Brookline Bancorp Inc. (BRKL, Financial) filed Annual Report for the period ended 2011-12-31.
Brookline Bc has a market cap of $547.1 million; its shares were traded at around $9.18 with a P/E ratio of 19.3 and P/S ratio of 3.8. The dividend yield of Brookline Bc stocks is 3.7%. Brookline Bc had an annual average earning growth of 5.1% over the past 10 years. GuruFocus rated Brookline Bc the business predictability rank of 2-star.
(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 commercial real estate loans and interest-earning assets would have been 5.52% and 5.39%, respectively. Interest-rate spread and net interest margin would have been 2.76% and 3.28%, respectively. (5)Including non-interest bearing checking accounts, the average interest rate on total deposits, excluding brokered deposits, in the years ended December 31, 2011, 2010 and 2009 was .94%, 1.25% and 2.06%, respectively. (6)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. (7)Net interest margin represents net interest income (tax equivalent basis) divided by average interest-earning assets.
Net income for 2011 increased $728,000, or 2.7%, to $27.6 million from $26.9 million for 2010. Basic and fully diluted EPS increased from $0.46 for 2010 to $0.47 for 2011. Net income for 2011 includes $1.3 million (after-tax) of professional service fees, including merger-related expenses, related to the acquisitions of First Ipswich Bancorp and Bancorp Rhode Island. The 2011 earnings represented a return on average assets of 0.90% and a return on average stockholders' equity of 5.51% for 2011, as compared to a return on average assets of 1.01% and a return on average stockholders' equity of 5.45% for 2010.
For 2011, net interest income was $110.2 million, compared to $96.4 million for 2010. The net interest margin for 2011 was 3.76% compared to a net interest margin of 3.74% for the prior year. Although the yield on the Company's interest-earning assets declined by 30 bps compared to 2010, net interest income increased $13.8 million, or 14.3%, as a result of cost of funds on interest-bearing liabilities declining by 40 bps. Interest-earning assets and interest-bearing liabilities increased from 2010, $365.3 million and $311.5 million, respectively, primarily due to the acquisition of First Ipswich Bancorp.
Net income for 2010 increased $7.7 million, or 40.0%, to $26.9 million from $19.2 million for 2009. Basic and fully diluted EPS increased from $0.33 for 2009 to $0.46 for 2010. The 2010 earnings represented a return on average assets of 1.01% and a return on average stockholders' equity of 5.45% for 2010, as compared to a return on average assets of 0.73% and a return on average stockholders' equity of 3.94% for 2009.
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Brookline Bc has a market cap of $547.1 million; its shares were traded at around $9.18 with a P/E ratio of 19.3 and P/S ratio of 3.8. The dividend yield of Brookline Bc stocks is 3.7%. Brookline Bc had an annual average earning growth of 5.1% over the past 10 years. GuruFocus rated Brookline Bc the business predictability rank of 2-star.
Highlight of Business Operations:
Net interest income for 2011 was $110.2 million, compared to $96.4 million for 2010 and $86.3 million for 2009. The net interest margin increased in 2011 to 3.76%, compared to 3.74% in 2010 and 3.38% in 2009. The increase in net interest income of $13.8 million, or 14.3%, during 2011 was primarily attributable to achieving a lower cost of funding, despite increased levels of average earning assets at lower average yields and average interest-bearing liabilities. Average earning assets increased $365.3 million, or 14.2%, and average interest-bearing liabilities increased $311.5 million, or 15.3%, during 2011, compared to 2010.(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 commercial real estate loans and interest-earning assets would have been 5.52% and 5.39%, respectively. Interest-rate spread and net interest margin would have been 2.76% and 3.28%, respectively. (5)Including non-interest bearing checking accounts, the average interest rate on total deposits, excluding brokered deposits, in the years ended December 31, 2011, 2010 and 2009 was .94%, 1.25% and 2.06%, respectively. (6)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. (7)Net interest margin represents net interest income (tax equivalent basis) divided by average interest-earning assets.
Net income for 2011 increased $728,000, or 2.7%, to $27.6 million from $26.9 million for 2010. Basic and fully diluted EPS increased from $0.46 for 2010 to $0.47 for 2011. Net income for 2011 includes $1.3 million (after-tax) of professional service fees, including merger-related expenses, related to the acquisitions of First Ipswich Bancorp and Bancorp Rhode Island. The 2011 earnings represented a return on average assets of 0.90% and a return on average stockholders' equity of 5.51% for 2011, as compared to a return on average assets of 1.01% and a return on average stockholders' equity of 5.45% for 2010.
For 2011, net interest income was $110.2 million, compared to $96.4 million for 2010. The net interest margin for 2011 was 3.76% compared to a net interest margin of 3.74% for the prior year. Although the yield on the Company's interest-earning assets declined by 30 bps compared to 2010, net interest income increased $13.8 million, or 14.3%, as a result of cost of funds on interest-bearing liabilities declining by 40 bps. Interest-earning assets and interest-bearing liabilities increased from 2010, $365.3 million and $311.5 million, respectively, primarily due to the acquisition of First Ipswich Bancorp.
Net income for 2010 increased $7.7 million, or 40.0%, to $26.9 million from $19.2 million for 2009. Basic and fully diluted EPS increased from $0.33 for 2009 to $0.46 for 2010. The 2010 earnings represented a return on average assets of 1.01% and a return on average stockholders' equity of 5.45% for 2010, as compared to a return on average assets of 0.73% and a return on average stockholders' equity of 3.94% for 2009.
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