Net Income of $18.6 million, EPS of $0.24
Operating Earnings of $20.0 million, EPS of $0.26
Quarterly Dividend Increase of 11.1%
BOSTON, April 25, 2018 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ:BRKL) (the “Company”) today announced net income of $18.6 million, or $0.24 per basic and diluted share, for the first quarter of 2018, compared to $6.8 million, or $0.09 per basic and diluted share, for the fourth quarter of 2017, and $13.4 million, or $0.19 per basic and diluted share, for the first quarter of 2017. Excluding merger charges and securities gains for the first quarter of 2018, the Company had operating earnings of $20.0 million, or $0.26 per basic and diluted share.
“Brookline Bancorp continued to exhibit strong performance in the quarter,” said Paul Perrault, President and Chief Executive Officer of the Company. “The acquisition of First Commons Bank was completed on schedule, thanks to the hard work of both teams. Our positive momentum continues as we go into the second quarter.”
First Commons Bank Acquisition
On March 1, 2018, the Company completed the acquisition of First Commons Bank, N.A., which was merged into Brookline Bank. The acquisition included two locations which will be consolidated into existing Brookline Bank locations in Newton Centre and Wellesley, Massachusetts on June 1, 2018. The transaction included the acquisition of $262.1 million in loans and the assumption of $273.7 million in deposits, each at fair value. Total consideration of $56.0 million consisted of 3,481,477 shares of Brookline Bancorp, Inc. common stock issued to First Commons Bank shareholders, as well as $851 thousand in cash, inclusive of cash in lieu for fractional shares and warrants.
BALANCE SHEET
Total assets at March 31, 2018 increased $467.9 million to $7.25 billion from $6.78 billion at December 31, 2017, and increased $750.4 million from $6.50 billion at March 31, 2017. At March 31, 2018, total loans and leases were $6.11 billion, representing an increase of $383.8 million from December 31, 2017, and an increase of $652.7 million from March 31, 2017. During the first quarter of 2018, total loans and leases increased 26.8 percent on an annualized basis. Excluding the First Commons Bank acquired loans at fair value; loans increased $121.7 million during the quarter or 8.5 percent on an annualized basis.
Investment securities at March 31, 2018 increased $25.9 million to $675.7 million, comprising 9.3 percent of total assets, as compared to $649.9 million, or 9.6 percent of total assets, at December 31, 2017, and increased approximately $46.6 million from $629.1 million, or 9.7 percent of total assets, at March 31, 2017.
Total deposits at March 31, 2018 increased $320.2 million to $5.19 billion from $4.87 billion at December 31, 2017 and increased $539.6 million from $4.65 billion at March 31, 2017. Excluding the First Commons Bank acquired deposits at fair value; deposits increased $46.5 million during the quarter or 3.8 percent on an annualized basis.
Total borrowings at March 31, 2018 increased $78.6 million to $1.10 billion from $1.02 billion at December 31, 2017 and increased $42.6 million from $1.06 billion at March 31, 2017.
The ratio of stockholders’ equity to total assets was 11.94 percent at March 31, 2018, as compared to 11.86 percent at December 31, 2017, and 10.83 percent at March 31, 2017, respectively. The ratio of tangible stockholders’ equity to tangible assets was 9.85 percent at March 31, 2018, as compared to 9.94 percent at December 31, 2017, and 8.79 percent at March 31, 2017. Tangible book value per share increased $0.08 from $8.61 at December 31, 2017 to $8.69 at March 31, 2018.
NET INTEREST INCOME
Net interest income increased $1.8 million to $59.5 million during the first quarter of 2018 from the quarter ended December 31, 2017. The net interest margin increased 7 basis points to 3.66 percent for the three months ended March 31, 2018.
NON-INTEREST INCOME
Non-interest income for the quarter ended March 31, 2018 increased $0.4 million to $6.2 million from $5.8 million for the quarter ended December 31, 2017. The increase was primarily driven by $1.2 million in gain on sales of securities, offset by a decrease of $0.6 million in gain on sales of loans and leases and a decrease of $0.2 million in other non-interest income.
PROVISION FOR CREDIT LOSSES
The Company recorded a provision for credit losses of $0.6 million for the quarter ended March 31, 2018, compared to $1.8 million for the quarter ended December 31, 2017. The decrease in the provision for the quarter was primarily driven by charge-offs on commercial relationships, primarily taxi medallion loans, in the prior quarter.
Net charge-offs for the first quarter of 2018 were $0.5 million compared to $8.5 million in the fourth quarter of 2017. The ratio of net charge-offs to average loans and leases on an annualized basis decreased to 3 basis points for the first quarter of 2018 from 60 basis points for the fourth quarter of 2017.
The allowance for loan and lease losses represented 0.96 percent of total loans and leases at March 31, 2018, compared to 1.02 percent at December 31, 2017, and 1.21 percent at March 31, 2017. The allowance for loan and lease losses related to originated loans and leases represented 1.03 percent of originated loans and leases at March 31, 2018, compared to 1.05 percent at December 31, 2017, and 1.25 percent at March 31, 2017.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended March 31, 2018 increased $4.8 million to $39.9 million from $35.2 million for the quarter ended December 31, 2017. The increase was primarily driven by an increase of $1.7 million in compensation and employee benefits, an increase of $0.4 million in occupancy, and an increase of $2.7 million in merger and acquisition expense.
PROVISION FOR INCOME TAXES
The effective tax rate was 22.5 percent and 70.6 percent for the three months ended March 31, 2018 and December 31, 2017, respectively. The effective tax rate for both periods is reflective of the impact of the Tax Cuts and Jobs Act.
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The annualized return on average assets increased to 1.08 percent during the first quarter of 2018 from 0.41 percent for the fourth quarter of 2017. The annualized return on average tangible assets increased to 1.10 percent for the first quarter of 2018 from 0.41 percent for the fourth quarter of 2017.
The annualized return on average stockholders' equity increased to 8.98 percent during the first quarter of 2018 from 3.37 percent for the fourth quarter of 2017. The annualized return on average tangible stockholders’ equity increased to 11.01 percent for the first quarter of 2018 from 4.09 percent for the fourth quarter of 2017.
ASSET QUALITY
The ratio of nonperforming loans and leases to total loans and leases was 0.43 percent at March 31, 2018 as compared to 0.48 percent at December 31, 2017. Nonperforming loans and leases decreased $1.0 million to $26.3 million at March 31, 2018 from $27.3 million at December 31, 2017. The ratio of nonperforming assets to total assets was 0.42 percent at March 31, 2018 as compared to 0.47 percent at December 31, 2017. Nonperforming assets decreased $1.4 million to $30.2 million at March 31, 2018 from $31.7 million at December 31, 2017.
DIVIDEND DECLARED
The Company’s Board of Directors approved a dividend of $0.10 per share for the quarter ended March 31, 2018, an increase of 11.1 percent. The dividend will be paid on May 25, 2018 to stockholders of record on May 11, 2018.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Daylight Time on Thursday, April 26, 2018 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). 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 10119214. 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 $7.2 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, Bank Rhode Island, and First Ipswich Bank (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, www.bankri.com, and www.firstipswich.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. Forward-looking statements involve risks and uncertainties. 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, 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 and return on average tangible stockholders' equity. 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.
Contact: Carl M. Carlson
Brookline Bancorp, Inc.
Chief Financial Officer
(617) 425-5331
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
| Selected Financial Highlights (Unaudited) | |||||||||||||||||||
| At and for the Three Months Ended | |||||||||||||||||||
| March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
| (Dollars In Thousands Except per Share Data) | |||||||||||||||||||
| Earnings Data: | |||||||||||||||||||
| Net interest income | $ | 59,491 | $ | 57,657 | $ | 56,843 | $ | 55,583 | $ | 53,098 | |||||||||
| Provision for credit losses | 641 | 1,802 | 2,911 | 873 | 13,402 | ||||||||||||||
| Non-interest income | 6,168 | 5,815 | 5,973 | 4,477 | 15,908 | ||||||||||||||
| Non-interest expense | 39,938 | 35,152 | 35,408 | 34,795 | 33,756 | ||||||||||||||
| Income before provision for income taxes | 25,080 | 26,518 | 24,497 | 24,392 | 21,848 | ||||||||||||||
| Net income attributable to Brookline Bancorp, Inc. | 18,633 | 6,827 | 15,366 | 14,880 | 13,445 | ||||||||||||||
| Performance Ratios: | |||||||||||||||||||
| Net interest margin (1) | 3.66 | % | 3.59 | % | 3.57 | % | 3.59 | % | 3.53 | % | |||||||||
| Interest-rate spread (1) | 3.38 | % | 3.42 | % | 3.41 | % | 3.39 | % | 3.29 | % | |||||||||
| Return on average assets (annualized) | 1.08 | % | 0.41 | % | 0.92 | % | 0.91 | % | 0.83 | % | |||||||||
| Return on average tangible assets (annualized) (non-GAAP) | 1.10 | % | 0.41 | % | 0.94 | % | 0.93 | % | 0.85 | % | |||||||||
| Return on average stockholders' equity (annualized) | 8.98 | % | 3.37 | % | 7.64 | % | 7.76 | % | 7.58 | % | |||||||||
| Return on average tangible stockholders' equity (annualized) (non-GAAP) | 11.01 | % | 4.09 | % | 9.31 | % | 9.58 | % | 9.55 | % | |||||||||
| Efficiency ratio (2) | 60.83 | % | 55.38 | % | 56.37 | % | 57.93 | % | 48.92 | % | |||||||||
| Per Common Share Data: | |||||||||||||||||||
| Net income — Basic | $ | 0.24 | $ | 0.09 | $ | 0.20 | $ | 0.20 | $ | 0.19 | |||||||||
| Net income — Diluted | 0.24 | 0.09 | 0.20 | 0.20 | 0.19 | ||||||||||||||
| Cash dividends declared | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | ||||||||||||||
| Book value per share (end of period) | 10.80 | 10.49 | 10.52 | 10.42 | 10.00 | ||||||||||||||
