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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)
Delaware04-3402944
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
131 Clarendon StreetBostonMA02116
(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 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
Page
Item 1.
  
  
  
  
  
  
  
 

PART I — FINANCIAL INFORMATION
Item 1. Unaudited Consolidated Financial Statements
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
At March 31, 2022At December 31, 2021
(In Thousands Except Share Data)
ASSETS
Cash and due from banks$89,032 $66,265 
Short-term investments204,239 261,472 
Total cash and cash equivalents293,271 327,737 
Investment securities available-for-sale 730,562 720,866 
Total investment securities730,562 720,866 
Allowance for investment security losses(4)— 
Net investment securities730,558 720,866 
Loans and leases:
Commercial real estate loans4,235,325 4,103,040 
Commercial loans and leases1,800,383 1,887,136 
Consumer loans1,187,422 1,164,281 
Total loans and leases7,223,130 7,154,457 
Allowance for loan and lease losses(95,463)(99,084)
Net loans and leases7,127,667 7,055,373 
Restricted equity securities29,066 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 leases19,571 20,508 
Deferred tax asset46,886 38,987 
Goodwill160,427 160,427 
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, net990 718 
Other assets153,793 176,390 
Total assets$8,633,736 $8,602,622 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Deposits:  
Demand checking accounts$1,903,331 $1,888,462 
 Interest-bearing deposits5,191,047 5,161,444 
Total deposits7,094,378 7,049,906 
Borrowed funds:  
Advances from the Federal Home Loan Bank of Boston ("FHLBB")201,236 147,907 
Subordinated debentures and notes83,934 83,897 
Other borrowed funds107,727 125,517 
Total borrowed funds392,897 357,321 
Operating lease liabilities19,571 20,508 
Mortgagors' escrow accounts5,780 6,296 
Reserve for unfunded credits16,305 14,794 
Accrued expenses and other liabilities122,870 158,455 
Total liabilities7,651,801 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 capital737,658 736,826 
Retained earnings, partially restricted357,576 342,639 
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' equity981,935 995,342 
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,
20222021
(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases$71,721 $75,009 
Debt securities2,996 3,118 
Marketable and restricted equity securities328 301 
Short-term investments66 39 
Total interest and dividend income75,111 78,467 
Interest expense:
Deposits3,771 6,707 
Borrowed funds 1,492 2,651 
Total interest expense5,263 9,358 
Net interest income69,848 69,109 
(Credit) provision for credit losses(164)(2,147)
Provision for investment losses4 — 
Net interest income after provision for credit losses70,008 71,256 
Non-interest income:
Deposit fees2,500 2,281 
Loan fees747 599 
Loan level derivative income, net686 474 
(Loss) gain on investment securities, net— (7)
Gain on sales of loans and leases held-for-sale344 709 
Other1,252 738 
Total non-interest income5,529 4,794 
Non-interest expense:
Compensation and employee benefits26,884 25,821 
Occupancy4,284 4,004 
Equipment and data processing5,078 4,493 
Professional services1,226 1,226 
FDIC insurance728 1,044 
Advertising and marketing1,272 1,100 
Amortization of identified intangible assets134 232 
Other2,881 2,891 
Total non-interest expense42,487 40,811 
Income before provision for income taxes33,050 35,239 
Provision for income taxes8,345 8,785 
Net income $24,705 $26,454 
Earnings per common share:
Basic$0.32 $0.34 
Diluted0.32 0.34 
Weighted average common shares outstanding during the year:
Basic77,617,227 78,143,752 
Diluted77,926,822 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,
20222021
(In Thousands)
Net income (loss)$24,705 $26,454 
Investment securities available-for-sale:
Unrealized securities holding gains (losses)(37,542)(18,481)
Income tax (expense) benefit8,275 4,073 
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes(29,267)(14,408)
Cash flow hedges:
Change in fair value of cash flow hedges57 2 
Reclassification adjustment for (income) expense recognized in earnings(2)(2)
Net change in fair value of cash flow hedges55 — 
Other comprehensive income (loss), net of taxes(29,212)(14,408)
Comprehensive income (loss)$(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,
20222021
(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 equipment1,461 1,318 
Amortization of investment securities premiums and discounts, net646 770 
Amortization of deferred loan and lease origination costs, net1,438 1,584 
Amortization of identified intangible assets134 232 
Amortization of debt issuance costs26 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 plans694 536 
ESOP shares committed to be released111 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 activities16,144 19,418 
Cash flows from investing activities:
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale36,251 46,184 
Purchases of investment securities available-for-sale(84,135)(49,514)
Proceeds from redemption/sales of restricted equity securities3,860 9,386 
Purchase of restricted equity securities(3,945)— 
Proceeds from sales of loans and leases held-for-investment, net28,093 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 assets427 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,
20222021
(In Thousands)
Cash flows from financing activities:
Increase in demand checking, NOW, savings and money market accounts114,131 296,341 
Decrease in certificates of deposit(69,659)(340,207)
Proceeds from FHLBB advances230,000 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 activities69,790 (326,557)
Net decrease in cash and cash equivalents(34,466)(303,990)
Cash and cash equivalents at beginning of period327,737 434,917 
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 taxes2,221 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
7
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.

8
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 CMOs25,077 1 821 24,257 
GSE MBSs183,166 121 7,419 175,868 
Corporate debt obligations22,147 66 4 22,209 
U.S. Treasury bonds337,402 79 17,540 319,941 
Foreign government obligations500 — 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 CMOs27,892 274 27 28,139 
GSE MBSs196,930 3,749 907 199,772 
Corporate debt obligations22,178 505 — 22,683 
U.S. Treasury bonds253,878 1,136 2,746 252,268 
Foreign government obligations500 — 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.
9
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,