EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFiling

展品99.1

布鲁克赖恩银行宣布第三季度业绩

净利润为 2010万美元，每股收益为 $0.23

季度股息为$0.135

波士顿，2024年10月23日（全球新闻） - Brookline Bancorp，Inc.（纳斯达克：BRKL）（以下简称“公司”）今天宣布，2024年第三季度净利润和税后营运收益（非通用会计准则）为2010万美元，基本及稀释每股分别为0.23美元，较2024年第二季度的1640万美元净利润，每股基本和稀释分别为0.18美元，以及1700万美元税后营运收益（非通用会计准则），每股基本和稀释分别为0.19美元，2023年第三季度的净利润和税后营运收益（非通用会计准则）为2270万美元，每股基本和稀释分别为0.26美元。

「我们公司在第三季度经历了业绩改善，」董事长兼首席执行官Paul Perrault评论道，他继续说：「随著我们进入2024年的最后几个月，我们相信我们经验丰富的银行家能够继续为客户提供卓越服务的能力将随著利率期货的正常化而被更好地反映在我们的盈利能力中。」

资产负债表

2024年9月30日的总资产为117亿美元，较2024年6月30日的116亿美元增加了4140万美元，较2023年9月30日的增加了49620万美元。截至2024年9月30日，总贷款及租赁金额为98亿美元，较2024年6月30日的增加了3410万美元，较2023年9月30日的增加了37450万美元。

2024年9月30日的总投资证券从2024年6月30日的85640万美元减少了100万美元至85540万美元，并从2023年9月30日的88040万美元减少了2500万美元。截至2024年9月30日，现金及现金等价物总额增加6480万美元，从2024年6月30日的34310万美元增至40790万美元，并从2023年9月30日的16100万美元增加24690万美元。截至2024年9月30日，总投资证券和现金及现金等价物总额占总资产的10.8%，分别较2024年6月30日和2023年9月30日的10.3%和9.3%高。

截至2024年9月30日，总存款从2024年6月30日的87亿减少了480万美元。尽管季度内有所减少，客户存款增加了10320万美元，但因为承销存款减少了10790万，总存款从2023年9月30日的86亿增加了16630万。主要受到客户存款增长的推动。截至本季的客户存款增加包括需求支票账户增加了4350万美元。

截至2024年9月30日，借款总额从2024年6月30日的$15亿增加了$6810万，并从2023年9月30日的$11亿增加了$36250万。

截至2024年9月30日，股东权益与总资产之比为10.54％，相较于2024年6月30日的10.30％，以及2023年9月30日的10.36％。有形股东权益与有形资产（非通用会计准则）之比在2024年9月30日为8.50％，相较于2024年6月30日的8.23％以及2023年9月30日的8.16％。每股有形帐面价值（非通用会计准则）由2024年6月30日的10.53美元上升至2024年9月30日的10.89美元，并由2023年9月30日的10.02美元上升了0.87美元。

净利息收入

在2024年第三季度，净利息收益增加了300万美元，从截至2024年6月30日的8000万美元增至8300万美元。净利息收益率从2024年6月30日结束的3.00%增至2024年9月30日结束的3.07%，主要受到较高的贷款和租赁收益率的推动，部分抵消了较高的筹资成本。

非利息收入

2024年9月30日结束的季度总非利息收入减少了10万美元，从2024年6月30日结束的季度的640万美元降至630万美元。

信贷损失准备

该公司截至2024年9月30日季结束，为信用损失记录了480万美元的准备金，相比之下，2024年6月30日季结束的准备金为560万美元。准备金的减少主要是由于经济预测改善，部分抵消了未履行信贷款的特定储备增加。

2024年第三季度的净核销合计380万美元，较2024年第二季度的840万美元低。其中380万美元的净核销中，260万美元来自专业车辆内的设备融资。按年计算，2024年第三季度的净贷款和租赁核销与平均贷款和租赁的比例下降到16个基点，而2024年第二季度则为35个基点。

