Home News Business Brookline Bancorp Fourth-Quarter Profit Almost Flat At $13.28M Compared With The Year...

Brookline Bancorp Fourth-Quarter Profit Almost Flat At $13.28M Compared With The Year Ago Period

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Brookline Bancorp (BRKL) has reported a marginal fall of 0.36 percent in profit for the quarter ended December 31, 2016. The company has earned $13.28 million, or $0.19 a share, compared with $13.33 million or $0.19 a share, a year ago.

Revenue during the quarter went down marginally by 1.01 percent to $54.07 million from $54.62 million in the previous year period. Net interest income for the quarter rose 3.55 percent over the prior year period to $51.85 million. Non-interest income for the quarter fell 10.44 percent over the last year period to $5.43 million.

Brookline Bancorp has made provision of $3.22 million for loan losses during the quarter, up 111.51 percent from $1.52 million in the same period last year.

Net interest margin contracted 14 basis points to 3.40 percent in the quarter from 3.54 percent in the last year period. Efficiency ratio for the quarter improved to 56.92 percent from 57.59 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

Paul Perrault, president and chief executive officer of the Company, stated: “We are very pleased to finish 2016 with over 5 percent year-to-year growth in earnings. We grew our loan balances by more than 8 percent and our demand deposits grew by 13 percent. Our asset quality remains stable and we continue to be well-capitalized. Looking towards 2017, the Company is solidly positioned to continue to grow and deliver consistent returns to our stockholders. I am grateful to all our employees who have demonstrated dedication and commitment in accomplishing these outstanding results.”

Liabilities outpace assets growth
Total assets stood at $6,438.13 million as on December 31, 2016, up 6.55 percent compared with $6,042.34 million on December 31, 2015. On the other hand, total liabilities stood at $5,735.38 million as on December 31, 2016, up 6.83 percent from $5,368.85 million on December 31, 2015.

Loans outpace deposit growth
Net loans stood at $5,345.20 million as on December 31, 2016, up 8.23 percent compared with $4,938.80 million on December 31, 2015. Deposits stood at $4,611.08 million as on December 31, 2016, up 7.08 percent compared with $4,306.02 million on Dec. 31, 2015.

Noninterest-bearing deposit liabilities were $900.47 million or 19.53 percent of total deposits on December 31, 2016, compared with $799.12 million or 18.56 percent of total deposits on December 31, 2015.

Investments stood at $610.75 million as on December 31, 2016, up 0.63 percent or $3.80 million from year-ago. Shareholders equity stood at $702.75 million as on December 31, 2016, up 4.35 percent or $29.26 million from year-ago.

Return on average assets moved down 6 basis points to 0.83 percent in the quarter from 0.89 percent in the last year period. At the same time, return on average equity decreased 40 basis points to 7.59 percent in the quarter from 7.99 percent in the last year period.

Nonperforming assets moved up 100.60 percent or $20.80 million to $41.48 million on December 31, 2016 from $20.68 million on December 31, 2015. Meanwhile, nonperforming assets to total assets was 0.64 percent in the quarter, up from 0.34 percent in the last year period.

Equity to assets ratio was 10.80 percent for the quarter, down from 11.05 percent for the previous year quarter. Book value per share was $9.88 for the quarter, up 3.89 percent or $0.37 compared to $9.51 for the same period last year.

About Brookline Bancorp

Brookline Bancorp, Inc. operates as a multi-bank holding company for Brookline Bank and its subsidiaries; Bank Rhode Island and its subsidiaries; First Ipswich Bank and its subsidiaries, and Brookline Securities Corp. As a commercially-focused financial institution with approximately 50 banking offices in greater Boston, the north shore of Massachusetts and Rhode Island, the Company offers commercial, business and retail banking services, including cash management products, online banking services, consumer and residential loans and investment services in central New England. The Company’s activities include acceptance of commercial; municipal and retail deposits; origination of mortgage loans on commercial and residential real estate located principally in Massachusetts and Rhode Island; origination of commercial loans and leases to small- and mid-sized businesses; investment in debt and equity securities, and the offering of cash management and investment advisory services.