Intrinsic value of Brookline Bancorp - BRKL

Previous Close

$18.00

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$18.00

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as BRKL.

We calculate the intrinsic value of BRKL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  258
  281
  305
  330
  357
  384
  412
  441
  471
  503
  536
  570
  606
  643
  681
  722
  764
  807
  853
  901
  951
  1,003
  1,057
  1,114
  1,174
  1,236
  1,302
  1,370
  1,442
  1,517
Variable operating expenses, $m
  110
  120
  130
  141
  152
  164
  176
  188
  201
  215
  229
  243
  259
  274
  291
  308
  326
  345
  364
  385
  406
  428
  451
  476
  501
  528
  556
  585
  616
  648
Fixed operating expenses, $m
  39
  40
  41
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  52
  53
  54
  55
  56
  57
  59
  60
  61
  63
  64
  65
  67
  68
  70
  71
  73
Total operating expenses, $m
  149
  160
  171
  182
  194
  207
  220
  233
  247
  262
  277
  292
  309
  326
  344
  362
  381
  401
  421
  444
  466
  489
  514
  540
  566
  595
  624
  655
  687
  721
Operating income, $m
  109
  122
  134
  148
  162
  177
  192
  207
  224
  241
  259
  277
  297
  317
  338
  360
  383
  406
  431
  457
  485
  513
  543
  574
  607
  641
  677
  715
  755
  796
EBITDA, $m
  831
  908
  988
  1,072
  1,159
  1,249
  1,343
  1,441
  1,542
  1,648
  1,757
  1,872
  1,990
  2,114
  2,243
  2,377
  2,518
  2,664
  2,817
  2,976
  3,143
  3,317
  3,499
  3,690
  3,889
  4,098
  4,317
  4,546
  4,786
  5,037
Interest expense (income), $m
  39
  345
  338
  361
  385
  409
  435
  462
  490
  519
  549
  581
  613
  647
  682
  719
  757
  797
  839
  882
  928
  975
  1,025
  1,076
  1,130
  1,187
  1,246
  1,308
  1,373
  1,440
  1,512
Earnings before tax, $m
  -236
  -216
  -226
  -237
  -248
  -259
  -270
  -283
  -295
  -308
  -322
  -336
  -350
  -366
  -381
  -398
  -415
  -433
  -451
  -470
  -490
  -511
  -533
  -556
  -580
  -604
  -630
  -658
  -686
  -715
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -236
  -216
  -226
  -237
  -248
  -259
  -270
  -283
  -295
  -308
  -322
  -336
  -350
  -366
  -381
  -398
  -415
  -433
  -451
  -470
  -490
  -511
  -533
  -556
  -580
  -604
  -630
  -658
  -686
  -715

