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Jun 30, 2020
Brookline Bancorp Q2 2020 Earnings Report
Reported net income of $19.6 million and EPS of $0.25.
Key Takeaways
Brookline Bancorp announced a net income of $19.6 million, or $0.25 per basic and diluted share, for the second quarter of 2020. Total assets increased to $9.1 billion, and total loans and leases were $7.4 billion, driven by PPP loans.
Net income for the second quarter of 2020 was $19.6 million, or $0.25 per share.
Total assets increased to $9.1 billion.
Total loans and leases reached $7.4 billion, driven by PPP loans.
A dividend of $0.115 per share was approved for the quarter ended June 30, 2020.
Brookline Bancorp
Brookline Bancorp
Forward Guidance
The company provided forward-looking statements regarding the potential effects of COVID-19 on its business, credit quality, financial condition, liquidity, and results of operations.
Challenges Ahead
- The length and extent of the economic contraction as a result of the COVID-19 pandemic.
- Continued deterioration in employment levels, general business and economic conditions on a national basis and in the local markets in which the Company operates.
- The possibility that future credit losses may be higher than currently expected.
- Changes in consumer behavior due to changing political business and economic conditions or legislative or regulatory initiatives.
- Reputational risk relating to the Company’s participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs.