Brookline Bancorp, Inc. (NASDAQ:BRKL) Q3 2024 Earnings Conference Call October 24, 2024 1:30 PM ET

Company Participants

Laura Vaughn - Attorney
Paul Perrault - Chairman and Chief Executive Officer
Carl Carlson - Co-President and Chief Financial Officer

Conference Call Participants

Mark Fitzgibbon - Piper Sandler
Laurie Hunsicker - Seaport
Christopher O'Connell - KBW
Steve Moss - Raymond James

Operator

Good afternoon, and welcome to Brookline Bancorp, Inc's. Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

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

Laura Vaughn

Thank you, Sara, 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 have 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 Perrault

Thank you, Laura, and good afternoon, everyone. Thank you for joining us for today's earnings call.

Performance improved in the quarter with net income of $20.1 million and earnings per share of $0.23. Loans grew by a modest $34 million. Customer deposits increased $103 million. And our margin increased 7 basis points. As market rates gradually return to normal, we expect to see our net interest margin continue to improve right through 2025.

I will now turn you over to Carl, who will review the company's third quarter results.

Carl Carlson

Thank you, Paul.

During the quarter, total assets grew $42 million, driven by loan growth of $34 million in C&I and consumer, while the equipment finance and commercial real estate portfolios declined. In the third quarter, we originated $459 million in loans at a weighted average coupon of 735 basis points. The weighted average coupon on the core loan portfolio declined 2 basis points during the quarter to 603 basis points at September 30. On a linked-quarter basis, the yield on the loan portfolio increased 15 basis points to 617 basis points.