000104978212/312022Q2false33.3333.3333.3300010497822022-01-012022-06-3000010497822022-07-31xbrli:shares00010497822022-06-30iso4217:USD00010497822021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMember2021-12-31iso4217:USDxbrli:shares00010497822022-04-012022-06-3000010497822021-04-012021-06-3000010497822021-01-012021-06-300001049782us-gaap:DepositAccountMember2022-04-012022-06-300001049782us-gaap:DepositAccountMember2021-04-012021-06-300001049782us-gaap:DepositAccountMember2022-01-012022-06-300001049782us-gaap:DepositAccountMember2021-01-012021-06-300001049782us-gaap:FinancialServiceOtherMember2022-04-012022-06-300001049782us-gaap:FinancialServiceOtherMember2021-04-012021-06-300001049782us-gaap:FinancialServiceOtherMember2022-01-012022-06-300001049782us-gaap:FinancialServiceOtherMember2021-01-012021-06-300001049782us-gaap:CommonStockMember2022-03-310001049782us-gaap:AdditionalPaidInCapitalMember2022-03-310001049782us-gaap:RetainedEarningsMember2022-03-310001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001049782us-gaap:TreasuryStockCommonMember2022-03-310001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2022-03-3100010497822022-03-310001049782us-gaap:RetainedEarningsMember2022-04-012022-06-300001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001049782us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001049782us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2022-04-012022-06-300001049782us-gaap:CommonStockMember2022-06-300001049782us-gaap:AdditionalPaidInCapitalMember2022-06-300001049782us-gaap:RetainedEarningsMember2022-06-300001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001049782us-gaap:TreasuryStockCommonMember2022-06-300001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2022-06-300001049782us-gaap:CommonStockMember2021-03-310001049782us-gaap:AdditionalPaidInCapitalMember2021-03-310001049782us-gaap:RetainedEarningsMember2021-03-310001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001049782us-gaap:TreasuryStockCommonMember2021-03-310001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2021-03-3100010497822021-03-310001049782us-gaap:RetainedEarningsMember2021-04-012021-06-300001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001049782us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001049782us-gaap:TreasuryStockCommonMember2021-04-012021-06-300001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2021-04-012021-06-300001049782us-gaap:CommonStockMember2021-06-300001049782us-gaap:AdditionalPaidInCapitalMember2021-06-300001049782us-gaap:RetainedEarningsMember2021-06-300001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001049782us-gaap:TreasuryStockCommonMember2021-06-300001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2021-06-3000010497822021-06-300001049782us-gaap:CommonStockMember2021-12-310001049782us-gaap:AdditionalPaidInCapitalMember2021-12-310001049782us-gaap:RetainedEarningsMember2021-12-310001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001049782us-gaap:TreasuryStockCommonMember2021-12-310001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2021-12-310001049782us-gaap:RetainedEarningsMember2022-01-012022-06-300001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001049782us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001049782us-gaap:TreasuryStockCommonMember2022-01-012022-06-300001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2022-01-012022-06-300001049782us-gaap:CommonStockMember2020-12-310001049782us-gaap:AdditionalPaidInCapitalMember2020-12-310001049782us-gaap:RetainedEarningsMember2020-12-310001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001049782us-gaap:TreasuryStockCommonMember2020-12-310001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2020-12-3100010497822020-12-310001049782us-gaap:RetainedEarningsMember2021-01-012021-06-300001049782us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001049782us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001049782us-gaap:TreasuryStockCommonMember2021-01-012021-06-300001049782brkl:CommonStockHeldByEmployeeStockOptionPlanUnallocatedMember2021-01-012021-06-30brkl:bankbrkl:office0001049782brkl:BankRhodeIslandMember2022-01-012022-06-300001049782us-gaap:USTreasuryAndGovernmentMember2022-06-300001049782brkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember2022-06-300001049782us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-06-300001049782us-gaap:CorporateDebtSecuritiesMember2022-06-300001049782us-gaap:USTreasuryBondSecuritiesMember2022-06-300001049782us-gaap:ForeignGovernmentDebtSecuritiesMember2022-06-300001049782us-gaap:USTreasuryAndGovernmentMember2021-12-310001049782brkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001049782us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001049782us-gaap:CorporateDebtSecuritiesMember2021-12-310001049782us-gaap:USTreasuryBondSecuritiesMember2021-12-310001049782us-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-31xbrli:pure0001049782us-gaap:CollateralPledgedMember2022-06-300001049782us-gaap:CollateralPledgedMember2021-12-310001049782us-gaap:USTreasuryAndGovernmentMember2022-06-300001049782us-gaap:CollateralizedMortgageObligationsMember2022-06-300001049782us-gaap:MortgageBackedSecuritiesMember2022-06-300001049782us-gaap:CorporateDebtSecuritiesMember2022-06-300001049782us-gaap:USTreasuryBondSecuritiesMember2022-06-300001049782us-gaap:ForeignGovernmentDebtSecuritiesMember2022-06-300001049782us-gaap:USTreasuryAndGovernmentMember2021-12-310001049782us-gaap:CollateralizedMortgageObligationsMember2021-12-310001049782us-gaap:MortgageBackedSecuritiesMember2021-12-310001049782us-gaap:USTreasuryBondSecuritiesMember2021-12-310001049782us-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310001049782brkl:USGovernmentSponsoredEnterprisesDebtSecuritiesExcludingSpecifiedSecuritiesMember2022-06-300001049782brkl:USGovernmentSponsoredEnterprisesDebtSecuritiesExcludingSpecifiedSecuritiesMember2021-12-31brkl:security0001049782us-gaap:USTreasuryAndGovernmentMember2022-01-012022-06-300001049782us-gaap:USTreasuryAndGovernmentMember2021-01-012021-06-300001049782us-gaap:CollateralizedMortgageObligationsMember2022-06-300001049782us-gaap:CollateralizedMortgageObligationsMember2021-12-310001049782us-gaap:CollateralizedMortgageObligationsMember2021-01-012021-06-300001049782us-gaap:CollateralizedMortgageObligationsMember2022-01-012022-06-300001049782us-gaap:MortgageBackedSecuritiesMember2022-06-300001049782us-gaap:MortgageBackedSecuritiesMember2021-12-310001049782us-gaap:MortgageBackedSecuritiesMember2021-01-012021-06-300001049782us-gaap:MortgageBackedSecuritiesMember2022-01-012022-06-300001049782us-gaap:CorporateDebtSecuritiesMember2021-06-300001049782us-gaap:CorporateDebtSecuritiesMember2022-01-012022-06-300001049782us-gaap:CorporateDebtSecuritiesMember2021-01-012021-06-300001049782us-gaap:USTreasurySecuritiesMember2022-06-300001049782us-gaap:USTreasurySecuritiesMember2021-12-310001049782us-gaap:USTreasurySecuritiesMember2022-01-012022-06-300001049782us-gaap:USTreasurySecuritiesMember2021-01-012021-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2022-01-012022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2021-01-012021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2022-01-012022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2021-01-012021-12-310001049782us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300001049782us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-01-012022-06-300001049782us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001049782us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2022-01-012022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2022-01-012022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2021-01-012021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2022-01-012022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2021-01-012021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMember2022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMember2022-01-012022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMember2021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMember2021-01-012021-12-310001049782us-gaap:CommercialPortfolioSegmentMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMember2022-01-012022-06-300001049782us-gaap:CommercialPortfolioSegmentMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMember2021-01-012021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2022-01-012022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2021-01-012021-12-310001049782us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2022-06-300001049782us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2022-01-012022-06-300001049782us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001049782us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2021-01-012021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2022-01-012022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2021-01-012021-12-310001049782us-gaap:ConsumerPortfolioSegmentMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMember2022-01-012022-06-300001049782us-gaap:ConsumerPortfolioSegmentMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-12-3100010497822021-01-012021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:SBAPPPLoansMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:SBAPPPLoansMember2021-12-310001049782brkl:LoansAndLeasesReceivableMember2022-06-300001049782brkl:LoansAndLeasesReceivableMember2021-12-310001049782us-gaap:AssetPledgedAsCollateralWithRightMember2022-06-300001049782us-gaap:AssetPledgedAsCollateralWithRightMember2021-12-310001049782brkl:FederalReserveBankBorrowingsMember2022-06-300001049782brkl:FederalReserveBankBorrowingsMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2022-03-310001049782us-gaap:CommercialPortfolioSegmentMember2022-03-310001049782us-gaap:ConsumerPortfolioSegmentMember2022-03-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2022-04-012022-06-300001049782us-gaap:CommercialPortfolioSegmentMember2022-04-012022-06-300001049782us-gaap:ConsumerPortfolioSegmentMember2022-04-012022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2021-03-310001049782us-gaap:CommercialPortfolioSegmentMember2021-03-310001049782us-gaap:ConsumerPortfolioSegmentMember2021-03-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2021-04-012021-06-300001049782us-gaap:CommercialPortfolioSegmentMember2021-04-012021-06-300001049782us-gaap:ConsumerPortfolioSegmentMember2021-04-012021-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2021-06-300001049782us-gaap:CommercialPortfolioSegmentMember2021-06-300001049782us-gaap:ConsumerPortfolioSegmentMember2021-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-310001049782us-gaap:CommercialPortfolioSegmentMember2020-12-310001049782us-gaap:ConsumerPortfolioSegmentMember2020-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMember2021-01-012021-06-300001049782us-gaap:CommercialPortfolioSegmentMember2021-01-012021-06-300001049782us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-06-300001049782us-gaap:PassMemberbrkl:CommercialRealEstateMortgageMember2022-06-300001049782us-gaap:SpecialMentionMemberbrkl:CommercialRealEstateMortgageMember2022-06-300001049782us-gaap:SubstandardMemberbrkl:CommercialRealEstateMortgageMember2022-06-300001049782brkl:CommercialRealEstateMortgageMember2022-06-300001049782us-gaap:PassMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2022-06-300001049782brkl:CommercialRealEstateMultiFamilyReceivableMemberus-gaap:SpecialMentionMember2022-06-300001049782brkl:CommercialRealEstateMultiFamilyReceivableMember2022-06-300001049782us-gaap:PassMemberus-gaap:ConstructionLoansMember2022-06-300001049782us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2022-06-300001049782us-gaap:ConstructionLoansMember2022-06-300001049782us-gaap:PassMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:DoubtfulMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:CommercialLoanMember2022-06-300001049782us-gaap:PassMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2022-06-300001049782brkl:CommercialLoansEquipmentFinancingLoansMemberus-gaap:SpecialMentionMember2022-06-300001049782brkl:CommercialLoansEquipmentFinancingLoansMemberus-gaap:SubstandardMember2022-06-300001049782brkl:CommercialLoansEquipmentFinancingLoansMemberus-gaap:DoubtfulMember2022-06-300001049782brkl:CommercialLoansEquipmentFinancingLoansMember2022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:PassMember2022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:SubstandardMember2022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMember2022-06-300001049782us-gaap:PassMemberbrkl:OtherConsumerMember2022-06-300001049782brkl:OtherConsumerMember2022-06-300001049782us-gaap:PassMemberbrkl:TotalMember2022-06-300001049782us-gaap:SpecialMentionMemberbrkl:TotalMember2022-06-300001049782brkl:TotalMemberus-gaap:SubstandardMember2022-06-300001049782brkl:TotalMemberus-gaap:DoubtfulMember2022-06-300001049782brkl:TotalMember2022-06-300001049782us-gaap:UnlikelyToBeCollectedFinancingReceivableMember2022-06-300001049782brkl:CreditScoreGreaterThan700Memberus-gaap:ResidentialMortgageMember2022-06-300001049782brkl:CreditScore661To700Memberus-gaap:ResidentialMortgageMember2022-06-300001049782brkl:CreditScoreEqualToOrBelow660Memberus-gaap:ResidentialMortgageMember2022-06-300001049782brkl:CreditScoreDataNotAvailableMemberus-gaap:ResidentialMortgageMember2022-06-300001049782us-gaap:ResidentialMortgageMember2022-06-300001049782us-gaap:HomeEquityMemberbrkl:CreditScoreGreaterThan700Member2022-06-300001049782us-gaap:HomeEquityMemberbrkl:CreditScore661To700Member2022-06-300001049782us-gaap:HomeEquityMemberbrkl:CreditScoreEqualToOrBelow660Member2022-06-300001049782us-gaap:HomeEquityMemberbrkl:CreditScoreDataNotAvailableMember2022-06-300001049782us-gaap:HomeEquityMember2022-06-300001049782us-gaap:PassMemberbrkl:CommercialRealEstateMortgageMember2021-12-310001049782us-gaap:SpecialMentionMemberbrkl:CommercialRealEstateMortgageMember2021-12-310001049782us-gaap:SubstandardMemberbrkl:CommercialRealEstateMortgageMember2021-12-310001049782brkl:CommercialRealEstateMortgageMember2021-12-310001049782us-gaap:PassMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2021-12-310001049782brkl:CommercialRealEstateMultiFamilyReceivableMemberus-gaap:SpecialMentionMember2021-12-310001049782brkl:CommercialRealEstateMultiFamilyReceivableMember2021-12-310001049782us-gaap:PassMemberus-gaap:ConstructionLoansMember2021-12-310001049782us-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2021-12-310001049782us-gaap:ConstructionLoansMember2021-12-310001049782us-gaap:PassMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:DoubtfulMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:CommercialLoanMember2021-12-310001049782us-gaap:PassMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2021-12-310001049782brkl:CommercialLoansEquipmentFinancingLoansMemberus-gaap:SpecialMentionMember2021-12-310001049782brkl:CommercialLoansEquipmentFinancingLoansMemberus-gaap:SubstandardMember2021-12-310001049782brkl:CommercialLoansEquipmentFinancingLoansMemberus-gaap:DoubtfulMember2021-12-310001049782brkl:CommercialLoansEquipmentFinancingLoansMember2021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:PassMember2021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:SubstandardMember2021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMember2021-12-310001049782us-gaap:PassMemberbrkl:OtherConsumerMember2021-12-310001049782us-gaap:SubstandardMemberbrkl:OtherConsumerMember2021-12-310001049782brkl:OtherConsumerMember2021-12-310001049782us-gaap:PassMemberbrkl:TotalMember2021-12-310001049782us-gaap:SpecialMentionMemberbrkl:TotalMember2021-12-310001049782brkl:TotalMemberus-gaap:SubstandardMember2021-12-310001049782brkl:TotalMemberus-gaap:DoubtfulMember2021-12-310001049782brkl:TotalMember2021-12-310001049782us-gaap:UnlikelyToBeCollectedFinancingReceivableMember2021-12-310001049782brkl:CreditScoreGreaterThan700Memberus-gaap:ResidentialMortgageMember2021-12-310001049782brkl:CreditScore661To700Memberus-gaap:ResidentialMortgageMember2021-12-310001049782brkl:CreditScoreEqualToOrBelow660Memberus-gaap:ResidentialMortgageMember2021-12-310001049782brkl:CreditScoreDataNotAvailableMemberus-gaap:ResidentialMortgageMember2021-12-310001049782us-gaap:ResidentialMortgageMember2021-12-310001049782us-gaap:HomeEquityMemberbrkl:CreditScoreGreaterThan700Member2021-12-310001049782us-gaap:HomeEquityMemberbrkl:CreditScore661To700Member2021-12-310001049782us-gaap:HomeEquityMemberbrkl:CreditScoreEqualToOrBelow660Member2021-12-310001049782us-gaap:HomeEquityMemberbrkl:CreditScoreDataNotAvailableMember2021-12-310001049782us-gaap:HomeEquityMember2021-12-310001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2022-06-300001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMemberbrkl:CommercialRealEstateMortgageMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberbrkl:CommercialRealEstateMortgageMember2022-06-300001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2022-06-300001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2022-06-300001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMemberus-gaap:FinancialAssetPastDueMember2022-06-300001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2022-06-300001049782us-gaap:ConstructionLoansMemberbrkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300001049782us-gaap:ConstructionLoansMemberbrkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300001049782us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2022-06-300001049782us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-06-300001049782us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-06-300001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables31to60DaysPastDueMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables61to90DaysPastDueMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:CommercialLoansEquipmentFinancingLoansMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:CommercialLoansEquipmentFinancingLoansMemberus-gaap:FinancialAssetPastDueMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables31to60DaysPastDueMember2022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables61to90DaysPastDueMember2022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-06-300001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables31to60DaysPastDueMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables61to90DaysPastDueMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-06-300001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2022-06-300001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2022-06-300001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMemberus-gaap:ResidentialMortgageMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetPastDueMember2022-06-300001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2022-06-300001049782us-gaap:HomeEquityMemberbrkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-06-300001049782us-gaap:HomeEquityMemberbrkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-06-300001049782us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2022-06-300001049782us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-06-300001049782us-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-06-300001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2022-06-300001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMemberbrkl:OtherConsumerMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberbrkl:OtherConsumerMember2022-06-300001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2022-06-300001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-06-300001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2022-06-300001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2022-06-300001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2022-06-300001049782brkl:FinancingReceivables31to60DaysPastDueMember2022-06-300001049782brkl:FinancingReceivables61to90DaysPastDueMember2022-06-300001049782brkl:FinancingReceivablesGreaterthan90DaysPastDueMember2022-06-300001049782us-gaap:FinancialAssetPastDueMember2022-06-300001049782us-gaap:FinancialAssetNotPastDueMember2022-06-300001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2021-12-310001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMemberbrkl:CommercialRealEstateMortgageMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberbrkl:CommercialRealEstateMortgageMember2021-12-310001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMortgageMember2021-12-310001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2021-12-310001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMemberus-gaap:FinancialAssetPastDueMember2021-12-310001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:CommercialRealEstateMultiFamilyReceivableMember2021-12-310001049782us-gaap:ConstructionLoansMemberbrkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001049782us-gaap:ConstructionLoansMemberbrkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001049782us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2021-12-310001049782us-gaap:ConstructionLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310001049782us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310001049782us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables31to60DaysPastDueMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables61to90DaysPastDueMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:CommercialLoansEquipmentFinancingLoansMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:CommercialLoansEquipmentFinancingLoansMemberus-gaap:FinancialAssetPastDueMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables31to60DaysPastDueMember2021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables61to90DaysPastDueMember2021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310001049782brkl:CommercialLoansCondominiumAssociationReceivableMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables31to60DaysPastDueMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivables61to90DaysPastDueMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310001049782us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2021-12-310001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2021-12-310001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMemberus-gaap:ResidentialMortgageMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetPastDueMember2021-12-310001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:ResidentialMortgageMember2021-12-310001049782us-gaap:HomeEquityMemberbrkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001049782us-gaap:HomeEquityMemberbrkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001049782us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2021-12-310001049782us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310001049782us-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2021-12-310001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMemberbrkl:OtherConsumerMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberbrkl:OtherConsumerMember2021-12-310001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberbrkl:OtherConsumerMember2021-12-310001049782brkl:FinancingReceivables31to60DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001049782brkl:FinancingReceivables61to90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberbrkl:FinancingReceivablesGreaterthan90DaysPastDueMember2021-12-310001049782us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2021-12-310001049782us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2021-12-310001049782brkl:FinancingReceivables31to60DaysPastDueMember2021-12-310001049782brkl:FinancingReceivables61to90DaysPastDueMember2021-12-310001049782brkl:FinancingReceivablesGreaterthan90DaysPastDueMember2021-12-310001049782us-gaap:FinancialAssetPastDueMember2021-12-310001049782us-gaap:FinancialAssetNotPastDueMember2021-12-310001049782brkl:OriginatedFinancingReceivableMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2022-04-012022-06-30brkl:loan0001049782brkl:OriginatedFinancingReceivableMember2022-04-012022-06-300001049782brkl:OriginatedFinancingReceivableMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2021-04-012021-06-300001049782brkl:OriginatedFinancingReceivableMemberus-gaap:ResidentialMortgageMember2021-04-012021-06-300001049782brkl:OriginatedFinancingReceivableMemberus-gaap:HomeEquityMember2021-04-012021-06-300001049782brkl:OriginatedFinancingReceivableMember2021-04-012021-06-300001049782brkl:OriginatedFinancingReceivableMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2022-01-012022-06-300001049782brkl:OriginatedFinancingReceivableMember2022-01-012022-06-300001049782brkl:OriginatedFinancingReceivableMemberbrkl:CommercialRealEstateMortgageMember2021-01-012021-06-300001049782brkl:OriginatedFinancingReceivableMemberbrkl:CommercialLoansEquipmentFinancingLoansMember2021-01-012021-06-300001049782brkl:OriginatedFinancingReceivableMemberus-gaap:ResidentialMortgageMember2021-01-012021-06-300001049782brkl:OriginatedFinancingReceivableMemberus-gaap:HomeEquityMember2021-01-012021-06-300001049782brkl:OriginatedFinancingReceivableMember2021-01-012021-06-300001049782us-gaap:ExtendedMaturityMember2022-04-012022-06-300001049782us-gaap:ExtendedMaturityMember2021-04-012021-06-300001049782us-gaap:ExtendedMaturityMember2022-01-012022-06-300001049782us-gaap:ExtendedMaturityMember2021-01-012021-06-300001049782brkl:CombinationOfExtendedMaturityAdjustedPrincipalAndAdjustedInterestRateMember2022-04-012022-06-300001049782brkl:CombinationOfExtendedMaturityAdjustedPrincipalAndAdjustedInterestRateMember2021-04-012021-06-300001049782brkl:CombinationOfExtendedMaturityAdjustedPrincipalAndAdjustedInterestRateMember2022-01-012022-06-300001049782brkl:CombinationOfExtendedMaturityAdjustedPrincipalAndAdjustedInterestRateMember2021-01-012021-06-300001049782us-gaap:CoreDepositsMember2022-06-300001049782us-gaap:CoreDepositsMember2021-12-310001049782us-gaap:TradeNamesMember2022-06-300001049782us-gaap:TradeNamesMember2021-12-310001049782us-gaap:TradeNamesMember2013-12-310001049782us-gaap:CoreDepositsMember2022-01-012022-06-300001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-012022-06-300001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-06-300001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-06-300001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001049782us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300001049782us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-06-300001049782us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001049782brkl:LoanLevelDerivativeReceiveFixedPayVariableMemberus-gaap:NondesignatedMember2022-06-30brkl:derivative0001049782us-gaap:NondesignatedMemberbrkl:LoanLevelDerivativePayFixedReceiveVariableMember2022-06-300001049782us-gaap:NondesignatedMemberbrkl:RiskParticipationoutAgreementMember2022-06-300001049782us-gaap:NondesignatedMemberbrkl:RiskParticipationinAgreementMember2022-06-300001049782us-gaap:LongMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-06-300001049782us-gaap:ShortMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-06-300001049782brkl:LoanLevelDerivativeReceiveFixedPayVariableMemberus-gaap:NondesignatedMember2021-12-310001049782us-gaap:NondesignatedMemberbrkl:LoanLevelDerivativePayFixedReceiveVariableMember2021-12-310001049782us-gaap:NondesignatedMemberbrkl:RiskParticipationoutAgreementMember2021-12-310001049782us-gaap:NondesignatedMemberbrkl:RiskParticipationinAgreementMember2021-12-310001049782us-gaap:LongMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-12-310001049782us-gaap:ShortMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2021-12-310001049782us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2022-06-300001049782brkl:LoanLevelDerivativeMemberus-gaap:NondesignatedMember2022-06-300001049782us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2022-06-300001049782us-gaap:InterestRateContractMember2021-12-310001049782brkl:LoanLevelDerivativeMember2021-12-310001049782brkl:RiskParticipationoutAgreementMember2021-12-310001049782us-gaap:ForeignExchangeContractMember2021-12-310001049782us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateContractMember2021-12-310001049782brkl:RiskParticipationinAgreementMember2021-12-31brkl:plan0001049782brkl:StockOptionAndIncentivePlan2021Member2022-06-300001049782us-gaap:ShareBasedCompensationAwardTrancheOneMemberbrkl:TimebasedAwardsMember2022-01-012022-06-300001049782us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:PerformanceSharesMember2022-01-012022-06-300001049782brkl:VestingFirstAnniversaryMemberbrkl:TimebasedAwardsMember2022-01-012022-06-300001049782brkl:VestingSecondAnniversaryMemberbrkl:TimebasedAwardsMember2022-01-012022-06-300001049782brkl:VestingThirdAnniversaryMemberbrkl:TimebasedAwardsMember2022-01-012022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberbrkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberbrkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AvailableforsaleSecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AvailableforsaleSecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AvailableforsaleSecuritiesMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:LoanLevelDerivativeMemberus-gaap:FairValueInputsLevel1Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:LoanLevelDerivativeMemberus-gaap:FairValueInputsLevel2Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:LoanLevelDerivativeMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:LoanLevelDerivativeMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberbrkl:RiskParticipationoutAgreementMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberbrkl:RiskParticipationoutAgreementMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationoutAgreementMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationoutAgreementMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationinAgreementMemberus-gaap:FairValueInputsLevel1Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationinAgreementMemberus-gaap:FairValueInputsLevel2Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationinAgreementMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationinAgreementMember2022-06-300001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberbrkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberbrkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:CollateralizedMortgageObligationsIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AvailableforsaleSecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AvailableforsaleSecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AvailableforsaleSecuritiesMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel1Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel2Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:LoanLevelDerivativeMemberus-gaap:FairValueInputsLevel1Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:LoanLevelDerivativeMemberus-gaap:FairValueInputsLevel2Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:LoanLevelDerivativeMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:LoanLevelDerivativeMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberbrkl:RiskParticipationoutAgreementMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberbrkl:RiskParticipationoutAgreementMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationoutAgreementMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationoutAgreementMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationinAgreementMemberus-gaap:FairValueInputsLevel1Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationinAgreementMemberus-gaap:FairValueInputsLevel2Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationinAgreementMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsRecurringMemberbrkl:RiskParticipationinAgreementMember2021-12-310001049782us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberbrkl:CollateralDependentImpairedLoansMember2022-06-300001049782us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberbrkl:CollateralDependentImpairedLoansMember2022-06-300001049782us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberbrkl:CollateralDependentImpairedLoansMember2022-06-300001049782us-gaap:FairValueMeasurementsNonrecurringMemberbrkl:CollateralDependentImpairedLoansMember2022-06-300001049782us-gaap:FairValueInputsLevel1Memberbrkl:RepossessedVehiclesAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-06-300001049782us-gaap:FairValueInputsLevel2Memberbrkl:RepossessedVehiclesAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-06-300001049782brkl:RepossessedVehiclesAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782brkl:RepossessedVehiclesAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-06-300001049782us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-06-300001049782us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2022-06-300001049782us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:FairValueMeasurementsNonrecurringMember2022-06-300001049782us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberbrkl:CollateralDependentImpairedLoansMember2021-12-310001049782us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberbrkl:CollateralDependentImpairedLoansMember2021-12-310001049782us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Memberbrkl:CollateralDependentImpairedLoansMember2021-12-310001049782us-gaap:FairValueMeasurementsNonrecurringMemberbrkl:CollateralDependentImpairedLoansMember2021-12-310001049782us-gaap:FairValueInputsLevel1Memberbrkl:RepossessedVehiclesAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001049782us-gaap:FairValueInputsLevel2Memberbrkl:RepossessedVehiclesAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001049782brkl:RepossessedVehiclesAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782brkl:RepossessedVehiclesAndEquipmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001049782us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001049782us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001049782us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001049782us-gaap:MarketApproachValuationTechniqueMemberbrkl:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:MarketApproachValuationTechniqueMemberbrkl:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001049782srt:MinimumMemberbrkl:DiscountforCoststoSellMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-06-300001049782srt:MaximumMemberbrkl:DiscountforCoststoSellMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-06-300001049782brkl:AppraisalAdjustmentsMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-06-300001049782srt:MaximumMemberbrkl:AppraisalAdjustmentsMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-06-300001049782us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300001049782us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001049782us-gaap:FairValueInputsLevel1Member2022-06-300001049782us-gaap:FairValueInputsLevel2Member2022-06-300001049782us-gaap:FairValueInputsLevel3Member2022-06-300001049782us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001049782us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001049782us-gaap:FairValueInputsLevel1Member2021-12-310001049782us-gaap:FairValueInputsLevel2Member2021-12-310001049782us-gaap:FairValueInputsLevel3Member2021-12-310001049782us-gaap:CommercialRealEstateMember2022-06-300001049782us-gaap:CommercialRealEstateMember2021-12-310001049782us-gaap:CommercialLoanMember2022-06-300001049782us-gaap:CommercialLoanMember2021-12-310001049782us-gaap:ResidentialMortgageMember2022-06-300001049782us-gaap:ResidentialMortgageMember2021-12-310001049782brkl:LoanLevelDerivativeReceiveFixedPayVariableMember2022-06-300001049782brkl:LoanLevelDerivativeReceiveFixedPayVariableMember2021-12-310001049782brkl:LoanLevelDerivativePayFixedReceiveVariableMember2022-06-300001049782brkl:LoanLevelDerivativePayFixedReceiveVariableMember2021-12-310001049782brkl:RiskParticipationoutAgreementMember2022-06-300001049782brkl:RiskParticipationinAgreementMember2022-06-300001049782us-gaap:LongMemberus-gaap:ForeignExchangeContractMember2022-06-300001049782us-gaap:LongMemberus-gaap:ForeignExchangeContractMember2021-12-310001049782us-gaap:ShortMemberus-gaap:ForeignExchangeContractMember2022-06-300001049782us-gaap:ShortMemberus-gaap:ForeignExchangeContractMember2021-12-310001049782srt:MinimumMember2022-06-300001049782srt:MaximumMember2022-06-300001049782brkl:PCSBFinancialCorporationMember2022-05-232022-05-230001049782brkl:PCSBFinancialCorporationMember2022-05-23

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

(Mark One) 
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022

OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from           N/A           to                                 .
Commission file number 0-23695

BROOKLINE BANCORP INC.
(Exact name of registrant as specified in its charter)
Delaware04-3402944
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
131 Clarendon Street
Boston MA
02116
(Address of principal executive offices)(Zip Code)
(617) 425-4600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockBRKLNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒  No  ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒  No  ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12-b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer
☐ (Do not check if a smaller reporting company)
Smaller Reporting Company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   ☐  No  ☒   
                                                                                                                                              
At July 31, 2022, the number of shares of common stock, par value $0.01 per share, outstanding was 76,683,987.


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
FORM 10-Q
Table of Contents
Page
Item 1.
  
  
  
  
  
  
  
 

Table of Contents
PART I — FINANCIAL INFORMATION
Item 1. Unaudited Consolidated Financial Statements
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
At June 30, 2022At December 31, 2021
(In Thousands Except Share Data)
ASSETS
Cash and due from banks$50,429 $66,265 
Short-term investments39,900 261,472 
Total cash and cash equivalents90,329 327,737 
Investment securities available-for-sale 717,818 720,866 
Total investment securities717,818 720,866 
Allowance for investment security losses(58)— 
Net investment securities717,760 720,866 
Loans and leases:
Commercial real estate loans4,225,754 4,103,040 
Commercial loans and leases1,860,182 1,887,136 
Consumer loans1,205,976 1,164,281 
Total loans and leases7,291,912 7,154,457 
Allowance for loan and lease losses(93,188)(99,084)
Net loans and leases7,198,724 7,055,373 
Restricted equity securities35,406 28,981 
Premises and equipment, net of accumulated depreciation of $90,097 and $87,176, respectively
69,557 70,359 
Right-of-use asset operating leases18,226 20,508 
Deferred tax asset50,736 38,987 
Goodwill160,427 160,427 
Identified intangible assets, net of accumulated amortization of $39,882 and $39,628, respectively
2,022 2,276 
Other real estate owned ("OREO") and repossessed assets, net507 718 
Other assets170,536 176,390 
Total assets$8,514,230 $8,602,622 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Deposits:  
Demand checking accounts$1,845,365 $1,888,462 
 Interest-bearing deposits5,049,092 5,161,444 
Total deposits6,894,457 7,049,906 
Borrowed funds:  
Advances from the Federal Home Loan Bank of Boston ("FHLBB")307,967 147,907 
Subordinated debentures and notes83,970 83,897 
Other borrowed funds86,263 125,517 
Total borrowed funds478,200 357,321 
Operating lease liabilities18,226 20,508 
Mortgagors' escrow accounts5,771 6,296 
Reserve for unfunded credits17,511 14,794 
Accrued expenses and other liabilities131,569 158,455 
Total liabilities7,545,734 7,607,280 
Commitments and contingencies (Note 12)
Stockholders' Equity:  
Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued and 85,177,172 shares issued, respectively
852 852 
Additional paid-in capital738,544 736,826 
Retained earnings, partially restricted372,677 342,639 
Accumulated other comprehensive income (loss)(44,977)(110)
Treasury stock, at cost; 7,995,888 shares and 7,037,464 shares, respectively
(98,525)(84,718)
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP"); 11,442 shares and 24,660 shares, respectively
(75)(147)
Total stockholders' equity968,496 995,342 
Total liabilities and stockholders' equity$8,514,230 $8,602,622 
See accompanying notes to unaudited consolidated financial statements.
1
Table of Contents

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases$74,287 $75,026 $146,008 $150,035 
Debt securities3,249 3,121 6,245 6,239 
Marketable and restricted equity securities337 233 665 534 
Short-term investments156 42 222 81 
Total interest and dividend income78,029 78,422 153,140 156,889 
Interest expense:
Deposits4,282 5,380 8,053 12,087 
Borrowed funds 1,880 1,936 3,372 4,587 
Total interest expense6,162 7,316 11,425 16,674 
Net interest income71,867 71,106 141,715 140,215 
Provision (credit) for credit losses173 (3,331)9 (5,478)
Provision for investment losses54 — 58 — 
Net interest income after provision for credit losses71,640 74,437 141,648 145,693 
Non-interest income:
Deposit fees2,744 3,015 5,244 5,296 
Loan fees666 607 1,413 1,160 
Loan level derivative income, net1,615 7 2,301 481 
Gain (loss) on investment securities, net— 1 — (6)
Gain on sales of loans and leases held-for-sale291 538 635 1,247 
Other1,612 1,742 2,864 2,526 
Total non-interest income6,928 5,910 12,457 10,704 
Non-interest expense:
Compensation and employee benefits28,772 25,161 55,656 50,982 
Occupancy3,807 3,832 8,091 7,836 
Equipment and data processing4,931 4,697 10,009 9,190 
Professional services1,219 1,245 2,445 2,471 
FDIC insurance739 657 1,467 1,701 
Advertising and marketing1,319 1,110 2,591 2,210 
Amortization of identified intangible assets120 228 254 460 
Merger and acquisition expense535 — 535 — 
Other3,429 1,036 6,310 3,927 
Total non-interest expense44,871 37,966 87,358 78,777 
Income before provision for income taxes33,697 42,381 66,747 77,620 
Provision for income taxes8,502 10,779 16,847 19,564 
Net income $25,195 $31,602 $49,900 $58,056 
Earnings per common share:
Basic$0.33 $0.40 $0.65 $0.74 
Diluted0.33 0.40 0.65 0.74 
Weighted average common shares outstanding during the year:
Basic77,091,013 78,150,364 77,352,666 78,147,076 
Diluted77,419,288 78,470,451 77,671,601 78,437,275 
Dividends paid per common share$0.130 $0.120 $0.255 $0.235 

See accompanying notes to unaudited consolidated financial statements.
2
Table of Contents

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In Thousands)
Net income$25,195 $31,602 $49,900 $58,056 
Investment securities available-for-sale:
Unrealized securities holding gains (losses)(20,092)5,135 (57,633)(13,346)
Income tax (expense) benefit4,428 (1,132)12,702 2,941 
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes(15,664)4,003 (44,931)(10,405)
Cash flow hedges:
Change in fair value of cash flow hedges38 8 94 9 
Reclassification adjustment for (income) expense recognized in earnings(29)(4)(30)(5)
Net change in fair value of cash flow hedges9 4 64 4 
Other comprehensive income (loss), net of taxes(15,655)4,007 (44,867)(10,401)
Comprehensive income (loss)$9,540 $35,609 $5,033 $47,655 


See accompanying notes to unaudited consolidated financial statements.
3
Table of Contents

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Changes in Stockholders' Equity
Three Months Ended June 30, 2022 and 2021

Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Unallocated
Common Stock
Held by ESOP		Total Stockholders'
Equity
 (In Thousands)
Balance at March 31, 2022$852 $737,658 $357,576 $(29,322)$(84,718)$(111)$981,935 
Net income— — 25,195 — — — 25,195 
Other comprehensive income (loss)— — — (15,655)— — (15,655)
Common stock dividends of $0.130 per share
— — (10,030)— — — (10,030)
Restricted stock awards issued, net of awards surrendered— 23 — — (27)— (4)
Compensation under recognition and retention plans— 804 (64)— — — 740 
Treasury stock, repurchase shares
(13,780)(13,780)
Common stock held by ESOP committed to be released (6,609 shares)
— 59 — — — 36 95 
Balance at June 30, 2022$852 $738,544 $372,677 $(44,977)$(98,525)$(75)$968,496 
Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Unallocated
Common Stock
Held by ESOP		Total Stockholders'
Equity
 (In Thousands)
Balance at March 31, 2021$852 $737,882 $282,301 $2,082 $(77,463)$(255)$945,399 
Net income — — 31,602 — — — 31,602 
Other comprehensive income (loss)— — — 4,007 — — 4,007 
Common stock dividends of $0.120 per share
— — (9,383)— — — (9,383)
Restricted stock awards issued, net of awards surrendered— 30 — — (30)— — 
Compensation under recognition and retention plan— 584 (54)— — — 530 
Common stock held by ESOP committed to be released (6,612 shares)
— 61 — — — 36 97 
Balance at June 30, 2021$852 $738,557 $304,466 $6,089 $(77,493)$(219)$972,252 
See accompanying notes to unaudited consolidated financial statements.
4
Table of Contents

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Changes in Stockholders' Equity
Six Months Ended June 30, 2022 and 2021
Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss) 		Treasury
Stock		Unallocated
Common Stock
Held by ESOP		Total Stockholders'
Equity
 (In Thousands)
Balance at December 31, 2021$852 $736,826 $342,639 $(110)$(84,718)$(147)$995,342 
Net income— — 49,900 — — — 49,900 
Other comprehensive income (loss)— — — (44,867)— — (44,867)
Common stock dividends of $0.255 per share
— — (19,735)— — — (19,735)
Restricted stock awards issued, net of awards surrendered— 23 — — (27)— (4)
Compensation under recognition and retention plans— 1,561 (127)— — — 1,434 
Treasury stock, repurchase shares— — — — (13,780)— (13,780)
Common stock held by ESOP committed to be released (13,218 shares)
— 134 — — — 72 206 
Balance at June 30, 2022$852 $738,544 $372,677 $(44,977)$(98,525)$(75)$968,496 
Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
 Income (Loss)		Treasury
Stock		Unallocated
Common Stock
Held by ESOP		Total Stockholders'
Equity
 (In Thousands)
Balance at December 31, 2020$852 $737,178 $264,892 $16,490 $(77,343)$(291)$941,778 
Net Income— — 58,056 — — — 58,056 
Other comprehensive income (loss)— — — (10,401)— — (10,401)
Common stock dividends of $0.235 per share
— — (18,375)— — — (18,375)
Restricted stock awards issued, net of awards surrendered— 150 — — (150)— — 
Compensation under recognition and retention plans— 1,121 (107)— — — 1,014 
Common stock held by ESOP committed to be released (13,224 shares)
— 108 — — — 72 180 
Balance at June 30, 2021$852 $738,557 $304,466 $6,089 $(77,493)$(219)$972,252 




See accompanying notes to unaudited consolidated financial statements.
5
Table of Contents


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
Six Months Ended June 30,
20222021
(In Thousands)
Cash flows from operating activities:
Net income $49,900 $58,056 
Adjustments to reconcile net income to net cash provided from operating activities:
Provision (credit) for credit losses9 (5,478)
Deferred income tax expense 953 1,746 
Depreciation of premises and equipment2,933 2,805 
Amortization of investment securities premiums and discounts, net1,175 1,643 
Amortization of deferred loan and lease origination costs, net2,797 3,057 
Amortization of identified intangible assets254 460 
Amortization of debt issuance costs50 50 
Amortization (accretion) of acquisition fair value adjustments, net11 (48)
Loss on investment securities, net— 6 
Gain on sales of loans and leases held-for-sale(635)(1,247)
Gain on sales of OREO and other repossessed assets, net— (2,108)
Write-down of OREO and other repossessed assets92 165 
Compensation under recognition and retention plans1,434 1,120 
ESOP shares committed to be released206 180 
Net change in:
Cash surrender value of bank-owned life insurance(507)(505)
Equity securities held-for-trading— 520 
Other assets 6,483 47,641 
Accrued expenses and other liabilities(26,889)(36,753)
Net cash provided from operating activities38,266 71,310 
Cash flows from investing activities:
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale67,361 108,519 
Purchases of investment securities available-for-sale(123,121)(71,837)
Proceeds from redemption/sales of restricted equity securities9,161 19,120 
Purchase of restricted equity securities(15,586)(961)
Proceeds from sales of loans and leases held-for-investment, net72,277 720 
Net (increase) decrease in loans and leases(215,936)243,765 
Purchase of premises and equipment, net(2,190)(2,638)
Proceeds from sales of OREO and other repossessed assets1,043 8,838 
Net cash (used for) provided from investing activities(206,991)305,526 
(Continued)
See accompanying notes to unaudited consolidated financial statements.
6
Table of Contents

Six Months Ended June 30,
20222021
(In Thousands)
Cash flows from financing activities:
(Decrease) increase in demand checking, NOW, savings and money market accounts(44,540)628,655 
Decrease in certificates of deposit(110,909)(644,606)
Proceeds from FHLBB advances1,135,000 113,300 
Repayment of FHLBB advances(974,940)(557,995)
Decrease in other borrowed funds, net(39,254)(12,613)
(Decrease) increase in mortgagors' escrow accounts, net(525)330 
Repurchases of common stock(13,780)— 
Payment of dividends on common stock(19,735)(18,375)
Net cash used for financing activities(68,683)(491,304)
Net decrease in cash and cash equivalents(237,408)(114,468)
Cash and cash equivalents at beginning of period327,737 434,917 
Cash and cash equivalents at end of period$90,329 $320,449 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest on deposits, borrowed funds and subordinated debt$11,230 $17,572 
Income taxes13,126 11,720 
Non-cash investing activities:
Transfer from loans to other repossessed assets$924 $752 


See accompanying notes to unaudited consolidated financial statements.
7
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements
(1) Basis of Presentation
Overview
Brookline Bancorp, Inc. (the "Company") is a bank holding company (within the meaning of the Bank Holding Company Act of 1956, as amended) and the parent of Brookline Bank, a Massachusetts-chartered trust company and Bank Rhode Island ("BankRI"), a Rhode Island-chartered financial institution (collectively referred to as the "Banks"). The Banks are both members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. ("BSC") and Clarendon Private, LLC ("Clarendon Private"). The Company's primary business is to provide commercial, business and retail banking services to its corporate, municipal and retail customers through the Banks and its non-bank subsidiaries.
Brookline Bank, which includes its wholly-owned subsidiaries, Longwood Securities Corp. ("LSC"), Eastern Funding LLC ("Eastern Funding") and First Ipswich Insurance Agency, operates 30 full-service banking offices in the greater Boston metropolitan area with two additional lending offices. BankRI, which includes its wholly-owned subsidiaries, Acorn Insurance Agency, BRI Realty Corp., BRI Investment Corp. and its wholly-owned subsidiary, BRI MSC Corp., operates 20 full-service banking offices in the greater Providence, Rhode Island area. Macrolease Corporation ("Macrolease") was merged into Eastern Funding LLC in the second quarter of 2022. Clarendon Private is a registered investment advisor with the Securities and Exchange Commission ("SEC"). Through Clarendon Private, the Company offers a wide range of wealth management services to individuals, families, endowments and foundations to help these clients meet their long-term financial goals.
The Banks' activities include acceptance of commercial, municipal and retail deposits, origination of mortgage loans on commercial and residential real estate located principally in New England, origination of commercial loans and leases to small- and mid-sized businesses, investment in debt and equity securities, and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through it subsidiary Eastern Funding, which is based in New York City, New York, and Plainview, New York.
The Company and the Banks are supervised, examined and regulated by the Board of Governors of the Federal Reserve System (the "FRB"). As a Massachusetts-chartered trust company, Brookline Bank is also subject to regulation under the laws of the Commonwealth of Massachusetts and the jurisdiction of the Massachusetts Division of Banks (the "DOB"). As a Rhode Island-chartered financial institution, BankRI is subject to regulation under the laws of the State of Rhode Island and the jurisdiction of the Banking Division of the Rhode Island Department of Business Regulation.
The Federal Deposit Insurance Corporation ("FDIC") offers insurance coverage on all deposits up to $250,000 per depositor at each of the Banks. As FDIC-insured depository institutions, the Banks are also subject to supervision, examination and regulation by the FDIC. As previously disclosed, on July 31, 2019, Brookline Bank converted its charter from a Massachusetts savings bank to a Massachusetts-chartered trust company and ended its membership in the Depositors Insurance Fund (the “DIF”), a private industry-sponsored fund which insures Massachusetts-chartered bank deposit balances in excess of federal deposit insurance coverage. Brookline Bank’s growth in deposit size necessitated its withdrawal from the DIF and the concurrent charter conversion. Brookline Bank’s deposit accounts are and will continue to be insured by the deposit insurance fund of the FDIC up to applicable limits. Term deposits in excess of the FDIC insurance coverage will continue to be insured by the DIF until they reach maturity. Clarendon Private is also subject to regulation by the SEC.
Basis of Financial Statement Presentation
The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021. 
The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation.
8
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant changes in the near-term include the determination of the allowance for credit losses, the determination of fair market values of assets and liabilities, including acquired loans, the review of goodwill and intangible assets for impairment and the review of deferred tax assets for valuation allowances.
The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses.
Reclassification
Certain previously reported amounts have been reclassified to conform to the current year's presentation.
(2) Recent Accounting Pronouncements
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" which addresses concerns regarding the complex accounting for loans modified as troubled debt restructurings (“TDR”s) and also the disclosure of gross writeoff information included in required vintage disclosures. This ASU is effective for fiscal years beginning after December 15, 2022 for entities that have previously adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326)". Management has determined that ASU 2022-02 does apply to the Company. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.
In August 2021, the FASB issued ASU 2021-06, "Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942), and Financial Services – Investment Companies (Topic 946)" ("ASU 2021-06"), which updated guidance to align with new SEC regulations with regards to statistical disclosures for banking and savings and loan institutions. This ASU is effective for fiscal years ending on or after December 15, 2021. The Company has adopted ASU 2021-06 as of December 31, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements.

9
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
(3) Investment Securities
Adoption of Topic 326
Effective January 1, 2020, the Company adopted the provisions of ASU 2016-13 using the modified retrospective method. There was a de minimis allowance for credit loss ("ACL") on available-for-sale debt securities recognized as of June 30, 2022.
The following tables set forth investment securities available-for-sale at the dates indicated:
 At June 30, 2022
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (In Thousands)
Investment securities available-for-sale:
GSE debentures$188,713 $11 $17,801 $170,923 
GSE CMOs22,758 1 1,081 21,678 
GSE MBSs173,203 18 13,232 159,989 
Corporate debt obligations14,121 — 135 13,986 
U.S. Treasury bonds376,391 326 25,955 350,762 
Foreign government obligations500 — 20 480 
Total investment securities available-for-sale$775,686 $356 $58,224 $717,818 
 December 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (In Thousands)
Investment securities available-for-sale:
GSE debentures$219,723 $2,017 $4,235 $217,505 
GSE CMOs27,892 274 27 28,139 
GSE MBSs196,930 3,749 907 199,772 
Corporate debt obligations22,178 505 — 22,683 
U.S. Treasury bonds253,878 1,136 2,746 252,268 
Foreign government obligations500 — 1 499 
Total investment securities available-for-sale$721,101 $7,681 $7,916 $720,866 
As of June 30, 2022, the fair value of all investment securities available-for-sale was $717.8 million, with net unrealized losses of $57.9 million, compared to a fair value of $720.9 million and net unrealized losses of $0.2 million as of December 31, 2021. As of June 30, 2022, $683.3 million, or 95.2% of the portfolio, had gross unrealized losses of $58.2 million, compared to $353.8 million, or 49.1% of the portfolio, with gross unrealized losses of $7.9 million as of December 31, 2021.
Investment Securities as Collateral
As of June 30, 2022 and December 31, 2021, respectively, $407.8 million and $491.8 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and Federal Home Loan Bank of Boston ("FHLBB") borrowings. The Banks had no outstanding FRB borrowings as of June 30, 2022 and December 31, 2021.
10
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Allowance for Credit Losses-Available-for-Sale Securities
For available-for-sale securities in an unrealized loss position, management first assesses whether (i) the Company intends to sell the security, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criterion is met, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither criterion is met, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors.
If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. Adjustments to the allowance are reported as a component of credit loss expense. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivables associated with debt securities available-for-sale totaled $2.8 million as of June 30, 2022 and December 31, 2021.
A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a debt security placed on nonaccrual is reversed against interest income. There were no debt securities on nonaccrual status and therefore there was no accrued interest related to debt securities reversed against interest income for the six months ended June 30, 2022 and 2021.
Assessment for Available for Sale Securities for Impairment
Investment securities as of June 30, 2022 and December 31, 2021 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows:
 At June 30, 2022
 Less than
Twelve Months		Twelve Months
or Longer		Total
 Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
 (In Thousands)
Investment securities available-for-sale:      
GSE debentures$69,797 $3,723 $87,119 $14,078 $156,916 $17,801 
GSE CMOs21,233 1,053 435 28 21,668 1,081 
GSE MBSs122,927 7,149 35,947 6,083 158,874 13,232 
Corporate debt obligations13,986 135 — — 13,986 135 
U.S. Treasury bonds282,810 18,607 48,551 7,348 331,361 25,955 
Foreign government obligations480 20 — — 480 20 
Temporarily impaired investment securities available-for-sale511,233 30,687 172,052 27,537 683,285 58,224 
Total temporarily impaired investment securities$511,233 $30,687 $172,052 $27,537 $683,285 $58,224 
11
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
 At December 31, 2021
 Less than
Twelve Months		Twelve Months
or Longer		Total
 Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
 (In Thousands)
Investment securities available-for-sale:      
GSE debentures$45,695 $1,487 $70,075 $2,748 $115,770 $4,235 
GSE CMOs2,712 27 — — 2,712 27 
GSE MBSs57,656 907 — — 57,656 907 
U.S. Treasury bonds177,162 2,746 — — 177,162 2,746 
Foreign government obligations499 1 — — 499 1 
Temporarily impaired investment securities available-for-sale283,724 5,168 70,075 2,748 353,799 7,916 
Total temporarily impaired investment securities$283,724 $5,168 $70,075 $2,748 $353,799 $7,916 

The Company performs regular analyses of the investment securities available-for-sale portfolio to determine whether a decline in fair value indicates that an investment security is impaired. In making these impairment determinations, management considers, among other factors, projected future cash flows; credit subordination and the creditworthiness; capital adequacy and near-term prospects of the issuers.
Management also considers the Company's capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a security investment is impaired and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a security is impaired and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company's consolidated statement of income.
Investment Securities Available-For-Sale Impairment Analysis
The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were impaired as of June 30, 2022. The Company has determined it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, management has determined that the investment securities are not impaired as of June 30, 2022. If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional impairment in future periods.
U.S. Government-Sponsored Enterprises
The Company invests in securities issued by U.S. Government-sponsored enterprises ("GSEs"), including GSE debentures, mortgage-backed securities ("MBSs"), and collateralized mortgage obligations ("CMOs"). GSE securities include obligations issued by the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC"), the Government National Mortgage Association ("GNMA"), the FHLBB and the Federal Farm Credit Bank. As of June 30, 2022, the Company held GNMA MBSs and CMOs, and Small Business Administration ("SBA") commercial loan asset-backed securities in its available-for-sale portfolio with an estimated fair value of $3.2 million, all of which were backed explicitly by the full faith and credit of the U.S. Government, compared to $4.2 million as of December 31, 2021.
12
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
As of June 30, 2022, the Company owned 38 GSE debentures with a total fair value of $170.9 million, and a net unrealized loss of $17.8 million. As of December 31, 2021, the Company held 45 GSE debentures with a total fair value of $217.5 million, with a net unrealized loss of $2.2 million. As of June 30, 2022, 30 of the 38 securities in this portfolio were in an unrealized loss position. As of December 31, 2021, 12 of the 45 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA/SBA) guarantee of the U.S Government. During the six months ended June 30, 2022 and 2021, the Company did not purchase GSE debentures.
As of June 30, 2022, the Company owned 33 GSE CMOs with a total fair value of $21.7 million and a net unrealized loss of $1.1 million. As of December 31, 2021, the Company held 33 GSE CMOs with a total fair value of $28.1 million with a net unrealized gain of $0.2 million. As of June 30, 2022, 32 of the 33 securities in this portfolio were in an unrealized loss position. As of December 31, 2021, 5 of the 33 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the six months ended June 30, 2022 and 2021, the Company did not purchase any GSE CMOs.
As of June 30, 2022, the Company owned 137 GSE MBSs with a total fair value of $160.0 million and a net unrealized loss of $13.2 million. As of December 31, 2021, the Company held 139 GSE MBSs with a total fair value of $199.8 million with a net unrealized gain of $2.8 million. As of June 30, 2022, 120 of the 137 securities in this portfolio were in an unrealized loss position. As of December 31, 2021, 16 of the 139 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the six months ended June 30, 2022 and 2021, the Company did not purchase any GSE MBSs.
Corporate Obligations
The Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. As of June 30, 2022, the Company held 4 corporate obligation securities with a total fair value of $14.0 million and a net unrealized loss of $0.1 million. As of December 31, 2021, the Company held 6 corporate obligation securities with a total fair value of $22.7 million and a net unrealized gain of $0.5 million. As of June 30, 2022, 4 of the 4 securities in this portfolio were in an unrealized loss position. As of December 31, 2021, none of the securities in this portfolio were in an unrealized loss position. Full collection of the obligations is expected because the financial condition of the issuers is sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. During the six months ended June 30, 2022 and 2021, the Company did not purchase any corporate obligations.
U.S. Treasury Bonds
The Company invests in securities issued by the U.S. government. As of June 30, 2022, the Company owned 44 U.S. Treasury bonds with a total fair value of $350.8 million and an unrealized loss of $25.6 million. This compares to 34 U.S. Treasury bonds with a total fair value of $252.3 million and an unrealized loss of $1.6 million as of December 31, 2021. As of June 30, 2022, 42 of the 44 securities in this portfolio were in an unrealized loss position. As of December 31, 2021, 18 of the 34 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2022 the Company purchased $122.6 million U.S. Treasury bonds, compared to the same period in 2021 when the Company purchased $71.8 million U.S. Treasury bonds.
Foreign Government Obligations
As of June 30, 2022 and December 31, 2021, the Company owned 1 foreign government obligation security with a fair value of $0.5 million, which approximated cost. As of June 30, 2022 and December 31, 2021, respectively, the security was in an unrealized loss position. During the six months ended June 30, 2022, the Company repurchased the foreign government obligations that had matured.
13
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)

