Press Release

Brookline Bancorp Announces First Quarter Results

Company Release - 4/24/2019 4:05 PM ET

Net Income of $22.5 million, EPS of $0.28

Quarterly Dividend Increase of 4.8%

BOSTON, April 24, 2019 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $22.5 million, or $0.28 per basic and diluted share, for the first quarter of 2019, compared to $21.1 million, or $0.26 per basic and diluted share, for the fourth quarter of 2018, and $18.6 million, or $0.24 per basic and diluted share, for the first quarter of 2018.

Paul Perrault, President and Chief Executive Officer of the Company, commented on the first quarter earnings, “Brookline Bancorp experienced a strong start to 2019, today we report earnings of $22.5 million for the first quarter of 2019 or $0.28 per share. We are looking forward to building on this growth during the rest of the year.”

EASTERN FUNDING, LLC ACQUISITION

On January 4, 2019, Brookline Bank, a subsidiary of the Company, completed the purchase of the remaining 15.93 percent interest in Eastern Funding, LLC for a total cash consideration of $35.9 million.

BALANCE SHEET

Total assets at March 31, 2019 increased $126.3 million to $7.5 billion from $7.4 billion at December 31, 2018, and increased $271.0 million from $7.2 billion at March 31, 2018 driven by growth in the loan portfolio. At March 31, 2019, total loans and leases were $6.4 billion, representing an increase of $84.7 million from December 31, 2018, and an increase of $273.7 million from March 31, 2018 driven by growth in all major loan categories.

The Company continued to redirect cash flows from the investment portfolio to fund loan demand. Investment securities at March 31, 2019 decreased $14.7 million to $607.1 million, comprising 8.07 percent of total assets, as compared to $621.8 million, or 8.41 percent of total assets, at December 31, 2018, and decreased approximately $68.7 million from $675.7 million, or 9.32 percent of total assets, at March 31, 2018.

Total deposits at March 31, 2019 increased $166.6 million to $5.6 billion from $5.5 billion at December 31, 2018 and increased $429.1 million from $5.2 billion at March 31, 2018 driven primarily by growth in certificates of deposit.

Total borrowings at March 31, 2019 decreased $54.5 million to $866.0 million from $920.5 million at December 31, 2018 and decreased $233.4 million from $1.1 billion at March 31, 2018 as deposit growth was used to pay down borrowings.

The ratio of stockholders’ equity to total assets was 11.98 percent at March 31, 2019, as compared to 12.18 percent at December 31, 2018, and 11.94 percent at March 31, 2018. The ratio of tangible stockholders’ equity to tangible assets was 9.99 percent at March 31, 2019, as compared to 10.15 percent at December 31, 2018, and 9.85 percent at March 31, 2018. Tangible book value per share increased $0.01 from $9.21 at December 31, 2018 to $9.22 at March 31, 2019, compared to $8.69 at March 31, 2018.

NET INTEREST INCOME

Net interest income decreased $0.2 million to $63.0 million during the first quarter of 2019 from the quarter ended December 31, 2018 due to the number of days in the quarter. The net interest margin increased 6 basis points to 3.64 percent for the three months ended March 31, 2019.

NON-INTEREST INCOME

Non-interest income for the quarter ended March 31, 2019 increased $0.1 million to $6.6 million from $6.5 million for the quarter ended December 31, 2018. The increase was primarily driven by a mark to market gain on investment securities compared to a loss in the prior quarter.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $1.4 million for the quarter ended March 31, 2019, compared to $0.1 million for the quarter ended December 31, 2018.

Total net charge-offs for the first quarter of 2019 were $2.1 million compared to $1.3 million in the fourth quarter of 2018. Charge-offs were largely related to taxi medallion loans against previously established specific reserves. The ratio of net charge-offs to average loans and leases on an annualized basis increased to 13 basis points for the first quarter of 2019 from 8 basis points for the fourth quarter of 2018.

The allowance for loan and lease losses represented 0.91 percent of total loans and leases at March 31, 2019, compared to 0.93 percent at December 31, 2018, and 0.96 percent at March 31, 2018. The allowance for loan and lease losses related to originated loans and leases represented 0.93 percent of originated loans and leases at March 31, 2019, compared to 0.96 percent at December 31, 2018, and 1.03 percent at March 31, 2018.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended March 31, 2019 decreased $1.4 million to $38.9 million from $40.3 million for the quarter ended December 31, 2018. The decrease was primarily driven by decreases of $0.7 million in compensation and employee benefits, $0.1 million in professional services, $0.1 million in FDIC insurance, $0.1 million in amortization of identified intangible assets, $0.5 million in merger and acquisition expense and $0.9 million in other non-interest expense, partially offset by increases of $0.7 million in occupancy expense and $0.3 million in advertising and marketing expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 23.4 percent and 24.1 percent for the three months ended March 31, 2019 and December 31, 2018, respectively.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets increased to 1.21 percent during the first quarter of 2019 from 1.15 percent for the fourth quarter of 2018. The annualized return on average tangible assets increased to 1.24 percent for the first quarter of 2019 from 1.17 percent for the fourth quarter of 2018.

