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 ...

Group 1: Earnings Performance - Brookline Bancorp (BRKL) reported quarterly earnings of $0.23 per share, exceeding the Zacks Consensus Estimate of $0.20 per share, but down from $0.26 per share a year ago, representing an earnings surprise of 15% [1] - The company posted revenues of $89.36 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.78%, compared to revenues of $89.58 million a year ago [1] - Over the last four quarters, Brookline has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [1] Group 2: Stock Performance and Outlook - Brookline shares have declined approximately 4.2% since the beginning of the year, contrasting with the S&P 500's gain of 22.7% [2] - The company's earnings outlook is crucial for investors, as empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions [3] - The current consensus EPS estimate for the upcoming quarter is $0.21 on revenues of $90.35 million, and for the current fiscal year, it is $0.77 on revenues of $353.3 million [4] Group 3: Industry Context - The Financial - Savings and Loan industry, to which Brookline belongs, is currently ranked in the top 22% of over 250 Zacks industries, indicating a favorable outlook [5] - HomeStreet (HMST), another company in the same industry, is expected to report a quarterly loss of $0.20 per share, reflecting a year-over-year change of -266.7%, with revenues projected to be $42.93 million, down 13.1% from the previous year [5]

Third Quarter 2024 Financial Highlights [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) The company reported improved Q3 2024 performance with net income of $20.1 million, expressing confidence in future profitability Q3 2024 Earnings Summary | Metric | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | Net Income | $20.1M | $16.4M | $22.7M | | EPS (Diluted) | $0.23 | $0.18 | $0.26 | - Chairman and CEO Paul Perrault commented on the improved performance and expressed confidence that the bank's profitability will better reflect its service as interest rates normalize[2](index=2&type=chunk) [Balance Sheet Analysis](index=1&type=section&id=Balance%20Sheet%20Analysis) Total assets grew to $11.7 billion as of September 30, 2024, driven by increases in loans, leases, and cash equivalents Balance Sheet Key Metrics (as of Sep 30, 2024) | Metric | Q3 2024 | Change from Q2 2024 | Change from Q3 2023 | | :--- | :--- | :--- | :--- | | Total Assets | $11.7B | +$41.4M | +$496.2M | | Total Loans & Leases | $9.8B | +$34.1M | +$374.5M | | Total Deposits | $8.7B | -$4.8M | +$166.3M | | Total Borrowed Funds | $1.5B | +$68.1M | +$362.5M | - Customer deposits increased by **$103.2 million** during the quarter, but this was offset by a **$107.9 million** decrease in brokered deposits[4](index=4&type=chunk) Key Capital and Book Value Ratios | Ratio | Sep 30, 2024 | Jun 30, 2024 | Sep 30, 2023 | | :--- | :--- | :--- | :--- | | Stockholders' Equity to Total Assets | 10.54% | 10.30% | 10.36% | | Tangible Stockholders' Equity to Tangible Assets (non-GAAP) | 8.50% | 8.23% | 8.16% | | Tangible Book Value per Share (non-GAAP) | $10.89 | $10.53 | $10.02 | [Income Statement Analysis](index=1&type=section&id=Income%20Statement%20Analysis) Net interest income increased to $83.0 million in Q3 2024, with the net interest margin expanding by 7 basis points to 3.07% - Net interest income rose by **$3.0 million** from the second quarter, and the net interest margin increased by **7 basis points** to **3.07%**, primarily due to higher yields on loans and leases[6](index=6&type=chunk) - Total non-interest income was relatively flat at **$6.3 million** for the quarter[7](index=7&type=chunk) - Non-interest expense decreased by **$1.2 million** to **$57.9 million** compared to the second quarter; excluding a prior one-time charge, the decrease was **$0.4 million**[10](index=10&type=chunk) [Credit Quality and Provisions](index=2&type=section&id=Credit%20Quality%20and%20Provisions) The provision for credit losses decreased to $4.8 