Brookline Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for the Remainder of 2018; Reports Net Charge Offs for the First Quarter Ended March 31, 2018
April 25, 2018 at 04:05 pm EDT
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Brookline Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total interest and dividend income of $71,639,000, net interest income of $59,491,000, income before provision for income taxes of $25,080,000, net income attributable to company of $18,633,000 or $0.24 per basic and diluted share, return on average assets (annualized) of 1.08%, return on average stockholders' equity (annualized)of 8.98% compared to total interest and dividend income of $62,351,000, net interest income of $53,098,000, income before provision for income taxes of $21,848,000, net income attributable to company of $13,445,000 or $0.19 per basic and diluted share, return on average assets (annualized) of 0.83%, return on average stockholders' equity (annualized) of 7.58% for the same quarter a year ago. Return on average tangible assets (annualized) (non-GAAP) was 1.10% compared to 0.85% a year ago. Return on average tangible stockholders' equity (annualized) (non-GAAP) was 11.01% compared to 9.55% a year ago. Book value per common share as on March 31, 2018 was $10.80 compared to the $10.00 as at March 31, 2017. Tangible book value per share non-GAAP as on March 31, 2018 was $8.69 compared to $7.93 as at March 31, 2017. Excluding the impact of securities gains and merger charges, net income would have been $20 million or $0.26 per share.
For the first quarter of 2018, the company reported net charge-offs of $505,000 compared to $995,000 a year ago.
For the remainder of 2018, the company expects effective tax rate of 24%.
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 First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for the Remainder of 2018; Reports Net Charge Offs for the First Quarter Ended March 31, 2018