The annualized return on average stockholders' equity increased to 10.14 percent during the first quarter of 2019 from 9.40 percent for the fourth quarter of 2018. The annualized return on average tangible stockholders’ equity increased to 12.48 percent for the first quarter of 2019 from 11.54 percent for the fourth quarter of 2018.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.36 percent at March 31, 2019 as compared to 0.38 percent at December 31, 2018. Nonperforming loans and leases decreased $1.3 million to $22.8 million at March 31, 2019 from $24.1 million at December 31, 2018. The ratio of nonperforming assets to total assets was 0.36 percent at March 31, 2019 as compared to 0.38 percent at December 31, 2018. Nonperforming assets decreased $1.4 million to $26.7 million at March 31, 2019 from $28.1 million at December 31, 2018.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.11 per share for the quarter ended March 31, 2019, an increase of half a cent from the prior period. The dividend will be paid on May 24, 2019 to stockholders of record on May 10, 2019, representing an increase of 4.8 percent from the prior quarter and a 10 percent increase from the prior year.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Daylight Time on Thursday, April 25, 2019 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 10130049. 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 $7.5 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 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.

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,
2019
 December 31,
2018
 September 30,
2018
 June 30,
2018
 March 31,
2018
  
 (Dollars In Thousands Except per Share Data)
Earnings Data:         
Net interest income$62,999  $63,159  $62,332  $62,717  $59,491 
Provision for credit losses 1,353   123   2,717   1,470   641 
Non-interest income 6,630   6,461   7,069   5,526   6,168 
Non-interest expense 38,871   40,282   37,310   37,702   39,938 
Income before provision for income taxes 29,405   29,215   29,374   29,071   25,080 
Net income attributable to Brookline Bancorp, Inc. 22,467   21,138   22,460   20,831   18,633 
          
Performance Ratios:         
Net interest margin (1) 3.64%  3.58%  3.57%  3.64%  3.66%
Interest-rate spread (1) 3.18%  3.25%  3.27%  3.36%  3.38%
Return on average assets (annualized) 1.21%  1.15%  1.23%  1.15%  1.08%
                    
Return on average tangible assets (annualized) (non-GAAP) 1.24%  1.17%  1.26%  1.17%  1.10%
Return on average stockholders' equity (annualized) 10.14%  9.40%  10.10%  9.53%  8.98%
Return on average tangible stockholders' equity (annualized) (non-GAAP) 12.48%  11.54%  12.44%  11.80%  11.01%
Efficiency ratio (2) 55.83%  57.86%  53.76%  55.25%  60.83%
          
Per Common Share Data:         
Net income — Basic$0.28  $0.26  $0.28  $0.26  $0.24 
Net income — Diluted 0.28   0.26   0.28   0.26   0.24 
Cash dividends declared 0.110   0.105   0.105   0.100   0.100 
Book value per share (end of period) 11.30   11.30   11.08   10.94   10.80 
                    
Tangible book value per share (end of period) (non-GAAP) 9.22   9.21   9.00   8.85   8.69 
Stock price (end of period) 14.40   13.82   16.70   18.60   16.20 
 
Balance Sheet:         
Total assets$7,519,130  $7,392,805  $7,320,596  $7,285,710  $7,248,114 
Total loans and leases 6,388,197   6,303,516   6,227,707   6,171,274   6,114,461 
Total deposits 5,620,633   5,454,044   5,233,611   5,198,280   5,191,520 
Brookline Bancorp, Inc. stockholders’ equity 900,572   900,140   890,368   877,283   865,777 
          
Asset Quality:         
Nonperforming assets$26,721  $28,116  $29,718  $30,145  $30,242 
Nonperforming assets as a percentage of total assets 0.36%  0.38%  0.41%  0.41%  0.42%
Allowance for loan and lease losses$58,041  $58,692  $59,997  $57,981  $58,714 
Allowance for loan and lease losses as a percentage of total loans and leases 0.91%  0.93%  0.96%  0.94%  0.96%
Net loan and lease charge-offs$2,101  $1,252  $564  $2,330  $505 
Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.13%  0.08%  0.04%  0.15%  0.03%
          
