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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, 2024

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 April 30, 2024, the number of shares of common stock, par value $0.01 per share, outstanding was 88,894,577.



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, 2024At December 31, 2023
(In Thousands Except Share Data)
ASSETS
Cash and due from banks$45,708 $34,514 
Short-term investments256,178 98,513 
Total cash and cash equivalents301,886 133,027 
Investment securities available-for-sale865,798 916,601 
Total investment securities865,798 916,601 
Allowance for investment security losses(398)(441)
Net investment securities865,400 916,160 
Loans held-for-sale6,717  
Loans and leases:
Commercial real estate loans5,755,239 5,764,529 
Commercial loans and leases2,416,904 2,399,668 
Consumer loans1,482,943 1,477,392 
Total loans and leases9,655,086 9,641,589 
Allowance for loan and lease losses(120,124)(117,522)
Net loans and leases9,534,962 9,524,067 
Restricted equity securities74,709 77,595 
Premises and equipment, net of accumulated depreciation of $102,439 and $100,408, respectively
89,707 89,853 
Right-of-use asset operating leases33,133 30,863 
Deferred tax asset60,484 56,952 
Goodwill241,222 241,222 
Identified intangible assets, net of accumulated amortization of $11,488 and $47,963, respectively
22,499 24,207 
Other real estate owned ("OREO") and repossessed assets, net1,817 1,694 
Other assets310,195 286,616 
Total assets$11,542,731 $11,382,256 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Deposits:  
Demand checking accounts$1,629,371 $1,678,406 
 Interest-bearing deposits7,089,282 6,869,719 
Total deposits8,718,653 8,548,125 
Borrowed funds:  
Advances from the Federal Home Loan Bank ("FHLB")1,150,153 1,223,226 
Subordinated debentures and notes84,223 84,188 
Other borrowed funds127,505 69,256 
Total borrowed funds1,361,881 1,376,670 
Operating lease liabilities34,235 31,998 
Mortgagors' escrow accounts16,245 17,239 
Reserve for unfunded credits15,807 19,767 
Accrued expenses and other liabilities201,679 189,813 
Total liabilities10,348,500 10,183,612 
Commitments and contingencies (Note 12)
Stockholders' Equity:  
Brookline Bancorp, Inc. stockholders' equity:  
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued and 96,998,075 shares issued, respectively
970 970 
Additional paid-in capital903,726 902,659 
Retained earnings441,285 438,722 
Accumulated other comprehensive (loss) income(60,841)(52,798)
Treasury stock, at cost; 7,354,399 shares and 7,354,399 shares, respectively
(90,909)(90,909)
Total stockholders' equity1,194,231 1,198,644 
Total liabilities and stockholders' equity$11,542,731 $11,382,256 
See accompanying notes to unaudited consolidated financial statements.
1

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income
Three Months Ended March 31,
20242023
(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases$145,265 $121,931 
Debt securities6,878 7,870 
Restricted equity securities1,492 1,255 
Short-term investments1,824 1,495 
Total interest and dividend income155,459 132,551 
Interest expense:
Deposits56,884 29,368 
Borrowed funds 16,987 17,134 
Total interest expense73,871 46,502 
Net interest income81,588 86,049 
Provision for credit losses on loans7,423 25,344 
Provision (credit) for credit losses on investments(44)198 
Net interest income after provision for credit losses74,209 60,507 
Non-interest income:
Deposit fees2,897 2,657 
Loan fees789 391 
Loan level derivative income, net437 2,373 
Gain on investment securities, net 1,701 
Gain on sales of loans and leases held-for-sale 1,638 
Other2,161 4,177 
Total non-interest income6,284 12,937 
Non-interest expense:
Compensation and employee benefits36,629 36,565 
Occupancy5,769 5,223 
Equipment and data processing7,031 6,462 
Professional services1,900 1,430 
FDIC insurance1,884 1,244 
Advertising and marketing1,574 1,410 
Amortization of identified intangible assets1,708 1,966 
Merger and acquisition expense 6,409 
Other4,519 4,067 
Total non-interest expense61,014 64,776 
Income before provision for income taxes19,479 8,668 
Provision for income taxes4,814 1,108 
Net income $14,665 $7,560 
Earnings per common share:
Basic$0.16 $0.09 
Diluted0.16 0.09 
Weighted average common shares outstanding during the year:
Basic88,894,577 86,563,641 
Diluted89,181,508 86,837,806 
Dividends paid per common share$0.135 $0.135 

