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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 29, 2025
_______________________________
BROOKLINE BANCORP, INC.
(Exact name of registrant as specified in its charter)
_______________________________
| Delaware | 0-23695 | 04-3402944 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
131 Clarendon Street
Boston, Massachusetts 02116
(Address of Principal Executive Offices) (Zip Code)
(617) 425-4600
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value of $0.01 per share | BRKL | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company,indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On January 29, 2025, the Board of Directors of Brookline Bancorp, Inc. (the “Company”) issued a press release announcing its earnings for the quarter ended December 31, 2024. Additionally, the Company announced the approval by its Board of Directors of a regular quarterly dividend of $0.135 per share payable on February 28, 2025 to stockholders of record on February 14, 2025. A copy of that press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference herein.
Item 7.01. Regulation FD Disclosure.
In connection with the press release announcing the Company’s quarter earnings, the Company posted an investor presentation to its website at www.brooklinebancorp.com. A copy of the investor presentation is attached hereto as Exhibit 99.2 and is hereby incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | BROOKLINE BANCORP, INC. |
| | | |
| | | |
| Date: January 29, 2025 | By: | /s/ Carl M. Carlson |
| | | Carl M. Carlson |
| | | Co-President, Chief Financial & Strategy Officer |
| | | |
EXHIBIT 99.1
Brookline Bancorp Announces Fourth Quarter Results
Net Income of $17.5 million, EPS of $0.20
Operating Earnings of $20.7 million, Operating EPS of $0.23
Quarterly Dividend of $0.135
BOSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $17.5 million, or $0.20 per basic and diluted share, and excluding $3.4 million of merger-related charges, operating earnings after tax (non-GAAP) of $20.7 million, or $0.23 per basic and diluted share for the fourth quarter of 2024, compared to net income and operating earnings after tax (non-GAAP) of $20.1 million, or $0.23 per basic and diluted share, for the third quarter of 2024, and $22.9 million, or $0.26 per basic and diluted share, for the fourth quarter of 2023.
For the year ended December 31, 2024, the Company reported net income of $68.7 million, or $0.77 per basic and diluted share, compared to $75.0 million, or $0.85 per basic and diluted share, for the year ended December 31, 2023. For the year ended December 31, 2024, the Company reported operating earnings after tax (non-GAAP) of $72.4 million, or $0.81 per basic and diluted share, compared to $92.9 million, or $1.05 per basic and diluted share, for the year ended December 31, 2023.
Paul Perrault, Chairman and Chief Executive Officer, commented on the Company’s performance, “Brookline Bancorp had an excellent year in 2024. We finished the year with solid deposit and loan growth and are well positioned as we look forward to 2025. We are looking forward to 2025 and our recently announced strategic merger with Berkshire Hills Bancorp. I would like to recognize the contributions of our employees in contributing to our growth and success in 2024. Our employees exemplify the Brookline Bancorp culture of providing excellent customer service.”
BALANCE SHEET
Total assets at December 31, 2024 increased $228.6 million to $11.9 billion from $11.7 billion at September 30, 2024, and increased $523.1 million from $11.4 billion at December 31, 2023. At December 31, 2024, total loans and leases were $9.8 billion, representing an increase of $24.1 million from September 30, 2024, and an increase of $137.7 million from December 31, 2023.
Total investment securities at December 31, 2024 increased $39.6 million to $895.0 million from $855.4 million at September 30, 2024, and decreased $21.6 million from $916.6 million at December 31, 2023. Total cash and cash equivalents at December 31, 2024 increased $135.8 million to $543.7 million from $407.9 million at September 30, 2024, and increased $410.6 million from $133.0 million at December 31, 2023. As of December 31, 2024, total investment securities and total cash and cash equivalents represented 12.1 percent of total assets, compared to 10.8 percent and 9.2 percent as of September 30, 2024 and December 31, 2023, respectively.
Total deposits at December 31, 2024 increased $169.4 million to $8.9 billion from $8.7 billion at September 30, 2024, consisting of a $115.9 million increase in customer deposits and a $53.4 million increase in brokered deposits. Total deposits increased $353.5 million from $8.5 billion at December 31, 2023, primarily driven by growth in customer deposits.
Total borrowed funds at December 31, 2024 increased $22.3 million to $1.5 billion from September 30, 2024, and increased $143.2 million from $1.4 billion at December 31, 2023.
The ratio of stockholders’ equity to total assets was 10.26 percent at December 31, 2024, as compared to 10.54 percent at September 30, 2024, and 10.53 percent at December 31, 2023. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.27 percent at December 31, 2024, as compared to 8.50 percent at September 30, 2024, and 8.39 percent at December 31, 2023. Tangible book value per common share (non-GAAP) decreased $0.08 from $10.89 at September 30, 2024 to $10.81 at December 31, 2024, and increased $0.31 from $10.50 at December 31, 2023.
NET INTEREST INCOME
Net interest income increased $2.0 million to $85.0 million during the fourth quarter of 2024 from $83.0 million for the quarter ended September 30, 2024. The net interest margin increased 5 basis points to 3.12 percent for the three months ended December 31, 2024 from 3.07 percent for the three months ended September 30, 2024, primarily driven by lower funding costs partially offset by lower yields on loans and leases.
NON-INTEREST INCOME
Total non-interest income for the quarter ended December 31, 2024 increased $0.2 million to $6.6 million from $6.3 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $1.1 million in loan level derivative income, net, partially offset by a decline of $0.8 million in mark to market on interest rate swaps.
PROVISION FOR CREDIT LOSSES
The Company recorded a provision for credit losses of $4.1 million for the quarter ended December 31, 2024, compared to $4.8 million for the quarter ended September 30, 2024. The decrease in the provision was largely driven by improving economic forecasts and stabilization in the volume of adversely graded credits.
Total net charge-offs for the fourth quarter of 2024 were $7.3 million, compared to $3.8 million in the third quarter of 2024. The $7.3 million in net charge-offs was driven by one large $5.1 million charge-off in equipment financing which was previously reserved for. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 30 basis points for the fourth quarter of 2024 from 16 basis points for the third quarter of 2024.
The allowance for loan and lease losses represented 1.28 percent of total loans and leases at December 31, 2024, compared to 1.31 percent at September 30, 2024, and 1.22 percent at December 31, 2023. The decrease in the ratio was driven by a reduction in specific reserves due to charge-offs in the quarter.
ASSET QUALITY
The ratio of total nonperforming loans and leases to total loans and leases was 0.71 percent at December 31, 2024 as compared to 0.73 percent at September 30, 2024. Total nonaccrual loans and leases decreased $1.9 million to $69.3 million at December 31, 2024 from $71.2 million at September 30, 2024. The ratio of nonperforming assets to total assets was 0.59 percent at December 31, 2024 as compared to 0.62 percent at September 30, 2024. Total nonperforming assets decreased $2.4 million to $70.5 million at December 31, 2024 from $72.8 million at September 30, 2024.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended December 31, 2024 increased $5.8 million to $63.7 million from $57.9 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $3.4 million in merger and acquisition expense, and an increase of $2.1 million in compensation and employee benefits expense.
PROVISION FOR INCOME TAXES
The effective tax rate was 26.4 percent and 25.1 percent for the three and twelve months ended December 31, 2024 compared to 24.7 percent for the three months ended September 30, 2024 and 19.9 percent and 20.1 percent for the three and twelve months ended December 31, 2023.
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The annualized return on average assets decreased to 0.61 percent during the fourth quarter of 2024 compared to 0.70 percent for the third quarter of 2024; and was 0.60 percent for the year ended December 31, 2024, compared to 0.67 percent for the year ended December 31, 2023.
The annualized return on average tangible stockholders' equity (non-GAAP) decreased to 7.21 percent during the fourth quarter of 2024 compared to 8.44 percent for the third quarter of 2024; and was 7.24 percent for the year ended December 31, 2024 compared to 8.36 percent for the year ended December 31, 2023.
DIVIDEND DECLARED
The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended December 31, 2024. The dividend will be paid on February 28, 2025 to stockholders of record on February 14, 2025.
PROPOSED TRANSACTION WITH BERKSHIRE HILLS BANCORP, INC.
On December 16, 2024, the Company, Berkshire Hills Bancorp, Inc. (“Berkshire”), and Commerce Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Berkshire formed solely to facilitate the merger (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Brookline, with Brookline as the surviving entity, and immediately thereafter, Brookline will merge with and into Berkshire, with Berkshire as the surviving entity (collectively, the “Merger”). As a result of the Merger, the separate corporate existence of the Company will cease, and Berkshire will continue as the surviving corporation. Under the terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of both companies, each outstanding share of Company common stock will be exchanged for the right to receive 0.42 shares of Berkshire common stock. Holders of Company common stock will receive cash in lieu of fractional shares of Berkshire common stock. As a result of the proposed transaction and a $100 million common stock offering by Berkshire to support the proposed transaction, Berkshire stockholders will own approximately 51%, Brookline stockholders will own approximately 45%, and investors in new shares will own approximately 4% of the outstanding shares of the combined company. The proposed transaction is expected to close by the end of the second half of 2025, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approvals from Berkshire and the Company stockholders.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, January 30, 2025 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/129324302. To listen to the call without access to the slides, please dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. call (Access Code 138268). A recording 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: 646121.
ABOUT BROOKLINE BANCORP, INC.
