Net Loss of $(17.3) million, EPS of $(0.22)
Announces $0.115 Dividend per Share
BOSTON, April 29, 2020 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net loss of $(17.3) million, or $(0.22) per basic and diluted share, for the first quarter of 2020, compared to net income of $22.2 million, or $0.28 per basic and diluted share, for the fourth quarter of 2019, and net income of $22.5 million, or $0.28 per basic and diluted share, for the first quarter of 2019.
Paul Perrault, President and Chief Executive Officer of the Company noted, “I would like to take a moment to acknowledge the ongoing public health concern surrounding the COVID-19 pandemic. In these unprecedented times, I am thankful for our employees who have risen to the challenge of providing support for our customers and our communities.”
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) which, among other things, provides small business borrowers with several options for relief including automatic payment deferrals from the Small Business Administration (the “SBA”) and additional funding options pursuant to the Paycheck Protection Program (“PPP”). PPP loans were made available beginning on April 3, 2020 through approved SBA lenders, including the Company’s subsidiary banks, Brookline Bank and Bank Rhode Island. Brookline Bank and Bank Rhode Island immediately began accepting loan applications pursuant to the PPP program on April 3, 2020. The initial PPP funding provided by Congress was exhausted as of April 16 at which time, together, Brookline Bank and Bank Rhode Island made 2,183 loans totaling $518 million. In addition to providing access to the PPP program, the Company has been proactively working with commercial and consumer customers and providing relief options including payment deferrals and fee waivers where appropriate.
BALANCE SHEET
Total assets at March 31, 2020 increased $604.7 million to $8.5 billion from $7.9 billion at December 31, 2019, and increased $942.5 million from $7.5 billion at March 31, 2019. At March 31, 2020, total loans and leases were $6.8 billion, representing an increase of $84.7 million from December 31, 2019, and an increase of $434.3 million from March 31, 2019, primarily driven by growth in the commercial real estate portfolio.
Investment securities at March 31, 2020 increased $174.7 million to $764.1 million, as compared to $589.4 million at December 31, 2019, and increased approximately $157.0 million from $607.1 million at March 31, 2019. Cash and cash equivalents at March 31, 2020 increased $263.0 million to $340.8 million, as compared to $77.8 million at December 31, 2019, and increased $228.4 million from $112.3 million at March 31, 2019. As of March 31, 2020, securities, cash and cash equivalents represented 13.1 percent of total assets as compared to 8.5 percent and 9.6 percent as of December 31, 2019 and March 31, 2019, respectively.
Total deposits at March 31, 2020 increased $59.9 million from $5.8 billion at December 31, 2019 to $5.9 billion and increased $269.3 million from $5.6 billion at March 31, 2019.
Total borrowed funds at March 31, 2020 increased $389.1 million to $1.3 billion from $902.7 million at December 31, 2019 and increased $425.8 million from $866.0 million at March 31, 2019.
The ratio of stockholders’ equity to total assets was 10.78 percent at March 31, 2020, as compared to 12.04 percent at December 31, 2019, and 11.98 percent at March 31, 2019. The ratio of tangible stockholders’ equity to tangible assets was 9.02 percent at March 31, 2020, as compared to 10.15 percent at December 31, 2019, and 9.99 percent at March 31, 2019. Tangible book value per share decreased $0.31 from $9.80 at December 31, 2019 to $9.49 at March 31, 2020, compared to $9.22 at March 31, 2019.
NET INTEREST INCOME
Net interest income decreased $2.2 million to $61.7 million during the first quarter of 2020 from $63.9 million at the quarter ended December 31, 2019. The net interest margin decreased 12 basis points to 3.31 percent for the three months ended March 31, 2020.
NON-INTEREST INCOME
Non-interest income for the quarter ended March 31, 2020 increased $1.5 million to $9.3 million from $7.8 million for the quarter ended December 31, 2019. The increase was primarily driven by increases of $1.2 million in gain on investment securities, net and $1.1 million in other non-interest income, partially offset by decreases of $0.3 million in deposit fees, $0.3 million in loan level derivative income, net and $0.2 million in gain on sales of loans and leases.
PROVISION FOR CREDIT LOSSES
On January 1, 2020, the Company adopted ASU 2016-13 "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", commonly referred to as CECL. The Company is using a third-party provided loss estimation model, which calculates the effects of various third-party economic forecasts using the Company's loan portfolio characteristics to determine potential losses over the remaining lifetime of the loans consistent with the requirements of CECL.
Upon adoption of CECL on January 1, 2020, the allowance for loan losses increased $6.6 million, and the reserve for unfunded commitments increased $9.0 million for a combined increase of $15.6 million for the allowance for credit losses ("ACL"). The after tax impact of $11.7 million or $0.15 per share was recognized as a reduction to retained earnings, representing the cumulative effective adjustment from a change in accounting policies.
For the first quarter of 2020, the latest available forecast was used to evaluate the economic effects of the COVID-19 pandemic on the Company’s loan portfolios which resulted in the Company recording a provision for credit losses of $54.1 million for the quarter ended March 31, 2020, compared to $3.6 million for the quarter ended December 31, 2019. Other than one large credit, asset quality was consistent during quarter and the increase in provision was primarily driven by the forecasted economic effect of the COVID-19 pandemic.
Total net charge-offs for the first quarter of 2020 were $2.2 million compared to $1.6 million in the fourth quarter of 2019. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 13 basis points for the first quarter of 2020 from 10 basis points for the fourth quarter of 2019.
