Brookline Bancorp Inc. (NASDAQ: BRKL) stock plunged by 1.48% at last close as well as BRKL stock price continued to decline in the after-hour trading by 14.65%. Brookline Bancorp, Inc. is a bank holding firm based in Boston, Massachusetts, with $8.6 billion in assets and branches across Massachusetts and Rhode Island. Customers in Central New England will take advantage of BRKL’s commercial and retail finance, cash management, and investment services.
What is happening?
As of now there is no recent news available regarding this decline in BRKL’s stock price whereas they have recently released their first quarter 2021 financial results on April 28, 2021, which we will discuss below.
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- In the first quarter of 2021, total revenue was $26.5 million, or $0.34 per basic and diluted share, relative to $26.7 million, or $0.34 per basic and diluted share, in the fourth quarter of 2020.
- For the first quarter of 2020, BRKL lost $17.3 million, or $0.22 per basic and diluted share.
- Non-interest cost rose $0.8 million to $40.8 million for the quarter ended March 31, 2021, up from $40.0 million for the quarter ended December 31, 2020. It is because the Compensation and health care cost increased by $0.8 million, equipment and data processing expense increased by $0.3 million, occupancy increased by $0.2 million, and other non-interest expense increased by $0.2 million, partly compensated by reductions of $0.6 million in FDIC premium expense and $0.1 million in consulting fees.
- Nonperforming loans and leases made up 0.43 percent of overall loans and leases on March 31, 2021, down from 0.53 percent on December 31, 2020.
- BRKL’s total non-interest profits rose $0.6 million to $4.8 million for the quarter ended March 31, 2021, compared to $4.2 million for the quarter ended December 31, 2020.
Paul Perrault, President, and CEO of BRKL commented:
Brookline Bancorp’s strong success in the first quarter continued, and he is delighted to report a $0.12 per share dividend raise. BRKL is proud of the work that its workers have performed in the past year to serve their clients and neighborhoods, and they are looking forward to a good finish to the year.