Brookline Bancorp, Inc., a bank holding company with approximately $11.9 billion in assets and branch locations in eastern 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 Company provides commercial and retail banking services and 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, the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Berkshire to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Company; delays in completing the proposed transaction with Berkshire; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction) or stockholder approvals, or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and the Company to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties’ ability to pursue certain business opportunities and strategic transactions; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; 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 | At and for the Twelve
Months Ended |
| | December 31,
2024 | September 30,
2024 | June 30,
2024 | March 31,
2024 | December 31,
2023 | December 31,
2024 | December 31,
2023 |
| | (Dollars In Thousands Except per Share Data) |
| Earnings Data: | | | | | | | |
| Net interest income | $ | 84,988 | | $ | 83,008 | | $ | 80,001 | | $ | 81,588 | | $ | 83,555 | | $ | 329,585 | | $ | 339,711 | |
| Provision for credit losses on loans | | 4,141 | | | 4,832 | | | 5,607 | | | 7,423 | | | 3,851 | | | 22,003 | | | 37,868 | |
| Provision (credit) for credit losses on investments | | (104 | ) | | (172 | ) | | (39 | ) | | (44 | ) | | (76 | ) | | (359 | ) | | 339 | |
| Non-interest income | | 6,587 | | | 6,348 | | | 6,396 | | | 6,284 | | | 8,027 | | | 25,615 | | | 31,934 | |
| Non-interest expense | | 63,719 | | | 57,948 | | | 59,184 | | | 61,014 | | | 59,244 | | | 241,865 | | | 239,524 | |
| Income before provision for income taxes | | 23,819 | | | 26,748 | | | 21,645 | | | 19,479 | | | 28,563 | | | 91,691 | | | 93,914 | |
| Net income | | 17,536 | | | 20,142 | | | 16,372 | | | 14,665 | | | 22,888 | | | 68,715 | | | 74,999 | |
| | | | | | | | |
| Performance Ratios: | | | | | | | |
| Net interest margin (1) | | 3.12 | % | | 3.07 | % | | 3.00 | % | | 3.06 | % | | 3.15 | % | | 3.06 | % | | 3.24 | % |
| Interest-rate spread (1) | | 2.35 | % | | 2.26 | % | | 2.14 | % | | 2.21 | % | | 2.39 | % | | 2.24 | % | | 2.50 | % |
| Return on average assets (annualized) | | 0.61 | % | | 0.70 | % | | 0.57 | % | | 0.51 | % | | 0.81 | % | | 0.60 | % | | 0.67 | % |
| Return on average tangible assets (annualized) (non-GAAP) | | 0.62 | % | | 0.72 | % | | 0.59 | % | | 0.53 | % | | 0.83 | % | | 0.61 | % | | 0.69 | % |
| Return on average stockholders' equity (annualized) | | 5.69 | % | | 6.63 | % | | 5.49 | % | | 4.88 | % | | 7.82 | % | | 5.67 | % | | 6.42 | % |
| Return on average tangible stockholders' equity (annualized) (non-GAAP) | | 7.21 | % | | 8.44 | % | | 7.04 | % | | 6.26 | % | | 10.12 | % | | 7.24 | % | | 8.36 | % |
| Efficiency ratio (2) | | 69.58 | % | | 64.85 | % | | 68.50 | % | | 69.44 | % | | 64.69 | % | | 68.09 | % | | 64.45 | % |
| | | | | | | | |
| Per Common Share Data: | | | | | | | |
| Net income — Basic | $ | 0.20 | | $ | 0.23 | | $ | 0.18 | | $ | 0.16 | | $ | 0.26 | | $ | 0.77 | | $ | 0.85 | |
| Net income — Diluted | | 0.20 | | | 0.23 | | | 0.18 | | | 0.16 | | | 0.26 | | | 0.77 | | | 0.85 | |
| Cash dividends declared | | 0.135 | | | 0.135 | | | 0.135 | | | 0.135 | | | 0.135 | | | 0.540 | | | 0.540 | |
| Book value per share (end of period) | | 13.71 | | | 13.81 | | | 13.48 | | | 13.43 | | | 13.48 | | | 13.71 | | | 13.48 | |
| Tangible book value per common share (end of period) (non-GAAP) | | 10.81 | | | 10.89 | | | 10.53 | | | 10.47 | | | 10.50 | | | 10.81 | | | 10.50 | |
| Stock price (end of period) | | 11.80 | | | 10.09 | | | 8.35 | | | 9.96 | | | 10.91 | | | 11.80 | | | 10.91 | |
| | | | | | | | |
| Balance Sheet: | | | | | | | |
| Total assets | $ | 11,905,326 | | $ | 11,676,721 | | $ | 11,635,292 | | $ | 11,542,731 | | $ | 11,382,256 | | $ | 11,905,326 | | $ | 11,382,256 | |
| Total loans and leases | | 9,779,288 | | | 9,755,236 | | | 9,721,137 | | | 9,655,086 | | | 9,641,589 | | | 9,779,288 | | | 9,641,589 | |
| Total deposits | | 8,901,644 | | | 8,732,271 | | | 8,737,036 | | | 8,718,653 | | | 8,548,125 | | | 8,901,644 | | | 8,548,125 | |
| Total stockholders’ equity | | 1,221,939 | | | 1,230,362 | | | 1,198,480 | | | 1,194,231 | | | 1,198,644 | | | 1,221,939 | | | 1,198,644 | |
| | | | | | | | |
| Asset Quality: | | | | | | | |
| Nonperforming assets | $ | 70,452 | | $ | 72,821 | | $ | 62,683 | | $ | 42,489 | | $ | 45,324 | | $ | 70,452 | | $ | 45,324 | |
| Nonperforming assets as a percentage of total assets | | 0.59 | % | | 0.62 | % | | 0.54 | % | | 0.37 | % | | 0.40 | % | | 0.59 | % | | 0.40 | % |
| Allowance for loan and lease losses | $ | 125,083 | | $ | 127,316 | | $ | 121,750 | | $ | 120,124 | | $ | 117,522 | | $ | 125,083 | | $ | 117,522 | |
| Allowance for loan and lease losses as a percentage of total loans and leases | | 1.28 | % | | 1.31 | % | | 1.25 | % | | 1.24 | % | | 1.22 | % | | 1.28 | % | | 1.22 | % |
| Net loan and lease charge-offs | $ | 7,252 | | $ | 3,808 | | $ | 8,387 | | $ | 8,781 | | $ | 7,141 | | $ | 28,228 | | $ | 19,663 | |
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | | 0.30 | % | | 0.16 | % | | 0.35 | % | | 0.36 | % | | 0.30 | % | | 0.29 | % | | 0.21 | % |
| | | | | | | | |
| Capital Ratios: | | | | | | | |
| Stockholders’ equity to total assets | | 10.26 | % | | 10.54 | % | | 10.30 | % | | 10.35 | % | | 10.53 | % | | 10.26 | % | | 10.53 | % |
| Tangible stockholders’ equity to tangible assets (non-GAAP) | | 8.27 | % | | 8.50 | % | | 8.23 | % | | 8.25 | % | | 8.39 | % | | 8.27 | % | | 8.39 | % |
| | | | | | | | |
| (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) |
| |
| | December 31,
2024 | September 30,
2024 | June 30,
2024 | March 31,
2024 | December 31,
2023 |
| ASSETS | (In Thousands Except Share Data) |
| Cash and due from banks | $ | 64,673 | | $ | 82,168 | | $ | 60,067 | | $ | 45,708 | | $ | 34,514 | |
| Short-term investments | | 478,997 | | | 325,721 | | | 283,017 | | | 256,178 | | | 98,513 | |
| Total cash and cash equivalents | | 543,670 | | | 407,889 | | | 343,084 | | | 301,886 | | | 133,027 | |
| Investment securities available-for-sale | | 895,034 | | | 855,391 | | | 856,439 | | | 865,798 | | | 916,601 | |
| Total investment securities | | 895,034 | | | 855,391 | | | 856,439 | | | 865,798 | | | 916,601 | |
| Allowance for investment security losses | | (82 | ) | | (186 | ) | | (359 | ) | | (398 | ) | | (441 | ) |
| Net investment securities | | 894,952 | | | 855,205 | | | 856,080 | | | 865,400 | | | 916,160 | |
| Loans and leases held-for-sale | | — | | | — | | | — | | | 6,717 | | | — | |
| Loans and leases: | | | | | |
| Commercial real estate loans | | 5,716,114 | | | 5,779,290 | | | 5,782,111 | | | 5,755,239 | | | 5,764,529 | |
| Commercial loans and leases | | 2,506,664 | | | 2,453,038 | | | 2,443,530 | | | 2,416,904 | | | 2,399,668 | |
| Consumer loans | | 1,556,510 | | | 1,522,908 | | | 1,495,496 | | | 1,482,943 | | | 1,477,392 | |
| Total loans and leases | | 9,779,288 | | | 9,755,236 | | | 9,721,137 | | | 9,655,086 | | | 9,641,589 | |
| Allowance for loan and lease losses | | (125,083 | ) | | (127,316 | ) | | (121,750 | ) | | (120,124 | ) | | (117,522 | ) |
| Net loans and leases | | 9,654,205 | | | 9,627,920 | | | 9,599,387 | | | 9,534,962 | | | 9,524,067 | |
| Restricted equity securities | | 83,155 | | | 82,675 | | | 78,963 | | | 74,709 | | | 77,595 | |
| Premises and equipment, net of accumulated depreciation | | 86,781 | | | 86,925 | | | 88,378 | | | 89,707 | | | 89,853 | |
| Right-of-use asset operating leases | | 43,527 | | | 41,934 | | | 35,691 | | | 33,133 | | | 30,863 | |
