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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 March 31, 2022
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)
| | | | | | | | | | | | | | |
Delaware | | | 04-3402944 | |
(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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | BRKL | Nasdaq 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 filer | | ☒ | | Accelerated filer | | ☐ |
| | | | | | |
Non-accelerated filer | | ☐ (Do not check if a smaller reporting company) | | 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 April 30, 2022, the number of shares of common stock, par value $0.01 per share, outstanding was 77,465,685.
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
FORM 10-Q
Table of Contents
PART I — FINANCIAL INFORMATION
Item 1. Unaudited Consolidated Financial Statements
| | | | | | | | | | | |
BROOKLINE BANCORP, INC. AND SUBSIDIARIES Unaudited Consolidated Balance Sheets |
| At March 31, 2022 | | At December 31, 2021 |
| (In Thousands Except Share Data) |
ASSETS | | | |
Cash and due from banks | $ | 89,032 | | | $ | 66,265 | |
Short-term investments | 204,239 | | | 261,472 | |
Total cash and cash equivalents | 293,271 | | | 327,737 | |
Investment securities available-for-sale | 730,562 | | | 720,866 | |
| | | |
| | | |
Total investment securities | 730,562 | | | 720,866 | |
Allowance for investment security losses | (4) | | | — | |
Net investment securities | 730,558 | | | 720,866 | |
| | | |
Loans and leases: | | | |
Commercial real estate loans | 4,235,325 | | | 4,103,040 | |
Commercial loans and leases | 1,800,383 | | | 1,887,136 | |
Consumer loans | 1,187,422 | | | 1,164,281 | |
Total loans and leases | 7,223,130 | | | 7,154,457 | |
Allowance for loan and lease losses | (95,463) | | | (99,084) | |
Net loans and leases | 7,127,667 | | | 7,055,373 | |
Restricted equity securities | 29,066 | | | 28,981 | |
Premises and equipment, net of accumulated depreciation of $88,625 and $87,176, respectively | 69,365 | | | 70,359 | |
Right-of-use asset operating leases | 19,571 | | | 20,508 | |
Deferred tax asset | 46,886 | | | 38,987 | |
Goodwill | 160,427 | | | 160,427 | |
Identified intangible assets, net of accumulated amortization of $39,762 and $39,628, respectively | 2,142 | | | 2,276 | |
Other real estate owned ("OREO") and repossessed assets, net | 990 | | | 718 | |
Other assets | 153,793 | | | 176,390 | |
Total assets | $ | 8,633,736 | | | $ | 8,602,622 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
Deposits: | | | |
Demand checking accounts | $ | 1,903,331 | | | $ | 1,888,462 | |
| | | |
| | | |
| | | |
| | | |
| | | |
Interest-bearing deposits | 5,191,047 | | | 5,161,444 | |
Total deposits | 7,094,378 | | | 7,049,906 | |
Borrowed funds: | | | |
Advances from the Federal Home Loan Bank of Boston ("FHLBB") | 201,236 | | | 147,907 | |
Subordinated debentures and notes | 83,934 | | | 83,897 | |
Other borrowed funds | 107,727 | | | 125,517 | |
Total borrowed funds | 392,897 | | | 357,321 | |
Operating lease liabilities | 19,571 | | | 20,508 | |
Mortgagors' escrow accounts | 5,780 | | | 6,296 | |
Reserve for unfunded credits | 16,305 | | | 14,794 | |
| | | |
Accrued expenses and other liabilities | 122,870 | | | 158,455 | |
Total liabilities | 7,651,801 | | | 7,607,280 | |
| | | |
Commitments and contingencies (Note 12) | | | |
Stockholders' Equity: | | | |
| | | |
Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued and 85,177,172 shares issued, respectively | 852 | | | 852 | |
Additional paid-in capital | 737,658 | | | 736,826 | |
Retained earnings, partially restricted | 357,576 | | | 342,639 | |
Accumulated other comprehensive income (loss) | (29,322) | | | (110) | |
Treasury stock, at cost; 7,037,464 shares and 7,037,464 shares, respectively | (84,718) | | | (84,718) | |
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP"); 18,051 shares and 24,660 shares, respectively | (111) | | | (147) | |
| | | |
| | | |
Total stockholders' equity | 981,935 | | | 995,342 | |
Total liabilities and stockholders' equity | $ | 8,633,736 | | | $ | 8,602,622 | |
See accompanying notes to unaudited consolidated financial statements.