The allowance for loan and lease losses increased $45.5 million from January 1, 2020 and $52.1 million from December 31, 2019 and represented 1.66 percent of total loans and leases at March 31, 2020, compared to 0.91 percent at December 31, 2019, and 0.91 percent at March 31, 2019.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended March 31, 2020 increased $1.9 million to $40.7 million from $38.8 million for the quarter ended December 31, 2019. The increase was primarily driven by increases of $1.2 million in compensation and employee benefits expense, $0.5 million in professional services expense, $0.3 million in FDIC insurance expense, and $0.2 million in advertising and marketing expense, partially offset by a decrease of $0.3 million in other non-interest expense.
PROVISION FOR INCOME TAXES
The effective tax rate was 27.5 percent and 24.2 percent for the three months ended March 31, 2020 and December 31, 2019, respectively. The increase in effective tax rate was driven by the tax benefit recognition for the net operating loss carryback of the First Common Bank acquisition as a result of the Coronavirus Aid, Relief and Economic Security Act (the CARES Act).
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The annualized return on average assets decreased to a negative 0.87 percent during the first quarter of 2020 from a positive 1.13 percent for the fourth quarter of 2019.
The annualized return on average stockholders' equity decreased to a negative 7.30 percent during the first quarter of 2020 from 9.42 percent for the fourth quarter of 2019. The annualized return on average tangible stockholders’ equity decreased to a negative 8.84 percent for the first quarter of 2020 from 11.42 percent for the fourth quarter of 2019.
ASSET QUALITY
The ratio of nonperforming loans and leases to total loans and leases was 0.57 percent at March 31, 2020, an increase from 0.29 percent at December 31, 2019. Nonperforming loans and leases increased $19.6 million to $39.1 million at March 31, 2020 from $19.5 million at December 31, 2019. The increase was primarily driven by the inclusion of $9.7 million of acquired impaired credits under the new accounting standard and one commercial relationship of $8.5 million that was placed on nonaccural in the first quarter. The ratio of nonperforming assets to total assets was 0.49 percent at March 31, 2020, an increase from 0.28 percent at December 31, 2019. Nonperforming assets increased $19.0 million to $41.1 million at March 31, 2020 from $22.1 million at December 31, 2019.
Nonaccrual loans increased $19.6 million from December 31, 2019 to $39.1 million. The increase was primarily driven by the implementation of CECL, which required purchase credit-impaired loans to be classified as non-accruing based on performance as well as one commercial relationship of $8.5 million placed on nonaccrual during the first quarter.
DIVIDEND DECLARED
The Company’s Board of Directors approved a dividend of $0.115 per share for the quarter ended March 31, 2020. The dividend will be paid on May 29, 2020 to stockholders of record on May 15, 2020.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Daylight Time on Thursday, April 30, 2020 to discuss the results for the quarter, business highlights and outlook. The call can be accessed by dialing 877-504-4120 (United States) or 412-902-6650 (internationally) or by visiting https://services.choruscall.com/links/brkl200430.html. A recorded playback of the call will be available for one week following the call at 877-344-7529 (United States) or 412-317-0088 (internationally). The passcode for the playback is 10142047. The call will be available live and in a recorded version on the Company’s website under “Investor Relations” at www.brooklinebancorp.com.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company with $8.5 billion in assets and branch locations in Massachusetts and Rhode Island, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank and Bank Rhode Island (the "banks"). The Company provides commercial and retail banking services, cash management and investment services to customers throughout Central New England. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com and www.bankri.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that do not describe historical or current facts are forward-looking statements, including statements regard the potential effects of COVID-19 on the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements made with regard to the potential effects of COVID-19 on the Company’s business, financial condition, credit quality, liquidity and results of operation may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These included, but are not limited to, the length and extent of the economic contraction as a result of the COVID-19 pandemic; continued deterioration in economic conditions on a national basis and in the local markets in which the Company operates; changes in consumer behavior due to changing business and economic conditions or legislative or regulatory initiatives; reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; and continued turbulence in capital and debt markets. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the Securities and Exchange Commission ("SEC"). The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
BASIS OF PRESENTATION
The Company's consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period's presentation.
NON-GAAP FINANCIAL MEASURES
The Company uses certain non-GAAP financial measures, such as operating earnings, operating return on average assets, operating return on average tangible assets, operating return on average stockholders' equity, operating return on average tangible stockholders' equity, the allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders' equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached.
INVESTOR RELATIONS:
Contact:
Carl M. Carlson
Brookline Bancorp, Inc.
