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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from           N/A           to                                 .
Commission file number 0-23695

BROOKLINE BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware04-3402944
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
131 Clarendon Street
Boston MA
02116
(Address of principal executive offices)(Zip Code)
(617) 425-4600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockBRKLNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes    No  
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No  
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12-b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller Reporting Company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No     
                                                                                                                                              
At July 31, 2023, the number of shares of common stock, par value $0.01 per share, outstanding was 88,665,135.



BROOKLINE BANCORP, INC. AND SUBSIDIARIES
FORM 10-Q
Table of Contents
Page
Item 1.
  
  
  
  
  
  
  
 


PART I — FINANCIAL INFORMATION
Item 1. Unaudited Consolidated Financial Statements
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
At June 30, 2023At December 31, 2022
(In Thousands Except Share Data)
ASSETS
Cash and due from banks$44,323 $191,767 
Short-term investments180,109 191,192 
Total cash and cash equivalents224,432 382,959 
Investment securities available-for-sale, net 910,210 656,766 
Total investment securities910,210 656,766 
Allowance for investment security losses(433)(102)
Net investment securities909,777 656,664 
Loans and leases:
Commercial real estate loans5,670,771 4,404,148 
Commercial loans and leases2,193,027 2,016,499 
Consumer loans1,477,001 1,223,741 
Total loans and leases9,340,799 7,644,388 
Allowance for loan and lease losses(125,817)(98,482)
Net loans and leases9,214,982 7,545,906 
Restricted equity securities71,421 71,307 
Premises and equipment, net of accumulated depreciation of $102,158 and $92,219, respectively
90,685 71,391 
Right-of-use asset operating leases31,774 19,484 
Deferred tax asset77,704 52,237 
Goodwill241,222 160,427 
Identified intangible assets, net of accumulated amortization of $44,043 and $40,123, respectively
28,126 1,781 
Other real estate owned ("OREO") and repossessed assets, net602 408 
Other assets315,353 223,272 
Total assets$11,206,078 $9,185,836 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Deposits:  
Demand checking accounts$1,843,516 $1,802,518 
 Interest-bearing deposits6,673,497 4,719,628 
Total deposits8,517,013 6,522,146 
Borrowed funds:  
Advances from the Federal Home Loan Bank of Boston and New York ("FHLB")1,043,381 1,237,823 
Subordinated debentures and notes84,116 84,044 
Other borrowed funds98,773 110,785 
Total borrowed funds1,226,270 1,432,652 
Operating lease liabilities33,021 19,484 
Mortgagors' escrow accounts17,207 5,607 
Reserve for unfunded credits22,789 20,602 
Accrued expenses and other liabilities227,470 193,220 
Total liabilities10,043,770 8,193,711 
Commitments and contingencies (Note 12)
Stockholders' Equity:  
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued and 85,177,172 shares issued, respectively
970 852 
Additional paid-in capital905,084 736,074 
Retained earnings417,328 412,019 
Accumulated other comprehensive (loss) income(66,156)(61,947)
Treasury stock, at cost; 7,734,891 shares and 7,731,445 shares, respectively
(94,918)(94,873)
Total stockholders' equity1,162,308 992,125 
Total liabilities and stockholders' equity$11,206,078 $9,185,836 
See accompanying notes to unaudited consolidated financial statements.
1

