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) | --- | --- | - ...

This bank holding company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of -30.8%. Revenues are expected to be $90.67 million, down 0.9% from the year-ago quarter. For Brookline, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BRKL going forward t ...

33 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------|-------|-------|-------|-------|-------------------------------------------|-------------------------|------------------------|-------|---------| | | Level | 1 | | | Carrying Value as \nLevel 2 \n(In | of March \nThousands) | 31, 2024 \nLevel 3 | | Total | | Assets: | | | | | | | | | | | Investment securities available-for-sale: | | | | | | | | | | | GSE debentures | $ | — | | $ | ...

Brookline Bancorp, Inc. (NASDAQ:BRKL) Q1 2024 Earnings Conference Call April 25, 2024 1:30 PM ET Company Participants Laura Vaughn - Attorney Paul A. Perrault - Chairman & Chief Executive Officer Carl M. Carlson - Co-President & Chief Financial Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Steve Moss - Raymond James Laurie Hunsicker - Seaport Research Chris O'Connell - KBW Operator Good afternoon, and welcome to Brookline Bancorp, Inc.'s First Quarter 2024 Earnings Conference Call. Al ...

B BROOKLINE 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. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission ...

Brookline Bancorp (BRKL) reported $87.87 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 11.2%. EPS of $0.16 for the same period compares to $0.27 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $91.77 million, representing a surprise of -4.24%. The company delivered an EPS surprise of -27.27%, with the consensus EPS estimate being $0.22.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Return on average tangible assets (annualized) 0.53% 0.83% 0.83% 0.79% 0.28% | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------|-------|-----------|-------|-----------|-------|-----------|-------|-----------|-------|-----------| | | | | | | | | | | | | | Average total stockholders' equity | $ | 1,201,904 | $ | 1,170,776 | $ | 1,167,727 | $ | 1,174,167 | $ | 1,159,635 | | Less: Average goodwill and average identified int ...

Investors might want to bet on Brookline Bancorp (BRKL) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a ...