截至2024年9月30日，贷款和租赁损失拨备占总贷款和租赁的1.31%，较2024年6月30日的1.25%和2023年9月30日的1.27%高。

资产品质

2024年9月30日，不良贷款和租赁占总贷款和租赁的比例为0.73％，较2024年6月30日的0.62％增加。到2024年9月30日为止，总不应计贷款和租赁增加了1050万美元，从2024年6月30日的6070万美元增至7120万美元。增加是由于一笔930万美元的设备融资关系，预留55％。不良资产占总资产比例于2024年9月30日为0.62％，较2024年6月30日的0.54％增加。到2024年9月30日为止，总不良资产增加了1010万美元，从2024年6月30日的6270万美元增至7280万美元。

非利息费用

截至2024年9月30日的本季度非利息支出减少了1200万美元，从截至2024年6月30日的5920万美元降至5790万美元。除了在第二季度扣除的一次性重组费用为80万美元外，非利息支出主要因广告和市场营销支出减少而减少了40万美元。

所得税费用

截至2024年9月30日，三个月和九个月的有效税率分别为24.7％和24.6％，相比之下，2024年6月30日结束的三个月为24.4％，而截至2023年9月30日，三个月和九个月的有效税率分别为21.4％和20.3％。

资产平均回报率及权益平均回报率

2024年第三季，平均资产年化报酬率从2024年第二季的0.57%增至0.70%。

2024年第三季度平均股东权益年化回报率较2024年第二季度的5.49%增至6.63%。第三季度平均有形股东权益年化回报率较2024年第二季度的7.04%增至8.44%。

宣布股息

公司董事会批准截至2024年9月30日的季度每股0.135美元的股息。股息将于2024年11月29日支付给截至2024年11月15日持股的股东。

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, October 24, 2024 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website, www.brooklinebancorp.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/314623001. To listen to the call without access to the slides, interested parties may dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. conference call (Access Code 414186). A recorded playback of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 866-813-9403 (United States) or 929-458-6194 (internationally) and entering the passcode: 898921.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with $11.7 billion in assets and branch locations in Massachusetts, Rhode Island, and the Lower Hudson Valley of New York State, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank (the "banks"). The Company provides commercial and retail banking services, cash management and investment services to customers throughout Central New England and the Lower Hudson Valley of New York State. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com and www.pcsb.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, changes in interest rates; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

The Company's consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period's presentation.

NON-GAAP FINANCIAL MEASURES

The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders' equity, operating return on average tangible stockholders' equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders' equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached.

INVESTOR RELATIONS:

Contact:Carl M. Carlson
 Brookline Bancorp, Inc.
 Co-President and Chief Financial and Strategy Officer
 (617) 425-5331
 carl.carlson@brkl.com


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)
 
 At and for the Three Months Ended 
 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023		 September 30,
2023		 
 (Dollars In Thousands Except per Share Data) 
Earnings Data:          
Net interest income$83,008 $80,001 $81,588 $83,555 $84,070 
Provision for credit losses on loans4,832 5,607 7,423 3,851 2,947 
Provision (credit) for credit losses on investments(172) (39) (44) (76) 84 
Non-interest income6,348 6,396 6,284 8,027 5,508 
Non-interest expense57,948 59,184 61,014 59,244 57,679 
Income before provision for income taxes26,748 21,645 19,479 28,563 28,868 
Net income20,142 16,372 14,665 22,888 22,701 
           
Performance Ratios:          
Net interest margin (1)3.07%3.00%3.06%3.15%3.18%
Interest-rate spread (1)2.26%2.14%2.21%2.39%2.45%
Return on average assets (annualized)0.70%0.57%0.51%0.81%0.81%
Return on average tangible assets (annualized) (non-GAAP)0.72%0.59%0.53%0.83%0.83%
Return on average stockholders' equity (annualized)6.63%5.49%4.88%7.82%7.78%
Return on average tangible stockholders' equity (annualized) (non-GAAP)8.44%7.04%6.26%10.12%10.09%
Efficiency ratio (2)64.85%68.50%69.44%64.69%64.39%
           