See accompanying notes to unaudited consolidated financial statements.
2

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
Three Months Ended March 31,
20242023
(In Thousands)
Net income$14,665 $7,560 
Investment securities available-for-sale:
Unrealized securities holding gains (losses)(8,201)10,140 
    Income tax (expense) benefit1,924 (2,229)
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes(6,277)7,911 
Cash flow hedges:
Change in fair value of cash flow hedges(3,375)1,278 
   Income tax (expense) benefit789 (332)
Net change in fair value of cash flow hedges, net of taxes(2,586)946 
Less reclassification adjustment for change in fair value of cash flow hedges:
         Gain (loss) on change in fair value of cash flow hedges(1,102)(543)
Income tax (expense) benefit282 141 
Net reclassification adjustment for change in fair value of cash flow hedges(820)(402)
Net change in fair value of cash flow hedges(1,766)$1,348 
Other comprehensive gain (loss), net of taxes(8,043)9,259 
Comprehensive income $6,622 $16,819 

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, 2024 and 2023

Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total Stockholders'
Equity
 (In Thousands)
Balance at December 31, 2023$970 $902,659 $438,722 $(52,798)$(90,909)$1,198,644 
Net income— — 14,665 — — $14,665 
Other comprehensive income (loss)— — — (8,043)— $(8,043)
Common stock dividends of $0.135 per share
— — (12,001)— — $(12,001)
Restricted stock awards issued, net of awards surrendered— — — — — $— 
Compensation under recognition and retention plans— 1,067 (101)— — $966 
Balance at March 31, 2024$970 $903,726 $441,285 $(60,841)$(90,909)$1,194,231 
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total Stockholders'
Equity
 (In Thousands)
Balance at December 31, 2022$852 $736,074 $412,019 $(61,947)$(94,873)$992,125 
Net income— — 7,560 — — 7,560 
PCSB acquisition118 167,524 — — — 167,642 
Other comprehensive income (loss)— — — 9,259 — 9,259 
Common stock dividends of $0.135 per share
— — (11,970)— — (11,970)
Restricted stock awards issued, net of awards surrendered— (8)— — (45)(53)
Compensation under recognition and retention plan— 584 (81)— — 503 
Balance at March 31, 2023$970 $904,174 $407,528 $(52,688)$(94,918)$1,165,066 


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,
20242023
(In Thousands)
Cash flows from operating activities:
Net income $14,665 $7,560 
Adjustments to reconcile net income to net cash provided from operating activities:
Provision for credit losses7,379 25,542 
Deferred income tax expense (1,101)(1,470)
Depreciation of premises and equipment2,118 1,967 
(Accretion) amortization of investment securities premiums and discounts, net(1,693)(2,473)
(Accretion) amortization of premiums and discounts and deferred loan and lease origination costs, net(1,715)1,063 
Amortization of identified intangible assets1,708 1,966 
Amortization of debt issuance costs25 25 
Amortization (accretion) of acquisition fair value adjustments, net484 (3,176)
Gain on investment securities, net (1,701)
Gain on sales of loans and leases held-for-sale (1,638)
Write-down of other repossessed assets22 62 
Compensation under recognition and retention plans966 814 
Net change in:
Cash surrender value of bank-owned life insurance(489)138 
Other assets (25,395)6,787 
Accrued expenses and other liabilities11,866 (17,503)
Net cash provided from operating activities8,840 17,963 
Cash flows from investing activities:
Proceeds from sales of investment securities available-for-sale 224,832 
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale45,664 33,064 
Purchases of investment securities available-for-sale(1,369)(274,440)
Proceeds from redemption/sales of restricted equity securities6,866 16,198 
Purchase of restricted equity securities(3,980)(27,119)
Proceeds from sales of loans and leases held-for-investment, net 128,942 
Net increase in loans and leases(27,734)(430,373)
Acquisitions, net of cash and cash equivalents acquired (80,209)
Purchase of premises and equipment, net(2,002)(3,774)
Proceeds from sales of other repossessed assets309 89 
Net cash provided from (used for) investing activities17,754 (412,790)
(Continued)
See accompanying notes to unaudited consolidated financial statements.
5

