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

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