Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today
announced net income of $16.4 million, or $0.18 per basic and
diluted share, and operating earnings after tax (non-GAAP) of $17.0
million, or $0.19 per basic and diluted share, for the second
quarter of 2024, compared to net income and operating earnings
after tax (non-GAAP) of $14.7 million, or $0.16 per basic and
diluted share, for the first quarter of 2024, and net income of
$21.9 million, or $0.25 per basic and diluted share, and operating
earnings after tax (non-GAAP) of $23.2 million, or $0.26 per basic
and diluted share, for 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.” Mr. Perrault continued, “While the margin pressure we and
the rest of the banking industry experienced in the first quarter
persisted in the second quarter, this pressure decreased in
intensity slightly from the prior quarter. As we enter the second
half of 2024, we remain optimistic about the overall economic
outlook in our markets.”
BALANCE SHEET
Total assets at June 30, 2024 were $11.6
billion, representing an increase of $92.6 million from $11.5
billion at March 31, 2024, and an increase of $429.2 million
from June 30, 2023. At June 30, 2024, total loans and
leases were $9.7 billion, representing an increase of $66.1 million
from March 31, 2024, and an increase of $380.3 million from
June 30, 2023.
Total investment securities at June 30,
2024 decreased $9.4 million to $856.4 million from $865.8 million
at March 31, 2024, and decreased $53.8 million from $910.2
million at June 30, 2023. Total cash and cash equivalents at
June 30, 2024 increased $41.2 million to $343.1 million from
$301.9 million at March 31, 2024, and increased $118.7 million
from $224.4 million at June 30, 2023. As of June 30,
2024, total investment securities and total cash and cash
equivalents represented 10.3 percent of total assets, compared to
10.1 percent as of March 31, 2024 and June 30, 2023,
respectively.
Total deposits at June 30, 2024 increased
$18.4 million to $8.7 billion from March 31, 2024, consisting
of a $65.8 million increase in customer deposits partially offset
by a $47.4 million decrease in brokered deposits, and increased
$220.0 million from $8.5 billion at June 30, 2023, driven by
growth in customer deposits.
Total borrowed funds at June 30, 2024
increased $67.6 million to $1.4 billion from March 31, 2024,
and increased $203.2 million from $1.2 billion at June 30,
2023.
The ratio of stockholders’ equity to total
assets was 10.30 percent at June 30, 2024, compared to 10.35
percent at March 31, 2024, and 10.37 percent at June 30,
2023. The ratio of tangible stockholders’ equity to tangible assets
(non-GAAP) was 8.23 percent at June 30, 2024, as compared to
8.25 percent at March 31, 2024, and 8.16 percent at
June 30, 2023. Tangible book value per common share (non-GAAP)
increased $0.06 from $10.47 at March 31, 2024 to $10.53 at
June 30, 2024, and increased $0.46 from $10.07 at
June 30, 2023.
NET INTEREST INCOME
Net interest income decreased $1.6 million to
$80.0 million during the second quarter of 2024 from $81.6 million
for the quarter ended March 31, 2024. The net interest margin
decreased 6 basis points to 3.00 percent for the three months ended
June 30, 2024 from 3.06 percent for the three months ended
March 31, 2024, primarily driven by the reversal of interest
relating to new nonaccrual loans and higher funding costs.
NON-INTEREST INCOME
Total non-interest income for the quarter ended
June 30, 2024 increased $0.1 million to $6.4 million from
$6.3 million for the quarter ended March 31, 2024.
PROVISION FOR CREDIT LOSSES
The Company recorded a provision for credit
losses of $5.6 million for the quarter ended June 30, 2024,
compared to $7.4 million for the quarter ended March 31, 2024.
The decrease in provision was largely driven by the stabilization
of credit conditions.
Total net charge-offs for the second quarter of
2024 were $8.4 million, compared to $8.8 million in the first
quarter of 2024. The $8.4 million in net charge-offs were largely
driven by $3.9 million in commercial real estate loans and $4.3
million in equipment financing. The majority of net charge-offs
were previously reserved for. The ratio of net loan and lease
charge-offs to average loans and leases on an annualized basis
decreased to 35 basis points for the second quarter of 2024 from 36
basis points for the first quarter of 2024.
The allowance for loan and lease losses
represented 1.25 percent of total loans and leases at June 30,
2024, compared to 1.24 percent at March 31, 2024, and 1.35
percent at June 30, 2023.
ASSET QUALITY
The ratio of nonperforming loans and leases to
total loans and leases was 0.62 percent at June 30, 2024, an
increase from 0.42 percent at March 31, 2024. Total nonaccrual
loans and leases increased $20.0 million to $60.7 million at
June 30, 2024 from $40.7 million at March 31, 2024. The
ratio of nonperforming assets to total assets was 0.54 percent at
June 30, 2024, an increase from 0.37 percent at March 31,
2024. Total nonperforming assets increased $20.2 million to
$62.7 million at June 30, 2024 from $42.5 million at
March 31, 2024.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended
June 30, 2024 decreased $1.8 million to $59.2 million
from $61.0 million for the quarter ended March 31, 2024. The
decrease was primarily driven by decreases of $1.9 million in
compensation and employee benefits expense and $0.3 million in
equipment and data processing expense, partially offset by a $0.8
million non-recurring restructuring charge due to the exit of the
specialty vehicle business at Eastern Funding LLC.
PROVISION FOR INCOME TAXES
The effective tax rate was 24.4 percent and 24.5
percent for the three and six months ended June 30, 2024
compared to 24.7 percent for the three months ended March 31,
2024 and 21.4 percent and 19.4 percent for the three and six months
ended June 30, 2023.
RETURNS ON AVERAGE ASSETS AND AVERAGE
EQUITY
The annualized return on average assets
increased to 0.57 percent during the second quarter 2024 from 0.51
percent for the first quarter of 2024.
The annualized return on average stockholders'
equity increased to 5.49 percent during the second quarter of 2024
from 4.88 percent for the first quarter of 2024. The annualized
return on average tangible stockholders’ equity increased to 7.04
percent for the second quarter of 2024 from 6.26 percent for the
first quarter of 2024.
DIVIDEND DECLARED
The Company’s Board of Directors approved a
dividend of $0.135 per share for the quarter ended June 30,
2024. The dividend will be paid on August 30, 2024 to stockholders
of record on August 16, 2024.
CONFERENCE CALL
The Company will conduct a conference
call/webcast at 1:30 PM Eastern Time on Thursday, July 25, 2024 to
discuss the results for the quarter, business highlights and
outlook. A copy of the Earnings Presentation is available on the
Company’s website, www.brooklinebancorp.com. To listen to the call
and view the Company’s Earnings Presentation, please join the call
via https://events.q4inc.com/attendee/629150850. To listen to the
call without access to the slides, interested parties may dial
833-470-1428 (United States) or 404-975-4839 (internationally) and
ask for the Brookline Bancorp, Inc. conference call (Access Code
611840). A recorded playback of the call will be available for one
week following the call on the Company’s website under “Investor
Relations” or by dialing 866-813-9403 (United States) or
929-458-6194 (internationally) and entering the passcode:
134147.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company
with $11.6 billion in assets and branch locations in Massachusetts,
Rhode Island, and the Lower Hudson Valley of New York State, is
headquartered in Boston, Massachusetts and operates as the holding
company for Brookline Bank, Bank Rhode Island, and PCSB Bank (the
"banks"). The Company provides commercial and retail banking
services, cash management and investment services to customers
throughout Central New England and the Lower Hudson Valley of New
York State. More information about Brookline Bancorp, Inc. and its
banks can be found at the following websites:
www.brooklinebank.com, www.bankri.com and www.pcsb.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press
release that are not historical facts may constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are intended to be
covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. We may also make forward-looking
statements in other documents we file with the Securities and
Exchange Commission ("SEC"), in our annual reports to shareholders,
in press releases and other written materials, and in oral
statements made by our officers, directors or employees. You can
identify forward looking statements by the use of the words
“believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,”
“outlook,” “will,” “should,” and other expressions that predict or
indicate future events and trends and which do not relate to
historical matters, including statements regarding the Company’s
business, credit quality, financial condition, liquidity and
results of operations. Forward-looking statements may differ,
possibly materially, from what is included in this press release
due to factors and future developments that are uncertain and
beyond the scope of the Company’s control. These include, but are
not limited to, changes in interest rates; general economic
conditions (including inflation and concerns about liquidity) on a
national basis or in the local markets in which the Company
operates; turbulence in the capital and debt markets; competitive
pressures from other financial institutions; changes in consumer
behavior due to changing political, business and economic
conditions, or legislative or regulatory initiatives; changes in
the value of securities and other assets in the Company’s
investment portfolio; increases in loan and lease default and
charge-off rates; the adequacy of allowances for loan and lease
losses; decreases in deposit levels that necessitate increases in
borrowing to fund loans and investments; operational risks
including, but not limited to, cybersecurity incidents, fraud,
natural disasters, and future pandemics; changes in regulation; the
possibility that future credit losses may be higher than currently
expected due to changes in economic assumptions and adverse
economic developments; the risk that goodwill and intangibles
recorded in the Company’s financial statements will become
impaired; and changes in assumptions used in making such
forward-looking statements. Forward-looking statements involve
risks and uncertainties which are difficult to predict. The
Company’s actual results could differ materially from those
projected in the forward-looking statements as a result of, among
others, the risks outlined in the Company’s Annual Report on Form
10-K, as updated by its Quarterly Reports on Form 10-Q and other
filings submitted to the SEC. The Company does not undertake any
obligation to update any forward-looking statement to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
BASIS OF PRESENTATION
The Company's consolidated financial statements
have been prepared in conformity with generally accepted accounting
principles (“GAAP”) as set forth by the Financial Accounting
Standards Board in its Accounting Standards Codification and
through the rules and interpretive releases of the SEC under the
authority of federal securities laws. Certain amounts previously
reported have been reclassified to conform to the current period's
presentation.
