Form 8-K BROOKLINE BANCORP INC For: Oct 21
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 2015
BROOKLINE BANCORP, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 0-23695 | 04-3402944 | ||
| (State or other jurisdiction | (Commission File No.) | (I.R.S. employer | ||
| of incorporation) | Identification No.) |
| 131 Clarendon Street, Boston Massachusetts | 02116 | |
| (Address of principal executive offices) | (Zip Code) |
(617) 425-4600
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 | Results of Operations and Financial Condition, Declaration of Dividend |
On October 21, 2015, Brookline Bancorp, Inc. (the “Company”) issued a press release announcing its earnings for the quarter ended September 30, 2015. Additionally, the Company announced the approval by its Board of Directors of a regular quarterly dividend of $0.09 per share payable on November 20, 2015 to stockholders of record on November 6, 2015. A copy of that press release is being furnished as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits |
| 99.1 | Press release issued October 21, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 21, 2015 | Brookline Bancorp, Inc. | |
| By: | /S/ Carl M. Carlson | |
|
Carl M. Carlson Chief Financial Officer | ||
EXHIBIT INDEX
The following exhibits are furnished as part of this report:
| Exhibit No. | Description | ||
| 99.1 | Press Release of Brookline Bancorp, Inc. dated October 21, 2015 |
Brookline Bancorp Announces Third Quarter Results
Net Income Up 8.6% to $12.9 million, EPS of $0.18
BOSTON, Oct. 21, 2015 /PRNewswire/ -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the "Company") today announced net income of $12.9 million, or $0.18 per basic and diluted share, for the third quarter of 2015, compared to $11.9 million, or $0.17 per basic and diluted share, for the second 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 continues to execute on its strategy of high performance for both customers and stockholders."
BALANCE SHEET
Total assets of $5.8 billion at September 30, 2015 increased $56.6 million from June 30, 2015, and increased $38.6 million from December 31, 2014. The increase in total assets of 3.9 percent on an annualized basis during the third quarter of 2015 was primarily driven by increases in loans and leases, partly offset by decreases in cash and cash equivalents. The Company completed its effort to deploy excess liquidity generated by the sale of indirect automobile loans in March 2015. At September 30, 2015, total loans and leases were $4.8 billion, representing an increase of $99.6 million from June 30, 2015, and an increase of $6.5 million from December 31, 2014. During the third quarter of 2015, total loans and leases grew 8.4 percent on an annualized basis. Strong loan growth continued in the total commercial real estate and commercial loan and lease portfolios, which increased $90.4 million during the third quarter of 2015, or 9.5 percent on an annualized basis.
Cash, cash equivalents, and investment securities at September 30, 2015 decreased $46.0 million to $636.9 million, or 10.9 percent of total assets, as compared to $682.9 million, or 11.8 percent of total assets at June 30, 2015, and increased $22.9 million from $614.0 million, or 10.6 percent of total assets at December 31, 2014. The decrease during the third quarter of 2015 was primarily driven by the funding of loans.
Total deposits of $4.1 billion at September 30, 2015 increased $15.2 million from June 30, 2015 and increased $186.5 million from December 31, 2014. The increase during the third quarter of 2015 was primarily driven by an increase of $21.5 million in certificate of deposit accounts. Core deposits, which consist of demand checking, NOW, savings, and money market accounts, decreased slightly in the third quarter of 2015. The core deposit ratio also decreased slightly to 74.3 percent at September 30, 2015 from 74.7 percent at June 30, 2015 and from 76.1 percent at December 31, 2014. The average cost of deposits remained constant at 0.51 percent at September 30, 2015 and June 30, 2015.
Total borrowings at September 30, 2015 were $960.2 million, an increase of $22.6 million as compared to June 30, 2015. Total borrowings decreased $166.2 million as compared to December 31, 2014 as proceeds from the sale of indirect automobile loans were used to pay down short term borrowings.
The ratio of stockholders' equity to total assets was 11.36 percent at September 30, 2015, as compared to 11.30 percent at June 30, 2015 and 11.06% percent at December 31, 2014. The ratio of tangible stockholders' equity to tangible assets was 9.04 percent at September 30, 2015, as compared to 8.94 percent at June 30, 2015 and 8.68% percent at December 31, 2014.
NET INTEREST INCOME
Net interest income increased $1.4 million to $48.6 million during the third quarter of 2015 from the previous quarter. The net interest margin increased 5 basis points to 3.54 percent for the three months ended September 30, 2015. The increase in net interest income is a result of increased interest income from higher loan balances and an increase in dividend income from restricted equity securities.
PROVISION FOR LOAN AND LEASE LOSSES
The Company recorded a provision for loan and lease losses of $1.7 million for the quarter ended September 30, 2015, compared to $1.8 million from the previous quarter.
Net charge-offs increased $1.1 million to $1.6 million for the third quarter of 2015 from $0.5 million for the second quarter of 2015. The ratio of net charge-offs to average loans on an annualized basis increased to 13 basis points for the third quarter of 2015 from 4 basis points for the second quarter of 2015. The charge-offs on two relationships, both of which had specific reserves recorded in a prior period, contributed to the increase in net charge-offs for the third quarter.
The allowance for loan and lease losses represented 1.17 percent of total loans and leases at September 30, 2015, compared to 1.19 percent at June 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 1.25 percent at September 30, 2015, compared to 1.27 percent at June 30, 2015 and 1.20 percent at December 31, 2014.
NON-INTEREST INCOME
Non-interest income of $4.8 million for the quarter ended September 30, 2015 remained consistent with the previous quarter.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended September 30, 2015 increased $0.8 million to $31.3 million from $30.5 million for the previous quarter.
PROVISION FOR INCOME TAXES
The effective tax rate decreased by 2.3 percentage points, from 36.2 percent for the quarter ended June 30, 2015 to 33.9 percent for the quarter ended September 30, 2015. The effective tax rate was 35.5 percent for the nine months ended September 30, 2015.
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The return on average assets increased during the third quarter of 2015 to 0.89 percent at September 30, 2015 from 0.82 percent for the second quarter of 2015. The return on average tangible assets increased to 0.91 percent for the third quarter of 2015 from 0.85 percent for the second quarter of 2015.
The return on average stockholders' equity increased during the third quarter of 2015 to 7.81 percent from 7.24 percent for the second quarter of 2015. The return on average tangible stockholders' equity increased to 10.11 percent for the third quarter of 2015 from 9.40 percent for the second quarter of 2015.
ASSET QUALITY
Nonperforming loans and leases decreased $3.7 million during the third quarter of 2015 to $19.7 million at September 30, 2015 from the previous quarter. The ratio of nonperforming loans and leases to total loans and leases decreased to 0.41 percent at September 30, 2015 from the previous quarter. Nonperforming assets also decreased $4.8 million during the third quarter of 2015 to $21.0 million, or 0.36 percent of total assets, at September 30, 2015.
