Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 24, 2024

_______________________________

BROOKLINE BANCORP, INC.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware	0-23695	04-3402944
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

131 Clarendon Street

Boston, Massachusetts 02116

(Address of Principal Executive Offices) (Zip Code)

(617) 425-4600

(Registrant's telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value of $0.01 per share	BRKL	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 24, 2024, the Board of Directors of Brookline Bancorp, Inc. (the “Company”) issued a press release announcing its earnings for the quarter ended June 30, 2024. Additionally, the Company announced the approval by its Board of Directors of a regular quarterly dividend of $0.135 per share payable on August 30, 2024 to stockholders of record on August 16, 2024. A copy of that press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference herein.

Item 7.01. Regulation FD Disclosure.

In connection with the press release announcing the Company’s quarter earnings, the Company posted an investor presentation to its website at www.brooklinebancorp.com. A copy of the investor presentation is attached hereto as Exhibit 99.2 and is hereby incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.


99.1		Press release of Brookline Bancorp, Inc. reporting earnings and dividend approval, issued July 24, 2024
99.2		Investor Presentation of Brookline Bancorp, Inc., issued July 24, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BROOKLINE BANCORP, INC.


Date: July 24, 2024	By:	/s/ Carl M. Carlson
		Carl M. Carlson
		Co-President, Chief Financial & Strategy Officer

EXHIBIT INDEX

The following exhibits are furnished as part of this report:

Exhibit No.		Description

99.1		Press release of Brookline Bancorp, Inc. reporting earnings and dividend approval, issued July 24, 2024
99.2		Investor Presentation of Brookline Bancorp, Inc., issued July 24, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

EXHIBIT 99.1

Brookline Bancorp Announces Second Quarter Results

Net Income of $16.4 million, EPS of $0.18

Operating Earnings of $17.0 million, Operating EPS of $0.19

Quarterly Dividend of $0.135

BOSTON, July 24, 2024 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $16.4 million, or $0.18 per basic and diluted share, and operating earnings after tax (non-GAAP) of $17.0 million, or $0.19 per basic and diluted share, for the second quarter of 2024, compared to net income and operating earnings after tax (non-GAAP) of $14.7 million, or $0.16 per basic and diluted share, for the first quarter of 2024, and net income of $21.9 million, or $0.25 per basic and diluted share, and operating earnings after tax (non-GAAP) of $23.2 million, or $0.26 per basic and diluted share, for the second quarter of 2023.

Paul Perrault, Chairman and Chief Executive Officer commented, “I am pleased to report our second quarter earnings. We experienced solid loan and deposit growth across our three banks in the quarter. I would like to recognize our bankers for their diligence in providing extraordinary service to our clients.” Mr. Perrault continued, “While the margin pressure we and the rest of the banking industry experienced in the first quarter persisted in the second quarter, this pressure decreased in intensity slightly from the prior quarter. As we enter the second half of 2024, we remain optimistic about the overall economic outlook in our markets.”

BALANCE SHEET

Total assets at June 30, 2024 were $11.6 billion, representing an increase of $92.6 million from $11.5 billion at March 31, 2024, and an increase of $429.2 million from June 30, 2023. At June 30, 2024, total loans and leases were $9.7 billion, representing an increase of $66.1 million from March 31, 2024, and an increase of $380.3 million from June 30, 2023.

Total investment securities at June 30, 2024 decreased $9.4 million to $856.4 million from $865.8 million at March 31, 2024, and decreased $53.8 million from $910.2 million at June 30, 2023. Total cash and cash equivalents at June 30, 2024 increased $41.2 million to $343.1 million from $301.9 million at March 31, 2024, and increased $118.7 million from $224.4 million at June 30, 2023. As of June 30, 2024, total investment securities and total cash and cash equivalents represented 10.3 percent of total assets, compared to 10.1 percent as of March 31, 2024 and June 30, 2023, respectively.

Total deposits at June 30, 2024 increased $18.4 million to $8.7 billion from March 31, 2024, consisting of a $65.8 million increase in customer deposits partially offset by a $47.4 million decrease in brokered deposits, and increased $220.0 million from $8.5 billion at June 30, 2023, driven by growth in customer deposits.

Total borrowed funds at June 30, 2024 increased $67.6 million to $1.4 billion from March 31, 2024, and increased $203.2 million from $1.2 billion at June 30, 2023.

The ratio of stockholders’ equity to total assets was 10.30 percent at June 30, 2024, compared to 10.35 percent at March 31, 2024, and 10.37 percent at June 30, 2023. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.23 percent at June 30, 2024, as compared to 8.25 percent at March 31, 2024, and 8.16 percent at June 30, 2023. Tangible book value per common share (non-GAAP) increased $0.06 from $10.47 at March 31, 2024 to $10.53 at June 30, 2024, and increased $0.46 from $10.07 at June 30, 2023.

NET INTEREST INCOME

Net interest income decreased $1.6 million to $80.0 million during the second quarter of 2024 from $81.6 million for the quarter ended March 31, 2024. The net interest margin decreased 6 basis points to 3.00 percent for the three months ended June 30, 2024 from 3.06 percent for the three months ended March 31, 2024, primarily driven by the reversal of interest relating to new nonaccrual loans and higher funding costs.

NON-INTEREST INCOME

Total non-interest income for the quarter ended June 30, 2024 increased $0.1 million to $6.4 million from $6.3 million for the quarter ended March 31, 2024.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $5.6 million for the quarter ended June 30, 2024, compared to $7.4 million for the quarter ended March 31, 2024. The decrease in provision was largely driven by the stabilization of credit conditions.

Total net charge-offs for the second quarter of 2024 were $8.4 million, compared to $8.8 million in the first quarter of 2024. The $8.4 million in net charge-offs were largely driven by $3.9 million in commercial real estate loans and $4.3 million in equipment financing. The majority of net charge-offs were previously reserved for. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis decreased to 35 basis points for the second quarter of 2024 from 36 basis points for the first quarter of 2024.

The allowance for loan and lease losses represented 1.25 percent of total loans and leases at June 30, 2024, compared to 1.24 percent at March 31, 2024, and 1.35 percent at June 30, 2023.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.62 percent at June 30, 2024, an increase from 0.42 percent at March 31, 2024. Total nonaccrual loans and leases increased $20.0 million to $60.7 million at June 30, 2024 from $40.7 million at March 31, 2024. The ratio of nonperforming assets to total assets was 0.54 percent at June 30, 2024, an increase from 0.37 percent at March 31, 2024. Total nonperforming assets increased $20.2 million to $62.7 million at June 30, 2024 from $42.5 million at March 31, 2024.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended June 30, 2024 decreased $1.8 million to $59.2 million from $61.0 million for the quarter ended March 31, 2024. The decrease was primarily driven by decreases of $1.9 million in compensation and employee benefits expense and $0.3 million in equipment and data processing expense, partially offset by a $0.8 million non-recurring restructuring charge due to the exit of the specialty vehicle business at Eastern Funding LLC.

PROVISION FOR INCOME TAXES

The effective tax rate was 24.4 percent and 24.5 percent for the three and six months ended June 30, 2024 compared to 24.7 percent for the three months ended March 31, 2024 and 21.4 percent and 19.4 percent for the three and six months ended June 30, 2023.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets increased to 0.57 percent during the second quarter 2024 from 0.51 percent for the first quarter of 2024.

