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16.07.2009 20:22:00
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Brookline Bancorp Announces 2009 Second Quarter Earnings and Dividend Declaration
Brookline Bancorp, Inc. (the "Company”) (NASDAQ: BRKL) announced today its earnings for the 2009 second quarter and approval by its Board of Directors of a regular quarterly dividend of $0.085 per share payable August 17, 2009 to stockholders of record on July 31, 2009.
The Company earned $4,678,000, or $0.08 per share on a basic and diluted basis, for the quarter ended June 30, 2009 compared to $3,674,000, or $0.06 per share on a basic and diluted basis, for the quarter ended June 30, 2008. Net income for the first half of 2009 was $8,121,000, or $0.14 per share on a basic and diluted basis, compared to $6,369,000, or $0.11 per share on a basic and diluted basis, for the first half of 2008. Operating highlights included:
- Improvement in net interest margin in both the 2009 second quarter and six month periods
- $173.1 million (13.0%) of deposit growth in the first half of 2009, $64.6 million of which occurred in the 2009 second quarter
- Reduced provisions for loan losses, especially in the 2009 second quarter, due primarily to a significant decline in indirect automobile loan net charge-offs
- Receipt of $1,614,000 of income in the 2009 second quarter resulting from full payment of a loan on which there was unaccreted discount
- An FDIC insurance special assessment of $1,102,000 charged to expense in the 2009 second quarter
- A $346,000 gain on the sale of mortgage-backed securities in the 2009 second quarter
- Recognition of impairment losses on securities, net of non-credit losses, in the first quarters of 2009 and 2008 of $726,000 and $1,249,000, respectively
- A $582,000 penalty from prepayment of $13.5 million of borrowings from the Federal Home Loan Bank of Boston ("FHLB”) with a weighted average interest rate of 4.95% charged to earnings in the 2009 second quarter
- No dividend income on FHLB stock in the first half of 2009 compared to $729,000 of dividend income in the first half of 2008
- Foregone interest income of $335,000 in the first half of 2009 due to a $22.5 million reduction in the average balance of stockholders’ equity resulting from the payment of semi-annual extra dividends
Excluding the $1,614,000 of income referred to above, net interest income was higher in the second quarter and six month periods in 2009 than in the comparable 2008 periods by 11.9% and 11.7%, respectively, due to asset and deposit growth and improvement in net interest margin. The average balance of interest-earning assets grew $166 million (7.0%), all of which was in loans, between the 2009 and 2008 second quarters and $186 million (7.9%) between the first half of 2009 and 2008. Much of the deposit growth in the first half of 2009 was used to pay off higher cost borrowed funds and brokered deposits. Net interest margin improved to 3.41% in the 2009 second quarter (3.16% excluding the $1,614,000 of income) from 3.00% in the 2009 first quarter and 3.03% in the 2008 second quarter. In those same periods, interest rate spread improved to 2.85% (2.60% excluding the $1,614,000 of income) from 2.38% and 2.21%, respectively.
As a member of the FHLB, the Company is obliged to own stock in the FHLB based on its level of borrowings from the FHLB. At June 30, 2009, the Company owned $36.0 million of FHLB stock, $8.8 million of which was in excess of its required level of ownership. Due to reported losses, the FHLB has restricted redemption of excess levels of stock ownership and ceased the payment of dividends on its stock. The Company does not expect to receive any dividend income from the FHLB in 2009.
The provision for credit losses was $1,876,000 in the 2009 second quarter compared to $2,579,000 in the 2008 second quarter and $4,677,000 in the first half of 2009 compared to $4,693,000 in the first half of 2008. The provision is comprised of amounts relating to the indirect automobile ("auto”) portfolio, equipment finance and small business loans originated by a subsidiary ("Eastern”), and the remainder of the Company’s loan portfolio and unfunded credit commitments.
The auto loan portfolio amounted to $573.2 million at June 30, 2009 compared to $597.2 million at December 31, 2008. The decline resulted from lower loan originations as the auto industry experienced a significant decline in sales. Underwriting continues to be conservative as only 2.9% of the $107.9 million of loans originated in the first half of 2009 were to borrowers with credit scores below 660. The average credit score of the borrowers related to these loan originations was 759. Auto loans delinquent over 30 days amounted to $10.6 million, or 1.86% of loans outstanding, at June 30, 2009 compared to $13.1 million (2.20%) at December 31, 2008.
Auto loan net charge-offs declined to $1,222,000 (or 0.85% of average loans outstanding on an annualized basis) in the 2009 second quarter from $1,868,000 (1.27%) in the 2009 first quarter and $1,688,000 (1.14%) in the 2008 second quarter. Net charge-offs in the first half of 2009 were $3,090,000 (1.06%) compared to $3,059,000 (1.03%) in the first half of 2008 and $6,671,000 (1.12%) in the year 2008.
The provision for auto loan losses was $1,350,000 in the 2009 second quarter compared to $2,200,000 in the 2008 second quarter and $3,450,000 in the first half of 2009 compared to $3,746,000 in the first half of 2008. The allowance for auto loan losses increased from $7,937,000, or 1.33% of loans outstanding, at December 31, 2008 to $8,297,000 (1.45%) at June 30, 2009.
The provision for Eastern loans was $296,000 in the 2009 second quarter compared to $129,000 in the 2008 second quarter and $647,000 in the first half of 2009 compared to $397,000 in the first half of 2008. Additionally, write-downs of assets acquired through repossession amounted to $162,000, $15,000, $356,000 and $134,000 in those respective periods. The annualized rate of net charge-offs, combined with write-downs of assets acquired, equaled 1.15% in the first half of 2009 compared to 0.65% in the 2008 second quarter and 0.84% in the year 2008.
Eastern loans delinquent over 30 days decreased from $2,929,000 (1.99% of loans outstanding) at December 31, 2008 to $2,326,000 (1.52%) at June 30, 2009. The total of Eastern loans on watch, restructured loans and non-accrual loans decreased from $8,049, 000 at December 31, 2008 to $7,576,000 at June 30, 2009. The allowance for Eastern loan losses was $2,715,000, or 1.77% of loans outstanding at June 30, 2009 compared to $2,577,000 (1.75%) at December 31, 2008.
The remainder of the Company’s loan portfolio at June 30, 2009, which amounted to $1.523 billion (including unfunded credit commitments of $120 million), grew $57.9 million in the first half of 2009. The portfolio was comprised primarily of commercial real estate loans ($501 million), multi-family mortgage loans ($399 million), residential mortgage loans ($350 million), commercial loans ($186 million), home equity loans ($48 million) and construction loans ($35 million). Loans on non-accrual amounted to $4,097,000 at June 30, 2009 compared to $2,950,000 at December 31, 2008 and other loans on watch were $12.2 million at June 30, 2009 compared to $10.1 million at December 31, 2008.
Impairment losses on securities in the first quarters of 2009 and 2008 were $726,000 and $1,249,000, respectively, as a result of write-downs in the carrying value of perpetual preferred stocks and a trust preferred security. In the 2009 second quarter, the market value of the securities written down in the 2009 first quarter increased by $613,000; that amount, net of income taxes, is included in other comprehensive income at June 30, 2009.
The reduction in fees, charges and other income of $236,000 in the 2009 second quarter compared to the 2008 second quarter and of $213,000 in the first half of 2009 compared to the first half of 2008 resulted from less deposit service fees and lower loan prepayment fees.
Non-interest expenses were $2,108,000 (20.2%) higher in the 2009 second quarter than in the 2008 second quarter and $2,525,000 (12.2%) higher in the first half of 2009 than in the first half of 2008. The increases resulted primarily from higher FDIC insurance ($1,928,000 between the six month periods, $1,102,000 of which related to the special assessment in the 2009 second quarter), expenses resulting from the addition of a new branch, higher marketing expense and professional fees in connection with addressing compliance matters outlined in a regulatory Order reported in the previous quarter. Partially offsetting the increased expenses was a $987,000 reduction in expense for restricted stock awards in the first half of 2009 compared to the first half of 2008.