DIVIDEND DECLARED
The Company's Board of Directors approved a dividend of $0.09 per share. The dividend will be paid on November 20, 2015 to stockholders of record on November 6, 2015.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Standard Time on Thursday, October 22, 2015 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 approximately $5.8 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 Company provides commercial and retail banking services and 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 and Treasurer
(617) 425-5331
[email protected]
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
Selected Financial Highlights (Unaudited) | |||||||||||||||||||
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| At and for the Three Months Ended | ||||||||||||||||||
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| September 30,
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| June 30,
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| March 31,
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| December 31,
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| September 30,
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| (Dollars In Thousands Except Share Data) | ||||||||||||||||||
Earnings Data: |
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Net interest income | $ | 48,587 |
|
| $ | 47,172 |
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| $ | 48,528 |
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| $ | 47,576 |
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| $ | 47,324 |
|
Provision for credit losses | 1,755 |
|
| 1,913 |
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| 2,263 |
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| 1,724 |
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| 2,034 |
| |||||
Non-interest income* | 4,784 |
|
| 4,867 |
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| 4,470 |
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| 4,541 |
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| 6,189 |
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Non-interest expense | 31,270 |
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| 30,452 |
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| 31,326 |
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| 32,455 |
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| 31,914 |
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Income before provision for income taxes* | 20,346 |
|
| 19,674 |
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| 19,409 |
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| 17,938 |
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| 19,565 |
| |||||
Net income attributable to Brookline Bancorp, Inc.* | 12,888 |
|
| 11,865 |
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| 11,703 |
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| 10,875 |
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| 11,740 |
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Performance Ratios: |
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Net interest margin (1) | 3.54 | % |
| 3.49 | % |
| 3.57 | % |
| 3.49 | % |
| 3.53 | % | |||||
Interest-rate spread (1) | 3.41 | % |
| 3.32 | % |
| 3.36 | % |
| 3.37 | % |
| 3.43 | % | |||||
Return on average assets* | 0.89 | % |
| 0.82 | % |
| 0.80 | % |
| 0.76 | % |
| 0.83 | % | |||||
Return on average tangible assets (non-GAAP)* | 0.91 | % |
| 0.85 | % |
| 0.82 | % |
| 0.78 | % |
| 0.85 | % | |||||
Return on average stockholders' equity* | 7.81 | % |
| 7.24 | % |
| 7.22 | % |
| 6.79 | % |
| 7.41 | % | |||||
Return on average tangible stockholders' equity (non-GAAP)* | 10.11 | % |
| 9.40 | % |
| 9.41 | % |
| 8.90 | % |
| 9.77 | % | |||||
Efficiency ratio* | 58.59 | % |
| 58.52 | % |
| 59.11 | % |
| 62.27 | % |
| 59.64 | % | |||||
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Per Common Share Data: |
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Net income — Basic* | $ | 0.18 |
|
| $ | 0.17 |
|
| $ | 0.17 |
|
| $ | 0.16 |
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| $ | 0.17 |
|
Net income — Diluted* | 0.18 |
|
| 0.17 |
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| 0.17 |
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| 0.16 |
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| 0.17 |
| |||||
Cash dividends declared | 0.090 |
|
| 0.090 |
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| 0.085 |
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| 0.085 |
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| 0.085 |
| |||||
Book value per share (end of period)* | 9.45 |
|
| 9.33 |
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| 9.30 |
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| 9.16 |
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| 9.05 |
| |||||
Tangible book value per share (end of period) (non-GAAP)* | 7.33 |
|
| 7.19 |
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| 7.15 |
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| 7.00 |
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| 6.87 |
| |||||
Stock price (end of period) | 10.14 |
|
| 11.29 |
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| 10.05 |
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| 10.03 |
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| 8.55 |
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Balance Sheet: |
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Total assets* | $ | 5,839,529 |
|
| $ | 5,782,934 |
|
| $ | 5,755,146 |
|
| $ | 5,800,948 |
|
| $ | 5,718,944 |
|
Total loans and leases | 4,829,152 |
|
| 4,729,581 |
|
| 4,634,594 |
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| 4,822,607 |
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| 4,736,028 |
| |||||
Total deposits | 4,144,577 |
|
| 4,129,408 |
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| 4,114,795 |
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| 3,958,106 |
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| 3,889,204 |
| |||||
Brookline Bancorp, Inc. stockholders' equity* | 663,468 |
|
| 653,516 |
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| 651,319 |
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| 641,818 |
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| 633,379 |
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Asset Quality: |
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Nonperforming assets | $ | 21,025 |
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| $ | 25,874 |
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| $ | 24,757 |
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| $ | 15,170 |
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| $ | 19,785 |
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Nonperforming assets as a percentage of total assets* | 0.36 | % |
| 0.45 | % |
| 0.43 | % |
| 0.26 | % |
| 0.35 | % | |||||
Allowance for loan and lease losses | $ | 56,472 |
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| $ | 56,398 |
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| $ | 55,106 |
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| $ | 53,659 |
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| $ | 52,822 |
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Allowance for loan and lease losses as a percentage of total loans and leases | 1.17 | % |
| 1.19 | % |
| 1.19 | % |
| 1.11 | % |
| 1.12 | % | |||||
Net loan and lease charge-offs | $ | 1,599 |
|
| $ | 501 |
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| $ | 854 |
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| $ | 874 |
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| $ | 793 |
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Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.13 | % |