| Deferred tax asset | | 56,620 | | | 50,827 | | | 60,032 | | | 60,484 | | | 56,952 | |
| Goodwill | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | |
| Identified intangible assets, net of accumulated amortization | | 17,461 | | | 19,162 | | | 20,830 | | | 22,499 | | | 24,207 | |
| Other real estate owned and repossessed assets | | 1,103 | | | 1,579 | | | 1,974 | | | 1,817 | | | 1,694 | |
| Other assets | | 282,630 | | | 261,383 | | | 309,651 | | | 310,195 | | | 286,616 | |
| Total assets | $ | 11,905,326 | | $ | 11,676,721 | | $ | 11,635,292 | | $ | 11,542,731 | | $ | 11,382,256 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | |
| Deposits: | | | | | |
| Demand checking accounts | $ | 1,692,394 | | $ | 1,681,858 | | $ | 1,638,378 | | $ | 1,629,371 | | $ | 1,678,406 | |
| NOW accounts | | 617,246 | | | 637,374 | | | 647,370 | | | 654,748 | | | 661,863 | |
| Savings accounts | | 1,721,247 | | | 1,736,989 | | | 1,735,857 | | | 1,727,893 | | | 1,669,018 | |
| Money market accounts | | 2,116,360 | | | 2,041,185 | | | 2,073,557 | | | 2,065,569 | | | 2,082,810 | |
| Certificate of deposit accounts | | 1,885,444 | | | 1,819,353 | | | 1,718,414 | | | 1,670,147 | | | 1,574,855 | |
| Brokered deposit accounts | | 868,953 | | | 815,512 | | | 923,460 | | | 970,925 | | | 881,173 | |
| Total deposits | | 8,901,644 | | | 8,732,271 | | | 8,737,036 | | | 8,718,653 | | | 8,548,125 | |
| Borrowed funds: | | | | | |
| Advances from the FHLB | | 1,355,926 | | | 1,345,003 | | | 1,265,079 | | | 1,150,153 | | | 1,223,226 | |
| Subordinated debentures and notes | | 84,328 | | | 84,293 | | | 84,258 | | | 84,223 | | | 84,188 | |
| Other borrowed funds | | 79,592 | | | 68,251 | | | 80,125 | | | 127,505 | | | 69,256 | |
| Total borrowed funds | | 1,519,846 | | | 1,497,547 | | | 1,429,462 | | | 1,361,881 | | | 1,376,670 | |
| Operating lease liabilities | | 44,785 | | | 43,266 | | | 37,102 | | | 34,235 | | | 31,998 | |
| Mortgagors’ escrow accounts | | 15,875 | | | 14,456 | | | 17,117 | | | 16,245 | | | 17,239 | |
| Reserve for unfunded credits | | 5,981 | | | 6,859 | | | 11,400 | | | 15,807 | | | 19,767 | |
| Accrued expenses and other liabilities | | 195,256 | | | 151,960 | | | 204,695 | | | 201,679 | | | 189,813 | |
| Total liabilities | | 10,683,387 | | | 10,446,359 | | | 10,436,812 | | | 10,348,500 | | | 10,183,612 | |
| 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 | | 902,584 | | | 901,562 | | | 904,775 | | | 903,726 | | | 902,659 | |
| Retained earnings | | 458,943 | | | 453,555 | | | 445,560 | | | 441,285 | | | 438,722 | |
| Accumulated other comprehensive income | | (52,882 | ) | | (38,081 | ) | | (61,693 | ) | | (60,841 | ) | | (52,798 | ) |
| Treasury stock, at cost; | | | | | |
| 7,019,384 shares, 7,015,843 shares, 7,373,009 shares, 7,354,399 shares, and 7,354,399 shares, respectively | | (87,676 | ) | | (87,644 | ) | | (91,132 | ) | | (90,909 | ) | | (90,909 | ) |
| Total stockholders' equity | | 1,221,939 | | | 1,230,362 | | | 1,198,480 | | | 1,194,231 | | | 1,198,644 | |
| Total liabilities and stockholders' equity | $ | 11,905,326 | | $ | 11,676,721 | | $ | 11,635,292 | | $ | 11,542,731 | | $ | 11,382,256 | |
| | | | | | |
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
| Consolidated Statements of Income (Unaudited) |
| |
| | Three Months Ended |
| | December 31,
2024 | September 30,
2024 | June 30,
2024 | March 31,
2024 | December 31,
2023 |
| | (In Thousands Except Share Data) |
| Interest and dividend income: | | | | | |
| Loans and leases | $ | 147,436 | | $ | 149,643 | | $ | 145,585 | | $ | 145,265 | | $ | 142,948 | |
| Debt securities | | 6,421 | | | 6,473 | | | 6,480 | | | 6,878 | | | 6,945 | |
| Restricted equity securities | | 1,460 | | | 1,458 | | | 1,376 | | | 1,492 | | | 1,333 | |
| Short-term investments | | 2,830 | | | 1,986 | | | 1,914 | | | 1,824 | | | 1,093 | |
| Total interest and dividend income | | 158,147 | | | 159,560 | | | 155,355 | | | 155,459 | | | 152,319 | |
| Interest expense: | | | | | |
| Deposits | | 56,562 | | | 59,796 | | | 59,721 | | | 56,884 | | | 54,034 | |
| Borrowed funds | | 16,597 | | | 16,756 | | | 15,633 | | | 16,987 | | | 14,730 | |
| Total interest expense | | 73,159 | | | 76,552 | | | 75,354 | | | 73,871 | | | 68,764 | |
| Net interest income | | 84,988 | | | 83,008 | | | 80,001 | | | 81,588 | | | 83,555 | |
| Provision for credit losses on loans | | 4,141 | | | 4,832 | | | 5,607 | | | 7,423 | | | 3,851 | |
| Credit for credit losses on investments | | (104 | ) | | (172 | ) | | (39 | ) | | (44 | ) | | (76 | ) |
| Net interest income after provision for credit losses | | 80,951 | | | 78,348 | | | 74,433 | | | 74,209 | | | 79,780 | |
| Non-interest income: | | | | | |
| Deposit fees | | 2,297 | | | 2,353 | | | 3,001 | | | 2,897 | | | 3,064 | |
| Loan fees | | 439 | | | 464 | | | 702 | | | 789 | | | 515 | |
| Loan level derivative income, net | | 1,115 | | | — | | | 106 | | | 437 | | | 778 | |
| Gain on sales of loans and leases | | 406 | | | 415 | | | 130 | | | — | | | 410 | |
| Other | | 2,330 | | | 3,116 | | | 2,457 | | | 2,161 | | | 3,260 | |
| Total non-interest income | | 6,587 | | | 6,348 | | | 6,396 | | | 6,284 | | | 8,027 | |
| Non-interest expense: | | | | | |
| Compensation and employee benefits | | 37,202 | | | 35,130 | | | 34,762 | | | 36,629 | | | 35,401 | |
| Occupancy | | 5,393 | | | 5,343 | | | 5,551 | | | 5,769 | | | 5,127 | |
| Equipment and data processing | | 6,780 | | | 6,831 | | | 6,732 | | | 7,031 | | | 7,245 | |
| Professional services | | 1,345 | | | 2,143 | | | 1,745 | | | 1,900 | | | 1,442 | |
| FDIC insurance | | 2,017 | | | 2,118 | | | 2,025 | | | 1,884 | | | 1,839 | |
| Advertising and marketing | | 1,303 | | | 859 | | | 1,504 | | | 1,574 | | | 758 | |
| Amortization of identified intangible assets | | 1,701 | | | 1,668 | | | 1,669 | | | 1,708 | | | 1,965 | |
| Merger and restructuring expense | | 3,378 | | | — | | | 823 | | | — | | | — | |
| Other | | 4,600 | | | 3,856 | | | 4,373 | | | 4,519 | | | 5,467 | |
| Total non-interest expense | | 63,719 | | | 57,948 | | | 59,184 | | | 61,014 | | | 59,244 | |
| Income before provision for income taxes | | 23,819 | | | 26,748 | | | 21,645 | | | 19,479 | | | 28,563 | |
| Provision for income taxes | | 6,283 | | | 6,606 | | | 5,273 | | | 4,814 | | | 5,675 | |
| Net income | $ | 17,536 | | $ | 20,142 | | $ | 16,372 | | $ | 14,665 | | $ | 22,888 | |
| Earnings per common share: | | | | | |
| Basic | $ | 0.20 | | $ | 0.23 | | $ | 0.18 | | $ | 0.16 | | $ | 0.26 | |
| Diluted | $ | 0.20 | | $ | 0.23 | | $ | 0.18 | | $ | 0.16 | | $ | 0.26 | |
| Weighted average common shares outstanding during the period: | | | | |
| Basic | | 89,098,443 | | | 89,033,463 | | | 88,904,692 | | | 88,894,577 | | | 88,867,159 | |
| Diluted | | 89,483,964 | | | 89,319,611 | | | 89,222,315 | | | 89,181,508 | | | 89,035,505 | |
| 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) |
| | |
| | Twelve Months Ended December 31, |
| | 2024 | 2023 |
| | (In Thousands Except Share Data) |
| Interest and dividend income: | | |
| Loans and leases | $ | 587,929 | | $ | 533,739 |
| Debt securities | | 26,252 | | | 29,648 |
| Restricted equity securities | | 5,786 | | | 5,571 |
| Short-term investments | | 8,554 | | | 8,329 |
| Total interest and dividend income | | 628,521 | | | 577,287 |
| Interest expense: | | |
| Deposits | | 232,963 | | | 175,665 |
| Borrowed funds | | 65,973 | | | 61,911 |
| Total interest expense | | 298,936 | | | 237,576 |
| Net interest income | | 329,585 | | | 339,711 |
| Provision for credit losses on loans | | 22,003 | | | 37,868 |
| (Credit) provision for credit losses on investments | | (359 | ) | | 339 |
| Net interest income after provision for credit losses | | 307,941 | | | 301,504 |
| Non-interest income: | | |
| Deposit fees | | 10,548 | | | 11,611 |
