Toggle SGML Header (+)


Section 1: 8-K (FORM 8-K)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): January 30, 2019  

BROOKLINE BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)

Delaware0-2369504-3402944
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

 

131 Clarendon Street, Boston, MA 02116
(Address of Principal Executive Offices) (Zip Code)

(617) 425-4600
(Registrant's telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 [   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 [   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 [   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 [   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [   ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

 
 

Item 2.02. Results of Operations and Financial Condition.

On January 30, 2019, the Board of Directors of Brookline Bancorp, Inc. (the "Company") issued a press release announcing its earnings for the quarter ended December 31, 2018.  Additionally, the Company announced the approval by its Board of Directors of a regular quarterly dividend of $0.105 per share payable on February 25, 2019 to stockholders of record on February 11, 2019.  A copy of that press release is filed herewith as Exhibit 99.1 and is hereby incorporated by reference herein.

Item 8.01. Other Events.

On January 30, 2019, the Board of Directors of the Company approved a stock repurchase program of up to $10 million of the Company’s common stock over a period of eleven months ending on December 31, 2019.  The shares may be repurchased from time to time in open market or negotiated transactions at prevailing market prices in accordance with federal securities laws.  The Company announced the stock repurchase program in its press release announcing its earnings for the quarter ended December 31, 2018.  A copy of the press release is furnished as Exhibit 99.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

99.1 Press release of Brookline Bancorp, Inc. reporting earnings dividend approval and stock repurchase program approval, issued January 30, 2019.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 BROOKLINE BANCORP, INC.
   
  
Date: January 30, 2019By: /s/ Carl M. Carlson        
  Carl M. Carlson
  Chief Financial Officer
  


EXHIBIT INDEX

The following exhibits are furnished as part of this report:

Exhibit No. Description
   
99.1 Press release of Brookline Bancorp, Inc. reporting earnings dividend approval and stock repurchase program approval, issued January 30, 2019.

(Back To Top)

Section 2: EX-99.1 (PRESS RELEASE)

EdgarFiling

EXHIBIT 99.1

Brookline Bancorp Announces Fourth Quarter Results

Net Income of $21.1 million, EPS of $0.26

Record 2018 Net Income of $83.1 million, EPS of $1.04

BOSTON, Jan. 30, 2019 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $21.1 million, or $0.26 per basic and diluted share, for the fourth quarter of 2018, compared to $22.5 million, or $0.28 per basic and diluted share, for the third quarter of 2018, and $6.8 million, or $0.09 per basic and diluted share, for the fourth quarter of 2017.

For the year ended December 31, 2018, the Company reported net income of $83.1 million, or $1.04 per basic and diluted share. This compared to $50.5 million, or $0.68 per basic and diluted share, for the year ended December 31, 2017.

Operating Earnings (Non-GAAP)

Operating earnings were $22.1 million, or $0.27 per diluted share, for the fourth quarter of 2018, compared to $15.9 million, or $0.21 per diluted share, for the fourth quarter of 2017. For the year ended December 31, 2018, operating earnings were $85.8 million or $1.07 per diluted share, compared to $52.4 million or $0.70 per diluted share in 2017.

Operating earnings exclude the impact of securities gains or losses, merger and acquisition related expenses and the 2017 impact of the Tax Reform Act. Details are provided in the Reconciliation Table - Non-GAAP Financial Information.

Paul Perrault, President and Chief Executive Officer of the Company, commented on the fourth quarter earnings, “2018 was a successful year for Brookline Bancorp. We completed the acquisition of First Commons Bank in March, and finished the year with record earnings, strong asset quality and capital, and good momentum going into the new year. I want to thank all our employees for their hard work and dedication in providing our customers with superior service throughout the year. With all our accomplishments in 2018, we are positioned to achieve continued success and growth in 2019."

On December 5, 2018, the Board of Directors (the “Board”) of the Company approved a stock repurchase program authorizing management to repurchase up to $10.0 million of the Company’s common stock. As of December 31, 2018, the Company had completed the program and repurchased 725,583 shares at a weighted average price of $13.78.

On January 30, 2019, the Board approved a stock repurchase program authorizing management to repurchase up to $10.0 million of the Company's common stock over a period of eleven months ending December 31, 2019.

Eastern Funding, LLC Acquisition

As of December 31, 2018, Brookline Bank, a wholly-owned subsidiary of the Company, held an 84.07 percent ownership interest in its subsidiary, Eastern Funding, LLC (“Eastern Funding”). As previously announced, on January 4, 2019, Brookline Bank completed the purchase of the remaining 15.93 percent interest in Eastern Funding for a total cash consideration of $35.9 million.

BALANCE SHEET

Total assets at December 31, 2018 increased $72.2 million to $7.39 billion from $7.32 billion at September 30, 2018, and increased $612.6 million from $6.78 billion at December 31, 2017. At December 31, 2018, total loans and leases were $6.30 billion, representing an increase of $75.8 million from September 30, 2018, and an increase of $572.8 million from December 31, 2017.

Investment securities at December 31, 2018 decreased $32.9 million to $621.8 million, comprising 8.41 percent of total assets, as compared to $654.6 million, or 8.94 percent of total assets, at September 30, 2018, and decreased $28.1 million from $649.9 million, or 9.58 percent of total assets, at December 31, 2017.