| Tangible book value per share (end of period) (non-GAAP) | 8.69 | 8.61 | 8.63 | 8.52 | 7.93 | ||||||||||||||
| Stock price (end of period) | 16.20 | 15.70 | 15.50 | 14.60 | 15.65 | ||||||||||||||
| Balance Sheet: | |||||||||||||||||||
| Total assets | $ | 7,248,114 | $ | 6,780,249 | $ | 6,686,284 | $ | 6,658,067 | $ | 6,497,721 | |||||||||
| Total loans and leases | 6,114,461 | 5,730,679 | 5,639,440 | 5,537,406 | 5,461,779 | ||||||||||||||
| Total deposits | 5,191,520 | 4,871,343 | 4,805,683 | 4,709,419 | 4,651,903 | ||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity | 865,777 | 803,830 | 804,762 | 795,618 | 703,873 | ||||||||||||||
| Asset Quality: | |||||||||||||||||||
| Nonperforming assets | $ | 30,242 | $ | 31,691 | $ | 44,371 | $ | 47,140 | $ | 47,349 | |||||||||
| Nonperforming assets as a percentage of total assets | 0.42 | % | 0.47 | % | 0.66 | % | 0.71 | % | 0.73 | % | |||||||||
| Allowance for loan and lease losses | $ | 58,714 | $ | 58,592 | $ | 65,413 | $ | 64,521 | $ | 66,133 | |||||||||
| Allowance for loan and lease losses as a percentage of total loans and leases | 0.96 | % | 1.02 | % | 1.16 | % | 1.17 | % | 1.21 | % | |||||||||
| Net loan and lease charge-offs | $ | 505 | $ | 8,507 | $ | 1,954 | $ | 2,402 | $ | 995 | |||||||||
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.03 | % | 0.60 | % | 0.14 | % | 0.17 | % | 0.07 | % | |||||||||
| Capital Ratios: | |||||||||||||||||||
| Stockholders’ equity to total assets | 11.94 | % | 11.86 | % | 12.04 | % | 11.95 | % | 10.83 | % | |||||||||
| Tangible stockholders’ equity to tangible assets (non-GAAP) | 9.85 | % | 9.94 | % | 10.09 | % | 9.99 | % | 8.79 | % | |||||||||
| (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, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
| ASSETS | (In Thousands Except Share Data) | ||||||||||||||||||
| Cash and due from banks | $ | 34,713 | $ | 25,622 | $ | 35,392 | $ | 40,599 | $ | 33,565 | |||||||||
| Short-term investments | 49,743 | 35,383 | 27,971 | 72,996 | 29,178 | ||||||||||||||
| Total cash and cash equivalents | 84,456 | 61,005 | 63,363 | 113,595 | 62,743 | ||||||||||||||
| Investment securities available-for-sale | 558,357 | 540,124 | 522,910 | 540,976 | 528,433 | ||||||||||||||
| Investment securities held-to-maturity | 117,352 | 109,730 | 107,738 | 108,963 | 100,691 | ||||||||||||||
| Total investment securities | 675,709 | 649,854 | 630,648 | 649,939 | 629,124 | ||||||||||||||
| Loans and leases held-for-sale | 756 | 2,628 | 2,973 | 593 | 1,152 | ||||||||||||||
| Loans and leases: | |||||||||||||||||||
| Commercial real estate loans: | |||||||||||||||||||
| Commercial real estate mortgage | 2,284,488 | 2,174,969 | 2,119,440 | 2,062,646 | 2,066,599 | ||||||||||||||
| Multi-family mortgage | 793,006 | 760,670 | 743,912 | 720,484 | 733,822 | ||||||||||||||
| Construction | 169,440 | 140,138 | 165,657 | 153,057 | 150,734 | ||||||||||||||
| Total commercial real estate loans | 3,246,934 | 3,075,777 | 3,029,009 | 2,936,187 | 2,951,155 | ||||||||||||||
| Commercial loans and leases: | |||||||||||||||||||
| Commercial | 761,540 | 705,004 | 689,010 | 691,070 | 644,240 | ||||||||||||||
| Equipment financing | 892,341 | 866,488 | 842,516 | 839,932 | 815,753 | ||||||||||||||
| Condominium association | 52,739 | 52,619 | 53,770 | 58,130 | 60,396 | ||||||||||||||
| Total commercial loans and leases | 1,706,620 | 1,624,111 | 1,585,296 | 1,589,132 | 1,520,389 | ||||||||||||||
| Consumer loans: | |||||||||||||||||||
| Residential mortgage | 766,687 | 660,065 | 652,415 | 646,679 | 631,863 | ||||||||||||||
| Home equity | 364,928 | 355,954 | 356,982 | 351,124 | 343,386 | ||||||||||||||
| Other consumer | 29,292 | 14,772 | 15,738 | 14,284 | 14,986 | ||||||||||||||
| Total consumer loans | 1,160,907 | 1,030,791 | 1,025,135 | 1,012,087 | 990,235 | ||||||||||||||
| Total loans and leases | 6,114,461 | 5,730,679 | 5,639,440 | 5,537,406 | 5,461,779 | ||||||||||||||
| Allowance for loan and lease losses | (58,714 | ) | (58,592 | ) | (65,413 | ) | (64,521 | ) | (66,133 | ) | |||||||||
| Net loans and leases | 6,055,747 | 5,672,087 | 5,574,027 | 5,472,885 | 5,395,646 | ||||||||||||||
| Restricted equity securities | 66,164 | 59,369 | 62,135 | 66,988 | 68,065 | ||||||||||||||
| Premises and equipment, net of accumulated depreciation | 80,268 | 80,283 | 81,159 | 81,052 | 76,973 | ||||||||||||||
| Deferred tax asset | 19,198 | 15,061 | 28,093 | 26,982 | 29,859 | ||||||||||||||