NON-GAAP FINANCIAL MEASURES
The Company uses certain non-GAAP financial
measures, such as operating earnings after tax, operating earnings
per common share, operating return on average assets, operating
return on average tangible assets, operating return on average
stockholders' equity, operating return on average tangible
stockholders' equity, tangible book value per common share,
tangible stockholders’ equity to tangible assets, return on average
tangible assets (annualized) and return on average tangible
stockholders' equity (annualized). These non-GAAP financial
measures provide information for investors to effectively analyze
financial trends of ongoing business activities, and to enhance
comparability with peers across the financial services sector. A
detailed reconciliation table of the Company's GAAP to the non-GAAP
measures is attached.
INVESTOR RELATIONS:
|
Contact: |
Carl M. Carlson |
|
|
Brookline Bancorp, Inc. |
|
|
Co-President and Chief Financial and Strategy Officer |
|
|
(617) 425-5331 |
|
|
carl.carlson@brkl.com |
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
|
Selected Financial Highlights (Unaudited) |
| |
| |
At and for the Three Months Ended |
|
|
June 30,2024 |
March 31,2024 |
December 31,2023 |
September 30,2023 |
June 30,2023 |
|
|
(Dollars In Thousands Except per Share Data) |
| Earnings
Data: |
|
|
|
|
|
|
Net interest income |
$ |
80,001 |
|
$ |
81,588 |
|
$ |
83,555 |
|
$ |
84,070 |
|
$ |
86,037 |
|
|
Provision for credit losses on loans |
|
5,607 |
|
|
7,423 |
|
|
3,851 |
|
|
2,947 |
|
|
5,726 |
|
|
Provision (credit) for credit losses on investments |
|
(39 |
) |
|
(44 |
) |
|
(76 |
) |
|
84 |
|
|
133 |
|
|
Non-interest income |
|
6,396 |
|
|
6,284 |
|
|
8,027 |
|
|
5,508 |
|
|
5,462 |
|
|
Non-interest expense |
|
59,184 |
|
|
61,014 |
|
|
59,244 |
|
|
57,679 |
|
|
57,825 |
|
|
Income before provision for income taxes |
|
21,645 |
|
|
19,479 |
|
|
28,563 |
|
|
28,868 |
|
|
27,815 |
|
|
Net income |
|
16,372 |
|
|
14,665 |
|
|
22,888 |
|
|
22,701 |
|
|
21,850 |
|
| |
|
|
|
|
|
| Performance
Ratios: |
|
|
|
|
|
|
Net interest margin (1) |
|
3.00 |
% |
|
3.06 |
% |
|
3.15 |
% |
|
3.18 |
% |
|
3.26 |
% |
|
Interest-rate spread (1) |
|
2.14 |
% |
|
2.21 |
% |
|
2.39 |
% |
|
2.45 |
% |
|
2.51 |
% |
|
Return on average assets (annualized) |
|
0.57 |
% |
|
0.51 |
% |
|
0.81 |
% |
|
0.81 |
% |
|
0.78 |
% |
|
Return on average tangible assets (annualized) (non-GAAP) |
|
0.59 |
% |
|
0.53 |
% |
|
0.83 |
% |
|
0.83 |
% |
|
0.79 |
% |
|
Return on average stockholders' equity (annualized) |
|
5.49 |
% |
|
4.88 |
% |
|
7.82 |
% |
|
7.78 |
% |
|
7.44 |
% |
|
Return on average tangible stockholders' equity (annualized)
(non-GAAP) |
|
7.04 |
% |
|
6.26 |
% |
|
10.12 |
% |
|
10.09 |
% |
|
9.67 |
% |
|
Efficiency ratio (2) |
|
68.50 |
% |
|
69.44 |
% |
|
64.69 |
% |
|
64.39 |
% |
|
63.20 |
% |
|
|
|
|
|
|
|
| Per Common Share
Data: |
|
|
|
|
|
|
Net income — Basic |
$ |
0.18 |
|
$ |
0.16 |
|
$ |
0.26 |
|
$ |
0.26 |
|
$ |
0.25 |
|
|
Net income — Diluted |
|
0.18 |
|
|
0.16 |
|
|
0.26 |
|
|
0.26 |
|
|
0.25 |
|
|
Cash dividends declared |
|
0.135 |
|
|
0.135 |
|
|
0.135 |
|
|
0.135 |
|
|
0.135 |
|
|
Book value per share (end of period) |
|
13.48 |
|
|
13.43 |
|
|
13.48 |
|
|
13.03 |
|
|
13.11 |
|
|
Tangible book value per share (end of period) (non-GAAP) |
|
10.53 |
|
|
10.47 |
|
|
10.50 |
|
|
10.02 |
|
|
10.07 |
|
|
Stock price (end of period) |
|
8.35 |
|
|
9.96 |
|
|
10.91 |
|
|
9.11 |
|
|
8.74 |
|
| |
|
|
|
|
|
| Balance
Sheet: |
|
|
|
|
|
|
Total assets |
$ |
11,635,292 |
|
$ |
11,542,731 |
|
$ |
11,382,256 |
|
$ |
11,180,555 |
|
$ |
11,206,078 |
|
|
Total loans and leases |
|
9,721,137 |
|
|
9,655,086 |
|
|
9,641,589 |
|
|
9,380,782 |
|
|
9,340,799 |
|
|
Total deposits |
|
8,737,036 |
|
|
8,718,653 |
|
|
8,548,125 |
|
|
8,566,013 |
|
|
8,517,013 |
|
|
Total stockholders’ equity |
|
1,198,480 |
|
|
1,194,231 |
|
|
1,198,644 |
|
|
1,157,871 |
|
|
1,162,308 |
|
| |
|
|
|
|
|
| Asset
Quality: |
|
|
|
|
|
|
Nonperforming assets |
$ |
62,683 |
|
$ |
42,489 |
|
$ |
45,324 |
|
$ |
51,540 |
|
$ |
46,925 |
|
|
Nonperforming assets as a percentage of total assets |
|
0.54 |
% |
|
0.37 |
% |
|
0.40 |
% |
|
0.46 |
% |
|
0.42 |
% |
|
Allowance for loan and lease losses |
$ |
121,750 |
|
$ |
120,124 |
|
$ |
117,522 |
|
$ |
119,081 |
|
$ |
125,817 |
|
|
Allowance for loan and lease losses as a percentage of total loans
and leases |
|
1.25 |
% |
|
1.24 |
% |
|
1.22 |
% |
|
1.27 |
% |
|
1.35 |
% |
|
Net loan and lease charge-offs |
$ |
8,387 |
|
$ |
8,781 |
|
$ |
7,141 |
|
$ |
10,974 |
|
$ |
1,097 |
|
|
Net loan and lease charge-offs as a percentage of average loans and
leases (annualized) |
|
0.35 |
% |
|
0.36 |
% |
|
0.30 |
% |
|
0.47 |
% |
|
0.05 |
% |
|
|
|
|
|
|
|
| Capital
Ratios: |
|
|
|
|
|
|
Stockholders’ equity to total assets |
|
10.30 |
% |
|
10.35 |
% |
|
10.53 |
% |
|
10.36 |
% |
|
10.37 |
% |
|
Tangible stockholders’ equity to tangible assets (non-GAAP) |
|
8.23 |
% |
|
8.25 |
% |
|
8.39 |
% |
|
8.16 |
% |
|
8.16 |
% |
|
|
|
|
|
|
|
|
(1) Calculated on a fully tax-equivalent basis. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Calculated as non-interest expense as a percentage of net
interest income plus non-interest income. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
|
Consolidated Balance Sheets (Unaudited) |
|
|
|
|
|
|
|
|
|
June 30, 2024 |