Total deposits at December 31, 2018 increased $220.4 million to $5.45 billion from $5.23 billion at September 30, 2018 and increased $582.7 million from $4.87 billion at December 31, 2017.

Total borrowed funds at December 31, 2018 decreased $162.3 million to $920.5 million from $1.08 billion at September 30, 2018 and decreased $100.3 million from $1.02 billion at December 31, 2017.

The ratio of stockholders’ equity to total assets was 12.18 percent at December 31, 2018, as compared to 12.16 percent at September 30, 2018, and 11.86 percent at December 31, 2017. The ratio of tangible stockholders’ equity to tangible assets was 10.15 percent at December 31, 2018, as compared to 10.11 percent at September 30, 2018, and 9.94 percent at December 31, 2017. Tangible book value per share increased $0.21 from $9.00 at September 30, 2018 to $9.21 at December 31, 2018, compared to $8.61 at December 31, 2017.

NET INTEREST INCOME

Net interest income increased $0.9 million to $63.2 million during the fourth quarter of 2018 from $62.3 million for the quarter ended September 30, 2018, driven by loan growth during the fourth quarter. The net interest margin increased 1 basis point to 3.58 percent for the three months ended December 31, 2018 from 3.57 percent for the three months ended September 30, 2018.

NON-INTEREST INCOME

Non-interest income for the quarter ended December 31, 2018 decreased $0.6 million to $6.5 million from $7.1 million for the quarter ended September 30, 2018. The decrease was primarily driven by quarter over quarter declines of $0.4 million in loan level derivative income, $0.2 million in revenue on sales of loans and leases, and an increase in the loss on investment securities of $0.4 million; partially offset by an increase of $0.4 million in other non-interest income.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $0.1 million for the quarter ended December 31, 2018, compared to $2.7 million for the quarter ended September 30, 2018. The decrease in the provision for the quarter was primarily driven by a reduction in loss factors and risk rating migration, as well as charge-offs on relationships with specific reserves.

At the end of the quarter, the carrying value of taxi medallion loans was $13.7 million with reserves of $2.5 million. For collateral valuation purposes, individual taxi medallions are currently estimated at $35,000 for Boston and $20,000 for Cambridge. The Company has no taxi medallion exposure outside Massachusetts.

Total net loan and lease charge-offs for the fourth quarter of 2018 were $1.3 million compared to $0.6 million in the third quarter of 2018. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 8 basis points for the fourth quarter of 2018 from 4 basis points for the third quarter of 2018. Net loan and lease charge-offs in the fourth quarter of 2018 consisted of $0.3 million of taxi medallion loans as compared to $0.1 million of taxi medallion loans in the third quarter of 2018. Net loan and lease charge-offs as a percent of average total loans was 8 basis points in 2018, as compared to 25 basis points in 2017.

The allowance for loan and lease losses represented 0.93 percent of total loans and leases at December 31, 2018, compared to 0.96 percent at September 30, 2018, and 1.02 percent at December 31, 2017. The allowance for loan and lease losses related to originated loans and leases represented 0.96 percent of originated loans and leases at December 31, 2018, compared to 1.00 percent at September 30, 2018, and 1.05 percent at December 31, 2017.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended December 31, 2018 increased $3.0 million to $40.3 million from $37.3 million for the quarter ended September 30, 2018. The increase was primarily driven by increases of $2.1 million in compensation and employee benefits, $0.5 million in merger and acquisition expense, and $1.4 million in other non-interest expense, partially offset by decreases of $0.7 million in occupancy expense and $0.3 million in advertising and marketing expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 24.1 percent and 23.2 percent for the three and twelve months ended December 31, 2018, respectively.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets decreased to 1.15 percent during the fourth quarter of 2018 compared to 1.23 percent for the third quarter of 2018; and was 1.15 percent for the year ended December 31, 2018, compared to 0.76 percent for the year ended December 31, 2017.

The annualized return on average tangible stockholders' equity decreased to 11.54 percent during the fourth quarter of 2018 compared to 12.44 percent for the third quarter of 2018; and was 11.70 percent for the year ended December 31, 2018 compared to 8.04 percent for the year ended December 31, 2017.

ASSET QUALITY

The ratio of total nonaccrual loans and leases to total loans and leases was 0.38 percent at December 31, 2018 as compared to 0.41 percent at September 30, 2018. Total nonaccrual loans and leases decreased $1.7 million to $24.1 million at December 31, 2018 from $25.8 million at September 30, 2018. The ratio of nonperforming assets to total assets was 0.38 percent at December 31, 2018 as compared to 0.41 percent at September 30, 2018. Nonperforming assets decreased $1.6 million to $28.1 million at December 31, 2018 from $29.7 million at September 30, 2018. The decrease was primarily driven by the pay offs of nonperforming loans and leases and the charge-offs of taxi medallion loans in the fourth quarter.