| Goodwill | 160,896 | 137,890 | 137,890 | 137,890 | 137,890 | ||||||||||||||
| Identified intangible assets, net of accumulated amortization | 7,697 | 6,044 | 6,563 | 7,082 | 7,601 | ||||||||||||||
| Other real estate owned and repossessed assets | 3,963 | 4,419 | 4,398 | 4,873 | 2,286 | ||||||||||||||
| Other assets | 93,260 | 91,609 | 95,035 | 96,188 | 86,382 | ||||||||||||||
| Total assets | $ | 7,248,114 | $ | 6,780,249 | $ | 6,686,284 | $ | 6,658,067 | $ | 6,497,721 | |||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
| Deposits: | |||||||||||||||||||
| Non-interest-bearing deposits: | |||||||||||||||||||
| Demand checking accounts | $ | 987,153 | $ | 942,583 | $ | 905,472 | $ | 920,035 | $ | 898,161 | |||||||||
| Interest-bearing deposits: | |||||||||||||||||||
| NOW accounts | 342,374 | 350,568 | 318,284 | 321,982 | 321,392 | ||||||||||||||
| Savings accounts | 637,920 | 646,359 | 665,558 | 584,408 | 575,808 | ||||||||||||||
| Money market accounts | 1,862,351 | 1,724,363 | 1,749,040 | 1,763,443 | 1,765,895 | ||||||||||||||
| Certificate of deposit accounts | 1,361,722 | 1,207,470 | 1,167,329 | 1,119,551 | 1,090,647 | ||||||||||||||
| Total interest-bearing deposits | 4,204,367 | 3,928,760 | 3,900,211 | 3,789,384 | 3,753,742 | ||||||||||||||
| Total deposits | 5,191,520 | 4,871,343 | 4,805,683 | 4,709,419 | 4,651,903 | ||||||||||||||
| Borrowed funds: | |||||||||||||||||||
| Advances from the FHLBB | 982,533 | 889,909 | 872,579 | 930,028 | 930,001 | ||||||||||||||
| Subordinated debentures and notes | 83,311 | 83,271 | 83,229 | 83,188 | 83,147 | ||||||||||||||
| Other borrowed funds | 33,585 | 47,639 | 30,087 | 53,427 | 43,637 | ||||||||||||||
| Total borrowed funds | 1,099,429 | 1,020,819 | 985,895 | 1,066,643 | 1,056,785 | ||||||||||||||
| Mortgagors’ escrow accounts | 8,395 | 7,686 | 8,151 | 7,714 | 8,032 | ||||||||||||||
| Accrued expenses and other liabilities | 74,024 | 67,818 | 74,019 | 71,232 | 69,752 | ||||||||||||||
| Total liabilities | 6,373,368 | 5,967,666 | 5,873,748 | 5,855,008 | 5,786,472 | ||||||||||||||
| Stockholders' equity: | |||||||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity: | |||||||||||||||||||
| Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued, 81,695,695 shares issued, 81,695,695 shares issued, 81,695,695 shares issued, and 75,744,445 shares issued, respectively | 852 | 817 | 817 | 817 | 757 | ||||||||||||||
| Additional paid-in capital | 755,843 | 699,976 | 700,624 | 699,923 | 617,364 | ||||||||||||||
| Retained earnings, partially restricted | 172,934 | 161,217 | 160,225 | 151,759 | 143,766 | ||||||||||||||
| Accumulated other comprehensive (loss) income | (11,666 | ) | (5,950 | ) | (1,893 | ) | (2,175 | ) | (3,261 | ) | |||||||||
| Treasury stock, at cost; | |||||||||||||||||||
| 4,401,333 shares, 4,440,665 shares, 4,572,954 shares, 4,717,775 shares, and 4,707,096 shares, respectively | (51,454 | ) | (51,454 | ) | (54,188 | ) | (53,837 | ) | (53,837 | ) | |||||||||
| Unallocated common stock held by the Employee Stock Ownership Plan; | |||||||||||||||||||
| 134,238 shares, 142,332 shares, 150,921 shares, 159,510 shares, and 168,099 shares, respectively | (732 | ) | (776 | ) | (823 | ) | (869 | ) | (916 | ) | |||||||||
| Total Brookline Bancorp, Inc. stockholders’ equity | 865,777 | 803,830 | 804,762 | 795,618 | 703,873 | ||||||||||||||
| Noncontrolling interest in subsidiary | 8,969 | 8,753 | 7,774 | 7,441 | 7,376 | ||||||||||||||
| Total stockholders' equity | 874,746 | 812,583 | 812,536 | 803,059 | 711,249 | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 7,248,114 | $ | 6,780,249 | $ | 6,686,284 | $ | 6,658,067 | $ | 6,497,721 | |||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||
| Consolidated Statements of Income (Unaudited) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | ||||||||||
| (In Thousands Except Share Data) | ||||||||||||||
| Interest and dividend income: | ||||||||||||||
| Loans and leases | $ | 67,272 | $ | 64,272 | $ | 63,054 | $ | 61,138 | $ | 58,558 | ||||
| Debt securities | 3,323 | 3,214 | 3,154 | 3,156 | 3,000 | |||||||||
| Marketable and restricted equity securities | 924 | 751 | 788 | 797 | 726 | |||||||||
| Short-term investments | 120 | 100 | 180 | 95 | 67 | |||||||||
| Total interest and dividend income | 71,639 | 68,337 | 67,176 | 65,186 | 62,351 | |||||||||
| Interest expense: | ||||||||||||||
| Deposits | 7,099 | 6,681 | 5,984 | 5,543 | 5,080 | |||||||||
| Borrowed funds | 5,049 | 3,999 | 4,349 | 4,060 | 4,173 | |||||||||