Chief Financial Officer
(617) 425-5331
ccarlson@brkl.com
MEDIA INQUIRIES:
Contact:
Karen Schwartzman
Polaris Public Relations
(617) 437-9990
A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/d63fc230-2142-4310-aaa1-3f291c604c05
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
| Selected Financial Highlights (Unaudited) | |||||||||||||||||||
| At and for the Three Months Ended | |||||||||||||||||||
| March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||
| (Dollars In Thousands Except per Share Data) | |||||||||||||||||||
| Earnings Data: | |||||||||||||||||||
| Net interest income | $ | 61,712 | $ | 63,931 | $ | 63,236 | $ | 63,134 | $ | 62,999 | |||||||||
| Provision for credit losses | 54,114 | 3,602 | 871 | 3,757 | 1,353 | ||||||||||||||
| Non-interest income | 9,328 | 7,756 | 7,929 | 7,478 | 6,630 | ||||||||||||||
| Non-interest expense | 40,748 | 38,815 | 40,191 | 39,604 | 38,871 | ||||||||||||||
| (Loss) income before provision for income taxes | (23,822 | ) | 29,270 | 30,103 | 27,251 | 29,405 | |||||||||||||
| Net (loss) income attributable to Brookline Bancorp, Inc. | (17,276 | ) | 22,183 | 22,596 | 20,471 | 22,467 | |||||||||||||
| Performance Ratios: | |||||||||||||||||||
| Net interest margin (1) | 3.31 | % | 3.43 | % | 3.45 | % | 3.55 | % | 3.64 | % | |||||||||
| Interest-rate spread (1) | 2.91 | % | 3.05 | % | 3.06 | % | 3.13 | % | 3.18 | % | |||||||||
| Return on average assets (annualized) | (0.87 | )% | 1.13 | % | 1.17 | % | 1.08 | % | 1.21 | % | |||||||||
| Return on average tangible assets (annualized) (non-GAAP) | (0.89 | )% | 1.15 | % | 1.19 | % | 1.11 | % | 1.24 | % | |||||||||
| Return on average stockholders' equity (annualized) | (7.30 | )% | 9.42 | % | 9.74 | % | 8.98 | % | 10.14 | % | |||||||||
| Return on average tangible stockholders' equity (annualized) (non-GAAP) | (8.84 | )% | 11.42 | % | 11.85 | % | 10.98 | % | 12.48 | % | |||||||||
| Efficiency ratio (2) | 57.36 | % | 54.15 | % | 56.48 | % | 56.09 | % | 55.83 | % | |||||||||
| Per Common Share Data: | |||||||||||||||||||
| Net (loss) income — Basic | $ | (0.22 | ) | $ | 0.28 | $ | 0.28 | $ | 0.26 | $ | 0.28 | ||||||||
| Net (loss) income — Diluted | (0.22 | ) | 0.28 | 0.28 | 0.26 | 0.28 | |||||||||||||
| Cash dividends declared | 0.115 | 0.115 | 0.115 | 0.110 | 0.110 | ||||||||||||||
| Book value per share (end of period) | 11.57 | 11.87 | 11.70 | 11.53 | 11.30 | ||||||||||||||
| Tangible book value per share (end of period) (non-GAAP) | 9.49 | 9.80 | 9.63 | 9.45 | 9.22 | ||||||||||||||
| Stock price (end of period) | 11.28 | 16.46 | 14.73 | 15.38 | 14.40 | ||||||||||||||
| Balance Sheet: | |||||||||||||||||||
| Total assets | $ | 8,461,591 | $ | 7,856,853 | $ | 7,878,436 | $ | 7,636,980 | $ | 7,519,130 | |||||||||
| Total loans and leases | 6,822,527 | 6,737,816 | 6,646,821 | 6,505,329 | 6,388,197 | ||||||||||||||
| Total deposits | 5,889,938 | 5,830,072 | 5,729,339 | 5,622,493 | 5,620,633 | ||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity | 912,568 | 945,606 | 932,311 | 918,468 | 900,572 | ||||||||||||||
| Asset Quality: | |||||||||||||||||||
| Nonperforming assets | $ | 41,122 | $ | 22,092 | $ | 23,760 | $ | 23,267 | $ | 26,721 | |||||||||
| Nonperforming assets as a percentage of total assets | 0.49 | % | 0.28 | % | 0.30 | % | 0.30 | % | 0.36 | % | |||||||||
| Allowance for loan and lease losses | $ | 113,181 | $ | 61,082 | $ | 59,135 | $ | 58,635 | $ | 58,041 | |||||||||
| Allowance for loan and lease losses as a percentage of total loans and leases | 1.66 | % | 0.91 | % | 0.89 | % | 0.90 | % | 0.91 | % | |||||||||
| Net loan and lease charge-offs | $ | 2,234 | $ | 1,622 | $ | 366 | $ | 3,082 | $ | 2,101 | |||||||||
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.13 | % | 0.10 | % | 0.02 | % | 0.19 | % | 0.13 | % | |||||||||
| Capital Ratios: | |||||||||||||||||||
| Stockholders’ equity to total assets | 10.78 | % | 12.04 | % | 11.83 | % | 12.03 | % | 11.98 | % | |||||||||
| Tangible stockholders’ equity to tangible assets (non-GAAP) | 9.02 | % | 10.15 | % | 9.94 | % | 10.08 | % | 9.99 | % | |||||||||
| (1) Calculated on a fully tax-equivalent basis. | |||||||||||||||||||
| (2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income. | |||||||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
| Consolidated Balance Sheets (Unaudited) | |||||||||||||||||||
| March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||
| ASSETS | (In Thousands Except Share Data) | ||||||||||||||||||
| Cash and due from banks | $ | 86,996 | $ | 33,589 | $ | 93,841 | $ | 46,532 | $ | 51,276 | |||||||||