March 31,2024 |
December 31,2023 |
September 30,2023 |
June 30, 2023 |
|
ASSETS |
(In Thousands Except Share Data) |
|
Cash and due from banks |
$ |
60,067 |
|
$ |
45,708 |
|
$ |
34,514 |
|
$ |
33,506 |
|
$ |
44,323 |
|
|
Short-term investments |
|
283,017 |
|
|
256,178 |
|
|
98,513 |
|
|
127,495 |
|
|
180,109 |
|
|
Total cash and cash equivalents |
|
343,084 |
|
|
301,886 |
|
|
133,027 |
|
|
161,001 |
|
|
224,432 |
|
|
Investment securities available-for-sale |
|
856,439 |
|
|
865,798 |
|
|
916,601 |
|
|
880,412 |
|
|
910,210 |
|
|
Total investment securities |
|
856,439 |
|
|
865,798 |
|
|
916,601 |
|
|
880,412 |
|
|
910,210 |
|
|
Allowance for investment security losses |
|
(359 |
) |
|
(398 |
) |
|
(441 |
) |
|
(517 |
) |
|
(433 |
) |
|
Net investment securities |
|
856,080 |
|
|
865,400 |
|
|
916,160 |
|
|
879,895 |
|
|
909,777 |
|
|
Loans and leases held-for-sale |
|
— |
|
|
6,717 |
|
|
— |
|
|
— |
|
|
— |
|
|
Loans and leases: |
|
|
|
|
|
|
Commercial real estate loans |
|
5,782,111 |
|
|
5,755,239 |
|
|
5,764,529 |
|
|
5,669,768 |
|
|
5,670,771 |
|
|
Commercial loans and leases |
|
2,443,530 |
|
|
2,416,904 |
|
|
2,399,668 |
|
|
2,241,375 |
|
|
2,193,027 |
|
|
Consumer loans |
|
1,495,496 |
|
|
1,482,943 |
|
|
1,477,392 |
|
|
1,469,639 |
|
|
1,477,001 |
|
|
Total loans and leases |
|
9,721,137 |
|
|
9,655,086 |
|
|
9,641,589 |
|
|
9,380,782 |
|
|
9,340,799 |
|
|
Allowance for loan and lease losses |
|
(121,750 |
) |
|
(120,124 |
) |
|
(117,522 |
) |
|
(119,081 |
) |
|
(125,817 |
) |
|
Net loans and leases |
|
9,599,387 |
|
|
9,534,962 |
|
|
9,524,067 |
|
|
9,261,701 |
|
|
9,214,982 |
|
|
Restricted equity securities |
|
78,963 |
|
|
74,709 |
|
|
77,595 |
|
|
65,460 |
|
|
71,421 |
|
|
Premises and equipment, net of accumulated depreciation |
|
88,378 |
|
|
89,707 |
|
|
89,853 |
|
|
90,476 |
|
|
90,685 |
|
|
Right-of-use asset operating leases |
|
35,691 |
|
|
33,133 |
|
|
30,863 |
|
|
31,619 |
|
|
31,774 |
|
|
Deferred tax asset |
|
60,032 |
|
|
60,484 |
|
|
56,952 |
|
|
74,491 |
|
|
77,704 |
|
|
Goodwill |
|
241,222 |
|
|
241,222 |
|
|
241,222 |
|
|
241,222 |
|
|
241,222 |
|
|
Identified intangible assets, net of accumulated amortization |
|
20,830 |
|
|
22,499 |
|
|
24,207 |
|
|
26,172 |
|
|
28,126 |
|
|
Other real estate owned and repossessed assets |
|
1,974 |
|
|
1,817 |
|
|
1,694 |
|
|
299 |
|
|
602 |
|
|
Other assets |
|
309,651 |
|
|
310,195 |
|
|
286,616 |
|
|
348,219 |
|
|
315,353 |
|
|
Total assets |
$ |
11,635,292 |
|
$ |
11,542,731 |
|
$ |
11,382,256 |
|
$ |
11,180,555 |
|
$ |
11,206,078 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Demand checking accounts |
$ |
1,638,378 |
|
$ |
1,629,371 |
|
$ |
1,678,406 |
|
$ |
1,745,137 |
|
$ |
1,843,516 |
|
|
NOW accounts |
|
647,370 |
|
|
654,748 |
|
|
661,863 |
|
|
647,476 |
|
|
699,119 |
|
|
Savings accounts |
|
1,735,857 |
|
|
1,727,893 |
|
|
1,669,018 |
|
|
1,625,804 |
|
|
1,464,054 |
|
|
Money market accounts |
|
2,073,557 |
|
|
2,065,569 |
|
|
2,082,810 |
|
|
2,161,359 |
|
|
2,166,570 |
|
|
Certificate of deposit accounts |
|
1,718,414 |
|
|
1,670,147 |
|
|
1,574,855 |
|
|
1,491,844 |
|
|
1,410,905 |
|
|
Brokered deposit accounts |
|
923,460 |
|
|
970,925 |
|
|
881,173 |
|
|
894,393 |
|
|
932,849 |
|
|
Total deposits |
|
8,737,036 |
|
|
8,718,653 |
|
|
8,548,125 |
|
|
8,566,013 |
|
|
8,517,013 |
|
|
Borrowed funds: |
|
|
|
|
|
|
Advances from the FHLB |
|
1,265,079 |
|
|
1,150,153 |
|
|
1,223,226 |
|
|
899,304 |
|
|
1,043,381 |
|
|
Subordinated debentures and notes |
|
84,258 |
|
|
84,223 |
|
|
84,188 |
|
|
84,152 |
|
|
84,116 |
|
|
Other borrowed funds |
|
80,125 |
|
|
127,505 |
|
|
69,256 |
|
|
151,612 |
|
|
98,773 |
|
|
Total borrowed funds |
|
1,429,462 |
|
|
1,361,881 |
|
|
1,376,670 |
|
|
1,135,068 |
|
|
1,226,270 |
|
|
Operating lease liabilities |
|
37,102 |
|
|
34,235 |
|
|
31,998 |
|
|
32,807 |
|
|
33,021 |
|
|
Mortgagors’ escrow accounts |
|
17,117 |
|
|
16,245 |
|
|
17,239 |
|
|
12,578 |
|
|
17,207 |
|
|
Reserve for unfunded credits |
|
11,400 |
|
|
15,807 |
|
|
19,767 |
|
|
21,497 |
|
|
22,789 |
|
|
Accrued expenses and other liabilities |
|
204,695 |
|
|
201,679 |
|
|
189,813 |
|
|
254,721 |
|
|
227,470 |
|
|
Total liabilities |
|
10,436,812 |
|
|
10,348,500 |
|
|
10,183,612 |
|
|
10,022,684 |
|
|
10,043,770 |
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock, $0.01 par value; 200,000,000 shares authorized;
96,998,075 shares issued, 96,998,075 shares issued, 96,998,075
shares issued, 96,998,075 shares issued, and 96,998,075 shares
issued, respectively |
|
970 |
|
|
970 |
|
|
970 |
|
|
970 |
|
|
970 |
|
|
Additional paid-in capital |
|
904,775 |
|
|
903,726 |
|
|
902,659 |
|
|
901,376 |
|
|
905,084 |
|
|
Retained earnings |
|
445,560 |
|
|
441,285 |
|
|
438,722 |
|
|
427,937 |
|
|
417,328 |
|
|
Accumulated other comprehensive income |
|
(61,693 |
) |
|
(60,841 |
) |
|
(52,798 |
) |
|
(81,541 |
) |
|
(66,156 |
) |
|
Treasury stock, at cost; |
|
|
|
|
|
|
7,373,009, 7,354,399, 7,354,399, 7,350,981 and 7,734,891 shares,
respectively |
|
(91,132 |
) |
|
(90,909 |
) |
|
(90,909 |
) |
|
(90,871 |
) |
|
(94,918 |
) |
|
Total stockholders' equity |
|
1,198,480 |
|
|
1,194,231 |
|
|
1,198,644 |
|
|
1,157,871 |
|
|
1,162,308 |
|
|
Total liabilities and stockholders' equity |
$ |
11,635,292 |
|
$ |
11,542,731 |
|
$ |
11,382,256 |
|
$ |
11,180,555 |
|
$ |
11,206,078 |
|
| |