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases$132,299 $74,287 $254,230 $146,008 
Debt securities8,034 3,249 15,904 6,245 
Restricted equity securities1,673 337 2,928 665 
Short-term investments3,351 156 4,846 222 
Total interest and dividend income145,357 78,029 277,908 153,140 
Interest expense:
Deposits43,147 4,282 72,515 8,053 
Borrowed funds 16,173 1,880 33,307 3,372 
Total interest expense59,320 6,162 105,822 11,425 
Net interest income86,037 71,867 172,086 141,715 
Provision for credit losses5,726 173 31,070 9 
Provision for investment losses133 54 331 58 
Net interest income after provision for credit losses80,178 71,640 140,685 141,648 
Non-interest income:
Deposit fees2,866 2,744 5,523 5,244 
Loan fees491 666 882 1,413 
Loan level derivative income, net363 1,615 2,736 2,301 
Gain on investment securities, net3  1,704  
Gain on sales of loans and leases held-for-sale308 291 1,946 635 
Other1,431 1,612 5,608 2,864 
Total non-interest income5,462 6,928 18,399 12,457 
Non-interest expense:
Compensation and employee benefits33,438 28,772 70,003 55,656 
Occupancy4,870 3,807 10,093 8,091 
Equipment and data processing6,531 4,931 12,993 10,009 
Professional services1,986 1,219 3,416 2,445 
FDIC insurance2,609 739 3,853 1,467 
Advertising and marketing1,382 1,319 2,792 2,591 
Amortization of identified intangible assets1,954 120 3,920 254 
Merger and acquisition expense1,002 535 7,411 535 
Other4,053 3,429 8,120 6,310 
Total non-interest expense57,825 44,871 122,601 87,358 
Income before provision for income taxes27,815 33,697 36,483 66,747 
Provision for income taxes5,965 8,502 7,073 16,847 
Net income $21,850 $25,195 $29,410 $49,900 
Earnings per common share:
Basic$0.25 $0.33 $0.34 $0.65 
Diluted0.25 0.33 0.34 0.65 
Weighted average common shares outstanding during the year:
Basic88,665,135 77,091,013 87,620,194 77,352,666 
Diluted88,926,543 77,419,288 87,887,980 77,671,601 
Dividends paid per common share$0.135 $0.130 $0.270 $0.255 

See accompanying notes to unaudited consolidated financial statements.
2

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In Thousands)
Net income$21,850 $25,195 $29,410 $49,900 
Investment securities available-for-sale:
Unrealized securities holding gains (losses)(13,506)(20,092)(3,366)(57,633)
Income tax (expense) benefit3,233 4,428 1,004 12,702 
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes(10,273)(15,664)(2,362)(44,931)
Cash flow hedges:
Change in fair value of cash flow hedges(5,765)38 (3,040)94 
Income tax (expense) benefit1,500 (29)791 (30)
Net change in fair value of cash flow hedges, net of taxes(4,265)9 (2,249)64 
Less reclassification adjustment for change in fair value of cash flow hedges:
         Gain (loss) on change in fair value of cash flow hedges(1,446) (543) 
Income tax (expense) benefit376  141  
Net reclassification adjustment for change in fair value of cash flow hedges(1,070) (402) 
Net change in fair value of cash flow hedges(3,195)9(1,847)64
Other comprehensive income (loss), net of taxes(13,468)(15,655)(4,209)(44,867)
Comprehensive income $8,382 $9,540 $25,201 $5,033 

See accompanying notes to unaudited consolidated financial statements.
3

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Changes in Stockholders' Equity
Three Months Ended June 30, 2023 and 2022

Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Unallocated
Common Stock
Held by ESOP
Total Stockholders'
Equity
 (In Thousands)
Balance at March 31, 2023$970 $904,174 $407,528 $(52,688)$(94,918) $1,165,066 
Net income— — 21,850 — — — 21,850 
PCSB acquisition— — — — — — 
Other comprehensive income (loss)— — — (13,468)— — (13,468)
Common stock dividends of $0.135 per share
— — (11,969)— — — (11,969)
Compensation under recognition and retention plans— 910 (81)— — — 829 
Balance at June 30, 2023$970 $905,084 $417,328 $(66,156)$(94,918)$ $1,162,308 
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Unallocated
Common Stock
Held by ESOP
Total Stockholders'
Equity
 (In Thousands)
Balance at March 31, 2022$852 $737,658 $357,576 $(29,322)$(84,718)$(111)$981,935 
Net income— — 25,195 — — — 25,195 
Other comprehensive income (loss)— — — (15,655)— — (15,655)
Common stock dividends of $0.130 per share
— — (10,030)— — — (10,030)
Restricted stock awards issued, net of awards surrendered— 23 — — (27)— (4)
Compensation under recognition and retention plan— 804 (64)— — — 740 
Treasury stock, repurchase shares— — — — (13,780)— (13,780)
Common stock held by ESOP committed to be released (6,609 shares)
— 59 — — — 36 95 
Balance at June 30, 2022$852 $738,544 $372,677 $(44,977)$(98,525)$(75)$968,496 
See accompanying notes to unaudited consolidated financial statements.
4