The annualized return on average stockholders' equity increased to 5.49 percent during the second quarter of 2024 from 4.88 percent for the first quarter of 2024. The annualized return on average tangible stockholders’ equity increased to 7.04 percent for the second quarter of 2024 from 6.26 percent for the first quarter of 2024.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended June 30, 2024. The dividend will be paid on August 30, 2024 to stockholders of record on August 16, 2024.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, July 25, 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/629150850. 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 611840). 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: 134147.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with $11.6 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
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
	(Dollars In Thousands Except per Share Data)
Earnings Data:
Net interest income	$	80,001		$	81,588		$	83,555		$	84,070		$	86,037
Provision for credit losses on loans		5,607			7,423			3,851			2,947			5,726
Provision (credit) for credit losses on investments		(39	)		(44	)		(76	)		84			133
Non-interest income		6,396			6,284			8,027			5,508			5,462
Non-interest expense		59,184			61,014			59,244			57,679			57,825
Income before provision for income taxes		21,645			19,479			28,563			28,868			27,815
Net income		16,372			14,665			22,888			22,701			21,850

Performance Ratios:
Net interest margin (1)		3.00	%		3.06	%		3.15	%		3.18	%		3.26	%
Interest-rate spread (1)		2.14	%		2.21	%		2.39	%		2.45	%		2.51	%
Return on average assets (annualized)		0.57	%		0.51	%		0.81	%		0.81	%		0.78	%
Return on average tangible assets (annualized) (non-GAAP)		0.59	%		0.53	%		0.83	%		0.83	%		0.79	%
Return on average stockholders' equity (annualized)		5.49	%		4.88	%		7.82	%		7.78	%		7.44	%
Return on average tangible stockholders' equity (annualized) (non-GAAP)		7.04	%		6.26	%		10.12	%		10.09	%		9.67	%
Efficiency ratio (2)		68.50	%		69.44	%		64.69	%		64.39	%		63.20	%

Per Common Share Data:
Net income — Basic	$	0.18		$	0.16		$	0.26		$	0.26		$	0.25
Net income — Diluted		0.18			0.16			0.26			0.26			0.25
Cash dividends declared		0.135			0.135			0.135			0.135			0.135
Book value per share (end of period)		13.48			13.43			13.48			13.03			13.11
Tangible book value per share (end of period) (non-GAAP)		10.53			10.47			10.50			10.02			10.07
Stock price (end of period)		8.35			9.96			10.91			9.11			8.74

Balance Sheet:
Total assets	$	11,635,292		$	11,542,731		$	11,382,256		$	11,180,555		$	11,206,078
Total loans and leases		9,721,137			9,655,086			9,641,589			9,380,782			9,340,799
Total deposits		8,737,036			8,718,653			8,548,125			8,566,013			8,517,013
Total stockholders’ equity		1,198,480			1,194,231			1,198,644			1,157,871			1,162,308

Asset Quality:
Nonperforming assets	$	62,683		$	42,489		$	45,324		$	51,540		$	46,925
Nonperforming assets as a percentage of total assets		0.54	%		0.37	%		0.40	%		0.46	%		0.42	%
Allowance for loan and lease losses	$	121,750		$	120,124		$	117,522		$	119,081		$	125,817
Allowance for loan and lease losses as a percentage of total loans and leases		1.25	%		1.24	%		1.22	%		1.27	%		1.35	%
Net loan and lease charge-offs	$	8,387		$	8,781		$	7,141		$	10,974		$	1,097
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.35	%		0.36	%		0.30	%		0.47	%		0.05	%

Capital Ratios:
Stockholders’ equity to total assets		10.30	%		10.35	%		10.53	%		10.36	%		10.37	%
Tangible stockholders’ equity to tangible assets (non-GAAP)		8.23	%		8.25	%		8.39	%		8.16	%		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)

	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
ASSETS	(In Thousands Except Share Data)
Cash and due from banks	$	60,067		$	45,708		$	34,514		$	33,506		$	44,323
Short-term investments		283,017			256,178			98,513			127,495			180,109
Total cash and cash equivalents		343,084			301,886			133,027			161,001			224,432
Investment securities available-for-sale		856,439			865,798			916,601			880,412			910,210
Total investment securities		856,439			865,798			916,601			880,412			910,210
Allowance for investment security losses		(359	)		(398	)		(441	)		(517	)		(433	)
Net investment securities		856,080			865,400			916,160			879,895			909,777
Loans and leases held-for-sale		—			6,717			—			—			—
Loans and leases:
Commercial real estate loans		5,782,111			5,755,239			5,764,529			5,669,768			5,670,771
Commercial loans and leases		2,443,530			2,416,904			2,399,668			2,241,375			2,193,027
Consumer loans		1,495,496			1,482,943			1,477,392			1,469,639			1,477,001
Total loans and leases		9,721,137			9,655,086			9,641,589			9,380,782			9,340,799
Allowance for loan and lease losses		(121,750	)		(120,124	)		(117,522	)		(119,081	)		(125,817	)
Net loans and leases		9,599,387			9,534,962			9,524,067			9,261,701			9,214,982
Restricted equity securities		78,963			74,709			77,595			65,460			71,421
Premises and equipment, net of accumulated depreciation		88,378			89,707			89,853			90,476			90,685
Right-of-use asset operating leases		35,691			33,133			30,863			31,619			31,774
Deferred tax asset		60,032			60,484			56,952			74,491			77,704
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net of accumulated amortization		20,830			22,499			24,207			26,172			28,126
Other real estate owned and repossessed assets		1,974			1,817			1,694			299			602
Other assets		309,651			310,195			286,616			348,219			315,353
Total assets	$	11,635,292		$	11,542,731		$	11,382,256		$	11,180,555		$	11,206,078
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand checking accounts	$	1,638,378		$	1,629,371		$	1,678,406		$	1,745,137		$	1,843,516
NOW accounts		647,370			654,748			661,863			647,476			699,119
Savings accounts		1,735,857			1,727,893			1,669,018			1,625,804			1,464,054
Money market accounts		2,073,557			2,065,569			2,082,810			2,161,359			2,166,570
Certificate of deposit accounts		1,718,414			1,670,147			1,574,855			1,491,844			1,410,905
Brokered deposit accounts		923,460			970,925			881,173			894,393			932,849
Total deposits		8,737,036			8,718,653			8,548,125			8,566,013			8,517,013
Borrowed funds:
Advances from the FHLB		1,265,079			1,150,153			1,223,226			899,304			1,043,381
Subordinated debentures and notes		84,258			84,223			84,188			84,152			84,116
Other borrowed funds		80,125			127,505			69,256			151,612			98,773
Total borrowed funds		1,429,462			1,361,881			1,376,670			1,135,068			1,226,270
Operating lease liabilities		37,102			34,235			31,998			32,807			33,021
Mortgagors’ escrow accounts		17,117			16,245			17,239			12,578			17,207
Reserve for unfunded credits		11,400			15,807			19,767			21,497			22,789
Accrued expenses and other liabilities		204,695			201,679			189,813			254,721			227,470
Total liabilities		10,436,812			10,348,500			10,183,612			10,022,684			10,043,770
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, respectively		970			970			970			970			970
Additional paid-in capital		904,775			903,726			902,659			901,376			905,084
Retained earnings		445,560			441,285			438,722			427,937			417,328
Accumulated other comprehensive income		(61,693	)		(60,841	)		(52,798	)		(81,541	)		(66,156	)
Treasury stock, at cost;
7,373,009, 7,354,399, 7,354,399, 7,350,981 and 7,734,891 shares, respectively		(91,132	)		(90,909	)		(90,909	)		(90,871	)		(94,918	)
Total stockholders' equity		1,198,480			1,194,231			1,198,644			1,157,871			1,162,308
Total liabilities and stockholders' equity	$	11,635,292		$	11,542,731		$	11,382,256		$	11,180,555		$	11,206,078