| Short-term investments | 253,772 | 44,201 | 84,689 | 46,264 | 61,063 | ||||||||||||||
| Total cash and cash equivalents | 340,768 | 77,790 | 178,530 | 92,796 | 112,339 | ||||||||||||||
| Investment securities available-for-sale | 761,539 | 498,995 | 467,339 | 482,497 | 489,020 | ||||||||||||||
| Investment securities held-to-maturity | — | 86,780 | 95,163 | 103,572 | 113,694 | ||||||||||||||
| Equity securities held-for-trading | 2,558 | 3,581 | 4,581 | 4,698 | 4,341 | ||||||||||||||
| Total investment securities | 764,097 | 589,356 | 567,083 | 590,767 | 607,055 | ||||||||||||||
| Loans and leases held-for-sale | — | — | — | 1,575 | 869 | ||||||||||||||
| Loans and leases: | |||||||||||||||||||
| Commercial real estate loans | 3,762,158 | 3,669,222 | 3,589,451 | 3,493,554 | 3,410,468 | ||||||||||||||
| Commercial loans and leases | 1,826,866 | 1,838,748 | 1,850,388 | 1,826,336 | 1,786,582 | ||||||||||||||
| Consumer loans | 1,233,503 | 1,229,846 | 1,206,982 | 1,185,439 | 1,191,147 | ||||||||||||||
| Total loans and leases | 6,822,527 | 6,737,816 | 6,646,821 | 6,505,329 | 6,388,197 | ||||||||||||||
| Allowance for loan and lease losses | (113,181 | ) | (61,082 | ) | (59,135 | ) | (58,635 | ) | (58,041 | ) | |||||||||
| Net loans and leases | 6,709,346 | 6,676,734 | 6,587,686 | 6,446,694 | 6,330,156 | ||||||||||||||
| Restricted equity securities | 68,472 | 53,818 | 57,896 | 55,270 | 54,192 | ||||||||||||||
| Premises and equipment, net of accumulated depreciation | 73,786 | 74,350 | 75,229 | 75,373 | 75,520 | ||||||||||||||
| Right-of-use asset operating leases | 24,789 | 24,876 | 26,216 | 25,928 | 26,205 | ||||||||||||||
| Deferred tax asset | 38,141 | 25,017 | 25,204 | 25,629 | 27,084 | ||||||||||||||
| Goodwill | 160,427 | 160,427 | 160,427 | 160,427 | 160,427 | ||||||||||||||
| Identified intangible assets, net of accumulated amortization | 4,087 | 4,423 | 4,843 | 5,264 | 5,684 | ||||||||||||||
| Other real estate owned and repossessed assets | 2,038 | 2,631 | 2,132 | 1,966 | 3,912 | ||||||||||||||
| Other assets | 275,640 | 167,431 | 193,190 | 155,291 | 115,687 | ||||||||||||||
| Total assets | $ | 8,461,591 | $ | 7,856,853 | $ | 7,878,436 | $ | 7,636,980 | $ | 7,519,130 | |||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
| Deposits: | |||||||||||||||||||
| Demand checking accounts | $ | 1,175,329 | $ | 1,141,578 | $ | 1,106,684 | $ | 1,042,854 | $ | 1,011,031 | |||||||||
| NOW accounts | 361,854 | 371,380 | 340,321 | 340,082 | 369,896 | ||||||||||||||
| Savings accounts | 653,026 | 613,467 | 604,481 | 585,322 | 625,770 | ||||||||||||||
| Money market accounts | 1,676,092 | 1,682,005 | 1,666,231 | 1,669,782 | 1,706,708 | ||||||||||||||
| Certificate of deposit accounts | 2,023,637 | 2,021,642 | 2,011,622 | 1,984,453 | 1,907,228 | ||||||||||||||
| Total deposits | 5,889,938 | 5,830,072 | 5,729,339 | 5,622,493 | 5,620,633 | ||||||||||||||
| Borrowed funds: | |||||||||||||||||||
| Advances from the FHLBB | 1,137,431 | 758,469 | 854,481 | 791,559 | 730,018 | ||||||||||||||
| Subordinated debentures and notes | 83,630 | 83,591 | 83,551 | 83,512 | 83,472 | ||||||||||||||
| Other borrowed funds | 70,743 | 60,689 | 48,373 | 55,693 | 52,515 | ||||||||||||||
| Total borrowed funds | 1,291,804 | 902,749 | 986,405 | 930,764 | 866,005 | ||||||||||||||
| Operating lease liabilities | 24,789 | 24,876 | 26,216 | 25,928 | 26,205 | ||||||||||||||
| Mortgagors’ escrow accounts | 7,441 | 7,232 | 7,072 | 6,823 | 7,517 | ||||||||||||||
| Reserve for unfunded credits | 17,222 | 1,880 | 1,847 | 1,841 | 1,760 | ||||||||||||||
| Accrued expenses and other liabilities | 317,829 | 144,438 | 195,246 | 130,663 | 96,438 | ||||||||||||||
| Total liabilities | 7,549,023 | 6,911,247 | 6,946,125 | 6,718,512 | 6,618,558 | ||||||||||||||
| Stockholders' equity: | |||||||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity: | |||||||||||||||||||
| Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued, 85,177,172 shares issued, 85,177,172 shares issued, 85,177,172 shares issued, and 85,177,172 shares issued, respectively | 852 | 852 | 852 | 852 | 852 | ||||||||||||||
| Additional paid-in capital | 737,422 | 736,601 | 735,928 | 737,584 | 736,872 | ||||||||||||||
| Retained earnings, partially restricted | 227,359 | 265,376 | 252,435 | 238,625 | 226,929 | ||||||||||||||
| Accumulated other comprehensive income (loss) | 16,947 | 2,283 | 2,775 | 1,141 | (4,393 | ) | |||||||||||||
| Treasury stock, at cost; | |||||||||||||||||||