Per Common Share Data:          
Net income — Basic$0.23 $0.18 $0.16 $0.26 $0.26 
Net income — Diluted0.23 0.18 0.16 0.26 0.26 
Cash dividends declared0.135 0.135 0.135 0.135 0.135 
Book value per share (end of period)13.81 13.48 13.43 13.48 13.03 
Tangible book value per share (end of period) (non-GAAP)10.89 10.53 10.47 10.50 10.02 
Stock price (end of period)10.09 8.35 9.96 10.91 9.11 
           
Balance Sheet:          
Total assets$11,676,721 $11,635,292 $11,542,731 $11,382,256 $11,180,555 
Total loans and leases9,755,236 9,721,137 9,655,086 9,641,589 9,380,782 
Total deposits8,732,271 8,737,036 8,718,653 8,548,125 8,566,013 
Total stockholders’ equity1,230,362 1,198,480 1,194,231 1,198,644 1,157,871 
           
Asset Quality:          
Nonperforming assets$72,821 $62,683 $42,489 $45,324 $51,540 
Nonperforming assets as a percentage of total assets0.62%0.54%0.37%0.40%0.46%
Allowance for loan and lease losses$127,316 $121,750 $120,124 $117,522 $119,081 
Allowance for loan and lease losses as a percentage of total loans and leases1.31%1.25%1.24%1.22%1.27%
Net loan and lease charge-offs$3,808 $8,387 $8,781 $7,141 $10,974 
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)0.16%0.35%0.36%0.30%0.47%
           
Capital Ratios:          
Stockholders’ equity to total assets10.54%10.30%10.35%10.53%10.36%
Tangible stockholders’ equity to tangible assets (non-GAAP)8.50%8.23%8.25%8.39%8.16%
           
(1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
 
           
 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023		 September 30,
2023		 
ASSETS(In Thousands Except Share Data) 
Cash and due from banks$82,168 $60,067 $45,708 $34,514 $33,506 
Short-term investments325,721 283,017 256,178 98,513 127,495 
Total cash and cash equivalents407,889 343,084 301,886 133,027 161,001 
Investment securities available-for-sale855,391 856,439 865,798 916,601 880,412 
Total investment securities855,391 856,439 865,798 916,601 880,412 
Allowance for investment security losses(186)(359)(398)(441)(517)
Net investment securities855,205 856,080 865,400 916,160 879,895 
Loans and leases held-for-sale— — 6,717 — — 
Loans and leases:          
Commercial real estate loans5,779,290 5,782,111 5,755,239 5,764,529 5,669,768 
Commercial loans and leases2,453,038 2,443,530 2,416,904 2,399,668 2,241,375 
Consumer loans1,522,908 1,495,496 1,482,943 1,477,392 1,469,639 
Total loans and leases9,755,236 9,721,137 9,655,086 9,641,589 9,380,782 
Allowance for loan and lease losses(127,316)(121,750)(120,124)(117,522)(119,081)
Net loans and leases9,627,920 9,599,387 9,534,962 9,524,067 9,261,701 
Restricted equity securities82,675 78,963 74,709 77,595 65,460 
Premises and equipment, net of accumulated depreciation86,925 88,378 89,707 89,853 90,476 
Right-of-use asset operating leases41,934 35,691 33,133 30,863 31,619 
Deferred tax asset50,827 60,032 60,484 56,952 74,491 
Goodwill241,222 241,222 241,222 241,222 241,222 
Identified intangible assets, net of accumulated amortization19,162 20,830 22,499 24,207 26,172 
Other real estate owned and repossessed assets1,579 1,974 1,817 1,694 299 
Other assets261,383 309,651 310,195 286,616 348,219 
Total assets$11,676,721 $11,635,292 $11,542,731 $11,382,256 $11,180,555 
LIABILITIES AND STOCKHOLDERS' EQUITY          
Deposits:          
Demand checking accounts$1,681,858 $1,638,378 $1,629,371 $1,678,406 $1,745,137 
NOW accounts637,374 647,370 654,748 661,863 647,476 
Savings accounts1,736,989 1,735,857 1,727,893 1,669,018 1,625,804 
Money market accounts2,041,185 2,073,557 2,065,569 2,082,810 2,161,359 
Certificate of deposit accounts1,819,353 1,718,414 1,670,147 1,574,855 1,491,844 
Brokered deposit accounts815,512 923,460 970,925 881,173 894,393 
Total deposits8,732,271 8,737,036 8,718,653 8,548,125 8,566,013 
Borrowed funds:          
Advances from the FHLB1,345,003 1,265,079 1,150,153 1,223,226 899,304 
Subordinated debentures and notes84,293 84,258 84,223 84,188 84,152 
Other borrowed funds68,251 80,125 127,505 69,256 151,612 
Total borrowed funds1,497,547 1,429,462 1,361,881 1,376,670 1,135,068 
Operating lease liabilities43,266 37,102 34,235 31,998 32,807 
Mortgagors’ escrow accounts14,456 17,117 16,245 17,239 12,578 
Reserve for unfunded credits6,859 11,400 15,807 19,767 21,497 
Accrued expenses and other liabilities151,960 204,695 201,679 189,813 254,721 
Total liabilities10,446,359 10,436,812 10,348,500 10,183,612 10,022,684 
Stockholders' equity:          
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively970 970 970 970 970 
Additional paid-in capital901,562 904,775 903,726 902,659 901,376 
Retained earnings453,555 445,560 441,285 438,722 427,937 
Accumulated other comprehensive income(38,081)(61,693)(60,841)(52,798)(81,541)
Treasury stock, at cost;          
7,015,843, 7,373,009, 7,354,399, 7,354,399 and 7,350,981 shares, respectively(87,644)(91,132)(90,909)(90,909)(90,871)
Total stockholders' equity1,230,362 1,198,480 1,194,231 1,198,644 1,157,871 
Total liabilities and stockholders' equity$11,676,721 $11,635,292 $11,542,731 $11,382,256 $11,180,555 