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
|
Consolidated Statements of Income (Unaudited) |
|
|
Three Months Ended |
|
|
June 30,2024 |
March 31,2024 |
December 31, 2023 |
September 30,2023 |
June 30,2023 |
|
|
(In Thousands Except Share Data) |
|
Interest and dividend income: |
|
|
|
|
|
|
Loans and leases |
$ |
145,585 |
|
$ |
145,265 |
|
$ |
142,948 |
|
$ |
136,561 |
|
$ |
132,299 |
|
|
Debt securities |
|
6,480 |
|
|
6,878 |
|
|
6,945 |
|
|
6,799 |
|
|
8,034 |
|
|
Restricted equity securities |
|
1,376 |
|
|
1,492 |
|
|
1,333 |
|
|
1,310 |
|
|
1,673 |
|
|
Short-term investments |
|
1,914 |
|
|
1,824 |
|
|
1,093 |
|
|
2,390 |
|
|
3,351 |
|
|
Total interest and dividend income |
|
155,355 |
|
|
155,459 |
|
|
152,319 |
|
|
147,060 |
|
|
145,357 |
|
|
Interest expense: |
|
|
|
|
|
|
Deposits |
|
59,721 |
|
|
56,884 |
|
|
54,034 |
|
|
49,116 |
|
|
43,147 |
|
|
Borrowed funds |
|
15,633 |
|
|
16,987 |
|
|
14,730 |
|
|
13,874 |
|
|
16,173 |
|
|
Total interest expense |
|
75,354 |
|
|
73,871 |
|
|
68,764 |
|
|
62,990 |
|
|
59,320 |
|
|
Net interest income |
|
80,001 |
|
|
81,588 |
|
|
83,555 |
|
|
84,070 |
|
|
86,037 |
|
|
Provision for credit losses on loans |
|
5,607 |
|
|
7,423 |
|
|
3,851 |
|
|
2,947 |
|
|
5,726 |
|
|
Provision (credit) for credit losses on investments |
|
(39 |
) |
|
(44 |
) |
|
(76 |
) |
|
84 |
|
|
133 |
|
|
Net interest income after provision for credit losses |
|
74,433 |
|
|
74,209 |
|
|
79,780 |
|
|
81,039 |
|
|
80,178 |
|
|
Non-interest income: |
|
|
|
|
|
|
Deposit fees |
|
3,001 |
|
|
2,897 |
|
|
3,064 |
|
|
3,024 |
|
|
2,866 |
|
|
Loan fees |
|
702 |
|
|
789 |
|
|
515 |
|
|
639 |
|
|
491 |
|
|
Loan level derivative income, net |
|
106 |
|
|
437 |
|
|
778 |
|
|
376 |
|
|
363 |
|
|
Gain on investment securities, net |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
Gain on sales of loans and leases held-for-sale |
|
130 |
|
|
— |
|
|
410 |
|
|
225 |
|
|
308 |
|
|
Other |
|
2,457 |
|
|
2,161 |
|
|
3,260 |
|
|
1,244 |
|
|
1,431 |
|
|
Total non-interest income |
|
6,396 |
|
|
6,284 |
|
|
8,027 |
|
|
5,508 |
|
|
5,462 |
|
|
Non-interest expense: |
|
|
|
|
|
|
Compensation and employee benefits |
|
34,762 |
|
|
36,629 |
|
|
35,401 |
|
|
33,491 |
|
|
33,438 |
|
|
Occupancy |
|
5,551 |
|
|
5,769 |
|
|
5,127 |
|
|
4,983 |
|
|
4,870 |
|
|
Equipment and data processing |
|
6,732 |
|
|
7,031 |
|
|
7,245 |
|
|
6,766 |
|
|
6,531 |
|
|
Professional services |
|
1,745 |
|
|
1,900 |
|
|
1,442 |
|
|
2,368 |
|
|
1,986 |
|
|
FDIC insurance |
|
2,025 |
|
|
1,884 |
|
|
1,839 |
|
|
2,152 |
|
|
2,609 |
|
|
Advertising and marketing |
|
1,504 |
|
|
1,574 |
|
|
758 |
|
|
1,174 |
|
|
1,382 |
|
|
Amortization of identified intangible assets |
|
1,669 |
|
|
1,708 |
|
|
1,965 |
|
|
1,955 |
|
|
1,954 |
|
|
Merger and restructuring expense |
|
823 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,002 |
|
|
Other |
|
4,373 |
|
|
4,519 |
|
|
5,467 |
|
|
4,790 |
|
|
4,053 |
|
|
Total non-interest expense |
|
59,184 |
|
|
61,014 |
|
|
59,244 |
|
|
57,679 |
|
|
57,825 |
|
|
Income before provision for income taxes |
|
21,645 |
|
|
19,479 |
|
|
28,563 |
|
|
28,868 |
|
|
27,815 |
|
|
Provision for income taxes |
|
5,273 |
|
|
4,814 |
|
|
5,675 |
|
|
6,167 |
|
|
5,965 |
|
|
Net income |
$ |
16,372 |
|
$ |
14,665 |
|
$ |
22,888 |
|
$ |
22,701 |
|
$ |
21,850 |
|
|
Earnings per common share: |
|
|
|
|
|
|
Basic |
$ |
0.18 |
|
$ |
0.16 |
|
$ |
0.26 |
|
$ |
0.26 |
|
$ |
0.25 |
|
|
Diluted |
$ |
0.18 |
|
$ |
0.16 |
|
$ |
0.26 |
|
$ |
0.26 |
|
$ |
0.25 |
|
|
Weighted average common shares outstanding during the period: |
|
|
|
|
|
Basic |
|
88,904,692 |
|
|
88,894,577 |
|
|
88,867,159 |
|
|
88,795,270 |
|
|
88,665,135 |
|
|
Diluted |
|
89,222,315 |
|
|
89,181,508 |
|
|
89,035,505 |
|
|
88,971,210 |
|
|
88,926,543 |
|
|
Dividends paid per common share |
$ |
0.135 |
|
$ |
0.135 |
|
$ |
0.135 |
|
$ |
0.135 |
|
$ |
0.135 |
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
|
Consolidated Statements of Income (Unaudited) |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
(In Thousands Except Share Data) |
|
Interest and dividend income: |
|
|
|
Loans and leases |
$ |
290,850 |
|
$ |
254,230 |
|
|
Debt securities |
|
13,358 |
|
|
15,904 |
|
|
Restricted equity securities |
|
2,868 |
|
|
2,928 |
|
|
Short-term investments |
|
3,738 |
|
|
4,846 |
|
|
Total interest and dividend income |
|
310,814 |
|
|
277,908 |
|
|
Interest expense: |
|
|
|
Deposits |
|
116,605 |
|
|
72,515 |
|
|
Borrowed funds |
|
32,620 |
|
|
33,307 |
|
|
Total interest expense |
|
149,225 |
|
|
105,822 |
|
|
Net interest income |
|
161,589 |
|
|
172,086 |
|
|
Provision for credit losses on loans |
|
13,030 |
|
|
31,070 |
|
|
Provision (credit) for credit losses on investments |
|
(83 |
) |
|
331 |
|
|
Net interest income after provision for credit losses |
|
148,642 |
|
|
140,685 |
|
|
Non-interest income: |
|
|
|
Deposit Fees |
|
5,898 |
|
|
5,523 |
|
|
Loan Fees |
|
1,491 |
|
|
882 |
|
|
Loan level derivative income, net |
|
543 |
|
|
2,736 |
|
|
Gain on investment securities, net |
|
— |
|
|
1,704 |
|
|
Gain on sales of loans and leases held-for-sale |
|
130 |
|
|
1,946 |
|
|
Other |
|
4,618 |
|
|
5,608 |
|
|
Total non-interest income |
|
12,680 |
|
|
18,399 |
|
|
Non-interest expense: |
|
|
|
Compensation and employee benefits |
|
71,391 |
|
|
70,003 |
|
|
Occupancy |
|
11,320 |
|
|
10,093 |
|
|
Equipment and data processing |