Capital Ratios:         
Stockholders’ equity to total assets 11.98%  12.18%  12.16%  12.04%  11.94%
                    
Tangible stockholders’ equity to tangible assets (non-GAAP) 9.99%  10.15%  10.11%  9.97%  9.85%
          
(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)
 
 March 31,
2019
 December 31,
2018
 September 30,
2018
 June 30,
2018
 March 31,
2018
  
  
ASSETS(In Thousands Except Share Data)
Cash and due from banks$51,276  $47,542  $30,762  $32,724  $34,713 
Short-term investments 61,063   42,042   23,114   22,754   49,743 
Total cash and cash equivalents 112,339   89,584   53,876   55,478   84,456 
Investment securities available-for-sale 489,020   502,793   534,788   558,602   558,357 
Investment securities held-to-maturity 113,694   114,776   115,684   116,670   117,352 
Equity securities held-for-trading 4,341   4,207   4,169       
Total investment securities 607,055   621,776   654,641   675,272   675,709 
Loans and leases held-for-sale 869   3,247   937   1,034   756 
Loans and leases:         
Commercial real estate loans:         
Commercial real estate mortgage 2,355,507   2,330,725   2,287,979   2,269,520   2,284,488 
Multi-family mortgage 855,703   847,711   828,849   816,311   793,006 
Construction 199,258   173,300   164,217   178,335   169,440 
Total commercial real estate loans 3,410,468   3,351,736   3,281,045   3,264,166   3,246,934 
Commercial loans and leases:         
Commercial 741,577   736,418   771,200   761,964   761,540 
Equipment financing 995,863   982,089   954,579   920,643   892,341 
Condominium association 49,142   50,451   52,205   53,537   52,739 
Total commercial loans and leases 1,786,582   1,768,958   1,777,984   1,736,144   1,706,620 
Consumer loans:         
Residential mortgage 775,578   782,968   759,167   754,818   766,687 
Home equity 376,126   376,484   380,303   382,597   364,928 
Other consumer 39,443   23,370   29,208   33,549   29,292 
Total consumer loans 1,191,147   1,182,822   1,168,678   1,170,964   1,160,907 
Total loans and leases 6,388,197   6,303,516   6,227,707   6,171,274   6,114,461 
Allowance for loan and lease losses (58,041)  (58,692)  (59,997)  (57,981)  (58,714)
Net loans and leases 6,330,156   6,244,824   6,167,710   6,113,293   6,055,747 
Restricted equity securities 54,192   61,751   63,963   68,343   66,164 
Premises and equipment, net of accumulated depreciation 75,520   76,382   77,886   79,194   80,268 
Right-of-use asset operating leases 26,205             
Deferred tax asset 27,084   21,495   22,249   20,826   19,198 
Goodwill 160,427   160,427   160,427   160,427   160,896 
Identified intangible assets, net of accumulated amortization 5,684   6,086   6,623   7,160   7,697 
Other real estate owned and repossessed assets 3,912   4,019   3,934   4,352   3,963 
Other assets 115,687   103,214   108,350   100,331   93,260 
Total assets$7,519,130  $7,392,805  $7,320,596  $7,285,710  $7,248,114 
LIABILITIES AND STOCKHOLDERS' EQUITY         
Deposits:         
Non-interest-bearing deposits:         
Demand checking accounts$1,011,031  $1,033,551  $1,017,234  $1,002,954  $987,153 
Interest-bearing deposits:         
NOW accounts 369,896   336,317   322,587   346,936   342,374 
Savings accounts 625,770   619,961   612,210   603,079   637,920 
Money market accounts 1,706,708   1,675,050   1,623,220   1,704,652   1,862,351 
Certificate of deposit accounts 1,907,228   1,789,165   1,658,360   1,540,659   1,361,722 
Total interest-bearing deposits 4,609,602   4,420,493   4,216,377   4,195,326   4,204,367 
Total deposits 5,620,633   5,454,044   5,233,611   5,198,280   5,191,520 
Borrowed funds:         
Advances from the FHLBB 730,018   784,375   959,446   991,091   982,533 
Subordinated debentures and notes 83,472   83,433   83,392   83,352   83,311 
Other borrowed funds 52,515   52,734   40,048   36,480   33,585 
Total borrowed funds 866,005   920,542   1,082,886   1,110,923   1,099,429 
Operating lease liabilities 26,205             
Mortgagors’ escrow accounts 7,517   7,426   8,227   8,122   8,395 
Accrued expenses and other liabilities 98,198   100,174   96,047   82,017   74,024 
Total liabilities 6,618,558   6,482,186   6,420,771   6,399,342   6,373,368 
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 736,872   755,629   753,941   756,254   755,843 
Retained earnings, partially restricted 226,929   212,838   200,151   185,734   172,934 
Accumulated other comprehensive loss (4,393)  (9,460)  (15,599)  (13,415)  (11,666)
Treasury stock, at cost;         
5,020,025 shares, 5,020,025 shares, 4,291,317 shares, 4,409,501 shares, and 4,401,333 shares, respectively (59,121)  (59,120)  (48,334)  (51,454)  (51,454)
Unallocated common stock held by the Employee Stock Ownership Plan;         
104,079 shares, 109,950 shares, 118,050 shares,126,144 shares, and 134,238 shares, respectively (567)  (599)  (643)  (688)  (732)
Total Brookline Bancorp, Inc. stockholders’ equity 900,572   900,140   890,368   877,283   865,777 
Noncontrolling interest in subsidiary    10,479   9,457   9,085   8,969 
Total stockholders' equity 900,572   910,619   899,825   886,368   874,746 
Total liabilities and stockholders' equity$7,519,130  $7,392,805  $7,320,596  $7,285,710  $7,248,114 
                    

