Brookline Bancorp(US:BRKL)2023-10-26 23:34Financial Performance - Net income for the quarter was $227 million, resulting in earnings per share (EPS) of $026[17] - Net interest margin declined by 8 basis points to 318%[23] - Total assets decreased by $25 million, primarily due to declines in cash and securities[30, 36] - Loans outstanding increased by $40 million[46] - Deposits increased by $49 million[48] Balance Sheet and Asset Quality - Customer deposits grew by $88 million[41] - Non-performing assets (NPAs) to total assets ratio was 046%[41, 95] - The allowance for loan losses represented a coverage ratio of 127 basis points[12] - Securities decreased by $30 million and cash equivalents decreased by $63 million[53] - Borrowings decreased by $91 million[49] Capital and Dividends - The company maintained a Tier 1 Common ratio of 103%, exceeding regulatory requirements[23, 60] - A quarterly dividend of $0135 per share was declared[29, 70] Interest Rate Sensitivity - The cost of total deposits increased 24 basis points, representing 952% of the Federal Funds Rate increase during the linked quarter[5] - Through the cycle, the Federal Funds Rate increased 525 basis points, while Brookline Bancorp's Total Deposit Costs increased 205 basis points, representing a beta of 391%[7]