|
13,763 |
|
|
12,993 |
|
|
Professional services |
|
3,645 |
|
|
3,416 |
|
|
FDIC insurance |
|
3,909 |
|
|
3,853 |
|
|
Advertising and marketing |
|
3,078 |
|
|
2,792 |
|
|
Amortization of identified intangible assets |
|
3,377 |
|
|
3,920 |
|
|
Merger and restructuring expense |
|
823 |
|
|
7,411 |
|
|
Other |
|
8,892 |
|
|
8,120 |
|
|
Total non-interest expense |
|
120,198 |
|
|
122,601 |
|
|
Income before provision for income taxes |
|
41,124 |
|
|
36,483 |
|
|
Provision for income taxes |
|
10,087 |
|
|
7,073 |
|
|
Net income |
$ |
31,037 |
|
$ |
29,410 |
|
|
Earnings per common share: |
|
|
|
Basic |
$ |
0.35 |
|
$ |
0.34 |
|
|
Diluted |
$ |
0.35 |
|
$ |
0.34 |
|
|
Weighted average common shares outstanding during the period: |
|
|
Basic |
|
88,899,635 |
|
|
87,620,194 |
|
|
Diluted |
|
89,201,912 |
|
|
87,887,980 |
|
|
Dividends paid per common share |
$ |
0.270 |
|
$ |
0.270 |
|
| |
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
|
Asset Quality Analysis (Unaudited) |
|
|
At and for the Three Months Ended |
|
|
June 30,2024 |
March 31,2024 |
December 31, 2023 |
September 30,2023 |
June 30,2023 |
|
|
(Dollars in Thousands) |
|
NONPERFORMING ASSETS: |
|
|
|
|
|
|
Loans and leases accounted for on a nonaccrual basis: |
|
|
|
|
|
|
Commercial real estate mortgage |
$ |
11,659 |
|
$ |
18,394 |
|
$ |
19,608 |
|
$ |
23,263 |
|
$ |
8,737 |
|
|
Multi-family mortgage |
|
— |
|
|
— |
|
|
— |
|
|
1,318 |
|
|
— |
|
|
Construction |
|
— |
|
|
— |
|
|
— |
|
|
2,316 |
|
|
3,828 |
|
|
Total commercial real estate loans |
|
11,659 |
|
|
18,394 |
|
|
19,608 |
|
|
26,897 |
|
|
12,565 |
|
|
|
|
|
|
|
|
|
Commercial |
|
16,636 |
|
|
3,096 |
|
|
3,886 |
|
|
5,406 |
|
|
16,023 |
|
|
Equipment financing |
|
27,128 |
|
|
13,668 |
|
|
14,984 |
|
|
13,974 |
|
|
12,809 |
|
|
Condominium association |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total commercial loans and leases |
|
43,764 |
|
|
16,764 |
|
|
18,870 |
|
|
19,380 |
|
|
28,832 |
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
4,495 |
|
|
4,563 |
|
|
4,292 |
|
|
4,249 |
|
|
4,343 |
|
|
Home equity |
|
790 |
|
|
950 |
|
|
860 |
|
|
713 |
|
|
583 |
|
|
Other consumer |
|
1 |
|
|
1 |
|
|
— |
|
|
2 |
|
|
— |
|
|
Total consumer loans |
|
5,286 |
|
|
5,514 |
|
|
5,152 |
|
|
4,964 |
|
|
4,926 |
|
|
|
|
|
|
|
|
|
Total nonaccrual loans and leases |
|
60,709 |
|
|
40,672 |
|
|
43,630 |
|
|
51,241 |
|
|
46,323 |
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
780 |
|
|
780 |
|
|
780 |
|
|
— |
|
|
— |
|
|
Other repossessed assets |
|
1,194 |
|
|
1,037 |
|
|
914 |
|
|
299 |
|
|
602 |
|
|
Total nonperforming assets |
$ |
62,683 |
|
$ |
42,489 |
|
$ |
45,324 |
|
$ |
51,540 |
|
$ |
46,925 |
|
|
|
|
|
|
|
|
|
Loans and leases past due greater than 90 days and still
accruing |
$ |
4,994 |
|
$ |
363 |
|
$ |
228 |
|
$ |
1,175 |
|
$ |
490 |
|
|
|
|
|
|
|
|
|
Nonperforming loans and leases as a percentage of total loans and
leases |
|
0.62 |
% |
|
0.42 |
% |
|
0.45 |
% |
|
0.55 |
% |
|
0.50 |
% |
|
Nonperforming assets as a percentage of total assets |
|
0.54 |
% |
|
0.37 |
% |
|
0.40 |
% |
|
0.46 |
% |
|
0.42 |
% |
|
|
|
|
|
|
|
|
PROVISION AND ALLOWANCE FOR LOAN AND LEASE
LOSSES: |
|
|
|
|
Allowance for loan and lease losses at beginning of period |
$ |
120,124 |
|
$ |
117,522 |
|
$ |
119,081 |
|
$ |
125,817 |
|
$ |
120,865 |
|
|
Charge-offs |
|
(8,823 |
) |
|
(5,390 |
) |
|
(7,722 |
) |
|
(10,978 |
) |
|
(1,690 |
) |
|
Recoveries |
|
436 |
|
|
309 |
|
|
581 |
|
|
4 |
|
|
593 |
|
|
Net charge-offs |
|
(8,387 |
) |
|
(5,081 |
) |
|
(7,141 |
) |
|
(10,974 |
) |
|
(1,097 |
) |
|
Provision for loan and lease losses excluding unfunded commitments
* |
|
10,013 |
|
|
7,683 |
|
|
5,582 |
|
|
4,238 |
|
|
6,049 |
|
|
Allowance for loan and lease losses at end of period |
$ |
121,750 |
|
$ |
120,124 |
|
$ |
117,522 |
|
$ |
119,081 |
|
$ |
125,817 |
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses as a percentage of total loans
and leases |
|
1.25 |
% |
|
1.24 |
% |
|
1.22 |
% |
|
1.27 |
% |
|
1.35 |
% |
|
|
|
|
|
|
|
|
NET CHARGE-OFFS: |
|
|
|
|
|
|
Commercial real estate loans |
$ |
3,819 |
|
$ |
606 |
|
$ |
1,087 |
|
$ |
(3 |
) |
$ |
(6 |
) |
|
Commercial loans and leases ** |
|
4,571 |
|
|
8,179 |
|
|
6,061 |
|
|
10,958 |
|
|
1,108 |
|
|
Consumer loans |
|
(3 |
) |
|
(4 |
) |
|
(7 |
) |
|
19 |
|
|
(5 |
) |
|
Total net charge-offs |
$ |
8,387 |
|
$ |
8,781 |
|
$ |
7,141 |
|
$ |
10,974 |
|
$ |
1,097 |
|
|
|
|
|
|
|
|
|
Net loan and lease charge-offs as a percentage of average loans and
leases (annualized) |
|
0.35 |
% |
|
0.36 |
% |
|
0.30 |
% |
|
0.47 |
% |
|
0.05 |
% |
|
|
|
|
|
|
|
|
*Provision for loan and lease losses does not include (credit)
provision of $(4.4 million), $(0.3 million), $(1.7 million), $(1.3
million), and $(0.3) million for credit losses on unfunded
commitments during the three months ended June 30, 2024, March 31,
2024, December 31, 2023, September 30, 2023, and June 30, 2023,
respectively. |
|
|
|
|
|
|
** The balance at March 31, 2024 includes a $3.7 million charge-off
on a letter of credit which impacted the provision. |
|
|
|
|
|
| |
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
|
Average Yields / Costs (Unaudited) |
|
|
Three Months Ended |
|
|
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
|
|
Average Balance |
Interest (1) |
Average Yield/ Cost |
Average Balance |
