On July 24, 2024, Brookline Bancorp Inc (BRKL, Financial) released its 8-K filing announcing its financial results for the second quarter of 2024. Brookline Bancorp Inc operates as a multi-bank holding company offering commercial, business, and retail banking services, including cash management products, online banking services, and consumer and residential loans.
Performance Overview
Brookline Bancorp Inc reported net income of $16.4 million, or $0.18 per share, aligning with analyst estimates of $0.18 per share. The company also reported operating earnings after tax (non-GAAP) of $17.0 million, or $0.19 per share. This compares to net income of $14.7 million, or $0.16 per share, in the first quarter of 2024, and $21.9 million, or $0.25 per share, in the second quarter of 2023.
Paul Perrault, Chairman and Chief Executive Officer, commented, “I am pleased to report our second quarter earnings. We experienced solid loan and deposit growth across our three banks in the quarter. I would like to recognize our bankers for their diligence in providing extraordinary service to our clients.”
Financial Achievements
Brookline Bancorp Inc's total assets increased to $11.6 billion as of June 30, 2024, up from $11.5 billion at the end of the previous quarter. Total loans and leases grew to $9.7 billion, reflecting an increase of $66.1 million from the previous quarter. The company also saw a rise in total deposits to $8.7 billion, driven by a $65.8 million increase in customer deposits.
Income Statement Highlights
| Metric | Q2 2024 | Q1 2024 | Q2 2023 |
|---|---|---|---|
| Net Interest Income | $80.0 million | $81.6 million | $86.0 million |
| Non-Interest Income | $6.4 million | $6.3 million | $5.5 million |
| Provision for Credit Losses | $5.6 million | $7.4 million | $5.7 million |
| Non-Interest Expense | $59.2 million | $61.0 million | $57.8 million |
| Net Income | $16.4 million | $14.7 million | $21.9 million |
Balance Sheet and Cash Flow
Total investment securities decreased to $856.4 million from $865.8 million in the previous quarter. Cash and cash equivalents rose to $343.1 million, up from $301.9 million. The company's total borrowed funds increased to $1.4 billion, reflecting a $67.6 million rise from the previous quarter.
Asset Quality and Provisions
The ratio of nonperforming loans and leases to total loans and leases increased to 0.62% from 0.42% in the previous quarter. Total nonaccrual loans and leases rose to $60.7 million from $40.7 million. The allowance for loan and lease losses represented 1.25% of total loans and leases, slightly up from 1.24% in the previous quarter.
Dividend and Return Metrics
The Board of Directors declared a quarterly dividend of $0.135 per share, payable on August 30, 2024. The annualized return on average assets increased to 0.57% from 0.51% in the previous quarter, while the annualized return on average stockholders' equity rose to 5.49% from 4.88%.
For more detailed financial information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Brookline Bancorp Inc for further details.