| Total interest expense | 12,148 | 10,680 | 10,333 | 9,603 | 9,253 | |||||||||
| Net interest income | 59,491 | 57,657 | 56,843 | 55,583 | 53,098 | |||||||||
| Provision for credit losses | 641 | 1,802 | 2,911 | 873 | 13,402 | |||||||||
| Net interest income after provision for credit losses | 58,850 | 55,855 | 53,932 | 54,710 | 39,696 | |||||||||
| Non-interest income: | ||||||||||||||
| Deposit fees | 2,463 | 2,542 | 2,547 | 2,552 | 2,409 | |||||||||
| Loan fees | 290 | 338 | 282 | 229 | 261 | |||||||||
| Loan level derivative income, net | 866 | 755 | 844 | 186 | 402 | |||||||||
| Gain on sales of investment securities, net | 1,162 | — | — | — | 11,393 | |||||||||
| Gain on sales of loans and leases held-for-sale | 299 | 935 | 1,049 | 307 | 353 | |||||||||
| Other | 1,088 | 1,245 | 1,251 | 1,203 | 1,090 | |||||||||
| Total non-interest income | 6,168 | 5,815 | 5,973 | 4,477 | 15,908 | |||||||||
| Non-interest expense: | ||||||||||||||
| Compensation and employee benefits | 22,314 | 20,652 | 21,067 | 20,910 | 19,784 | |||||||||
| Occupancy | 3,959 | 3,594 | 3,650 | 3,657 | 3,645 | |||||||||
| Equipment and data processing | 4,618 | 4,417 | 4,210 | 4,164 | 4,063 | |||||||||
| Professional services | 1,144 | 1,200 | 973 | 1,036 | 1,106 | |||||||||
| FDIC insurance | 635 | 678 | 842 | 951 | 855 | |||||||||
| Advertising and marketing | 1,057 | 856 | 839 | 857 | 817 | |||||||||
| Amortization of identified intangible assets | 467 | 519 | 519 | 519 | 532 | |||||||||
| Merger and acquisition expense | 2,905 | 206 | 205 | — | — | |||||||||
| Other | 2,839 | 3,030 | 3,103 | 2,701 | 2,954 | |||||||||
| Total non-interest expense | 39,938 | 35,152 | 35,408 | 34,795 | 33,756 | |||||||||
| Income before provision for income taxes | 25,080 | 26,518 | 24,497 | 24,392 | 21,848 | |||||||||
| Provision for income taxes - operating | 5,652 | 9,747 | 8,330 | 8,759 | 7,835 | |||||||||
| Impact of revaluation of DTA | — | 8,965 | — | — | — | |||||||||
| Total provision for income taxes | 5,652 | 18,712 | 8,330 | 8,759 | 7,835 | |||||||||
| Net income before noncontrolling interest in subsidiary | 19,428 | 7,806 | 16,167 | 15,633 | 14,013 | |||||||||
| Less net income attributable to noncontrolling interest in subsidiary | 795 | 979 | 801 | 753 | 568 | |||||||||
| Net income attributable to Brookline Bancorp, Inc. | $ | 18,633 | $ | 6,827 | $ | 15,366 | $ | 14,880 | $ | 13,445 | ||||
| Earnings per common share: | ||||||||||||||
| Basic | $ | 0.24 | $ | 0.09 | $ | 0.20 | $ | 0.20 | $ | 0.19 | ||||
| Diluted | $ | 0.24 | $ | 0.09 | $ | 0.20 | $ | 0.20 | $ | 0.19 | ||||
| Weighted average common shares outstanding during the period: | ||||||||||||||
| Basic | 77,879,593 | 76,583,712 | 76,452,539 | 74,325,013 | 70,386,766 | |||||||||
| Diluted | 78,167,800 | 76,868,307 | 76,961,948 | 74,810,088 | 70,844,096 | |||||||||
| Dividends declared per common share | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | ||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
| Asset Quality Analysis (Unaudited) | |||||||||||||||||||
| At and for the Three Months Ended | |||||||||||||||||||
| March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||
| NONPERFORMING ASSETS: | |||||||||||||||||||
| Loans and leases accounted for on a nonaccrual basis: | |||||||||||||||||||
| Commercial real estate mortgage | $ | 4,080 | $ | 3,313 | $ | 3,051 | $ | 2,766 | $ | 5,671 | |||||||||
| Multi-family mortgage | 588 | 608 | 792 | 1,075 | 1,095 | ||||||||||||||
| Construction | 860 | 860 | 860 | — | — | ||||||||||||||
| Total commercial real estate loans | 5,528 | 4,781 | 4,703 | 3,841 | 6,766 | ||||||||||||||
| Commercial | 11,150 | 11,619 | 22,367 | 23,886 | 27,442 | ||||||||||||||
| Equipment financing | 6,661 | 8,106 | 9,858 | 9,702 | 6,445 | ||||||||||||||
| Total commercial loans and leases | 17,811 | 19,725 | 32,225 | 33,588 | 33,887 | ||||||||||||||
| Residential mortgage | 1,962 | 1,979 | 1,969 | 3,429 | 3,001 | ||||||||||||||
| Home equity | 925 | 744 | 1,047 | 1,366 | 1,333 | ||||||||||||||
| Other consumer | 53 | 43 | 29 | 43 | 76 | ||||||||||||||
| Total consumer loans | 2,940 | 2,766 | 3,045 | 4,838 | 4,410 | ||||||||||||||
| Total nonaccrual loans and leases | 26,279 | 27,272 | 39,973 | 42,267 | 45,063 | ||||||||||||||
| Other real estate owned | 3,235 | 3,235 | 3,235 | 3,384 | 618 | ||||||||||||||
| Other repossessed assets | 728 | 1,184 | 1,163 | 1,489 | 1,668 | ||||||||||||||
| Total nonperforming assets | $ | 30,242 | $ | 31,691 | $ | 44,371 | $ | 47,140 | $ | 47,349 | |||||||||