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,269
  5,741
  6,233
  6,744
  7,276
  7,829
  8,404
  9,001
  9,621
  10,266
  10,937
  11,635
  12,361
  13,118
  13,906
  14,727
  15,583
  16,477
  17,410
  18,383
  19,401
  20,464
  21,576
  22,739
  23,956
  25,230
  26,563
  27,959
  29,421
  30,953
Adjusted assets (=assets-cash), $m
  5,269
  5,741
  6,233
  6,744
  7,276
  7,829
  8,404
  9,001
  9,621
  10,266
  10,937
  11,635
  12,361
  13,118
  13,906
  14,727
  15,583
  16,477
  17,410
  18,383
  19,401
  20,464
  21,576
  22,739
  23,956
  25,230
  26,563
  27,959
  29,421
  30,953
Revenue / Adjusted assets
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
  0.049
Average production assets, $m
  7,219
  7,866
  8,540
  9,241
  9,970
  10,727
  11,514
  12,332
  13,182
  14,066
  14,985
  15,942
  16,937
  17,973
  19,053
  20,178
  21,351
  22,576
  23,853
  25,188
  26,582
  28,039
  29,563
  31,156
  32,823
  34,568
  36,395
  38,307
  40,311
  42,410
Working capital, $m
  -6,361
  -6,931
  -7,525
  -8,143
  -8,785
  -9,452
  -10,146
  -10,867
  -11,616
  -12,395
  -13,205
  -14,047
  -14,924
  -15,837
  -16,788
  -17,780
  -18,814
  -19,893
  -21,019
  -22,195
  -23,423
  -24,707
  -26,049
  -27,453
  -28,922
  -30,460
  -32,069
  -33,755
  -35,520
  -37,370
Total debt, $m
  6,255
  6,680
  7,122
  7,583
  8,061
  8,559
  9,076
  9,613
  10,172
  10,752
  11,356
  11,984
  12,638
  13,319
  14,028
  14,767
  15,538
  16,342
  17,181
  18,058
  18,973
  19,931
  20,931
  21,978
  23,073
  24,219
  25,419
  26,676
  27,992
  29,370
Total liabilities, $m
  4,742
  5,167
  5,610
  6,070
  6,549
  7,046
  7,563
  8,101
  8,659
  9,240
  9,843
  10,472
  11,125
  11,806
  12,515
  13,254
  14,025
  14,829
  15,669
  16,545
  17,461
  18,418
  19,419
  20,465
  21,560
  22,707
  23,906
  25,163
  26,479
  27,858
Total equity, $m
  527
  574
  623
  674
  728
  783
  840
  900
  962
  1,027
  1,094
  1,164
  1,236
  1,312
  1,391
  1,473
  1,558
  1,648
  1,741
  1,838
  1,940
  2,046
  2,158
  2,274
  2,396
  2,523
  2,656
  2,796
  2,942
  3,095
Total liabilities and equity, $m
  5,269
  5,741
  6,233
  6,744
  7,277
  7,829
  8,403
  9,001
  9,621
  10,267
  10,937
  11,636
  12,361
  13,118
  13,906
  14,727
  15,583
  16,477
  17,410
  18,383
  19,401
  20,464
  21,577
  22,739
  23,956
  25,230
  26,562
  27,959
  29,421
  30,953
Debt-to-equity ratio
  11.870
  11.630
  11.430
  11.240
  11.080
  10.930
  10.800
  10.680
  10.570
  10.470
  10.380
  10.300
  10.220
  10.150
  10.090
  10.030
  9.970
  9.920
  9.870
  9.820
  9.780
  9.740
  9.700
  9.670
  9.630
  9.600
  9.570
  9.540
  9.510
  9.490
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -236
  -216
  -226
  -237
  -248
  -259
  -270
  -283
  -295
  -308
  -322
  -336
  -350
  -366
  -381
  -398
  -415
  -433
  -451
  -470
  -490
  -511
  -533
  -556
  -580
  -604
  -630
  -658
  -686
  -715
Depreciation, amort., depletion, $m
  722
  787
  854
  924
  997
  1,073
  1,151
  1,233
  1,318
  1,407
  1,499
  1,594
  1,694
  1,797
  1,905
  2,018
  2,135
  2,258
  2,385
  2,519
  2,658
  2,804
  2,956
  3,116
  3,282
  3,457
  3,639
  3,831
  4,031
  4,241
Funds from operations, $m
  486
  570
  628
  687
  749
  814
  881
  951
  1,023
  1,098
  1,177
  1,258
  1,343
  1,432
  1,524
  1,620
  1,720
  1,825
  1,934
  2,048
  2,168
  2,293
  2,423
  2,560
  2,703
  2,852
  3,009
  3,173
  3,345
  3,526
Change in working capital, $m
  -547
  -570
  -594
  -618
  -642
  -667
  -694
  -721
  -749
  -779
  -810
  -843
  -877
  -913
  -951
  -992
  -1,034
  -1,079
  -1,126
  -1,176
  -1,228
  -1,284
  -1,342
  -1,404
  -1,469
  -1,537
  -1,610
  -1,686
  -1,765
  -1,850
Cash from operations, $m
  1,033
  1,140
  1,221
  1,305
  1,392
  1,481
  1,575
  1,671
  1,772
  1,877
  1,987
  2,101
  2,220
  2,345
  2,475
  2,611
  2,754
  2,904
  3,060
  3,224
  3,396
  3,577
  3,766
  3,964
  4,172
  4,390
  4,619
  4,859
  5,111
  5,375
Maintenance CAPEX, $m
  -661
  -722
  -787
  -854
  -924
  -997
  -1,073
  -1,151
  -1,233
  -1,318
  -1,407
  -1,499
  -1,594
  -1,694
  -1,797
  -1,905
  -2,018
  -2,135
  -2,258
  -2,385
  -2,519
  -2,658
  -2,804
  -2,956
  -3,116
  -3,282
  -3,457
  -3,639
  -3,831
  -4,031
New CAPEX, $m
  -610
  -647
  -674
  -701
  -729
  -758
  -787
  -818
  -850
  -884
  -919
  -956
  -995
  -1,036
  -1,080
  -1,125
  -1,173
  -1,224
  -1,278
  -1,334
  -1,394
  -1,457
  -1,523
  -1,593
  -1,667
  -1,745
  -1,827
  -1,913
  -2,004
  -2,099
Cash from investing activities, $m
  -1,271
  -1,369
  -1,461
  -1,555
  -1,653
  -1,755
  -1,860
  -1,969
  -2,083
  -2,202
  -2,326
  -2,455
  -2,589
  -2,730
  -2,877
  -3,030
  -3,191
  -3,359
  -3,536
  -3,719
  -3,913
  -4,115
  -4,327
  -4,549
  -4,783
  -5,027
  -5,284
  -5,552
  -5,835
  -6,130
Free cash flow, $m
  -238
  -228
  -239
  -250
  -261
  -273
  -285
  -298
  -311
  -325
  -339
  -354
  -369
  -385
  -402
  -419
  -437
  -456
  -475
  -495
  -517
  -539
  -562
  -586
  -611
  -637
  -665
  -694
  -724
  -755
Issuance/(repayment) of debt, $m
  -135
  425
  443
  460
  479
  498
  517
  537
  558
  581
  604
  628
  654
  681
  709
  739
  771
  804
  839
  877
  916
  957
  1,001
  1,047
  1,095
  1,146
  1,200
  1,256
  1,316
  1,379
Issuance/(repurchase) of shares, $m
  769
  263
  275
  288
  301
  314
  328
  342
  357
  373
  389
  406
  423
  441
  460
  480
  501
  522
  544
  568
  592
  618
  644
  672
  701
  732
  764
  797
  832
  869
Cash from financing (excl. dividends), $m  
  634
  688
  718
  748
  780
  812
  845
  879
  915
  954
  993
  1,034
  1,077
  1,122
  1,169
  1,219
  1,272
  1,326
  1,383
  1,445
  1,508
  1,575
  1,645
  1,719
  1,796
  1,878
  1,964
  2,053
  2,148
  2,248
Total cash flow (excl. dividends), $m
  395
  460
  479
  498
  518
  539
  560
  582
  605
  628
  654
  680
  708
  737
  768
  800
  834
  870
  909
  949
  991
  1,036
  1,083
  1,133
  1,185
  1,241
  1,299
  1,360
  1,425
  1,492
Retained Cash Flow (-), $m
  -769
  -263
  -275
  -288
  -301
  -314
  -328
  -342
  -357
  -373
  -389
  -406
  -423
  -441
  -460
  -480
  -501
  -522
  -544
  -568
  -592
  -618
  -644
  -672
  -701
  -732
  -764
  -797
  -832
  -869
Prev. year cash balance distribution, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
Cash available for distribution, $m
  -368
  196
  204
  211
  217
  225
  232
  239
  247
  256
  265
  274
  284
  295
  307
  320
  334
  348
  364
  381
  399
  418
  439
  461
  484
  509
  535
  563
  592
  624
Discount rate, %
  15.10
  15.86
  16.65
  17.48
  18.35
  19.27
  20.24
  21.25
  22.31
  23.43
  24.60
  25.83
  27.12
  28.47
  29.90
  31.39
  32.96
  34.61
  36.34
  38.16
  40.06
  42.07
  44.17
  46.38
  48.70
  51.13
  53.69
  56.38
  59.19
  62.15
PV of cash for distribution, $m
  -319
  146
  128
  111
  94
  78
  64
  51
  40
  31
  24
  17
  13
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  33.3
  22.5
  15.4
  10.7
  7.4
  5.2
  3.7
  2.7
  1.9
  1.4
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Brookline Bancorp, Inc. 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 also provides specialty equipment financing through its subsidiaries, Eastern Funding LLC and Macrolease Corporation.