Interest (1) |
Average Yield/ Cost |
Average Balance |
Interest (1) |
Average Yield/ Cost |
|
|
(Dollars in Thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
Debt securities (2) |
$ |
846,469 |
$ |
6,510 |
3.08 |
% |
$ |
893,228 |
$ |
6,927 |
3.10 |
% |
$ |
1,000,440 |
$ |
8,091 |
3.23 |
% |
|
Restricted equity securities (2) |
|
71,696 |
|
1,375 |
7.67 |
% |
|
76,335 |
|
1,493 |
7.82 |
% |
|
77,364 |
|
1,673 |
8.65 |
% |
|
Short-term investments |
|
143,800 |
|
1,914 |
5.33 |
% |
|
130,768 |
|
1,824 |
5.58 |
% |
|
229,474 |
|
3,351 |
5.84 |
% |
|
Total investments |
|
1,061,965 |
|
9,799 |
3.69 |
% |
|
1,100,331 |
|
10,244 |
3.72 |
% |
|
1,307,278 |
|
13,115 |
4.01 |
% |
|
Loans and Leases: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate loans (3) |
|
5,754,901 |
|
81,565 |
5.61 |
% |
|
5,761,735 |
|
81,049 |
5.56 |
% |
|
5,640,491 |
|
79,582 |
5.58 |
% |
|
Commercial loans (3) |
|
1,069,154 |
|
17,672 |
6.54 |
% |
|
1,026,467 |
|
17,507 |
6.75 |
% |
|
913,732 |
|
13,502 |
5.85 |
% |
|
Equipment financing (3) |
|
1,374,217 |
|
26,255 |
7.64 |
% |
|
1,374,426 |
|
26,895 |
7.83 |
% |
|
1,253,199 |
|
22,357 |
7.14 |
% |
|
Consumer loans (3) |
|
1,488,587 |
|
20,291 |
5.46 |
% |
|
1,482,819 |
|
19,978 |
5.40 |
% |
|
1,482,799 |
|
16,903 |
4.56 |
% |
|
Total loans and leases |
|
9,686,859 |
|
145,783 |
6.02 |
% |
|
9,645,447 |
|
145,429 |
6.03 |
% |
|
9,290,221 |
|
132,344 |
5.70 |
% |
|
Total interest-earning assets |
|
10,748,824 |
|
155,582 |
5.79 |
% |
|
10,745,778 |
|
155,673 |
5.79 |
% |
|
10,597,499 |
|
145,459 |
5.49 |
% |
|
Non-interest-earning assets |
|
704,570 |
|
|
|
671,407 |
|
|
|
675,173 |
|
|
|
Total assets |
$ |
11,453,394 |
|
|
$ |
11,417,185 |
|
|
$ |
11,272,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
NOW accounts |
$ |
659,351 |
|
1,111 |
0.68 |
% |
$ |
671,914 |
|
1,261 |
0.75 |
% |
$ |
735,001 |
|
1,069 |
0.58 |
% |
|
Savings accounts |
|
1,731,388 |
|
11,874 |
2.76 |
% |
|
1,694,220 |
|
11,352 |
2.69 |
% |
|
1,374,337 |
|
5,917 |
1.73 |
% |
|
Money market accounts |
|
2,026,780 |
|
15,520 |
3.08 |
% |
|
2,076,303 |
|
15,954 |
3.09 |
% |
|
2,140,522 |
|
13,989 |
2.62 |
% |
|
Certificates of deposit |
|
1,699,510 |
|
18,717 |
4.43 |
% |
|
1,624,118 |
|
16,672 |
4.13 |
% |
|
1,390,913 |
|
10,021 |
2.89 |
% |
|
Brokered deposit accounts |
|
958,146 |
|
12,499 |
5.25 |
% |
|
896,784 |
|
11,645 |
5.22 |
% |
|
975,700 |
|
12,151 |
5.00 |
% |
|
Total interest-bearing deposits |
|
7,075,175 |
|
59,721 |
3.39 |
% |
|
6,963,339 |
|
56,884 |
3.29 |
% |
|
6,616,473 |
|
43,147 |
2.62 |
% |
|
Borrowings |
|
|
|
|
|
|
|
|
|
|
Advances from the FHLB |
|
1,049,609 |
|
12,894 |
4.86 |
% |
|
1,164,534 |
|
14,633 |
4.97 |
% |
|
1,191,424 |
|
14,287 |
4.74 |
% |
|
Subordinated debentures and notes |
|
84,241 |
|
1,375 |
6.53 |
% |
|
84,206 |
|
1,377 |
6.54 |
% |
|
84,098 |
|
1,363 |
6.49 |
% |
|
Other borrowed funds |
|
103,753 |
|
1,364 |
5.29 |
% |
|
93,060 |
|
977 |
4.22 |
% |
|
86,896 |
|
523 |
2.41 |
% |
|
Total borrowings |
|
1,237,603 |
|
15,633 |
5.00 |
% |
|
1,341,800 |
|
16,987 |
5.01 |
% |
|
1,362,418 |
|
16,173 |
4.70 |
% |
|
Total interest-bearing liabilities |
|
8,312,778 |
|
75,354 |
3.65 |
% |
|
8,305,139 |
|
73,871 |
3.58 |
% |
|
7,978,891 |
|
59,320 |
2.98 |
% |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
Demand checking accounts |
|
1,646,869 |
|
|
|
1,631,472 |
|
|
|
1,849,393 |
|
|
|
Other non-interest-bearing liabilities |
|
300,362 |
|
|
|
278,670 |
|
|
|
270,221 |
|
|
|
Total liabilities |
|
10,260,009 |
|
|
|
10,215,281 |
|
|
|
10,098,505 |
|
|
|
Stockholders’ equity |
|
1,193,385 |
|
|
|
1,201,904 |
|
|
|
1,174,167 |
|
|
|
Total liabilities and equity |
$ |
11,453,394 |
|
|
$ |
11,417,185 |
|
|
$ |
11,272,672 |
|
|
|
Net interest income (tax-equivalent basis) /Interest-rate spread
(4) |
|
|
80,228 |
2.14 |
% |
|
|
81,802 |
2.21 |
% |
|
|
86,139 |
2.51 |
% |
|
Less adjustment of tax-exempt income |
|
|
227 |
|
|
|
214 |
|
|
|
102 |
|
|
Net interest income |
|
$ |
80,001 |
|
|
$ |
81,588 |
|
|
$ |
86,037 |
|
|
Net interest margin (5) |
|
|
3.00 |
% |
|
|
3.06 |
% |
|
|
3.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax-exempt income on debt securities, equity securities and
revenue bonds included in commercial real estate loans is included
on a tax-equivalent basis. |
|
(2) Average balances include unrealized gains (losses) on
investment securities. Dividend payments may not be consistent and
average yield on equity securities may vary from month to
month. |
|
(3) Loans on nonaccrual status are included in the average
balances. |
|
(4) Interest rate spread represents the difference between the
yield on interest-earning assets and the cost of interest-bearing
liabilities. |
|
(5) Net interest margin represents net interest income
(tax-equivalent basis) divided by average interest-earning assets
on an actual/actual basis. |
| |
|
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
|
Average Yields / Costs (Unaudited) |
|
|
Six Months Ended |
|
|
June 30, 2024 |
June 30, 2023 |
|
|
Average Balance |
Interest (1) |
Average Yield/ Cost |
Average Balance |
Interest (1) |
Average Yield/ Cost |
|
|
(Dollars in Thousands) |
|
Assets: |
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
Debt securities (2) |
$ |
869,848 |
$ |
13,437 |
3.09 |
% |
$ |
1,014,675 |
$ |
16,065 |
3.17 |
% |
|
Restricted equity securities (2) |
