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Brookline Bancorp Announces Fourth Quarter Results
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PR Newswire
BOSTON, Jan. 27, 2016
BOSTON, Jan. 27, 2016 /PRNewswire/ -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the "Company") today announced net income of $13.3 million, or $0.19 per basic and diluted share, for the fourth quarter of 2015, compared to $12.9 million, or $0.18 per basic and diluted share, for the third quarter of 2015.
For the year ended December 31, 2015, the Company reported net income of $49.8 million, or $0.71 per basic and diluted share, compared to $43.3 million, or $0.62 per basic and diluted share, for the year ended December 31, 2014.
Paul Perrault, President and Chief Executive Officer of the Company, stated: "We are pleased to finish 2015 with over 15 percent growth in earnings. During the year we exited the indirect auto business to focus our resources and capital on serving our commercial real estate, commercial and consumer relationships. Excluding the indirect auto business, we grew our loan balances over 10 percent and our demand deposits grew over 7 percent. Our asset quality remains strong and our Company continues to be well-capitalized. I am grateful to all our employees who have demonstrated dedication and commitment to accomplishing these outstanding results. Our Company is solidly positioned to achieve continued success in 2016."
BALANCE SHEET
Total assets at December 31, 2015 increased $202.8 million to $6.0 billion from $5.8 billion at September 30, 2015, and increased $241.4 million from $5.8 billion at December 31, 2014. The increase in total assets of 13.9 percent on an annualized basis during the fourth quarter of 2015 was primarily driven by increases in loans and leases. At December 31, 2015, total loans and leases were $5.0 billion, representing an increase of $166.4 million from September 30, 2015, and an increase of $172.9 million from December 31, 2014. During the fourth quarter of 2015, total loans and leases grew 13.8 percent on an annualized basis. Strong loan growth continued in the total commercial real estate and commercial loan and lease portfolios, which increased $152.7 million during the fourth quarter of 2015, or 15.7 percent on an annualized basis.
Cash, cash equivalents, and investment securities at December 31, 2015 increased $45.5 million to $682.4 million, or 11.3 percent of total assets, as compared to $636.9 million, or 10.9 percent of total assets, at September 30, 2015, and increased approximately $68.4 million from $614.0 million, or 10.6 percent of total assets, at December 31, 2014.
Total deposits at December 31, 2015 increased $161.4 million to $4.3 billion from $4.1 billion at September 30, 2015 and increased $347.9 million from $4.0 billion at December 31, 2014. During the fourth quarter of 2015, balances increased in all deposit account types. Core deposits, which consist of demand checking, NOW, savings, and money market accounts, increased $138.0 million from September 30, 2015 and increased $206.7 million from December 31, 2014. Core deposits as a percentage of total deposits also increased slightly to 74.7 percent at December 31, 2015 from 74.3 percent at September 30, 2015, but decreased from 76.1 percent at December 31, 2014. The average cost of deposits increased slightly to 0.52 percent for the three months ended December 31, 2015 from 0.51 percent for the three months ended September 30, 2015.
Total borrowings at December 31, 2015 increased $22.8 million to $983.0 million from $960.2 million at September 30, 2015 and decreased $143.4 million from $1.1 billion at December 31, 2014 as proceeds from the sale of indirect automobile loans in the first quarter were used to pay down short term borrowings.
The ratio of stockholders' equity to total assets was 11.05 percent at December 31, 2015, as compared to 11.36 percent at September 30, 2015 and 11.06 percent at December 31, 2014. The ratio of tangible stockholders' equity to tangible assets was 8.81 percent at December 31, 2015, as compared to 9.04 percent at September 30, 2015 and 8.68 percent at December 31, 2014.
NET INTEREST INCOME
Net interest income increased $1.5 million to $50.1 million during the fourth quarter of 2015 from the previous quarter. The net interest margin remained constant at 3.54 percent during the fourth quarter of 2015. The increase in net interest income included the accelerated recognition of $1.0 million related to several acquired loans which paid off during the quarter with the remaining increase of $0.5 million primarily driven by increased interest income from higher loan balances, partially offset by increased interest expense from higher deposit balances.