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Changes in Stockholders' Equity
Six Months Ended June 30, 2023 and 2022
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Unallocated
Common Stock
Held by ESOP
Total Stockholders'
Equity
 (In Thousands)
Balance at December 31, 2022$852 $736,074 $412,019 $(61,947)$(94,873)$ $992,125 
Net income— — 29,410 — — — 29,410 
PCSB acquisition$118 $167,212 167,330 
Other comprehensive income (loss)— — — (4,209)— — (4,209)
Common stock dividends of $0.270 per share
— — (23,939)— — — (23,939)
Restricted stock awards issued, net of awards surrendered— (8)— — (45)— (53)
Compensation under recognition and retention plans— 1,806 (162)— — — 1,644 
Balance at June 30, 2023$970 $905,084 $417,328 $(66,156)$(94,918)$ $1,162,308 
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
 Income (Loss)
Treasury
Stock
Unallocated
Common Stock
Held by ESOP
Total Stockholders'
Equity
 (In Thousands)
Balance at December 31, 2021$852 $736,826 $342,639 $(110)$(84,718)$(147)$995,342 
Net Income— — 49,900 — — — 49,900 
Other comprehensive income (loss)— — — (44,867)— — (44,867)
Common stock dividends of $0.255 per share
— — (19,735)— — — (19,735)
Restricted stock awards issued, net of awards surrendered— 23 — — (27)— (4)
Compensation under recognition and retention plans— 1,561 (127)— — — 1,434 
Treasury stock, repurchase shares— — — — (13,780)— (13,780)
Common stock held by ESOP committed to be released (13,218 shares)
— 134 — — — 72 206 
Balance at June 30, 2022$852 $738,544 $372,677 $(44,977)$(98,525)$(75)$968,496 

See accompanying notes to unaudited consolidated financial statements.
5


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
Six Months Ended June 30,
20232022
(In Thousands)
Cash flows from operating activities:
Net income $29,410 $49,900 
Adjustments to reconcile net income to net cash provided from operating activities:
Provision for credit losses31,070 9 
Deferred income tax expense 210 953 
Depreciation of premises and equipment3,926 2,933 
(Accretion) amortization of investment securities premiums and discounts, net(4,910)1,175 
Amortization of deferred loan and lease origination costs, net2,162 2,797 
Amortization of identified intangible assets3,920 254 
Amortization of debt issuance costs50 50 
(Accretion) amortization of acquisition fair value adjustments, net(5,706)11 
Gain on investment securities, net(1,704) 
Gain on sales of loans and leases held-for-sale(1,946)(635)
Write-down of other repossessed assets60 92 
Compensation under recognition and retention plans1,643 1,434 
ESOP shares committed to be released 206 
Net change in:
Cash surrender value of bank-owned life insurance(316)(507)
Other assets (19,700)6,483 
Accrued expenses and other liabilities10,618 (26,889)
Net cash provided from operating activities48,787 38,266 
Cash flows from investing activities:
Proceeds from sales of investment securities available-for-sale229,981  
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale178,240 67,361 
Purchases of investment securities available-for-sale(279,009)(123,121)
Proceeds from redemption/sales of restricted equity securities33,550 9,161 
Purchase of restricted equity securities(29,662)(15,586)
Proceeds from sales of loans and leases held-for-investment, net163,442 72,277 
Net increase in loans and leases(558,492)(215,936)
Acquisitions, net of cash and cash equivalents acquired(80,209) 
Purchase of premises and equipment, net(8,648)(2,190)
Proceeds from sales of other repossessed assets820 1,043 
Net cash used for investing activities(349,987)(206,991)
(Continued)
See accompanying notes to unaudited consolidated financial statements.
6

