Brookline Bancorp, Inc. (NASDAQ:BRKL) Q3 2022 Earnings Conference Call October 27, 2022 1:30 PM ET

Company Participants

Unidentified Company Representative - Attorney

Paul A. Perrault - Chairman and CEO

Carl M. Carlson - Co-President and CFO

Conference Call Participants

Mark Fitzgibbon - Piper Sandler

Laurie Hunsicker - Compass Point

Christopher O'Connell - KBW

Operator

Good afternoon and welcome to Brookline Bancorp Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. After today’s presentation there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Brookline Bancorp's Attorney, Laura Vaughn [ph]. Please go ahead.

Unidentified Company Representative

Thank you, Tia 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. 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 A. Perrault

Thank you, Laura. Good afternoon, everyone and thank you for joining us on today's call. I'm pleased to report we had near record earnings of $30.1 million or $0.39 per share and that the Board has approved a 4% increase to our quarterly dividend, bringing it to $0.135 per share. Our loan portfolio grew $129 million or 7% annualized and our net interest margin for the third quarter was 3.80%, an increase of 24 basis points from Q2. We continue to see good commercial loan and deposit activity in our markets despite the significant rise in short-term interest rates. The teams at both PCSB Bank and Brookline continue to prepare for the transaction which we anticipate will close in the fourth quarter. I will now turn you over to Carl, who will review the company's third quarter results in more detail.