Profile: Brookline Bancorp Inc (BRKL.O)
22 Jul 2019
Brookline Bancorp, Inc., incorporated on April 11, 2002, operates as a multi-bank holding company for Brookline Bank and its subsidiaries; Bank Rhode Island (BankRI) and its subsidiaries; First Ipswich Bank (First Ipswich) and its subsidiaries, and Brookline Securities Corp. As a commercially-focused financial institution with 50 full-service banking offices throughout greater Boston, the north shore of Massachusetts and Rhode Island, the Company, through Brookline Bank, BankRI and First Ipswich (individually and collectively the Banks), offered a range of commercial, business and retail banking services, including cash management products, online banking services, consumer and residential loans and investment services throughout central New England, as of December 31, 2016. The Company's activities include acceptance of commercial; municipal and retail deposits; origination of mortgage loans on commercial and residential real estate located principally in Massachusetts and Rhode Island; origination of commercial loans and leases to small- and mid-sized businesses; investment in debt and equity securities, and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through its subsidiaries, Eastern Funding LLC and Macrolease Corporation.
The Company's loan portfolio consists primarily of first mortgage loans secured by commercial, multi-family and residential real estate properties located in the Company's primary lending area, loans to business entities, including commercial lines of credit, loans to condominium associations, and loans and leases used to finance equipment used by small businesses. The Company also provides financing for construction and development projects, home equity and other consumer loans. The commercial real estate portfolio consists of commercial real estate mortgage loans, multi-family mortgage loans and construction loans. The commercial loan and lease portfolio consists of commercial loans, equipment financing loans and leases, and condominium association loans. The consumer loan portfolio consists of residential mortgage loans, home equity loans and lines, and other consumer loans. As of December 31, 2016, the Company's net loans and leases amounted to $5,345.2 million.
The Company invests in securities issued by the United States Government-sponsored enterprises (GSEs), including GSE debentures, mortgage-backed securities (MBSs) and collateralized mortgage obligations (CMOs). It also invests in certain of the United States and government agency debt securities, municipal and corporate debt securities, and trust preferred securities. As of December 31, 2016, the Company's total available-for-sale investment securities amounted to $523.6 million.
Sources of Funds
The Company's primary source of cash is dividends from the Banks and Brookline Securities Corp. The primary sources of liquidity for the Banks consist of deposit inflows, loan repayments, borrowed funds and maturing investment securities. Deposits consists of non-interest-bearing deposits, which include demand checking accounts, and interest-bearing deposits, which include certificate of deposit accounts, negotiable order of withdrawal (NOW) account, savings and money market accounts. As of December 31, 2016, the Company's total deposits amounted to $4,611.1 million.
As of December 31, 2016, The Brookline Bank, which includes its subsidiaries, BBS Investment Corp., Longwood Securities Corp. and Eastern Funding LLC, operated 25 banking offices in the greater Boston metropolitan area. BankRI, which includes its subsidiaries, BRI Investment Corp., Macrolease Corporation, Acorn Insurance Agency and BRI Realty Corp., operated 20 full-service banking offices in the greater Providence, Rhode Island area, as of December 31, 2016. First Ipswich, which includes its subsidiaries, First Ipswich Securities II Corp. and First Ipswich Insurance Agency, operates five banking offices on the north shore of eastern Massachusetts.
Brookline Bancorp Inc
131 Clarendon St
BOSTON MA 02116-5131