Six Months Ended June 30,
20232022
(In Thousands)
Cash flows from financing activities:
Decrease in demand checking, NOW, savings and money market accounts(321,664)(44,540)
Increase (decrease) in certificates of deposit and brokered deposits748,514 (110,909)
Proceeds from FHLB advances4,486,000 1,135,000 
Repayment of FHLB advances(4,733,516)(974,940)
Decrease in other borrowed funds, net(12,012)(39,254)
Decrease in mortgagors' escrow accounts, net(710)(525)
Repurchases of common stock (13,780)
Payment of dividends on common stock(23,939)(19,735)
Net cash provided from (used for) financing activities142,673 (68,683)
Net decrease in cash and cash equivalents(158,527)(237,408)
Cash and cash equivalents at beginning of period382,959 327,737 
Cash and cash equivalents at end of period$224,432 $90,329 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest on deposits, borrowed funds and subordinated debt$102,211 $11,230 
Income taxes8,391 13,126 
Non-cash investing activities:
Transfer from loans to other repossessed assets$1,074 $924 
Acquisition of PCSB Financial Corporation:
Fair value of assets acquired, net of cash and cash equivalents acquired$1,931,528 $ 
Fair value of liabilities assumed1,676,110  
Common stock issued118  


See accompanying notes to unaudited consolidated financial statements.
7

BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements
(1) Basis of Presentation
Overview
Brookline Bancorp, Inc. (the "Company") is a bank holding company (within the meaning of the Bank Holding Company Act of 1956, as amended) and the parent of Brookline Bank, a Massachusetts-chartered trust company; Bank Rhode Island ("BankRI"), a Rhode Island-chartered financial institution; and PCSB Bank, a New York-chartered commercial bank (collectively referred to as the "Banks"). The Banks are members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. ("BSC") and Clarendon Private, LLC ("Clarendon Private"). The Company's primary business is to provide commercial, business and retail banking services to its corporate, municipal and retail customers through the Banks and its non-bank subsidiaries.
Brookline Bank, which includes its wholly-owned subsidiaries, Longwood Securities Corp. ("LSC"), Eastern Funding LLC ("Eastern Funding") and First Ipswich Insurance Agency, operates 29 full-service banking offices in the greater Boston metropolitan area with two additional lending offices. BankRI, which includes its wholly-owned subsidiaries, Acorn Insurance Agency, BRI Realty Corp., BRI Investment Corp. and its wholly-owned subsidiary, BRI MSC Corp., operates 20 full-service banking offices in the greater Providence, Rhode Island area. Macrolease Corporation, previously a subsidiary of BankRI, was merged into Eastern Funding LLC in the second quarter of 2022. PCSB Bank, which includes its wholly-owned subsidiary, UpCounty Realty Corp., operates 14 full-service banking offices in the Lower Hudson Valley of New York. Clarendon Private is a registered investment advisor with the Securities and Exchange Commission ("SEC"). Through Clarendon Private, the Company offers a wide range of wealth management services to individuals, families, endowments and foundations to help these clients meet their long-term financial goals.
The Banks' activities include acceptance of commercial, municipal and retail deposits, origination of mortgage loans on commercial and residential real estate located principally in Central New England and the Lower Hudson Valley of New York State, origination of commercial loans and leases to small- and mid-sized businesses, investment in debt and equity securities, and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through it subsidiary Eastern Funding, which operates in New York City, New York, and Plainview, New York.
The Company and the Banks are supervised, examined and regulated by the Board of Governors of the Federal Reserve System (the "FRB"). As a Massachusetts-chartered trust company, Brookline Bank is subject to supervision, examination and regulation by the Massachusetts Division of Banks (the "MDOB"). As a Rhode Island-chartered financial institution, BankRI is subject to supervision, examination and regulation by the Banking Division of the Rhode Island Department of Business Regulation (the "RIBD"). As a New York- chartered commercial bank, PCSB Bank is subject to supervision, examination and regulation by the New York State Department of Financial Services. Clarendon Private is also subject to regulation by the SEC.
The Federal Deposit Insurance Corporation ("FDIC") offers insurance coverage on all deposits up to $250,000 per depositor at each of the Banks. As FDIC-insured depository institutions, the Banks are also subject to supervision, examination and regulation by the FDIC. As previously disclosed, on July 31, 2019, Brookline Bank converted to a Massachusetts-chartered trust company and ended its membership in the Depositors Insurance Fund (the “DIF”), a private industry-sponsored fund which insures Massachusetts-chartered bank deposit balances in excess of federal deposit insurance coverage. Brookline Bank’s growth in deposit size necessitated its withdrawal from the DIF and the concurrent charter conversion. Term deposits in excess of the FDIC insurance coverage as of July 31, 2019 will continue to be insured by the DIF until they reach maturity.
Basis of Financial Statement Presentation
The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022. 
The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation.
8