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
	Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023		June 30, 2023
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	145,585		$	145,265		$	142,948		$	136,561	$	132,299
Debt securities		6,480			6,878			6,945			6,799		8,034
Restricted equity securities		1,376			1,492			1,333			1,310		1,673
Short-term investments		1,914			1,824			1,093			2,390		3,351
Total interest and dividend income		155,355			155,459			152,319			147,060		145,357
Interest expense:
Deposits		59,721			56,884			54,034			49,116		43,147
Borrowed funds		15,633			16,987			14,730			13,874		16,173
Total interest expense		75,354			73,871			68,764			62,990		59,320
Net interest income		80,001			81,588			83,555			84,070		86,037
Provision for credit losses on loans		5,607			7,423			3,851			2,947		5,726
Provision (credit) for credit losses on investments		(39	)		(44	)		(76	)		84		133
Net interest income after provision for credit losses		74,433			74,209			79,780			81,039		80,178
Non-interest income:
Deposit fees		3,001			2,897			3,064			3,024		2,866
Loan fees		702			789			515			639		491
Loan level derivative income, net		106			437			778			376		363
Gain on investment securities, net		—			—			—			—		3
Gain on sales of loans and leases held-for-sale		130			—			410			225		308
Other		2,457			2,161			3,260			1,244		1,431
Total non-interest income		6,396			6,284			8,027			5,508		5,462
Non-interest expense:
Compensation and employee benefits		34,762			36,629			35,401			33,491		33,438
Occupancy		5,551			5,769			5,127			4,983		4,870
Equipment and data processing		6,732			7,031			7,245			6,766		6,531
Professional services		1,745			1,900			1,442			2,368		1,986
FDIC insurance		2,025			1,884			1,839			2,152		2,609
Advertising and marketing		1,504			1,574			758			1,174		1,382
Amortization of identified intangible assets		1,669			1,708			1,965			1,955		1,954
Merger and restructuring expense		823			—			—			—		1,002
Other		4,373			4,519			5,467			4,790		4,053
Total non-interest expense		59,184			61,014			59,244			57,679		57,825
Income before provision for income taxes		21,645			19,479			28,563			28,868		27,815
Provision for income taxes		5,273			4,814			5,675			6,167		5,965
Net income	$	16,372		$	14,665		$	22,888		$	22,701	$	21,850
Earnings per common share:
Basic	$	0.18		$	0.16		$	0.26		$	0.26	$	0.25
Diluted	$	0.18		$	0.16		$	0.26		$	0.26	$	0.25
Weighted average common shares outstanding during the period:
Basic		88,904,692			88,894,577			88,867,159			88,795,270		88,665,135
Diluted		89,222,315			89,181,508			89,035,505			88,971,210		88,926,543
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)

	Six Months Ended June 30,
		2024			2023
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	290,850		$	254,230
Debt securities		13,358			15,904
Restricted equity securities		2,868			2,928
Short-term investments		3,738			4,846
Total interest and dividend income		310,814			277,908
Interest expense:
Deposits		116,605			72,515
Borrowed funds		32,620			33,307
Total interest expense		149,225			105,822
Net interest income		161,589			172,086
Provision for credit losses on loans		13,030			31,070
Provision (credit) for credit losses on investments		(83	)		331
Net interest income after provision for credit losses		148,642			140,685
Non-interest income:
Deposit Fees		5,898			5,523
Loan Fees		1,491			882
Loan level derivative income, net		543			2,736
Gain on investment securities, net		—			1,704
Gain on sales of loans and leases held-for-sale		130			1,946
Other		4,618			5,608
Total non-interest income		12,680			18,399
Non-interest expense:
Compensation and employee benefits		71,391			70,003
Occupancy		11,320			10,093
Equipment and data processing		13,763			12,993
Professional services		3,645			3,416
FDIC insurance		3,909			3,853
Advertising and marketing		3,078			2,792
Amortization of identified intangible assets		3,377			3,920
Merger and restructuring expense		823			7,411
Other		8,892			8,120
Total non-interest expense		120,198			122,601
Income before provision for income taxes		41,124			36,483
Provision for income taxes		10,087			7,073
Net income	$	31,037		$	29,410
Earnings per common share:
Basic	$	0.35		$	0.34
Diluted	$	0.35		$	0.34
Weighted average common shares outstanding during the period:
Basic		88,899,635			87,620,194
Diluted		89,201,912			87,887,980
Dividends paid per common share	$	0.270		$	0.270

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)
	At and for the Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
	(Dollars in Thousands)
NONPERFORMING ASSETS:
Loans and leases accounted for on a nonaccrual basis:
Commercial real estate mortgage	$	11,659		$	18,394		$	19,608		$	23,263		$	8,737
Multi-family mortgage		—			—			—			1,318			—
Construction		—			—			—			2,316			3,828
Total commercial real estate loans		11,659			18,394			19,608			26,897			12,565

Commercial		16,636			3,096			3,886			5,406			16,023
Equipment financing		27,128			13,668			14,984			13,974			12,809
Condominium association		—			—			—			—			—
Total commercial loans and leases		43,764			16,764			18,870			19,380			28,832

Residential mortgage		4,495			4,563			4,292			4,249			4,343
Home equity		790			950			860			713			583
Other consumer		1			1			—			2			—
Total consumer loans		5,286			5,514			5,152			4,964			4,926

Total nonaccrual loans and leases		60,709			40,672			43,630			51,241			46,323

Other real estate owned		780			780			780			—			—
Other repossessed assets		1,194			1,037			914			299			602
Total nonperforming assets	$	62,683		$	42,489		$	45,324		$	51,540		$	46,925

Loans and leases past due greater than 90 days and still accruing	$	4,994		$	363		$	228		$	1,175		$	490

Nonperforming loans and leases as a percentage of total loans and leases		0.62	%		0.42	%		0.45	%		0.55	%		0.50	%
Nonperforming assets as a percentage of total assets		0.54	%		0.37	%		0.40	%		0.46	%		0.42	%

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
Allowance for loan and lease losses at beginning of period	$	120,124		$	117,522		$	119,081		$	125,817		$	120,865
Charge-offs		(8,823	)		(5,390	)		(7,722	)		(10,978	)		(1,690	)
Recoveries		436			309			581			4			593
Net charge-offs		(8,387	)		(5,081	)		(7,141	)		(10,974	)		(1,097	)
Provision for loan and lease losses excluding unfunded commitments *		10,013			7,683			5,582			4,238			6,049
Allowance for loan and lease losses at end of period	$	121,750		$	120,124		$	117,522		$	119,081		$	125,817

Allowance for loan and lease losses as a percentage of total loans and leases		1.25	%		1.24	%		1.22	%		1.27	%		1.35	%

NET CHARGE-OFFS:
Commercial real estate loans	$	3,819		$	606		$	1,087		$	(3	)	$	(6	)
Commercial loans and leases **		4,571			8,179			6,061			10,958			1,108
Consumer loans		(3	)		(4	)		(7	)		19			(5	)
Total net charge-offs	$	8,387		$	8,781		$	7,141		$	10,974		$	1,097

Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.35	%		0.36	%		0.30	%		0.47	%		0.05	%

*Provision for loan and lease losses does not include (credit) provision of $(4.4 million), $(0.3 million), $(1.7 million), $(1.3 million), and $(0.3) million for credit losses on unfunded commitments during the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 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
	June 30, 2024						March 31, 2024						June 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)	$	846,469	$	6,510	3.08	%	$	893,228	$	6,927	3.10	%	$	1,000,440	$	8,091	3.23	%
Restricted equity securities (2)		71,696		1,375	7.67	%		76,335		1,493	7.82	%		77,364		1,673	8.65	%
Short-term investments		143,800		1,914	5.33	%		130,768		1,824	5.58	%		229,474		3,351	5.84	%
Total investments		1,061,965		9,799	3.69	%		1,100,331		10,244	3.72	%		1,307,278		13,115	4.01	%
Loans and Leases:
Commercial real estate loans (3)		5,754,901		81,565	5.61	%		5,761,735		81,049	5.56	%		5,640,491		79,582	5.58	%
Commercial loans (3)		1,069,154		17,672	6.54	%		1,026,467		17,507	6.75	%		913,732		13,502	5.85	%
Equipment financing (3)		1,374,217		26,255	7.64	%		1,374,426		26,895	7.83	%		1,253,199		22,357	7.14	%
Consumer loans (3)		1,488,587		20,291	5.46	%		1,482,819		19,978	5.40	%		1,482,799		16,903	4.56	%
Total loans and leases		9,686,859		145,783	6.02	%		9,645,447		145,429	6.03	%		9,290,221		132,344	5.70	%
Total interest-earning assets		10,748,824		155,582	5.79	%		10,745,778		155,673	5.79	%		10,597,499		145,459	5.49	%
Non-interest-earning assets		704,570						671,407						675,173
Total assets	$	11,453,394					$	11,417,185					$	11,272,672

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	659,351		1,111	0.68	%	$	671,914		1,261	0.75	%	$	735,001		1,069	0.58	%
Savings accounts		1,731,388		11,874	2.76	%		1,694,220		11,352	2.69	%		1,374,337		5,917	1.73	%
Money market accounts		2,026,780		15,520	3.08	%		2,076,303		15,954	3.09	%		2,140,522		13,989	2.62	%
Certificates of deposit		1,699,510		18,717	4.43	%		1,624,118		16,672	4.13	%		1,390,913		10,021	2.89	%
Brokered deposit accounts		958,146		12,499	5.25	%		896,784		11,645	5.22	%		975,700		12,151	5.00	%
Total interest-bearing deposits		7,075,175		59,721	3.39	%		6,963,339		56,884	3.29	%		6,616,473		43,147	2.62	%
Borrowings
Advances from the FHLB		1,049,609		12,894	4.86	%		1,164,534		14,633	4.97	%		1,191,424		14,287	4.74	%
Subordinated debentures and notes		84,241		1,375	6.53	%		84,206		1,377	6.54	%		84,098		1,363	6.49	%
Other borrowed funds		103,753		1,364	5.29	%		93,060		977	4.22	%		86,896		523	2.41	%
Total borrowings		1,237,603		15,633	5.00	%		1,341,800		16,987	5.01	%		1,362,418		16,173	4.70	%
Total interest-bearing liabilities		8,312,778		75,354	3.65	%		8,305,139		73,871	3.58	%		7,978,891		59,320	2.98	%
Non-interest-bearing liabilities:
Demand checking accounts		1,646,869						1,631,472						1,849,393
Other non-interest-bearing liabilities		300,362						278,670						270,221
Total liabilities		10,260,009						10,215,281						10,098,505
Stockholders’ equity		1,193,385						1,201,904						1,174,167
Total liabilities and equity	$	11,453,394					$	11,417,185					$	11,272,672
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				80,228	2.14	%				81,802	2.21	%				86,139	2.51	%
Less adjustment of tax-exempt income				227						214						102
Net interest income			$	80,001					$	81,588					$	86,037
Net interest margin (5)					3.00	%					3.06	%					3.26	%

(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)
	Six Months Ended
	June 30, 2024						June 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)	$	869,848	$	13,437	3.09	%	$	1,014,675	$	16,065	3.17	%
Restricted equity securities (2)		74,015		2,868	7.75	%		77,139		2,928	7.59	%
Short-term investments		137,284		3,738	5.45	%		188,790		4,846	5.13	%
Total investments		1,081,147		20,043	3.71	%		1,280,604		23,839	3.72	%
Loans and Leases:
Commercial real estate loans (3)		5,758,318		162,614	5.59	%		5,610,401		147,249	5.22	%
Commercial loans (3)		1,047,810		35,179	6.64	%		903,185		27,519	6.06	%
Equipment financing (3)		1,374,322		53,150	7.73	%		1,240,031		43,570	7.03	%
Consumer loans (3)		1,485,702		40,269	5.43	%		1,467,521		35,973	4.91	%
Total loans and leases		9,666,152		291,212	6.03	%		9,221,138		254,311	5.52	%
Total interest-earning assets		10,747,299		311,255	5.79	%		10,501,742		278,150	5.30	%
Non-interest-earning assets		684,343						700,529
Total assets	$	11,431,642					$	11,202,271

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	665,632		2,372	0.72	%	$	772,459		1,970	0.51	%
Savings accounts		1,712,804		23,226	2.73	%		1,267,762		8,431	1.34	%
Money market accounts		2,051,542		31,474	3.09	%		2,252,755		26,129	2.34	%
Certificates of deposit		1,661,814		35,389	4.28	%		1,368,959		17,477	2.57	%
Brokered deposit accounts		927,465		24,144	5.23	%		756,332		18,508	4.93	%
Total interest-bearing deposits		7,019,257		116,605	3.34	%		6,418,267		72,515	2.28	%
Borrowings
Advances from the FHLB		1,107,071		27,527	4.92	%		1,227,772		28,818	4.67	%
Subordinated debentures and notes		84,223		2,752	6.54	%		84,080		2,717	6.46	%
Other borrowed funds		98,406		2,341	4.78	%		122,500		1,772	2.92	%
Total borrowings		1,289,700		32,620	5.00	%		1,434,352		33,307	4.62	%
Total interest-bearing liabilities		8,308,957		149,225	3.61	%		7,852,619		105,822	2.72	%
Non-interest-bearing liabilities:
Demand checking accounts		1,635,690						1,889,554
Other non-interest-bearing liabilities		289,351						293,157
Total liabilities		10,233,998						10,035,330
Stockholders’ equity		1,197,644						1,166,941
Total liabilities and equity	$	11,431,642					$	11,202,271
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				162,030	2.18	%				172,328	2.58	%
Less adjustment of tax-exempt income				441						242
Net interest income			$	161,589					$	172,086
Net interest margin (5)					3.03	%					3.31	%

(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 Three Months Ended June 30,						At and for the Six Months Ended June 30,
				2024			2023			2024			2023
Reconciliation Table - Non-GAAP Financial Information				(Dollars in Thousands Except Share Data)						(Dollars in Thousands Except Share Data)

Reported Pretax Income				$	21,645		$	27,815		$	41,124		$	36,483
Less:
Security gains					—			3			—			1,704
Add:
Day 1 PCSB CECL provision					—			—			—			16,744
Merger and restructuring expense					823			1,002			823			7,411
Operating Pretax Income				$	22,468		$	28,814		$	41,947		$	58,934
Effective tax rate					24.4	%		19.4	%		24.5	%		19.4	%
Provision for income taxes					5,473			5,587			10,289			11,427
Operating earnings after tax				$	16,995		$	23,227		$	31,658		$	47,507