Portfolio Maturities
The final stated maturities of the debt securities are as follows for the periods indicated:
 At June 30, 2022At December 31, 2021
 Amortized
Cost		Estimated
Fair Value		Weighted
Average
Rate		Amortized
Cost		Estimated
Fair Value		Weighted
Average
Rate
 (Dollars in Thousands)
Investment securities available-for-sale:      
Within 1 year$57,307 $57,097 2.19 %$53,791 $54,183 2.09 %
After 1 year through 5 years231,023 224,508 1.97 %139,068 141,928 1.95 %
After 5 years through 10 years309,346 274,059 1.31 %322,873 317,324 1.29 %
Over 10 years178,010 162,154 2.08 %205,369 207,431 1.96 %
$775,686 $717,818 1.76 %$721,101 $720,866 1.67 %
Actual maturities of debt securities will differ from those presented above since certain obligations amortize and may also provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. MBSs and CMOs are included above based on their final stated maturities; the actual maturities, however, may occur earlier due to anticipated prepayments and stated amortization of cash flows.
As of June 30, 2022, issuers of debt securities with an estimated fair value of $56.7 million had the right to call or prepay the obligations. Of the $56.7 million, approximately $9.0 million matures in 1-5 years, $40.0 million matures in 6-10 years, and $7.7 million matures after ten years. As of December 31, 2021, issuers of debt securities with an estimated fair value of approximately $67.0 million had the right to call or prepay the obligations. Of the $67.0 million, approximately $3.1 million matures in less then 1 year, $9.4 million matures in 1-5 years, $44.9 million matures in 6-10 years, and $9.6 million matures after ten years.
Security Sales
The Company did not sell any investment securities available-for-sale or equity securities held-for-trading during the six months ended June 30, 2022. This compares to $0.5 million of investments securities available-for-sale or equity securities held-for-trading sold during the six months ended June 30, 2021.
 Six Months Ended June 30, 2022Six Months Ended June 30, 2021
 (In Thousands)
Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading$— $520 
Gross gains from securities sales— 1 
Gross losses from securities sales— — 
Gain on sales of securities, net $— $1 


14
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
(4) Loans and Leases
The following table presents the amortized cost of loans and leases and weighted average coupon rates for the loan and lease portfolios at the dates indicated:
 At June 30, 2022At December 31, 2021
 BalanceWeighted
Average
Coupon		BalanceWeighted
Average
Coupon
 (Dollars In Thousands)
Commercial real estate loans:    
Commercial real estate$2,993,508 3.78 %$2,842,791 3.41 %
Multi-family mortgage1,059,730 3.65 %1,099,818 3.26 %
Construction172,516 4.29 %160,431 3.60 %
Total commercial real estate loans4,225,754 3.77 %4,103,040 3.38 %
Commercial loans and leases:    
Commercial (1)
667,576 4.20 %734,388 3.31 %
Equipment financing1,149,047 6.72 %1,105,611 6.86 %
Condominium association43,559 4.39 %47,137 4.34 %
Total commercial loans and leases1,860,182 5.76 %1,887,136 5.42 %
Consumer loans:    
Residential mortgage821,733 3.59 %799,737 3.49 %
Home equity327,763 4.44 %324,156 3.27 %
Other consumer56,480 3.91 %40,388 2.90 %
Total consumer loans1,205,976 3.84 %1,164,281 3.41 %
Total loans and leases$7,291,912 4.28 %$7,154,457 3.92 %
______________________________________________________________________
(1) Including $1,138 and $67,711 of PPP loans as of June 30, 2022 and December 31, 2021, respectively. These loans are fully guaranteed by the SBA and therefore, have not been reserved for in the allowance for credit losses as of June 30, 2022 and December 31, 2021.

Accrued interest on loans and leases, which were excluded from the amortized cost of loans and leases totaled $18.8 million and $16.7 million at June 30, 2022 and December 31, 2021, respectively, and were included in other assets in the accompanying consolidated balance sheets.
The net unamortized deferred loan origination costs included in total loans and leases were $12.4 million and $10.9 million as of June 30, 2022 and December 31, 2021, respectively.
The Banks and their subsidiaries lend primarily in all New England states, with the exception of equipment financing, 26.5% of which is in the greater New York and New Jersey metropolitan area and 73.5% of which is in other areas in the United States of America as of June 30, 2022.
Loans and Leases Pledged as Collateral
As of June 30, 2022 and December 31, 2021, there were $2.1 billion and $2.7 billion respectively of loans and leases pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLBB borrowings. The Banks did not have any outstanding FRB borrowings as of June 30, 2022 and December 31, 2021.
15
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
(5) Allowance for Loan and Lease Losses
The following tables present the changes in the allowance for loan and lease losses in loans and leases by portfolio segment for the periods indicated:
 Three Months Ended June 30, 2022
 Commercial
Real Estate		CommercialConsumerTotal
 (In Thousands)
Balance at March 31, 2022$69,031 $23,503 $2,929 $95,463 
Charge-offs— (1,533)— (1,533)
Recoveries6 279 6 291 
(Credit) provision for loan and lease losses excluding unfunded commitments990 (2,144)121 (1,033)
Balance at June 30, 2022$70,027 $20,105 $3,056 $93,188 
 Three Months Ended June 30, 2021
 Commercial
Real Estate		CommercialConsumerTotal
 (In Thousands)
Balance at March 31, 2021$79,929 $25,825 $4,083 $109,837 
Charge-offs(28)(1,184)(9)(1,221)
Recoveries11 489 126 626 
(Credit) provision for loan and lease losses excluding unfunded commitments(5,903)3,234 (99)(2,768)
Balance at June 30, 2021$74,009 $28,364 $4,101 $106,474 
 Six Months Ended June 30, 2022
 Commercial
Real Estate		CommercialConsumerTotal
 (In Thousands)
Balance at December 31, 2021$69,213 $27,055 $2,816 $99,084 
Charge-offs(37)(3,833)(7)(3,877)
Recoveries11 632 44 687 
(Credit) provision for loan and lease losses excluding unfunded commitments840 (3,749)203 (2,706)
Balance at June 30, 2022$70,027 $20,105 $3,056 $93,188 
 Six Months Ended June 30, 2021
 Commercial
Real Estate		CommercialConsumerTotal
 (In Thousands)
Balance at December 31, 2020$80,132 $29,498 $4,749 $114,379 
Charge-offs(28)(3,323)(13)(3,364)
Recoveries11 819 179 1,009 
(Credit) provision for loan and lease losses excluding unfunded commitments(6,106)1,370 (814)(5,550)
Balance at June 30, 2021$74,009 $28,364 $4,101 $106,474 
The allowance for credit losses for unfunded credit commitments, which is included in other liabilities, was $17.5 million and $14.8 million at June 30, 2022 and December 31, 2021, respectively.
16
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Provision for Credit Losses
The provisions for credit losses are set forth below for the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (In Thousands)
Provision (credit) for loan and lease losses:  
Commercial real estate$990 $(5,903)$840 $(6,106)
Commercial(2,144)3,234 (3,749)1,370 
Consumer121 (99)203 (814)
Total (credit) provision for loan and lease losses(1,033)(2,768)(2,706)(5,550)
Unfunded commitments1,206 (563)2,715 72 
Total provision (credit) for credit losses$173 $(3,331)$9 $(5,478)
Allowance for Loan and Lease Losses Methodology
Management has established a methodology to determine the adequacy of the allowance for credit losses that assesses the risks and losses expected on the loan and lease portfolio and unfunded commitments. Additions to the allowance for credit losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized.
To calculate the allowance for loans collectively evaluated, management uses models developed by a third party. The models include: commercial real estate ("CRE"), commercial and industrial ("C&I"), and retail lifetime loss rate models calculate the expected losses over the life of the loan based on exposure at default loan attributes and reasonable, supportable economic forecasts. The exposure at default considers the current unpaid balance, prepayment assumptions and expected utilization assumptions. The expected loss estimates for two small commercial portfolios are based on historical loss rates.
Key assumptions used in the models include portfolio segmentation, prepayments, and the expected utilization of unfunded commitments, among others. The portfolios are segmented by loan level attributes such as loan type, loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have like characteristics. Prepayment assumptions are embedded within the models and are based on the same data used for model development and incorporate adjustments for reasonable and supportable forecasts. Model development data and developmental time periods vary by model, but all use at least ten years of historical data and capture at least one recessionary period. Expected utilization is based on current utilization and a loan equivalency ("LEQ") factor. LEQ varies by current utilization and provides a reasonable estimate of expected draws and borrower behavior. Assumptions and model inputs are reviewed in accordance with model monitoring practices and as information becomes available.
The ACL estimate incorporates reasonable and supportable forecasts of various macro-economic variables over the remaining life of loans and leases. The development of the reasonable and supportable forecast assume each macro-economic variable will revert to long-term expectations, with reversion characteristics unique to specific economic indicators and forecasts. Reversion towards long-term expectations generally begins two to three years from the forecast start date and largely completes within the first five years. Because the reasonable and supportable economic forecasts used in the models are mean reverting, the models are therefore considered to be implicitly mean reverting.

Management elected to use multiple economic forecasts in determining the reserve to account for economic uncertainty. The forecasts include various projections of Gross Domestic Product ("GDP"), interest rates, property price indices, and employment measures. Scenario weighting and model parameters are reviewed for each calculation and updated to reflect facts and circumstances as of the financial statement date. The forecasts utilized at June 30, 2022 reflect the immediate and longer-term effects of the COVID-19 pandemic as well as the associated policies and fiscal support provided by local and national authorities.

17
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
The CRE lifetime loss rate, C&I lifetime loss rate, and Retail lifetime loss rate models were developed using the historical loss experience of all banks in the model’s developmental dataset. Banks in the model’s developmental dataset may have different loss experiences due to geography and portfolio as well as variances in operational and underwriting procedures from the Company, and therefore, the Company calibrates expected losses using a scalar for each model. Each scalar was calculated by examining the loss rates of peer banks that have similar operations and asset bases to the Company and comparing these peer group loss rates to the model results. Peer group loss rates were used in the scalar calculation because management believes the peer group’s historical losses provide a better reflection of the Company’s current portfolio and operating procedures than the Company’s historical losses. Qualitative adjustments are also applied to the results of the three loss rate models.

As of June 30, 2022, management applied qualitative adjustments to the CRE lifetime loss rate, C&I lifetime loss rate, and Retail lifetime loss rate models. These adjustments addressed model limitations, were based on historical loss patterns, and targeted specific risks within the certain portfolios. A general qualitative adjustment was applied to all models to account for general economic uncertainty by placing a greater probability on negative economic forecasts. Additional qualitative adjustments were applied to the commercial, multifamily, and commercial real estate (includes owner occupied, non-owner occupied, and construction) portfolios based on the Company’s historical loss experience and the loss experience of the Company’s peer group. High risk segments of the Eastern Funding portfolios also received additional qualitative adjustments based on recent loss history and expected liquidation values. These qualitative adjustments resulted in additions to reserves for all portfolios, as compared to the model output.
Specific reserves are established for loans individually evaluated for impairment when amortized cost basis is greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent loans, when there is an excess of a loan's amortized cost basis over the fair value of its underlying collateral. When loans and leases do not share risk characteristics with other financial assets they are evaluated individually. Individually evaluated loans are reviewed quarterly with adjustments made to the calculated reserve as necessary.
Beginning January 1, 2020, the Company implemented the current expected credit loss ("CECL") methodology to calculate the allowance for credit losses. Prior to January 1, 2020, the Company calculated the allowance for loan and lease losses using the incurred losses methodology.
The general allowance for loan and lease losses was $92.1 million as of June 30, 2022, compared to $95.8 million as of December 31, 2021. The reduction in the ACL is attributable to continued low level of net charge-offs, an improving macro-economic forecast, and a reduction in qualitative adjustments that consider longer-term risks.

The specific allowance for loan and lease losses was $1.1 million as of June 30, 2022, compared to $3.3 million as of December 31, 2021. The specific allowance decreased by $2.2 million during the six months ended June 30, 2022 primarily due to the charge-off of a specific reserve for a specialty finance relationship.
As of June 30, 2022, management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on expected losses over the lifetime of the Company’s loan portfolios.
Credit Quality Assessment
At the time of loan origination, a rating is assigned based on the capacity to pay and general financial strength of the borrower, the value of assets pledged as collateral, and the evaluation of third party support such as a guarantor. The Company continually monitors the credit quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, adversely risk-rated, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower's ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a troubled debt restructuring ("TDR") loan.
The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For all loans, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company's
18
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
independent loan review group evaluates the credit quality and related risk ratings in all loan portfolios. The results of these reviews are reported to the Risk Committee of the Board of Directors on a periodic basis and annually to the Board of Directors. For the consumer loans, the Company heavily relies on payment status for calibrating credit risk.
The ratings categories used for assessing credit risk in the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows:
1 -4 Rating—Pass
Loan rating grades "1" through "4" are classified as "Pass," which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral.
5 Rating—Other Assets Especially Mentioned ("OAEM")
Borrowers exhibit potential credit weaknesses or downward trends deserving management's attention. If not checked or corrected, these trends will weaken the Company's asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned.
6 Rating—Substandard
Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation.
7 Rating—Doubtful
Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely.
8 Rating—Definite Loss
Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted.
Assets rated as "OAEM," "substandard" or "doubtful" based on criteria established under banking regulations are collectively referred to as "criticized" assets.
Credit Quality Information
The following table presents the amortized cost basis of loans in each class by credit quality indicator and year of origination as of June 30, 2022.
June 30, 2022
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
 (In Thousands)
Commercial Real Estate     
Pass$254,915 $643,991 $315,196 $396,199 $233,120 $1,055,076 $48,149 $11,123 $2,957,769 
OAEM— — — 16,240 2,865 7,756 — — 26,861 
Substandard— 662 — — — 6,470 — 1,746 8,878 
19
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
June 30, 2022
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
 (In Thousands)
Total254,915 644,653 315,196 412,439 235,985 1,069,302 48,149 12,869 2,993,508 
Multi-Family Mortgage
Pass75,167 228,765 123,533 144,471 97,854 337,425 3,720 37,480 1,048,415 
OAEM— — — — — 7,542 — — 7,542 
Total75,167 228,765 123,533 148,244 97,854 344,967 3,720 37,480 1,059,730 
Construction
Pass20,417 53,050 30,750 2,556 50,173 — 8,226 — 165,172 
OAEM409 6,935 — — — — — — 7,344 
Total20,826 59,985 30,750 2,556 50,173 — 8,226 — 172,516 
Commercial
Pass23,548 141,011 60,698 41,365 36,906 75,071 278,429 1,550 658,578 
OAEM— 4,332 1,216 494 — — 864 — 6,906 
Substandard— 15 — — 45 186 736 1,109 2,091 
Doubtful— — — — — — — 1 1 
Total23,548 145,358 61,914 41,859 36,951 75,257 280,029 2,660 667,576 
Equipment Financing
Pass220,848 320,176 220,250 175,842 101,348 84,717 13,372 1,554 1,138,107 
OAEM— — 416 162 23 — — — 601 
Substandard42 438 1,061 3,188 2,417 3,178 — — 10,324 
Doubtful— — — 1 1 13 — — 15 
Total220,890 320,614 221,727 179,193 103,789 87,908 13,372 1,554 1,149,047 
Condominium Association
Pass1,827 5,575 8,869 6,585 2,041 15,636 2,924 30 43,487 
Substandard— — — — — 71 1 — 72 
Total1,827 5,575 8,869 6,585 2,041 15,707 2,925 30 43,559 
Other Consumer
Pass403 556 35 23 1,505 755 53,197 6 56,480 
Total403 556 35 23 1,505 755 53,197 6 56,480 
Total
Pass597,125 1,393,124 759,331 767,041 522,947 1,568,680 408,017 51,743 6,068,008 
OAEM409 11,267 1,632 16,896 2,888 15,298 864 — 49,254 
Substandard42 1,115 1,061 6,961 2,462 9,905 737 2,855 25,138 
Doubtful— — — 1 1 13 — 1 16 
Total$597,576 $1,405,506 $762,024 $790,899 $528,298 $1,593,896 $409,618 $54,599 $6,142,416 
As of June 30, 2022, there were no loans categorized as definite loss.
20
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model.