FINANCIAL RATIOS  of  Brookline Bancorp (BRKL)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 0
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow 17.5
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -20.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 19.1%
Total Debt to Equity 19.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 7.6%
Return On Equity - 3 Yr. Avg. 7.4%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 36%
Eff/ Tax Rate - 3 Yr. Avg. 36.7%
Payout Ratio 48.1%

BRKL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRKL stock intrinsic value calculation we used $236 million for the last fiscal year's total revenue generated by Brookline Bancorp. The default revenue input number comes from 2017 income statement of Brookline Bancorp. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BRKL stock valuation model: a) initial revenue growth rate of 9.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.1%, whose default value for BRKL is calculated based on our internal credit rating of Brookline Bancorp, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Brookline Bancorp.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BRKL stock the variable cost ratio is equal to 42.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $38 million in the base year in the intrinsic value calculation for BRKL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Brookline Bancorp.

Corporate tax rate of 27% is the nominal tax rate for Brookline Bancorp. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BRKL stock is equal to 1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BRKL are equal to 2796.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Brookline Bancorp operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BRKL is equal to -2463.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Brookline Bancorp - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 74 million for Brookline Bancorp is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Brookline Bancorp at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Brookline: 2Q Earnings Snapshot   [Jul-25-18 05:57PM  Associated Press]
▶ Brookline: 1Q Earnings Snapshot   [Apr-25-18 05:39PM  Associated Press]
▶ Brookline posts 4Q profit   [Jan-31-18 05:53PM  Associated Press]
▶ Brookline posts 3Q profit   [Oct-18-17 04:14PM  Associated Press]
▶ Brookline posts 2Q profit   [Jul-19-17 10:55PM  Associated Press]
▶ Brookline Bank looks south of Boston for new business   [03:11PM  American City Business Journals]
▶ A Financial Investing Aficionado Sours on These Bank Stocks   [Jun-08-17 06:18PM  GuruFocus.com]
▶ Brookline posts 1Q profit   [Apr-26-17 05:32PM  Associated Press]
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