Brookline Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Net Charge-Offs for the Second Quarter Ended June 30, 2018; Provides Tax Rate Guidance for the Second Half of 2018
July 25, 2018 at 09:05 pm
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Brookline Bancorp, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total interest and dividend income of $78,074,000, net interest income of $62,717,000, income before provision for income taxes of $29,071,000, net income attributable to company of $20,831,000 or $0.26 per basic and diluted share, return on average assets of 1.15%, return on average stockholders' equity of 9.53% compared to total interest and dividend income of $65,186,000, net interest income of $55,583,000, income before provision for income taxes of $24,392,000, net income attributable to company of $14,880,000 or $0.20 per basic and diluted share, return on average assets of 0.91%, return on average stockholders' equity of 7.76% for the same quarter a year ago. Return on average tangible assets was 1.17% against 0.93% a year ago. Return on average tangible stockholders' equity was 11.80% against 9.58% a year ago. Tangible book value per share increased $8.85 compared to $8.52 a year ago. Book value per common share was $10.94 compared to $10.42 a year ago.
For the six months, the company reported total interest and dividend income of $149,713,000, net interest income of $122,208,000, income before provision for income taxes of $54,151,000, net income attributable to company of $39,464,000 or $0.50 per basic and diluted share compared to total interest and dividend income of $127,537,000, net interest income of $108,681,000, income before provision for income taxes of $68,551,000, net income attributable to company of $28,325,000 or $0.39 per basic and diluted share for the same quarter a year ago. Return on average assets was 1.11% against 0.87% a year ago. Return on average stockholders' equity was 9.26% against 7.68% a year ago. Return on average tangible assets was 1.14% against 0.89% a year ago. Return on average tangible stockholders' equity was 11.41% against 9.56% a year ago.
Net charge-offs for the second quarter of 2018 were $2.3 million compared to $0.5 million in the first quarter of 2018.
The company expected effective tax rate of 24% for the remainder of 2018.
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 Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Net Charge-Offs for the Second Quarter Ended June 30, 2018; Provides Tax Rate Guidance for the Second Half of 2018