At June 30, 2022
20222021202020192018PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
 (In Thousands)
Residential  
Credit Scores  
Over 700$63,925 $182,768 $100,406 $64,546 $40,113 $151,772 $3,464 $351 $607,345 
661 - 7008,053 22,267 18,705 12,391 8,896 31,904 — — 102,216 
600 and below2,497 3,790 5,598 3,372 2,284 15,645 — — 33,186 
Data not available*11,652 8,496 719 1,942 — 56,177 — — 78,986 
Total$86,127 $217,321 $125,428 $82,251 $51,293 $255,498 $3,464 $351 $821,733 
Home Equity
Credit Scores  
Over 700$1,167 $1,469 $1,247 $1,429 $1,202 $7,998 $247,826 $2,185 $264,523 
661 - 70027 95 37 273 292 1,567 41,232 486 44,009 
600 and below— 92 51 97 — 417 9,137 603 10,397 
Data not available*— 2 — — — 1,123 7,433 276 8,834 
Total$1,194 $1,658 $1,335 $1,799 $1,494 $11,105 $305,628 $3,550 $327,763 
_______________________________________________________________________________
* Represents loans and leases for which data are not available.

The following tables present the recorded investment in loans in each class as of December 31, 2021, by credit quality indicator.
December 31, 2021
20212020201920182017PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
 (In Thousands)
Commercial Real Estate      
Pass$660,657 $309,397 $398,269 $242,931 $188,952 $923,232 $47,315 $12,230 $2,782,983 
OAEM— — 16,891 2,888 3,877 22,929 — — 46,585 
Substandard675 180 — — 569 7,985 — 3,814 13,223 
Total661,332 309,577 415,160 245,819 193,398 954,146 47,315 16,044 2,842,791 
Multi-Family Mortgage
Pass230,219 124,897 149,580 120,683 84,124 347,991 4,095 37,040 1,098,629 
OAEM— — — — — 1,189 — — 1,189 
Total230,219 124,897 149,580 120,683 84,124 349,180 4,095 37,040 1,099,818 
21
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
December 31, 2021
20212020201920182017PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
 (In Thousands)
Construction
Pass48,988 32,448 17,552 49,801 — — 7,847 — 156,636 
Substandard— — 3,795 — — — — — 3,795 
Total48,988 32,448 21,347 49,801 — — 7,847 — 160,431 
Commercial
Pass231,829 76,535 44,454 36,498 9,009 99,724 221,861 1,335 721,245 
OAEM— 1,494 3,106 2,880 — — 844 — 8,324 
Substandard17 13 — 90 189 1,826 773 1,909 4,817 
Doubtful— — — — — — — 2 2 
Total231,846 78,042 47,560 39,468 9,198 101,550 223,478 3,246 734,388 
Equipment Financing
Pass350,564 266,845 216,369 131,802 65,132 53,177 3,959 349 1,088,197 
OAEM— 196 1,622 277 65 16 — — 2,176 
Substandard286 1,115 3,811 4,905 2,332 2,775 — — 15,224 
Doubtful— — — 1 6 7 — — 14 
Total350,850 268,156 221,802 136,985 67,535 55,975 3,959 349 1,105,611 
Condominium Association
Pass4,380 9,423 7,814 4,121 4,050 14,074 3,086 105 47,053 
Substandard— — — — — 84 — — 84 
Total4,380 9,423 7,814 4,121 4,050 14,158 3,086 105 47,137 
Other Consumer
Pass562 133 46 1,508 28 730 37,378 2 40,387 
Substandard— — — — — — 1 — 1 
Total562 133 46 1,508 28 730 37,379 2 40,388 
Total
Pass1,527,199 819,678 834,084 587,344 351,295 1,438,928 325,541 51,061 5,935,130 
OAEM— 1,690 21,619 6,045 3,942 24,134 844 — 58,274 
Substandard978 1,308 7,606 4,995 3,090 12,670 774 5,723 37,144 
22
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
December 31, 2021
20212020201920182017PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
 (In Thousands)
Doubtful— — — 1 6 7 — 2 16 
Total$1,528,177 $822,676 $863,309 $598,385 $358,333 $1,475,739 $327,159 $56,786 $6,030,564 
As of December 31, 2021, there were no loans categorized as definite loss.
At December 31, 2021
20212020201920182017PriorRevolving LoansRevolving Loans Converted to Term LoansTotal
 (In Thousands)
Residential  
Credit Scores  
Over 700$182,759 $111,380 $69,901 $51,454 $40,467$127,303 $2,990 $355 $586,609 
661 - 70024,370 19,078 14,0119,018 12,84625,294 — — 104,617 
600 and below4,145 6,368 3,4082,996 3,49213,801 — — 34,210 
Data not available*10,936 — 1,958— 6,84754,560 — — 74,301 
Total$222,210 $136,826 $89,278 $63,468 $63,652 $220,958 $2,990 $355 $799,737 
Home Equity
Credit Scores
Over 700$1,530 $1,469 $1,790$1,520 $1,561$8,254 $242,980 $1,844 $260,948 
661 - 70098 51 297392 2101,658 42,542 541 45,789 
600 and below92 54 101— 12436 8,484 713 9,892 
Data not available*— — — — — 1,216 5,937 374 7,527 
Total$1,720 $1,574 $2,188$1,912 $1,783$11,564 $299,943 $3,472 $324,156 
Age Analysis of Past Due Loans and Leases
The following table presents an age analysis of the amortized cost basis in loans and leases as of June 30, 2022.
23
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
 At June 30, 2022
 Past Due  Past
Due Greater
Than 90 Days
and Accruing		 
 31-60
Days		61-90
Days		Greater
Than
90 Days		TotalCurrentTotal Loans
and Leases		Non-accrual
Non-accrual
with No Related Allowance
 (In Thousands)
Commercial real estate loans:
Commercial real estate$9,477 $190 $6,259 $15,926 $2,977,582 $2,993,508 $— $6,470 $6,258 
Multi-family mortgage409 — — 409 1,059,321 1,059,730 — — — 
Construction— — — — 172,516 172,516 — — — 
Total commercial real estate loans9,886 190 6,259 16,335 4,209,419 4,225,754 — 6,470 6,258 
Commercial loans and leases:
Commercial622 — 705 1,327 666,249 667,576 — 892 218 
Equipment financing2,978 1,929 5,936 10,843 1,138,204 1,149,047 263 10,183 1,141 
Condominium association— — — — 43,559 43,559 — 71 — 
Total commercial loans and leases3,600 1,929 6,641 12,170 1,848,012 1,860,182 263 11,146 1,359 
Consumer loans:
Residential mortgage2,956 — 1,592 4,548 817,185 821,733 — 2,412 1,091 
Home equity514 1 18 533 327,230 327,763 3 721 — 
Other consumer3 3 3 9 56,471 56,480 — 3 — 
Total consumer loans3,473 4 1,613 5,090 1,200,886 1,205,976 3 3,136 1,091 
Total loans and leases$16,959 $2,123 $14,513 $33,595 $7,258,317 $7,291,912 $266 $20,752 $8,708 
There is no interest income recognized on nonaccrual loans for the three and six months ended June 30, 2022.













24
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
The following tables present an age analysis of the recorded investment in originated and acquired loans and leases as of December 31, 2021.
 At December 31, 2021
 Past Due  Loans and
Leases Past
Due Greater
Than 90 Days
and Accruing		 Non-accrual
with No Related Allowance
 31-60
Days		61-90
Days		Greater
Than
90 Days		TotalCurrentTotal Loans
and Leases		Non-accrual
 (In Thousands)
Commercial real estate loans:
Commercial real estate$2,424 $1,488 $10,443 $14,355 $2,828,436 $2,842,791 $— $10,848 $10,244 
Multi-family mortgage371 89 — 460 1,099,358 1,099,818 — — — 
Construction396 — — 396 160,035 160,431 — — — 
Total commercial real estate loans3,191 1,577 10,443 15,211 4,087,829 4,103,040 — 10,848 10,244 
Commercial loans and leases:
Commercial287 88 748 1,123 733,265 734,388 — 2,318 1,383 
Equipment financing5,265 1,044 8,774 15,083 1,090,528 1,105,611 — 15,014 1,602 
Condominium association57 — — 57 47,080 47,137 — 84 — 
Total commercial loans and leases5,609 1,132 9,522 16,263 1,870,873 1,887,136 — 17,416 2,985 
Consumer loans:
Residential mortgage454 3,169 2,315 5,938 793,799 799,737 — 3,909 2,165 
Home equity424 201 114 739 323,417 324,156 1 285 — 
Other consumer5 2 1 8 40,380 40,388 — 1 — 
Total consumer loans883 3,372 2,430 6,685 1,157,596 1,164,281 1 4,195 2,165 
Total loans and leases$9,683 $6,081 $22,395 $38,159 $7,116,298 $7,154,457 $1 $32,459 $15,394 
Impaired Loans and Leases
A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. The loans and leases risk-rated "substandard" or worse are considered impaired. The Company has also defined the population of impaired loans to include nonaccrual loans and TDR loans. Impaired loans and leases which do not share similar risk characteristics with other loans are individually evaluated for credit losses. Specific reserves are established for loans and leases with deterioration in the present value of expected future cash flows or, in the case of collateral-dependent loans and leases, any increase in the loan or lease amortized cost basis over the fair value of the underlying collateral discounted for estimated selling costs. In contrast, the loans and leases which share similar risk characteristics and are not included in the individually evaluated population are collectively evaluated for credit losses.
25
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
The following tables present information regarding individually evaluated and collectively evaluated allowance for loan and lease losses for credit losses on loans and leases at the dates indicated.
At June 30, 2022
Commercial Real EstateCommercialConsumerTotal
(In Thousands)
Allowance for Loan and Lease Losses:
Individually evaluated$63 $1,005 $62 $1,130 
Collectively evaluated69,964 19,100 2,994 92,058 
Total$70,027 $20,105 $3,056 $93,188 
Loans and Leases:
Individually evaluated$12,851 $5,931 $3,889 $22,671 
Collectively evaluated4,212,903 1,854,251 1,202,087 7,269,241 
Total$4,225,754 $1,860,182 $1,205,976 $7,291,912 

At December 31, 2021
Commercial Real EstateCommercialConsumerTotal
(In Thousands)
Allowance for Loan and Lease Losses:
Individually evaluated $— $3,236 $38 $3,274 
Collectively evaluated 69,213 23,819 2,778 95,810 
Total loans and leases$69,213 $27,055 $2,816 $99,084 
Loans and Leases:
Individually evaluated $16,906 $10,944 $4,853 $32,703 
Collectively evaluated 4,086,134 1,876,192 1,159,428 7,121,754 
Total loans and leases$4,103,040 $1,887,136 $1,164,281 $7,154,457 


26
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Troubled Debt Restructuring Loans and Leases
The following table sets forth information regarding TDR loans and leases at the dates indicated:
At June 30, 2022At December 31, 2021
 (In Thousands)
Troubled debt restructurings:
On accrual$11,524 $12,580 
On nonaccrual5,097 6,709 
Total troubled debt restructurings$16,621 $19,289 

Total TDR loans and leases decreased by $2.7 million to $16.6 million at June 30, 2022 from $19.3 million at December 31, 2021, primarily driven by the payoffs, as well as the payments on TDR loans, partially offset by new TDR loans during the six months ended June 30, 2022.
The amortized cost basis in TDR loans and the associated specific credit losses for the loan and lease portfolios, that were modified during the periods indicated, are as follows.
 At and for the Three Months Ended June 30, 2022
  Amortized CostSpecific
Allowance for
Credit Losses		 
Defaulted (1)
 Number of
Loans/
Leases		At
Modification		At End of
Period		Nonaccrual
Loans and
Leases		Number of
Loans/
Leases		Amortized Cost
 (Dollars in Thousands)
       
Equipment financing6 $8 $333 $— $180 3 $295 
Total loans and leases6 $8 $333 $— $180 3 $295 
______________________________________________________________________
(1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated.
 At and for the Three Months Ended June 30, 2021
  Amortized CostSpecific
Allowance for
Credit Losses		 
Defaulted (1)
 Number of
Loans/
Leases		At
Modification		At End of
Period		Nonaccrual
Loans and
Leases		Number of
Loans/
Leases		Amortized Cost
 (Dollars in Thousands)
Equipment financing28 $1,236 $1,222 $9 $483 5 $211 
Residential mortgage1 864 864 — — — — 
Home equity1 312 312 — — — — 
Total loans and leases30 $2,412 $2,398 $9 $483 5 $211 
______________________________________________________________________
(1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated.
 At and for the Six Months Ended June 30, 2022
  Amortized CostSpecific
Allowance for
Credit Losses		 
Defaulted (1)
 Number of
Loans/
Leases		At
Modification		At End of
Period		Nonaccrual
Loans and
Leases		Number of
Loans/
Leases		Amortized Cost
 (Dollars in Thousands)
Equipment financing17 $561 $851 $— $366 5 $361 
Total loans and leases17 $561 $851 $— $366 5 $361 
27
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
 At and for the Six Months Ended June 30, 2021
  Amortized CostSpecific
Allowance for
Credit Losses		 
Defaulted (1)
 Number of
Loans/
Leases		At
Modification		At End of
Period		Nonaccrual
Loans and
Leases		Number of
Loans/
Leases		Amortized Cost
 (Dollars in Thousands)
Commercial real estate1 $497 $497 $— $— — $— 
Equipment financing40 2,954 2,922 9 713 5 211 
Residential mortgage1 864 864 — — — — 
Home equity1 312 312 — — — — 
Total loans and leases43 $4,627 $4,595 $9 $713 5 $211 
The following table sets forth the Company's end-of-period amortized cost basis for TDRs that were modified during the periods indicated, by type of modification.
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (In Thousands)
Loans with one modification:
Extended maturity$44 $1,143 $292 $2,667 
Combination maturity, principal, interest rate289 1,255 559 1,928 
Total loans with modifications$333 $2,398 $851 $4,595 
The TDR loans and leases that were modified for the three months ended June 30, 2022 and 2021 were $0.3 million and $2.4 million, respectively. The decrease in TDR loans and leases that were modified for the three months ended June 30, 2022 were primarily due to the loan payoffs.
The net charge-offs for performing and nonperforming TDR loans and leases for the six months ended June 30, 2022 and 2021 were $0.1 million and $0.5 million respectively.
The commitments to lend funds to debtors owing receivables whose terms had been modified in TDRs as of June 30, 2022 was $0.5 million. As of June 30, 2021, there were $2.1 million commitments to lend funds to debtors owing receivables whose terms had been modified in TDRs.
(6) Goodwill and Other Intangible Assets
The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated:
 At June 30, 2022At December 31, 2021
 (In Thousands)
Goodwill$160,427 $160,427 
Other intangible assets:
Core deposits933 1,187 
Trade name1,089 1,089 
Total other intangible assets2,022 2,276 
Total goodwill and other intangible assets$162,449 $162,703 
At December 31, 2013, the Company concluded that the BankRI name would continue to be utilized in its marketing strategies; therefore, the trade name with carrying value of $1.1 million, has an indefinite life and ceased to amortize.
The weighted-average amortization period for the core deposit intangible is 5.05 years.
28
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
The estimated aggregate future amortization expense (in thousands) for other intangible assets for each of the next five years and thereafter is as follows:
Remainder of 2022$240 
Year ending:
2023263 
2024151 
2025103 
202674 
202787 
Thereafter15 
Total$933 
(7) Accumulated Other Comprehensive Income (Loss)
For the six months ended June 30, 2022 and 2021, the Company’s accumulated other comprehensive income (loss) includes the following three components: (i) unrealized holding gains (losses) on investment securities available-for-sale; (ii) change in the fair value of cash flow hedges; and (iii) adjustment of accumulated obligation for postretirement benefits.
 
Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated:
 Three Months Ended June 30, 2022
 
Investment
Securities
 Available-for-Sale
Net Change in Fair Value of Cash Flow HedgesPostretirement
Benefits		Accumulated Other
Comprehensive
Income (Loss)
 (In Thousands)
Balance at March 31, 2022$(29,450)$92 $36 $(29,322)
Other comprehensive income (loss)(15,664)38 — (15,626)
Reclassification adjustment for (income) expense recognized in earnings— (29)— (29)
Balance at June 30, 2022$(45,114)$101 $36 $(44,977)
 Three Months Ended June 30, 2021
 
Investment
Securities
 Available-for-Sale
Net Change in Fair Value of Cash Flow HedgesPostretirement
Benefits		Accumulated Other
Comprehensive
Income (Loss)
 (In Thousands)
Balance at March 31, 2021$2,174 $7 $(99)$2,082 
Other comprehensive income (loss)4,003 8 — 4,011 
Reclassification adjustment for (income) expense recognized in earnings— (4)— (4)
Balance at June 30, 2021$6,177 $11 $(99)$6,089 
 Six Months Ended June 30, 2022
 
Investment
Securities
 Available-for-Sale
Net Change in Fair Value of Cash Flow HedgesPostretirement
Benefits		Accumulated Other
Comprehensive
Income (Loss)
 (In Thousands)
Balance at December 31, 2021$(183)$37 $36 $(110)
Other comprehensive income (loss)(44,931)94 — (44,837)
Reclassification adjustment for (income) expense recognized in earnings— (30)— (30)
Balance at June 30, 2022$(45,114)$101 $36 $(44,977)
29
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
 Six Months Ended June 30, 2021
 
Investment
Securities
 Available-for-Sale
Net Change in Fair Value of Cash Flow HedgesPostretirement
Benefits		Accumulated Other
Comprehensive
Income (Loss)
 (In Thousands)
Balance at December 31, 2020$16,582 $7 $(99)$16,490 
Other comprehensive income (loss)(10,405)9 — (10,396)
Reclassification adjustment for (income) expense recognized in earnings— (5)— (5)
Balance at June 30, 2021$6,177 $11 $(99)$6,089 
(8) Derivatives and Hedging Activities
The Company executes loan level derivative products such as interest rate swap agreements with commercial banking customers to aid them in managing their interest rate risk. The interest rate swap contracts allow the commercial banking customers to convert floating rate loan payments to fixed rate loan payments. The Company concurrently enters into offsetting swaps with a third party financial institution, effectively minimizing its net risk exposure resulting from such transactions. The third party financial institution exchanges the customer's fixed rate loan payments for floating rate loan payments. As the interest rate swap agreements associated with this program do not meet hedge accounting requirements, changes in the fair value are recognized directly in earnings. Based on the Company's intended use for the loan level derivatives at inception, the Company designates the derivative as either an economic hedge of an asset or liability, or a hedging instrument subject to the hedge accounting provisions of FASB ASC Topic 815, "Derivatives and Hedging".
The Company believes using interest rate derivatives adds stability to interest income and expense and allows the Company to manage its exposure to interest rate movements. The Company enters into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. The Company enters into interest rate swaps as hedging instruments against the interest rate risk associated with the Company's FHLB borrowings. For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of other comprehensive income ("OCI"), and is reclassified into earnings in the period that the hedged forecasted transaction affects earnings.
As of June 30, 2022, the Company paid its counterparties a fixed weighted average interest rate of 0.10% over a maximum period of 2 months for derivative instruments that are designated as and qualify as cash flow hedging instruments.
The Company utilizes risk participation agreements with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. Risk participation agreements are derivative financial instruments and are recorded at fair value. These derivatives are not designated as hedges and therefore, changes in fair value are recorded directly through earnings at each reporting period. Under a risk participation-out agreement, a derivative asset, the Company participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower, for a fee paid to the participating bank.
The Company offers foreign exchange contracts to commercial borrowers to accommodate their business needs. These foreign exchange contracts do not qualify as hedges for accounting purposes. To mitigate the market and liquidity risk associated with these foreign exchange contracts, the Company enters into similar offsetting positions.
Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the unaudited consolidated balance sheets.
The following tables present the Company's customer related derivative positions for the periods indicated below for those derivatives not designated as hedging.
30
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
 Notional Amount Maturing
 Number of PositionsLess than 1 yearLess than 2 yearsLess than 3 yearsLess than 4 yearsThereafterTotalFair Value
June 30, 2022
 (Dollars In Thousands)
Loan level derivatives
Receive fixed, pay variable132 $72,303 $60,622 $180,238 $93,431$1,072,977 $1,479,571 $55,057 
Pay fixed, receive variable132 72,303 60,622 180,238 93,4311,072,977 1,479,571 55,057 
Risk participation-out agreements47 29,929 29,774 44,198 3,312265,164 372,377 534 
Risk participation-in agreements8 — 18,569 — — 57,557 76,126 72 
Foreign exchange contracts
Buys foreign currency, sells U.S. currency10 $2,030 $— $— $— $— $2,030 $76 
Sells foreign currency, buys U.S. currency10 2,038 — — — — 2,038 68 
 Notional Amount Maturing
 Number of PositionsLess than 1 yearLess than 2 yearsLess than 3 yearsLess than 4 yearsThereafterTotalFair Value
December 31, 2021
(Dollars In Thousands)
Loan level derivatives
Receive fixed, pay variable135 $8,244 $2,346 $83,461 $137,856 $1,092,702 $1,324,609 $63,798 
Pay fixed, receive variable135 8,244 2,346 83,461 137,856 1,092,702 1,324,609 63,798 
Risk participation-out agreements41 — 6,869 22,673 6,573 252,259 288,374 1,236 
Risk participation-in agreements8 — 18,718 — — 58,298 77,016 207 
Foreign exchange contracts
Buys foreign currency, sells U.S. currency10 $2,004 $— $— $— $— $2,004 $9 
Sells foreign currency, buys U.S. currency11 2,006 — — — — 2,006 7 
31
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Certain derivative agreements contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. The Company posted collateral to dealer counterparties of $15.7 million and $126.9 million in the normal course of business as of June 30, 2022 and December 31, 2021, respectively.
The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated.
 At June 30, 2022
Gross
Amounts Recognized		Gross Amounts
Offset in the
Statement of Financial Position		Net Amounts  Presented in the Statement of Financial PositionGross Amounts Not Offset in the
Statement of Financial Position		Net Amount
 Financial Instruments PledgedCash Collateral Pledged
 (In Thousands)
Asset derivatives
Derivatives designated as hedging instruments:
Interest rate derivatives$128 $— $128 $— $— $128 
Derivatives not designated as hedging instruments:
Loan level derivatives$64,945 $— $64,945 $— $— $64,945 
Risk participation-out agreements534 — 534 — — 534 
Foreign exchange contracts76 — 76 — — 76 
Total$65,683 $— $65,683 $— $— $65,683 
Liability derivatives
Derivatives designated as hedging instruments:
Interest rate derivatives$— $— $— $— $— $— 
Derivatives not designated as hedging instruments:
Loan level derivatives$64,945 $— $64,945 $10,547 $5,200 $49,198 
Risk participation-in agreements72 — 72 — — 72 
Foreign exchange contracts68 — 68 — — 68 
Total$65,085 $— $65,085 $10,547 $5,200 $49,338 
32
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
 At December 31, 2021
Gross
Amounts Recognized		Gross Amounts
Offset in the
Statement of Financial Position		Net Amounts  Presented in the Statement of Financial PositionGross Amounts Not Offset in the
Statement of Financial Position		Net Amount
 Financial Instruments PledgedCash Collateral Pledged
 (In Thousands)
Asset derivatives
Derivatives designated as hedging instruments:
Interest rate derivatives$43 $— $43 $— $— $43 
Derivatives not designated as hedging instruments:
Loan level derivatives$73,462 $— $73,462 $— $— $73,462 
Risk participation-out agreements1,236 — 1,236 — — 1,236 
Foreign exchange contracts9 — 9 — — 9 
Total$74,750 $— $74,750 $— $— $74,750 
Liability derivatives
Derivatives designated as hedging instruments:
Interest rate derivatives$1 $— $1 $— $— $1 
Derivatives not designated as hedging instruments:
Loan level derivatives$73,462 $— $73,462 $118,461 $8,410 $(53,409)
Risk participation-in agreements207 — 207 — — 207 
Foreign exchange contracts7 — 7 — — 7 
Total$73,677 $— $73,677 $118,461 $8,410 $(53,194)
The Company has agreements with certain of its derivative counterparties that contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution.

Fair Value
Six Months Ended 
 June 30, 2022		Six Months Ended 
 June 30, 2021
 (Dollars in Thousands)
Derivatives designated as hedges$128 $12 
Gain in OCI on derivatives (effective portion), net of tax$100 $11 
Gain (loss) reclassified from OCI into interest income or interest expense (effective portion)$30 $5 

The guidance in ASU 2017-12 requires that amounts in accumulated other comprehensive income that are included in the assessment of effectiveness should be reclassified into earnings in the same period in which the hedged forecasted transactions impact earnings. A portion of the balance reported in accumulated other comprehensive income related to derivatives will be
33
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
reclassified to interest expense as interest payments are made or received on the Company’s interest rate swaps. The Company monitors the risk of counterparty default on an ongoing basis.

(9) Stock Based Compensation

As of June 30, 2022, the Company had one active equity plan: the Brookline Bancorp, Inc. 2021 Stock Option and Incentive Plan ("2021 Plan") with 1,750,000 authorized shares. As a result of the Plan having been approved by the Company's stockholders at the 2021 annual meeting of stockholders, the Company discontinued granting awards under the Brookline Bancorp, Inc. 2014 Equity Incentive Plan (the "2014 Plan"), and no further shares will be granted as awards under the 2014 Plan. The Brookline Bancorp, Inc. 2011 Restricted Stock Plan (the "2011 Plan") expired in July 2021, and the Company has not issued shares from the 2011 Plan since the adoption of the 2014 Plan. The 2021 Plan and the 2014 Plan together referred to as the "Plans."

Of the awarded shares under the Plans, generally 50% vest ratably over three years with one-third of such shares vesting at each of the first, second and third anniversary dates of the awards. These are referred to as "time-based shares". The remaining 50% of each award will vest three years after the award date based on the level of the Company's achievement of identified performance targets in comparison to the level of achievement of such identified performance targets by a defined peer group. These are referred to as "performance-based shares". If a participant leaves the Company prior to the third anniversary date of an award, any unvested shares are usually forfeited. Dividends declared with respect to shares awarded will be held by the Company and paid to the participant only when the shares vest.

Under the Plans, shares of the Company's common stock are reserved for issuance as restricted stock awards to officers, employees, and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will be retired back to treasury and be made available again for issuance under the Plans.

During the three and six months ended June 30, 2022 and June 30, 2021, no shares were issued, respectively, upon satisfaction of required conditions of the Plans.

Total expense for the Plan was $0.8 million and $0.6 million for the three months ended June 30, 2022 and 2021, respectively. Total expense for the Plan was $1.6 million and $1.1 million for the six months ended June 30, 2022 and 2021,
respectively.

(10) Earnings per Share ("EPS")

The following table is a reconciliation of basic EPS and diluted EPS:
Three Months Ended
 June 30, 2022June 30, 2021
 BasicFully
Diluted		BasicFully
Diluted
(Dollars in Thousands, Except Per Share Amounts)
Numerator:
Net income$25,195 $25,195 $31,602 $31,602 
Denominator:
Weighted average shares outstanding77,091,013 77,091,013 78,150,364 78,150,364 
Effect of dilutive securities— 328,275 — 320,087 
Adjusted weighted average shares outstanding77,091,013 77,419,288 78,150,364 78,470,451 
EPS$0.33 $0.33 $0.40 $0.40 

34
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Six Months Ended
 June 30, 2022June 30, 2021
 BasicFully
Diluted		BasicFully
Diluted
(Dollars in Thousands, Except Per Share Amounts)
Numerator:
Net income$49,900 $49,900 $58,056 $58,056 
Denominator:
Weighted average shares outstanding77,352,666 77,352,666 78,147,076 78,147,076 
Effect of dilutive securities— 318,935 — 290,199 
Adjusted weighted average shares outstanding77,352,666 77,671,601 78,147,076 78,437,275 
EPS$0.65 $0.65 $0.74 $0.74 
(11) Fair Value of Financial Instruments
A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring and non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. There were no changes in the valuation techniques used during the three and six months ended June 30, 2022 and June 30, 2021.
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated:
35
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
 Carrying Value as of June 30, 2022
 Level 1Level 2Level 3Total
 (In Thousands)
Assets:    
Investment securities available-for-sale:    
GSE debentures$— $170,923 $— $170,923 
GSE CMOs— 21,678 — 21,678 
GSE MBSs— 159,989 — 159,989 
Corporate debt obligations— 13,986 — 13,986 
U.S. Treasury bonds— 350,762 — 350,762 
Foreign government obligations— 480 — 480 
Total investment securities available-for-sale$— $717,818 $— $717,818 
Interest rate derivatives— 128 — 128 
Derivatives not designated as hedging instruments:
Loan level derivatives— 64,945 — 64,945 
Risk participation-out agreements— 534 — 534 
Foreign exchange contracts— 76 — 76 
Liabilities:    
Interest rate derivatives$— $— $— $— 
Derivatives not designated as hedging instruments:
Loan level derivatives— 64,945 — 64,945 
Risk participation-in agreements— 72 — 72 
Foreign exchange contracts— 68 — 68 
36
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
 Carrying Value as of December 31, 2021
 Level 1Level 2Level 3Total
 (In Thousands)
Assets:    
Investment securities available-for-sale:    
GSE debentures$— $217,505 $— $217,505 
GSE CMOs— 28,139 — 28,139 
GSE MBSs— 199,772 — 199,772 
Corporate debt obligations— 22,683 — 22,683 
U.S. Treasury bonds— 252,268 — 252,268 
Foreign government obligations— 499 — 499 
Total investment securities available-for-sale$— $720,866 $— $720,866 
Interest rate derivatives— 43 — 43 
Loan level derivatives— 73,462 — 73,462 
Risk participation-out agreements— 1,236 — 1,236 
Foreign exchange contracts— 9 — 9 
Liabilities:   
Interest rate derivatives$— $1 $— $1 
Loan level derivatives— 73,462 — 73,462 
Risk participation-in agreements— 207 — 207 
Foreign exchange contracts— 7 — 7 
Investment Securities Available-for-Sale
The fair value of investment securities is based principally on market prices and dealer quotes received from third-party and nationally-recognized pricing services for identical investment securities such as U.S. Treasury and agency securities. These prices are validated by comparing the primary pricing source with an alternative pricing source when available. When quoted market prices for identical securities are unavailable, the Company uses market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads and estimated prepayment speeds, where applicable. These investments include GSE debentures, GSE mortgage-related securities, SBA commercial loan asset backed securities, corporate debt securities, and trust preferred securities, all of which are included in Level 2. As of June 30, 2022 and December 31, 2021, none of the investment securities were valued using pricing models included in Level 3.
Additionally, management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with management's expectation of the market. Changes in the prices obtained from the pricing service are analyzed from month to month, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields and changes in generic pricing of 15-year and 30-year securities. Additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics and a review of historical pricing for a particular security.
Derivatives and Hedging Instruments
The fair value of interest rate derivatives designated as hedging instruments, loan level derivatives, risk participation agreements (RPA in/out), and foreign exchange contracts represent a Level 2 valuation and are based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves and foreign exchange rates where applicable. Credit risk adjustments consider factors such as the likelihood of default by the Company and its counterparties, its net exposures and remaining contractual life. To date, the Company has not realized any losses due to a counterparty's inability to pay any net uncollateralized position. Refer also to Note 8, "Derivatives and Hedging Activities."
37
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis at June 30, 2022 and December 31, 2021, respectively.
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis
Assets and liabilities measured at fair value on a non-recurring basis are summarized below at the dated indicated:
 Carrying Value as of June 30, 2022
 Level 1Level 2Level 3Total
 (In Thousands)
Assets measured at fair value on a non-recurring basis:    
Collateral-dependent impaired loans and leases$— $— $760 $760 
Repossessed assets— 507 — 507 
Total assets measured at fair value on a non-recurring basis$— $507 $760 $1,267 
 Carrying Value as of December 31, 2021
 Level 1Level 2Level 3Total
 (In Thousands)
Assets measured at fair value on a non-recurring basis:    
Collateral-dependent impaired loans and leases$— $— $802 $802 
Repossessed assets— 718 — 718 
Total assets measured at fair value on a non-recurring basis$— $718 $802 $1,520 
Collateral-Dependent Impaired Loans and Leases
For nonperforming loans and leases where the credit quality of the borrower has deteriorated significantly, fair values of the underlying collateral were estimated using purchase and sales agreements (Level 2), or comparable sales or recent appraisals (Level 3), adjusted for selling costs and other expenses.
Other Real Estate Owned
The Company records OREO at the lower of cost or fair value. In estimating fair value, the Company utilizes purchase and sales agreements (Level 2) or comparable sales, recent appraisals or cash flows discounted at an interest rate commensurate with the risk associated with these cash flows (Level 3), adjusted for selling costs and other expenses. As of June 30, 2022 and December 31, 2021, the Company did not record any OREO.
Repossessed Assets
Repossessed assets are carried at estimated fair value less costs to sell based on auction pricing (Level 2).
The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a non-recurring basis at the dates indicated.
Fair ValueValuation Technique
At June 30,
2022		At December 31, 2021
 (Dollars in Thousands)
Collateral-dependent impaired loans and leases$760 $802 
Appraisal of collateral (1)
________________________________________________________________________
(1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments.
38
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Summary of Estimated Fair Values of Financial Instruments
The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company's financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, restricted equity securities, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable.
   Fair Value Measurements at June 30, 2022
 Carrying
Value		Estimated
Fair Value		Level 1
Inputs		Level 2
Inputs		Level 3
Inputs
 (In Thousands)
Financial assets:     
Loans and leases, net$7,198,724 $6,938,168 $— $— $6,938,168 
Restricted equity securities35,406 35,406 — — 35,406 
Financial liabilities:    
Certificates of deposits1,122,383 1,108,544 — 1,108,544 — 
Borrowed funds478,200 470,376 — 470,376 — 
   Fair Value Measurements at December 31, 2021
 Carrying
Value		Estimated
Fair Value		Level 1
Inputs		Level 2
Inputs		Level 3
Inputs
 (In Thousands)
Financial assets:     
Loans and leases, net7,055,373 6,983,524 — — 6,983,524 
Restricted equity securities28,981 28,981 — — 28,981 
Financial liabilities: 
Certificates of deposit1,283,237 1,283,012 — 1,283,012 — 
Borrowed funds357,321 350,471 — 350,471 — 
Loans and Leases
The fair values of performing loans and leases was estimated by segregating the portfolio into its primary loan and lease categories—commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association, residential mortgage, home equity and other consumer. These categories were further disaggregated based upon significant financial characteristics such as type of interest rate (fixed / variable) and payment status (current / past-due). Using the exit price valuation method, the Company discounts the contractual cash flows for each loan category using interest rates currently being offered for loans with similar terms to borrowers of similar quality and incorporates estimates of future loan prepayments.
Restricted Equity Securities
The fair values of certain restricted equity securities are estimated using observable inputs adjusted for other unobservable information, including but not limited to probability assumptions and similar discounts where applicable. These restricted equity securities are considered to be Level 3.
Deposits
The fair values of deposit liabilities with no stated maturity (demand, NOW, savings and money market savings accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the Company's core deposit relationships (deposit-based intangibles).
39
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Borrowed Funds
The fair value of federal funds purchased is equal to the amount borrowed. The fair value of FHLBB advances and repurchase agreements represents contractual repayments discounted using interest rates currently available for borrowings with similar characteristics and remaining maturities. The fair values reported for retail repurchase agreements are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on borrowings with similar characteristics and maturities. The fair values reported for subordinated deferrable interest debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar terms and maturities.
(12) Commitments and Contingencies
Off-Balance Sheet Financial Instruments
The Company is party to off-balance sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credit, and loan level derivatives. According to GAAP, these financial instruments are not recorded in the financial statements until they are funded or related fees are incurred or received.
The contract amounts reflect the extent of the involvement the Company has in particular classes of these instruments. Such commitments involve, to varying degrees, elements of credit risk and interest-rate risk in excess of the amount recognized in the consolidated balance sheets. The Company's exposure to credit loss in the event of non-performance by the counterparty is represented by the fair value of the instruments. The Company uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments.
Financial instruments with off-balance-sheet risk at the dates indicated follow:
 At June 30, 2022At December 31, 2021
 (In Thousands)
Financial instruments whose contract amounts represent credit risk:  
Commitments to originate loans and leases:  
Commercial real estate$147,609 $110,798 
Commercial154,161 162,931 
Residential mortgage29,749 28,685 
Unadvanced portion of loans and leases1,008,628 987,482 
Unused lines of credit:  
Home equity640,097 611,212 
Other consumer74,371 64,589 
Other commercial432 414 
Unused letters of credit: 
     Financial standby letters of credit13,604 16,143 
Performance standby letters of credit27,234 17,145 
Commercial and similar letters of credit5,894 5,219 
Loan level derivatives (Notional principal amounts):
Receive fixed, pay variable1,479,571 1,324,609 
Pay fixed, receive variable1,479,571 1,324,609 
Risk participation-out agreements372,377 288,374 
Risk participation-in agreements76,126 77,016 
Foreign exchange contracts (Notional amounts):
Buys foreign currency, sells U.S. currency2,030 2,004 
Sells foreign currency, buys U.S. currency2,038 2,006 
40
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee by the customer. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if any, is based on management's credit evaluation of the borrower.
Standby and commercial letters of credit are conditional commitments issued by the Company to guarantee performance of a customer to a third party. These standby and commercial letters of credit are primarily issued to support the financing needs of the Company's commercial customers. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers.
From time to time, the Company enters into loan level derivatives, risk participation agreements or foreign exchange contracts with commercial customers and third-party financial institutions. These derivatives allow the Company to offer long-term fixed-rate commercial loans while mitigating the interest-rate or foreign exchange risk of holding those loans. In a loan level derivative transaction, the Company lends to a commercial customer on a floating-rate basis and then enters into a loan level derivative with that customer. Concurrently, the Company enters into offsetting swaps with a third-party financial institution, effectively minimizing its net interest-rate risk exposure resulting from such transactions. The fair value of these derivatives are presented in Note 8.
Lease Commitments
The Company leases certain office space under various noncancellable operating leases as well as certain other assets. These leases have original terms ranging from 3 years to over 25 years. Certain leases contain renewal options and escalation clauses which can increase rental expenses based principally on the consumer price index and fair market rental value provisions. All of the Company's current outstanding leases are classified as operating leases.
The Company considered the following criteria when determining whether a contract contains a lease, the existence of an identifiable asset and the right to obtain substantially all of the economic benefits from use of the asset through the period. The Company uses the FHLB classic advance rates available as of June 30, 2022 as the discount rate to determine the net present value of the remaining lease payments.
Six Months Ended June 30, 2022Six Months Ended June 30, 2021
(In Thousands)
The components of lease expense was as follows:
Operating lease cost$3,143 $3,119 
Supplemental cash flow information related to leases was as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$3,245 $3,179 
41
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
At June 30, 2022At December 31, 2021
(In Thousands)
Supplemental balance sheet information related to leases was as follows:
Operating Leases
Operating lease right-of-use assets$18,226 $20,508 
Operating lease liabilities18,226 20,508 
Weighted Average Remaining Lease Term
Operating leases6.136.36
Weighted Average Discount Rate
Operating leases3.1 %3.1 %