Operating earnings per common share:
Basic				$	0.19		$	0.26		$	0.36		$	0.54
Diluted				$	0.19		$	0.26		$	0.35		$	0.54

Weighted average common shares outstanding during the period:
Basic					88,904,692			88,665,135			88,899,635			87,620,194
Diluted					89,222,315			88,926,543			89,201,912			87,887,980

Return on average assets *					0.57	%		0.78	%		0.54	%		0.53	%
Less:
Security gains (after-tax) *					—	%		—	%		—	%		0.02	%
Add:
Day 1 PCSB CECL provision (after-tax) *					—	%		—	%		—	%		0.24	%
Merger and restructuring expense (after-tax) *					0.02	%		0.03	%		0.01	%		0.11	%
Operating return on average assets *					0.59	%		0.81	%		0.55	%		0.86	%

Return on average tangible assets *					0.59	%		0.79	%		0.56	%		0.54	%
Less:
Security gains (after-tax) *					—	%		—	%		—	%		0.03	%
Add:
Day 1 PCSB CECL provision (after-tax) *					—	%		—	%		—	%		0.25	%
Merger and restructuring expense (after-tax) *					0.02	%		0.03	%		0.01	%		0.11	%
Operating return on average tangible assets *					0.61	%		0.82	%		0.57	%		0.87	%


Return on average stockholders' equity *					5.49	%		7.44	%		5.18	%		5.04	%
Less:
Security gains (after-tax) *					—	%		—	%		—	%		0.24	%
Add:
Day 1 PCSB CECL provision (after-tax) *					—	%		—	%		—	%		2.31	%
Merger and restructuring expense (after-tax) *					0.21	%		0.28	%		0.10	%		1.02	%
Operating return on average stockholders' equity *					5.70	%		7.72	%		5.28	%		8.13	%


Return on average tangible stockholders' equity *					7.04	%		9.67	%		6.65	%		6.59	%
Less:
Security gains (after-tax) *					—	%		—	%		—	%		0.31	%
Add:
Day 1 PCSB CECL provision (after-tax) *					—	%		—	%		—	%		3.02	%
Merger and restructuring expense (after-tax) *					0.27	%		0.36	%		0.13	%		1.34	%
Operating return on average tangible stockholders' equity *					7.31	%		10.03	%		6.78	%		10.64	%

* Ratios at and for the three months and six months ended are annualized.

	At and for the Three Months Ended
	June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023
	(Dollars in Thousands)

Net income, as reported	$	16,372		$	14,665		$	22,888		$	22,701		$	21,850

Average total assets	$	11,453,394		$	11,417,185		$	11,271,941		$	11,180,635		$	11,272,672
Less: Average goodwill and average identified intangible assets, net		262,859			264,536			266,225			268,199			270,147
Average tangible assets	$	11,190,535		$	11,152,649		$	11,005,716		$	10,912,436		$	11,002,525

Return on average tangible assets (annualized)		0.59	%		0.53	%		0.83	%		0.83	%		0.79	%

Average total stockholders’ equity	$	1,193,385		$	1,201,904		$	1,170,776		$	1,167,727		$	1,174,167
Less: Average goodwill and average identified intangible assets, net		262,859			264,536			266,225			268,199			270,147
Average tangible stockholders’ equity	$	930,526		$	937,368		$	904,551		$	899,528		$	904,020

Return on average tangible stockholders’ equity (annualized)		7.04	%		6.26	%		10.12	%		10.09	%		9.67	%

Total stockholders’ equity	$	1,198,480		$	1,194,231		$	1,198,644		$	1,157,871		$	1,162,308
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		20,830			22,499			24,207			26,172			28,126
Tangible stockholders' equity	$	936,428		$	930,510		$	933,215		$	890,477		$	892,960

Total assets	$	11,635,292		$	11,542,731		$	11,382,256		$	11,180,555		$	11,206,078
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		20,830			22,499			24,207			26,172			28,126
Tangible assets	$	11,373,240		$	11,279,010		$	11,116,827		$	10,913,161		$	10,936,730

Tangible stockholders’ equity to tangible assets		8.23	%		8.25	%		8.39	%		8.16	%		8.16	%

Tangible stockholders' equity	$	936,428		$	930,510		$	933,215		$	890,477		$	892,960

Number of common shares issued		96,998,075			96,998,075			96,998,075			96,998,075			96,998,075
Less:
Treasury shares		7,373,009			7,354,399			7,354,399			7,350,981			7,734,891
Unvested restricted shares		713,443			749,099			749,099			780,859			598,049
Number of common shares outstanding		88,911,623			88,894,577			88,894,577			88,866,235			88,665,135

Tangible book value per common share	$	10.53		$	10.47		$	10.50		$	10.02		$	10.07

PDF available: http://ml.globenewswire.com/Resource/Download/2a9f9df5-7fac-4867-b4fd-0b3511d0152c

Exhibit 99.2

July 25, 2024 1 2Q 2024 Financial Results

Forward Looking Statements 2 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.

x Loans grew $66 million. x Customer deposits increased $66 million. x Margin declines 6 bps to 3.00%. x Pretax, pre - provision income of $27.2 million. x Eastern Funding exited the specialty vehicle business and will service the existing portfolio. Restructure charge of $0.8 million. 3 Fortress Balance Sheet / Asset Quality x NPAs to total assets of 0.54%. x Net charge offs $8.4 million (0.35% annualized). x The reserve for loan losses represents a coverage ratio of 125 basis points. x Total Risk Based Capital of 12.3% and Tangible Common Equity (TCE) of 8.2%. Quarterly Net Income of $16.4 million and EPS of $0.18 Operating Earnings of $17.0 million, Operating EPS of $0.19 Quarterly Dividend of $0.135 Per Share

Summary Income Statement Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. 4 ▪ Net Income of $16.3 million or $0.18 per share. ▪ Net interest income declined $1.6 million from Q1 due to higher funding costs and the reversal of $0.8 million in interest income on two C&I loans which where moved to nonaccrual status. ▪ Noninterest income of $6.4 million is in line with Q1. compensation and occupancy costs. ▪ Restructuring charge of $0.8 million is associated with severance and occupancy expense related to the exit of the Specialty Vehicle business at Eastern Funding. ▪ The provision for credit losses was $5.6 million for the quarter, a decline of $1.8 million from 1Q’24. %Δ Δ 2Q23 %Δ Δ 1Q24 2Q24 $m, except per share amts - 7% $ (6.0) $ 86.0 - 2% $ (1.6) $ 81.6 $ 80.0 Net interest income 16% 0.9 5.5 2% 0.1 6.3 6.4 Noninterest income - - - - - - - Security gains (losses) - 6% (5.1) 91.5 - 2% (1.5) 87.9 86.4 Total Revenue 3% 1.6 56.8 - 4% (2.6) 61.0 Noninterest expense 58.4 - 20% (0.2) 1.0 - 0.8 - Restructuring/Merger exp. 0.8 ▪ Noninterest expense declined $2.6 - 19% (6.5) 33.7 1% 0.3 26.9 27.2 Pretax, Preprov. Net Rev. million linked quarter due to lower - 5% (0.3) 5.9 - 24% (1.8) 7.4 5.6 Provision for credit losses - 22% (6.2) 27.8 11% 2.1 19.5 21.6 Pretax income - 10% (0.6) 5.9 10% 0.5 4.8 5.3 Provision for taxes - 26% (5.6) $ 21.9 $ 11% 1.6 $ 14.7 $ 16.3 $ Net Income - 28% $ (0.07) $ 0.25 13% $ 0.02 $ 0.16 $ 0.18 EPS 0% 295 88,927 0% 40 89,182 89,222 Avg diluted shares (000s) - 0.21% 0.78% 0.06% 0.51% 0.57% Return on Assets - 2.63% 9.67% 0.78% 6.26% 7.04% Return on Tangible Equity - 0.26% 3.26% - 0.06% 3.06% 3.00% Net Interest Margin 5.30% 63.20% - 0.94% 69.44% 68.50% Efficiency Ratio Linked Quarter (LQ) Year over Year (YoY)

