Brookline Bancorp, Inc. (NASDAQ:BRKL) Q3 2023 Earnings Conference Call October 26, 2023 1:30 PM ET

Company Participants

Laura Vaughn - Attorney

Paul Perrault - Chairman and CEO

Carl Carlson - Co-President and CFO

Conference Call Participants

Mark Fitzgibbon - Piper Sandler

Nick Cucharale - Hovde Group

Steve Moss - Raymond James

Laurie Hunsicker - Seaport Research Partners

Christopher O'Connell - KBW

Operator

Good afternoon, and welcome to the Brookline Bancorp, Inc.'s Third Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.

I now like to turn the conference over to Brookline Bancorp's Attorney, Laura Vaughn. Please go ahead.

Laura Vaughn

Thank you, Alex, and good afternoon, everyone. Yesterday, we issued our earnings release and presentation, which is available on the Investor Relations page of our website, brooklinebancorp.com and has been filed with the SEC. We will not be doing a slide flip this quarter. This afternoon's call will be hosted by Paul A. Perrault and Carl M. Carlson.

This call may contain forward-looking statements with respect to the financial condition, results of operations and business of Brookline Bancorp. Please refer to Page 2 of our earnings presentation for our forward-looking statement disclaimer. Also, please refer to our other filings with the Securities and Exchange Commission, which contain risk factors that could cause actual results to differ materially from these forward-looking statements.

Any references made during this presentation to non-GAAP measures are only made to assist you in understanding Brookline Bancorp's results and performance trends and should not be relied on as financial measures, of actual results or future predictions. For a comparison and reconciliation to GAAP earnings, please see our earnings release.

I'm pleased to introduce Brookline Bancorp's Chairman and CEO, Paul Perrault.

Paul Perrault

Thanks, Laura, and good afternoon, everyone.

Thank you for joining us for today's earnings call. Yesterday, we reported net income for the quarter of $22.7 million or $0.26 a share. Our bankers remain active, and we continue to see lots of opportunities to bank strong new relationships in our markets.

The loan portfolio grew by $40 million and customer deposits grew by $88 million in the quarter. Nonperforming assets increased slightly in the quarter off historically low levels, and remain less than half of 1% of total assets.

Net charge-offs for the quarter were $11 million, which were largely previously reserved for. Net charge offs over the past 12 months represent approximately 14 basis points, while the allowance for loan loss represents 127 basis points of total loans.