| Loan fees | | 2,394 | | | 2,036 |
| Loan level derivative income, net | | 1,658 | | | 3,890 |
| Gain on investment securities, net | | — | | | 1,704 |
| Gain on sales of loans and leases | | 951 | | | 2,581 |
| Other | | 10,064 | | | 10,112 |
| Total non-interest income | | 25,615 | | | 31,934 |
| Non-interest expense: | | |
| Compensation and employee benefits | | 143,723 | | | 138,895 |
| Occupancy | | 22,056 | | | 20,203 |
| Equipment and data processing | | 27,374 | | | 27,004 |
| Professional services | | 7,133 | | | 7,226 |
| FDIC insurance | | 8,044 | | | 7,844 |
| Advertising and marketing | | 5,240 | | | 4,724 |
| Amortization of identified intangible assets | | 6,746 | | | 7,840 |
| Merger and restructuring expense | | 4,201 | | | 7,411 |
| Other | | 17,348 | | | 18,377 |
| Total non-interest expense | | 241,865 | | | 239,524 |
| Income before provision for income taxes | | 91,691 | | | 93,914 |
| Provision for income taxes | | 22,976 | | | 18,915 |
| Net income | $ | 68,715 | | $ | 74,999 |
| Earnings per common share: | | |
| Basic | $ | 0.77 | | $ | 0.85 |
| Diluted | $ | 0.77 | | $ | 0.85 |
| Weighted average common shares outstanding during the period: | |
| Basic | | 88,983,248 | | | 88,230,681 |
| Diluted | | 89,302,304 | | | 88,450,646 |
| Dividends paid per common share | $ | 0.540 | | $ | 0.540 |
| | | |
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
| Asset Quality Analysis (Unaudited) |
| |
| | At and for the Three Months Ended |
| | December 31,
2024 | September 30,
2024 | June 30,
2024 | March 31,
2024 | December 31,
2023 |
| | (Dollars in Thousands) |
| NONPERFORMING ASSETS: | | | | | |
| Loans and leases accounted for on a nonaccrual basis: | | | | | |
| Commercial real estate mortgage | $ | 11,525 | | $ | 11,595 | | $ | 11,659 | | $ | 18,394 | | $ | 19,608 | |
| Multi-family mortgage | | 6,596 | | | 1,751 | | | — | | | — | | | — | |
| Construction | | — | | | — | | | — | | | — | | | — | |
| Total commercial real estate loans | | 18,121 | | | 13,346 | | | 11,659 | | | 18,394 | | | 19,608 | |
| | | | | | |
| Commercial | | 14,676 | | | 15,734 | | | 16,636 | | | 3,096 | | | 3,886 | |
| Equipment financing | | 31,509 | | | 37,223 | | | 27,128 | | | 13,668 | | | 14,984 | |
| Total commercial loans and leases | | 46,185 | | | 52,957 | | | 43,764 | | | 16,764 | | | 18,870 | |
| | | | | | |
| Residential mortgage | | 3,999 | | | 3,862 | | | 4,495 | | | 4,563 | | | 4,292 | |
| Home equity | | 1,043 | | | 1,076 | | | 790 | | | 950 | | | 860 | |
| Other consumer | | 1 | | | 1 | | | 1 | | | 1 | | | — | |
| Total consumer loans | | 5,043 | | | 4,939 | | | 5,286 | | | 5,514 | | | 5,152 | |
| | | | | | |
| Total nonaccrual loans and leases | | 69,349 | | | 71,242 | | | 60,709 | | | 40,672 | | | 43,630 | |
| | | | | | |
| Other real estate owned | | 700 | | | 780 | | | 780 | | | 780 | | | 780 | |
| Other repossessed assets | | 403 | | | 799 | | | 1,194 | | | 1,037 | | | 914 | |
| Total nonperforming assets | $ | 70,452 | | $ | 72,821 | | $ | 62,683 | | $ | 42,489 | | $ | 45,324 | |
| | | | | | |
| Loans and leases past due greater than 90 days and still accruing | $ | 811 | | $ | 16,091 | | $ | 4,994 | | $ | 363 | | $ | 228 | |
| | | | | | |
| Nonperforming loans and leases as a percentage of total loans and leases | | 0.71 | % | | 0.73 | % | | 0.62 | % | | 0.42 | % | | 0.45 | % |
| Nonperforming assets as a percentage of total assets | | 0.59 | % | | 0.62 | % | | 0.54 | % | | 0.37 | % | | 0.40 | % |
| | | | | | |
| PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES: | | | |
| Allowance for loan and lease losses at beginning of period | $ | 127,316 | | $ | 121,750 | | $ | 120,124 | | $ | 117,522 | | $ | 119,081 | |
| Charge-offs | | (8,414 | ) | | (4,183 | ) | | (8,823 | ) | | (5,390 | ) | | (7,722 | ) |
| Recoveries | | 1,162 | | | 375 | | | 436 | | | 309 | | | 581 | |
| Net charge-offs | | (7,252 | ) | | (3,808 | ) | | (8,387 | ) | | (5,081 | ) | | (7,141 | ) |
| Provision for loan and lease losses excluding unfunded commitments * | | 5,019 | | | 9,374 | | | 10,013 | | | 7,683 | | | 5,582 | |
| Allowance for loan and lease losses at end of period | $ | 125,083 | | $ | 127,316 | | $ | 121,750 | | $ | 120,124 | | $ | 117,522 | |
| | | | | | |
| Allowance for loan and lease losses as a percentage of total loans and leases | | 1.28 | % | | 1.31 | % | | 1.25 | % | | 1.24 | % | | 1.22 | % |
| | | | | | |
| NET CHARGE-OFFS: | | | | | |
| Commercial real estate loans | $ | — | | $ | — | | $ | 3,819 | | $ | 606 | | $ | 1,087 | |
| Commercial loans and leases ** | | 7,257 | | | 3,797 | | | 4,571 | | | 8,179 | | | 6,061 | |
| Consumer loans | | (5 | ) | | 11 | | | (3 | ) | | (4 | ) | | (7 | ) |
| Total net charge-offs | $ | 7,252 | | $ | 3,808 | | $ | 8,387 | | $ | 8,781 | | $ | 7,141 | |
| | | | | | |
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | | 0.30 | % | | 0.16 | % | | 0.35 | % | | 0.36 | % | | 0.30 | % |
| | | | | | |
| *Provision for loan and lease losses does not include (credit) provision of $(0.9 million), $(4.5 million), $(4.4 million), $(0.3 million), and $(1.7 million) for credit losses on unfunded commitments during the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 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 |
| | December 31, 2024 | September 30, 2024 | December 31, 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) | $ | 856,065 | $ | 6,463 | 3.02 | % | $ | 853,924 | $ | 6,516 | 3.05 | % | $ | 876,350 | $ | 6,986 | 3.19 | % |
| Restricted equity securities (2) | | 75,879 | | 1,459 | 7.69 | % | | 75,225 | | 1,459 | 7.76 | % | | 67,567 | | 1,334 | 7.90 | % |
| Short-term investments | | 236,784 | | 2,830 | 4.78 | % | | 145,838 | | 1,986 | 5.44 | % | | 85,790 | | 1,093 | 5.09 | % |
| Total investments | | 1,168,728 | | 10,752 | 3.68 | % | | 1,074,987 | | 9,961 | 3.71 | % | | 1,029,707 | | 9,413 | 3.66 | % |
| Loans and Leases: | | | | | | | | | |
| Commercial real estate loans (3) | | 5,752,591 | | 81,195 | 5.52 | % | | 5,772,456 | | 83,412 | 5.65 | % | | 5,727,930 | | 81,653 | 5.58 | % |
| Commercial loans (3) | | 1,170,295 | | 19,750 | 6.61 | % | | 1,079,084 | | 18,440 | 6.69 | % | | 969,603 | | 16,296 | 6.58 | % |
| Equipment financing (3) | | 1,310,143 | | 26,295 | 8.03 | % | | 1,353,649 | | 26,884 | 7.94 | % | | 1,347,589 | | 25,211 | 7.48 | % |
| Consumer loans (3) | | 1,529,654 | | 20,881 | 5.44 | % | | 1,505,095 | | 21,123 | 5.60 | % | | 1,475,580 | | 19,888 | 5.37 | % |
| Total loans and leases | | 9,762,683 | | 148,121 | 6.07 | % | | 9,710,284 | | 149,859 | 6.17 | % | | 9,520,702 | | 143,048 | 6.01 | % |
| Total interest-earning assets | | 10,931,411 | | 158,873 | 5.81 | % | | 10,785,271 | | 159,820 | 5.93 | % | | 10,550,409 | | 152,461 | 5.78 | % |
| Non-interest-earning assets | | 649,161 | | | | 666,067 | | | | 721,532 | | |
| Total assets | $ | 11,580,572 | | | $ | 11,451,338 | | | $ | 11,271,941 | | |
| | | | | | | | | | |
| Liabilities and Stockholders' Equity: | | | | | | | | | |
| Interest-bearing liabilities: | | | | | | | | | |
| Deposits: | | | | | | | | | |
| NOW accounts | $ | 630,408 | | 1,056 | 0.67 | % | $ | 639,561 | | 1,115 | 0.69 | % | $ | 657,134 | | 1,146 | 0.69 | % |
| Savings accounts | | 1,741,355 | | 10,896 | 2.49 | % | | 1,738,756 | | 12,098 | 2.77 | % | | 1,658,144 | | 10,684 | 2.56 | % |
| Money market accounts | | 2,083,033 | | 13,856 | 2.65 | % | | 2,038,048 | | 15,466 | 3.02 | % | | 2,140,225 | | 16,239 | 3.01 | % |
| Certificates of deposit | | 1,857,483 | | 20,691 | 4.43 | % | | 1,768,026 | | 20,054 | 4.51 | % | | 1,530,772 | | 14,517 | 3.76 | % |
| Brokered deposit accounts | | 797,910 | | 10,063 | 5.02 | % | | 841,067 | | 11,063 | 5.23 | % | | 880,604 | | 11,448 | 5.16 | % |
| Total interest-bearing deposits | | 7,110,189 | | 56,562 | 3.16 | % | | 7,025,458 | | 59,796 | 3.39 | % | | 6,866,879 | | 54,034 | 3.12 | % |