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
 Three Months Ended
 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023		 September 30,
2023
 (In Thousands Except Share Data)
Interest and dividend income:         
Loans and leases$149,643 $145,585 $145,265 $142,948 $136,561
Debt securities6,473 6,480 6,878 6,945 6,799
Restricted equity securities1,458 1,376 1,492 1,333 1,310
Short-term investments1,986 1,914 1,824 1,093 2,390
Total interest and dividend income159,560 155,355 155,459 152,319 147,060
Interest expense:         
Deposits59,796 59,721 56,884 54,034 49,116
Borrowed funds16,756 15,633 16,987 14,730 13,874
Total interest expense76,552 75,354 73,871 68,764 62,990
Net interest income83,008 80,001 81,588 83,555 84,070
Provision for credit losses on loans4,832 5,607 7,423 3,851 2,947
Provision (credit) for credit losses on investments(172)(39)(44)(76)84
Net interest income after provision for credit losses78,348 74,433 74,209 79,780 81,039
Non-interest income:         
Deposit fees2,353 3,001 2,897 3,064 3,024
Loan fees464 702 789 515 639
Loan level derivative income, net— 106 437 778 376
Gain on sales of loans and leases held-for-sale415 130 — 410 225
Other3,116 2,457 2,161 3,260 1,244
Total non-interest income6,348 6,396 6,284 8,027 5,508
Non-interest expense:         
Compensation and employee benefits35,130 34,762 36,629 35,401 33,491
Occupancy5,343 5,551 5,769 5,127 4,983
Equipment and data processing6,831 6,732 7,031 7,245 6,766
Professional services2,143 1,745 1,900 1,442 2,368
FDIC insurance2,118 2,025 1,884 1,839 2,152
Advertising and marketing859 1,504 1,574 758 1,174
Amortization of identified intangible assets1,668 1,669 1,708 1,965 1,955
Merger and restructuring expense— 823 — — —
Other3,856 4,373 4,519 5,467 4,790
Total non-interest expense57,948 59,184 61,014 59,244 57,679
Income before provision for income taxes26,748 21,645 19,479 28,563 28,868
Provision for income taxes6,606 5,273 4,814 5,675 6,167
Net income$20,142 $16,372 $14,665 $22,888 $22,701
Earnings per common share:         
Basic$0.23 $0.18 $0.16 $0.26 $0.26
Diluted$0.23 $0.18 $0.16 $0.26 $0.26
Weighted average common shares outstanding during the period:         
Basic89,033,463 88,904,692 88,894,577 88,867,159 88,795,270
Diluted89,319,611 89,222,315 89,181,508 89,035,505 88,971,210
Dividends paid per common share$0.135 $0.135 $0.135 $0.135 $0.135