Margin – Yields and Costs LQ Δ Prior Quarter 2Q24 Yield Interest Avg Bal Yield Interest Avg Bal Yield Interest Avg Bal $ millions - 0.01% $ 0.4 $ 42 6.03% $ 145.4 $ 9,645 6.02% $ 145.8 $ 9,687 Loans - 0.03% (0.5) (38) 3.72% 10.3 1,100 3.69% 9.8 1,062 Investments & earning cash 0.00% $ (0.1) $ 4 5.79% $ 155.7 $ 10,745 5.79% $ 155.6 $ 10,749 Interest Earning Assets 0.10% $ 2.8 $ 112 3.29% $ 56.9 $ 6,963 3.39% $ 59.7 $ 7,075 Interest bearing deposits - 0.01% (1.3) (104) 5.01% 17.0 1,342 5.00% 15.7 1,238 Borrowings 0.07% $ 1.5 $ 8 3.58% $ 73.9 $ 8,305 3.65% $ 75.4 $ 8,313 Interest Bearing Liabilities - 0.07% 2.21% 2.14% Net interest spread - 0.06% $ (1.6) 3.06% $ 81.8 3.00% $ 80.2 Net interest income, TEB / Margin - 0.2 0.2 LESS: Tax Equivalent Basis (TEB) Adj. (1.6) $ 81.6 $ 80.0 $ Net Interest Income 5.25% 8.25% 5.22% 5.09% 5.27% 4.90% 4.15% 3.84% 5.50% 8.50% 5.43% 5.34% 5.44% 4.62% 4.21% 4.20% 5.50% 8.50% 5.45% 5.33% 5.44% 4.75% 4.38% 4.40% Fed Funds (upper) Prime 1M LIBOR SOFR Ameribor 2Y Treasury 5Y Treasury 10Y Treasury 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. 5

Summary Balance Sheet ▪ Total assets increased $92 million %Δ Δ 2Q23 Δ 1Q24 2Q24 $m, except per share amts driven by growth in loans and higher 4% $ 380 $ 9,341 $ 66 $ 9,655 $ 9,721 Gross Loans, investment cash and equivalents. - 3% 4 (126) (2) (120) (122) Allowance for loan losses 4% 384 9,215 64 9,535 9,599 Net Loans ▪ Loans increased $66 million. ▪ Securities declined $10 million, and Cash equivalents increased $41 million. ▪ The allowance for loan losses increased $2 million. ▪ ALLL coverage of 1.25%. ▪ Deposits increased $18 million. ▪ Borrowings increased $67 million. ▪ Tangible Equity to Tangible Assets of 8.23%*. 0.07% 8.16% - 0.02% 8.25% 8.23% Tang. Equity / Tang. Assets 1.59% 109.67% 0.52% 110.74% 111.26% Loans / Deposits - 0.10% 1.35% 0.01% 1.24% 1.25% ALLL / Gross Loans - 6% (54) 910 (10) 866 856 Securities 53% 119 224 41 302 343 Cash & equivalents - 3% (7) 269 (2) 264 262 Intangibles - 2% (13) 588 (1) 576 575 Other assets & Loans, HFS 4% 429 $ 11,206 $ 92 $ 11,543 $ 11,635 $ Total Assets 3% $ 220 $ 8,517 $ 18 $ 8,719 $ 8,737 Deposits 17% 203 1,226 67 1,362 1,429 Borrowings - 52% (12) 23 (5) 16 11 Reserve for unfunded loans - 6% (18) 278 8 252 260 Other Liabilities 4% 393 10,044 88 10,349 10,437 Total Liabilities 3% 36 1,162 4 1,194 1,198 Stockholders' Equity 4% $ 429 $ 11,206 $ 92 $ 11,543 $ 11,635 Total Liabilities & Equity 5% $ 0.46 $ 10.07 $ 0.06 $ 10.47 $ 10.53 TBV per share 0% 247 88,665 17 88,895 88,912 Actual shares outstanding (000) Linked Quarter (LQ) Year over Year (YoY) Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. *Reconciliation of Non - GAAP measures in Earnings Release. 6

Loan and Deposit Composition 15% 14% 60% 11% Loans 19% 7% 20% 24% 20% 10% CRE C&I Equipment Consumer Deposits DDA NOW Savings MMkt CDs Brkd Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. %Δ Δ 2Q23 Δ 1Q24 2Q24 $ millions 2% $ 111 $ 5,671 $ 27 $ 5,755 $ 5,782 CRE 20% 177 887 22 1,042 1,064 Commercial S 6% 74 1,306 5 1,375 1,380 Equipment Finance OA N 1% 18 1,477 12 1,483 1,495 Consumer L Total Loans $ 9,721 $ 9,655 $ 66 $ 9,341 $ 380 4% Demand deposits NOW Savings Money market CDs Brokered deposits Total Deposits $ 1,638 648 1,736 2,074 1,718 923 $ 1,629 $ 9 655 (7) 1,728 8 2,066 8 1,670 48 971 (48) $ 1,844 699 1,464 2,166 1,411 933 $ (206) - 11% (51) - 7% 272 19% (92) - 4% 307 22% (10) - 1% $ 8,737 $ 8,719 $ 18 $ 8,517 $ 220 3% Linked Quarter (LQ) Year over Year (YoY) DEPOSITS Customer deposits increased $66 million as Brokered deposits decline $48 million. 7

Capital Strength 8 ▪ As of June 30, 2024, the Company maintained capital well above regulatory “well capitalized” requirements. Capital in Excess of "Well Capitalized" Brookline Board Policy Limits Regulatory BASEL III Requirements preliminary estimates* Regulatory Capital Buffer $ Regulatory Capital Buffer % Operating Targets Policy Minimums "Well Capitalized" Minimum Jun - 24 $ millions $ 366.8 3.7% ≥ 8.0% ≥ 7.5% ≥ 6.5% ≥ 4.5% 10.2% Tier 1 Common / RWA $ 229.2 2.3% ≥ 9.5% ≥ 9.0% ≥ 8.0% ≥ 6.0% 10.3% Tier 1 / RWA $ 230.0 2.3% ≥ 11.5% ≥ 11.0% ≥ 10.0% ≥ 8.0% 12.3% Total Risk Based Capital $ 455.1 4.1% ≥ 6.0% ≥ 5.5% ≥ 5.0% ≥ 5.0% 9.1% Leverage Ratio * Regulatory capital ratios are preliminary estimates and may differ from numbers calculated in final Regulatory filings.

