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Brookline Bancorp Announces Third Quarter Results
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PR Newswire
BOSTON, Oct. 19, 2016
BOSTON, Oct. 19, 2016 /PRNewswire/ -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the "Company") today announced net income of $13.6 million, or $0.19 per basic and diluted share, for the third quarter of 2016, compared to $12.9 million, or $0.18 per basic and diluted share, for the third quarter of 2015.
Paul Perrault, President and Chief Executive Officer of the Company, stated: "We are pleased to report another strong quarter to our stockholders. The Company continues to have broad-based loan growth, solid returns, and strong asset quality. Brookline Bancorp and its employees continue to execute on our strategy of high performance for both our customers and our stockholders."
BALANCE SHEET
Total assets at September 30, 2016 increased $83.8 million to $6.4 billion from $6.3 billion at June 30, 2016, and increased $338.0 million from $6.04 billion at December 31, 2015. The increase in total assets of 5.3 percent on an annualized basis during the third quarter of 2016 was driven by increases in loans and leases. At September 30, 2016, total loans and leases were $5.3 billion, representing an increase of $73.3 million from June 30, 2016, and an increase of $336.8 million from December 31, 2015. During the third quarter of 2016, total loans and leases grew 5.6 percent on an annualized basis. Strong loan growth continued in the commercial real estate and commercial loan and lease portfolios, which increased $73.0 million during the third quarter of 2016, or 6.8 percent on an annualized basis.
Investment securities at September 30, 2016 decreased $1.2 million to $601.4 million, representing 9.4 percent of total assets, as compared to $602.6 million, or 9.6 percent of total assets, at June 30, 2016, and decreased approximately $5.6 million from $607.0 million, or 10.0 percent of total assets, at December 31, 2015.
Total deposits at September 30, 2016 increased $79.8 million to $4.6 billion from $4.5 billion at June 30, 2016 and increased $258.9 million from $4.3 billion at December 31, 2015. Core deposits, which consist of demand checking, NOW, savings, and money market accounts, increased $124.7 million from June 30, 2016 and increased $240.7 million from December 31, 2015. The average cost of interest bearing deposits increased slightly to 0.56 percent for the three months ended September 30, 2016 from 0.55 percent for the three months ended June 30, 2016.
Total borrowings at September 30, 2016 remained consistent with June 30, 2016 at $1.0 billion and increased $39.6 million from $983.0 million at December 31, 2015.
The ratio of stockholders' equity to total assets was 10.91 percent at September 30, 2016, as compared to 10.95 percent at June 30, 2016, and 11.05 percent at December 31, 2015, respectively. The ratio of tangible stockholders' equity to tangible assets was 8.82 percent at September 30, 2016 and June 30, 2016, respectively, both as compared to 8.81 percent at December 31, 2015.
NET INTEREST INCOME
Net interest income increased $2.1 million to $52.4 million during the third quarter of 2016 from the quarter ended June 30, 2016, largely as a result of loan growth, a $0.7 million increase in accretion related to acquired loans, and a $0.3 million increase in prepayment fees on loans. The net interest margin increased 4 basis points to 3.48 percent for the three months ended September 30, 2016.
PROVISION FOR CREDIT LOSSES
The Company recorded a provision for credit losses of $2.2 million for the quarter ended September 30, 2016, compared to $2.5 million for the quarter ended June 30, 2016.
Net charge-offs decreased $3.5 million to $0.5 million for the third quarter of 2016 from $4.0 million for the second quarter of 2016. As a result, the ratio of net charge-offs to average loans on an annualized basis decreased to 4 basis points for the third quarter of 2016 from 31 basis points for the second quarter of 2016.
The allowance for loan and lease losses represented 1.10 percent of total loans and leases at September 30, 2016, compared to 1.09 percent at June 30, 2016, and 1.14 percent at 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 1.15 percent at September 30, 2016, compared to 1.13 percent at June 30, 2016, and 1.20 percent at December 31, 2015.
NON-INTEREST INCOME
Non-interest income for the quarter ended September 30, 2016 decreased $0.1 million to $5.3 million from $5.4 million for the quarter ended June 30, 2016, primarily driven by a decrease of $0.4 million in loan level derivative income offset by an increase of $0.1 million in deposit fees 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 September 30, 2016 increased $1.1 million to $33.4 million from $32.3 million for the quarter ended June 30, 2016. The Company's efficiency ratio was 57.89 percent at September 30, 2016, compared with 57.97 percent at June 30, 2016.
PROVISION FOR INCOME TAXES
The effective tax rate was 35.4 percent for the three months ended September 30, 2016 and was 35.6 percent for the nine months ended September 30, 2016.
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The return on average assets increased during the third quarter of 2016 to 0.86 percent at September 30, 2016 from 0.81 percent at June 30, 2016. The return on average tangible assets increased to 0.88 percent for the third quarter of 2016 from 0.83 percent for the second quarter of 2016.
The return on average stockholders' equity increased during the third quarter of 2016 to 7.83 percent from 7.38 percent for the second quarter of 2016. The return on average tangible stockholders' equity increased to 9.94 percent for the third quarter of 2016 from 9.40 percent for the second quarter of 2016.
ASSET QUALITY
The ratio of nonperforming loans and leases to total loans and leases was 0.70 percent at September 30, 2016 as compared to 0.63 percent at June 30, 2016. Nonperforming loans and leases increased $4.5 million to $37.6 million at September 30, 2016 from $33.1 million at June 30, 2016. Nonperforming assets at September 30, 2016 increased $4.9 million to $38.7 million, or 0.61 percent of total assets, from $33.8 million, or 0.54 percent of total assets, at June 30, 2016. The increase in nonperforming loans and leases and nonperforming assets was primarily driven by certain taxi medallion loans that were placed on nonaccrual.
DIVIDEND DECLARED
The Company's Board of Directors approved a dividend of $0.09 per share for the quarter ended September 30, 2016. The dividend will be paid on November 18, 2016 to stockholders of record on November 4, 2016.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Daylight Time on Thursday, October 20, 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 10093594. 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 $6.4 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 |
| |
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||
| Selected Financial Highlights (Unaudited) | |||||||||
| | |||||||||
| | At and for the Three Months Ended | ||||||||
| | September 30, | | June 30, | | March 31, | | December 31, | | September 30, |
| | (Dollars In Thousands Except per Share Data) | ||||||||
| Earnings Data: | | | | | | | | | |
| Net interest income | $ 52,350 | | $ 50,257 | | $ 49,203 | | $ 50,078 | | $ 48,587 |
| Provision for credit losses | 2,215 | | 2,545 | | 2,378 | | 1,520 | | 1,755 |
| Non-interest income | 5,329 | | 5,375 | | 6,469 | | 6,063 | | 4,784 |
| Non-interest expense | 33,388 | | 32,250 | | 32,053 | | 32,329 | | 31,270 |
| Income before provision for income taxes | 22,076 | | 20,837 | | 21,241 | | 22,292 | | 20,346 |
| Net income attributable to Brookline Bancorp, Inc. | 13,617 | | 12,654 | | 12,812 | | 13,327 | | 12,888 |
| | | | | | | | | | |
| Performance Ratios: | | | | | | | | | |
| Net interest margin (1) | 3.48 % | | 3.44 % | | 3.45 % | | 3.54 % | | 3.54 % |
| Interest-rate spread (1) Werbung Mehr Nachrichten zur Brookline Bancorp Aktie kostenlos abonnieren
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