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
 
 Nine Months Ended September 30,
 2024 2023
 (In Thousands Except Share Data)
Interest and dividend income:   
Loans and leases$           440,493 $           390,791
Debt securities19,831 22,703
Restricted equity securities4,326 4,238
Short-term investments5,724 7,236
Total interest and dividend income470,374 424,968
Interest expense:   
Deposits176,401 121,631
Borrowed funds49,376 47,181
Total interest expense225,777 168,812
Net interest income244,597 256,156
Provision for credit losses on loans17,862 34,017
Provision (credit) for credit losses on investments(255)415
Net interest income after provision for credit losses226,990 221,724
Non-interest income:   
Deposit Fees8,251 8,547
Loan Fees1,955 1,521
Loan level derivative income, net543 3,112
Gain on investment securities, net— 1,704
Gain on sales of loans and leases held-for-sale545 2,171
Other7,734 6,852
Total non-interest income19,028 23,907
Non-interest expense:   
Compensation and employee benefits106,521 103,494
Occupancy16,663 15,076
Equipment and data processing20,594 19,759
Professional services5,788 5,784
FDIC insurance6,027 6,005
Advertising and marketing3,937 3,966
Amortization of identified intangible assets5,045 5,875
Merger and restructuring expense823 7,411
Other12,748 12,910
Total non-interest expense178,146 180,280
Income before provision for income taxes67,872 65,351
Provision for income taxes16,693 13,240
Net income$             51,179 $             52,111
Earnings per common share:   
Basic$                 0.58 $                 0.59
Diluted$                 0.57 $                 0.59
Weighted average common shares outstanding during the period:   
Basic88,944,569 88,016,190
Diluted89,241,470 88,253,361
Dividends paid per common share$               0.405 $               0.405


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)
 
 At and for the Three Months Ended 
 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023		 September 30,
2023		 
 (Dollars in Thousands) 
NONPERFORMING ASSETS:          
Loans and leases accounted for on a nonaccrual basis:          
Commercial real estate mortgage$                      11,595 $            11,659 $            18,394 $                     19,608 $                      23,263 
Multi-family mortgage1,751 — — — 1,318 
Construction— — — — 2,316 
Total commercial real estate loans13,346 11,659 18,394 19,608 26,897 
           
Commercial15,734 16,636 3,096 3,886 5,406 
Equipment financing37,223 27,128 13,668 14,984 13,974 
Total commercial loans and leases52,957 43,764 16,764 18,870 19,380 
           
Residential mortgage3,862 4,495 4,563 4,292 4,249 
Home equity1,076 790 950 860 713 
Other consumer1 1 1 — 2 
Total consumer loans4,939 5,286 5,514 5,152 4,964 
           
Total nonaccrual loans and leases71,242 60,709 40,672 43,630 51,241 
           
Other real estate owned780 780 780 780 — 
Other repossessed assets799 1,194 1,037 914 299 
Total nonperforming assets$                      72,821 $            62,683 $            42,489 $                     45,324 $                      51,540 
           
Loans and leases past due greater than 90 days and still accruing$                      16,091 $              4,994 $                 363 $                          228 $                        1,175 
           
Nonperforming loans and leases as a percentage of total loans and leases0.73%0.62%0.42%0.45%0.55%
Nonperforming assets as a percentage of total assets0.62%0.54%0.37%0.40%0.46%
           
PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:          
Allowance for loan and lease losses at beginning of period$                    121,750 $          120,124 $          117,522 $                   119,081 $                    125,817 
Charge-offs(4,183)(8,823)(5,390)(7,722)(10,978)
Recoveries375 436 309 581 4 
Net charge-offs(3,808)(8,387)(5,081)(7,141)(10,974)
Provision for loan and lease losses excluding unfunded commitments *9,374 10,013 7,683 5,582 4,238 
Allowance for loan and lease losses at end of period$                    127,316 $          121,750 $          120,124 $                   117,522 $                    119,081 
           