million, while asset quality metrics deteriorated due to a single financing relationship - The provision for credit losses was **$4.8 million**, down from **$5.6 million** in Q2 2024, mainly due to improving economic forecasts[8](index=8&type=chunk) Asset Quality Metrics | Metric | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | | Net Charge-offs | $3.8M | $8.4M | | NPLs to Total Loans | 0.73% | 0.62% | | NPAs to Total Assets | 0.62% | 0.54% | | Allowance for Loan Losses to Total Loans | 1.31% | 1.25% | - Nonaccrual loans and leases increased by **$10.5 million**, driven by one equipment financing relationship of **$9.3 million**, which has been reserved at **55 percent**[9](index=9&type=chunk) [Profitability and Shareholder Returns](index=2&type=section&id=Profitability%20and%20Shareholder%20Returns) Profitability ratios improved quarter-over-quarter with an increased return on assets, and the company declared a quarterly dividend Profitability Ratios (Annualized) | Ratio | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | | Return on Average Assets (ROA) | 0.70% | 0.57% | | Return on Average Stockholders' Equity (ROE) | 6.63% | 5.49% | | Return on Average Tangible Stockholders' Equity | 8.44% | 7.04% | - The Board of Directors approved a quarterly dividend of **$0.135 per share**, payable on November 29, 2024, to stockholders of record on November 15, 2024[13](index=13&type=chunk) Detailed Financial Statements and Data [Selected Financial Highlights](index=4&type=section&id=Selected%20Financial%20Highlights) This section provides a comprehensive unaudited summary of key financial data for the five quarters ending September 30, 2024 Quarterly Performance Trends | Metric | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $83.0M | $80.0M | $84.1M | | Net Income | $20.1M | $16.4M | $22.7M | | Net Interest Margin | 3.07% | 3.00% | 3.18% | | ROA (annualized) | 0.70% | 0.57% | 0.81% | | Tangible Book Value/Share | $10.89 | $10.53 | $10.02 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The unaudited balance sheets show the company's financial position, with total assets growing to $11.7 billion Balance Sheet Components (in thousands) | Account | Sep 30, 2024 | Jun 30, 2024 | Sep 30, 2023 | | :--- | :--- | :--- | :--- | | Total Cash & Equivalents | $407,889 | $343,084 | $161,001 | | Net Loans & Leases | $9,627,920 | $9,599,387 | $9,261,701 | | Total Deposits | $8,732,271 | $8,737,036 | $8,566,013 | | Total Borrowed Funds | $1,497,547 | $1,429,462 | $1,135,068 | | Total Stockholders' Equity | $1,230,362 | $1,198,480 | $1,157,871 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) The income statements detail revenues and expenses, showing Q3 2024 net income of $20.1 million on increased net interest income Q3 2024 Income Statement (in thousands) | Account | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $83,008 | $80,001 | $84,070 | | Provision for Credit Losses | $4,660 | $5,568 | $3,031 | | Non-interest Income | $6,348 | $6,396 | $5,508 | | Non-interest Expense | $57,948 | $59,184 | $57,679 | | Net Income | $20,142 | $16,372 | $22,701 | - For the nine months ended September 30, 2024, net income was **$51.2 million**, compared to **$52.1 million** for the same period in 2023[25](index=25&type=chunk) [Asset Quality Details](index=9&type=section&id=Asset%20Quality%20Details) This section details nonperforming assets, which increased to $72.8 million primarily due to nonaccrual equipment and commercial loans Nonperforming Assets Breakdown (in thousands) | Category | Sep 30, 2024 | Jun 30, 2024 | | :--- | :--- | :--- | | Total Nonaccrual Loans & Leases | $71,242 | $60,709 | | - Equipment Financing | $37,223 | $27,128 | | - Commercial Real Estate | $13,346 | $11,659 | | Total Nonperforming Assets | $72,821 | $62,683 | [Provision and Allowance for Loan and Lease Losses](index=9&type=section&id=Provision%20and%20Allowance%20for%20Loan%20and%20Lease%20Losses) The allowance for loan and lease losses increased to $127.3 million, representing 1.31% of total loans