| Borrowings: | | | | | | | | | |
| Advances from the FHLB | | 1,144,157 | | 13,958 | 4.77 | % | | 1,139,049 | | 14,366 | 4.94 | % | | 965,846 | | 11,943 | 4.84 | % |
| Subordinated debentures and notes | | 84,311 | | 1,944 | 9.22 | % | | 84,276 | | 1,378 | 6.54 | % | | 84,170 | | 1,381 | 6.56 | % |
| Other borrowed funds | | 65,947 | | 695 | 4.20 | % | | 53,102 | | 1,012 | 7.58 | % | | 136,566 | | 1,406 | 4.09 | % |
| Total borrowings | | 1,294,415 | | 16,597 | 5.02 | % | | 1,276,427 | | 16,756 | 5.14 | % | | 1,186,582 | | 14,730 | 4.86 | % |
| Total interest-bearing liabilities | | 8,404,604 | | 73,159 | 3.46 | % | | 8,301,885 | | 76,552 | 3.67 | % | | 8,053,461 | | 68,764 | 3.39 | % |
| Non-interest-bearing liabilities: | | | | | | | | | |
| Demand checking accounts | | 1,693,138 | | | | 1,669,092 | | | | 1,723,849 | | |
| Other non-interest-bearing liabilities | | 250,303 | | | | 264,324 | | | | 323,855 | | |
| Total liabilities | | 10,348,045 | | | | 10,235,301 | | | | 10,101,165 | | |
| Stockholders’ equity | | 1,232,527 | | | | 1,216,037 | | | | 1,170,776 | | |
| Total liabilities and equity | $ | 11,580,572 | | | $ | 11,451,338 | | | $ | 11,271,941 | | |
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) | | | 85,714 | 2.35 | % | | | 83,268 | 2.26 | % | | | 83,697 | 2.39 | % |
| Less adjustment of tax-exempt income | | | 726 | | | | 260 | | | | 142 | |
| Net interest income | | $ | 84,988 | | | $ | 83,008 | | | $ | 83,555 | |
| Net interest margin (5) | | | 3.12 | % | | | 3.07 | % | | | 3.15 | % |
| | | | | | | | | | |
| (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. |
| | | | | | | | | | |
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
| Average Yields / Costs (Unaudited) |
| |
| | Twelve Months Ended |
| | December 31, 2024 | December 31, 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) | $ | 862,381 | $ | 26,416 | 3.06 | % | $ | 947,782 | $ | 29,891 | 3.15 | % |
| Restricted equity securities (2) | | 74,788 | | 5,786 | 7.74 | % | | 72,264 | | 5,572 | 7.71 | % |
| Short-term investments | | 164,445 | | 8,554 | 5.20 | % | | 158,718 | | 8,329 | 5.25 | % |
| Total investments | | 1,101,614 | | 40,756 | 3.70 | % | | 1,178,764 | | 43,792 | 3.72 | % |
| Loans and Leases: | | | | | | |
| Commercial real estate loans (3) | | 5,760,432 | | 327,221 | 5.59 | % | | 5,654,385 | | 307,652 | 5.37 | % |
| Commercial loans (3) | | 1,086,460 | | 73,369 | 6.65 | % | | 929,077 | | 59,110 | 6.28 | % |
| Equipment financing (3) | | 1,352,993 | | 106,329 | 7.86 | % | | 1,277,224 | | 92,112 | 7.21 | % |
| Consumer loans (3) | | 1,501,626 | | 82,273 | 5.47 | % | | 1,470,677 | | 75,098 | 5.10 | % |
| Total loans and leases | | 9,701,511 | | 589,192 | 6.07 | % | | 9,331,363 | | 533,972 | 5.72 | % |
| Total interest-earning assets | | 10,803,125 | | 629,948 | 5.83 | % | | 10,510,127 | | 577,764 | 5.50 | % |
| Non-interest-earning assets | | 670,299 | | | | 704,244 | | |
| Total assets | $ | 11,473,424 | | | $ | 11,214,371 | | |
| | | | | | | |
| Liabilities and Stockholders' Equity: | | | | | | |
| Interest-bearing liabilities: | | | | | | |
| Deposits: | | | | | | |
| NOW accounts | $ | 650,225 | | 4,543 | 0.70 | % | $ | 720,572 | | 4,275 | 0.59 | % |
| Savings accounts | | 1,726,504 | | 46,220 | 2.68 | % | | 1,439,293 | | 27,974 | 1.94 | % |
| Money market accounts | | 2,056,066 | | 60,796 | 2.96 | % | | 2,205,430 | | 58,153 | 2.64 | % |
| Certificates of deposit | | 1,737,697 | | 76,134 | 4.38 | % | | 1,428,727 | | 44,122 | 3.09 | % |
| Brokered deposit accounts | | 873,182 | | 45,270 | 5.18 | % | | 819,419 | | 41,141 | 5.02 | % |
| Total interest-bearing deposits | | 7,043,674 | | 232,963 | 3.31 | % | | 6,613,441 | | 175,665 | 2.66 | % |
| Borrowings: | | | | | | |
| Advances from the FHLB | | 1,124,432 | | 55,851 | 4.89 | % | | 1,092,996 | | 52,467 | 4.73 | % |
| Subordinated debentures and notes | | 84,258 | | 6,074 | 7.21 | % | | 84,116 | | 5,476 | 6.51 | % |
| Other borrowed funds | | 78,859 | | 4,048 | 5.13 | % | | 124,793 | | 3,968 | 3.18 | % |
| Total borrowings | | 1,287,549 | | 65,973 | 5.04 | % | | 1,301,905 | | 61,911 | 4.69 | % |
| Total interest-bearing liabilities | | 8,331,223 | | 298,936 | 3.59 | % | | 7,915,346 | | 237,576 | 3.00 | % |
| Non-interest-bearing liabilities: | | | | | | |
| Demand checking accounts | | 1,657,922 | | | | 1,823,759 | | |
| Other non-interest-bearing liabilities | | 273,243 | | | | 307,160 | | |
| Total liabilities | | 10,262,388 | | | | 10,046,265 | | |
| Stockholders’ equity | | 1,211,036 | | | | 1,168,106 | | |
| Total liabilities and equity | $ | 11,473,424 | | | $ | 11,214,371 | | |
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) | | | 331,012 | 2.24 | % | | | 340,188 | 2.50 | % |
| Less adjustment of tax-exempt income | | | 1,427 | | | | 477 | |
| Net interest income | | $ | 329,585 | | | $ | 339,711 | |
| Net interest margin (5) | | | 3.06 | % | | | 3.24 | % |
| | | | | | | |
| (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. |
| | | | | | | |
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
| Non-GAAP Financial Information (Unaudited) |
| | | | | |
| | | | At and for the Three Months Ended
December 31, | At and for the Twelve Months Ended
December 31, |
| | | | | 2024 | 2023 | 2024 | 2023 |
| Reconciliation Table - Non-GAAP Financial Information | | (Dollars in Thousands Except Share Data) |
| | | | | | | |
| Reported Pretax Income | | | $ | 23,819 | | $ | 28,563 | | $ | 91,691 | | $ | 93,914 | |
| Less: | | | | | | | |
| Security gains | | — | | | — | | | — | | | 1,704 | |
| Add: | | | | | | | |
| Day 1 PCSB CECL provision | | | | | — | | | — | | | — | | | 16,744 | |
| Merger and acquisition expenses | | | 3,378 | | | — | | | 4,201 | | | 7,411 | |
| Operating Pretax income | | $ | 27,197 | | $ | 28,563 | | $ | 95,892 | | $ | 116,365 | |
| Effective tax rate | | | 23.9 | % | | 19.9 | % | | 24.5 | % | | 20.1 | % |
| Provision for income tax | | | 6,511 | | | 5,675 | | | 23,480 | | | 23,437 | |
| Operating earnings after tax | | | | $ | 20,686 | | $ | 22,888 | | $ | 72,412 | | $ | 92,928 | |
| | | | | | | | |
| Operating earnings per common share: | | | | | | |
| Basic | | | | $ | 0.23 | | $ | 0.26 | | $ | 0.81 | | $ | 1.05 | |
| Diluted | | | | $ | 0.23 | | $ | 0.26 | | $ | 0.81 | | $ | 1.05 | |
| | | | | | | | |
| Weighted average common shares outstanding during the period: | | | | | |
| Basic | | | | | 89,098,443 | | | 88,867,159 | | | 88,983,248 | | | 88,230,681 | |
| Diluted | | | | | 89,483,964 | | | 89,035,505 | | | 89,302,304 | | | 88,450,646 | |
| | | | | | | | |
| | | | | | | | |
| Return on average assets * | | | | 0.61 | % | | 0.81 | % | | 0.60 | % | | 0.67 | % |
| Less: | | | | | | | |
| Security gains (after-tax) * | | | | — | % | | — | % | | — | % | | 0.01 | % |
| Add: | | | | | | | |
| Day 1 PCSB CECL provision (after-tax) * | | | — | % | | — | % | | — | % | | 0.12 | % |
| Merger and acquisition expenses (after-tax) * | | | 0.09 | % | | — | % | | 0.03 | % | | 0.05 | % |
| Operating return on average assets * | | | | 0.70 | % | | 0.81 | % | | 0.63 | % | | 0.83 | % |
| | | | | | | | |
| | | | | | | | |
| Return on average tangible assets * | | | | 0.62 | % | | 0.83 | % | | 0.61 | % | | 0.69 | % |
| Less: | | | | | | | |
| Security gains (after-tax) * | | | | — | % | | — | % | | — | % | | 0.01 | % |
| Add: | | | | | | | |
| Day 1 PCSB CECL provision (after-tax) * | | | — | % | | — | % | | — | % | | 0.12 | % |
| Merger and acquisition expenses (after-tax) * | | | 0.09 | % | | — | % | | 0.03 | % | | 0.05 | % |
| Operating return on average tangible assets * | | | | 0.71 | % | | 0.83 | % | | 0.64 | % | | 0.85 | % |
| | | | | | | | |
| | | | | | | | |
| Return on average stockholders' equity * | | | | 5.69 | % | | 7.82 | % | | 5.67 | % | | 6.42 | % |