| 5,862,811 shares, 5,003,127 shares, 5,003,127 shares, 5,025,764 shares, and 5,020,025 shares, respectively | (69,617 | ) | (59,073 | ) | (59,176 | ) | (59,199 | ) | (59,121 | ) | |||||||||
| Unallocated common stock held by the Employee Stock Ownership Plan; | |||||||||||||||||||
| 72,441 shares, 79,548 shares, 92,337 shares, 98,208 shares, and 104,079 shares, respectively | (395 | ) | (433 | ) | (503 | ) | (535 | ) | (567 | ) | |||||||||
| Total stockholders' equity | 912,568 | 945,606 | 932,311 | 918,468 | 900,572 | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 8,461,591 | $ | 7,856,853 | $ | 7,878,436 | $ | 7,636,980 | $ | 7,519,130 | |||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||
| Consolidated Statements of Income (Unaudited) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | ||||||||||||
| (In Thousands Except Share Data) | ||||||||||||||||
| Interest and dividend income: | ||||||||||||||||
| Loans and leases | $ | 79,559 | $ | 83,309 | $ | 83,566 | $ | 82,798 | $ | 80,672 | ||||||
| Debt securities | 2,976 | 2,910 | 2,977 | 3,158 | 3,236 | |||||||||||
| Marketable and restricted equity securities | 778 | 813 | 876 | 877 | 911 | |||||||||||
| Short-term investments | 209 | 418 | 487 | 351 | 267 | |||||||||||
| Total interest and dividend income | 83,522 | 87,450 | 87,906 | 87,184 | 85,086 | |||||||||||
| Interest expense: | ||||||||||||||||
| Deposits | 16,240 | 17,655 | 18,300 | 17,712 | 15,948 | |||||||||||
| Borrowed funds | 5,570 | 5,864 | 6,370 | 6,338 | 6,139 | |||||||||||
| Total interest expense | 21,810 | 23,519 | 24,670 | 24,050 | 22,087 | |||||||||||
| Net interest income | 61,712 | 63,931 | 63,236 | 63,134 | 62,999 | |||||||||||
| Provision for credit losses | 54,114 | 3,602 | 871 | 3,757 | 1,353 | |||||||||||
| Net interest income after provision for credit losses | 7,598 | 60,329 | 62,365 | 59,377 | 61,646 | |||||||||||
| Non-interest income: | ||||||||||||||||
| Deposit fees | 2,458 | 2,710 | 2,710 | 2,680 | 2,523 | |||||||||||
| Loan fees | 550 | 567 | 719 | 398 | 413 | |||||||||||
| Loan level derivative income, net | 2,156 | 2,494 | 2,251 | 1,772 | 1,745 | |||||||||||
| Gain (loss) on investment securities, net | 1,330 | 133 | (116 | ) | 357 | 134 | ||||||||||
| Gain on sales of loans and leases held-for-sale | 120 | 309 | 550 | 561 | 289 | |||||||||||
| Other | 2,714 | 1,543 | 1,815 | 1,710 | 1,526 | |||||||||||
| Total non-interest income | 9,328 | 7,756 | 7,929 | 7,478 | 6,630 | |||||||||||
| Non-interest expense: | ||||||||||||||||
| Compensation and employee benefits | 25,219 | 23,987 | 24,871 | 23,953 | 23,743 | |||||||||||
| Occupancy | 3,953 | 4,102 | 3,895 | 3,752 | 3,947 | |||||||||||
| Equipment and data processing | 4,703 | 4,601 | 4,749 | 4,641 | 4,661 | |||||||||||
| Professional services | 1,651 | 1,120 | 1,083 | 1,087 | 1,076 | |||||||||||
| FDIC insurance | 378 | 53 | 54 | 745 | 593 | |||||||||||
| Advertising and marketing | 1,075 | 828 | 1,035 | 1,112 | 1,069 | |||||||||||
| Amortization of identified intangible assets | 336 | 420 | 421 | 420 | 402 | |||||||||||
| Merger and restructuring expense | — | — | 1,125 | — | — | |||||||||||
| Other | 3,433 | 3,704 | 2,958 | 3,894 | 3,380 | |||||||||||
| Total non-interest expense | 40,748 | 38,815 | 40,191 | 39,604 | 38,871 | |||||||||||
| (Loss) income before provision for income taxes | (23,822 | ) | 29,270 | 30,103 | 27,251 | 29,405 | ||||||||||
| (Benefit) provision for income taxes | (6,546 | ) | 7,087 | 7,507 | 6,780 | 6,895 | ||||||||||
| Net (loss) income before noncontrolling interest in subsidiary | (17,276 | ) | 22,183 | 22,596 | 20,471 | 22,510 | ||||||||||
| Less net income attributable to noncontrolling interest in subsidiary | — | — | — | — | 43 | |||||||||||
| Net (loss) income attributable to Brookline Bancorp, Inc. | $ | (17,276 | ) | $ | 22,183 | $ | 22,596 | $ | 20,471 | $ | 22,467 | |||||
| Earnings per common share: | ||||||||||||||||
| Basic | $ | (0.22 | ) | $ | 0.28 | $ | 0.28 | $ | 0.26 | $ | 0.28 | |||||
| Diluted | $ | (0.22 | ) | $ | 0.28 | $ | 0.28 | $ | 0.26 | $ | 0.28 | |||||
| Weighted average common shares outstanding during the period: | ||||||||||||||||
| Basic | 79,481,462 | 79,682,724 | 79,700,403 | 79,669,922 | 79,658,583 | |||||||||||
| Diluted | 79,665,774 | 79,845,447 | 79,883,510 | 79,886,292 | 79,843,578 | |||||||||||
| Dividends paid per common share | $ | 0.115 | $ | 0.115 | $ | 0.110 | $ | 0.110 | $ | 0.105 | ||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
| Asset Quality Analysis (Unaudited) | |||||||||||||||||||
| At and for the Three Months Ended | |||||||||||||||||||