| 0.04 | % |
| 0.07 | % |
| 0.07 | % |
| 0.07 | % | |||||
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Capital Ratios: |
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Stockholders' equity to total assets* | 11.36 | % |
| 11.30 | % |
| 11.32 | % |
| 11.06 | % |
| 11.08 | % | |||||
Tangible stockholders' equity to tangible assets (non-GAAP)* | 9.04 | % |
| 8.94 | % |
| 8.93 | % |
| 8.68 | % |
| 8.64 | % | |||||
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(1) Calculated on a fully tax-equivalent basis. | |||||||||||||||||||
(*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||||||||||||||
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
Consolidated Balance Sheets (Unaudited) | ||||||||||||||||||||||
|
| September 30,
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| June 30,
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| March 31,
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| December 31,
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| September 30,
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ASSETS | (In Thousands Except Share Data) | |||||||||||||||||||||
Cash and due from banks | $ | 27,299 |
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| $ | 43,363 |
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| $ | 35,118 |
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| $ | 36,893 |
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| $ | 37,237 |
| |||
Short-term investments | 19,745 |
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| 48,513 |
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| 162,003 |
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| 25,830 |
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| 50,901 |
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Total cash and cash equivalents | 47,044 |
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| 91,876 |
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| 197,121 |
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| 62,723 |
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| 88,138 |
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Investment securities available-for-sale | 526,764 |
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| 530,476 |
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| 565,115 |
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| 550,761 |
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| 527,516 |
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Investment securities held-to-maturity | 63,097 |
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| 60,511 |
|
| 500 |
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| 500 |
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| 500 |
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Total investment securities | 589,861 |
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| 590,987 |
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| 565,615 |
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| 551,261 |
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| 528,016 |
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Loans and leases held-for-sale | 10,992 |
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| 12,482 |
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| 787 |
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| 1,537 |
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| 464 |
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Loans and leases: |
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Commercial real estate loans: |
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Commercial real estate mortgage | 1,810,550 |
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| 1,758,281 |
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| 1,714,140 |
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| 1,680,082 |
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| 1,610,592 |
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Multi-family mortgage | 614,560 |
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| 627,571 |
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| 652,500 |
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| 639,706 |
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| 630,852 |
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Construction | 138,261 |
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| 127,506 |
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| 134,247 |
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| 148,013 |
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| 161,279 |
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Total commercial real estate loans | 2,563,371 |
|
| 2,513,358 |
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| 2,500,887 |
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| 2,467,801 |
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| 2,402,723 |
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Commercial loans and leases: |
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Commercial | 580,711 |
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| 578,548 |
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| 560,344 |
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| 514,077 |
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| 495,712 |
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Equipment financing | 684,331 |
|
| 648,447 |
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| 614,301 |
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| 601,424 |
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| 576,541 |
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Condominium association | 57,562 |
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| 55,185 |
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| 52,707 |
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| 51,593 |
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| 49,600 |
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Total commercial loans and leases | 1,322,604 |
|
| 1,282,180 |
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| 1,227,352 |
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| 1,167,094 |
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| 1,121,853 |
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Indirect automobile loans | 16,294 |
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| 19,377 |
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| 23,335 |
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| 316,987 |
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| 353,263 |
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Consumer loans: |
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Residential mortgage | 606,063 |
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| 603,073 |
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| 578,994 |
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| 571,920 |
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| 570,128 |
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Home equity | 308,371 |
|
| 299,396 |
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| 292,198 |
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| 287,058 |
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| 274,762 |
| ||||||||
Other consumer | 12,449 |
|
| 12,197 |
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| 11,828 |
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| 11,747 |
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| 13,299 |
| ||||||||
Total consumer loans | 926,883 |
|
| 914,666 |
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| 883,020 |
|
| 870,725 |
|
| 858,189 |
| ||||||||