| Less: | | | | | | | |
| Security gains (after-tax) * | | | | — | % | | — | % | | — | % | | 0.12 | % |
| Add: | | | | | | | |
| Day 1 PCSB CECL provision (after-tax) * | | | — | % | | — | % | | — | % | | 1.14 | % |
| Merger and acquisition expenses (after-tax) * | | | 0.83 | % | | — | % | | 0.26 | % | | 0.51 | % |
| Operating return on average stockholders' equity * | | | 6.52 | % | | 7.82 | % | | 5.93 | % | | 7.95 | % |
| | | | | | | | |
| | | | | | | | |
| Return on average tangible stockholders' equity * | | | 7.21 | % | | 10.12 | % | | 7.24 | % | | 8.36 | % |
| Less: | | | | | | | |
| Security gains (after-tax) * | | | | — | % | | — | % | | — | % | | 0.15 | % |
| Add: | | | | | | | |
| Day 1 PCSB CECL provision (after-tax) * | | | — | % | | — | % | | — | % | | 1.49 | % |
| Merger and acquisition expenses (after-tax) * | | | 1.06 | % | | — | % | | 0.33 | % | | 0.66 | % |
| Operating return on average tangible stockholders' equity * | | | 8.27 | % | | 10.12 | % | | 7.57 | % | | 10.36 | % |
| * Ratios at and for the three months ended are annualized. | | | | | |
| | | | | | | | |
| BROOKLINE BANCORP, INC. AND SUBSIDIARIES |
| Non-GAAP Financial Information (Unaudited) |
| |
| | At and for the Three Months Ended | At and for the Twelve
Months Ended |
| | December 31,
2024 | September 30,
2024 | June 30,
2024 | March 31,
2024 | December 31,
2023 | December 31,
2024 | December 31,
2023 |
| | (Dollars in Thousands) |
| | | | | | | | |
| Net income, as reported | $ | 17,536 | | $ | 20,142 | | $ | 16,372 | | $ | 14,665 | | $ | 22,888 | | $ | 68,715 | | $ | 74,999 | |
| | | | | | | | |
| Average total assets | $ | 11,580,572 | | $ | 11,451,338 | | $ | 11,453,394 | | $ | 11,417,185 | | $ | 11,271,941 | | $ | 11,473,424 | | $ | 11,214,371 | |
| Less: Average goodwill and average identified intangible assets, net | | 259,496 | | | 261,188 | | | 262,859 | | | 264,536 | | | 266,225 | | | 262,011 | | | 270,637 | |
| Average tangible assets | $ | 11,321,076 | | $ | 11,190,150 | | $ | 11,190,535 | | $ | 11,152,649 | | $ | 11,005,716 | | $ | 11,211,413 | | $ | 10,943,734 | |
| | | | | | | | |
| Return on average tangible assets (annualized) | | 0.62 | % | | 0.72 | % | | 0.59 | % | | 0.53 | % | | 0.83 | % | | 0.61 | % | | 0.69 | % |
| | | | | | | | |
| Average total stockholders’ equity | $ | 1,232,527 | | $ | 1,216,037 | | $ | 1,193,385 | | $ | 1,201,904 | | $ | 1,170,776 | | $ | 1,211,036 | | $ | 1,168,106 | |
| Less: Average goodwill and average identified intangible assets, net | | 259,496 | | | 261,188 | | | 262,859 | | | 264,536 | | | 266,225 | | | 262,011 | | | 270,637 | |
| Average tangible stockholders’ equity | $ | 973,031 | | $ | 954,849 | | $ | 930,526 | | $ | 937,368 | | $ | 904,551 | | $ | 949,025 | | $ | 897,469 | |
| | | | | | | | |
| Return on average tangible stockholders’ equity (annualized) | | 7.21 | % | | 8.44 | % | | 7.04 | % | | 6.26 | % | | 10.12 | % | | 7.24 | % | | 8.36 | % |
| | | | | | | | |
| Total stockholders’ equity | $ | 1,221,939 | | $ | 1,230,362 | | $ | 1,198,480 | | $ | 1,194,231 | | $ | 1,198,644 | | $ | 1,221,939 | | $ | 1,198,644 | |
| Less: | | | | | | | |
| Goodwill | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | |
| Identified intangible assets, net | | 17,461 | | | 19,162 | | | 20,830 | | | 22,499 | | | 24,207 | | | 17,461 | | | 24,207 | |
| Tangible stockholders' equity | $ | 963,256 | | $ | 969,978 | | $ | 936,428 | | $ | 930,510 | | $ | 933,215 | | $ | 963,256 | | $ | 933,215 | |
| | | | | | | | |
| Total assets | $ | 11,905,326 | | $ | 11,676,721 | | $ | 11,635,292 | | $ | 11,542,731 | | $ | 11,382,256 | | $ | 11,905,326 | | $ | 11,382,256 | |
| Less: | | | | | | | |
| Goodwill | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | | | 241,222 | |
| Identified intangible assets, net | | 17,461 | | | 19,162 | | | 20,830 | | | 22,499 | | | 24,207 | | | 17,461 | | | 24,207 | |
| Tangible assets | $ | 11,646,643 | | $ | 11,416,337 | | $ | 11,373,240 | | $ | 11,279,010 | | $ | 11,116,827 | | $ | 11,646,643 | | $ | 11,116,827 | |
| | | | | | | | |
| Tangible stockholders’ equity to tangible assets | | 8.27 | % | | 8.50 | % | | 8.23 | % | | 8.25 | % | | 8.39 | % | | 8.27 | % | | 8.39 | % |
| | | | | | | | |
| Tangible stockholders' equity | $ | 963,256 | | $ | 969,978 | | $ | 936,428 | | $ | 930,510 | | $ | 933,215 | | $ | 963,256 | | $ | 933,215 | |
| | | | | | | | |
| Number of common shares issued | | 96,998,075 | | | 96,998,075 | | | 96,998,075 | | | 96,998,075 | | | 96,998,075 | | | 96,998,075 | | | 96,998,075 | |
| Less: | | | | | | | |
| Treasury shares | | 7,019,384 | | | 7,015,843 | | | 7,373,009 | | | 7,354,399 | | | 7,354,399 | | | 7,019,384 | | | 7,354,399 | |
| Unvested restricted shares | | 880,248 | | | 883,789 | | | 713,443 | | | 749,099 | | | 749,099 | | | 880,248 | | | 749,099 | |
| Number of common shares outstanding | | 89,098,443 | | | 89,098,443 | | | 88,911,623 | | | 88,894,577 | | | 88,894,577 | | | 89,098,443 | | | 88,894,577 | |
| | | | | | | | |
| Tangible book value per common share | $ | 10.81 | | $ | 10.89 | | $ | 10.53 | | $ | 10.47 | | $ | 10.50 | | $ | 10.81 | | $ | 10.50 | |
PDF available: http://ml.globenewswire.com/Resource/Download/396afece-df5e-4cc5-a637-0706599b2b0d
Exhibit 99.2
January 30, 2025 1 4Q 2024 Financial Results
Forward Looking Statements 2 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; failure to complete the proposed merger with Berkshire Hills Bancorp, Inc. (“Berkshire”) or unexpected delays related to the merger or either party’s inability to satisfy closing conditions required to complete the merger; failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed merger); certain restrictions during the pendency of the proposed merger with Berkshire that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the diversion of management’s attention from ongoing business operations and opportunities; 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.
x Loans grew $24 million. x Customer deposits increased $117 million. x Margin increased 5 bps to 3.12%. x Announced Merger of Equals with Berkshire Hills Bancorp Dec. 16th. x Operating Earnings excludes $3.4 million in Merger related expenses. 3 x NPAs to total assets of 0.59%. x Net charge offs $7.3 million (0.30% annualized). x The reserve for loan losses represents a coverage ratio of 128 basis points. x Total Risk Based Capital of 12.4%* and Tangible Common Equity (TCE) of 8.3%. Quarterly Net Income of $17.5 million and EPS of $0.20 Quarterly Operating Income of $20.7 million and EPS of $0.23 Quarterly Dividend of $0.135 Per Share * Regulatory capital ratios are preliminary estimates and may differ from numbers calculated in final Regulatory filings.
Summary Income Statement ▪ Net Income of $17.5 million or $0.20 per share. ▪ Net interest income increased $2 million from Q3 due to ▪ Noninterest income consistent with prior quarter. ▪ Noninterest expense increased $2.4 million linked quarter, due to increased compensation and employee benefit costs. ▪ Merger expenses of $3.4 million in Q4 associated with the announced merger with Berkshire Hills Bancorp. ▪ The provision for credit losses was $4.0 million for the quarter, a decline of $0.7 million from 3Q’24. lower funding costs. - - - - - - - Security gains (losses) 0% (0.1) 91.6 2% 2.2 89.3 91.5 Total Revenue 2% 1.1 59.2 4% 2.4 57.9 60.3 Noninterest expense - 3.4 - - 3.4 - 3.4 Restructuring/Merger exp. - 14% (4.6) 32.4 - 11% (3.6) 31.4 27.8 Pretax, Preprov. Net Rev. 5% 0.2 3.8 - 15% (0.7) 4.7 4.0 Provision for credit losses - 17% (4.8) 28.6 - 11% (2.9) 26.7 23.8 Pretax income 11% 0.6 5.7 - 5% (0.3) 6.6 6.3 Provision for taxes - 24% $ (5.4) $ 22.9 - 13% $ (2.6) $ 20.1 $ 17.5 Net Income - 23% $ (0.06) $ 0.26 - 13% $ (0.03) $ 0.23 $ 0.20 EPS 1% 448 89,036 0% 164 89,320 89,484 Avg diluted shares (000s) %Δ Δ 4Q23 %Δ Δ 3Q24 4Q24 $m, except per share amts 2% $ 1.4 $ 83.6 2% $ 2.0 $ 83.0 $ 85.0 Net interest income - 19% (1.5) 8.0 3% 0.2 6.3 6.5 Noninterest income - 0.20% 0.81% - 0.09% 0.70% 0.61% Return on Assets - 2.91% 10.12% - 1.23% 8.44% 7.21% Return on Tangible Equity - 0.03% 3.15% 0.05% 3.07% 3.12% Net Interest Margin 4.89% 64.69% 4.73% 64.85% 69.58% Efficiency Ratio Linked Quarter (LQ) Year over Year (YoY) Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. 4
