Brookline Bancorp, Inc. (NASDAQ:BRKL) Q2 2022 Earnings Conference Call July 28, 2022 1:30 PM ET

Company Participants

Paul Perrault - Chairman & Chief Executive Officer

Carl Carlson - Co-President & Chief Financial Officer

Conference Call Participants

Mark Fitzgibbon - Piper Sandler

Chris O'Connell - KBW

Laurie Hunsicker - Compass Point

Operator

Good afternoon, and thank you for attending today's Brookline Bancorp Second Quarter 2022 Earnings Call. My name is Daniel, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]

I would now like to pass the conference over to our host, Laura Vaugh [ph] with Brookline Bancorp as the Attorney. Laura please proceed.

Unidentified Company Representative

Thank you Daniel 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 conditions, 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 welcome to you, and good afternoon everyone. Thank you for joining us on today's call. I'm pleased to report, we had another quarter of solid earnings of $25.2 million or $0.33 per share and the Board approved a quarterly dividend payment of $0.13 per share.

On an annualized basis, our core loan portfolio grew $82 million or 4.5% annualized and our net interest margin for the second quarter was 3.56%, an increase of seven basis points from the first quarter. We continue to see solid commercial loan and deposit activity in our markets despite the significant rise in short-term rates. I'm pleased with all of the progress the teams at both PCSB Bank and Brookline have been making and continue to expect the transaction to close in the fourth quarter of this year.