DIVIDEND DECLARED

The Company’s Board approved a dividend of $0.105 per share for the quarter ended December 31, 2018. The dividend will be paid on February 25, 2019 to stockholders of record on February 11, 2019.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Standard Time on Thursday, January 31, 2019 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 10127371. 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 $7.4 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, 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 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
ccarlson@brkl.com

 
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)
 
 At and for the Three Months Ended At and for the Twelve
Months Ended
 December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017
  
 (Dollars In Thousands Except per Share Data)
Earnings Data:             
Net interest income$63,159  $62,332  $62,717  $59,491  $57,657  $247,699  $223,181 
Provision for credit losses 123   2,717   1,470   641   1,802   4,951   18,988 
Non-interest income 6,461   7,069   5,526   6,168   5,815   25,224   32,173 
Non-interest expense 40,282   37,310   37,702   39,938   35,152   155,232   139,111 
                            
Income before provision for income taxes 29,215   29,374   29,071   25,080   26,518   112,740   97,255 
Net income attributable to Brookline Bancorp, Inc. 21,138   22,460   20,831   18,633   6,827   83,062   50,518 
              
Performance Ratios:             
Net interest margin (1) 3.58%  3.57%  3.64%  3.66%  3.59%  3.61%  3.57%
Interest-rate spread (1) 3.25%  3.27%  3.36%  3.38%  3.42%  3.32%  3.38%
                            
Return on average assets (annualized) 1.15%  1.23%  1.15%  1.08%  0.41%  1.15%  0.76%
Return on average tangible assets (annualized) (non-GAAP) 1.17%  1.26%  1.17%  1.10%  0.41%  1.18%  0.78%
Return on average stockholders' equity (annualized) 9.40%  10.10%  9.53%  8.98%  3.37%  9.51%  6.53%
                            
Return on average tangible stockholders' equity (annualized) (non-GAAP) 11.54%  12.44%  11.80%  11.01%  4.09%  11.70%  8.04%
Efficiency ratio (2) 57.86%  53.76%  55.25%  60.83%  55.38%  56.88%  54.48%
              
Per Common Share Data:             
Net income — Basic$0.26  $0.28  $0.26  $0.24  $0.09  $1.04  $0.68 
Net income — Diluted 0.26   0.28   0.26   0.24   0.09   1.04   0.68 
Cash dividends declared 0.105   0.100   0.100   0.090   0.090   0.395   0.360 
                            
Book value per share (end of period) 11.30   11.08   10.94   10.80   10.49   11.30   10.49 
Tangible book value per share (end of period) (non-GAAP) 9.21   9.00   8.85   8.69   8.61   9.21   8.61 
Stock price (end of period) 13.82   16.70   18.60   16.20   15.70   13.82   15.70 
 
Balance Sheet:             
Total assets$7,392,805  $7,320,596  $7,285,710  $7,248,114  $6,780,249  $7,392,805  $6,780,249 
Total loans and leases 6,303,516   6,227,707   6,171,274   6,114,461   5,730,679   6,303,516   5,730,679 
Total deposits 5,454,044   5,233,611   5,198,280   5,191,520   4,871,343   5,454,044   4,871,343 
Brookline Bancorp, Inc. stockholders’ equity 900,140   890,368   877,283   865,777   803,830   900,140   803,830 
              
Asset Quality:             
Nonperforming assets$28,116  $29,718  $30,145  $30,242  $31,691  $28,116  $31,691 
Nonperforming assets as a percentage of total assets 0.38%  0.41%  0.41%  0.42%  0.47%  0.38%  0.47%
                            
Allowance for loan and lease losses$58,692  $59,997  $57,981  $58,714  $58,592  $58,692  $58,592 
                            
Allowance for loan and lease losses as a percentage of total loans and leases 0.93%  0.96%  0.94%  0.96%  1.02%  0.93%  1.02%
Net loan and lease charge-offs$1,252  $564  $2,330  $505  $8,507  $4,651  $13,858 
Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.08%  0.04%  0.15%  0.03%  0.60%  0.08%  0.25%
              
Capital Ratios:             
Stockholders’ equity to total assets 12.18%  12.16%  12.04%  11.94%  11.86%  12.18%  11.86%
Tangible stockholders’ equity to tangible assets (non-GAAP) 10.15%  10.11%  9.97%  9.85%  9.94%  10.15%  9.94%
              
(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)
 December 31,
2018
 September 30,
2018
 June 30, 2018 March 31, 2018 December 31,
2017
  