| March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||
| NONPERFORMING ASSETS: | |||||||||||||||||||
| Loans and leases accounted for on a nonaccrual basis: | |||||||||||||||||||
| Commercial real estate mortgage | $ | 10,937 | $ | 2,845 | $ | 2,910 | $ | 2,273 | $ | 2,889 | |||||||||
| Multi-family mortgage | 85 | 84 | 87 | 94 | 101 | ||||||||||||||
| Construction | — | — | — | — | 396 | ||||||||||||||
| Total commercial real estate loans | 11,022 | 2,929 | 2,997 | 2,367 | 3,386 | ||||||||||||||
| Commercial | 12,991 | 4,909 | 3,139 | 6,349 | 5,728 | ||||||||||||||
| Equipment financing | 10,356 | 9,822 | 12,817 | 9,931 | 10,253 | ||||||||||||||
| Condominium association | 203 | 151 | 163 | 170 | 224 | ||||||||||||||
| Total commercial loans and leases | 23,550 | 14,882 | 16,119 | 16,450 | 16,205 | ||||||||||||||
| Residential mortgage | 3,446 | 753 | 1,605 | 1,642 | 2,188 | ||||||||||||||
| Home equity | 1,059 | 896 | 904 | 835 | 1,022 | ||||||||||||||
| Other consumer | 7 | 1 | 3 | 7 | 8 | ||||||||||||||
| Total consumer loans | 4,512 | 1,650 | 2,512 | 2,484 | 3,218 | ||||||||||||||
| Total nonaccrual loans and leases | 39,084 | 19,461 | 21,628 | 21,301 | 22,809 | ||||||||||||||
| Other real estate owned | — | — | 201 | 957 | 3,054 | ||||||||||||||
| Other repossessed assets | 2,038 | 2,631 | 1,931 | 1,009 | 858 | ||||||||||||||
| Total nonperforming assets | $ | 41,122 | $ | 22,092 | $ | 23,760 | $ | 23,267 | $ | 26,721 | |||||||||
| Loans and leases past due greater than 90 days and still accruing | $ | 10,153 | $ | 10,109 | $ | 11,885 | $ | 11,612 | $ | 16,800 | |||||||||
| Troubled debt restructurings on accrual | 16,480 | 17,076 | 22,233 | 27,761 | 28,543 | ||||||||||||||
| Troubled debt restructurings on nonaccrual | 5,819 | 6,104 | 5,763 | 8,431 | 7,597 | ||||||||||||||
| Total troubled debt restructurings | $ | 22,299 | $ | 23,180 | $ | 27,996 | $ | 36,192 | $ | 36,140 | |||||||||
| Nonperforming loans and leases as a percentage of total loans and leases | 0.57 | % | 0.29 | % | 0.33 | % | 0.33 | % | 0.36 | % | |||||||||
| Nonperforming assets as a percentage of total assets | 0.49 | % | 0.28 | % | 0.30 | % | 0.30 | % | 0.36 | % | |||||||||
| PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES: | |||||||||||||||||||
| Allowance for loan and lease losses at beginning of period | $ | 61,082 | $ | 59,135 | $ | 58,635 | $ | 58,041 | $ | 58,692 | |||||||||
| CECL adjustment to retained earnings | 6,632 | — | — | — | — | ||||||||||||||
| Charge-offs | (2,539 | ) | (1,894 | ) | (1,190 | ) | (3,412 | ) | (2,542 | ) | |||||||||
| Recoveries | 305 | 272 | 824 | 330 | 441 | ||||||||||||||
| Net charge-offs | (2,234 | ) | (1,622 | ) | (366 | ) | (3,082 | ) | (2,101 | ) | |||||||||
| Provision for loan and lease losses excluding unfunded commitments * | 47,701 | 3,569 | 866 | 3,676 | 1,450 | ||||||||||||||
| Allowance for loan and lease losses at end of period | $ | 113,181 | $ | 61,082 | $ | 59,135 | $ | 58,635 | $ | 58,041 | |||||||||
| Allowance for loan and lease losses as a percentage of total loans and leases | 1.66 | % | 0.91 | % | 0.89 | % | 0.90 | % | 0.91 | % | |||||||||
| NET CHARGE-OFFS: | |||||||||||||||||||
| Commercial loans and leases | 2,280 | 1,589 | 403 | 3,107 | 2,124 | ||||||||||||||
| Consumer loans | (46 | ) | 33 | (37 | ) | (25 | ) | (23 | ) | ||||||||||
| Total net charge-offs | $ | 2,234 | $ | 1,622 | $ | 366 | $ | 3,082 | $ | 2,101 | |||||||||
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.13 | % | 0.10 | % | 0.02 | % | 0.19 | % | 0.13 | % | |||||||||
| *provision for loan and lease losses does not include provision of $6.4 million for credit losses on unfunded commitments during the three months ended March 31, 2020. | |||||||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||
| Average Yields / Costs (Unaudited) | ||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||
| March 31, 2020 | December 31, 2019 | March 31, 2019 | ||||||||||||||||||||||||
| Average Balance | Interest (1) | Average Yield/ Cost | Average Balance | Interest (1) | Average Yield/ Cost | Average Balance | Interest (1) | Average Yield/ Cost | ||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||
| Investments: | ||||||||||||||||||||||||||
| Debt securities (2) | $ | 605,885 | $ | 3,024 | 2.00 | % | $ | 567,037 | $ | 2,957 | 2.09 | % | $ | 608,194 | $ | 3,289 | 2.16 | % | ||||||||
| Marketable and restricted equity securities (2) | 58,881 | 786 | 5.33 | % | 59,763 | 823 | 5.51 | % | 60,389 | 920 | 6.10 | % | ||||||||||||||
| Short-term investments | 84,309 | 209 | 0.99 | % | 93,997 | 418 | 1.78 | % | 33,034 | 267 | 3.23 | % | ||||||||||||||