| Loans and leases past due greater than 90 days and still accruing | $ | 5,240 | $ | 3,020 | $ | 2,523 | $ | 2,706 | $ | 6,515 | |||||||||
| Troubled debt restructurings on accrual | 14,294 | 16,241 | 14,024 | 14,732 | 13,662 | ||||||||||||||
| Troubled debt restructurings on nonaccrual | 8,610 | 9,770 | 15,290 | 16,146 | 11,756 | ||||||||||||||
| Total troubled debt restructurings | $ | 22,904 | $ | 26,011 | $ | 29,314 | $ | 30,878 | $ | 25,418 | |||||||||
| Nonperforming loans and leases as a percentage of total loans and leases | 0.43 | % | 0.48 | % | 0.71 | % | 0.76 | % | 0.83 | % | |||||||||
| Nonperforming assets as a percentage of total assets | 0.42 | % | 0.47 | % | 0.66 | % | 0.71 | % | 0.73 | % | |||||||||
| PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES: | |||||||||||||||||||
| Allowance for loan and lease losses at beginning of period | $ | 58,592 | $ | 65,413 | $ | 64,521 | $ | 66,133 | $ | 53,666 | |||||||||
| Charge-offs | (792 | ) | (8,921 | ) | (2,143 | ) | (3,365 | ) | (1,382 | ) | |||||||||
| Recoveries | 287 | 414 | 189 | 963 | 387 | ||||||||||||||
| Net charge-offs | (505 | ) | (8,507 | ) | (1,954 | ) | (2,402 | ) | (995 | ) | |||||||||
| Provision for loan and lease losses | 627 | 1,686 | 2,846 | 790 | 13,462 | ||||||||||||||
| Allowance for loan and lease losses at end of period | $ | 58,714 | $ | 58,592 | $ | 65,413 | $ | 64,521 | $ | 66,133 | |||||||||
| Allowance for loan and lease losses as a percentage of total loans and leases | 0.96 | % | 1.02 | % | 1.16 | % | 1.17 | % | 1.21 | % | |||||||||
| Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases (non-GAAP) | 1.03 | % | 1.05 | % | 1.20 | % | 1.20 | % | 1.25 | % | |||||||||
| NET CHARGE-OFFS: | |||||||||||||||||||
| Commercial real estate loans | $ | 3 | $ | 200 | $ | 65 | $ | (131 | ) | $ | (116 | ) | |||||||
| Commercial loans and leases | 532 | 8,290 | 1,856 | 2,546 | 1,065 | ||||||||||||||
| Consumer loans | (30 | ) | 17 | 33 | (13 | ) | 46 | ||||||||||||
| Total net charge-offs | $ | 505 | $ | 8,507 | $ | 1,954 | $ | 2,402 | $ | 995 | |||||||||
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.03 | % | 0.60 | % | 0.14 | % | 0.17 | % | 0.07 | % | |||||||||
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| Average Yields / Costs (Unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, 2018 | December 31, 2017 | March 31, 2017 | |||||||||||||||||||||||||||
| 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) | $ | 647,501 | $ | 3,377 | 2.09 | % | $ | 644,958 | $ | 3,323 | 2.06 | % | $ | 613,520 | $ | 3,110 | 2.03 | % | |||||||||||
| Marketable and restricted equity securities (2) | 64,127 | 923 | 5.76 | % | 59,720 | 759 | 5.08 | % | 69,508 | 718 | 4.13 | % | |||||||||||||||||
| Short-term investments | 30,664 | 120 | 1.57 | % | 34,689 | 100 | 1.15 | % | 32,127 | 67 | 0.84 | % | |||||||||||||||||
| Total investments | 742,292 | 4,420 | 2.38 | % | 739,367 | 4,182 | 2.26 | % | 715,155 | 3,895 | 2.18 | % | |||||||||||||||||
| Loans and Leases: | |||||||||||||||||||||||||||||
| Commercial real estate loans (3) | 3,116,690 | 33,429 | 4.29 | % | 3,026,124 | 31,866 | 4.12 | % | 2,930,345 | 29,467 | 4.02 | % | |||||||||||||||||
| Commercial loans (3) | 785,936 | 8,424 | 4.29 | % | 762,493 | 8,132 | 4.18 | % | 699,687 | 7,113 | 4.07 | % | |||||||||||||||||
| Equipment financing (3) | 875,304 | 14,864 | 6.79 | % | 846,734 | 14,292 | 6.75 | % | 806,139 | 13,114 | 6.51 | % | |||||||||||||||||
| Residential mortgage loans (3) | 704,666 | 6,733 | 3.82 | % | 659,226 | 6,082 | 3.69 | % | 634,885 | 5,609 | 3.53 | % | |||||||||||||||||
| Other consumer loans (3) | 382,194 | 3,941 | 4.18 | % | 373,559 | 4,141 | 4.40 | % | 360,791 | 3,495 | 3.93 | % | |||||||||||||||||
| Total loans and leases | 5,864,790 | 67,391 | 4.60 | % | 5,668,136 | 64,513 | 4.55 | % | 5,431,847 | 58,798 | 4.33 | % | |||||||||||||||||
| Total interest-earning assets | 6,607,082 | 71,811 | 4.35 | % | 6,407,503 | 68,695 | 4.29 | % | 6,147,002 | 62,693 | 4.08 | % | |||||||||||||||||
| Allowance for loan and lease losses | (58,986 | ) | (65,434 | ) | (54,314 | ) | |||||||||||||||||||||||
| Non-interest-earning assets | 379,213 | 383,661 | 368,495 | ||||||||||||||||||||||||||
| Total assets | $ | 6,927,309 | $ | 6,725,730 | $ | 6,461,183 | |||||||||||||||||||||||
| Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||
| NOW accounts | $ | 335,990 | 58 | 0.07 | % | $ | 331,724 | 61 | 0.07 | % | $ | 320,671 | 55 | 0.07 | % | ||||||||||||||