Three Months Ended March 31,
20242023
(In Thousands)
Cash flows from financing activities:
Decrease in demand checking, NOW, savings and money market accounts(14,403)(383,919)
Increase in certificates of deposit and brokered deposits184,603 750,542 
Proceeds from FHLB advances315,000 4,266,000 
Repayment of FHLB advances(388,189)(4,098,408)
Increase (decrease) in other borrowed funds, net58,249 (23,220)
Decrease in mortgagors' escrow accounts, net(994)(837)
Payment of dividends on common stock(12,001)(11,970)
Net cash provided from financing activities142,265 498,188 
Net increase in cash and cash equivalents168,859 103,361 
Cash and cash equivalents at beginning of period133,027 382,959 
Cash and cash equivalents at end of period$301,886 $486,320 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest on deposits, borrowed funds and subordinated debt$67,233 $43,785 
Income taxes547 2,511 
Non-cash investing activities:
Transfer from loans and leases to loans held-for-sale$6,717 $ 
Transfer from loans to other repossessed assets$454 $251 
Acquisition of PCSB Financial Corporation:
Fair value of assets acquired, net of cash and cash equivalents acquired$ $1,931,528 
Fair value of liabilities assumed 1,676,110 
Common stock issued 118 


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; 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 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 Securities Corp., previously a subsidiary of the Company was dissolved in November 2023.
Brookline Bank, which includes its wholly-owned subsidiaries, Longwood Securities Corp., Eastern Funding LLC ("Eastern Funding") and First Ipswich Insurance Agency, operates 29 full-service banking offices in the Greater Boston metropolitan area with three 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 22 full-service banking offices in the greater Providence, Rhode Island area. 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 is based 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. 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. 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.
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, 2023. 
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 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,
7

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
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 2020, the Financial Accounting Standards Board ("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, the 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 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 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.
8

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
(3) Investment Securities
The following tables set forth investment securities available-for-sale at the dates indicated:
 At March 31, 2024
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (In Thousands)
Investment securities available-for-sale:
GSE debentures
$215,358 $177 $21,201 $194,334 
GSE CMOs65,582  5,766 59,816 
GSE MBSs180,852 41 18,869 162,024 
Municipal obligations19,033 132 125 19,040 
Corporate debt obligations18,551 66 843 17,774 
U.S. Treasury bonds441,774 13 29,466 412,321 
Foreign government obligations500  11 489 
Total investment securities available-for-sale$941,650 $429 $76,281 $865,798 
 December 31, 2023
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
 (In Thousands)
Investment securities available-for-sale:
GSE debentures$220,604 $517 $19,994 $201,127 
GSE CMOs66,463 33 4,879 61,617 
GSE MBSs186,614 62 16,679 169,997 
Municipal obligations18,785 184 47 18,922 
Corporate debt obligations20,521 82 887 19,716 
U.S. Treasury bonds470,764 423 26,450 444,737 
Foreign government obligations500  15 485 
Total investment securities available-for-sale$984,251 $1,301 $68,951 $916,601 
As of March 31, 2024, the fair value of all investment securities available-for-sale was $865.8 million, with net unrealized losses of $75.9 million, compared to a fair value of $916.6 million and net unrealized losses of $67.7 million as of December 31, 2023. As of March 31, 2024, $788.6 million, or 91.1% of the portfolio, had gross unrealized losses of $76.3 million, compared to $717.2 million, or 77.8% of the portfolio, with gross unrealized losses of $69.0 million as of December 31, 2023.
As of March 31, 2024 and December 31, 2023, the Company held no securities as held to maturity; all securities were held as available-for-sale.
Investment Securities as Collateral
As of March 31, 2024 and December 31, 2023, respectively, $743.2 million and $791.2 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLB borrowings. The Banks had no outstanding FRB borrowings as of March 31, 2024 and December 31, 2023.
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, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither criterion is met, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors.
If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through the Allowance for Credit Losses ("ACL") is recognized in other comprehensive income. Adjustments to the allowance are reported as a component of credit loss expense. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivables associated with debt securities available-for-sale totaled $4.1 million as of March 31, 2024 and December 31, 2023.
A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a debt security placed on nonaccrual is reversed against interest income. There were no debt securities on nonaccrual status and therefore there was no accrued interest related to debt securities reversed against interest income for the three months ended March 31, 2024 and 2023.
Assessment for Available for Sale Securities for Impairment
Investment securities as of March 31, 2024 and December 31, 2023 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows:
 At March 31, 2024
 Less than
Twelve Months
Twelve Months
or Longer
Total
 Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
 (In Thousands)
Investment securities available-for-sale:      
GSE debentures$56,155 $525 $121,197 $20,676 $177,352 $21,201 
GSE CMOs11,137 464 48,679 5,302 59,816 5,766 
GSE MBSs22,198 479 136,520 18,390 158,718 18,869 
Municipal obligations403 4 3,672 121 4,075 125 
Corporate debt obligations  15,406 843 15,406 843 
U.S. Treasury bonds108,974 1,047 263,749 28,419 372,723 29,466 
Foreign government obligations  489 11 489 11 
Temporarily impaired investment securities available-for-sale198,867 2,519 589,712 73,762 788,579 76,281 
Total temporarily impaired investment securities$198,867 $2,519 $589,712 $73,762 $788,579 $76,281 
10