| Total investments | 749,075 | 4,019 | 2.15 | % | 720,797 | 4,198 | 2.33 | % | 701,617 | 4,476 | 2.55 | % | ||||||||||||||
| Loans and Leases: | ||||||||||||||||||||||||||
| Commercial real estate loans (3) | 3,697,011 | 40,468 | 4.33 | % | 3,605,169 | 40,976 | 4.45 | % | 3,376,576 | 40,019 | 4.74 | % | ||||||||||||||
| Commercial loans (3) | 783,309 | 8,328 | 4.21 | % | 826,116 | 10,066 | 4.78 | % | 792,695 | 9,603 | 4.85 | % | ||||||||||||||
| Equipment financing (3) | 1,052,846 | 18,946 | 7.20 | % | 1,037,431 | 19,271 | 7.43 | % | 988,193 | 17,985 | 7.28 | % | ||||||||||||||
| Residential mortgage loans (3) | 810,583 | 7,934 | 3.92 | % | 804,672 | 8,402 | 4.18 | % | 778,325 | 8,123 | 4.17 | % | ||||||||||||||
| Other consumer loans (3) | 417,815 | 3,955 | 3.79 | % | 417,950 | 4,680 | 4.43 | % | 408,177 | 5,051 | 5.01 | % | ||||||||||||||
| Total loans and leases | 6,761,564 | 79,631 | 4.71 | % | 6,691,338 | 83,395 | 4.99 | % | 6,343,966 | 80,781 | 5.09 | % | ||||||||||||||
| Total interest-earning assets | 7,510,639 | 83,650 | 4.46 | % | 7,412,135 | 87,593 | 4.73 | % | 7,045,583 | 85,257 | 4.84 | % | ||||||||||||||
| Non-interest-earning assets | 455,187 | 448,458 | 388,455 | |||||||||||||||||||||||
| Total assets | $ | 7,965,826 | $ | 7,860,593 | $ | 7,434,038 | ||||||||||||||||||||
| Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||
| NOW accounts | $ | 359,641 | 116 | 0.13 | % | $ | 344,036 | 115 | 0.13 | % | $ | 334,167 | 142 | 0.17 | % | |||||||||||
| Savings accounts | 626,945 | 643 | 0.41 | % | 604,276 | 746 | 0.49 | % | 626,414 | 597 | 0.39 | % | ||||||||||||||
| Money market accounts | 1,678,649 | 4,241 | 1.02 | % | 1,685,885 | 4,947 | 1.16 | % | 1,676,199 | 5,275 | 1.28 | % | ||||||||||||||
| Certificates of deposit | 2,040,903 | 11,240 | 2.22 | % | 2,026,753 | 11,847 | 2.32 | % | 1,844,511 | 9,934 | 2.18 | % | ||||||||||||||
| Total interest-bearing deposits | 4,706,138 | 16,240 | 1.39 | % | 4,660,950 | 17,655 | 1.50 | % | 4,481,291 | 15,948 | 1.44 | % | ||||||||||||||
| Borrowings | ||||||||||||||||||||||||||
| Advances from the FHLBB | 772,462 | 4,097 | 2.10 | % | 753,460 | 4,407 | 2.29 | % | 755,542 | 4,610 | 2.44 | % | ||||||||||||||
| Subordinated debentures and notes | 83,609 | 1,284 | 6.14 | % | 83,570 | 1,293 | 6.19 | % | 83,451 | 1,308 | 6.27 | % | ||||||||||||||
| Other borrowed funds | 91,052 | 189 | 0.84 | % | 64,543 | 164 | 1.01 | % | 88,600 | 221 | 1.01 | % | ||||||||||||||
| Total borrowings | 947,123 | 5,570 | 2.33 | % | 901,573 | 5,864 | 2.55 | % | 927,593 | 6,139 | 2.65 | % | ||||||||||||||
| Total interest-bearing liabilities | 5,653,261 | 21,810 | 1.55 | % | 5,562,523 | 23,519 | 1.68 | % | 5,408,884 | 22,087 | 1.66 | % | ||||||||||||||
| Non-interest-bearing liabilities: | ||||||||||||||||||||||||||
| Demand checking accounts | 1,134,314 | 1,142,600 | 1,026,970 | |||||||||||||||||||||||
| Other non-interest-bearing liabilities | 232,113 | 213,579 | 111,174 | |||||||||||||||||||||||
| Total liabilities | 7,019,688 | 6,918,702 | 6,547,028 | |||||||||||||||||||||||
| Stockholders’ equity | 946,138 | 941,891 | 886,639 | |||||||||||||||||||||||
| Noncontrolling interest in subsidiary | — | — | 371 | |||||||||||||||||||||||
| Total liabilities and equity | $ | 7,965,826 | $ | 7,860,593 | $ | 7,434,038 | ||||||||||||||||||||
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) | 61,840 | 2.91 | % | 64,074 | 3.05 | % | 63,170 | 3.18 | % | |||||||||||||||||
| Less adjustment of tax-exempt income | 128 | 143 | 171 | |||||||||||||||||||||||
| Net interest income | $ | 61,712 | $ | 63,931 | $ | 62,999 | ||||||||||||||||||||
| Net interest margin (5) | 3.31 | % | 3.43 | % | 3.64 | % | ||||||||||||||||||||
| (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis. | ||||||||||||||||||||||||||
| (2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month. | ||||||||||||||||||||||||||
| (3) Loans on nonaccrual status are included in the average balances. | ||||||||||||||||||||||||||
| (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | ||||||||||||||||||||||||||
| (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | ||||||||||||||||||||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||
| Non-GAAP Financial Information (Unaudited) | |||||||||||||
| At and for the Three Months Ended March 31, | |||||||||||||
| 2020 | 2019 | ||||||||||||
| Reconciliation Table - Non-GAAP Financial Information | (Dollars in Thousands Except Share Data) | ||||||||||||
| Net (loss) income attributable to Brookline Bancorp, Inc. | $ | (17,276 | ) | $ | 22,467 | ||||||||