  
ASSETS(In Thousands Except Share Data)
Cash and due from banks$47,542  $30,762  $32,724  $34,713  $25,622 
Short-term investments 42,042   23,114   22,754   49,743   35,383 
Total cash and cash equivalents 89,584   53,876   55,478   84,456   61,005 
Investment securities available-for-sale 502,793   534,788   558,602   558,357   540,124 
Investment securities held-to-maturity 114,776   115,684   116,670   117,352   109,730 
Investment securities trading 4,207   4,169          
Total investment securities 621,776   654,641   675,272   675,709   649,854 
Loans and leases held-for-sale 3,247   937   1,034   756   2,628 
Loans and leases:         
Commercial real estate loans:         
Commercial real estate mortgage 2,330,725   2,287,979   2,269,520   2,284,488   2,174,969 
Multi-family mortgage 847,711   828,849   816,311   793,006   760,670 
Construction 173,300   164,217   178,335   169,440   140,138 
Total commercial real estate loans 3,351,736   3,281,045   3,264,166   3,246,934   3,075,777 
Commercial loans and leases:         
Commercial 736,418   771,200   761,964   761,540   705,004 
Equipment financing 982,089   954,579   920,643   892,341   866,488 
Condominium association 50,451   52,205   53,537   52,739   52,619 
Total commercial loans and leases 1,768,958   1,777,984   1,736,144   1,706,620   1,624,111 
Consumer loans:         
Residential mortgage 782,968   759,167   754,818   766,687   660,065 
Home equity 376,484   380,303   382,597   364,928   355,954 
Other consumer 23,370   29,208   33,549   29,292   14,772 
Total consumer loans 1,182,822   1,168,678   1,170,964   1,160,907   1,030,791 
Total loans and leases 6,303,516   6,227,707   6,171,274   6,114,461   5,730,679 
Allowance for loan and lease losses (58,692)  (59,997)  (57,981)  (58,714)  (58,592)
Net loans and leases 6,244,824   6,167,710   6,113,293   6,055,747   5,672,087 
Restricted equity securities 61,751   63,963   68,343   66,164   59,369 
Premises and equipment, net of accumulated depreciation 76,382   77,886   79,194   80,268   80,283 
Deferred tax asset ("DTA") 21,495   22,249   20,826   19,198   15,061 
Goodwill 160,427   160,427   160,427   160,896   137,890 
Identified intangible assets, net of accumulated amortization 6,086   6,623   7,160   7,697   6,044 
Other real estate owned and repossessed assets 4,019   3,934   4,352   3,963   4,419 
Other assets 103,214   108,350   100,331   93,260   91,609 
Total assets$7,392,805  $7,320,596  $7,285,710  $7,248,114  $6,780,249 
LIABILITIES AND STOCKHOLDERS' EQUITY         
Deposits:         
Non-interest-bearing deposits:         
Demand checking accounts$1,033,551  $1,017,234  $1,002,954  $987,153  $942,583 
Interest-bearing deposits:         
NOW accounts 336,317   322,587   346,936   342,374   350,568 
Savings accounts 619,961   612,210   603,079   637,920   646,359 
Money market accounts 1,675,050   1,623,220   1,704,652   1,862,351   1,724,363 
Certificate of deposit accounts 1,789,165   1,658,360   1,540,659   1,361,722   1,207,470 
Total interest-bearing deposits 4,420,493   4,216,377   4,195,326   4,204,367   3,928,760 
Total deposits 5,454,044   5,233,611   5,198,280   5,191,520   4,871,343 
Borrowed funds:         
Advances from the FHLBB 784,375   959,446   991,091   982,533   889,909 
Subordinated debentures and notes 83,433   83,392   83,352   83,311   83,271 
Other borrowed funds 52,734   40,048   36,480   33,585   47,639 
Total borrowed funds 920,542   1,082,886   1,110,923   1,099,429   1,020,819 
Mortgagors’ escrow accounts 7,426   8,227   8,122   8,395   7,686 
Accrued expenses and other liabilities 100,174   96,047   82,017   74,024   67,818 
Total liabilities 6,482,186   6,420,771   6,399,342   6,373,368   5,967,666 
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 81,695,695 shares issued, respectively 852   852   852   852   817 
Additional paid-in capital 755,629   753,941   756,254   755,843   699,976 
Retained earnings, partially restricted 212,838   200,151   185,734   172,934   161,217 
Accumulated other comprehensive (loss) income (9,460)  (15,599)  (13,415)  (11,666)  (5,950)
Treasury stock, at cost;         
  5,020,025 shares, 4,291,317 shares, 4,409,501 shares, 4,401,333 shares, and 4,440,665 shares, respectively (59,120)  (48,334)  (51,454)  (51,454)  (51,454)
Unallocated common stock held by the Employee Stock Ownership Plan;         
  109,950 shares, 118,050 shares, 126,144 shares, 134,238 shares, and 142,332 shares, respectively (599)  (643)  (688)  (732)  (776)
Total Brookline Bancorp, Inc. stockholders’ equity 900,140   890,368   877,283   865,777   803,830 
Noncontrolling interest in subsidiary 10,479   9,457   9,085   8,969   8,753 
Total stockholders' equity 910,619   899,825   886,368   874,746   812,583 
Total liabilities and stockholders' equity$7,392,805  $7,320,596  $7,285,710  $7,248,114  $6,780,249 
          

 

 
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
 Three Months Ended
 December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017
  