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant changes in the near-term include the determination of the allowance for credit losses, the determination of fair market values of acquired assets and liabilities, including acquired loans, the review of goodwill and intangible assets for impairment and the review of deferred tax assets for valuation allowances.
The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses.
Reclassification
Certain previously reported amounts have been reclassified to conform to the current year's presentation.
Recent Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04") to provide optional expedients and exceptions for applying GAAP to certain contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients provided that those elections are retained through the end of the hedging relationship. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022 and do not apply to contract modifications made after December 31, 2022.
In January 2021, FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)" an update to address concerns around structural risk of interbank offered rates ("IBORs"), particularly, the risk of cessation of the LIBOR. The amendments in this update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848)" which deferred the sunset date of Topic 848 to December 31, 2024, to allow for a transition period after the sunset of LIBOR. The Company has adopted the amendments in these updates and established a LIBOR transition committee to guide the Company’s transition from LIBOR. The Company has completed much of the work to transition off the LIBOR index consistent with industry timelines. The working group has identified its products that utilize LIBOR and has implemented fallback language to facilitate the transition to alternative rates. The Company has also evaluated its infrastructure and identified fallback rates as well as started offering alternative indices and new products tied to these alternative indices. The Company does not anticipate the adoption of these standards to have a material impact to the consolidated financial statements.
In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The Company adopted ASU 2021-08 as of January 1, 2023 on a prospective basis. The adoption did not have a material impact on the Company's consolidated financial statements.
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" which addresses concerns regarding the complex accounting for loans modified as troubled debt restructurings (“TDRs”) and also the disclosure of gross writeoff information included in required vintage disclosures. The Company adopted ASU 2022-02 as of January 1, 2023. The enhanced disclosure requirements provided for by ASU 2022-02 were adopted on a prospective basis. Reporting periods prior to the adoption of ASU 2022-02 are presented in accordance with the applicable GAAP. The adoption did not have a material impact on the Company’s consolidated financial statements. Additional details can be found in Note 5, "Allowance for Credit Losses".
9

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
(2) Acquisitions
PCSB Financial Corporation
On January 1, 2023, the Company completed its previously announced acquisition (the “merger”) of PCSB Financial Corporation (“PCSB”). Pursuant to the merger agreement, each share of PCSB common stock outstanding at the effective time of the merger was converted into the right to receive, at the holder’s election, either $22.00 in cash consideration or 1.3284 shares of Company common stock for each share of PCSB common stock, subject to allocation procedures to ensure that 60% of the outstanding shares of PCSB common stock was converted to Company common stock. PCSB’s bank subsidiary, PCSB Bank, operates as a separate subsidiary of the Company and has 15 banking offices throughout the Lower Hudson Valley of New York State.
The transaction was accounted for as a business combination. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their fair values as of the merger effective date. The determination of fair value required management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to change. Fair value estimates of the assets acquired and liabilities assumed may be adjusted for a period up to one year (the measurement period) from the closing date of the merger if new information is obtained about facts and circumstances that existed as of the merger effective date that, if known, would have affected the measurement of the amounts recognized as of that date.
During the three and six months ended June 30, 2023, the Company incurred merger-related expenses totaling $1.0 million and $7.4 million, respectively.
The following table summarizes the preliminary purchase price allocation to the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition:
Net Assets Acquired at Fair Value
(In Thousands)
Purchase price consideration$297,791 
ASSETS
Cash42,373 
Investments366,790 
Loans1,336,737 
Allowance for credit losses on PCD loans(2,344)
Premises and equipment14,631 
Core deposit and other intangibles30,265 
Other assets104,654 
Total assets acquired$1,893,106 
LIABILITIES
Deposits$1,570,563 
Borrowings52,923 
Other liabilities52,624 
Total liabilities assumed$1,676,110 
Net assets acquired216,996 
Goodwill$80,795 
In connection with the merger, the Company recorded $80.8 million of goodwill, which represents the excess of the purchase price over the fair value of the net assets acquired.
10