The above text contains statements about future events that constitute forward-looking statements. Projections about future events are subject to risks and uncertainties that could cause actual results to differ materially. Factors that could cause such differences include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations and competition.
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BROOKLINE BANCORP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands except share data) |
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| June 30, | December 31, | June 30, | ||||||||||
| 2009 | 2008 | 2008 | ||||||||||
|
ASSETS |
||||||||||||
| Cash and due from banks | $ | 18,363 | $ | 22,270 | $ | 17,139 | ||||||
| Short-term investments | 98,364 | 99,082 | 86,737 | |||||||||
| Securities available for sale | 286,744 | 292,339 | 316,052 | |||||||||
|
Securities held to maturity (market value of $146, |
135 | 161 | 166 | |||||||||
| Restricted equity securities | 36,335 | 36,335 | 32,638 | |||||||||
| Loans | 2,146,311 | 2,105,551 | 1,983,313 | |||||||||
| Allowance for loan losses | (29,373 | ) | (28,296 | ) | (25,722 | ) | ||||||
| Net loans | 2,116,938 | 2,077,255 | 1,957,591 | |||||||||
| Accrued interest receivable | 8,844 | 8,835 | 8,899 | |||||||||
| Bank premises and equipment, net | 10,309 | 10,218 | 9,489 | |||||||||
| Deferred tax asset | 10,686 | 13,328 | 12,247 | |||||||||
| Prepaid income taxes | 2,587 | 193 | 462 | |||||||||
| Goodwill | 43,241 | 43,241 | 43,241 | |||||||||
|
Identified intangible assets, net of accumulated |
3,839 | 4,583 | 5,458 | |||||||||
| Other assets | 4,728 | 5,165 | 4,497 | |||||||||
| Total assets | $ | 2,641,113 | $ | 2,613,005 | $ | 2,494,616 | ||||||
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LIABILITIES AND EQUITY |
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| Retail deposits | $ | 1,500,959 | $ | 1,327,844 | $ | 1,282,114 | ||||||
| Brokered deposits | - | 26,381 | 27,047 | |||||||||
| Borrowed funds | 628,768 | 737,418 | 652,798 | |||||||||
| Mortgagors’ escrow accounts | 5,846 | 5,655 | 5,478 | |||||||||
| Accrued expenses and other liabilities | 18,165 | 20,040 | 20,122 | |||||||||
| Total liabilities | 2,153,738 | 2,117,338 | 1,987,559 | |||||||||
| Equity: | ||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity: | ||||||||||||
| Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued | - |
- |
- |
|||||||||
|
Common stock, $0.01 par value; 200,000,000 shares |
644 |
637 |
637 | |||||||||
| Additional paid-in capital | 523,140 | 518,712 | 517,268 | |||||||||
| Retained earnings, partially restricted | 24,299 | 38,092 | 53,433 | |||||||||
| Accumulated other comprehensive income (loss) | 2,378 | 1,385 | (393 | ) | ||||||||
| Treasury stock, at cost - 5,373,733 shares | (62,107 | ) | (62,107 | ) | (62,107 | ) | ||||||
|
Unallocated common stock held by ESOP - 497,681 |
(2,713 |
) |
(2,850 |
) |
(2,993 |
) |
||||||
|
Total Brookline Bancorp, Inc. stockholders’ equity |
485,641 | 493,869 | 505,845 | |||||||||
| Noncontrolling interest in subsidiary | 1,734 | 1,798 | 1,212 | |||||||||
| Total equity | 487,375 | 495,667 | 507,057 | |||||||||
| Total liabilities and equity | $ | 2,641,113 | $ | 2,613,005 | $ | 2,494,616 | ||||||
