Brookline Bancorp, Inc. Announces Unaudited Consolidated Earnings for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Total Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 29, 2015 at 03:50 am IST
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Brookline Bancorp, Inc. announced unaudited consolidated earnings for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $47,576,000 against $43,774,000 for the same period a year ago. Income before income taxes was $17,464,000 against $12,474,000 for the same period a year ago. Net income attributable to the company was $10,786,000 or $0.15 basic and diluted earnings per share against $7,654,000 or $0.11 basic and diluted earnings per share for the same period a year ago. The return on average assets decreased during the fourth quarter of 2014 to 0.75% at December 31, 2014 from 0.82% for the third quarter of 2014. Return on average stockholders' equity was 6.74% against 4.95% for the same period a year ago. Book value per share as on December 31, 2014 was $9.15 compared to $8.79 as at December 31, 2013. Tangible book value per share as on December 31, 2013 (non-GAAP) was $6.99 compared to $6.57 as at December 31, 2013. Return on average tangible assets (annualized) was $8.85 compared to $6.61 for the same period a year ago. Total interest and dividend income was $55,826,000 compared to $51,049,000 for the same period a year ago.
For the year, the company reported net interest income of $189,068,000 against $176,218,000 for the same period a year ago. Income before income taxes was $69,551,000 against $56,654,000 for the same period a year ago. Net income attributable to the company was $42,765,000 or $0.61 basic and diluted earnings per share against $35,386,000 or $0.51 basic and diluted earnings per share for the same period a year ago. Total interest and dividend income was $218,482,000 compared to $206,384,000 for the same period a year ago.
The company reported total net charge-offs of $874,000 for the fourth quarter ended December 31, 2014 against $1,676,000 for the same period ended December 31, 2013.
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, 2014; Reports Total Net Charge-Offs for the Fourth Quarter Ended December 31, 2014