1
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
| (In Thousands Except Share Data) |
Interest and dividend income: | | | | | | | |
Loans and leases | $ | 71,721 | | | $ | 75,009 | | | | | |
Debt securities | 2,996 | | | 3,118 | | | | | |
Marketable and restricted equity securities | 328 | | | 301 | | | | | |
Short-term investments | 66 | | | 39 | | | | | |
Total interest and dividend income | 75,111 | | | 78,467 | | | | | |
Interest expense: | | | | | | | |
Deposits | 3,771 | | | 6,707 | | | | | |
Borrowed funds | 1,492 | | | 2,651 | | | | | |
Total interest expense | 5,263 | | | 9,358 | | | | | |
Net interest income | 69,848 | | | 69,109 | | | | | |
(Credit) provision for credit losses | (164) | | | (2,147) | | | | | |
Provision for investment losses | 4 | | | — | | | | | |
Net interest income after provision for credit losses | 70,008 | | | 71,256 | | | | | |
Non-interest income: | | | | | | | |
Deposit fees | 2,500 | | | 2,281 | | | | | |
Loan fees | 747 | | | 599 | | | | | |
Loan level derivative income, net | 686 | | | 474 | | | | | |
(Loss) gain on investment securities, net | — | | | (7) | | | | | |
Gain on sales of loans and leases held-for-sale | 344 | | | 709 | | | | | |
| | | | | | | |
Other | 1,252 | | | 738 | | | | | |
Total non-interest income | 5,529 | | | 4,794 | | | | | |
Non-interest expense: | | | | | | | |
Compensation and employee benefits | 26,884 | | | 25,821 | | | | | |
Occupancy | 4,284 | | | 4,004 | | | | | |
Equipment and data processing | 5,078 | | | 4,493 | | | | | |
Professional services | 1,226 | | | 1,226 | | | | | |
FDIC insurance | 728 | | | 1,044 | | | | | |
Advertising and marketing | 1,272 | | | 1,100 | | | | | |
Amortization of identified intangible assets | 134 | | | 232 | | | | | |
| | | | | | | |
Other | 2,881 | | | 2,891 | | | | | |
Total non-interest expense | 42,487 | | | 40,811 | | | | | |
Income before provision for income taxes | 33,050 | | | 35,239 | | | | | |
Provision for income taxes | 8,345 | | | 8,785 | | | | | |
| | | | | | | |
| | | | | | | |
Net income | $ | 24,705 | | | $ | 26,454 | | | | | |
Earnings per common share: | | | | | | | |
Basic | $ | 0.32 | | | $ | 0.34 | | | | | |
Diluted | 0.32 | | | 0.34 | | | | | |
Weighted average common shares outstanding during the year: | | | | | | | |
Basic | 77,617,227 | | | 78,143,752 | | | | | |
Diluted | 77,926,822 | | | 78,404,063 | | | | | |
Dividends paid per common share | $ | 0.125 | | | $ | 0.115 | | | | | |
See accompanying notes to unaudited consolidated financial statements.