| Savings accounts | 649,224 | 401 | 0.25 | % | 671,035 | 381 | 0.23 | % | 614,085 | 310 | 0.20 | % | |||||||||||||||||
| Money market accounts | 1,772,362 | 2,558 | 0.59 | % | 1,766,045 | 2,456 | 0.55 | % | 1,744,534 | 2,009 | 0.47 | % | |||||||||||||||||
| Certificates of deposit | 1,247,049 | 4,082 | 1.33 | % | 1,202,656 | 3,783 | 1.25 | % | 1,021,949 | 2,706 | 1.07 | % | |||||||||||||||||
| Total interest-bearing deposits | 4,004,625 | 7,099 | 0.72 | % | 3,971,460 | 6,681 | 0.67 | % | 3,701,239 | 5,080 | 0.56 | % | |||||||||||||||||
| Borrowings | |||||||||||||||||||||||||||||
| Advances from the FHLBB | 956,298 | 3,748 | 1.57 | % | 798,572 | 2,690 | 1.32 | % | 929,822 | 2,857 | 1.23 | % | |||||||||||||||||
| Subordinated debentures and notes | 83,289 | 1,282 | 6.16 | % | 83,248 | 1,276 | 6.13 | % | 83,124 | 1,260 | 6.07 | % | |||||||||||||||||
| Other borrowed funds | 36,147 | 19 | 0.21 | % | 34,499 | 33 | 0.37 | % | 60,634 | 56 | 0.38 | % | |||||||||||||||||
| Total borrowings | 1,075,734 | 5,049 | 1.88 | % | 916,319 | 3,999 | 1.71 | % | 1,073,580 | 4,173 | 1.55 | % | |||||||||||||||||
| Total interest-bearing liabilities | 5,080,359 | 12,148 | 0.97 | % | 4,887,779 | 10,680 | 0.87 | % | 4,774,819 | 9,253 | 0.79 | % | |||||||||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||||||||||
| Demand checking accounts | 931,685 | 933,690 | 898,481 | ||||||||||||||||||||||||||
| Other non-interest-bearing liabilities | 77,169 | 85,018 | 71,812 | ||||||||||||||||||||||||||
| Total liabilities | 6,089,213 | 5,906,487 | 5,745,112 | ||||||||||||||||||||||||||
| Brookline Bancorp, Inc. stockholders’ equity | 829,598 | 811,219 | 709,095 | ||||||||||||||||||||||||||
| Noncontrolling interest in subsidiary | 8,498 | 8,024 | 6,976 | ||||||||||||||||||||||||||
| Total liabilities and equity | $ | 6,927,309 | $ | 6,725,730 | $ | 6,461,183 | |||||||||||||||||||||||
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) | 59,663 | 3.38 | % | 58,015 | 3.42 | % | 53,440 | 3.29 | % | ||||||||||||||||||||
| Less adjustment of tax-exempt income | 172 | 358 | 342 | ||||||||||||||||||||||||||
| Net interest income | $ | 59,491 | $ | 57,657 | $ | 53,098 | |||||||||||||||||||||||
| Net interest margin (5) | 3.66 | % | 3.59 | % | 3.53 | % | |||||||||||||||||||||||
| (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, | |||||||||||||||||||
| 2018 | 2017 | ||||||||||||||||||
| Reconciliation Table - Non-GAAP Financial Information | (Dollars in Thousands Except Share Data) | ||||||||||||||||||
| Net income attributable to Brookline Bancorp, Inc. | $ | 18,633 | $ | 13,445 | |||||||||||||||
| Less: | |||||||||||||||||||
| Security gains (after-tax of 24.0% for 2018 and 35.9% for 2017) ** | 883 | 7,303 | |||||||||||||||||
| Add: | |||||||||||||||||||
| Merger and acquisition-related expenses (after-tax of 24.0% for 2018 and 35.9% for 2017) ** | 2,208 | — | |||||||||||||||||
| Operating earnings | $ | 19,958 | $ | 6,142 | |||||||||||||||
| Operating earnings per common share: | |||||||||||||||||||
| Basic | $ | 0.26 | $ | 0.09 | |||||||||||||||
| Diluted | 0.26 | 0.09 | |||||||||||||||||
| Weighted average common shares outstanding during the period: | |||||||||||||||||||
| Basic | 77,879,593 | 70,386,766 | |||||||||||||||||
| Diluted | 78,167,800 | 70,844,096 | |||||||||||||||||
| Return on average assets * | 1.08 | % | 0.83 | % | |||||||||||||||
| Less: | |||||||||||||||||||
| Security gains (after-tax) * | 0.05 | % | 0.45 | % | |||||||||||||||
| Add: | |||||||||||||||||||
| Merger and acquisition-related expenses (after-tax) * | 0.12 | % | — | % | |||||||||||||||
| Operating return on average assets * | 1.15 | % | 0.38 | % | |||||||||||||||
| Return on average tangible assets * | 1.10 | % | 0.85 | % | |||||||||||||||
| Less: | |||||||||||||||||||
| Security gains (after-tax) * | 0.05 | % | 0.46 | % | |||||||||||||||
| Add: | |||||||||||||||||||
| Merger and acquisition-related expenses (after-tax) * | 0.13 | % | — | % | |||||||||||||||
| Operating return on average tangible assets * | 1.18 | % | 0.39 | % | |||||||||||||||
| Return on average stockholders' equity * | 8.98 | % | 7.58 | % | |||||||||||||||
| Less: | |||||||||||||||||||
| Security gains (after-tax) * | 0.43 | % | 4.12 | % | |||||||||||||||
| Add: | |||||||||||||||||||
| Merger and acquisition-related expenses (after-tax) * | 1.07 | % | — | % | |||||||||||||||
| Operating return on average stockholders' equity * | 9.62 | % | 3.46 | % | |||||||||||||||
| Return on average tangible stockholders' equity * | 11.01 | % | 9.55 | % | |||||||||||||||
| Less: | |||||||||||||||||||
| Security gains (after-tax) * | 0.52 | % | 5.19 | % | |||||||||||||||
| Add: | |||||||||||||||||||
| Merger and acquisition-related expenses (after-tax) * | 1.30 | % | — | % | |||||||||||||||
| Operating return on average tangible stockholders' equity * | 11.79 | % | 4.36 | % | |||||||||||||||
| * Ratios at and for the three months ended are annualized. | |||||||||||||||||||
| ** Based on current expected effective tax rate of 24% for the remainder of 2018. | |||||||||||||||||||
| At and for the Three Months Ended | |||||||||||||||||||
| March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | |||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||
| Net income, as reported | $ | 18,633 | $ | 6,827 | $ | 15,366 | $ | 14,880 | $ | 13,445 | |||||||||
| Average total assets | $ | 6,927,309 | $ | 6,725,730 | $ | 6,681,042 | $ | 6,556,665 | $ | 6,461,183 | |||||||||
| Less: Average goodwill and average identified intangible assets, net | 152,377 | 144,226 | 144,747 | 145,269 | 145,778 | ||||||||||||||
| Average tangible assets | $ | 6,774,932 | $ | 6,581,504 | $ | 6,536,295 | $ | 6,411,396 | $ | 6,315,405 | |||||||||
| Return on average tangible assets (annualized) | 1.10 | % | 0.41 | % | 0.94 | % | 0.93 | % | 0.85 | % | |||||||||
| Average total stockholders’ equity | $ | 829,598 | $ | 811,219 | $ | 804,666 | $ | 766,529 | $ | 709,095 | |||||||||
| Less: Average goodwill and average identified intangible assets, net | 152,377 | 144,226 | 144,747 | 145,269 | 145,778 | ||||||||||||||
| Average tangible stockholders’ equity | $ | 677,221 | $ | 666,993 | $ | 659,919 | $ | 621,260 | $ | 563,317 | |||||||||
| Return on average tangible stockholders’ equity (annualized) | 11.01 | % | 4.09 | % | 9.31 | % | 9.58 | % | 9.55 | % | |||||||||
| Brookline Bancorp, Inc. stockholders’ equity | $ | 865,777 | $ | 803,830 | $ | 804,762 | $ | 795,618 | $ | 703,873 | |||||||||
| Less: | |||||||||||||||||||
| Goodwill | 160,896 | 137,890 | 137,890 | 137,890 | 137,890 | ||||||||||||||
| Identified intangible assets, net | 7,697 | 6,044 | 6,563 | 7,082 | 7,601 | ||||||||||||||
| Tangible stockholders' equity | $ | 697,184 | $ | 659,896 | $ | 660,309 | $ | 650,646 | $ | 558,382 | |||||||||
| Total assets | $ | 7,248,114 | $ | 6,780,249 | $ | 6,686,284 | $ | 6,658,067 | $ | 6,497,721 | |||||||||
| Less: | |||||||||||||||||||
| Goodwill | 160,896 | 137,890 | 137,890 | 137,890 | 137,890 | ||||||||||||||
| Identified intangible assets, net | 7,697 | 6,044 | 6,563 | 7,082 | 7,601 | ||||||||||||||
| Tangible assets | $ | 7,079,521 | $ | 6,636,315 | $ | 6,541,831 | $ | 6,513,095 | $ | 6,352,230 | |||||||||
| Tangible stockholders’ equity to tangible assets | 9.85 | % | 9.94 | % | 10.09 | % | 9.99 | % | 8.79 | % | |||||||||
| Tangible stockholders' equity | $ | 697,184 | $ | 659,896 | $ | 660,309 | $ | 650,646 | $ | 558,382 | |||||||||
| Number of common shares issued | 85,177,172 | 81,695,695 | 81,695,695 | 81,695,695 | 75,744,445 | ||||||||||||||
| Less: | |||||||||||||||||||
| Treasury shares | 4,401,333 | 4,440,665 | 4,572,954 | 4,717,775 | 4,707,096 | ||||||||||||||
| Unallocated ESOP shares | 134,238 | 142,332 | 150,921 | 159,510 | 168,099 | ||||||||||||||
| Unvested restricted shares | 455,283 | 455,283 | 471,702 | 457,966 | 476,854 | ||||||||||||||
| Number of common shares outstanding | 80,186,318 | 76,657,415 | 76,500,118 | 76,360,444 | 70,392,396 | ||||||||||||||
| Tangible book value per common share | $ | 8.69 | $ | 8.61 | $ | 8.63 | $ | 8.52 | $ | 7.93 | |||||||||
| Allowance for loan and lease losses | $ | 58,714 | $ | 58,592 | $ | 65,413 | $ | 64,521 | $ | 66,133 | |||||||||
| Less: | |||||||||||||||||||
| Allowance for acquired loans and leases losses | 910 | 1,040 | 1,003 | 1,188 | 1,304 | ||||||||||||||
| Allowance for originated loan and lease losses | $ | 57,804 | $ | 57,552 | $ | 64,410 | $ | 63,333 | $ | 64,829 | |||||||||
| Total loans and leases | $ | 6,114,461 | $ | 5,730,679 | $ | 5,639,440 | $ | 5,537,406 | $ | 5,461,779 | |||||||||
| Less: | |||||||||||||||||||
| Total acquired loans and leases | 482,237 | 240,057 | 260,196 | 271,157 | 295,055 | ||||||||||||||
| Total originated loans and leases | $ | 5,632,224 | $ | 5,490,622 | $ | 5,379,244 | $ | 5,266,249 | $ | 5,166,724 | |||||||||
| Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases | 1.03 | % | 1.05 | % | 1.20 | % | 1.20 | % | 1.25 | % | |||||||||