 

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
 
 Three Months Ended
 March 31,
2019
 December 31,
2018
 September 30,
2018
 June 30,
2018
 March 31,
2018
  
  
 (In Thousands Except Share Data)
Interest and dividend income:         
Loans and leases$80,672 $78,791  $75,877  $73,329 $67,272
Debt securities 3,236  3,489   3,585   3,563  3,323
Marketable and restricted equity securities 911  1,008   1,029   1,003  924
Short-term investments 267  256   145   179  120
Total interest and dividend income 85,086  83,544   80,636   78,074  71,639
Interest expense:         
Deposits 15,948  13,744   11,916   9,219  7,099
Borrowed funds 6,139  6,641   6,388   6,138  5,049
Total interest expense 22,087  20,385   18,304   15,357  12,148
Net interest income 62,999  63,159   62,332   62,717  59,491
Provision for credit losses 1,353  123   2,717   1,470  641
Net interest income after provision for credit losses 61,646  63,036   59,615   61,247  58,850
Non-interest income:         
Deposit fees 2,523  2,669   2,648   2,620  2,463
Loan fees 413  390   417   330  290
Loan level derivative income, net 1,745  1,811   2,192   571  866
Gain (loss) on investment securities, net 134  (692)  (243)    1,162
Gain on sales of loans and leases held-for-sale 289  327   535   722  299
Other 1,526  1,956   1,520   1,283  1,088
Total non-interest income 6,630  6,461   7,069   5,526  6,168
Non-interest expense:         
Compensation and employee benefits 23,743  24,413   22,338   22,565  22,314
Occupancy 3,947  3,240   3,913   3,879  3,959
Equipment and data processing 4,661  4,626   4,601   4,368  4,618
Professional services 1,076  1,130   1,075   1,055  1,144
FDIC insurance 593  727   846   514  635
Advertising and marketing 1,069  773   1,068   1,118  1,057
Amortization of identified intangible assets 402  537   537   539  467
Merger and acquisition expense   526   22   334  2,905
Other 3,380  4,310   2,910   3,330  2,839
Total non-interest expense 38,871  40,282   37,310   37,702  39,938
Income before provision for income taxes 29,405  29,215   29,374   29,071  25,080
Provision for income taxes 6,895  7,055   6,140   7,342  5,652
Net income before noncontrolling interest in subsidiary 22,510  22,160   23,234   21,729  19,428
Less net income attributable to noncontrolling interest in subsidiary 43  1,022   774   898  795
Net income attributable to Brookline Bancorp, Inc.$22,467 $21,138  $22,460  $20,831 $18,633
Earnings per common share:         
Basic$0.28 $0.26  $0.28  $0.26 $0.24
Diluted$0.28 $0.26  $0.28  $0.26 $0.24
Weighted average common shares outstanding during the period:        
Basic 79,658,583  80,258,456   80,315,050   80,184,977  77,879,593
Diluted 79,843,578  80,407,525   80,515,467   80,505,614  78,167,800
Dividends paid per common share$0.105 $0.105  $0.100  $0.100 $0.090
          

 

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)
 
 At and for the Three Months Ended
 March 31,
2019
 December 31,
2018
 September 30,
2018
 June 30,
2018
 March 31,
2018
  