GAAP versus Operating Earnings ▪ Operating earnings excludes Merger Expenses associated with the announced Merger of Equals with Berkshire Hills Bancorp incurred during the quarter. ▪ $2.5 million of the merger related expenses are not tax deductible. Operating Non - Core GAAP $m, except per share amts $ 85.0 $ - $ 85.0 Net interest income 6.5 - 6.5 Noninterest income - - - Security gains (losses) 91.5 - 91.5 Total Revenue 60.3 - 60.3 Noninterest expense - (3.4) 3.4 Merger expense 31.2 3.4 27.8 Pretax, Preprov. Net Rev. 4.0 - 4.0 Provision for credit losses 27.2 3.4 23.8 Pretax income 6.5 0.2 6.3 Provision for taxes $ 20.7 $ 3.2 $ 17.5 Net Income $ 0.23 $ 0.03 $ 0.20 EPS 89,484 89,484 89,484 Avg diluted shares (000s) 0.70% 0.61% Return on Assets 8.27% 7.21% Return on Tangible Equity 3.12% 3.12% Net Interest Margin 65.90% 69.58% Efficiency Ratio 4Q24 Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. 5
Margin – Yields and Costs LQ Δ Prior Quarter 4Q24 Yield Interest Avg Bal Yield Interest Avg Bal Yield Interest Avg Bal $ millions - 0.10% $ (1.7) $ 53 6.17% $ 149.8 $ 9,710 6.07% $ 148.1 $ 9,763 Loans - 0.03% 0.8 93 3.71% 10.0 1,075 3.68% 10.8 1,168 Investments & earning cash - 0.12% $ (0.9) $ 146 5.93% $ 159.8 $ 10,785 5.81% $ 158.9 $ 10,931 Interest Earning Assets - 0.23% $ (3.2) $ 84 3.39% $ 59.8 $ 7,026 3.16% $ 56.6 $ 7,110 Interest bearing deposits - 0.12% (0.2) 18 5.14% 16.8 1,276 5.02% 16.6 1,294 Borrowings - 0.21% $ (3.4) $ 102 3.67% $ 76.6 $ 8,302 3.46% $ 73.2 $ 8,404 Interest Bearing Liabilities 0.09% 2.26% 2.35% Net interest spread 0.05% $ 2.5 3.07% $ 83.2 3.12% $ 85.7 Net interest income, TEB / Margin 0.5 0.2 0.7 LESS: Tax Equivalent Basis (TEB) Adj. 2.0 $ 83.0 $ 85.0 $ Net Interest Income 5.50% 8.50% 5.38% 5.44% 4.25% 3.85% 3.88% 5.00% 8.00% 4.96% 4.93% 3.64% 3.56% 3.78% 4.50% 7.50% 4.49% 4.40% 4.25% 4.38% 4.58% Fed Funds (upper) Prime SOFR Ameribor 2Y Treasury 5Y Treasury 10Y Treasury 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. 6
Summary Balance Sheet ▪ Total assets increased $228 %Δ Δ 4Q23 Δ 3Q24 4Q24 $m, except per share amts driven by growth in cash and 1% $ 137 $ 9,642 $ 24 $ 9,755 $ 9,779 Gross Loans, investment equivalents and securities. 6% (7) (118) 2 (127) (125) Allowance for loan losses 1% 130 9,524 26 9,628 9,654 Net Loans million ▪ Loans increased $24 million. ▪ Securities increased $40 million, and Cash equivalents increased $136 million. ▪ The allowance for loan losses decreased $2 million. ▪ ALLL coverage of 1.28%. ▪ Deposits increased $170 million. ▪ Borrowings increased $22 million. ▪ Tangible Equity to Tangible Assets of 8.27%*. - 0.12% 8.39% - 0.23% 8.50% 8.27% Tang. Equity / Tang. Assets - 2.95% 112.80% - 1.87% 111.72% 109.85% Loans / Deposits 0.06% 1.22% - 0.03% 1.31% 1.28% ALLL / Gross Loans - 2% (21) 916 40 855 895 Securities 309% 411 133 136 408 544 Cash & equivalents - 3% (7) 265 (2) 260 258 Intangibles 2% 10 544 28 526 554 Other assets & Loans, HFS 5% 523 $ 11,382 $ 228 $ 11,677 $ 11,905 $ Total Assets 4% $ 354 $ 8,548 $ 170 $ 8,732 $ 8,902 Deposits 10% 143 1,377 22 1,498 1,520 Borrowings - 70% (14) 20 (1) 7 6 Reserve for unfunded loans 7% 17 238 46 209 255 Other Liabilities 5% 500 10,183 237 10,446 10,683 Total Liabilities 2% 23 1,199 (9) 1,231 1,222 Stockholders' Equity 5% $ 523 $ 11,382 $ 228 $ 11,677 $ 11,905 Total Liabilities & Equity 3% $ 0.31 $ 10.50 $ (0.08) $ 10.89 $ 10.81 TBV per share 0% 203 88,895 - 89,098 89,098 Actual shares outstanding (000) Linked Quarter (LQ) Year over Year (YoY) Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. *Reconciliation of Non - GAAP measures in Earnings Release. 7
Loan and Deposit Composition 16% 13% 59% 12% Loans 19% 7% 19% 24% 21% 10% CRE C&I Equipment Consumer Deposits DDA NOW Savings MMkt CDs Brkd Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. %Δ Δ 4Q23 Δ 3Q24 4Q24 $ millions - 1% $ (49) $ 5,765 $ (63) $ 5,779 $ 5,716 CRE 18% 183 1,029 84 1,128 1,212 Commercial S - 6% (76) 1,371 (30) 1,325 1,295 Equipment Finance OA N 5% 79 1,477 33 1,523 1,556 Consumer L Total Loans $ 9,779 $ 9,755 $ 24 $ 9,642 $ 137 1% Demand deposits NOW Savings Money market CDs Brokered deposits Total Deposits $ 1,693 617 1,721 2,116 1,886 869 $ 1,682 $ 11 637 (20) 1,737 (16) 2,041 75 1,819 67 816 53 $ 1,678 $ 15 662 (45) 1,669 52 2,083 33 1,575 311 881 (12) 1% - 7% 3% 2% 20% - 1% $ 8,902 $ 8,732 $ 170 $ 8,548 $ 354 4% Linked Quarter (LQ) Year over Year (YoY) DEPOSITS Customer deposits increased $117 million as Brokered deposits increased $53 million. 8
Capital Strength 9 ▪ As of December 31, 2024, the Company maintained capital well above regulatory “well capitalized” requirements. Capital in Excess of "Well Capitalized" Brookline Board Policy Limits Regulatory BASEL III Requirements preliminary estimates* Regulatory Capital Buffer $ Regulatory Capital Buffer % Operating Targets Policy Minimums "Well Capitalized" Minimum Dec - 24 $ millions $ 386.9 4.0% ≥ 8.0% ≥ 7.5% ≥ 6.5% ≥ 4.5% 10.5% Tier 1 Common / RWA $ 250.0 2.6% ≥ 9.5% ≥ 9.0% ≥ 8.0% ≥ 6.0% 10.6% Tier 1 / RWA $ 236.3 2.4% ≥ 11.5% ≥ 11.0% ≥ 10.0% ≥ 8.0% 12.4% Total Risk Based Capital $ 465.8 4.1% ≥ 6.0% ≥ 5.5% ≥ 5.0% ≥ 5.0% 9.1% Leverage Ratio * Regulatory capital ratios are preliminary estimates and may differ from numbers calculated in final Regulatory filings.
Regular Dividends Per Share The Board of Directors announced a dividend of $0.135 per share payable February 28, 2025 to stockholders of record on February 14, 2025. $0.046 10 $0.096 $0.110 $0.210 $0.316 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.355 $0.360 $0.360 $0.395 $0.440 $0.460 $0.480 $0.520 $0.540 $0.540 $0.135 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1'25
QUESTIONS Paul A. Perrault, Chairman and Chief Executive Officer Carl M. Carlson, Co - President, Chief Financial and Strategy Officer Thank You. 11
APPENDIX RHODE ISLAND - PROVIDENCE BOSTON / EASTERN MASSACHUSETTS (14) WESTCHESTER / LOWER HUDSON VALLEY, NY (27) (22) Subsidiary of Eastern Funding 12
Non Performing Assets and Net Charge Offs Δ 4Q23 Δ 3Q24 4Q24 ons Non Performing Assets (NPAs), in milli $ (1.5) $ 19.6 $ 4.8 $ 13.3 $ 18.1 CRE 27.3 18.9 (6.8) 53.0 46.2 C&I (0.1) 5.1 0.1 4.9 5.0 Consumer 25.7 43.6 (1.9) 71.2 69.3 Total Non Performing Loans (NPLs) Net Charge Offs (NCOs), in millions $ (1.1) $ 1.1 $ - $ - $ - CRE loans 1.3 6.0 3.5 3.8 7.3 C&I loans - - - - - Consumer loans 0.2 $ 7.1 $ 3.5 $ 3.8 $ 7.3 $ Total Net Charge Offs Linked Quarter (LQ) Year over Year (YoY) Other real estate owned Other repossessed assets Total NPAs 0.7 0.4 0.8 0.8 (0.1) (0.4) 0.8 0.9 (0.1) (0.5) $ 70.4 $ 72.8 $ (2.4) $ 45.3 $ 25.1 NPLs / Total Loans NPAs / Total Assets 0.71% 0.59% 0.73% 0.62% - 0.02% - 0.03% 0.45% 0.40% 0.26% 0.19% NCOs / Loans (annualized) 0.30% 0.16% 0.14% 0.30% 0.00% Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. 13 ▪ NPLs declined $1.9 million from the prior quarter driven by charge - offs and minimal further credit deterioration. ▪ Net charge offs of $7.3 million in the quarter driven by a $5.1 million charge of an equipment financing deal which was previously reserved for and an additional $1.6 million of smaller equipment financing loans largely within specialty vehicle. ▪ Increase in CRE NPA is one MF loan in NY requiring no reserve.