ALLL Activity for Q3 2024 (in thousands) | Item | Amount | | :--- | :--- | | Beginning Balance (Jun 30, 2024) | $121,750 | | Net Charge-offs | ($3,808) | | Provision for Loan Losses | $9,374 | | Ending Balance (Sep 30, 2024) | $127,316 | - Net charge-offs of **$3.8 million** in Q3 were primarily driven by commercial loans and leases[28](index=28&type=chunk) [Average Yields and Costs](index=10&type=section&id=Average%20Yields%20and%20Costs) The tax-equivalent net interest margin expanded to 3.07% in Q3 2024, driven by higher loan yields outpacing funding cost increases Key Yields and Costs (Q3 2024 vs Q2 2024) | Metric | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | | Avg. Yield on Total Loans & Leases | 6.17% | 6.02% | | Avg. Cost of Total Interest-Bearing Deposits | 3.39% | 3.39% | | Avg. Cost of Total Interest-Bearing Liabilities | 3.67% | 3.65% | | Net Interest Spread (tax-equivalent) | 2.26% | 2.14% | | Net Interest Margin (tax-equivalent) | 3.07% | 3.00% | Non-GAAP Financial Measures [Reconciliation of Non-GAAP Measures](index=14&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles GAAP to non-GAAP operating earnings, adjusting for items like merger and restructuring expenses - For the nine months ended September 30, 2024, reported pretax income of **$67.9 million** was adjusted for **$0.8 million** in merger and restructuring expenses to arrive at an operating pretax income of **$68.7 million**[33](index=33&type=chunk) - There were no non-operating activities for the three months ended September 30, 2024, and September 30, 2023, meaning **reported net income equals operating earnings** for those specific quarters[36](index=36&type=chunk) [Tangible Asset and Equity Calculations](index=15&type=section&id=Tangible%20Asset%20and%20Equity%20Calculations) This section details non-GAAP tangible financial measures, showing tangible book value per share increased to $10.89 Tangible Equity Calculation (Sep 30, 2024, in thousands) | Item | Amount | | :--- | :--- | | Total Stockholders' Equity | $1,230,362 | | Less: Goodwill | ($241,222) | | Less: Identified Intangible Assets, net | ($19,162) | | **Tangible Stockholders' Equity** | **$969,978** | Tangible Book Value Per Share | Metric | Sep 30, 2024 | Jun 30, 2024 | Sep 30, 2023 | | :--- | :--- | :--- | :--- | | Tangible Book Value Per Share | $10.89 | $10.53 | $10.02 | Corporate Information and Disclosures [About Brookline Bancorp, Inc.](index=3&type=section&id=About%20Brookline%20Bancorp,%20Inc.) Brookline Bancorp, Inc. is an $11.7 billion bank holding company operating in Massachusetts, Rhode Island, and New York - The company is a bank holding company with **$11.7 billion in assets**[15](index=15&type=chunk) - It operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank, with locations in Massachusetts, Rhode Island, and the Lower Hudson Valley of New York State[15](index=15&type=chunk) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) The company will host a conference call on October 24, 2024, to discuss third-quarter results - A conference call and webcast to discuss Q3 results is scheduled for **1:30 PM Eastern Time on Thursday, October 24, 2024**[14](index=14&type=chunk) - Access details, including webcast links and dial-in numbers (Access Code 414186), are provided for interested parties[14](index=14&type=chunk) [Forward-Looking Statements and Basis of Presentation](index=3&type=section&id=Forward-Looking%20Statements%20and%20Basis%20of%20Presentation) This section contains the safe harbor disclosure for forward-looking statements and confirms the use of U.S. GAAP - The press release contains forward-looking statements that are subject to risks and uncertainties, including changes in interest rates, economic conditions, and regulatory changes[16](index=16&type=chunk) - The company's consolidated financial statements are **prepared in conformity with GAAP**[17](index=17&type=chunk)

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

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 ...