 (In Thousands Except Share Data)
Interest and dividend income:         
Loans and leases$78,791  $75,877  $73,329 $67,272 $64,272
Debt securities 3,489   3,585   3,563  3,323  3,214
Marketable and restricted equity securities 1,008   1,029   1,003  924  751
Short-term investments 256   145   179  120  100
Total interest and dividend income 83,544   80,636   78,074  71,639  68,337
Interest expense:         
Deposits 13,744   11,916   9,219  7,099  6,681
Borrowed funds 6,641   6,388   6,138  5,049  3,999
Total interest expense 20,385   18,304   15,357  12,148  10,680
Net interest income 63,159   62,332   62,717  59,491  57,657
Provision for credit losses 123   2,717   1,470  641  1,802
Net interest income after provision for credit losses 63,036   59,615   61,247  58,850  55,855
Non-interest income:         
Deposit fees 2,669   2,648   2,620  2,463  2,542
Loan fees 390   417   330  290  338
Loan level derivative income, net 1,811   2,192   571  866  755
(Loss) gain on investment securities, net (692)  (243)    1,162  
Gain on sales of loans and leases held-for-sale 327   535   722  299  935
Other 1,956   1,520   1,283  1,088  1,245
Total non-interest income 6,461   7,069   5,526  6,168  5,815
Non-interest expense:         
Compensation and employee benefits 24,413   22,338   22,565  22,314  20,652
Occupancy 3,240   3,913   3,879  3,959  3,594
Equipment and data processing 4,626   4,601   4,368  4,618  4,417
Professional services 1,130   1,075   1,055  1,144  1,200
FDIC insurance 727   846   514  635  678
Advertising and marketing 773   1,068   1,118  1,057  856
Amortization of identified intangible assets 537   537   539  467  519
Merger and acquisition expense 526   22   334  2,905  206
Other 4,310   2,910   3,330  2,839  3,030
Total non-interest expense 40,282   37,310   37,702  39,938  35,152
Income before provision for income taxes 29,215   29,374   29,071  25,080  26,518
Provision for income taxes - operating 7,055   6,140   7,342  5,652  9,747
Impact of revaluation of DTA           8,965
Total provision for income taxes 7,055   6,140   7,342  5,652  18,712
Net income before noncontrolling interest in subsidiary 22,160   23,234   21,729  19,428  7,806
Less net income attributable to noncontrolling interest in subsidiary 1,022   774   898  795  979
Net income attributable to Brookline Bancorp, Inc.$21,138  $22,460  $20,831 $18,633 $6,827
Earnings per common share:         
Basic$0.26  $0.28  $0.26 $0.24 $0.09
Diluted$0.26  $0.28  $0.26 $0.24 $0.09
Weighted average common shares outstanding during the period:        
Basic 80,258,456   80,315,050   80,184,977  77,879,593  76,583,712
Diluted 80,407,525   80,515,467   80,505,614  78,167,800  76,868,307
Dividends declared per common share$0.105  $0.100  $0.100 $0.090 $0.090
          

 

 
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
  
 Twelve Months Ended December 31,
  2018  2017
  
 (In Thousands Except Share Data)
Interest and dividend income:   
Loans and leases$295,269 $247,022
Debt securities 13,960  12,524
Marketable and restricted equity securities 3,964  3,062
Short-term investments 700  442
Total interest and dividend income 313,893  263,050
Interest expense:   
Deposits 41,978  23,288
Borrowed funds 24,216  16,581
Total interest expense 66,194  39,869
Net interest income 247,699  223,181
Provision for credit losses 4,951  18,988
Net interest income after provision for credit losses 242,748  204,193
Non-interest income:   
Deposit Fees 10,400  10,050
Loan Fees 1,427  1,110
Loan level derivative income, net 5,440  2,187
Gain on investment securities, net 227  11,393
Gain on sales of loans and leases held-for-sale 1,883  2,644
Other 5,847  4,789
Total non-interest income 25,224  32,173
Non-interest expense:   
Compensation and employee benefits 91,535  82,413
Occupancy 14,991  14,546
Equipment and data processing 18,213  16,854
Professional services 4,404  4,315
FDIC insurance 2,722  3,326
Advertising and marketing 4,016  3,369
Amortization of identified intangible assets 2,080  2,089
Merger and acquisition expense 3,787  411
Other 13,484  11,788
Total non-interest expense 155,232  139,111
Income before provision for income taxes 112,740  97,255
Provision for income taxes - operating 26,189  34,671
Impact of revaluation of DTA   8,965
Total provision for income taxes 26,189  43,636
Net income before noncontrolling interest in subsidiary 86,551  53,619
Less net income attributable to noncontrolling interest in subsidiary 3,489  3,101
Net income attributable to Brookline Bancorp, Inc.$83,062 $50,518
Earnings per common share:   
Basic$1.04 $0.68
Diluted$1.04 $0.68
Weighted average common shares outstanding during the period:  
Basic 79,669,660  74,459,508
Diluted 79,909,243  74,811,408
Dividends declared per common share$0.395 $0.360
    

 

 
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)
 At and for the Three Months Ended
 December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017
  
  
 (Dollars in Thousands)
NONPERFORMING ASSETS:         
Loans and leases accounted for on a nonaccrual basis:         
Commercial real estate mortgage$3,928  $3,369  $3,774  $4,080  $3,313 
Multi-family mortgage 330   357   568   588   608 
Construction 396   640   640   860   860 
Total commercial real estate loans 4,654   4,366   4,982   5,528   4,781 
          
Commercial 6,621   7,862   9,487   11,150   11,619 
Equipment financing 9,500   9,659   8,825   6,661   8,106 
Condominium association 265   295          
Total commercial loans and leases 16,386   17,816   18,312   17,811   19,725 
          
Residential mortgage 2,132   2,538   1,571   1,962   1,979 
Home equity 908   1,053   923   925   744 
Other consumer 17   11   5   53   43 
Total consumer loans 3,057   3,602   2,499   2,940   2,766 
          
Total nonaccrual loans and leases 24,097   25,784   25,793   26,279   27,272 
          
Other real estate owned 3,054   3,136   3,436   3,235   3,235 
Other repossessed assets 965   798   916   728   1,184 
Total nonperforming assets$28,116  $29,718  $30,145  $30,242  $31,691 
          
Loans and leases past due greater than 90 days and still accruing$13,482  $14,954  $12,340  $5,240  $3,020 
          