PROVISION FOR LOAN AND LEASE LOSSES
The Company recorded a provision for loan and lease losses of $1.7 million for the quarter ended December 31, 2015, consistent with the previous quarter.
Net charge-offs decreased $0.2 million to $1.4 million for the fourth quarter of 2015 from $1.6 million for the third quarter of 2015. The ratio of net charge-offs to average loans on an annualized basis decreased to 11 basis points for the fourth quarter of 2015 from 13 basis points for the third quarter of 2015.
The allowance for loan and lease losses represented 1.14 percent of total loans and leases at December 31, 2015, compared to 1.17 percent at September 30, 2015, and 1.11 percent at December 31, 2014. 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 December 31, 2015, compared to 1.25 percent at September 30, 2015 and 1.20 percent at December 31, 2014.
NON-INTEREST INCOME
Non-interest income for the quarter ended December 31, 2015 increased $1.3 million to $6.1 million from $4.8 million for the previous quarter. The increase was primarily driven by an increase of $0.7 million in loan level derivative income, an increase of $0.3 million in loan level derivative mark to market adjustments recorded in other income and an increase of $0.2 million in gain on sales of loans and leases held-for-sale.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended December 31, 2015 increased $1.1 million to $32.3 million from $31.3 million for the previous quarter. The increase was primarily driven by an increase of $0.9 million in compensation and employee benefits, largely associated with performance based incentives.
PROVISION FOR INCOME TAXES
The effective tax rate was 37.0 percent and 35.9 percent for the three months and twelve months ended December 31, 2015, respectively.
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The return on average assets remained unchanged at 0.89 percent during the fourth quarter of 2015. The return on average tangible assets increased to 0.92 percent for the fourth quarter of 2015 from 0.91 percent for the third quarter of 2015.
The return on average stockholders' equity increased during the fourth quarter of 2015 to 7.99 percent from 7.81 percent for the third quarter of 2015. The return on average tangible stockholders' equity increased to 10.28 percent for the fourth quarter of 2015 from 10.11 percent for the third quarter of 2015.
ASSET QUALITY
Nonperforming loans and leases decreased $0.4 million during the fourth quarter of 2015 to $19.3 million at December 31, 2015 from the previous quarter. The ratio of nonperforming loans and leases to total loans and leases decreased to 0.39 percent at December 31, 2015 from the previous quarter. Nonperforming assets also decreased $0.3 million to $20.7 million, or 0.34 percent of total assets, at December 31, 2015.
DIVIDEND DECLARED
The Company's Board of Directors approved a dividend of $0.09 per share for the quarter ended December 31, 2015. The dividend will be paid on February 26, 2016 to stockholders of record on February 12, 2016.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Standard Time on Thursday, January 28, 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 10073581. 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 $6.0 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, 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.
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||
| Selected Financial Highlights (Unaudited) | |||||||||||||
| | |||||||||||||
| | At and for the Three Months Ended | | At and for the Twelve Months Ended | ||||||||||
| | December 31, 2015 | | September 30, 2015 | | June 30, 2015 | | March 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
| | (Dollars In Thousands Except Per Share Data) | ||||||||||||
| Earnings Data: | | | | | | | | | | | | | |
| Net interest income | $ 50,078 | | $ 48,587 | | $ 47,172 | | $ 48,528 | | $ 47,576 | | $ 194,365 | | $ 189,068 |
| Provision for credit losses | 1,520 | | 1,755 | | 1,913 | | 2,263 | | 1,724 | | 7,451 | | 8,477 |
| Non-interest income* | 6,063 | | 4,784 | | 4,867 | | 4,470 | | 4,541 | | 20,184 | | 20,180 |
| Non-interest expense | 32,329 | | 31,270 | | 30,452 | | 31,326 | | 32,455 | | 125,377 | | 129,160 |
| Income before provision for income taxes* | 22,292 | | 20,346 | | 19,674 | | 19,409 | | 17,938 | | 81,721 | | 71,611 |
| Net income attributable to Brookline Bancorp, Inc.* | 13,327 | | 12,888 | | 11,865 | | 11,703 | | 10,875 Werbung Mehr Nachrichten zur Brookline Bancorp Aktie kostenlos abonnieren
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