Q2 2024 Brookline Bancorp Inc Earnings Call Transcript
Key Points
- Brookline Bancorp Inc (BRKL) reported net income of $16.4 million for the quarter, or $0.18 per share.
- Total assets grew by $92 million, driven by loan growth of $66 million across all loan categories.
- Operating expenses were reduced by $2.6 million from Q1, primarily due to lower compensation benefits and weather-related occupancy growth.
- The company maintained its quarterly dividend at $0.135 per share, yielding an annualized payout of approximately 5.1%.
- Brookline Bancorp Inc (BRKL) expects loan growth of 2% to 5% across all segments and deposit growth of 4% to 5%.
- Net interest margin declined by 6 basis points to 300 basis points.
- The company exited its specialty vehicle finance business, incurring a restructuring charge of $823,000 and reducing staff by 21.
- Non-accrual loans increased by $20 million, driven by two large commercial loans going non-accrual.
- Total funding costs increased by 7 basis points in the quarter to 365 basis points.
- Net charge-offs were $8.4 million, driven by a $3.8 million charge on an office building and $4.6 million in C&I charge-offs.
Good afternoon, and welcome to Brookline Bancorp Inc's second quarter 2024 earnings conference call. (Operator Instructions). Please note that this event is being recorded. I would now like to turn the conference over to Brookline Bancorp's Attorney, Laura Vaughn. Please go ahead.
Thank you, [Alyssa], 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 and has been filed with the SEC. This afternoon's (technical difficulty) call will be hosted by Paul Perrault and Carl Carlson.
This call may contain forward-looking statements with respect to the financial condition, results of operations and business of Brookline Bancorp. Please refer to page 2 of our earnings presentation for our forward-looking statement disclaimer. 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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