Troubled debt restructurings on accrual 12,257   12,657   12,911   14,294   16,241 
Troubled debt restructurings on nonaccrual 8,684   8,779   9,391   8,610   9,770 
Total troubled debt restructurings$20,941  $21,436  $22,302  $22,904  $26,011 
          
Total nonaccrual loans and leases as a percentage of total loans and leases 0.38%  0.41%  0.42%  0.43%  0.48%
Nonperforming assets as a percentage of total assets 0.38%  0.41%  0.41%  0.42%  0.47%
          
PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:      
Allowance for loan and lease losses at beginning of period$59,997  $57,981  $58,714  $58,592  $65,413 
Charge-offs (1,604)  (1,227)  (3,605)  (792)  (8,921)
Recoveries 352   663   1,275   287   414 
Net charge-offs (1,252)  (564)  (2,330)  (505)  (8,507)
(Credit) provision for loan and lease losses (53)  2,580   1,597   627   1,686 
Allowance for loan and lease losses at end of period$58,692  $59,997  $57,981  $58,714  $58,592 
          
Allowance for loan and lease losses as a percentage of total loans and leases 0.93%  0.96%  0.94%  0.96%  1.02%
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases (non-GAAP) 0.96%  1.00%  0.98%  1.03%  1.05%
          
NET CHARGE-OFFS:         
Commercial real estate loans$  $  $100  $3  $200 
Commercial loans and leases 883   579   2,304   532   8,290 
Consumer loans 369   (15)  (74)  (30)  17 
Total net charge-offs$1,252  $564  $2,330  $505  $8,507 
          
Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.08%  0.04%  0.15%  0.03%  0.60%
          

 

 
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
 Three Months Ended
 December 31, 2018 September 30, 2018 December 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)$637,803  $3,542 2.22% $663,125  $3,638 2.20% $644,958  $3,323 2.06%
Marketable and restricted equity securities (2) 69,374   1,017 5.87%  67,607   1,029 6.09%  59,720   759 5.08%
Short-term investments 50,728   256 2.02%  31,061   145 1.87%  34,689   100 1.15%
Total investments 757,905   4,815 2.54%  761,793   4,812 2.53%  739,367   4,182 2.26%
Loans and Leases:                 
Commercial real estate loans (3) 3,310,185   39,014 4.61%  3,260,634   37,332 4.48%  3,026,124   31,866 4.12%
Commercial loans (3) 825,582   10,007 4.75%  819,383   9,862 4.72%  762,493   8,132 4.18%
Equipment financing (3) 959,706   17,145 7.15%  933,007   16,220 6.95%  846,734   14,292 6.75%
Residential mortgage loans (3) 763,775   7,840 4.11%  756,421   7,648 4.04%  659,226   6,082 3.69%
Other consumer loans (3) 404,747   4,883 4.78%  412,248   4,928 4.73%  373,559   4,141 4.40%
Total loans and leases 6,263,995   78,889 5.04%  6,181,693   75,990 4.92%  5,668,136   64,513 4.55%
Total interest-earning assets 7,021,900   83,704 4.77%  6,943,486   80,802 4.65%  6,407,503   68,695 4.29%
Allowance for loan and lease losses (59,806)      (58,576)      (65,434)    
Non-interest-earning assets 420,837       417,503       383,661     
Total assets$7,382,931      $7,302,413      $6,725,730     
                  
Liabilities and Stockholders' Equity:                 
Interest-bearing liabilities:                 
Deposits:                 
NOW accounts$333,592   88 0.10% $344,760   72 0.08% $331,724   61 0.07%
Savings accounts 616,766   526 0.34%  599,514   472 0.31%  671,035   381 0.23%
Money market accounts 1,647,346   4,914 1.18%  1,668,402   4,367 1.04%  1,766,045   2,456 0.55%
Certificates of deposit 1,701,254   8,216 1.92%  1,612,551   7,005 1.72%  1,202,656   3,783 1.25%
Total interest-bearing deposits 4,298,958   13,744 1.27%  4,225,227   11,916 1.12%  3,971,460   6,681 0.67%
Borrowings                 
Advances from the FHLBB 903,342   5,227 2.26%  907,306   4,979 2.15%  798,572   2,690 1.32%
Subordinated debentures and notes 83,410   1,302 6.24%  83,370   1,301 6.24%  83,248   1,276 6.13%
Other borrowed funds 50,829   112 0.87%  56,918   108 0.75%  34,499   33 0.37%
Total borrowings 1,037,581   6,641 2.50%  1,047,594   6,388 2.39%  916,319   3,999 1.71%
Total interest-bearing liabilities 5,336,539   20,385 1.52%  5,272,821   18,304 1.38%  4,887,779   10,680 0.87%
Non-interest-bearing liabilities:                 
Demand checking accounts 1,028,086       1,023,610       933,690     
Other non-interest-bearing liabilities 109,261       107,449       85,018     
Total liabilities 6,473,886       6,403,880       5,906,487     
Brookline Bancorp, Inc. stockholders’ equity 899,244       889,259       811,219     
Noncontrolling interest in subsidiary 9,801       9,274       8,024     
Total liabilities and equity$7,382,931      $7,302,413      $6,725,730     
Net interest income (tax-equivalent basis) /Interest-rate spread (4)   63,319 3.25%    62,498 3.27%    58,015 3.42%
Less adjustment of tax-exempt income   160      166      358  
Net interest income  $63,159     $62,332     $57,657  
Net interest margin (5)    3.58%     3.57%     3.59%
                  
(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.
 

