Brookline Bancorp, Inc. Announces Unaudited Consolidated Earnings for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Total Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 27, 2016 at 05:20 pm
Share
Brookline Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company announced total interest and dividend income of $58,448,000 compared to $55,826,000 a year ago. Net interest income was $50,078,000 compared to $47,576,000 a year ago. Net interest income after provision for credit losses was $48,558,000 compared to $45,852,000 a year ago. Income before provision for income taxes was $22,292,000 compared to $17,938,000 a year ago. Net income attributable to company was $13,327,000 or $0.19 per basic and diluted share compared to $10,875,000 or $0.16 per basic and diluted share a year ago. The increase in net interest income included the accelerated recognition of $1.0 million related to several acquired loans which paid off during the quarter with the remaining increase of $0.5 million primarily driven by increased interest income from higher loan balances, partially offset by increased interest expense from higher deposit balances. The return on average assets remained unchanged at 0.89% during the fourth quarter of 2015. The return on average tangible assets increased to 0.92% for the fourth quarter of 2015 from 0.91% for the third quarter of 2015. The return on average stockholders' equity increased during the fourth quarter of 2015 to 7.99% from 7.81% for the third quarter of 2015. The return on average tangible stockholders' equity increased to 10.28% for the fourth quarter of 2015 from 10.11% for the third quarter of 2015.
For the year, the company announced total interest and dividend income of $226,910,000 compared to $218,482,000 a year ago. Net interest income was $194,365,000 compared to $189,068,000 a year ago. Net interest income after provision for credit losses was $186,914,000 compared to $180,591,000 a year ago. Income before provision for income taxes was $81,721,000 compared to $71,611,000 a year ago. Net income attributable to company was $49,782,000 or $0.71 per basic and diluted share compared to $43,288,000 or $0.62 per basic and diluted share a year ago. Return on average assets was 0.85% compared to 0.78% a year ago. Return on average tangible assets was 0.87% compared to 0.80% a year ago. Return on average stockholders' equity was 7.57% compared to 6.86% a year ago. Return on average tangible stockholders' equity was 9.80% compared to 9.06% a year ago. Book value per share at December 31, 2015 was $9.51 compared to $9.16 a year ago. Tangible book value per share at December 31, 2015 was $7.39 compared to $7.00 a year ago.
Net charge-offs decreased $0.2 million to $1.4 million for the fourth quarter of 2015 from $1.6 million for the third quarter of 2015. The ratio of net charge-offs to average loans on an annualized basis decreased to 11 basis points for the fourth quarter of 2015 from 13 basis points for the third quarter of 2015.
Brookline Bancorp, Inc. is a bank holding company for Brookline Bank, Bank Rhode Island (BankRI), PCSB Bank (the Banks). The Bank offers a range of commercial, business and retail banking services, including a full complement of cash management products, on-line banking services, and consumer and residential loans and investment services, designed to meet the financial needs of small-to mid-sized businesses and individuals throughout Central New England and the Lower Hudson Valley in New York. Its specialty lending activities, including equipment financing, are focused on the New York and New Jersey metropolitan area, with services offered throughout the United States. The Bank, through its subsidiary Eastern Funding LLC, conducts equipment financing activities in the greater New York and New Jersey metropolitan area and elsewhere in the United States. The Bank operates 29 full-service banking offices and two lending offices in the greater Boston metropolitan area.
Brookline Bancorp, Inc. Announces Unaudited Consolidated Earnings for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Total Net Charge-Offs for the Fourth Quarter Ended December 31, 2015