Brookline Bancorp Q2 net income rises, announces dividend

Overview

• Brookline Bancorp Q2 net income rises to $22 mln, EPS $0.25

• Net interest income for Q2 increases due to lower funding costs and higher yields on loans and leases

• Company announces quarterly dividend at $0.135 per share

Outlook

• Company sees continued stress in Boston office sector affecting provisions

Result Drivers

• C&I PORTFOLIO GROWTH - Growth in commercial and industrial portfolio and deposits contributed to "solid" earnings

• DEPOSIT INCREASE - Increase in customer deposits helped drive financial performance

• NET INTEREST MARGIN EXPANSION - Lower funding costs and higher yields on loans and leases expanded net interest margin

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Brookline Bancorp Inc is $14.50, about 23.7% above its July 22 closing price of $11.07

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release: ID:nGNX1gyHY7