Allowance for loan and lease losses as a percentage of total loans and leases1.31%1.25%1.24%1.22%1.27%
           
NET CHARGE-OFFS:          
Commercial real estate loans$— $              3,819 $                 606 $                       1,087 $                              (3)
Commercial loans and leases **3,797 4,571 8,179 6,061 10,958 
Consumer loans11 (3)(4)(7)19 
Total net charge-offs$                        3,808 $              8,387 $              8,781 $                       7,141 $                      10,974 
           
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)0.16%0.35%0.36%0.30%0.47%
           
*Provision for loan and lease losses does not include (credit) provision of $(4.5 million), $(4.4 million), $(0.3 million), $(1.7 million), and $(1.3) million for credit losses on unfunded commitments during the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, respectively.
** The balance at March 31, 2024 includes a $3.7 million charge-off on a letter of credit which impacted the provision.


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
 Three Months Ended
 September 30, 2024 June 30, 2024 September 30, 2023 
 Average
Balance		Interest
(1)		Average
Yield/
Cost		 Average
Balance		Interest
(1)		Average
Yield/
Cost		 Average
Balance		Interest
(1)		Average
Yield/
Cost		 
 (Dollars in Thousands)
Assets:            
Interest-earning assets:            
Investments:            
Debt securities (2)$     853,924$    6,5163.05%$     846,469$    6,5103.08%$     887,612$    6,8403.08%
Restricted equity securities (2)75,2251,4597.76%71,6961,3757.67%67,8241,3107.73%
Short-term investments145,8381,9865.44%143,8001,9145.33%172,4832,3905.54%
Total investments1,074,9879,9613.71%1,061,9659,7993.69%1,127,91910,5403.74%
Loans and Leases:            
Commercial real estate loans (3)5,772,45683,4125.65%5,754,90181,5655.61%5,667,37378,7505.44%
Commercial loans (3)1,079,08418,4406.69%1,069,15417,6726.54%939,49215,2956.38%
Equipment financing (3)1,353,64926,8847.94%1,374,21726,2557.64%1,280,03323,3317.29%
Consumer loans (3)1,505,09521,1235.60%1,488,58720,2915.46%1,471,98519,2375.21%
Total loans and leases9,710,284149,8596.17%9,686,859145,7836.02%9,358,883136,6135.84%
Total interest-earning assets10,785,271159,8205.93%10,748,824155,5825.79%10,486,802147,1535.61%
Non-interest-earning assets666,067   704,570   693,833   
Total assets$11,451,338   $11,453,394   $11,180,635   
             
Liabilities and Stockholders' Equity:            
Interest-bearing liabilities:            
Deposits:            
NOW accounts$     639,5611,1150.69%$     659,3511,1110.68%$     681,9291,1590.67%
Savings accounts1,738,75612,0982.77%1,731,38811,8742.76%1,557,9118,8592.26%
Money market accounts2,038,04815,4663.02%2,026,78015,5203.08%2,177,52815,7852.88%
Certificates of deposit1,768,02620,0544.51%1,699,51018,7174.43%1,444,26912,1283.33%
Brokered deposit accounts841,06711,0635.23%958,14612,4995.25%882,35111,1855.03%
Total interest-bearing deposits7,025,45859,7963.39%7,075,17559,7213.39%6,743,98849,1162.89%
Borrowings            
Advances from the FHLB1,139,04914,3664.94%1,049,60912,8944.86%954,98911,7064.80%
Subordinated debentures and notes84,2761,3786.54%84,2411,3756.53%84,1341,3786.55%
Other borrowed funds53,1021,0127.58%103,7531,3645.29%117,5317902.67%
Total borrowings1,276,42716,7565.14%1,237,60315,6335.00%1,156,65413,8744.69%
Total interest-bearing liabilities8,301,88576,5523.67%8,312,77875,3543.65%7,900,64262,9903.16%
Non-interest-bearing liabilities:            
Demand checking accounts1,669,092   1,646,869   1,794,225   
Other non-interest-bearing liabilities264,324   300,362   318,041   
Total liabilities10,235,301   10,260,009   10,012,908   
Stockholders’ equity1,216,037   1,193,385   1,167,727   
Total liabilities and equity$11,451,338   $11,453,394   $11,180,635   
Net interest income (tax-equivalent basis) /Interest-rate spread (4) 83,2682.26% 80,2282.14% 84,1632.45%
Less adjustment of tax-exempt income 260   227   93  
Net interest income $  83,008   $  80,001   $  84,070  
Net interest margin (5)  3.07%  3.00%  3.18%
             
