This Small Bank Is Up 17% With A Dividend Yield Of 3.12%

Summary
BRKL has had a great year, and continues to grow assets while adjusting its balance sheet.
BRKL is improving its performance metrics, but need further improvement.
On a pullback, this could be a good investment going forward.
I've written about Brookline Bancorp Inc. (Nasdaq: BRKL) previously, and wanted to see how things have gone over the last half year. Brookline has 47 banking offices across Greater Boston, the North Shore of Massachusetts, and Rhode Island. 2015 has seen this bank's stock reach all-time highs, and with a nice dividend, I'd like to see if this bank is a good investment at the right price.
All data used below comes from the latest 10-Q and the earnings call.

BRKL data by YCharts
Price and Dividend
The bank is up 16.85% YTD which is a huge run for a smaller bank, but is the run a little too far? The bank's P/E and P/B are around 17.27x and 1.22 versus the 10-year averages of 25.33x and 1.17. A P/E of 17.27x is very high versus peers regardless of its 10-year average. The P/B of 1.22 is a little higher than its 10-year average, but taken with the ROE will give a better picture of whether that is over or under valued.
BRKL has a nice dividend at 3.12%, which it increased earlier this year to $0.09 per share from $0.085, which it had since 2009. It's hard to say if that signals future dividend growth, but with a payout ratio close to 50%, you can see where there's room for further growth.
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