Brookline Bancorp (BRKL) has reported a marginal fall of 0.36 percent in profit for the quarter ended Dec. 31, 2016. The company has earned $13.28 million, or $0.19 a share, compared with $13.33 million or $0.19 a share, a year ago.
Revenue during the quarter went down marginally by 1.01 percent to $54.07 million from $54.62 million in the previous year period. Net interest income for the quarter rose 3.55 percent over the prior year period to $51.85 million. Non-interest income for the quarter fell 10.44 percent over the last year period to $5.43 million.
Brookline Bancorp has made provision of $3.22 million for loan losses during the quarter, up 111.51 percent from $1.52 million in the same period last year.
Net interest margin contracted 14 basis points to 3.40 percent in the quarter from 3.54 percent in the last year period. Efficiency ratio for the quarter improved to 56.92 percent from 57.59 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Paul Perrault, president and chief executive officer of the Company, stated: "We are very pleased to finish 2016 with over 5 percent year-to-year growth in earnings. We grew our loan balances by more than 8 percent and our demand deposits grew by 13 percent. Our asset quality remains stable and we continue to be well-capitalized. Looking towards 2017, the Company is solidly positioned to continue to grow and deliver consistent returns to our stockholders. I am grateful to all our employees who have demonstrated dedication and commitment in accomplishing these outstanding results."
Liabilities outpace assets growthTotal assets stood at $6,438.13 million as on Dec. 31, 2016, up 6.55 percent compared with $6,042.34 million on Dec. 31, 2015. On the other hand, total liabilities stood at $5,735.38 million as on Dec. 31, 2016, up 6.83 percent from $5,368.85 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $5,345.20 million as on Dec. 31, 2016, up 8.23 percent compared with $4,938.80 million on Dec. 31, 2015. Deposits stood at $4,611.08 million as on Dec. 31, 2016, up 7.08 percent compared with $4,306.02 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $900.47 million or 19.53 percent of total deposits on Dec. 31, 2016, compared with $799.12 million or 18.56 percent of total deposits on Dec. 31, 2015.
Investments stood at $610.75 million as on Dec. 31, 2016, up 0.63 percent or $3.80 million from year-ago. Shareholders equity stood at $702.75 million as on Dec. 31, 2016, up 4.35 percent or $29.26 million from year-ago.
Return on average assets moved down 6 basis points to 0.83 percent in the quarter from 0.89 percent in the last year period. At the same time, return on average equity decreased 40 basis points to 7.59 percent in the quarter from 7.99 percent in the last year period.
Nonperforming assets moved up 100.60 percent or $20.80 million to $41.48 million on Dec. 31, 2016 from $20.68 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.64 percent in the quarter, up from 0.34 percent in the last year period.
Equity to assets ratio was 10.80 percent for the quarter, down from 11.05 percent for the previous year quarter. Book value per share was $9.88 for the quarter, up 3.89 percent or $0.37 compared to $9.51 for the same period last year.
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