 (Dollars in Thousands)
NONPERFORMING ASSETS:         
Loans and leases accounted for on a nonaccrual basis:         
Commercial real estate mortgage$2,889  $3,928  $3,369  $3,774  $4,080 
Multi-family mortgage 101   330   357   568   588 
Construction 396   396   640   640   860 
Total commercial real estate loans 3,386   4,654   4,366   4,982   5,528 
          
Commercial 5,728   6,621   7,862   9,487   11,150 
Equipment financing 10,253   9,500   9,659   8,825   6,661 
Condominium association 224   265   295       
Total commercial loans and leases 16,205   16,386   17,816   18,312   17,811 
          
Residential mortgage 2,188   2,132   2,538   1,571   1,962 
Home equity 1,022   908   1,053   923   925 
Other consumer 8   17   11   5   53 
Total consumer loans 3,218   3,057   3,602   2,499   2,940 
          
Total nonaccrual loans and leases 22,809   24,097   25,784   25,793   26,279 
          
Other real estate owned 3,054   3,054   3,136   3,436   3,235 
Other repossessed assets 858   965   798   916   728 
Total nonperforming assets$26,721  $28,116  $29,718  $30,145  $30,242 
          
Loans and leases past due greater than 90 days and still accruing$16,800  $13,482  $14,954  $12,340  $5,240 
          
Troubled debt restructurings on accrual 28,543   12,257   12,657   12,911   14,294 
Troubled debt restructurings on nonaccrual 7,597   8,684   8,779   9,391   8,610 
Total troubled debt restructurings$36,140  $20,941  $21,436  $22,302  $22,904 
          
Nonperforming loans and leases as a percentage of total loans and leases 0.36%  0.38%  0.41%  0.42%  0.43%
Nonperforming assets as a percentage of total assets 0.36%  0.38%  0.41%  0.41%  0.42%
          
PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:      
Allowance for loan and lease losses at beginning of period$58,692  $59,997  $57,981  $58,714  $58,592 
Charge-offs (2,542)  (1,604)  (1,227)  (3,605)  (792)
Recoveries 441   352   663   1,275   287 
Net charge-offs (2,101)  (1,252)  (564)  (2,330)  (505)
Provision for loan and lease losses 1,450   (53)  2,580   1,597   627 
Allowance for loan and lease losses at end of period$58,041  $58,692  $59,997  $57,981  $58,714 
          
Allowance for loan and lease losses as a percentage of total loans and leases 0.91%  0.93%  0.96%  0.94%  0.96%
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases (non-GAAP) 0.93%  0.96%  1.00%  0.98%  1.03%
          
NET CHARGE-OFFS:         
Commercial real estate loans$  $  $  $100  $3 
Commercial loans and leases 2,124   883   579   2,304   532 
Consumer loans (23)  369   (15)  (74)  (30)
Total net charge-offs$2,101  $1,252  $564  $2,330  $505 
          
Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.13%  0.08%  0.04%  0.15%  0.03%
          

 

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
 
 Three Months Ended
 March 31, 2019 December 31, 2018 March 31, 2018
 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)$608,194  $3,289 2.16% $637,803  $3,542 2.22% $647,501  $3,377 2.09%
Marketable and restricted equity securities (2) 60,389   920 6.10%  69,374   1,017 5.87%  64,127   923 5.76%
Short-term investments 33,034   267 3.23%  50,728   256 2.02%  30,664   120 1.57%
Total investments 701,617   4,476 2.55%  757,905   4,815 2.54%  742,292   4,420 2.38%
Loans and Leases:                 
Commercial real estate loans (3) 3,376,576   40,019 4.74%  3,310,185   39,014 4.61%  3,116,690   33,429 4.29%
Commercial loans (3) 792,695   9,603 4.85%  825,582   10,007 4.75%  785,936   8,424 4.29%
Equipment financing (3) 988,193   17,985 7.28%  959,706   17,145 7.15%  875,304   14,864 6.79%
Residential mortgage loans (3) 778,325   8,123 4.17%  763,775   7,840 4.11%  704,666   6,733 3.82%
Other consumer loans (3) 408,177   5,051 5.01%  404,747   4,883 4.78%  382,194   3,941 4.18%
Total loans and leases 6,343,966   80,781 5.09%  6,263,995   78,889 5.04%  5,864,790   67,391 4.60%
Total interest-earning assets 7,045,583   85,257 4.84%  7,021,900   83,704 4.77%  6,607,082   71,811 4.35%
Allowance for loan and lease losses (58,749)      (59,806)      (58,986)    
Non-interest-earning assets 447,204       420,837