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 | $ | — | | $ | ...

Financial Data and Key Metrics Changes - The company reported net income of $14.7 million, equivalent to $0.16 per share, with total assets growing by approximately $161 million driven by an increase in cash and equivalents of $169 million [39] - Net interest income declined by $2 million from the previous quarter to $81.6 million, with a net interest margin compressing by 9 basis points to 3.06% [41] - Non-interest income was $6.3 million, reflecting a decrease of $1.7 million compared to the prior quarter [42] Business Line Data and Key Metrics Changes - Loan originations and draws totaled $435 million at a weighted average coupon of 779 basis points, with modest loan growth of $13 million across C&I, equipment finance, and consumer segments [39] - The provision for credit losses increased to $7.4 million, up $3.6 million from the previous quarter, driven by net charge-offs and reserve build [43] - Nonaccrual loans experienced a modest decline, and the reserve coverage ratio increased to 124 basis points [6] Market Data and Key Metrics Changes - Customer deposits grew by $81 million, with broker deposits increasing by $90 million, while borrowings declined by $15 million [41] - The company anticipates overall loan growth of 1% to 4%, primarily driven by C&I and equipment finance, with only slight growth expected in non-owner-occupied commercial real estate [8] Company Strategy and Development Direction - The company aims to provide boutique commercial banking services, focusing on careful investments in its team, technology, and locations [37] - The management is actively reviewing investment plans and evaluating potential cost-saving opportunities, with operating expenses managed at $240 million for the full year [10] Management Comments on Operating Environment and Future Outlook - The management noted a significant shift in the outlook for 2024 Federal Reserve rate cuts, with longer-term rates rising notably and loan demand softening [7] - The company expects its margin and net interest income for the full year to be lower than initially projected due to prevailing interest rates and deposit mix pressures [8] Other Important Information - The Board approved maintaining the quarterly dividend at $0.135 per share, yielding approximately 6.5% on an annualized basis [11] - The effective tax rate is expected to be around 24.7% for the balance of the year [10] Q&A Session Summary Question: Tax guidance and replacement of expiring tax credits - Management indicated they do not plan to replace the expiring tax credits this quarter [15] Question: Equipment finance business and charge-offs - The largest charge-offs in the equipment finance business were related to transport financing for contractors, particularly those servicing Amazon [16] Question: Stock buybacks in the current environment - Management stated they will continue to evaluate stock buybacks but have no near-term expectations to initiate any [17] Question: Office portfolio charge-offs - The two charged-off credits were resolved through note sales, resulting in a small loss [22][23] Question: Credit quality in commercial real estate - Management expressed confidence in the credit quality of the commercial real estate portfolio, particularly in multifamily spaces [77] Question: Future charge-off rates - Management anticipates a normalized charge-off rate to be less than what was seen in Q1 [85]

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 ...

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Here are three stocks with buy rank and strong income characteristics for investors to consider today, March 15th:Brookline Bancorp, Inc. (BRKL) : This bank holding company for the Brookline Bank has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.4% over the last 60 days.This Zacks Rank #1 company has a dividend yield of 5.7%, compared with the industry average of 3.3%.Camden National Corporation (CAC) : This bank holding company for Camden National Bank has witnessed the ...

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Here are three stocks with buy rank and strong income characteristics for investors to consider today, March 11th:Brookline Bancorp, Inc. (BRKL) : This bank holding company for the Brookline Bank has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.4% over the last 60 days.This Zacks Rank #1 company has a dividend yield of 5.5%, compared with the industry average of 3.5%.Southside Bancshares, Inc. (SBSI) : This bank holding company for Southside Bank has witnessed the Zacks ...