A summary of future minimum rental payments under such leases at the dates indicated follows:
Minimum Rental Payments
June 30, 2022
 (In Thousands)
Remainder of 2022$3,068 
Year ending:
20235,318 
20243,740 
20252,468 
20261,697 
2027907 
Thereafter2,776 
Total$19,974 
Less imputed interest(1,748)
Present value of lease liability$18,226 
Certain leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. The total real estate taxes were $1.0 million for both the six months ended June 30, 2022 and 2021. Total other expenditures were $0.2 million for the six months ended June 30, 2022 and 2021. Total rental expense was $3.0 million for the six months ended June 30, 2022 and 2021. Total rental expense was $1.5 million for the three months ended June 30, 2022 and 2021.
Legal Proceedings
In the normal course of business, there are various outstanding legal proceedings. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings.
(13) Revenue from Contracts with Customers
Overview
Revenue from contracts with customers in the scope of ASC 606 ("Topic 606") is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations.
42
Table of Contents
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements (Continued)
The Company’s performance obligations are generally satisfied as services are rendered and can either be satisfied at a point in time or over time. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements.
In certain cases, other parties are involved with providing services to our customers. If the Company is a principal in the transaction (providing services itself or through a third party on its behalf), revenues are reported based on the gross consideration received from the customer and any related expenses are reported in gross noninterest expense. If the Company is an agent in the transaction (referring to another party to provide services), the Company reports its net fee or commission retained as revenue.
A substantial portion of the Company’s revenue is specifically excluded from the scope of Topic 606. This exclusion is associated with financial instruments, including interest income on loans and investment securities, in addition to loan derivative income and gains on loan and investment sales. For the revenue that is in-scope of Topic 606, the following is a description of principal activities from which the Company generates its revenue from contracts with customers, separated by the timing of revenue recognition.
Revenue Recognized at a Point in Time
The Company recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Additionally, revenue is collected from loan fees, such as letters of credit, line renewal fees and application fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction.
Revenue Recognized Over Time
The Company recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes commissions on investments, insurance sales and service charges on deposit accounts. Fee revenue from service charges on deposit accounts represents the service charges assessed to customers who hold deposit accounts at the Banks.
(14) Business Combination
On May 23, 2022, the Company and PCSB Financial Corporation ("PCSB"), the holding company of PCSB Bank, entered into an Agreement and Plan of Merger (the “merger agreement”). Pursuant to the merger agreement, PCSB will merge with and into the Company, with the Company as the surviving corporation (the “merger”). Following the merger, PCSB Bank will operate as a separate bank subsidiary of the Company. Pursuant to the terms of the merger agreement, at the effective time of the merger, each stockholder of PCSB will receive, for each share of PCSB common stock, at the holder’s election, either $22.00 in cash consideration or 1.3284 shares of Company common stock for each share of PCSB common stock, subject to allocation procedures to ensure that 60% of the outstanding shares of PCSB common stock will be converted into Company common stock. The consummation of the merger is subject to customary closing conditions, including the receipt of regulatory approvals and approval by PCSB’s stockholders. The merger is currently expected to be completed in the second half of 2022.
43
Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Certain statements contained in this Quarterly Report on Form 10-Q 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. Forward-looking statements involve risks and uncertainties. These statements, which are based on certain assumptions and describe Brookline Bancorp, Inc.’s (the “Company’s”) future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. These statements include, among others, statements regarding the Company’s intent, belief or expectations with respect to economic conditions, trends affecting the Company’s financial condition or results of operations, and the Company’s exposure to market, liquidity, interest-rate and credit risk.
Forward-looking statements are based on the current assumptions underlying the statements and other information with respect to the beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions of management and the financial condition, results of operations, future performance and business are only expectations of future results. Although the Company believes that the expectations reflected in the Company’s forward-looking statements are reasonable, the Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, ongoing disruptions due to the COVID-19 pandemic and measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; the Company and PCSB’s ability to achieve the synergies and value creation contemplated by the proposed acquisition; the Company and PCSB’s ability to successfully integrate operations in the proposed acquisition; the effect of the announcement of the proposed acquisition on the ability of PCSB to maintain relationships with its key partners, customers and employees, and on its operating business generally; ongoing turbulence in the capital and debt markets; changes in interest rates; competitive pressures from other financial institutions; general economic conditions (including inflation) on a national basis or in the local markets in which the Company operates; changes in consumer behavior due to changing political, business and economic conditions, including concerns about inflation, 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, war, terrorism, civil unrest; 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; and the other risks and uncertainties detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and other filings submitted to the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made. 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.
Introduction
Brookline Bancorp, Inc., a Delaware corporation, operates as a multi-bank holding company for Brookline Bank and its subsidiaries; Bank Rhode Island and its subsidiaries ("BankRI"); Brookline Securities Corp; and Clarendon Private, LLC.
As a commercially-focused financial institution with 50 full-service banking offices throughout greater Boston, the north shore of Massachusetts and Rhode Island, the Company, through Brookline Bank and BankRI (collectively referred to as the "Banks"), offers a wide range of commercial, business and retail banking services, including a full complement of cash management products, foreign exchange services, on-line and mobile banking services, consumer and residential loans and investment advisory services, designed to meet the financial needs of small- to mid-sized businesses and individuals throughout central New England. The Banks and their subsidiaries lend primarily in all New England states, with the exception of equipment financing, 26.5% of which is in the greater New York and New Jersey metropolitan area and 73.5% of which is in other areas in the United States of America as of June 30, 2022. Clarendon Private is a registered investment advisor with the SEC. Through Clarendon Private, the Company offers a wide range of wealth management services to individuals, families, endowments and foundations to help these clients meet their long-term financial goals.
The Company focuses its business efforts on profitably growing its commercial lending businesses, both organically and through acquisitions. The Company’s customer focus, multi-bank structure, and risk management are integral to its organic growth strategy and serve to differentiate the Company from its competitors. As full-service financial institutions, the Banks and their subsidiaries focus their efforts on developing and deepening long-term banking relationships with qualified customers through a full complement of products, excellent customer service, and strong risk management.
44
Table of Contents
The Company manages the Banks under a uniform strategic objective, with one set of uniform policies consistently applied by one executive management team. Within this environment, the Company believes that the ability to make customer decisions locally enhances management's motivation, service levels and, as a consequence, the Company's financial results. As such, while most back-office functions are consolidated at the holding company level, branding and decision-making, including credit decisions and pricing, remain largely local in order to better meet the needs of bank customers and further motivate the Banks’ commercial, business and retail bankers. These credit decisions, at the local level, are executed through corporate policies overseen by the Company's credit department.
The competition for loans and leases and deposits remains intense. The Company expects the operating environment to remain challenging. The volume of loan and lease originations and loan and lease losses will depend, to a large extent, on how the economy performs. Loan and lease growth and deposit growth are also greatly influenced by the rate-setting actions of the FRB. A sustained, low interest rate environment with a flat interest rate curve may negatively impact the Company's yields and net interest margin. While the Company is slightly asset sensitive and should benefit from rising rates, changes in interest rates could also precipitate a change in the mix and volume of the Company's deposits and loans. The future operating results of the Company will depend on its ability to maintain or increase the current net interest margin, while minimizing exposure to credit risk, along with increasing sources of non-interest income, while controlling the growth of non-interest expenses.
The Company and the Banks are supervised, examined and regulated by the Board of Governors of the Federal Reserve System (the "FRB"). As a Massachusetts-chartered trust company, Brookline Bank is also subject to regulation under the laws of the Commonwealth of Massachusetts and the jurisdiction of the Massachusetts Division of Banks. As a Rhode Island-chartered financial institution, BankRI is also subject to regulation under the laws of the State of Rhode Island and the jurisdiction of the Banking Division of the Rhode Island Department of Business Regulation. The FDIC continues to insure each of the Banks’ deposits up to $250,000 per depositor. As previously disclosed, on July 31, 2019, Brookline Bank converted its charter from a Massachusetts savings bank to a Massachusetts-chartered trust company and ended its membership in the Depositors Insurance Fund (the “DIF”), a private industry-sponsored fund which insures Massachusetts-chartered bank deposit balances in excess of federal deposit insurance coverage. Brookline Bank’s growth in deposit size necessitated Brookline Bank’s withdrawal from the DIF and the concurrent charter conversion of Brookline Bank. Brookline Bank’s deposit accounts will continue to be insured by the deposit insurance fund of the FDIC up to applicable limits. Term deposits in excess of the FDIC insurance coverage will continue to be insured by the DIF until they reach maturity.
On March 27, 2020, Congress passed, the Coronavirus Aid, Relief, and Economic Security Act was enacted to address the economic effects of the COVID-19 pandemic.
•Paycheck Protection Program. Through June 30, 2022, the Banks funded a total of 4,700 U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans in the aggregate amount of $872.1 million. As of June 30, 2022, $1.1 million in PPP loans remain outstanding, net of deferred fees and costs of $13.8 thousand. In conjunction with the PPP, the FRB has created a lending facility for qualified financial institutions. The FRB's Paycheck Protection Program Liquidity Facility ("PPPLF") will extend credit to depository institutions with a term of up to five years at an interest rate of 0.35%. Only loans issued under the PPP can be pledged as collateral to access the facility. While the Company established a lending facility under the PPPLF program, it has not been used.
•Troubled Debt Restructuring Relief. From March 1, 2020 through January 1, 2022, a financial institution could elect to suspend the requirements under accounting principles generally accepted in the U.S. for loan modifications related to the COVID-19 pandemic that would otherwise be categorized as a troubled debt restructured, including impairment accounting. This troubled debt restructuring relief applies for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. Financial institutions are required to maintain records of the volume of loans involved in modifications to which troubled debt restructuring relief is applicable.
On May 23, 2022, the Company and PCSB Financial Corporation (“PCSB”), the holding company of PCSB Bank, entered into an Agreement and Plan of Merger (the “merger agreement”). Pursuant to the merger agreement, PCSB will merge with and into the Company, with the Company as the surviving corporation (the “merger”). Following the merger, PCSB Bank will operate as a separate bank subsidiary of the Company. Pursuant to the terms of the merger agreement, at the effective time of the merger, each stockholder of PCSB will receive, for each share of PCSB common stock, at the holder’s election, either $22.00 in cash consideration or 1.3284 shares of Company common stock for each share of PCSB common stock, subject to allocation procedures to ensure that 60% of the outstanding shares of PCSB common stock will be converted into Company common stock. The consummation of the merger is subject to customary closing conditions, including the receipt of regulatory approvals and approval by PCSB’s stockholders. The merger is currently expected to be completed in the second half of 2022.
The Company’s common stock is traded on the Nasdaq Global Select MarketSM under the symbol “BRKL.”
45
Table of Contents
Selected Financial Data
    The following is based in part on, and should be read in conjunction with, the consolidated financial statements and accompanying notes, and other information appearing elsewhere in this Quarterly Report on Form 10-Q.
At and for the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20222022202120212021
(Dollars in Thousands, Except Per Share Data)
PER COMMON SHARE DATA
Earnings per share - Basic $0.33 $0.32 $0.37 $0.37 $0.40 
Earnings per share - Diluted0.33 0.32 0.37 0.37 0.40 
Book value per share (end of period) 12.63 12.65 12.82 12.61 12.44 
Tangible book value per share (end of period) (1)10.51 10.56 10.73 10.51 10.35 
Dividends paid per common share0.130 0.125 0.125 0.120 0.120 
Stock price (end of period)13.31 15.82 16.19 15.26 14.95 
PERFORMANCE RATIOS (2)
Net interest margin (taxable equivalent basis)3.56 %3.49 %3.52 %3.53 %3.52 %
Return on average assets 1.18 %1.16 %1.35 %1.38 %1.48 %
Return on average tangible assets (1)1.21 %1.18 %1.38 %1.41 %1.51 %
Return on average stockholders' equity 10.32 %9.91 %11.56 %11.79 %13.21 %
Return on average tangible stockholders' equity (1)12.39 %11.84 %13.84 %14.15 %15.92 %
Dividend payout ratio (1)39.81 %39.28 %34.00 %32.54 %29.69 %
Efficiency ratio (3)56.95 %56.37 %52.23 %53.64 %49.30 %
ASSET QUALITY RATIOS
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)0.07 %0.11 %0.12 %0.07 %0.03 %
Nonperforming loans and leases as a percentage of total loans and leases0.28 %0.35 %0.45 %0.52 %0.49 %
Nonperforming assets as a percentage of total assets 0.25 %0.31 %0.39 %0.44 %0.41 %
Total allowance for loan and lease losses as a percentage of total loans and leases1.28 %1.32 %1.38 %1.48 %1.52 %
CAPITAL RATIOS
Stockholders' equity to total assets 11.38 %11.37 %11.57 %11.77 %11.49 %
Tangible equity ratio (1)9.65 %9.67 %9.87 %10.01 %9.75 %
FINANCIAL CONDITION DATA
Total assets $8,514,230 $8,633,736 $8,602,622 $8,312,649 $8,461,964 
Total loans and leases7,291,912 7,223,130 7,154,457 6,931,694 7,020,275 
Allowance for loan and lease losses93,188 95,463 99,084 102,515 106,474 
Investment securities available-for-sale717,818 730,562 720,866 732,020 694,151 
Goodwill and identified intangible assets162,449 162,569 162,703 162,911 163,119 
Total deposits6,894,457 7,094,378 7,049,906 6,873,010 6,894,701 
Total borrowed funds478,200 392,897 357,321 267,539 363,014 
Stockholders' equity 968,496 981,935 995,342 978,452 972,252 
(Continued)
46
Table of Contents
At and for the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20222022202120212021
(Dollars in Thousands, Except Per Share Data)
EARNINGS DATA
Net interest income$71,867 $69,848 $71,461 $70,697 $71,106 
Provision (credit) for credit losses173 (164)751 (3,110)(3,331)
Non-interest income 6,928 5,529 10,699 5,586 5,910 
Non-interest expense 44,871 42,487 42,909 40,922 37,966 
Net income 25,195 24,705 28,545 28,839 31,602 
_______________________________________________________________________________
(1) Refer to "Non-GAAP Financial Measures and Reconciliations to GAAP".

