The following is a summary of the Brookline Bancorp, Inc. (BRKL) Q2 2024 Earnings Call Transcript:
Financial Performance:
Brookline Bancorp reported Q2 net income of $16.4 million, or $0.18 per share.
Total assets increased by $92 million, largely driven by loan growth across all categories.
Net interest margin seems to have stabilized, showing a slight decline of 6 basis points to 300 basis points.
Non-interest income remained steady at $6.4 million.
Operating expenses, excluding restructuring costs, decreased by $2.6 million to $58.4 million.
Business Progress:
Brookline exited its specialty vehicle finance business due to competitive pressures and high operating costs, leading to a staff reduction of 21.
The company forecasts moderate loan growth of 2% to 5% and deposit growth of 4% to 5% for the upcoming quarters.
Led by these adjustments and a stable cash and securities portfolio, Brookline anticipates an improving financial trajectory.
Opportunities:
Forecasting improved net interest margins in the upcoming quarters, targeting a range of 310 basis points.
Risks:
Non-accrual loans increased by $20 million, largely in commercial and industrial loans due to specific credit events, posing a potential risk to asset quality.
More details: Brookline Bancorp IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.