Brookline Bancorp, Inc. (NASDAQ:BRKL) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 01:30 pm ET


Brookline Bancorp, Inc. (NASDAQ:BRKL) Q2 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Brookline Bancorp Incorporated Q2 2020 Earnings Conference Call and Webcast. [Operator Instructions]

I would now like to turn the conference call over to Ms. Marissa Martin of Brookline Bancorp. Ms. Martin, the floor is yours, ma'am.

Marissa Martin

Thank you, Mike and good afternoon, everyone. Yesterday, we issued our earnings release and presentation which is available on the Investor Relations page of our website, and has been filed with the SEC. This afternoon's call will be hosted by Brookline Bancorp's executive team, Paul A. Perrault and Carl M. Carlson.

Before we begin, please note, this presentation is being done from several different locations. So if there is a delay or technical problem. We appreciate your patience and understanding. This call may also contain forward-looking statements with respect to the financial condition, results of operation 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.

If you can join us on page 3 of the earnings presentation, I'm pleased to introduce Brookline Bancorp's President and CEO, Paul Perrault.

Paul A. Perrault

Thanks, Marissa and good afternoon, all. I am cautiously optimistic the positive trends we are seeing related to the pandemic in Massachusetts, Rhode Island and New York will continue. In both Massachusetts and Rhode Island, most areas are in phase 3 of the reopening process and every day economic activity seems to be slowly recovering. The health and safety of our employees and their families is our priority. And we continue to employ our work from home and bank by appointment protocols.

We continue to see traffic increases in our branches and offices, while maintaining our bank by appointment strategy, limiting the number of people in the branch at any one time for the safety of our employees as well as customers. And this has been well received by customers. At our headquarters here in Boston, as well as our operation centers approximately 70% of the Company's non-retail employees continue to work remotely minimizing potential exposure and ensuring social distancing. Our bankers were quite busy in the second quarter providing PPP loans and loan payment deferrals.

As we enter the third quarter, I'm happy to report those attentions will now be focused on returning most of the phase 1 customers to paying status and assisting PPP customers through the SBA loan forgiveness process when it is available. We will continue to work with a small segment of our customers who are still facing financial challenges related to that shutdown and