Total loans and leases | 4,829,152 |
|
| 4,729,581 |
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| 4,634,594 |
|
| 4,822,607 |
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| 4,736,028 |
| ||||||||
Allowance for loan and lease losses | (56,472) |
|
| (56,398) |
|
| (55,106) |
|
| (53,659) |
|
| (52,822) |
| ||||||||
Net loans and leases | 4,772,680 |
|
| 4,673,183 |
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| 4,579,488 |
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| 4,768,948 |
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| 4,683,206 |
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Restricted equity securities | 75,553 |
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| 75,553 |
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| 74,804 |
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| 74,804 |
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| 74,804 |
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Premises and equipment, net of accumulated depreciation | 77,472 |
|
| 77,892 |
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| 79,252 |
|
| 80,619 |
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| 81,479 |
| ||||||||
Deferred tax asset | 25,730 |
|
| 28,466 |
|
| 25,834 |
|
| 27,687 |
|
| 29,168 |
| ||||||||
Goodwill | 137,890 |
|
| 137,890 |
|
| 137,890 |
|
| 137,890 |
|
| 137,890 |
| ||||||||
Identified intangible assets, net of accumulated amortization | 11,357 |
|
| 12,082 |
|
| 12,806 |
|
| 13,544 |
|
| 14,371 |
| ||||||||
Other real estate owned and repossessed assets | 1,301 |
|
| 2,412 |
|
| 2,023 |
|
| 1,456 |
|
| 2,463 |
| ||||||||
Other assets* | 89,649 |
|
| 80,111 |
|
| 79,526 |
|
| 80,479 |
|
| 78,945 |
| ||||||||
Total assets* | $ | 5,839,529 |
|
| $ | 5,782,934 |
|
| $ | 5,755,146 |
|
| $ | 5,800,948 |
|
| $ | 5,718,944 |
| |||
LIABILITIES AND STOCKHOLDERS' EQUITY |
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Deposits: |
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Non-interest-bearing deposits: |
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Demand checking accounts | $ | 785,210 |
|
| $ | 783,331 |
|
| $ | 729,932 |
|
| $ | 726,118 |
|
| $ | 705,604 |
| |||
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
| |||||||||||||
NOW accounts | 254,767 |
|
| 247,172 |
|
| 237,200 |
|
| 235,063 |
|
| 220,766 |
| ||||||||
Savings accounts | 500,104 |
|
| 532,184 |
|
| 571,030 |
|
| 531,727 |
|
| 532,790 |
| ||||||||
Money market accounts | 1,540,104 |
|
| 1,523,798 |
|
| 1,525,053 |
|
| 1,518,490 |
|
| 1,522,612 |
| ||||||||
Certificate of deposit accounts | 1,064,392 |
|
| 1,042,923 |
|
| 1,051,580 |
|
| 946,708 |
|
| 907,432 |
| ||||||||
Total interest-bearing deposits | 3,359,367 |
|
| 3,346,077 |
|
| 3,384,863 |
|
| 3,231,988 |
|
| 3,183,600 |
| ||||||||
Total deposits | 4,144,577 |
|
| 4,129,408 |
|
| 4,114,795 |
|
| 3,958,106 |
|
| 3,889,204 |
| ||||||||
Borrowed funds: |
|
|
|
|
|
|
|
|
| |||||||||||||
Advances from the FHLBB | 848,913 |
|
| 823,452 |
|
| 806,491 |
|
| 1,004,026 |
|
| 1,027,211 |
| ||||||||
Subordinated debentures and notes | 82,873 |
|
| 82,850 |
|
| 82,806 |
|
| 82,763 |
|
| 82,763 |
| ||||||||
Other borrowed funds | 28,434 |
|
| 31,346 |
|
| 35,628 |
|
| 39,615 |
|
| 22,891 |
| ||||||||
Total borrowed funds | 960,220 |
|
| 937,648 |
|
| 924,925 |
|
| 1,126,404 |
|
| 1,132,865 |
| ||||||||
Mortgagors' escrow accounts | 7,996 |
|
| 7,494 |
|
| 8,414 |
|
| 8,501 |
|
| 8,757 |
| ||||||||
Accrued expenses and other liabilities | 57,996 |
|
| 49,792 |
|
| 51,046 |
|
| 61,332 |
|
| 50,430 |
| ||||||||
Total liabilities | 5,170,789 |
|
| 5,124,342 |
|
| 5,099,180 |
|
| 5,154,343 |
|
| 5,081,256 |
| ||||||||
Stockholders' equity: |
|
|
|
|
|
|
|
|
| |||||||||||||
Brookline Bancorp, Inc. stockholders' equity: |
|
|
|
|
|
|
|
|
| |||||||||||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares issued | 757 |
|
| 757 |
|
| 757 |
|
| 757 |
|
| 757 |
| ||||||||
Additional paid-in capital | 616,252 |
|
| 618,044 |
|
| 617,845 |
|
| 617,475 |
|
| 616,997 |
| ||||||||
Retained earnings, partially restricted* | 102,684 |
|
| 96,128 |
|
| 90,589 |
|
| 84,860 |
|
| 79,959 |
| ||||||||
Accumulated other comprehensive income (loss) | 1,191 |
|
| (1,775) |
|
| 1,747 |
|
| (1,622) |
|
| (4,681) |
| ||||||||
Treasury stock, at cost; |
|
|
|
|
|
|
|
|
| |||||||||||||
4,861,085 shares, 5,048,525 shares, 5,042,238 shares, 5,040,571 shares, and 5,035,956 shares, respectively | (56,202) |
|
| (58,372) |
|
| (58,301) |
|
| (58,282) |
|
| (58,228) |
| ||||||||
Unallocated common stock held by the Employee Stock Ownership Plan; |
|
|
|
|
|
|
|
|
| |||||||||||||
222,645 shares, 232,224 shares, 241,803 shares, 251,382 shares, and 261,453 shares respectively | (1,214) |
|
| (1,266) |
|
| (1,318) |
|
| (1,370) |
|
| (1,425) |
| ||||||||
Total Brookline Bancorp, Inc. stockholders' equity* | 663,468 |
|
| 653,516 |
|
| 651,319 |
|
| 641,818 |
|
| 633,379 |
| ||||||||
Noncontrolling interest in subsidiary | 5,272 |
|
| 5,076 |
|
| 4,647 |
|
| 4,787 |
|
| 4,309 |
| ||||||||
Total stockholders' equity* | 668,740 |
|
| 658,592 |
|
| 655,966 |
|
| 646,605 |
|
| 637,688 |
| ||||||||
Total liabilities and stockholders' equity* | $ | 5,839,529 |
|
| $ | 5,782,934 |
|
| $ | 5,755,146 |
|
| $ | 5,800,948 |
|
| $ | 5,718,944 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | ||||||||||||||||||||||
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
Consolidated Statements of Income (Unaudited) | |||||||||||||||||||
|
| Three Months Ended | ||||||||||||||||||
|
| September 30,
|
| June 30,
|
| March 31,
|
| December 31,
|
| September 30,
| ||||||||||
|
| (In Thousands Except Share Data) | ||||||||||||||||||
Interest and dividend income: |
|
|
|
|
|
|
|
|
| ||||||||||
Loans and leases | $ | 52,725 |
|
| $ | 51,684 |
|
| $ | 53,381 |
|
| $ | 52,637 |
|
| $ | 51,769 |
|
Debt securities | 2,866 |
|
| 2,931 |
|
| 2,683 |
|
| 2,596 |
|
| 2,312 |
| |||||
Marketable and restricted equity securities | 1,079 |
|
| 491 |
|
| 524 |
|
| 564 |
|
| 520 |
| |||||
Short-term investments | 17 |
|
| 60 |
|
| 21 |
|
| 29 |
|
| 15 |
| |||||
Total interest and dividend income | 56,687 |
|
| 55,166 |
|
| 56,609 |
|
| 55,826 |
|
| 54,616 |
| |||||
Interest expense: |
|
|
|
|
|
|
|
|
| ||||||||||
Deposits | 4,326 |
|
| 4,296 |
|
| 4,304 |
|
| 4,320 |
|
| 4,248 |
| |||||
Borrowed funds | 3,774 |
|
| 3,698 |
|
| 3,777 |
|
| 3,930 |
|
| 3,044 |
| |||||
Total interest expense | 8,100 |
|
| 7,994 |
|
| 8,081 |
|
| 8,250 |
|
| 7,292 |
| |||||
Net interest income | 48,587 |
|
| 47,172 |
|
| 48,528 |
|
| 47,576 |
|
| 47,324 |
| |||||
Provision for credit losses | 1,755 |
|
| 1,913 |
|
| 2,263 |
|
| 1,724 |
|
| 2,034 |
| |||||
Net interest income after provision for credit losses | 46,832 |
|
| 45,259 |
|
| 46,265 |
|
| 45,852 |
|
| 45,290 |
| |||||
Non-interest income: |
|
|
|
|
|
|
|
|
| ||||||||||
Deposit fees | 2,261 |
|
| 2,195 |
|
| 2,066 |
|
| 2,177 |
|
| 2,352 |
| |||||
Loan fees | 205 |
|
| 271 |
|
| 342 |
|
| 286 |
|
| 227 |
| |||||
Loan level derivative income, net | 900 |
|
| 941 |
|
| — |
|
| 562 |
|
| 322 |
| |||||
Gain/(loss) on sales of securities, net | — |
|
| — |
|
| — |
|
| 78 |
|
| — |
| |||||
Gain on sales of loans and leases held-for-sale | 446 |
|
| 279 |
|
| 869 |
|
| 368 |
|
| 564 |
| |||||
(Loss)/gain on sale/disposals of premises and equipment, net | — |
|
| — |
|
| — |
|
| — |
|
| (2) |
| |||||
Litigation settlement | — |
|
| — |
|
| — |
|
| — |
|
| 1,412 |
| |||||
Other | 972 |
|
| 1,181 |
|
| 1,193 |
|
| 1,070 |
|
| 1,314 |
| |||||
Total non-interest income* | 4,784 |
|
| 4,867 |
|
| 4,470 |
|
| 4,541 |
|
| 6,189 |
| |||||
Non-interest expense: |
|
|
|
|
|
|
|
|
| ||||||||||
Compensation and employee benefits | 17,875 |
|
| 17,085 |
|
| 17,524 |
|
| 18,216 |
|
| 18,258 |
| |||||
Occupancy | 3,535 |
|
| 3,437 |
|
| 3,472 |
|
| 3,401 |
|
| 3,334 |
| |||||
Equipment and data processing | 3,600 |
|
| 3,680 |
|
| 4,020 |
|
| 4,102 |
|
| 4,193 |
| |||||
Professional services | 984 |
|
| 1,163 |
|
| 1,094 |
|
| 1,159 |
|
| 991 |
| |||||
FDIC insurance | 929 |
|
| 831 |
|
| 867 |
|
| 782 |
|
| 873 |
| |||||
Advertising and marketing | 878 |
|
| 823 |
|
| 748 |
|
| 872 |
|
| 745 |
| |||||
Amortization of identified intangible assets | 725 |
|
| 724 |
|
| 738 |
|
| 827 |
|
| 828 |
| |||||
Other | 2,744 |
|
| 2,709 |
|
| 2,863 |
|
| 3,096 |
|
| 2,692 |
| |||||
Total non-interest expense | 31,270 |
|
| 30,452 |
|
| 31,326 |
|
| 32,455 |
|
| 31,914 |
| |||||
Income before provision for income taxes* | 20,346 |
|
| 19,674 |
|
| 19,409 |
|
| 17,938 |
|
| 19,565 |
| |||||
Provision for income taxes* | 6,897 |
|
| 7,115 |
|
| 7,104 |
|
| 6,586 |
|
| 7,163 |
| |||||
Net income before noncontrolling interest in subsidiary* | 13,449 |
|
| 12,559 |
|
| 12,305 |
|
| 11,352 |
|
| 12,402 |
| |||||
Less net income attributable to noncontrolling interest in subsidiary | 561 |
|
| 694 |
|
| 602 |
|
| 477 |
|
| 662 |
| |||||
Net income attributable to Brookline Bancorp, Inc.* | $ | 12,888 |
|
| $ | 11,865 |
|
| $ | 11,703 |
|
| $ | 10,875 |
|
| $ | 11,740 |
|
Earnings per common share:* |
|
|
|
|
|
|
|
|
| ||||||||||
Basic | $ | 0.18 |
|
| $ | 0.17 |
|
| $ | 0.17 |
|
| $ | 0.16 |
|
| $ | 0.17 |
|
Diluted | $ | 0.18 |
|
| $ | 0.17 |
|
| $ | 0.17 |
|
| $ | 0.16 |
|
| $ | 0.17 |
|
Weighted average common shares outstanding during the period: |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Basic | 70,129,056 |
|
| 70,049,829 |
|
| 70,036,090 |
|
| 70,024,495 |
|
| 69,989,909 |
| |||||
Diluted | 70,240,020 |
|
| 70,215,850 |
|
| 70,164,105 |
|
| 70,130,243 |
|
| 70,088,987 |
| |||||
Dividends declared per common share | $ | 0.090 |
|
| $ | 0.090 |
|
| $ | 0.085 |
|
| $ | 0.085 |
|
| $ | 0.085 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
(*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||||||||||||||
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||
Consolidated Statements of Income (Unaudited) | |||||||
|
|
| ||||||
|
| Nine Months Ended September 30, | ||||||
|
| 2015 |
| 2014 | ||||
|
| (In Thousands Except Share Data) | ||||||
Interest and dividend income: |
|
|
| ||||
Loans and leases | $ | 157,790 |
|
| $ | 154,144 |
|
Debt securities | 8,480 |
|
| 6,931 |
| ||
Marketable and restricted equity securities | 2,094 |
|
| 1,508 |
| ||
Short-term investments | 98 |
|
| 73 |
| ||
Total interest and dividend income | 168,462 |
|
| 162,656 |
| ||
Interest expense: |
|
|
| ||||
Deposits | 12,926 |
|
| 12,740 |
| ||
Borrowed funds | 11,249 |
|
| 8,424 |
| ||
Total interest expense | 24,175 |
|
| 21,164 |
| ||
Net interest income | 144,287 |
|
| 141,492 |
| ||
Provision for credit losses | 5,931 |
|
| 6,753 |
| ||
Net interest income after provision for credit losses | 138,356 |
|
| 134,739 |
| ||
Non-interest income: |
|
|
| ||||
Deposit Fees | 6,522 |
|
| 6,515 |
| ||
Loan Fees | 818 |
|
| 724 |
| ||
Loan level derivative income, net | 1,841 |
|
| 384 |
| ||
Loss on sales of securities, net | — |
|
| (13) |
| ||
Gain on sales of loans and leases held-for-sale | 1,594 |
|
| 1,283 |
| ||
Gain on sale/disposals of premises and equipment, net | — |
|
| 1,502 |
| ||
Other | 3,346 |
|
| 5,244 |
| ||
Total non-interest income* | 14,121 |
|
| 15,639 |
| ||
Non-interest expense: |
|
|
| ||||
Compensation and employee benefits | 52,484 |
|
| 53,585 |
| ||
Occupancy | 10,444 |
|
| 10,893 |
| ||
Equipment and data processing | 11,300 |
|
| 12,918 |
| ||
Professional services | 3,241 |
|
| 4,198 |
| ||
FDIC insurance | 2,627 |
|
| 2,580 |
| ||
Advertising and marketing | 2,449 |
|
| 2,186 |
| ||
Amortization of identified intangible assets | 2,187 |
|
| 2,516 |
| ||
Other | 8,316 |
|
| 7,829 |
| ||
Total non-interest expense | 93,048 |
|
| 96,705 |
| ||
Income before provision for income taxes* | 59,429 |
|
| 53,673 |
| ||
Provision for income taxes* | 21,116 |
|
| 19,700 |
| ||
Net income before noncontrolling interest in subsidiary* | 38,313 |
|
| 33,973 |
| ||
Less net income attributable to noncontrolling interest in subsidiary | 1,857 |
|
| 1,560 |
| ||
Net income attributable to Brookline Bancorp, Inc.* | $ | 36,456 |
|
| $ | 32,413 |
|
Earnings per common share: |
|
|
| ||||
Basic | $ | 0.52 |
|
| $ | 0.46 |
|
Diluted | $ | 0.52 |
|
| $ | 0.46 |
|
Weighted average common shares outstanding during the period: |
|
| |||||
Basic | 70,071,999 |
|
| 69,918,248 |
| ||
Diluted | 70,207,983 |
|
| 70,029,383 |
| ||
Dividends declared per common share | $ | 0.265 |
|
| $ | 0.255 |
|
(*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
Asset Quality Analysis (Unaudited) | |||||||||||||||||||
|
| At and for the Three Months Ended | ||||||||||||||||||
|
| September 30,
|
| June 30,
|
| March 31,
|
| December 31,
|
| September 30,
| ||||||||||
|
| (Dollars in Thousands) | ||||||||||||||||||
NONPERFORMING ASSETS: |
|
|
|
|
|
|
|
|
| ||||||||||
Loans and leases accounted for on a nonaccrual basis: |
|
|
|
|
|
|
|
|
| ||||||||||
Commercial real estate mortgage | $ | 3,155 |
|
| $ | 3,174 |
|
| $ | 3,250 |
|
| $ | 1,009 |
|
| $ | 3,174 |
|
Multi-family mortgage | 309 |
|
| 309 |
|
| — |
|
| — |
|
| 299 |
| |||||
Total commercial real estate loans | 3,464 |
|
| 3,483 |
|
| 3,250 |
|
| 1,009 |
|
| 3,473 |
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Commercial | 8,326 |
|
| 12,316 |
|
| 12,039 |
|
| 5,196 |
|
| 6,071 |
| |||||
Equipment financing | 2,896 |
|
| 2,639 |
|
| 2,321 |
|
| 3,223 |
|
| 2,756 |
| |||||
Total commercial loans and leases | 11,222 |
|
| 14,955 |
|
| 14,360 |
|
| 8,419 |
|
| 8,827 |
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Indirect automobile loans | 629 |
|
| 417 |
|
| 468 |
|
| 645 |
|
| 474 |
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Residential mortgage | 2,539 |
|
| 2,421 |
|
| 2,632 |
|
| 1,682 |
|
| 2,636 |
| |||||
Home equity | 1,818 |
|
| 2,144 |
|
| 1,979 |
|
| 1,918 |
|
| 1,865 |
| |||||
Other consumer | 52 |
|
| 42 |
|
| 45 |
|
| 41 |
|
| 47 |
| |||||
Total consumer loans | 4,409 |
|
| 4,607 |
|
| 4,656 |
|
| 3,641 |
|
| 4,548 |
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total nonaccrual loans and leases | 19,724 |
|
| 23,462 |
|
| 22,734 |
|
| 13,714 |
|
| 17,322 |
| |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Other real estate owned | 1,149 |
|
| 1,676 |
|
| 1,043 |
|
| 953 |
|
| 1,536 |
| |||||
Other repossessed assets | 152 |
|
| 736 |
|
| 980 |
|
| 503 |
|
| 927 |
| |||||
Total nonperforming assets | $ | 21,025 |
|
| $ | 25,874 |
|
| $ | 24,757 |
|
| $ | 15,170 |
|
| $ | 19,785 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Loans and leases past due greater than 90 days and still accruing | $ | 8,792 |
|
| $ | 10,220 |
|
| $ | 8,061 |
|
| $ | 6,008 |
|
| $ | 3,919 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Troubled debt restructurings on accrual | 17,746 |
|
| 14,205 |
|
| 14,184 |
|
| 14,815 |
|
| 15,174 |
| |||||
Troubled debt restructurings on nonaccrual | 5,960 |
|
| 5,981 |
|
| 6,126 |
|
| 5,625 |
|
| 5,609 |
| |||||
Total troubled debt restructurings | $ | 23,706 |
|
| $ | 20,186 |
|
| $ | 20,310 |
|
| $ | 20,440 |
|
| $ | 20,783 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Nonperforming loans and leases as a percentage of total loans and leases | 0.41 | % |
| 0.50 | % |
| 0.49 | % |
| 0.28 | % |
| 0.37 | % | |||||
Nonperforming assets as a percentage of total assets* | 0.36 | % |
| 0.45 | % |
| 0.43 | % |
| 0.26 | % |
| 0.35 | % | |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Allowance for loan and lease losses at beginning of period | $ | 56,398 |
|
| $ | 55,106 |
|
| $ | 53,659 |
|
| $ | 52,822 |
|
| $ | 51,686 |
|
Charge-offs | (1,931) |
|
| (1,029) |
|
| (1,665) |