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Fair values of the major categories of assets acquired and liabilities assumed were determined as follows:
Cash and Cash Equivalents
The fair values of cash and cash equivalents approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities.
Investments
The fair values for investment securities available-for-sale were based on quoted market prices, where available. If quoted market prices were not available, fair value estimates are based on observable inputs, including quoted market prices for similar instruments. Investment securities held-to-maturity were reclassified to investment securities available-for-sale based on the Company's intent at closing.
During the six months ended June 30, 2023, the Company restructured the investment portfolio acquired from PCSB. The Company sold approximately 75% of the portfolio which equates to $228.3 million of book value of predominantly longer dated Agency MBS, Agency CMOs, Corporate and Municipal securities. The weighted average duration of these securities was 6.1 years with an average risk weighting of assets of 33%. The Company recognized a $1.7 million gain from selling these securities.
Proceeds from the sale and additional cash on hand was used to purchase $295.6 million of short duration securities, the majority of which are US Treasuries, Agency MBS, and a small position of short term Municipal Bond Anticipation Notes. Additional details can be found in Note 3, "Investment Securities".
The weighted average duration of these securities was 2.1 years with an average risk weighting of assets of 4%.
Loans
The fair value of the loan portfolio was calculated on an individual loan basis using discounted cash flow analysis, with results presented and assumptions applied on a summary basis. This analysis took into consideration the contractual terms of the loans and assumptions related to the cost of debt, cost of equity, servicing cost and other liquidity/risk premium considerations to estimate the projected cash flows. The loss rates for the loans were estimated using Probability of Default (cumulative) and Loss Given Default assumptions. The assumptions used in determining the fair value of the loan portfolio were considered reasonable from a market-participant viewpoint.
The Company recorded a $49.8 million discount from the results of the loan accounting valuation.
Deposits - Core Deposits Intangible ("CDI")
Accounts included in the CDI include demand deposits, NOW accounts, money market accounts and savings accounts. The fair value of the CDI was derived from using a financial institution-specific income approach. Factors examined in the valuation of the CDI include customer attrition, deposit interest rates, service charge income, overhead expense, and costs of alternative funding.
The Company recorded a $30.3 million CDI from the results of the deposit valuation. The CDI is being amortized at an accelerated rate over 7 years using the sum-of-the-years method.
Certificates of Deposits
The certificates of deposits were recorded at fair value. The determination of the fair value was calculated using discounted cash flow analysis, which involved present valuing the contractual payments over the remaining life of the certificate of deposit at market based-rates.
The Company recorded a $3.2 million discount from the results of the certificate of deposit valuation.
Borrowings
The fair value of the FHLB advances were ascertained by using discounted cash flow analysis of the contractual payments over the remaining life of the advances at market-based interest rates. The FHLB advances were disaggregated on an individual advance basis and management used FHLB of New York rates as of December 30, 2022 as the market rate in the present value calculation.
11

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
The Company recorded a $0.3 million discount on the assumed FHLB advances.
PCD Loans and Leases
Purchased loans and leases that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchase credit deteriorated ("PCD"). For PCD loans and leases, the initial estimate of expected credit losses was established through an adjustment to the unpaid principal balance and non-credit discount at acquisition.
The following table reconciles the unpaid principal balance to the fair value of PCD loans and leases:
(In Thousands)
Total unpaid principal balance $16,824 
Allowance for credit losses at acquisition (2,344)
Non-credit discount (974)
Fair value $13,506 
Supplemental Pro Forma Financial Information
The following table summarizes supplemental pro forma financial information giving effect to the merger as if it had been completed on January 1, 2022:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In Thousands)
Net interest income86,037 88,366 172,086 170,606 
Non-interest income5,459 8,016 16,695 14,468 
Net income 23,445 28,460 47,942 37,648 
The supplemental pro forma financial information does not necessarily reflect the results of operations that would have occurred had Brookline Bancorp, Inc. merged with PCSB on January 1, 2022. The supplemental pro forma financial information includes the impact of (i) accreting and amortizing the discounts and premiums associated with the estimated fair value adjustments to acquired loans and leases, investment securities, deposits, and borrowings, (ii) the amortization of recognized intangible assets, (iii) accreting and amortizing the discounts and premiums associated with acquired premises and leases, and (iv) the related estimated income tax effects. Costs savings and other business synergies related to the merger are not included in the supplemental pro forma financial information.