 

 
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
 Twelve Months Ended
 December 31, 2018 December 31, 2017
 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)$653,652  $14,174 2.17% $634,930  $12,964 2.04%
Marketable and restricted equity securities (2) 67,640   3,973 5.88%  65,992   3,065 4.64%
Short-term investments 38,437   700 1.82%  40,847   442 1.08%
Total investments 759,729   18,847 2.48%  741,769   16,471 2.22%
Loans and Leases:           
Commercial real estate loans (3) 3,235,101   146,147 4.46%  2,968,673   123,000 4.09%
Commercial loans (3) 813,815   37,616 4.56%  739,369   30,904 4.13%
Equipment financing (3) 919,047   63,968 6.96%  830,755   55,164 6.64%
Residential mortgage loans (3) 746,372   29,773 3.99%  645,925   23,593 3.65%
Other consumer loans (3) 401,425   18,216 4.53%  366,713   15,328 4.18%
Total loans and leases 6,115,760   295,720 4.84%  5,551,435   247,989 4.47%
Total interest-earning assets 6,875,489   314,567 4.58%  6,293,204   264,460 4.20%
Allowance for loan and lease losses (59,154)      (62,972)    
Non-interest-earning assets 406,746       377,002     
Total assets$7,223,081      $6,607,234     
            
Liabilities and Stockholders' Equity:           
Interest-bearing liabilities:           
Deposits:           
NOW accounts$340,194   283 0.08% $322,681   225 0.07%
Savings accounts 618,674   1,804 0.29%  620,757   1,297 0.21%
Money market accounts 1,715,057   15,369 0.90%  1,761,112   8,863 0.50%
Certificates of deposit 1,497,473   24,522 1.64%  1,116,909   12,903 1.16%
Total interest-bearing deposits 4,171,398   41,978 1.01%  3,821,459   23,288 0.61%
Borrowings           
Advances from the FHLBB 946,017   18,650 1.94%  884,266   11,330 1.26%
Subordinated debentures and notes 83,350   5,181 6.22%  83,186   5,081 6.11%
Other borrowed funds 46,079   385 0.83%  45,908   170 0.37%
Total borrowings 1,075,446   24,216 2.22%  1,013,360   16,581 1.61%
Total interest-bearing liabilities 5,246,844   66,194 1.26%  4,834,819   39,869 0.82%
Non-interest-bearing liabilities:           
Demand checking accounts 997,179       912,743     
Other non-interest-bearing liabilities 96,560       78,965     
Total liabilities 6,340,583       5,826,527     
Brookline Bancorp, Inc. stockholders’ equity 873,388       773,244     
Noncontrolling interest in subsidiary 9,110       7,463     
Total liabilities and equity$7,223,081      $6,607,234     
Net interest income (tax-equivalent basis) /Interest-rate spread (4)   248,373 3.32%    224,591 3.38%
Less adjustment of tax-exempt income   674      1,410  
Net interest income  $247,699     $223,181  
Net interest margin (5)    3.61%     3.57%
            
(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.
 

 

 
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)
     At and for the Three Months Ended December 31, At and for the Twelve Months Ended December 31,
        2018   2017   2018   2017 
   
   
   
Reconciliation Table - Non-GAAP Financial Information (Dollars in Thousands Except Share Data)
           
Net income attributable to Brookline Bancorp, Inc.     $21,138  $6,827  $83,062  $50,518 
Less:             
Security (loss) gains (after-tax)  (525)     174   7,303 
Add:             
Impact of Tax Reform Act          8,965      8,965 
Merger and acquisition-related expenses (after-tax)   399   130   2,908   264 
Operating earnings      $22,062  $15,922  $85,796  $52,444 
              
Operating earnings per common share:          
Basic      $0.27  $0.21  $1.08  $0.70 
Diluted   0.27   0.21   1.07   0.70 
          
Weighted average common shares outstanding during the period:          
Basic       80,258,456   76,583,712   79,669,660   74,459,508 
Diluted     80,407,525   76,868,307   79,909,243   74,811,408 
         
              
Return on average assets *      1.15%  0.41%  1.15%  0.76%
Less:           
Security (loss) gains (after-tax) *    (0.03)%  %  %  0.11%
Add:             
Impact of Tax Reform Act *       %  0.53%  %  0.14%
Merger and acquisition-related expenses (after-tax) *     0.02%  0.01%  0.04%  %
Operating return on average assets *    1.20%  0.95%  1.19%  0.79%
             
              
Return on average tangible assets *    1.17%  0.41%  1.18%  0.78%
Less:           
Security (loss) gains (after-tax) *      (0.03)%  %  %  0.11%
Add:             
Impact of Tax Reform Act *       %  0.55%  %  0.14%
Merger and acquisition-related expenses (after-tax) *   0.02%  0.01%  0.04%  %
Operating return on average tangible assets *      1.22%  0.97%  1.22%  0.81%
            
