Brookline Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017
January 31, 2018 at 09:15 pm
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Brookline Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, total interest and dividend income was $68,337,000 against $60,983,000 a year ago. Net interest income was $57,657,000 against $51,854,000 a year ago. Income before provision for income taxes was $26,518,000 against $21,462,000 a year ago. Net income attributable to Brookline Bancorp, Inc. was $6,827,000 against $13,279,000 a year ago. Earnings per basic and diluted common share were $0.09 against $0.19 a year ago. Return on average assets was 0.41% against 0.83% a year ago. Return on average stockholders' equity was 3.37% against 7.59% a year ago.
For the year, total interest and dividend income was $263,050,000 against $239,648,000 a year ago. Net interest income was $223,181,000 against $203,664,000 a year ago. Income before provision for income taxes was $97,255,000 against $85,616,000 a year ago. Net income attributable to Brookline Bancorp, Inc. was $50,518,000 against $52,362,000 a year ago. Earnings per basic and diluted common share were $0.68 against $0.74 a year ago. Tangible book value per share was $8.61 against $7.81 a year ago. Return on average assets was 0.76% against 0.83% a year ago. Return on average stockholders' equity was 6.53% against 7.59% a year ago.
Net charge-offs for the fourth quarter of 2017 were $8.5 million compared to $8.3 million a year ago.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017