(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
 Nine Months Ended
 September 30, 2024 September 30, 2023 
 Average
Balance		Interest
(1)		Average
Yield/
Cost		 Average
Balance		Interest
(1)		Average
Yield/
Cost		 
 (Dollars in Thousands)
Assets:        
Interest-earning assets:        
Investments:        
Debt securities (2)$                  864,501$  19,9533.08%$     971,855$  22,9053.14%
Restricted equity securities (2)74,4224,3277.75%74,0004,2387.64%
Short-term investments140,1565,7245.44%183,2957,2365.26%
Total investments1,079,07930,0043.71%1,229,15034,3793.73%
Loans and Leases:        
Commercial real estate loans (3)5,763,065246,0265.61%5,629,600225,9995.29%
Commercial loans (3)1,058,31253,6196.66%915,42042,8146.17%
Equipment financing (3)1,367,38080,0347.80%1,253,51266,9017.12%
Consumer loans (3)1,492,21361,3925.49%1,469,02555,2105.01%
Total loans and leases9,680,970441,0716.07%9,267,557390,9245.62%
Total interest-earning assets10,760,049471,0755.84%10,496,707425,3035.40%
Non-interest-earning assets678,235   698,273   
Total assets$             11,438,284   $11,194,980   
         
Liabilities and Stockholders' Equity:        
Interest-bearing liabilities:        
Deposits:        
NOW accounts$                  656,8793,4870.71%$     741,9513,1290.56%
Savings accounts1,721,51835,3242.74%1,365,54117,2901.69%
Money market accounts2,047,01146,9403.06%2,227,40441,9142.52%
Certificates of deposit1,697,47755,4434.36%1,394,33829,6052.84%
Brokered deposit accounts898,45535,2075.23%798,80029,6934.97%
Total interest-bearing deposits7,021,340176,4013.36%6,528,034121,6312.49%
Borrowings        
Advances from the FHLB1,117,80941,8934.92%1,135,84540,5244.70%
Subordinated debentures and notes84,2414,1306.54%84,0984,0956.49%
Other borrowed funds83,1953,3535.38%120,8252,5622.83%
Total borrowings1,285,24549,3765.05%1,340,76847,1814.64%
Total interest-bearing liabilities8,306,585225,7773.63%7,868,802168,8122.87%
Non-interest-bearing liabilities:        
Demand checking accounts1,646,932   1,857,429   
Other non-interest-bearing liabilities280,947   301,543   
Total liabilities10,234,464   10,027,774   
Stockholders’ equity1,203,820   1,167,206   
Total liabilities and equity$             11,438,284   $11,194,980   
Net interest income (tax-equivalent basis) /Interest-rate spread (4) 245,2982.21% 256,4912.53%
Less adjustment of tax-exempt income 701   335  
Net interest income $244,597   $256,156  
Net interest margin (5)  3.05%  3.27%
         
(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)
       At and for the Nine Months Ended 
 September 30,
 
       2024 2023 
Reconciliation Table - Non-GAAP Financial Information     (Dollars in Thousands Except Share Data) 
          
Reported Pretax Income     $                     67,872 $                      65,351 
Less:          
Security gains     — 1,704 
Add:          
Day 1 PCSB CECL provision     — 16,744 
Merger and restructuring expense     823 7,411 
Operating Pretax Income      $                     68,695 $                      87,802 
Effective tax rate      24.6%20.3%
Provision for income taxes      16,895 17,789 
Operating earnings after tax     $                     51,800 $                      70,013 
           
Operating earnings per common share:          
Basic      $                         0.58 $                          0.80 
Diluted      $                         0.58 $                          0.79 
           
Weighted average common shares outstanding during the period:         
Basic      88,944,569 88,016,190 
Diluted      89,241,470 88,253,361 
           