2
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income (Loss)
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
| (In Thousands) |
Net income (loss) | $ | 24,705 | | | $ | 26,454 | | | | | |
| | | | | | | |
Investment securities available-for-sale: | | | | | | | |
Unrealized securities holding gains (losses) | (37,542) | | | (18,481) | | | | | |
| | | | | | | |
Income tax (expense) benefit | 8,275 | | | 4,073 | | | | | |
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes | (29,267) | | | (14,408) | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Cash flow hedges: | | | | | | | |
Change in fair value of cash flow hedges | 57 | | | 2 | | | | | |
Reclassification adjustment for (income) expense recognized in earnings | (2) | | | (2) | | | | | |
Net change in fair value of cash flow hedges | 55 | | | — | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Other comprehensive income (loss), net of taxes | (29,212) | | | (14,408) | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Comprehensive income (loss) | $ | (4,507) | | | $ | 12,046 | | | | | |
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 March 31, 2022 and 2021
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | — | | | — | | | 24,705 | | | — | | | — | | | — | | | | | | | 24,705 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | — | | | — | | | — | | | (29,212) | | | — | | | — | | | | | | | (29,212) | |
Common stock dividends of $0.125 per share | — | | | — | | | (9,705) | | | — | | | — | | | — | | | | | | | (9,705) | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Compensation under recognition and retention plans | — | | | 757 | | | (63) | | | — | | | — | | | — | | | | | | | 694 | |
Common stock held by ESOP committed to be released (6,609 shares) | — | | | 75 | | | — | | | — | | | — | | | 36 | | | | | | | 111 | |
| | | | | | | | | | | | | | | | | |
Balance at March 31, 2022 | $ | 852 | | | $ | 737,658 | | | $ | 357,576 | | | $ | (29,322) | | | $ | (84,718) | | | $ | (111) | | | | | | | $ | 981,935 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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, 2020 | $ | 852 | | | $ | 737,178 | | | $ | 264,892 | | | $ | 16,490 | | | $ | (77,343) | | | $ | (291) | | | | | | | $ | 941,778 | | |
Net income | — | | | — | | | 26,454 | | | — | | | — | | | — | | | | | | | 26,454 | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | — | | | — | | | — | | | (14,408) | | | — | | | — | | | | | | | (14,408) | | |
Common stock dividends of $0.115 per share | — | | | — | | | (8,992) | | | — | | | — | | | — | | | | | | | (8,992) | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Restricted stock awards issued, net of awards surrendered | — | | | 120 | | | — | | | — | | | (120) | | | — | | | | | | | — | | |
Compensation under recognition and retention plan | — | | | 537 | | | (53) | | | — | | | — | | | — | | | | | | | 484 | | |
| | | | | | | | | | | | | | | | | | |
Common stock held by ESOP committed to be released (6,612 shares) | — | | | 47 | | | — | | | — | | | — | | | 36 | | | | | | | 83 | | |
| | | | | | | | | | | | | | | | | | |
Balance at March 31, 2021 | $ | 852 | | | $ | 737,882 | | | $ | 282,301 | | | $ | 2,082 | | | $ | (77,463) | | | $ | (255) | | | | | | | $ | 945,399 | | |
See accompanying notes to unaudited consolidated financial statements.