|
| (1,068) |
|
| (1,136) |
| |||||
Recoveries | 332 |
|
| 528 |
|
| 811 |
|
| 194 |
|
| 343 |
| |||||
Net charge-offs | (1,599) |
|
| (501) |
|
| (854) |
|
| (874) |
|
| (793) |
| |||||
Provision for loan and lease losses | 1,673 |
|
| 1,793 |
|
| 2,301 |
|
| 1,711 |
|
| 1,929 |
| |||||
Allowance for loan and lease losses at end of period | $ | 56,472 |
|
| $ | 56,398 |
|
| $ | 55,106 |
|
| $ | 53,659 |
|
| $ | 52,822 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Allowance for loan and lease losses as a percentage of total loans and leases | 1.17 | % |
| 1.19 | % |
| 1.19 | % |
| 1.11 | % |
| 1.12 | % | |||||
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases (non-GAAP) | 1.25 | % |
| 1.27 | % |
| 1.28 | % |
| 1.20 | % |
| 1.26 | % | |||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
NET CHARGE-OFFS: |
|
|
|
|
|
|
|
|
| ||||||||||
Commercial real estate loans | $ | — |
|
| $ | 162 |
|
| $ | 388 |
|
| $ | 62 |
|
| $ | 64 |
|
Commercial loans and leases | 1,276 |
|
| 151 |
|
| 238 |
|
| 480 |
|
| 348 |
| |||||
Indirect automobile loans | 117 |
|
| (13) |
|
| 239 |
|
| 281 |
|
| 208 |
| |||||
Consumer loans | 206 |
|
| 201 |
|
| (11) |
|
| 51 |
|
| 173 |
| |||||
Total net charge-offs | $ | 1,599 |
|
| $ | 501 |
|
| $ | 854 |
|
| $ | 874 |
|
| $ | 793 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.13 | % |
| 0.04 | % |
| 0.07 | % |
| 0.07 | % |
| 0.07 | % | |||||
(*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||||||||||||||
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Average Yields / Costs (Unaudited) | ||||||||||||||||||||||||||||||||
|
| Three Months Ended | |||||||||||||||||||||||||||||||
|
| September 30, 2015 |
| June 30, 2015 |
| September 30, 2014 | |||||||||||||||||||||||||||
|
| Average
|
| Interest (1) |
| Average Yield/ Cost |
| Average
|
| Interest (1) |
| Average Yield/ Cost |
| Average
|
| Interest (1) |
| Average Yield/ Cost | |||||||||||||||
|
| (Dollars in Thousands) | |||||||||||||||||||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Debt securities (2) | $ | 587,804 |
|
| $ | 2,904 |
|
| 1.98 | % |
| $ | 591,120 |
|
| $ | 2,941 |
|
| 1.99 | % |
| $ | 522,911 |
|
| $ | 2,312 |
|
| 1.77 | % |
Marketable and restricted equity securities (2) | 76,530 |
|
| 1,111 |
|
| 5.81 | % |
| 76,332 |
|
| 493 |
|
| 2.59 | % |
| 74,977 |
|
| 521 |
|
| 2.78 | % | ||||||
Short-term investments | 36,163 |
|
| 17 |
|
| 0.19 | % |
| 85,737 |
|
| 60 |
|
| 0.28 | % |
| 42,421 |
|
| 15 |
|
| 0.14 | % | ||||||
Total investments | 700,497 |
|
| 4,032 |
|
| 2.30 | % |
| 753,189 |
|
| 3,494 |
|
| 1.86 | % |
| 640,309 |
|
| 2,848 |
|
| 1.78 | % | ||||||
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Commercial real estate loans (3) | 2,531,729 |
|
| 26,739 |
|
| 4.22 | % |
| 2,505,925 |
|
| 26,391 |
|
| 4.21 | % |
| 2,357,921 |
|
| 25,984 |
|
| 4.37 | % | ||||||
Commercial loans (3) | 636,756 |
|
| 6,570 |
|
| 4.05 | % |
| 639,609 |
|
| 6,394 |
|
| 3.96 | % |
| 544,440 |
|
| 5,458 |
|
| 3.94 | % | ||||||
Equipment financing (3) | 664,010 |
|
| 11,300 |
|
| 6.81 | % |
| 627,032 |
|
| 10,793 |
|
| 6.89 | % |
| 563,918 |
|
| 9,664 |
|
| 6.84 | % | ||||||
Indirect automobile loans (3) | 17,872 |
|
| 182 |
|
| 4.05 | % |
| 21,171 |
|
| 218 |
|
| 4.13 | % |
| 371,123 |
|
| 2,929 |
|
| 3.13 | % | ||||||
Residential mortgage loans (3) | 613,678 |
|
| 5,437 |
|
| 3.54 | % |
| 589,171 |
|
| 5,260 |
|
| 3.57 | % |
| 570,505 |
|
| 5,087 |
|
| 3.54 | % | ||||||
Other consumer loans (3) | 315,402 |
|
| 2,707 |
|
| 3.40 | % |
| 308,932 |
|
| 2,838 |
|
| 3.68 | % |
| 284,206 |
|
| 2,818 |
|
| 3.93 | % | ||||||
Total loans and leases | 4,779,447 |
|
| 52,935 |
|
| 4.43 | % |
| 4,691,840 |
|
| 51,894 |
|
| 4.42 | % |
| 4,692,113 |
|
| 51,940 |
|
| 4.43 | % | ||||||
Total interest-earning assets | 5,479,944 |
|
| 56,967 |
|
| 4.16 | % |
| 5,445,029 |
|
| 55,388 |
|
| 4.07 | % |
| 5,332,422 |
|
| 54,788 |
|
| 4.11 | % | ||||||
Allowance for loan and lease losses | (56,833) |
|
|
|
|
|
| (55,427) |
|
|
|
|
|
| (52,423) |
|
|
|
|
| ||||||||||||
Non-interest-earning assets* | 367,358 |
|
|
|
|
|
| 373,018 |
|
|
|
|
|
| 374,793 |
|
|
|
|
| ||||||||||||
Total assets* | $ | 5,790,469 |
|
|
|
|
|
| $ | 5,762,620 |
|
|
|
|
|
| $ | 5,654,792 |
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
NOW accounts | $ | 246,163 |
|
| 44 |
|
| 0.07 | % |
| $ | 248,786 |
|
| 45 |
|
| 0.07 | % |
| $ | 219,811 |
|
| 43 |
|
| 0.08 | % | |||
Savings accounts | 516,877 |
|
| 257 |
|
| 0.20 | % |
| 554,618 |
|
| 263 |
|
| 0.19 | % |
| 513,912 |
|
| 299 |
|
| 0.23 | % | ||||||
Money market accounts | 1,550,477 |
|
| 1,664 |
|
| 0.43 | % |
| 1,544,877 |
|
| 1,693 |
|
| 0.44 | % |
| 1,534,552 |
|
| 1,957 |
|
| 0.51 | % | ||||||
Certificates of deposit | 1,043,418 |
|
| 2,361 |
|
| 0.90 | % |
| 1,049,297 |
|
| 2,295 |
|
| 0.88 | % |
| 900,751 |
|
| 1,949 |
|
| 0.86 | % | ||||||
Total interest-bearing deposits | 3,356,935 |
|
| 4,326 |
|
| 0.51 | % |
| 3,397,578 |
|
| 4,296 |
|
| 0.51 | % |
| 3,169,026 |
|
| 4,248 |
|
| 0.53 | % | ||||||
Borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Advances from the FHLBB | 801,379 |
|
| 2,495 |
|
| 1.22 | % |
| 782,434 |
|
| 2,415 |
|
| 1.22 | % |
| 1,036,190 |
|
| 2,740 |
|
| 1.03 | % | ||||||
Subordinated debentures and notes | 82,866 |
|
| 1,251 |
|
| 6.04 | % |
| 82,827 |
|
| 1,250 |
|
| 6.03 | % |
| 21,257 |
|
| 292 |
|
| 5.49 | % | ||||||
Other borrowed funds | 32,134 |
|
| 28 |
|
| 0.34 | % |
| 34,546 |
|
| 33 |
|
| 0.39 | % |
| 25,385 |
|
| 12 |
|
| 0.18 | % | ||||||
Total borrowings | 916,379 |
|
| 3,774 |
|
| 1.61 | % |
| 899,807 |
|
| 3,698 |
|
| 1.63 | % |
| 1,082,832 |
|
| 3,044 |
|
| 1.10 | % | ||||||
Total interest-bearing liabilities | 4,273,314 |
|
| 8,100 |
|
| 0.75 | % |
| 4,297,385 |
|
| 7,994 |
|
| 0.75 | % |
| 4,251,858 |
|
| 7,292 |
|
| 0.68 | % | ||||||
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Demand checking accounts | 793,785 |
|
|
|
|
|
| 750,827 |
|
|
|
|
|
| 717,239 |
|
|
|
|
| ||||||||||||
Other non-interest-bearing liabilities | 58,414 |
|
|
|
|
|
| 54,352 |
|
|
|
|
|
| 48,236 |
|
|
|
|
| ||||||||||||
Total liabilities | 5,125,513 |
|
|
|
|
|
| 5,102,564 |
|
|
|
|
|
| 5,017,333 |
|
|
|
|
| ||||||||||||
Brookline Bancorp, Inc. stockholders' equity* | 659,761 |
|
|
|
|
|
| 655,223 |
|
|
|
|
|
| 633,406 |
|
|
|
|
| ||||||||||||
Noncontrolling interest in subsidiary | 5,195 |
|
|
|
|
|
| 4,833 |
|
|
|
|
|
| 4,053 |
|
|
|
|
| ||||||||||||
Total liabilities and equity* | $ | 5,790,469 |
|
|
|
|
|
| $ | 5,762,620 |
|
|
|
|
|
| $ | 5,654,792 |
|
|
|
|
| |||||||||
Net interest income (tax-equivalent basis) /Interest-rate spread (4) |
|
| 48,867 |
|
| 3.41 | % |
|
|
| 47,394 |
|
| 3.32 | % |
|
|
| 47,496 |
|
| 3.43 | % | |||||||||
Less adjustment of tax-exempt income |
|
| 280 |
|
|
|
|
|
| 222 |
|
|
|
|
|
| 172 |
|
|
| ||||||||||||
Net interest income |
|
| $ | 48,587 |
|
|
|
|
|
| $ | 47,172 |
|
|
|
|
|
| $ | 47,324 |
|
|
| |||||||||
Net interest margin (5) |
|
|
|
| 3.54 | % |
|
|
|
|
| 3.49 | % |
|
|
|
|
| 3.53 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis. | ||||||||||||||||||||||||||||||||
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month. | ||||||||||||||||||||||||||||||||
(3) Loans on nonaccrual status are included in the average balances. | ||||||||||||||||||||||||||||||||
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||||||||||||||||||||||||||||
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | ||||||||||||||||||||||||||||||||
(*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | ||||||||||||||||||||||||||||||||
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||
Average Yields / Costs (Unaudited) | |||||||||||||||||||||
|
| Nine Months Ended | ||||||||||||||||||||
|
| September 30, 2015 |
| September 30, 2014 | ||||||||||||||||||
|
| Average
|
| Interest (1) |