Return on average assets *     0.60%0.62%
Less:          
Security gains (after-tax) *     —% 0.02%
Add:          
Day 1 PCSB CECL provision (after-tax) *     —%0.16%
Merger and restructuring expense (after-tax) *     0.01%0.07%
Operating return on average assets *     0.61%0.83%
           
Return on average tangible assets *     0.61%0.64%
Less:          
Security gains (after-tax) *     —% 0.02%
Add:          
Day 1 PCSB CECL provision (after-tax) *     —% 0.16%
Merger and restructuring expense (after-tax) *     0.01%0.07%
Operating return on average tangible assets *     0.62%0.85%
           
           
Return on average stockholders' equity *     5.67%5.95%
Less:          
Security gains (after-tax) *     —% 0.16%
Add:          
Day 1 PCSB CECL provision (after-tax) *     —%1.53%
Merger and restructuring expense (after-tax) *     0.07%0.68%
Operating return on average stockholders' equity *     5.74%8.00%
           
           
Return on average tangible stockholders' equity *     7.25%7.76%
Less:          
Security gains (after-tax) *     —% 0.20%
Add:          
Day 1 PCSB CECL provision (after-tax) *     —%1.99%
Merger and restructuring expense (after-tax) *     0.09%0.88%
Operating return on average tangible stockholders' equity *     7.34%10.43%
           
* Ratios at and for the nine months ended are annualized.
There was no non-operating activity for the three months ended September 30, 2024 and September 30,2023, respectively.
  
 At and for the Three Months Ended
 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023		 September 30,
2023		 
 (Dollars in Thousands)
                
Net income, as reported$                      20,142 $                16,372 $                14,665 $                     22,888 $                      22,701 
           
Average total assets$               11,451,338 $         11,453,394 $         11,417,185 $              11,271,941 $               11,180,635 
Less: Average goodwill and average identified intangible assets, net261,188 262,859 264,536 266,225 268,199 
Average tangible assets$               11,190,150 $         11,190,535 $         11,152,649 $              11,005,716 $               10,912,436 
           
Return on average tangible assets (annualized)0.72 %0.59 %0.53 %0.83 %0.83 %
           
Average total stockholders’ equity$                 1,216,037 $           1,193,385 $           1,201,904 $                1,170,776 $                 1,167,727 
Less: Average goodwill and average identified intangible assets, net261,188 262,859 264,536 266,225 268,199 
Average tangible stockholders’ equity$                    954,849 $              930,526 $              937,368 $                   904,551 $                    899,528 
           
Return on average tangible stockholders’ equity (annualized)8.44 %7.04 %6.26 %10.12 %10.09 %
           
Total stockholders’ equity$                 1,230,362 $           1,198,480 $           1,194,231 $                1,198,644 $                 1,157,871 
Less:          
Goodwill241,222 241,222 241,222 241,222 241,222 
Identified intangible assets, net19,162 20,830 22,499 24,207 26,172 
Tangible stockholders' equity$                    969,978 $              936,428 $              930,510 $                   933,215 $                    890,477 
           
Total assets$               11,676,721 $         11,635,292 $         11,542,731 $              11,382,256 $               11,180,555 
Less:          
Goodwill241,222 241,222 241,222 241,222 241,222 
Identified intangible assets, net19,162 20,830 22,499 24,207 26,172 
Tangible assets$               11,416,337 $         11,373,240 $         11,279,010 $              11,116,827 $               10,913,161 
           
Tangible stockholders’ equity to tangible assets8.50 %8.23 %8.25 %8.39 %8.16 %
           
Tangible stockholders' equity$                    969,978 $              936,428 $              930,510 $                   933,215 $                    890,477 
           
Number of common shares issued96,998,075 96,998,075 96,998,075 96,998,075 96,998,075 
Less:          
Treasury shares7,015,843 7,373,009 7,354,399 7,354,399 7,350,981 
Unvested restricted shares883,789 713,443 749,099 749,099 780,859 
Number of common shares outstanding89,098,443 88,911,623 88,894,577 88,894,577 88,866,235 
           
Tangible book value per common share$                        10.89 $                  10.53 $                  10.47 $                       10.50 $                        10.02 
                

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