| Less: | |||||||||||||
| Security gains (after-tax) | 964 | 103 | |||||||||||
| Operating earnings | $ | (18,240 | ) | $ | 22,364 | ||||||||
| Operating earnings per common share: | |||||||||||||
| Basic | $ | (0.23 | ) | $ | 0.28 | ||||||||
| Diluted | (0.23 | ) | 0.28 | ||||||||||
| Weighted average common shares outstanding during the period: | |||||||||||||
| Basic | 79,481,462 | 79,658,583 | |||||||||||
| Diluted | 79,665,774 | 79,843,578 | |||||||||||
| Return on average assets * | (0.87 | )% | 1.21 | % | |||||||||
| Less: | |||||||||||||
| Security gains (after-tax) * | 0.05 | % | 0.01 | % | |||||||||
| Operating return on average assets * | (0.92 | )% | 1.20 | % | |||||||||
| Return on average tangible assets * | (0.89 | )% | 1.24 | % | |||||||||
| Less: | |||||||||||||
| Security gains (after-tax) * | 0.05 | % | 0.01 | % | |||||||||
| Operating return on average tangible assets * | (0.94 | )% | 1.23 | % | |||||||||
| Return on average stockholders' equity * | (7.30 | )% | 10.14 | % | |||||||||
| Less: | |||||||||||||
| Security gains (after-tax) * | 0.41 | % | 0.05 | % | |||||||||
| Operating return on average stockholders' equity * | (7.71 | )% | 10.09 | % | |||||||||
| Return on average tangible stockholders' equity * | (8.84 | )% | 12.48 | % | |||||||||
| Less: | |||||||||||||
| Security gains (after-tax) * | 0.49 | % | 0.06 | % | |||||||||
| Operating return on average tangible stockholders' equity * | (9.33 | )% | 12.42 | % | |||||||||
| * Ratios at and for the three months ended are annualized. | |||||||||||||
| At and for the Three Months Ended | |||||||||||||||||||
| March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||
| Net (loss) income, as reported | $ | (17,276 | ) | $ | 22,183 | $ | 22,596 | $ | 20,471 | $ | 22,467 | ||||||||
| Average total assets | $ | 7,965,826 | $ | 7,860,593 | $ | 7,746,492 | $ | 7,571,396 | $ | 7,434,038 | |||||||||
| Less: Average goodwill and average identified intangible assets, net | 164,701 | 165,071 | 165,493 | 165,914 | 166,327 | ||||||||||||||
| Average tangible assets | $ | 7,801,125 | $ | 7,695,522 | $ | 7,580,999 | $ | 7,405,482 | $ | 7,267,711 | |||||||||
| Return on average tangible assets (annualized) | (0.89 | )% | 1.15 | % | 1.19 | % | 1.11 | % | 1.24 | % | |||||||||
| Average total stockholders’ equity | $ | 946,138 | $ | 941,891 | $ | 928,063 | $ | 911,824 | $ | 886,639 | |||||||||
| Less: Average goodwill and average identified intangible assets, net | 164,701 | 165,071 | 165,493 | 165,914 | 166,327 | ||||||||||||||
| Average tangible stockholders’ equity | $ | 781,437 | $ | 776,820 | $ | 762,570 | $ | 745,910 | $ | 720,312 | |||||||||
| Return on average tangible stockholders’ equity (annualized) | (8.84 | )% | 11.42 | % | 11.85 | % | 10.98 | % | 12.48 | % | |||||||||
| Brookline Bancorp, Inc. stockholders’ equity | $ | 912,568 | $ | 945,606 | $ | 932,311 | $ | 918,468 | $ | 900,572 | |||||||||
| Less: | |||||||||||||||||||
| Goodwill | 160,427 | 160,427 | 160,427 | 160,427 | 160,427 | ||||||||||||||
| Identified intangible assets, net | 4,087 | 4,423 | 4,843 | 5,264 | 5,684 | ||||||||||||||
| Tangible stockholders' equity | $ | 748,054 | $ | 780,756 | $ | 767,041 | $ | 752,777 | $ | 734,461 | |||||||||
| Total assets | $ | 8,461,591 | $ | 7,856,853 | $ | 7,878,436 | $ | 7,636,980 | $ | 7,519,130 | |||||||||
| Less: | |||||||||||||||||||
| Goodwill | 160,427 | 160,427 | 160,427 | 160,427 | 160,427 | ||||||||||||||
| Identified intangible assets, net | 4,087 | 4,423 | 4,843 | 5,264 | 5,684 | ||||||||||||||
| Tangible assets | $ | 8,297,077 | $ | 7,692,003 | $ | 7,713,166 | $ | 7,471,289 | $ | 7,353,019 | |||||||||
| Tangible stockholders’ equity to tangible assets | 9.02 | % | 10.15 | % | 9.94 | % | 10.08 | % | 9.99 | % | |||||||||
| Tangible stockholders' equity | $ | 748,054 | $ | 780,756 | $ | 767,041 | $ | 752,777 | $ | 734,461 | |||||||||
| Number of common shares issued | 85,177,172 | 85,177,172 | 85,177,172 | 85,177,172 | 85,177,172 | ||||||||||||||
| Less: | |||||||||||||||||||
| Treasury shares | 5,862,811 | 5,003,127 | 5,003,127 | 5,025,764 | 5,020,025 | ||||||||||||||
| Unallocated ESOP shares | 72,441 | 79,548 | 92,337 | 98,208 | 104,079 | ||||||||||||||
| Unvested restricted shares | 395,085 | 406,450 | 407,784 | 377,122 | 390,636 | ||||||||||||||
| Number of common shares outstanding | 78,846,835 | 79,688,047 | 79,673,924 | 79,676,078 | 79,662,432 | ||||||||||||||
| Tangible book value per common share | $ | 9.49 | $ | 9.80 | $ | 9.63 | $ | 9.45 | $ | 9.22 | |||||||||
