 12,812 | | 13,327 | | 12,888 | | 11,865 | | 11,703 |
| | | | | | | | | | |
| Performance Ratios: | | | | | | | | | |
| Net interest margin (1) | 3.45 % | | 3.54 % | | 3.54 % | | 3.49 % | | 3.57 % |
| Interest-rate spread (1) | 3.26 % | | 3.42 % | | 3.41 % | | 3.32 % | | 3.37 % Werbung Mehr Nachrichten zur Brookline Bancorp Aktie kostenlos abonnieren
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