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BROOKLINE BANCORP, INC. AND SUBSIDIARIES Consolidated Statements of Income (In thousands except share data) |
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| Three months ended | Six months ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||
| Interest income: | |||||||||||||
| Loans | $ | 33,308 | $ | 30,852 | $ | 64,862 | $ | 61,806 | |||||
| Debt securities | 2,845 | 3,740 | 5,920 | 7,156 | |||||||||
| Marketable equity securities | 21 | 55 | 43 | 123 | |||||||||
| Restricted equity securities | 2 | 326 | 4 | 733 | |||||||||
| Short-term investments | 46 | 405 | 248 | 1,411 | |||||||||
| Total interest income | 36,222 | 35,378 | 71,077 | 71,229 | |||||||||
| Interest expense: | |||||||||||||
| Retail deposits | 8,180 | 10,163 | 16,760 | 21,676 | |||||||||
| Brokered deposits | 75 | 569 | 424 | 1,480 | |||||||||
| Borrowed funds | 6,151 | 6,600 | 12,970 | 12,803 | |||||||||
| Subordinated debt | - | - | - | 65 | |||||||||
| Total interest expense | 14,406 | 17,332 | 30,154 | 36,024 | |||||||||
| Net interest income | 21,816 | 18,046 | 40,923 | 35,205 | |||||||||
| Provision for credit losses | 1,876 | 2,579 | 4,677 | 4,693 | |||||||||
| Net interest income after provision for credit losses | 19,940 | 15,467 | 36,246 | 30,512 | |||||||||
| Non-interest income: | |||||||||||||
| Fees, charges and other income | 887 | 1,123 | 1,904 | 2,117 | |||||||||
| Penalty from prepayment of borrowed funds | (582 | ) | - | (582 | ) | - | |||||||
| Gain on sales of securities | 346 | - | 346 | - | |||||||||
| Loss on impairment of securities | - | - | (779 | ) | (1,249 | ) | |||||||
| Less non-credit loss on impairment of securities | - | - | 53 | - | |||||||||
| Total non-interest income | 651 | 1,123 | 942 | 868 | |||||||||
| Non-interest expense: | |||||||||||||
| Compensation and employee benefits | 5,294 | 5,210 | 10,260 | 10,558 | |||||||||
| Occupancy | 1,094 | 905 | 2,139 | 1,839 | |||||||||
| Equipment and data processing | 1,870 | 1,701 | 3,628 | 3,404 | |||||||||
| Professional services | 576 | 519 | 1,221 | 1,005 | |||||||||
| FDIC insurance | 1,573 | 37 | 2,003 | 75 | |||||||||
| Advertising and marketing | 286 | 203 | 417 | 337 | |||||||||
| Amortization of identified intangible assets | 372 | 438 | 744 | 876 | |||||||||
| Other | 1,478 | 1,422 | 2,851 | 2,644 | |||||||||
| Total non-interest expense | 12,543 | 10,435 | 23,263 | 20,738 | |||||||||
| Income before income taxes | 8,048 | 6,155 | 13,925 | 10,642 | |||||||||
| Provision for income taxes | 3,245 | 2,366 | 5,639 | 4,073 | |||||||||
| Net income | 4,803 | 3,789 | 8,286 | 6,569 | |||||||||
| Less net income attributable to noncontrolling interest in subsidiary |
125 |
115 |
165 |
200 |
|||||||||
| Net income attributable to Brookline Bancorp, Inc. | $ | 4,678 | $ | 3,674 | $ | 8,121 | $ | 6,369 | |||||
| Earnings per common share attributable to Brookline Bancorp, Inc.: | |||||||||||||
| Basic | $ | 0.08 | $ | 0.06 | $ | 0.14 | $ | 0.11 | |||||
| Diluted | 0.08 | 0.06 | 0.14 | 0.11 | |||||||||
| Weighted average common shares outstanding during the period: | |||||||||||||
| Basic | 58,491,808 | 57,571,596 | 58,207,192 | 57,530,047 | |||||||||