Key Economic Variables - CECL Select Economic Variables from the Moody’s Baseline Forecasts ▪ The Company uses Moody’s forecasts as inputs into the models used to estimate credit losses under CECL. 14 ▪ The December 2024 Baseline economic forecast was slightly unfavorable to the September 2024 forecast: ▪ GDP – FAVORABLE ▪ Unemployment – Stable ▪ CRE Price Index – UNFAVORABLE ▪ We have modified our forecast weightings for 4Q’24: ▪ 35% Moderate Recession; neutral target of 30% ▪ 40% Baseline; neutral target of 40% ▪ 25% Stronger Near Term Growth; neutral target of 30% Stronger Near Term Growth (S1) Baseline Moderate Recession (S3) Weightings of Moody's Forecast for CECL Model 4Q 2024 35% 40% 25% 5% 45% 50% 3Q 2024 0% 40% 60% 2Q 2024 0% 40% 60% 1Q 2024 0% 40% 60% 4Q 2023 Change from Prior CURRENT: 4Q'24 Prior Quarter: Baseline Scenario 2026 2025 2026 2025 2026 2025 279 371 24,201 23,821 23,922 23,450 GDP 0.1 - 4.1 4.1 4.0 4.1 Unemployment Rate - (0.3) 3.4 4.1 3.4 4.4 Fed Fund Rate 0.2 0.1 4.3 4.3 4.1 4.2 10 Treasury (32.3) (21.1) 314.9 304.2 347.2 325.3 CRE Price Index
Investment CRE 48% Commercial 21% Equipment Finance 15% Consumer 16% Perm Constr Total % Total % Total % Total % Food & Lodging Manufacturing Finance and Ins Wholesale Trade Professional RE Agents / Brokers Health Care / Social Construction Retail Arts, Entert., Rec Condo Trans./Warehousing Other Services $ 381 19% 261 13% 232 11% 115 6% 183 9% 235 11% 177 9% 65 3% 153 7% 100 5% 48 2% 14 1% 85 4% Residential Home Equity Other Consumer Purchase Mtge $ 1,099 71% 377 24% 64 4% 16 1% - $ 1,254 $ 165 818 2 701 663 447 5 190 Apartment Retail Office Industrial Mixed Use 1 - 4 Family Hotel Land Other Total $ 1,556 100% - 358 11 1 18 6 41 57 $ 1,419 30% 820 17% 701 15% 674 14% 448 9% 23 0% 196 4% 41 1% 415 9% Total $ 4,436 $ 301 $ 4,737 100% Total $ 2,049 100% Total $ 1,437 100% 45% $ 647 Laundry Eastern Funding Core 11% 163 Fitness/Macrolease 4% 52 Grocery 2% 23 Dry Cleaning 1% 19 Restaurant 1% 11 Car Wash 12% 177 EF CRE 3% 49 Other EF 9% 126 Tow Truck Specialty Vehicle 4% 54 Heavy Tow 2% 30 FedEx 1% 9 Trailer 5% 77 Other Vehicle Specialty Vehicle $ 296 21% Discontinued - Run off mode Total Loans Outstanding $ 9,779 Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. Major Loan Segments with Industry Breakdown Q424 $4,737 $2,049 $1,437 $1,556 Loans outstanding ($millions) Owner Occupied CRE included in Commercial and Equipment Finance 15
CRE – Loan to Value (LTV) 39% 44% 38% 40% 41% 14% 33% 51% 53% 52% 46% 44% 54% 46% 61% 51% 43% 42% 9% 10% 14% 4% 13% 16% 6% 3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Apartment Retail Office Industrial 50% and lower Mixed Use 50 - 70 Medical Hotel Restaurant Other Non Owner Occupied CRE and Multifamily Exposures at December 31, 2024. Exposures by LTV 70 - 80 80+ 40% 49% 1% 10% 16
32% 40% 31% 22% 29% 20% 52% 51% 29% 12% 7% 15% 8% 15% 8% 21% 13% 7% 11% 7% 6% 12% 9% 5% 3% 5% 10% 16% 17% 25% 23% 21% 28% 11% 24% 20% 20% 15% 13% 22% 29% 0 2% 7% 17% 6% 7% 14% 2% 9% 8% 9% 0% 8% 3% 2% 8% 2% 0% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Apartment Retail Office 2018 and Before Restaurant Other Non Owner Occupied CRE and Multifamily Exposures at December 31, 2024. Exposures by Year of Origination Industrial Mixed Use Medical Hotel 2019 2020 2021 2022 2023 2024 3 % CRE - Vintage 8 % 18 % 19 % 9 % 11 % 32 % 17
ICRE Maturities, excludes Construction Q424 ICRE Maturities by Size Average Loan Size Number of Loans Outstanding Loan Size $16.8 25 $418.8 $10MM+ 6.9 27 186.0 $5MM - $10MM 2.3 102 231.2 $1MM - $5MM 0.3 203 70.2 Under $1MM $2.5 357 $906.2 Total 18
Office Maturities, excludes Construction Office Maturities by Submarket Average Loan Size Number of Loans Outstanding Bank $7.5 20 150.3 Brookline Bank 5.7 10 56.9 Boston 4.8 10 47.5 Inside 128 5.1 9 45.9 Other BBK 2.2 22 47.7 Bank Rhode Island 2.2 15 33.4 Providence Cranston Pawtucket 2.0 7 14.3 Other BARI 0.1 2 0.2 PCSB 0.2 1 0.2 NY 0.0 1 0.0 Other PCSB $4.5 44 $198.2 Total Office Maturities - Asset Quality Average LTV Average DSC Average Loan Size Outstanding Loan Size 50% 1.56x $3.7 $187.2 Core 175% 0.42x 5.5 11.0 Criticized + Classified 57% 1.49x $3.7 $198.2 Total Q424 ▪ 28% ($198MM) of the Bank’s Office portfolio is maturing before 12/31/2026, 94% of which is Pass rated. Maturities are staggered in the next 24 months, with $105MM (53%) maturing in FY 2025. ▪ The Criticized + Classified population consists of only two loans : One $ 10 . 8 MM Boston CBD (core business district) exposure and one $ 200 K New Rochelle, NY exposure . ▪ After nearly a year of negotiations with the Sponsor and participant bank, the Boston CBD office building securing the $10.8MM Classified loan is in negotiations to be sold in an arm’s - length - transaction at approximately $170 PSF. Buyer is a well - known developer in the Boston area with a successful track record of office - to - residential conversions. ▪ Overall, the portfolio has continued to perform relatively well with no meaningful deterioration during the quarter . The portfolio maintains a 90 % overall Pass rating . 19
Multi - Family Maturities, excludes Construction Multi - Family Maturities - Asset Quality Average DSC Average LTV Average Loan Size Outstanding Loan Size 51% 2.05x $1.7 $192.0 Core 72% 0.92x 5.1 15.3 Criticized + Classified 53% 1.97x $1.8 $207.4 Total Q424 ▪ 15% ($207MM) of the multi - family portfolio matures before 12/31/2026. 94% of the population is Pass rated, ▪ The maturing Criticized + Classified population is comprised of three loans: ― One $1MM loan to a 30 - unit apartment building in the Bronx, NY. ― Two related construction projects totaling $14.3MM for development of low income and affordable housing complexes in Wareham, MA. Currently in their stabilization phases and awaiting permanent financing from MassHousing. ▪ The vast majority (84%) of maturities are large Class B multi - family properties, followed by small multi - family properties (8%). ▪ The portfolio has performed strongly and remains healthy, as evidenced by a 97% overall Pass rating. 20
ICRE Repricing, excludes Construction and Swapped / Floating Rate Loans Q424 ICRE Repricing by Size Average Loan Size Number of Loans Outstanding Loan Size $14.5 4 $57.9 $10MM+ 6.7 13 86.6 $5MM - $10MM 2.2 93 202.1 $1MM - $5MM 0.4 137 60.9 Under $1MM $1.6 247 $407.5 Total 21
Consumer Loans – LTV / FICO Q424 22 700+ 87% 650 - 699 7% 600 - 649 2% 599 - N/A 3% 50% or less 32% 50% - 69% 38% 70% - 80% 26% 80%+ 4% 700+ 94% 50% or less 50% - 69% 32% 70% - 80% 32% 80%+ 2% Resid. 1 - 4 58% LTV 1% Resid. 1 - 4 FICO 650 - 699 3% Home Equity FICO Home Equity 34% 56% LTV
Well Diversified Deposit Base – 72% of Deposits are Insured* Consumer Deposits 47% (75% insured) Commercial Deposits 40% (62% insured) * Insured includes deposits which are collateralized. Q424 Municipal Deposits 3% Brokered Deposits 10% 23
Securities Portfolio Q424 ▪ Highly liquid, risk averse securities portfolio with prudent duration and minimal extension risk. The entire investment portfolio is classified as Available for Sale. ▪ The after tax, mark to market on the portfolio is included in Accumulated Other Comprehensive Income in Stockholders’ Equity. Total OCI represents a reduction in stockholders’ equity of 4.5%. UST 54% 24 Agency 20% Corp 1% MBS 21% CMO 2% Municipals 2% Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. Duration Book Yield Unreal. G/L Fair Value Book Value Current Par $ in millions 2.5 2.95% (25) $482 $507 $510 U.S. Treasuries 3.8 2.63% (19) 176 195 191 Agency Debentures 1.7 4.62% 0 12 12 13 Corp Bonds 5.1 3.11% (24) 187 211 222 Agency MBS 4.3 2.90% (1) 17 18 20 Agency CMO 2.4 3.62% 0 21 21 22 Municipals/Other 3.4 2.96% $ (69) $ 895 $ 964 $ 978 Total
Interest Rate Risk Floating (<3m) 28% Adj. 37% Fixed 35% 4Q24 Loan Originations, $491 million Total Loan Portfolio Mix – Duration 1.9 - 0.10% - 0.69% - 0.44% - 0.07% - 0.22% - 0.96% 0.62% 0.09% - 0.18% - 0.22% 2.15% Cumulative Net Interest Income Change by Quarter 12/31/2024 Flat Balance Sheet , simulations reflect a product weighted beta of 40% on total deposits. - 100bps Ramp Forward - Implied Rates +200bps Ramp Q1 - 25 Q2 - 24 Q3 - 24 Q4 - 24 1.38% Floating (<3m) 23% 25 Adj. 38% Fixed 39% Q424
Deposit and Funding Betas - Percentage Change in Cost versus Change in Federal Funds Rate Q424 26 Rising Interest Rate Environment Beta* Period Change Cycle End 2Q24 Cycle Start 4Q21 Rates / Costs 5.25% 5.50% 0.25% Fed Funds Rate 11% 0.60% 0.68% 0.08% NOW 51% 2.66% 2.76% 0.10% Savings 54% 2.82% 3.08% 0.26% MMA 70% 3.70% 4.43% 0.73% CDs 97% 5.09% 5.25% 0.16% Brokerd CDs 58% 3.07% 3.39% 0.32% Total Interest Bearing 0% 0.00% 0.00% 0.00% DDA 48% 2.52% 2.75% 0.23% Total Deposit Costs 56% 2.95% 5.00% 2.05% Borrowings 52% 2.74% 3.04% 0.30% Total Funding Costs Declining Interest Rate Environment Beta* Period Change Current 4Q24 Cycle End 2Q24 - 1.00% 4.50% 5.50% 1% - 0.01% 0.67% 0.68% 27% - 0.27% 2.49% 2.76% 43% - 0.43% 2.65% 3.08% 0% 0.00% 4.43% 4.43% 23% - 0.23% 5.02% 5.25% 23% - 0.23% 3.16% 3.39% 0% 0.00% 0.00% 0.00% 19% - 0.19% 2.56% 2.75% - 2% 0.02% 5.02% 5.00% 16% - 0.16% 2.88% 3.04% * Betas based on reported quarterly cost of funds (Betas expressed as absolute values); Does not capture the impact of lag effects and timing of rate moves. Cost of deposits reflects interest costs over the quarter on a blended product category basis. ▪ The Federal Reserve began increasing the Federal Funds rate in March 2022; increasing rates 5.25% through June 2024. ▪ On Sept 18, 2024 the FRB began reducing the Federal Funds rate with an initial cut of 50 basis points. ▪ Additional 25 basis point reductions occurred at both the November 7th and December 18th, 2024 meetings.
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Brookline Bancorp (NASDAQ:BRKL)
Graphique Historique de l'Action
De Jan 2025 à Fév 2025
Brookline Bancorp (NASDAQ:BRKL)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