| Average Yield/ Cost |
| Average
|
| Interest (1) |
| Average Yield/ Cost | ||||||||||
|
| (Dollars in Thousands) | ||||||||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Investments: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Debt securities (2) | $ | 577,967 |
|
| $ | 8,529 |
|
| 1.97 | % |
| $ | 517,091 |
|
| $ | 6,935 |
|
| 1.79 | % |
Marketable and restricted equity securities (2) | 76,218 |
|
| 2,126 |
|
| 3.72 | % |
| 70,809 |
|
| 1,515 |
|
| 2.85 | % | ||||
Short-term investments | 57,197 |
|
| 98 |
|
| 0.23 | % |
| 41,689 |
|
| 73 |
|
| 0.23 | % | ||||
Total investments | 711,382 |
|
| 10,753 |
|
| 2.02 | % |
| 629,589 |
|
| 8,523 |
|
| 1.80 | % | ||||
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Commercial real estate loans (3) | 2,504,739 |
|
| 79,375 |
|
| 4.23 | % |
| 2,291,952 |
|
| 77,081 |
|
| 4.46 | % | ||||
Commercial loans (3) | 629,115 |
|
| 19,471 |
|
| 4.09 | % |
| 507,612 |
|
| 15,397 |
|
| 4.01 | % | ||||
Equipment financing (3) | 634,310 |
|
| 32,637 |
|
| 6.86 | % |
| 543,691 |
|
| 29,856 |
|
| 7.33 | % | ||||
Indirect automobile loans (3) | 106,210 |
|
| 2,542 |
|
| 3.20 | % |
| 376,765 |
|
| 9,225 |
|
| 3.27 | % | ||||
Residential mortgage loans (3) | 593,371 |
|
| 16,005 |
|
| 3.60 | % |
| 545,275 |
|
| 14,814 |
|
| 3.63 | % | ||||
Other consumer loans (3) | 307,878 |
|
| 8,373 |
|
| 3.63 | % |
| 276,466 |
|
| 8,230 |
|
| 3.98 | % | ||||
Total loans and leases | 4,775,623 |
|
| 158,403 |
|
| 4.42 | % |
| 4,541,761 |
|
| 154,603 |
|
| 4.54 | % | ||||
Total interest-earning assets | 5,487,005 |
|
| 169,156 |
|
| 4.11 | % |
| 5,171,350 |
|
| 163,126 |
|
| 4.21 | % | ||||
Allowance for loan and lease losses | (55,536) |
|
|
|
|
|
| (50,785) |
|
|
|
|
| ||||||||
Non-interest-earning assets* | 370,038 |
|
|
|
|
|
| 367,824 |
|
|
|
|
| ||||||||
Total assets* | $ | 5,801,507 |
|
|
|
|
|
| $ | 5,488,389 |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
NOW accounts | $ | 244,253 |
|
| 132 |
|
| 0.07 | % |
| $ | 217,168 |
|
| 126 |
|
| 0.08 | % | ||
Savings accounts | 537,606 |
|
| 793 |
|
| 0.20 | % |
| 515,433 |
|
| 905 |
|
| 0.23 | % | ||||
Money market accounts | 1,544,085 |
|
| 5,173 |
|
| 0.45 | % |
| 1,523,269 |
|
| 5,852 |
|
| 0.51 | % | ||||
Certificates of deposit | 1,042,111 |
|
| 6,828 |
|
| 0.88 | % |
| 909,647 |
|
| 5,857 |
|
| 0.86 | % | ||||
Total interest-bearing deposits | 3,368,055 |
|
| 12,926 |
|
| 0.51 | % |
| 3,165,517 |
|
| 12,740 |
|
| 0.54 | % | ||||
Borrowings |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Advances from the FHLBB | 841,196 |
|
| 7,414 |
|
| 1.16 | % |
| 911,748 |
|
| 7,873 |
|
| 1.14 | % | ||||
Subordinated debentures and notes | 82,826 |
|
| 3,749 |
|
| 6.03 | % |
| 13,249 |
|
| 490 |
|
| 4.93 | % | ||||
Other borrowed funds | 34,808 |
|
| 86 |
|
| 0.33 | % |
| 26,849 |
|
| 61 |
|
| 0.30 | % | ||||
Total borrowings | 958,830 |
|
| 11,249 |
|
| 1.55 | % |
| 951,846 |
|
| 8,424 |
|
| 1.17 | % | ||||
Total interest-bearing liabilities | 4,326,885 |
|
| 24,175 |
|
| 0.75 | % |
| 4,117,363 |
|
| 21,164 |
|
| 0.69 | % | ||||
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Demand checking accounts | 757,811 |
|
|
|
|
|
| 694,272 |
|
|
|
|
| ||||||||
Other non-interest-bearing liabilities | 57,328 |
|
|
|
|
|
| 44,858 |
|
|
|
|
| ||||||||
Total liabilities | 5,142,024 |
|
|
|
|
|
| 4,856,493 |
|
|
|
|
| ||||||||
Brookline Bancorp, Inc. stockholders' equity* | 654,596 |
|
|
|
|
|
| 627,750 |
|
|
|
|
| ||||||||
Noncontrolling interest in subsidiary | 4,887 |
|
|
|
|
|
| 4,146 |
|
|
|
|
| ||||||||
Total liabilities and equity* | $ | 5,801,507 |
|
|
|
|
|
| $ | 5,488,389 |
|
|
|
|
| ||||||
Net interest income (tax-equivalent basis) /Interest-rate spread (4) |
|
| 144,981 |
|
| 3.36 | % |
|
|
| 141,962 |
|
| 3.52 | % | ||||||
Less adjustment of tax-exempt income |
|
| 694 |
|
|
|
|
|
| 470 |
|
|
| ||||||||
Net interest income |
|
| $ | 144,287 |
|
|
|
|
|
| $ | 141,492 |
|
|
| ||||||
Net interest margin (5) |
|
|
|
| 3.53 | % |
|
|
|
|
| 3.67 | % | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
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(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis. | |||||||||||||||||||||
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month. | |||||||||||||||||||||
(3) Loans on nonaccrual status are included in the average balances. | |||||||||||||||||||||
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | |||||||||||||||||||||
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | |||||||||||||||||||||
(*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||||||||||||||||
BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
Non-GAAP Financial Information (Unaudited) | |||||||||||||||||||
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| At and for the Three Months Ended | ||||||||||||||||||
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| September 30,
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| June 30,
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| March 31,
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| December 31,
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| September 30,
| ||||||||||
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| (Dollars in Thousands) | ||||||||||||||||||
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Net income, as reported* | $ | 12,888 |
|
| $ | 11,865 |
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| $ | 11,703 |
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| $ | 10,875 |
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| $ | 11,740 |
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| ||||||||||
Average total assets* | $ | 5,790,469 |
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| $ | 5,762,620 |
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| $ | 5,852,114 |
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| $ | 5,757,715 |
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| $ | 5,654,792 |
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Less: Average goodwill and average identified intangible assets, net | 149,669 |
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| 150,385 |
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| 151,125 |
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| 151,932 |
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| 152,755 |
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Average tangible assets* | $ | 5,640,800 |
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| $ | 5,612,235 |
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| $ | 5,700,989 |
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| $ | 5,605,783 |
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| $ | 5,502,037 |
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Return on average tangible assets (annualized)* | 0.91 | % |
| 0.85 | % |
| 0.82 | % |
| 0.78 | % |
| 0.85 | % | |||||
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Average total stockholders' equity* | $ | 659,761 |
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| $ | 655,223 |
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| $ | 648,683 |
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| $ | 640,706 |
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| $ | 633,406 |
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Less: Average goodwill and average identified intangible assets, net | 149,669 |
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| 150,385 |
|
| 151,125 |
|
| 151,932 |
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| 152,755 |
| |||||
Average tangible stockholders' equity* | $ | 510,092 |
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| $ | 504,838 |
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| $ | 497,558 |
