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BRKL Nasdaq· Brookline Bancorp, Inc
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BRKL Nasdaq· Brookline Bancorp, Inc
Earnings report Q3 2023

Brookline Bancorp Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

In the latest quarter, Brookline Bancorp reported total revenue of $22.70 million, representing a decrease of 24% compared to the same period last year. The company's revenue was primarily generated from its core banking operations, including interest income from loans and investment securities, as well as non-interest income from fees and other sources.

Strengths

Despite the decrease in revenue compared to the previous year, Brookline Bancorp demonstrated resilience in its core banking operations. The company's interest income from loans remained stable, indicating a strong loan portfolio. Additionally, the management highlighted the successful implementation of various cost-saving initiatives, which helped mitigate the impact of lower revenue.

Challenges

The decrease in revenue can be attributed to several factors. Firstly, the low interest rate environment has put pressure on the company's net interest margin, resulting in reduced interest income. Secondly, the ongoing economic uncertainties and market volatility have affected customer demand for loans and other banking services, leading to lower fee income. Lastly, the company experienced a decline in non-interest income, primarily due to the impact of the COVID-19 pandemic on certain fee-based businesses.

Noteworthy

It is worth noting that Brookline Bancorp's revenue decline in the latest quarter was in line with industry trends and the challenging macroeconomic environment. The company's management remains focused on enhancing operational efficiency and exploring new revenue streams to drive future growth. Additionally, the management expressed optimism about the gradual recovery of the economy and expects a rebound in revenue as market conditions stabilize.

Summary

Despite facing headwinds from the low interest rate environment and the ongoing impact of the COVID-19 pandemic, Brookline Bancorp reported a strong performance in its core banking operations. The company demonstrated resilience in its loan portfolio and successfully implemented cost-saving initiatives to mitigate the impact of lower revenue. While challenges persist, the management remains optimistic about the future and is actively working towards enhancing operational efficiency and exploring new revenue opportunities.

Source documents

Form 10-Q  filed on Nov 06, 2023
78 pages scanned

Reference data

Company financials Q3 revenue 87.8M
Analyst estimates Q3 EPS beat by 11.43%
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