|
74,015 |
|
2,868 |
7.75 |
% |
|
77,139 |
|
2,928 |
7.59 |
% |
|
Short-term investments |
|
137,284 |
|
3,738 |
5.45 |
% |
|
188,790 |
|
4,846 |
5.13 |
% |
|
Total investments |
|
1,081,147 |
|
20,043 |
3.71 |
% |
|
1,280,604 |
|
23,839 |
3.72 |
% |
|
Loans and Leases: |
|
|
|
|
|
|
|
Commercial real estate loans (3) |
|
5,758,318 |
|
162,614 |
5.59 |
% |
|
5,610,401 |
|
147,249 |
5.22 |
% |
|
Commercial loans (3) |
|
1,047,810 |
|
35,179 |
6.64 |
% |
|
903,185 |
|
27,519 |
6.06 |
% |
|
Equipment financing (3) |
|
1,374,322 |
|
53,150 |
7.73 |
% |
|
1,240,031 |
|
43,570 |
7.03 |
% |
|
Consumer loans (3) |
|
1,485,702 |
|
40,269 |
5.43 |
% |
|
1,467,521 |
|
35,973 |
4.91 |
% |
|
Total loans and leases |
|
9,666,152 |
|
291,212 |
6.03 |
% |
|
9,221,138 |
|
254,311 |
5.52 |
% |
|
Total interest-earning assets |
|
10,747,299 |
|
311,255 |
5.79 |
% |
|
10,501,742 |
|
278,150 |
5.30 |
% |
|
Non-interest-earning assets |
|
684,343 |
|
|
|
700,529 |
|
|
|
Total assets |
$ |
11,431,642 |
|
|
$ |
11,202,271 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
NOW accounts |
$ |
665,632 |
|
2,372 |
0.72 |
% |
$ |
772,459 |
|
1,970 |
0.51 |
% |
|
Savings accounts |
|
1,712,804 |
|
23,226 |
2.73 |
% |
|
1,267,762 |
|
8,431 |
1.34 |
% |
|
Money market accounts |
|
2,051,542 |
|
31,474 |
3.09 |
% |
|
2,252,755 |
|
26,129 |
2.34 |
% |
|
Certificates of deposit |
|
1,661,814 |
|
35,389 |
4.28 |
% |
|
1,368,959 |
|
17,477 |
2.57 |
% |
|
Brokered deposit accounts |
|
927,465 |
|
24,144 |
5.23 |
% |
|
756,332 |
|
18,508 |
4.93 |
% |
|
Total interest-bearing deposits |
|
7,019,257 |
|
116,605 |
3.34 |
% |
|
6,418,267 |
|
72,515 |
2.28 |
% |
|
Borrowings |
|
|
|
|
|
|
|
Advances from the FHLB |
|
1,107,071 |
|
27,527 |
4.92 |
% |
|
1,227,772 |
|
28,818 |
4.67 |
% |
|
Subordinated debentures and notes |
|
84,223 |
|
2,752 |
6.54 |
% |
|
84,080 |
|
2,717 |
6.46 |
% |
|
Other borrowed funds |
|
98,406 |
|
2,341 |
4.78 |
% |
|
122,500 |
|
1,772 |
2.92 |
% |
|
Total borrowings |
|
1,289,700 |
|
32,620 |
5.00 |
% |
|
1,434,352 |
|
33,307 |
4.62 |
% |
|
Total interest-bearing liabilities |
|
8,308,957 |
|
149,225 |
3.61 |
% |
|
7,852,619 |
|
105,822 |
2.72 |
% |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
Demand checking accounts |
|
1,635,690 |
|
|
|
1,889,554 |
|
|
|
Other non-interest-bearing liabilities |
|
289,351 |
|
|
|
293,157 |
|
|
|
Total liabilities |
|
10,233,998 |
|
|
|
10,035,330 |
|
|
|
Stockholders’ equity |
|
1,197,644 |
|
|
|
1,166,941 |
|
|
|
Total liabilities and equity |
$ |
11,431,642 |
|
|
$ |
11,202,271 |
|
|
|
Net interest income (tax-equivalent basis) /Interest-rate spread
(4) |
|
|
162,030 |
2.18 |
% |
|
|
172,328 |
2.58 |
% |
|
Less adjustment of tax-exempt income |
|
|
441 |
|
|
|
242 |
|
|
Net interest income |
|
$ |
161,589 |
|
|
$ |
172,086 |
|
|
Net interest margin (5) |
|
|
3.03 |
% |
|
|
3.31 |
% |
|
|
|
|
|
|
|
|
|
(1) Tax-exempt income on debt securities, equity securities and
revenue bonds included in commercial real estate loans is included
on a tax-equivalent basis. |
|
(2) Average balances include unrealized gains (losses) on
investment securities. Dividend payments may not be consistent and
average yield on equity securities may vary from month to
month. |
|
(3) Loans on nonaccrual status are included in the average
balances. |
|
(4) Interest rate spread represents the difference between the
yield on interest-earning assets and the cost of interest-bearing
liabilities. |
|
(5) Net interest margin represents net interest income
(tax-equivalent basis) divided by average interest-earning assets
on an actual/actual basis. |
| |
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
|
Non-GAAP Financial Information (Unaudited) |
|
|
|
At and for the Three Months Ended June 30, |
At and for the Six Months Ended June 30, |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
Reconciliation Table - Non-GAAP Financial
Information |
(Dollars in Thousands Except Share Data) |
(Dollars in Thousands Except Share Data) |
|
|
|
|
|
|
|
Reported Pretax Income |
$ |
21,645 |
|
$ |
27,815 |
|
$ |
41,124 |
|
$ |
36,483 |
|
|
Less: |
|
|
|
|
|
|
Security gains |
|
— |
|
|
3 |
|
|
— |
|
|
1,704 |
|
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision |
|
— |
|
|
— |
|
|
— |
|
|
16,744 |
|
|
Merger and restructuring expense |
|
823 |
|
|
1,002 |
|
|
823 |
|
|
7,411 |
|
|
Operating Pretax Income |
|
$ |
22,468 |
|
$ |
28,814 |
|
$ |
41,947 |
|
$ |
58,934 |
|
|
Effective tax rate |
|
|
24.4 |
% |
|
19.4 |
% |
|
24.5 |
% |
|
19.4 |
% |
|
Provision for income taxes |
|
|
5,473 |
|
|
5,587 |
|
|
10,289 |
|
|
11,427 |
|
|
Operating earnings after tax |
$ |
16,995 |
|
$ |
23,227 |
|
$ |
31,658 |
|
$ |
47,507 |
|
|
|
|
|
|
|
|
|
Operating earnings per common share: |
|
|
|
|
|
|
Basic |
|
$ |
0.19 |
|
$ |
0.26 |
|
$ |
0.36 |
|
$ |
0.54 |
|
|
Diluted |
|
$ |
0.19 |
|
$ |
0.26 |
|
$ |
0.35 |
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding during the period: |
|
|
|
|
|
Basic |
|
|
88,904,692 |
|
|
88,665,135 |
|
|
88,899,635 |
|
|
87,620,194 |
|
|
Diluted |
|
|
89,222,315 |
|
|
88,926,543 |
|
|
89,201,912 |
|
|
87,887,980 |
|
|
|
|
|
|
|
|
|
Return on average assets * |
|
0.57 |
% |
|
0.78 |
% |
|
0.54 |
% |
|
0.53 |
% |
|
Less: |
|
|
|
|
|
|
Security gains (after-tax) * |
|
— |
% |
|
— |
% |
|
— |
% |
|
0.02 |
% |
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision (after-tax) * |
