Q3 2024 Brookline Bancorp Inc Earnings Call Transcript
Key Points
- Brookline Bancorp Inc (BRKL) reported a net income of $20.1 million for the third quarter of 2024, with earnings per share of 23 cents.
- Customer deposits increased by $103 million, indicating strong customer trust and engagement.
- The net interest margin improved by 7 basis points to 307 basis points, with expectations for continued improvement through 2025.
- Operating expenses decreased to $57.9 million from $59.2 million in the previous quarter, reflecting cost management efforts.
- The board approved maintaining a quarterly dividend of 13.5 cents per share, providing a yield of approximately 5.1%.
- Non-performing loans increased by $10.5 million due to issues with a specific Eastern Funding relationship.
- The equipment finance and commercial real estate portfolios declined during the quarter.
- Net charge-offs were $3.8 million, with a significant portion related to specialty vehicles.
- The provision for credit losses was $4.7 million, although this was a decrease from the previous quarter.
- The company is not yet at profitability with its Clarendon Private business, which remains in a growth phase.
Good afternoon and welcome to Brookline Bancorp, Inc's third-quarter, 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Brookline Bancorp Attorney, Laura Vaughn. Please proceed.
Thank you, Sierra. And good afternoon, everyone. Yesterday, we issued our earnings release and presentation which is available on the Investor Relations page of our website brooklinebancorp.com, has been filed that we we see.
This afternoon's call will be hosted by Paul A. Perrault and Carl M. Carlson. This call may contain forward-looking statements with respect to the financial condition, results of operations and business of Brookline Bancorp work. Please refer to page 2 of our earnings presentation or a forward-looking statement display market.
Also, please refer to our other filings with the securities and exchange commission which contain risk factors that could cause actual results to differ materially from
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