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| $ | 488,774 |
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| $ | 480,651 |
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Return on average tangible stockholders' equity (annualized)* | 10.11 | % |
| 9.40 | % |
| 9.41 | % |
| 8.90 | % |
| 9.77 | % | |||||
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Brookline Bancorp, Inc. stockholders' equity* | $ | 663,468 |
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| $ | 653,516 |
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| $ | 651,319 |
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| $ | 641,818 |
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| $ | 633,379 |
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Less: |
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| ||||||||||
Goodwill | 137,890 |
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| 137,890 |
|
| 137,890 |
|
| 137,890 |
|
| 137,890 |
| |||||
Identified intangible assets, net | 11,357 |
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| 12,082 |
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| 12,806 |
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| 13,544 |
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| 14,371 |
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Tangible stockholders' equity* | $ | 514,221 |
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| $ | 503,544 |
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| $ | 500,623 |
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| $ | 490,384 |
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| $ | 481,118 |
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Total assets* | $ | 5,839,529 |
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| $ | 5,782,934 |
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| $ | 5,755,146 |
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| $ | 5,800,948 |
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| $ | 5,718,944 |
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Less: |
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Goodwill | 137,890 |
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| 137,890 |
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| 137,890 |
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| 137,890 |
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| 137,890 |
| |||||
Identified intangible assets, net | 11,357 |
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| 12,082 |
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| 12,806 |
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| 13,544 |
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| 14,371 |
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Tangible assets* | $ | 5,690,282 |
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| $ | 5,632,962 |
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| $ | 5,604,450 |
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| $ | 5,649,514 |
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| $ | 5,566,683 |
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Tangible stockholders' equity to tangible assets* | 9.04 | % |
| 8.94 | % |
| 8.93 | % |
| 8.68 | % |
| 8.64 | % | |||||
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Tangible stockholders' equity* | $ | 514,221 |
|
| $ | 503,544 |
|
| $ | 500,623 |
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| $ | 490,384 |
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| $ | 481,118 |
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Number of common shares issued | 75,744,445 |
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| 75,744,445 |
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| 75,744,445 |
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| 75,744,445 |
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| 75,744,445 |
| |||||
Less: |
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Treasury shares | 4,861,085 |
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| 5,048,525 |
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| 5,042,238 |
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| 5,040,571 |
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| 5,035,956 |
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Unallocated ESOP shares | 222,645 |
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| 232,224 |
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| 241,803 |
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| 251,382 |
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| 261,453 |
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Unvested restricted shares | 486,999 |
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| 406,566 |
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| 418,035 |
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| 419,702 |
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| 427,952 |
| |||||
Number of common shares outstanding | 70,173,716 |
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| 70,057,130 |
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| 70,042,369 |
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| 70,032,790 |
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| 70,019,084 |
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Tangible book value per common share* | $ | 7.33 |
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| $ | 7.19 |
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| $ | 7.15 |
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| $ | 7.00 |
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| $ | 6.87 |
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Allowance for loan and lease losses | $ | 56,472 |
|
| $ | 56,398 |
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| $ | 55,106 |
|
| $ | 53,659 |
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| $ | 52,822 |
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Less: |
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Allowance for acquired loans and leases losses | 2,048 |
|
| 2,655 |
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| 2,911 |
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| 2,848 |
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| 1,933 |
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Allowance for originated loan and lease losses | $ | 54,424 |
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| $ | 53,743 |
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| $ | 52,195 |
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| $ | 50,811 |
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| $ | 50,889 |
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Total loans and leases | $ | 4,829,152 |
|
| $ | 4,729,581 |
|
| $ | 4,634,594 |
|
| $ | 4,822,607 |
|
| $ | 4,736,028 |
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Less: |
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Total acquired loans and leases | 457,922 |
|
| 509,028 |
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| 561,103 |
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| 590,654 |
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| 709,404 |
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Total originated loans and leases | $ | 4,371,230 |
|
| $ | 4,220,553 |
|
| $ | 4,073,491 |
|
| $ | 4,231,953 |
|
| $ | 4,026,624 |
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Allowance for loan and lease losses related to originated loans and leases as a percentageof originated loans and leases | 1.25 | % |
| 1.27 | % |
| 1.28 | % |
| 1.20 | % |
| 1.26 | % | |||||
(*) Previously reported amounts January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. | |||||||||||||||||||
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