| Diluted | 58,494,720 | 57,821,388 | 58,275,742 | 57,792,627 | |||||||||
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BROOKLINE BANCORP, INC. AND SUBSIDIARIES Average Yields / Costs |
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| Three months ended June 30, | |||||||||||||||||||||||
| 2009 | 2008 | ||||||||||||||||||||||
|
Average balance |
Interest (1) |
Average |
Average balance |
Interest (1) |
Average |
||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||
|
Assets |
|||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||
| Short-term investments | $ | 82,174 | $ | 46 | 0.22 | % | $ | 73,119 | $ | 405 | 2.22 | % | |||||||||||
| Debt securities (2) | 303,971 | 2,853 | 3.75 | 328,553 | 3,797 | 4.62 | |||||||||||||||||
| Equity securities (2) | 37,402 | 31 | 0.33 | 34,009 | 402 | 4.74 | |||||||||||||||||
| Mortgage loans (3) (4) | 1,221,807 | 18,518 | 6.06 | 1,051,557 | 15,594 | 5.93 | |||||||||||||||||
| Home equity loans (3) | 46,087 | 423 | 3.68 | 36,291 | 438 | 4.84 | |||||||||||||||||
| Commercial loans - Eastern (3) | 151,810 | 3,417 | 9.00 | 144,326 | 3,536 | 9.80 | |||||||||||||||||
| Other commercial loans (3) |
118,580 |
1,380 |
4.66 |
109,966 |
1,511 |
5.50 |
|||||||||||||||||
| Indirect automobile loans (3) | 592,392 | 9,518 | 6.44 | 609,887 | 9,715 | 6.39 | |||||||||||||||||
| Other consumer loans (3) | 3,882 | 53 | 5.46 | 3,924 | 58 | 5.91 | |||||||||||||||||
| Total interest-earning assets (4) | 2,558,105 | 36,239 | 5.67 | % | 2,391,632 | 35,456 | 5.93 | % | |||||||||||||||
| Allowance for loan losses | (28,901 | ) | (24,892 | ) | |||||||||||||||||||
| Non-interest earning assets | 101,912 | 99,772 | |||||||||||||||||||||
| Total assets | $ | 2,631,116 | $ | 2,466,512 | |||||||||||||||||||
|
Liabilities and Equity |
|||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||
| NOW accounts | $ | 90,872 | 43 | 0.19 | % | $ | 88,338 | 61 | 0.28 | % | |||||||||||||
| Savings accounts | 90,778 |
233 |
1.03 | 90,768 | 300 | 1.33 | |||||||||||||||||
| Money market savings accounts | 348,590 | 1,429 | 1.64 | 226,999 | 1,205 | 2.13 | |||||||||||||||||
| Retail certificates of deposit | 856,276 | 6,476 | 3.03 | 816,158 | 8,597 | 4.22 | |||||||||||||||||
| Total retail deposits | 1,386,516 | 8,181 | 2.37 | 1,222,263 | 10,163 | 3.34 | |||||||||||||||||
| Brokered certificates of deposit | 5,627 | 75 | 5.35 | 42,275 | 569 | 5.40 | |||||||||||||||||
| Total deposits | 1,392,143 | 8,256 | 2.38 | 1,264,538 | 10,732 | 3.40 | |||||||||||||||||
| Borrowed funds | 654,478 | 6,151 | 3.72 | 602,133 | 6,600 | 4.34 | |||||||||||||||||
| Total interest-bearing liabilities | 2,046,621 | 14,407 | 2.82 | % | 1,866,671 | 17,332 | 3.72 | % | |||||||||||||||
|
Non-interest-bearing demand checking accounts |
73,366 | 68,077 | |||||||||||||||||||||
| Other liabilities | 23,921 | 23,523 | |||||||||||||||||||||
| Total liabilities | 2,143,908 | 1,958,271 | |||||||||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity | 485,521 | 506,606 | |||||||||||||||||||||
| Noncontrolling interest in subsidiary | 1,687 | 1,635 | |||||||||||||||||||||
| Total liabilities and equity | $ | 2,631,116 | $ | 2,466,512 | |||||||||||||||||||
|
Net interest income (tax equivalent |
