Brookline Bancorp, Inc. (NASDAQ:BRKL) Q3 2024 Earnings Conference Call October 24, 2024 1:30 PM ET Company Participants Laura Vaughn - Attorney Paul Perrault - Chairman and Chief Executive Officer Carl Carlson - Co-President and Chief Financial Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Laurie Hunsicker - Seaport Christopher O'Connell - KBW Steve Moss - Raymond James Operator Good afternoon, and welcome to Brookline Bancorp, Inc's. Third Quarter 2024 Earnings Conference Call. [Oper ...

For the quarter ended September 2024, Brookline Bancorp (BRKL) reported revenue of $89.36 million, down 0.3% over the same period last year. EPS came in at $0.23, compared to $0.26 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $88.67 million, representing a surprise of +0.78%. The company delivered an EPS surprise of +15.00%, with the consensus EPS estimate being $0.20.While investors scrutinize revenue and earnings changes year-over-year and how they compare with ...

Brookline Bancorp (BRKL) came out with quarterly earnings of $0.23 per share, beating the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 15%. A quarter ago, it was expected that this bank holding company would post earnings of $0.18 per share when it actually produced earnings of $0.19, delivering a surprise of 5.56%.Over the last four quarters, t ...

EXHIBIT 99.1 Brookline Bancorp Announces Third Quarter Results Net Income of $20.1 million, EPS of $0.23 Quarterly Dividend of $0.135 BOSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the "Company") today announced net income and operating earnings after tax (non-GAAP) of $20.1 million, or $0.23 per basic and diluted share, for the third quarter of 2024, compared to net income of $16.4 million, or $0.18 per basic and diluted share, and operating earnings after tax (non-GAAP) ...

Brookline Bancorp (BRKL) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on Oc ...

Investors might want to bet on Brookline Bancorp (BRKL) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from N/A to . Commission file number 0-23695 BROOKLINE BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 04-3402944 (State or other jurisd ...

Financial Data and Key Metrics Changes - The company reported net income of $16.4 million, or $0.18 per share, for the quarter, with operating earnings of $17 million and operating EPS of $0.19 per share, excluding restructuring charges [10][11] - Total assets grew by $92 million, driven by loan growth of $66 million across all categories [11] - Net interest income decreased by $1.6 million to $80 million, with total average interest-earning assets remaining flat at $10.7 billion [7][11] - The net interest margin declined by 6 basis points to 300 basis points, while total funding costs increased by 7 basis points to 365 basis points [7][11] Business Line Data and Key Metrics Changes - The company exited the specialty vehicle finance business, which had a portfolio of $350 million, and recognized a restructuring charge of $823,000 [4][10][6] - Non-interest income was $6.4 million, remaining flat compared to the previous quarter, with lower fees on derivative income offset by higher participation fees [13] - Provision for credit losses was $5.6 million, a decrease of $1.8 million from the first quarter, with net charge-offs of $8.4 million primarily related to equipment financing [14] Market Data and Key Metrics Changes - Customer deposits increased by $66 million, while broker deposits rose to $48 million, with growth focused on higher-rate savings time deposits [7] - Non-accrual loans increased by $20 million year-over-year, with a notable increase in commercial and industrial (C&I) loans [15] - The company anticipates loan growth of 2% to 5% across all segments, with deposit growth projected at 4% to 5% [16][17] Company Strategy and Development Direction - The company aims to reduce reliance on wholesale funding and expects to see more lending activity as rates potentially reverse [56] - The exit from the specialty vehicle finance business is part of a strategy to focus on more profitable loan types, as the specialty vehicle segment became unprofitable due to high origination and collection costs [4][28] - The company plans to manage operating expenses to remain at $240 million or less for the full year, benefiting from the exit of the specialty vehicle business [18][25] Management's Comments on Operating Environment and Future Outlook - Management noted that while loan demand is not robust, it is better than previously anticipated, and they expect to see improvements in loan growth and margins [16][17] - The management expressed optimism about asset quality stabilizing and indicated that they have dealt with recent credit challenges [37] - The company is closely monitoring the impact of Federal Reserve rate changes on their margins and expects to benefit from responsive liability management [57] Other Important Information - The company maintained its quarterly dividend at $0.135 per share, with an annualized yield of approximately 5.1% [19][20] - The effective tax rate is expected to be around 24.5% for the remainder of the year [18] Q&A Session Summary Question: Guidance on expenses - The company expects to keep expenses at $240 million or less for the full year [25] Question: Benefit from exiting the specialty finance business - The exit is expected to reduce expenses by about $800,000 per quarter [26] Question: Dynamics behind exiting the specialty vehicle business - The decision was driven by high origination costs and challenges in profitability due to increased competition and collection difficulties [27][28] Question: Details on large loans causing nonperformers - One loan was a restructured C&I credit, and the other was related to an industrial laundry business [30][33] Question: Asset quality comparison among different banks - Management indicated that Putnam is currently the cleanest in terms of asset quality, with Rhode Island and Boston banks being comparable [36] Question: Thoughts on M&A activity - There is increased chatter about M&A, but the environment remains challenging due to capital raising difficulties [71]

This quarterly report represents an earnings surprise of 5.56%. A quarter ago, it was expected that this bank holding company would post earnings of $0.22 per share when it actually produced earnings of $0.16, delivering a surprise of -27.27%. Brookline, which belongs to the Zacks Financial - Savings and Loan industry, posted revenues of $86.4 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.36%. This compares to year-ago revenues of $91.5 million. The company has topped co ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------|-------------|---------|-------|---------|-------|---------|-------|---------| | | | | | | | | | | | PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES: | | | | | | | | | | Allowance for loan and lease losses at beginning of period $ | 120,124 $ | 117,522 | $ | 119,081 | $ | 125,817 | $ | 120,865 | BROOKLINE BANCORP, INC. AND SUBSIDIARIES Asset Quality Analysis (Unaudited) | --- | --- | - ...