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
 At December 31, 2023
 Less than
Twelve Months
Twelve Months
or Longer
Total
 Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
 (In Thousands)
Investment securities available-for-sale:      
GSE debentures$10,964 $12 $121,993 $19,982 $132,957 $19,994 
GSE CMOs42,057 3,547 14,571 1,332 56,628 4,879 
GSE MBSs34,317 561 122,367 16,118 156,684 16,679 
Municipal obligations3,859 47   3,859 47 
Corporate debt obligations10,911 810 6,427 77 17,338 887 
U.S. Treasury bonds117,132 676 232,074 25,774 349,206 26,450 
Foreign government obligations  485 15 485 15 
Temporarily impaired investment securities available-for-sale219,240 5,653 497,917 63,298 717,157 68,951 
Total temporarily impaired investment securities$219,240 $5,653 $497,917 $63,298 $717,157 $68,951 

The Company performs regular analyses of the investment securities available-for-sale portfolio to determine whether a decline in fair value indicates that an investment security is impaired. In making these impairment determinations, management considers, among other factors, projected future cash flows; credit subordination and the creditworthiness; capital adequacy and near-term prospects of the issuers.
Management also considers the Company's capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a security investment is impaired and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a security is impaired and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company's consolidated statement of income.
Investment Securities Available-For-Sale Impairment Analysis
The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were impaired as of March 31, 2024. The Company has determined it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, management has determined that the investment securities are not impaired as of March 31, 2024. If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional impairment in future periods.
11