21,832 | 2.85 | % | 18,124 | 2.21 | % | |||||||||||||||||
| Less adjustment of tax exempt income | 16 | 78 | |||||||||||||||||||||
| Net interest income | $ | 21,816 | $ | 18,046 | |||||||||||||||||||
|
Net interest margin (4) (6) |
3.41 | % | 3.03 | % | |||||||||||||||||||
| (1) | Tax exempt income on equity securities and municipal obligations is included on a tax equivalent basis. | |
| (2) |
Average balances include unrealized gains (losses) on securities available for sale. Equity securities include marketable equity securities (preferred and common stocks) and restricted equity securities. |
|
| (3) | Loans on non-accrual status are included in average balances. | |
| (4) |
In the 2009 period, interest income includes $1,614 due to the payoff of a loan on which there was unaccreted discount. Excluding this income, the yield on mortgage loans and interest-earning assets would have been 5.53% and 5.42%, respectively. Interest rate spread and net interest margin would have been 2.60% and 3.16%, respectively. |
|
| (5) | Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | |
| (6) | Net interest margin represents net interest income (tax equivalent basis) divided by average interest-earning assets. |
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BROOKLINE BANCORP, INC. AND SUBSIDIARIES Selected Financial Ratios and Other Data |
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| Three months ended | Six months ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||
| Performance Ratios (annualized): | |||||||||||||||||
| Return on average assets | 0.71 | % | 0.60 | % | 0.62 | % | 0.52 | % | |||||||||
|
Return on average stockholders' equity |
3.85 | % | 2.90 | % | 3.33 | % | 2.50 | % | |||||||||
| Interest rate spread | 2.85 | % | (A) | 2.21 | % | 2.61 | % | 2.12 | % | ||||||||
|
Net interest margin |
3.41 | % | (A) | 3.03 | % | 3.21 | % | 2.99 | % | ||||||||
|
(A) Excluding interest income of $1,614,000 due to the payoff of a
loan on which there was |
|||||||||||||||||
|
Dividends paid per share during period |
$ |
0.085 |
$ |
0.085 |
$ |
0.37 |
$ |
0.37 |
|||||||||
| At | At | At | ||||||||||||
| June 30, | December 31, | June 30, | ||||||||||||
| 2009 | 2008 | 2008 | ||||||||||||
| (dollars in thousands except per share data) | ||||||||||||||
| Capital Ratio: | ||||||||||||||
|
Stockholders' equity to total assets |
18.39 | % | 18.90 | % | 20.28 | % | ||||||||
| Tangible stockholders’ equity to total assets | 16.78 | % | 17.39 | % | 18.69 | % | ||||||||
| Asset Quality: | ||||||||||||||
| Non-accrual loans | $ | 6,954 | $ | 6,059 | $ | 5,222 | ||||||||
| Non-performing assets | 8,799 | 8,195 | 6,939 | |||||||||||
| Allowance for loan losses | 29,373 | 28,296 | 25,722 | |||||||||||
| Allowance for loan losses as a percent of total loans | 1.37 | % | 1.34 | % | 1.30 | % | ||||||||
| Non-performing assets as a percent of total assets | 0.33 | % | 0.31 | % | 0.28 | % | ||||||||
| Per Share Data: | ||||||||||||||
| Book value per share | $ | 8.23 | $ | 8.46 | $ | 8.67 | ||||||||
| Tangible book value per share | 7.43 | 7.64 | 7.83 | |||||||||||
| Market value per share | 9.32 | 10.65 | 9.55 | |||||||||||
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