4
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
| (In Thousands) |
Cash flows from operating activities: | | | |
Net income | $ | 24,705 | | | $ | 26,454 | |
Adjustments to reconcile net income to net cash provided from operating activities: | | | |
| | | |
Credit for provision for credit losses | (164) | | | (2,147) | |
| | | |
| | | |
Deferred income tax expense | 376 | | | 1,345 | |
Depreciation of premises and equipment | 1,461 | | | 1,318 | |
Amortization of investment securities premiums and discounts, net | 646 | | | 770 | |
Amortization of deferred loan and lease origination costs, net | 1,438 | | | 1,584 | |
Amortization of identified intangible assets | 134 | | | 232 | |
Amortization of debt issuance costs | 26 | | | 25 | |
Accretion of acquisition fair value adjustments, net | (3) | | | (51) | |
Loss on investment securities, net | — | | | 7 | |
Gain on sales of loans and leases held-for-sale | (344) | | | (709) | |
| | | |
| | | |
| | | |
(Recovery) write-down of OREO and other repossessed assets | (8) | | | 129 | |
Compensation under recognition and retention plans | 694 | | | 536 | |
ESOP shares committed to be released | 111 | | | 83 | |
Net change in: | | | |
Cash surrender value of bank-owned life insurance | (252) | | | (251) | |
| | | |
Other assets | 22,908 | | | 58,480 | |
Accrued expenses and other liabilities | (35,584) | | | (68,387) | |
Net cash provided from operating activities | 16,144 | | | 19,418 | |
| | | |
Cash flows from investing activities: | | | |
| | | |
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale | 36,251 | | | 46,184 | |
Purchases of investment securities available-for-sale | (84,135) | | | (49,514) | |
| | | |
| | | |
Proceeds from redemption/sales of restricted equity securities | 3,860 | | | 9,386 | |
Purchase of restricted equity securities | (3,945) | | | — | |
Proceeds from sales of loans and leases held-for-investment, net | 28,093 | | | 50 | |
Net increase in loans and leases | (100,454) | | | (995) | |
| | | |
| | | |
| | | |
Purchase of premises and equipment, net | (497) | | | (2,347) | |
Proceeds from sales of OREO and other repossessed assets | 427 | | | 385 | |
| | | |
Net cash (used for) provided from investing activities | (120,400) | | | 3,149 | |
| | | |
| | | (Continued) |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
See accompanying notes to unaudited consolidated financial statements.
5
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
| (In Thousands) |
Cash flows from financing activities: | | | |
Increase in demand checking, NOW, savings and money market accounts | 114,131 | | | 296,341 | |
Decrease in certificates of deposit | (69,659) | | | (340,207) | |
Proceeds from FHLBB advances | 230,000 | | | 63,300 | |
Repayment of FHLBB advances | (176,671) | | | (333,503) | |
| | | |
| | | |
| | | |
Decrease in other borrowed funds, net | (17,790) | | | (4,078) | |
(Decrease) increase in mortgagors' escrow accounts, net | (516) | | | 582 | |
| | | |
| | | |
| | | |
| | | |
Payment of dividends on common stock | (9,705) | | | (8,992) | |
| | | |
| | | |
| | | |
| | | |
| | | |
Net cash provided from (used for) financing activities | 69,790 | | | (326,557) | |
Net decrease in cash and cash equivalents | (34,466) | | | (303,990) | |
Cash and cash equivalents at beginning of period | 327,737 | | | 434,917 | |
Cash and cash equivalents at end of period | $ | 293,271 | | | $ | 130,927 | |
| | | |
Supplemental disclosure of cash flow information: | | | |
Cash paid during the period for: | | | |
Interest on deposits, borrowed funds and subordinated debt | $ | 6,331 | | | $ | 11,007 | |
Income taxes | 2,221 | | | 2,212 | |
Non-cash investing activities: | | | |
| | | |
Transfer from loans to other repossessed assets | $ | 691 | | | $ | 382 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
See accompanying notes to unaudited consolidated financial statements.
6
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 and Bank Rhode Island ("BankRI"), a Rhode Island-chartered financial institution (collectively referred to as the "Banks"). The Banks are both 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 30 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., Macrolease Corporation ("Macrolease"), BRI Investment Corp. and its wholly-owned subsidiary, BRI MSC Corp., operates 20 full-service banking offices in the greater Providence, Rhode Island area. 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 New England, 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 its subsidiaries Eastern Funding, which is based in New York City, New York, and Macrolease, which is based in Plainview, New York, respectively.
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 also subject to regulation under the laws of the Commonwealth of Massachusetts and the jurisdiction of the Massachusetts Division of Banks (the "DOB"). As a Rhode Island-chartered financial institution, BankRI is subject to regulation under the laws of the State of Rhode Island and the jurisdiction of the Banking Division of the Rhode Island Department of Business Regulation.