Regular Dividends Per Share The Board of Directors announced a dividend of $0.135 per share payable August 30, 2024 to stockholders of record on August 16, 2024. $0.046 9 $0.096 $0.110 $0.210 $0.316 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.340 $0.355 $0.360 $0.360 $0.395 $0.440 $0.460 $0.480 $0.520 $0.540 $0.135 $0.135 $0.135 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1'24 Q2'24 Q3'24

QUESTIONS Paul A. Perrault, Chairman and Chief Executive Officer Carl M. Carlson, Co - President, Chief Financial and Strategy Officer Thank You. 10

APPENDIX RHODE ISLAND - PROVIDENCE BOSTON / EASTERN MASSACHUSETTS (14) WESTCHESTER / LOWER HUDSON VALLEY, NY (29) (22) Subsidiary of Eastern Funding 11

Non Performing Assets and Net Charge Offs Linked Quarter (LQ) Year over Year (YoY) ▪ NPLs increased $20 million from the prior quarter driven by two 2Q24 1Q24 Δ 2Q23 Δ Non Performing Assets (NPAs), in millions CRE $ 11.7 $ 18.4 $ (6.7) $ 12.6 $ (0.9) large commercial loans. 15.0 28.8 27.0 16.8 43.8 C&I ▪ Net charge offs of $8.4 0.3 4.9 (0.3) 5.5 5.2 Consumer Total Non Performing Loans (NPLs) 60.7 40.7 20.0 46.3 14.4 million in the quarter in CRE and C&I, including equipment finance. 0.8 - - 0.8 0.8 Other real estate owned Largely previously 0.6 0.6 0.2 1.0 1.2 Other repossessed assets reserved. $ 15.8 $ 46.9 $ 20.2 $ 42.5 $ 62.7 Total NPAs 0.12% 0.50% 0.20% 0.42% 0.62% NPLs / Total Loans 0.12% 0.42% 0.17% 0.37% 0.54% NPAs / Total Assets Net Charge Offs (NCOs), in millions $ 3.8 $ - $ 3.2 $ 0.6 $ 3.8 CRE loans 3.5 1.1 (3.6) 8.2 4.6 C&I loans - - - - - Consumer loans $ 7.3 $ 1.1 $ (0.4) $ 8.8 $ 8.4 Total Net Charge Offs 0.30% 0.05% - 0.01% 0.36% 0.35% NCOs / Loans (annualized) Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. 12

Key Economic Variables - CECL Select Economic Variables from the Moody’s Baseline Forecasts ▪ The Company uses Moody’s forecasts as inputs into the models used to estimate credit losses under CECL. ▪ The June 2024 Baseline economic forecast was mixed from the March 2024 forecast: ▪ We have maintained our forecast weightings: ▪ 60% Moderate Recession; ▪ 40% Baseline; and ▪ 0% Stronger Near Term Growth. Stronger Near Term Growth (S1) Baseline Moderate Recession (S3) 13 0% 0% 0% 40% 40% 40% 60% 60% 60% 2Q 2024 1Q 2024 4Q 2023 ▪ GDP – slightly UNFAVORABLE then FAVORABLE ▪ Unemployment – slightly UNFAVORABLE ▪ CRE Price Index – Slightly FAVORABLE then 0% 40% 60% 3Q 2023 UNFAVORABLE 0% 40% 60% 2Q 2023 Weightings of Moody's Forecast for CECL Model Change from Prior CURRENT: 2Q'24 Prior Quarter: Baseline Scenario 2025 2024 2025 2024 2025 2024 56 (8) 23,327 22,922 23,271 22,930 GDP - 0.1 4.1 4.0 4.1 3.9 Unemployment Rate - - 4.3 5.2 4.3 5.2 Fed Fund Rate - 0.2 4.1 4.3 4.1 4.1 10 Treasury (2.2) 3.3 318.3 305.0 320.5 301.7 CRE Price Index

Investment CRE 49% Commercial 20% Equipment Finance 16% Consumer 15% Perm Constr Total % Total % Total % Total % Food & Lodging Manufacturing Finance and Ins Wholesale Trade Professional RE Agents / Brokers Health Care / Social Construction Retail Arts, Entert., Rec Condo Trans./Warehousing Other Services $ 337 18% 226 12% 212 11% 113 6% 154 8% 233 12% 175 9% 56 3% 161 8% 102 5% 44 2% 14 1% 88 5% Residential Home Equity Other Consumer Purchase Mtge $ 1,074 72% 352 24% 50 3% 19 1% Total $ 1,495 100% - Apartment Retail Office Industrial Mixed Use 1 - 4 Family Hotel Land Other 355 $ 1,242 $ 163 837 3 686 34 682 7 451 26 6 20 188 9 39 48 $ 1,405 29% 840 18% 720 15% 689 14% 477 10% 26 1% 197 4% 39 1% 403 8% Total $ 4,447 $ 349 $ 4,796 100% Total $ 1,915 100% Total $ 1,515 100% 43% $ 647 Laundry Eastern Funding Core 11% 174 Fitness/Macrolease 4% 58 Grocery 2% 23 Dry Cleaning 1% 22 Restaurant 1% 11 Car Wash 12% 175 EF CRE 3% 53 Other EF 10% 150 Tow Truck Specialty Vehicle 4% 62 Heavy Tow 3% 38 FedEx 1% 10 Trailer 6% 92 Other Vehicle Total Loans Outstanding $ 9,721 Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. Major Loan Segments with Industry Breakdown $4,796 $1,915 $1,515 $1,495 2Q24 Loans outstanding ($millions) Owner Occupied CRE included in Commercial and Equipment Finance 14

CRE – Loan to Value (LTV) 41% 43% 38% 40% 42% 15% 34% 48% 53% 50% 45% 49% 56% 43% 57% 50% 46% 42% 9% 12% 11% 3% 15% 16% 6% 3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Apartment Retail Office Industrial 50% and lower Mixed Use 50 - 70 Medical Hotel Restaurant Other Non Owner Occupied CRE and Multifamily Exposures at June 30, 2024. Exposures by LTV 70 - 80 80+ 40% 49% 1% 10% 15

33% 41% 34% 22% 30% 22% 53% 54% 29% 12% 8% 15% 8% 15% 9% 21% 13% 7% 11% 7% 6% 11% 9% 0% 3% 5% 10% 16% 17% 26% 24% 22% 31% 11% 23% 18% 20% 11% 13% 21% 32% 0 2% 7% 17% 6% 6% 18% 5% 9% 10% 3% 2% 0% 7% 4% 2 1% 0% 3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Apartment Retail Office 2018 and Before Restaurant Other Non Owner Occupied CRE and Multifamily Exposures at June 30, 2024. Exposures by Year of Origination Industrial Mixed Use Medical Hotel 2019 2020 2021 2022 2023 2024 2 % CRE - Vintage 9 % 16 % 19 % 9 % 12 % 33 % 16

ICRE Maturities, excludes Construction 2Q24 Average Loan Size ICRE Maturities by Size Outstanding Number of Loans $362.7 23 112.4 17 208.9 100 66.7 193 Loan Size $15.8 $10MM+ 6.6 $5MM - $10MM 2.1 $1MM - $5MM 0.3 Under $1MM $2.3 333 $750.7 Total 17