              
Return on average stockholders' equity *      9.40%  3.37%  9.51%  6.53%
Less:            
Security (loss) gains (after-tax) *     (0.23)%  %  0.02%  0.94%
Add:            
Impact of Tax Reform Act *      %  4.42%  %  1.17%
Merger and acquisition-related expenses (after-tax) *    0.18%  0.06%  0.33%  0.03%
Operating return on average stockholders' equity *    9.81%  7.85%  9.82%  6.79%
     
              
Return on average tangible stockholders' equity *    11.54%  4.09%  11.70%  8.04%
Less:            
Security (loss) gains (after-tax) *     (0.29)%  %  0.02%  1.16%
Add:            
Impact of Tax Reform Act *       %  5.38%  %  1.43%
Merger and acquisition-related expenses (after-tax) *    0.22%  0.08%  0.41%  0.04%
Operating return on average tangible stockholders' equity *   12.05%  9.55%  12.09%  8.35%
              
  
* Ratios at and for the three months ended are annualized.       
             (Continued)
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)
 At and for the Three Months Ended At and for the Twelve
Months Ended
 December 31, 2018 September 30, 2018 June 30,
2018
 March 31,
2018
 December 31, 2017 December 31, 2018 December 31, 2017
  
 (Dollars in Thousands)
              
Net income, as reported$21,138  $22,460  $20,831  $18,633  $6,827  $83,062  $50,518 
              
Average total assets$7,382,931  $7,302,413  $7,273,793  $6,927,309  $6,725,730  $7,223,081  $6,607,234 
Less: Average goodwill and average identified intangible assets, net 166,777   167,313   168,185   152,377   144,226   163,712   145,000 
Average tangible assets$7,216,154  $7,135,100  $7,105,608  $6,774,932  $6,581,504  $7,059,369  $6,462,234 
              
Return on average tangible assets (annualized) 1.17 %  1.26 %  1.17 %  1.10 %  0.41 %  1.18 %  0.78 %
              
Average total stockholders’ equity$899,244  $889,259  $874,513  $829,598  $811,219  $873,388  $773,244 
Less: Average goodwill and average identified intangible assets, net 166,777   167,313   168,185   152,377   144,226   163,712   145,000 
Average tangible stockholders’ equity$732,467  $721,946  $706,328  $677,221  $666,993  $709,676  $628,244 
  
Return on average tangible stockholders’ equity (annualized) 11.54 %  12.44 %  11.80 %  11.01 %  4.09 %  11.70 %  8.04 %
              
Brookline Bancorp, Inc. stockholders’ equity$900,140  $890,368  $877,283  $865,777  $803,830  $900,140  $803,830 
Less:             
Goodwill 160,427   160,427   160,427   160,896   137,890   160,427   137,890 
Identified intangible assets, net 6,086   6,623   7,160   7,697   6,044   6,086   6,044 
Tangible stockholders' equity$733,627  $723,318  $709,696  $697,184  $659,896  $733,627  $659,896 
              
Total assets$7,392,805  $7,320,596  $7,285,710  $7,248,114  $6,780,249  $7,392,805  $6,780,249 
Less:             
Goodwill 160,427   160,427   160,427   160,896   137,890   160,427   137,890 
Identified intangible assets, net 6,086   6,623   7,160   7,697   6,044   6,086   6,044 
Tangible assets$7,226,292  $7,153,546  $7,118,123  $7,079,521  $6,636,315  $7,226,292  $6,636,315 
              
Tangible stockholders’ equity to tangible assets 10.15 %  10.11 %  9.97 %  9.85 %  9.94 %  10.15 %  9.94 %
              
Tangible stockholders' equity$733,627  $723,318  $709,696  $697,184  $659,896  $733,627  $659,896 
              
Number of common shares issued 85,177,172   85,177,172   85,177,172   85,177,172   81,695,695   85,177,172   81,695,695 
Less:             
Treasury shares 5,020,025   4,291,317   4,409,501   4,401,333   4,440,665   5,020,025   4,440,665 
Unallocated ESOP shares 109,950   118,050   126,144   134,238   142,332   109,950   142,332 
Unvested restricted shares 393,636   398,094   455,283   455,283   455,283   393,636   455,283 
Number of common shares outstanding 79,653,561   80,369,711   80,186,244   80,186,318   76,657,415   79,653,561   76,657,415 
              
Tangible book value per common share$   9.21    $   9.00    $   8.85    $   8.69    $   8.61    $   9.21    $   8.61   
              
Allowance for loan and lease losses$58,692  $59,997  $57,981  $58,714  $58,592  $58,692  $58,592 
Less:             
Allowance for acquired loans and leases losses 1,814   1,817   1,961   910   1,040   1,814   1,040 
Allowance for originated loan and lease losses$56,878  $58,180  $56,020  $57,804  $57,552  $56,878  $57,552 
              
Total loans and leases$6,303,516  $6,227,707  $6,171,274  $6,114,461  $5,730,679  $6,303,516  $5,730,679 
Less:             
Total acquired loans and leases 394,407   426,865   460,142   482,237   240,057   394,407   240,057 
Total originated loans and leases$5,909,109  $5,800,842  $5,711,132  $5,632,224  $5,490,622  $5,909,109  $5,490,622 
              
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases 0.96 %  1.00 %  0.98 %  1.03 %  1.05 %  0.96 %  1.05 %
 

  

(Back To Top)