The following is a summary of the Brookline Bancorp, Inc. (BRKL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Brookline Bancorp reported Q1 2024 net income of $14.7 million, equivalent to $0.16 per share.

• Total assets grew approximately $161 million driven by the growth in cash and equivalents of $169 million.

• Modest loan growth of $13 million was reported. The net interest margin declined 9 basis points to 3.06%, resulting in net interest income of $81.6 million.

• Non-interest income was $6.3 million, with an increase of $3.6 million observed in the provision for credit losses from the fourth quarter.

Business Progress:

• Brookline Bancorp celebrated grand openings of its branches in different locations. The company expects overall loan growth of 1% to 4%, primarily driven by C&I and equipment finance. On the deposit side, it predicts a growth of 4% to 5%.

• They continue to manage operating expenses targeted at $240 million for the full year and are actively reviewing investment plans and evaluating potential cost savings opportunities.

• They expect their effective tax rate to be around 24.7% for the rest of the year.

• The company has observed strong activity in certain sectors despite increasing rates and continues to work with well-established, low leverage organizations. It also noted a decreased activity in M&A due to challenging factors.

More details: Brookline Bancorp IR

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