Office Maturities, excludes Construction 2Q24 ▪ 19% of the Bank’s Office portfolio is maturing before 6/30/2026. ▪ Exposure is concentrated in Massachusetts, mostly outside of Boston’s central business district. ▪ Of the $51MM maturing in the next two quarters, $34MM have embedded extension options, $11MM is in the process of resolution, and the remaining $6MM are Pass rated and present minimal risk. ▪ The prior quarter’s $8MM criticized office loan has since been successfully refinanced with significant equity contributions and debt coverage support from the Sponsor. Only one classified loan remains in the maturing office population, totaling $11MM. We continue to work with the loan’s Sponsor and participant banks on a resolution. ▪ Despite fundamental deterioration in the Office market, the portfolio remains relatively healthy with one - off issues. Office Maturities by Submarket Average Loan Size Number of Loans Outstanding Bank $5.9 17 $100.6 Brookline Bank 14.3 4 57.1 Boston 3.5 7 24.8 Inside 128 3.1 6 18.7 Other BBK 1.9 16 30.5 Bank Rhode Island Providence Cranston 2.4 11 26.2 Pawtucket 0.9 5 4.3 Other BARI 0.1 3 0.2 PCSB $3.6 36 $131.3 Total Office Maturities - Asset Quality Average LTV Average DSC Average Loan Size Outstanding Loan Size 47% 1.55x $3.4 $120.5 Core 178% 0.58x 10.8 10.8 Criticized + Classified 58% 1.47x $3.6 $131.3 Total 18

Multi - Family Maturities, excludes Construction 2Q24 ▪ 13 % of the Bank’s Multi - Family portfolio is maturing before 6 / 30 / 2026 . ▪ Portfolio is primarily comprised of large Class B multi - family properties ( 82 % ), followed by small 1 - 9 family properties ( 8 % ) . ▪ The portfolio continues to perform strongly with minimal adversely rated credits. There are currently no criticized or classified credits in the maturing multi - family population. Multi - Family Maturities - Asset Quality Average DSC Average LTV Average Loan Size Outstanding Loan Size 50% 1.83x $1.8 $188.6 Core - - - - Criticized + Classified 50% 1.83x $1.8 $188.6 Total 19

ICRE Repricing, excludes Construction and Swapped/Floating Rate Loans 2Q24 Average Loan Size 6.3 2.2 0.4 ICRE Repricing by Size Outstanding Number of Loans 25.0 4 194.1 89 57.9 137 Loan Size $5MM - $10MM $1MM - $5MM Under $1MM $1.2 230 $277.0 Total 20

Consumer Loans – LTV / FICO 21 700+ 86% 650 - 699 7% 600 - 649 3% 599 - N/A 3% 50% or less 32% 50% - 69% 38% 70% - 80% 26% 80%+ 4% 700+ 94% 50% or less 50% - 69% 31% 70% - 80% 32% 80%+ 3% Resid. 1 - 4 58% LTV 1% Resid. 1 - 4 FICO 650 - 699 3% Home Equity FICO Home Equity 34% 56% LTV 2Q24

Well Diversified Deposit Base – 73% of Deposits are Insured* Consumer Deposits 52% (76% insured) Commercial Deposits 44% (62% insured) Municipal Deposits 4% * Insured includes deposits which are collateralized. Excludes brokered deposits which are 100% FDIC insured and have laddered maturities. 27% of Non Brokered Deposits Uninsured 22 2Q24

Securities Portfolio ▪ Highly liquid, risk averse securities portfolio with prudent duration and minimal extension risk. The entire investment portfolio is classified as Available for Sale. ▪ The after tax, mark to market on the portfolio is included in Accumulated Other Comprehensive Income in Stockholders’ Equity. Total OCI represents a reduction in stockholders’ equity of 4.9%. UST 49% 23 Agency 22% Corp 2% MBS 23% CMO 2% Municipals 2% 2Q24 Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented. Duration Book Yield Unreal. G/L Fair Value Book Value Current Par $ in millions 2.9 2.81% $ (29) $ 417 $ 446 $ 450 U.S. Treasuries 3.8 2.59% (21) 192 213 209 Agency Debentures 1.3 4.25% (1) 18 19 20 Corp Bonds 4.7 3.28% (24) 194 218 230 Agency MBS 4.1 2.85% (1) 19 21 22 Agency CMO 3.2 4.61% (0) 16 17 18 Municipals 3.5 2.93% $ (77) $ 856 $ 934 $ 949 Total

Interest Rate Risk Floating (<3m) 27% Adj. 35% Fixed 38% 2Q24 Loan Originations, $490 million Total Loan Portfolio Mix – Duration 2.1 0.0% - 0.8% 0.0% - 0.4% - 0.4% - 1.1% - 1.1% - 1.3% 0.6% 1.5% 2.3% Q1 - 25 2.8% Cumulative Net Interest Income Change by Quarter 06/30/2024 Flat Balance Sheet , simulations reflect a product weighted beta of 40% on total deposits. - 100bps Ramp Forward - Implied Rates +200bps Ramp Q2 - 24 Q3 - 24 Q4 - 24 Floating (<3m) 21% 24 Adj. 40% Fixed 39%

Deposit and Funding Betas - Percentage Change in Cost versus Change in Federal Funds Rate ▪ The Federal Reserve began increasing the Federal Funds rate in March 2022 and has increased rates 525 basis points through June 2024. ▪ Q1’22: 0.25% ▪ Q2’22: 1.25% ▪ Q3’22: 1.50% ▪ Q4’22: 1.25% ▪ Q1’23: 0.50% ▪ Q2’23: 0.25% ▪ Q3’23: 0.25%, last increase ▪ Q4’23: 0.00% ▪ Q1’24: 0.00% ▪ Q2’24: 0.00% *Betas reflect the change in quarterly funding costs as a percentage of the change in the targeted Federal Funds Rate over the same period. na 11.4% 232.0% 0.68% 0.75% 0.10% 0.08% NOW na 50.7% 988.0% 2.76% 2.69% 0.29% 0.10% Savings na 53.7% 1056.0% 3.08% 3.09% 0.44% 0.26% MMA na 70.5% 1580.0% 4.43% 4.13% 0.48% 0.73% CDs na 97.0% 1768.0% 5.25% 5.22% 0.83% 0.16% Brokerd CDs na 58.5% 1180.0% 3.39% 3.28% 0.44% 0.32% Total Interest Bearing 0.0% 0.0% 0.0% 0.00% 0.00% 0.00% 0.00% DDA na 48.0% 964.0% 2.75% 2.66% 0.34% 0.23% Total Deposit Costs na 56.2% 1688.0% 5.00% 5.01% 0.78% 2.05% Borrowings na 52.2% 1056.0% 3.04% 2.99% 0.40% 0.30% Total Funding Costs BETAS LQ % Chg Through the Cycle** YoY % Chg Since 12/21 2Q24 Rates / Costs Cycle Start 4Q21 Prior Year 2Q23 Prior Qtr 1Q24 Current Qtr 2Q24 BETAS* Fed Funds Rate 0.25% 5.25% 5.50% 5.50% 0.25% 5.25% 0.00% * Betas based on reported quarterly cost of funds ** Through the cycle betas reflect the change in cost of funds as a percentage of the change in the Federal Funds Rate with the starting point for the analysis being the quarter ended 12/31/2021. The Federal Funds Rate (upper) was 0.25% at 12/31/2021. 25

Cover	Jul. 24, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 24, 2024
Entity File Number	0-23695
Entity Registrant Name	BROOKLINE BANCORP, INC.
Entity Central Index Key	0001049782
Entity Tax Identification Number	04-3402944
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	131 Clarendon Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	617
Local Phone Number	425-4600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value of $0.01 per share
Trading Symbol	BRKL
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false