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
U.S. Government-Sponsored Enterprises
The Company invests in securities issued by U.S. Government-sponsored enterprises ("GSEs"), including GSE debentures, mortgage-backed securities ("MBSs"), and collateralized mortgage obligations ("CMOs"). GSE securities include obligations issued by the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC"), the Government National Mortgage Association ("GNMA"), the FHLB and the Federal Farm Credit Bank. As of March 31, 2024, the Company held GNMA MBSs and CMOs, and Small Business Administration ("SBA") commercial loan asset-backed securities in its available-for-sale portfolio with an estimated fair value of $38.4 million, all of which were backed explicitly by the full faith and credit of the U.S. Government, compared to $33.9 million as of December 31, 2023.
All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA/SBA) guarantee of the U.S. Government. Therefore, despite unrealized losses in some of the securities within the portfolio, management determined that the investment securities are not impaired. See discussion on the portfolio below.
As of March 31, 2024, the Company owned 40 GSE debentures with a total fair value of $194.3 million, and a net unrealized loss of $21.0 million. As of December 31, 2023, the Company held 43 GSE debentures with a total fair value of $201.1 million, with a net unrealized loss of $19.5 million. As of March 31, 2024, 36 of the 40 securities in this portfolio were in an unrealized loss position. As of December 31, 2023, 27 of the 43 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2024 and 2023, the Company did not purchase any GSE debentures.
As of March 31, 2024, the Company owned 60 GSE CMOs with a total fair value of $59.8 million and a net unrealized loss of $5.8 million. As of December 31, 2023, the Company held 60 GSE CMOs with a total fair value of $61.6 million with a net unrealized loss of $4.8 million. As of March 31, 2024, all of the securities in this portfolio were in an unrealized loss position. As of December 31, 2023, 57 of the 60 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2024 and 2023, the Company did not purchase any GSE CMOs.
As of March 31, 2024, the Company owned 146 GSE MBSs with a total fair value of $162.0 million and a net unrealized loss of $18.8 million. As of December 31, 2023, the Company held 146 GSE MBSs with a total fair value of $170.0 million with a net unrealized loss of $16.6 million. As of March 31, 2024, 129 of the 146 securities in this portfolio were in an unrealized loss position. As of December 31, 2023, 125 of the 146 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2024 the Company did not purchase any GSE MBSs compared to the same period in 2023 when the Company purchased $39.4 million of GSE MBSs.
Municipal Obligations
The Company invests in certain state and municipal securities with high credit ratings for portfolio diversification and tax planning purposes. Full collection of the obligations is expected because the financial condition of the issuing municipalities is sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. As of March 31, 2024, the Company owned 44 municipal obligation securities with a total fair value of $19.0 million which approximated cost. As of December 31, 2023, the Company owned 44 municipal obligation securities with a total fair value of $18.9 million and a net unrealized gain of $0.1 million. As of March 31, 2024, 10 of the 44 securities in this portfolio were in an unrealized loss position. As of December 31, 2023, 6 of the 44 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2024, the Company purchased $1.4 million of municipal securities compared to the same period in 2023 when the Company purchased $1.1 million of municipal securities.
Corporate Obligations
The Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. Full collection of the obligations is expected because the financial condition of the issuers is sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. As of March 31, 2024, the Company held 10 corporate obligation securities with a total fair value of $17.8 million and a net unrealized loss of $0.8 million. As of December 31, 2023, the Company held 11 corporate obligation securities with a total fair value of $19.7 million and a net unrealized loss of $0.8 million. As of March 31, 2024, 5 of the 10 securities in this portfolio were in an unrealized loss position. As of December 31, 2023, 9 of the 11 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2024 and 2023, the Company did not purchase any corporate obligations.
12

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
U.S. Treasury Bonds
All securities are performing and backed by the implicit guarantee of the U.S. Government. Therefore, despite unrealized losses in some of the securities within the portfolio, management determined that the investment securities are not impaired. See discussion on the portfolio below.
The Company invests in securities issued by the U.S. government. As of March 31, 2024, the Company owned 62 U.S. Treasury bonds with a total fair value of $412.3 million and a net unrealized loss of $29.5 million. As of December 31, 2023, the Company held 66 U.S. Treasury bonds with a total fair value of $444.7 million and a net unrealized loss of $26.0 million. As of March 31, 2024, 56 of the 62 securities in this portfolio were in an unrealized loss position. As of December 31, 2023, 53 of the 66 securities in this portfolio were in an unrealized loss position. During the three months ended March 31, 2024, the Company did not purchased any U.S. Treasury bonds, compared to the same period in 2023 when the Company purchased $234.0 million U.S. Treasury bonds.
Foreign Government Obligations
As of March 31, 2024 and December 31, 2023, the Company owned 1 foreign government obligation security with a fair value of $0.5 million, which approximated cost. As of March 31, 2024 and December 31, 2023, respectively, the security was in an unrealized loss position. During the three months ended March 31, 2024 and 2023, the Company did not purchase any foreign government obligation.
Portfolio Maturities
The final stated maturities of the debt securities are as follows for the periods indicated:
 At March 31, 2024At December 31, 2023
 Amortized
Cost
Estimated
Fair Value
Weighted
Average
Rate
Amortized
Cost
Estimated
Fair Value
Weighted
Average
Rate
 (Dollars in Thousands)
Investment securities available-for-sale:      
Within 1 year$124,153 $123,534 4.07 %$141,989 $141,340 4.27 %
After 1 year through 5 years339,194 325,338