|
— |
% |
|
— |
% |
|
— |
% |
|
0.24 |
% |
|
Merger and restructuring expense (after-tax) * |
|
0.02 |
% |
|
0.03 |
% |
|
0.01 |
% |
|
0.11 |
% |
|
Operating return on average assets * |
|
0.59 |
% |
|
0.81 |
% |
|
0.55 |
% |
|
0.86 |
% |
|
|
|
|
|
|
|
|
Return on average tangible assets * |
|
0.59 |
% |
|
0.79 |
% |
|
0.56 |
% |
|
0.54 |
% |
|
Less: |
|
|
|
|
|
|
Security gains (after-tax) * |
|
— |
% |
|
— |
% |
|
— |
% |
|
0.03 |
% |
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision (after-tax) * |
|
— |
% |
|
— |
% |
|
— |
% |
|
0.25 |
% |
|
Merger and restructuring expense (after-tax) * |
|
0.02 |
% |
|
0.03 |
% |
|
0.01 |
% |
|
0.11 |
% |
|
Operating return on average tangible assets * |
|
0.61 |
% |
|
0.82 |
% |
|
0.57 |
% |
|
0.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders' equity * |
|
5.49 |
% |
|
7.44 |
% |
|
5.18 |
% |
|
5.04 |
% |
|
Less: |
|
|
|
|
|
|
Security gains (after-tax) * |
|
— |
% |
|
— |
% |
|
— |
% |
|
0.24 |
% |
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision (after-tax) * |
|
— |
% |
|
— |
% |
|
— |
% |
|
2.31 |
% |
|
Merger and restructuring expense (after-tax) * |
|
0.21 |
% |
|
0.28 |
% |
|
0.10 |
% |
|
1.02 |
% |
|
Operating return on average stockholders' equity
* |
|
5.70 |
% |
|
7.72 |
% |
|
5.28 |
% |
|
8.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible stockholders' equity * |
|
7.04 |
% |
|
9.67 |
% |
|
6.65 |
% |
|
6.59 |
% |
|
Less: |
|
|
|
|
|
|
Security gains (after-tax) * |
|
— |
% |
|
— |
% |
|
— |
% |
|
0.31 |
% |
|
Add: |
|
|
|
|
|
|
Day 1 PCSB CECL provision (after-tax) * |
|
— |
% |
|
— |
% |
|
— |
% |
|
3.02 |
% |
|
Merger and restructuring expense (after-tax) * |
|
0.27 |
% |
|
0.36 |
% |
|
0.13 |
% |
|
1.34 |
% |
|
Operating return on average tangible stockholders' equity
* |
|
7.31 |
% |
|
10.03 |
% |
|
6.78 |
% |
|
10.64 |
% |
|
|
|
|
|
|
|
|
* Ratios at and for the three months and six months ended are
annualized. |
|
|
|
|
| |
|
|
|
|
|
| |
At and for the Three Months Ended |
|
|
June 30,2024 |
March 31,2024 |
December 31,2023 |
September 30,2023 |
June 30,2023 |
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
Net income, as reported |
$ |
16,372 |
|
$ |
14,665 |
|
$ |
22,888 |
|
$ |
22,701 |
|
$ |
21,850 |
|
|
|
|
|
|
|
|
|
Average total assets |
$ |
11,453,394 |
|
$ |
11,417,185 |
|
$ |
11,271,941 |
|
$ |
11,180,635 |
|
$ |
11,272,672 |
|
|
Less: Average goodwill and average identified intangible assets,
net |
|
262,859 |
|
|
264,536 |
|
|
266,225 |
|
|
268,199 |
|
|
270,147 |
|
|
Average tangible assets |
$ |
11,190,535 |
|
$ |
11,152,649 |
|
$ |
11,005,716 |
|
$ |
10,912,436 |
|
$ |
11,002,525 |
|
|
|
|
|
|
|
|
|
Return on average tangible assets
(annualized) |
|
0.59 |
% |
|
0.53 |
% |
|
0.83 |
% |
|
0.83 |
% |
|
0.79 |
% |
|
|
|
|
|
|
|
|
Average total stockholders’ equity |
$ |
1,193,385 |
|
$ |
1,201,904 |
|
$ |
1,170,776 |
|
$ |
1,167,727 |
|
$ |
1,174,167 |
|
|
Less: Average goodwill and average identified intangible assets,
net |
|
262,859 |
|
|
264,536 |
|
|
266,225 |
|
|
268,199 |
|
|
270,147 |
|
|
Average tangible stockholders’ equity |
$ |
930,526 |
|
$ |
937,368 |
|
$ |
904,551 |
|
$ |
899,528 |
|
$ |
904,020 |
|
|
|
|
|
|
|
|
|
Return on average tangible stockholders’ equity
(annualized) |
|
7.04 |
% |
|
6.26 |
% |
|
10.12 |
% |
|
10.09 |
% |
|
9.67 |
% |
|
|
|
|
|
|
|
|
Total stockholders’ equity |
$ |
1,198,480 |
|
$ |
1,194,231 |
|
$ |
1,198,644 |
|
$ |
1,157,871 |
|
$ |
1,162,308 |
|
|
Less: |
|
|
|
|
|
|
Goodwill |
|
241,222 |
|
|
241,222 |
|
|
241,222 |
|
|
241,222 |
|
|
241,222 |
|
|
Identified intangible assets, net |
|
20,830 |
|
|
22,499 |
|
|
24,207 |
|
|
26,172 |
|
|
28,126 |
|
|
Tangible stockholders' equity |
$ |
936,428 |
|
$ |
930,510 |
|
$ |
933,215 |
|
$ |
890,477 |
|
$ |
892,960 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
11,635,292 |
|
$ |
11,542,731 |
|
$ |
11,382,256 |
|
$ |
11,180,555 |
|
$ |
11,206,078 |
|
|
Less: |
|
|
|
|
|
|
Goodwill |
|
241,222 |
|
|
241,222 |
|
|
241,222 |
|
|
241,222 |
|
|
241,222 |
|
|
Identified intangible assets, net |
|
20,830 |
|
|
22,499 |
|
|
24,207 |
|
|
26,172 |
|
|
28,126 |
|
|
Tangible assets |
$ |
11,373,240 |
|
$ |
11,279,010 |
|
$ |
11,116,827 |
|
$ |
10,913,161 |
|
$ |
10,936,730 |
|
|
|
|
|
|
|
|
|
Tangible stockholders’ equity to tangible
assets |
|
8.23 |
% |
|
8.25 |
% |
|
8.39 |
% |
|
8.16 |
% |
|
8.16 |
% |
|
|
|
|
|
|
|
|
Tangible stockholders' equity |
$ |
936,428 |
|
$ |
930,510 |
|
$ |
933,215 |
|
$ |
890,477 |
|
$ |
892,960 |
|
|
|
|
|
|
|
|
|
Number of common shares issued |
|
96,998,075 |
|
|
96,998,075 |
|
|
96,998,075 |
|
|
96,998,075 |
|
|
96,998,075 |
|
|
Less: |
|
|
|
|
|
|
Treasury shares |
|
7,373,009 |
|
|
7,354,399 |
|
|
7,354,399 |
|
|
7,350,981 |
|
|
7,734,891 |
|
|
Unvested restricted shares |
|
713,443 |
|
|
749,099 |
|
|
749,099 |
|
|
780,859 |
|
|
598,049 |
|
|
Number of common shares outstanding |
|
88,911,623 |
|
|
88,894,577 |
|
|
88,894,577 |
|
|
88,866,235 |
|
|
88,665,135 |
|
|
|
|
|
|
|
|
|
Tangible book value per common share |
$ |
10.53 |
|
$ |
10.47 |
|
$ |
10.50 |
|
$ |
10.02 |
|
$ |
10.07 |
|
|
|
|
|
|
|
|
PDF
available: http://ml.globenewswire.com/Resource/Download/2a9f9df5-7fac-4867-b4fd-0b3511d0152c
Brookline Bancorp (NASDAQ:BRKL)
過去 株価チャート
から 6 2024 まで 7 2024
Brookline Bancorp (NASDAQ:BRKL)
過去 株価チャート
から 7 2023 まで 7 2024