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 its charter from a Massachusetts savings bank 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. Brookline Bank’s deposit accounts are and will continue to be insured by the deposit insurance fund of the FDIC up to applicable limits. Term deposits in excess of the FDIC insurance coverage will continue to be insured by the DIF until they reach maturity. Clarendon Private is also subject to regulation by the SEC.
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, 2021.
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.
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
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
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 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.
(2) Recent Accounting Pronouncements
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 (“TDR”s) and also the disclosure of gross writeoff information included in required vintage disclosures. Management has determined that ASU 2022-02 does apply to the Company. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.
In August 2021, the FASB issued ASU 2021-06, "Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942), and Financial Services – Investment Companies (Topic 946)" ("ASU 2021-06"), which updated guidance to align with new SEC regulations with regards to statistical disclosures for banking and savings and loan institutions. This ASU is effective for fiscal years ending on or after December 15, 2021. The Company has adopted ASU 2021-06 as of December 31, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements.
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
(3) Investment Securities
Adoption of Topic 326
Effective January 1, 2020, the Company adopted the provisions of ASU 2016-13 using the modified retrospective method. There was a de minimis allowance for credit loss ("ACL") on available-for-sale debt securities recognized as of March 31, 2022.
The following tables set forth investment securities available-for-sale at the dates indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| At March 31, 2022 |
| Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value |
| (In Thousands) |
Investment securities available-for-sale: | | | | | | | |
GSE debentures | $ | 200,046 | | | $ | 296 | | | $ | 12,550 | | | $ | 187,792 | |
GSE CMOs | 25,077 | | | 1 | | | 821 | | | 24,257 | |
GSE MBSs | 183,166 | | | 121 | | | 7,419 | | | 175,868 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Corporate debt obligations | 22,147 | | | 66 | | | 4 | | | 22,209 | |
U.S. Treasury bonds | 337,402 | | | 79 | | | 17,540 | | | 319,941 | |
Foreign government obligations | 500 | | | — | | | 5 | | | 495 | |
| | | | | | | |
| | | | | | | |
Total investment securities available-for-sale | $ | 768,338 | | | $ | 563 | | | $ | 38,339 | | | $ | 730,562 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2021 |
| Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value |
| (In Thousands) |
Investment securities available-for-sale: | | | | | | | |
GSE debentures | $ | 219,723 | | | $ | 2,017 | | | $ | 4,235 | | | $ | 217,505 | |
GSE CMOs | 27,892 | | | 274 | | | 27 | | | 28,139 | |
GSE MBSs | 196,930 | | | 3,749 | | | 907 | | | 199,772 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Corporate debt obligations | 22,178 | | | 505 | | | — | | | 22,683 | |
U.S. Treasury bonds | 253,878 | | | 1,136 | | | 2,746 | | | 252,268 | |
| | | | | | | |
Foreign government obligations | 500 | | | — | | | 1 | | | 499 | |
| | | | | | | |
Total investment securities available-for-sale | $ | 721,101 | | | $ | 7,681 | | | $ | 7,916 | | | $ | 720,866 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
As of March 31, 2022, the fair value of all investment securities available-for-sale was $730.6 million, with net unrealized losses of $37.8 million, compared to a fair value of $720.9 million and net unrealized losses of $0.2 million as of December 31, 2021. As of March 31, 2022, $630.7 million, or 86.3% of the portfolio, had gross unrealized losses of $38.3 million, compared to $353.8 million, or 49.1% of the portfolio, with gross unrealized losses of $7.9 million as of December 31, 2021.
Investment Securities as Collateral
As of March 31, 2022 and December 31, 2021, respectively, $379.5 million and $491.8 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and Federal Home Loan Bank of Boston ("FHLBB") borrowings. The Banks had no outstanding FRB borrowings as of March 31, 2022 and December 31, 2021.
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Allowance for Credit Losses-Available-for-Sale Securities
For available-for-sale securities in an unrealized loss position, management first assesses whether (i) the Company intends to sell the security, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criterion is met,