(2) All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

(3) Efficiency ratio is calculated by dividing non-interest expense by the sum of non-interest income and net interest income.
Executive Overview
Balance Sheet
Total assets decreased $88.4 million, or 2.1% on an annualized basis, to $8.51 billion as of June 30, 2022 from $8.60 billion as of December 31, 2021. The decrease was primarily driven by a decrease in cash and cash equivalents, partially offset by an increase in loans and leases.
Cash and cash equivalents decreased $237.4 million, or 144.9% on an annualized basis, to $90.3 million as of June 30, 2022 from $327.7 million as of December 31, 2021.
Total loans and leases increased $137.5 million, or 3.8% on an annualized basis, to $7.29 billion as of June 30, 2022 from $7.15 billion December 31, 2021. The Company's commercial loan portfolios, which are comprised of commercial real estate loans and commercial loans and leases, totaled $6.09 billion, or 83.5% of total loans and leases as of June 30, 2022, an increase of $95.8 million, or 3.2% on an annualized basis, from $5.99 billion, or 83.7% of total loans and leases, as of December 31, 2021.
PPP loans decreased $66.6 million, or 196.6% on an annualized basis, to $1.1 million as of June 30, 2022 from $67.7 million as of December 31, 2021.
Total deposits decreased $155.4 million, or 4.4% on an annualized basis, to $6.89 billion as of June 30, 2022 from $7.05 billion as of December 31, 2021. Core deposits, which include demand checking, NOW, money market and savings accounts, totaled $5.8 billion, or 83.7% of total deposits as of June 30, 2022, an increase of $5.4 million, or 0.2% on an annualized basis, from $5.8 billion, or 81.8% of total deposits, as of December 31, 2021. Certificate of deposit balances totaled $1.01 billion, or 14.6% of total deposits as of June 30, 2022, a decrease of $110.9 million, or 19.8% on an annualized basis, from $1.12 billion, or 15.9% of total deposits, as of December 31, 2021. Brokered deposits totaled $115.6 million, or 1.7% of total deposits as of June 30, 2022, a decrease of $49.9 million, or 60.3% on an annualized basis, from $165.5 million, or 2.3% of total deposits, as of December 31, 2021.
Total borrowed funds increased $120.9 million, or 67.7% on an annualized basis, to $478.2 million as of June 30, 2022 from $357.3 million as of December 31, 2021.
Asset Quality
Nonperforming assets as of June 30, 2022 totaled $21.3 million, or 0.25% of total assets, compared to $33.2 million, or 0.39% of total assets, as of December 31, 2021. Net charge-offs for the three months ended June 30, 2022 were $1.2 million, or 0.07% of average loans and leases on an annualized basis, compared to $0.6 million, or 0.03% of average loans and leases on an annualized basis, for the three months ended June 30, 2021.
The ratio of the allowance for loan and lease losses to total loans and leases was 1.28% as of June 30, 2022, compared to 1.38% as of December 31, 2021. On January 1, 2020, the Company implemented the CECL methodology to calculate the allowance for credit losses. Refer also to Note 5, "Allowance for Loan and Lease Losses."
The ratio of the allowance for loan and lease losses to nonaccrual loans and leases was 449.06% as of June 30, 2022, compared to 305.26% as of December 31, 2021.
47
Table of Contents
Capital Strength
The Company is a "well-capitalized" bank holding company as defined in the FRB's Regulation Y. The Company's common equity Tier 1 capital ratio was 11.97% as of June 30, 2022, compared to 11.86% as of December 31, 2021. The Company's Tier 1 leverage ratio was 10.24% as of June 30, 2022, compared to 10.15% as of December 31, 2021. As of June 30, 2022, the Company's Tier 1 risk-based capital ratio was 12.11%, compared to 11.99% as of December 31, 2021. The Company's Total risk-based capital ratio was 14.40% as of June 30, 2022, compared to 14.30% as of December 31, 2021.
The Company's ratio of stockholders' equity to total assets was 11.38% and 11.57% as of June 30, 2022 and December 31, 2021, respectively. The Company's tangible equity ratio was 9.65% and 9.87% as of June 30, 2022 and December 31, 2021, respectively.
Net Income
For the three months ended June 30, 2022, the Company reported net income of $25.2 million, or $0.33 per basic and diluted share, a decrease of $6.4 million, or 20.3%, from net income of $31.6 million, or $0.40 per basic and diluted share, for the three months ended June 30, 2021. This decrease in net income is primarily the result of an increase in non-interest expense of $6.9 million and an increase in the provision for credit losses of $3.5 million, partially offset by a decrease in the provision for income taxes of $2.3 million, an increase in non-interest income of $1.0 million, and an increase in net interest income of $0.8 million. Refer to “Results of Operations" below for further discussion.
For the six months ended June 30, 2022, the Company reported net income of $49.9 million, or $0.65 per basic and diluted share, a decrease of $8.2 million, or 14.0%, from $58.1 million, or $0.74 per basic and diluted share, for the six months ended June 30, 2021. This decrease in net income is primarily the result of an increase in non-interest expense of $8.6 million and an increase in the provision for credit losses of $5.5 million, partially offset by a decrease in the provision for income taxes of $2.7 million, an increase in non-interest income of $1.8 million, and an increase in net interest income of $1.5 million. Refer to “Results of Operations" below for further discussion.
The annualized return on average assets was 1.18% for the three months ended June 30, 2022, compared to 1.48% for the three months ended June 30, 2021. The annualized return on average stockholders' equity was 10.32% for the three months ended June 30, 2022, compared to 13.21% for the three months ended June 30, 2021.
The net interest margin was 3.56% for the three months ended June 30, 2022, up from 3.52% for the three months ended June 30, 2021. The increase in the net interest margin is a result of a decrease of 7 basis points in the Company's overall cost of funds to 0.33% for the three months ended June 30, 2022 from 0.40% for the three months ended June 30, 2021, partially offset by a decrease in the yield on interest-earning assets of 1 basis point to 3.86% for the three months ended June 30, 2022 from 3.87% for the three months ended June 30, 2021.
The net interest margin was 3.53% for the six months ended June 30, 2022, up from 3.45% for the six months ended June 30, 2021. The increase in the net interest margin is a result of a decrease of 14 basis points in the Company's overall cost of funds to 0.31% for the six months ended June 30, 2022 from 0.45% for the six months ended June 30, 2021, partially offset by a decrease in the yield on interest-earning assets of 5 basis points to 3.78% for the six months ended June 30, 2022 from 3.83% for the six months ended June 30, 2021.
The Company’s net interest margin and net interest income is sensitive to the structure and level of interest rates as well as competitive pricing in all loan and deposit categories.
Critical Accounting Policies and Estimates
The SEC defines “critical accounting policies” as those involving significant judgments and difficult or complex assumptions by management, often as a result of the need to make estimates about matters that are inherently uncertain or variable, which have, or could have, a material impact on the carrying value of certain assets or net income. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. As discussed in the Company’s 2021 Annual Report on Form 10-K, management has identified the determination of the allowance for credit losses and the review of goodwill for impairment as the Company’s most critical accounting policies.
Recent Accounting Developments
In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" which addresses concerns regarding the complex accounting for loans modified as troubled debt restructurings (“TDR”s) and also the disclosure of gross writeoff information included in required vintage
48
Table of Contents
disclosures. This ASU is effective for fiscal years beginning after December 15, 2022 for entities that have previously adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326)". Management has determined that ASU 2022-02 does apply to the Company. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.
In January 2021, FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)" an update to address concerns around structural risk of interbank offered rates, particularly, the risk of cessation of the London Interbank Offered Rate ("LIBOR"). The amendments in this update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Management has determined that ASU 2021-01 does apply to the Company and management is determining the impact as of June 30, 2022.
In March 2020, the FASB issued ASU 2020-04, " Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04") to provide optional expedients and exceptions for applying GAAP to certain contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients provided that those elections are retained through the end of the hedging relationship. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022 and do not apply to contract modifications made after December 31, 2022. The Company has not yet adopted the amendments in this update and is currently in the process of reviewing its contracts and existing processes in order to assess the risks and potential impact to the Company.
Non-GAAP Financial Measures and Reconciliation to GAAP
In addition to evaluating the Company’s results of operations in accordance with GAAP, management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures, such as operating earnings metrics, the return on average tangible assets, return on average tangible equity, the tangible equity ratio, tangible book value per share, and dividend payout ratio. Management believes that these non-GAAP financial measures provide information useful to investors in understanding the Company’s underlying operating performance and trends, and facilitates comparisons with the performance assessment of financial performance, including non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of the Company’s capital position.
The following table reconciles the Company’s operating earnings, operating return on average assets and operating return on average stockholders’ equity for the periods indicated:
At and for the Three Months Ended 
 June 30,		At and for the Six Months Ended June 30,
2022202120222021
(Dollars in Thousands)
Net income, as reported$25,195$31,602$49,900$58,056
Less:
Security gains (losses) (after-tax) —1—(4)
Add:
Merger and acquisition expenses (after-tax) (1)
400—400—
Operating earnings $25,595$31,601$50,300$58,060
Basic earnings per share, as reported$0.33$0.40$0.65$0.74
Less:
Security gains (after-tax)————
Add:
Merger and acquisition expenses (after-tax) (1)
————
Basic operating earnings per share$0.33$0.40$0.65$0.74
                                                                                                               
(1) Merger and acquisition expense related to the acquisition of PCSB in the second half of 2022.

49
Table of Contents
The following tables reconcile the Company’s return on average tangible assets and return on average tangible stockholders’ equity for the periods indicated:
Three Months Ended
June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
(Dollars in Thousands)
Operating earnings $25,595$24,705$28,569$28,839$31,601
Average total assets $8,515,330$8,531,043$8,462,231$8,360,635$8,540,228
Less: Average goodwill and average identified intangible assets, net162,507162,632162,804163,011163,224
Average tangible assets $8,352,823$8,368,411$8,299,427$8,197,624$8,377,004
Return on average assets (annualized)1.18%1.16%1.35%1.38%1.48%
Less:
Security gains —%—%—%—%—%
Add:
Merger and acquisition expenses 0.02%—%—%—%—%
Operating return on average assets (annualized)1.20%1.16%1.35%1.38%1.48%
Return on average tangible assets (annualized)1.21%1.18%1.38%1.41%1.51%
Less:
Security gains —%—%—%—%—%
Add:
Merger and acquisition expenses 0.02%—%—%—%—%
Operating return on average tangible assets (annualized)1.23%1.18%1.38%1.41%1.51%
Average total stockholders' equity $976,167$997,293$987,522$978,371$957,207
Less: Average goodwill and average identified intangible assets, net162,507162,632162,804163,011163,224
Average tangible stockholders' equity $813,660$834,661$824,718$815,360$793,983
Return on average stockholders' equity (annualized)10.32%9.91%11.56%11.79%13.21%
Less:
Security gains—%—%(0.01)%—%—%
Add:
Merger and acquisition expenses 0.16%—%—%—%—%
Operating return on average stockholders' equity (annualized)10.48%9.91%11.57%11.79%13.21%
Return on average tangible stockholders' equity (annualized)12.39%11.84%13.84%14.15%15.92%
Less:
Security gains—%—%(0.01)%—%—%
Add:
Merger and acquisition expenses 0.20%—%—%—%—%
Operating return on average tangible stockholders' equity (annualized)12.59%11.84%13.85%14.15%15.92%
50
Table of Contents
Three Months Ended
June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
(Dollars in Thousands)
Net income, as reported $25,195$24,705$28,545$28,839$31,602
Average total assets $8,515,330$8,531,043$8,462,231$8,360,635$8,540,228
Less: Average goodwill and average identified intangible assets, net162,507162,632162,804163,011163,224
Average tangible assets $8,352,823$8,368,411$8,299,427$8,197,624$8,377,004
Return on average tangible assets (annualized)1.21%1.18%1.38%1.41%1.51%
Average total stockholders' equity $976,167$997,293$987,522$978,371$957,207
Less: Average goodwill and average identified intangible assets, net162,507162,632162,804163,011163,224
Average tangible stockholders' equity $813,660$834,661$824,718$815,360$793,983
Return on average tangible stockholders' equity (annualized)12.39%11.84%13.84%14.15%15.92%

The following table reconciles the Company's tangible equity ratio for the periods indicated:
Three Months Ended
June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
(Dollars in Thousands)
Total stockholders' equity $968,496$981,935$995,342$978,452$972,252
Less: Goodwill and identified intangible assets, net162,449162,569162,703162,911163,119
Tangible stockholders' equity $806,047$819,366$832,639$815,541$809,133
Total assets $8,514,230$8,633,736$8,602,622$8,312,649$8,461,964
Less: Goodwill and identified intangible assets, net162,449162,569162,703162,911163,119
Tangible assets $8,351,781$8,471,167$8,439,919$8,149,738$8,298,845
Tangible equity ratio 9.65%9.67%9.87%10.01%9.75%

51
Table of Contents
The following table reconciles the Company's tangible book value per share for the periods indicated:
Three Months Ended
June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
(Dollars in Thousands)
Tangible stockholders' equity $806,047 $819,366 $832,639 $815,541 $809,133 
Common shares issued85,177,172 85,177,172 85,177,172 85,177,172 85,177,172 
Less:
Treasury shares7,995,888 7,037,464 7,037,464 7,034,754 6,536,478 
Unallocated ESOP11,442 18,051 24,660 31,278 37,890 
Unvested restricted stock497,297 500,098 500,098 502,808 448,105 
Common shares outstanding76,672,545 77,621,559 77,614,950 77,608,332 78,154,699 
Tangible book value per share $10.51 $10.56 $10.73 $10.51 $10.35 

The following table reconciles the Company's dividend payout ratio for the periods indicated:
Three Months Ended
June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
(Dollars in Thousands)
Dividends paid$10,030$9,705$9,705$9,383$9,383
Net income, as reported $25,195$24,705$28,545$28,839$31,602
Dividend payout ratio 39.81%39.28%34.00%32.54%29.69%
Three Months Ended
June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
(Dollars in Thousands)
Allowance for loan and lease losses$93,188$95,463$99,084$102,515$106,474
Total loans and leases$7,291,912$7,223,130$7,154,457$6,931,694$7,020,275
Less: Total PPP loans1,13814,01367,711160,586348,411
Total loans and leases excluding PPP loans$7,290,774$7,209,117$7,086,746$6,771,108$6,671,864
Allowance for loan and lease losses as a percentage of total loans and leases less PPP loans1.28%1.32%1.40%1.51%1.60%

52
Table of Contents
Financial Condition
Loans and Leases
The following table summarizes the Company's portfolio of loan and lease receivables as of the dates indicated:
At June 30, 2022At December 31, 2021
BalancePercent
of Total		BalancePercent
of Total
(Dollars in Thousands)
Commercial real estate loans:
Commercial real estate$2,993,508 41.1 %$2,842,791 39.6 %
Multi-family mortgage1,059,730 14.5 %1,099,818 15.4 %
 Construction172,516 2.4 %160,431 2.2 %
Total commercial real estate loans4,225,754 58.0 %4,103,040 57.2 %
Commercial loans and leases:  
Commercial666,438 9.1 %666,677 9.4 %
Equipment financing1,149,047 15.7 %1,105,611 15.5 %
 Condominium association43,559 0.6 %47,137 0.7 %
 PPP1,138 0.1 %67,711 0.9 %
Total commercial loans and leases1,860,182 25.5 %1,887,136 26.5 %
 Consumer loans:   
Residential mortgage821,733 11.2 %799,737 11.2 %
 Home equity327,763 4.5 %324,156 4.5 %
 Other consumer56,480 0.8 %40,388 0.6 %
Total consumer loans1,205,976 16.5 %1,164,281 16.3 %
Total loans and leases7,291,912 100.0 %7,154,457 100.0 %
Allowance for loan and lease losses (93,188)(99,084)
Net loans and leases$7,198,724 $7,055,373 

The following table sets forth the growth in the Company’s loan and lease portfolios during the six months ended June 30, 2022:
 At June 30,
2022		At December 31,
2021		Dollar ChangePercent Change
(Annualized)
 (Dollars in Thousands)
Commercial real estate$4,225,754 $4,103,040 $122,714 12.0 %
Commercial1,860,182 1,887,136 (26,954)(5.7)%
Consumer1,205,976 1,164,281 41,695 14.3 %
Total loans and leases$7,291,912 $7,154,457 $137,455 7.7 %
Less: PPP1,138 67,711 (66,573)(393.3)%
Total core loans and leases$7,290,774 $7,086,746 $70,882 4.0 %
The Company's loan portfolio consists primarily of first mortgage loans secured by commercial, multi-family and residential real estate properties located in the Company's primary lending area, loans to business entities, including commercial lines of credit, loans to condominium associations and loans and leases used to finance equipment used by small businesses. The Company also provides financing for construction and development projects, home equity and other consumer loans.
The Company employs seasoned commercial lenders and retail bankers who rely on community and business contacts as well as referrals from customers, attorneys and other professionals to generate loans and deposits. Existing borrowers are also an important source of business since many of them have more than one loan outstanding with the Company. The Company's ability to originate loans depends on the strength of the economy, trends in interest rates, and levels of customer demand and market competition.
53
Table of Contents
The Company's current policy is that a total credit exposure to one obligor relationship may not exceed $60.0 million unless approved by the Company's Credit Committee. As of June 30, 2022, there were two borrowers with loans and commitments over $60.0 million. The total of those loans and commitments was $126.0 million, or 1.2% of total loans and commitments, as of June 30, 2022. As of December 31, 2021, there were six borrowers with loans and commitments over the previous limit of $50.0 million. The total of those loans and commitments was $322.5 million, or 3.0% of total loans and commitments, as of December 31, 2021.
The Company has written underwriting policies to control the inherent risks in loan origination. The policies address approval limits, loan-to-value ratios, appraisal requirements, debt service coverage ratios, loan concentration limits and other matters relevant to loan underwriting.
Commercial Real Estate Loans
The commercial real estate portfolio is comprised of commercial real estate loans, multi-family mortgage loans, and construction loans and is the largest component of the Company's overall loan portfolio, representing 58.0% of total loans and leases outstanding as of June 30, 2022.
Typically, commercial real estate loans are larger in size and involve a greater degree of risk than owner-occupied residential mortgage loans. Loan repayment is usually dependent on the successful operation and management of the properties and the value of the properties securing the loans. Economic conditions can greatly affect cash flows and property values.
A number of factors are considered in originating commercial real estate and multi-family mortgage loans. The qualifications and financial condition of the borrower (including credit history), as well as the potential income generation and the value and condition of the underlying property, are evaluated. When evaluating the qualifications of the borrower, the Company considers the financial resources of the borrower, the borrower's experience in owning or managing similar property and the borrower's payment history with the Company and other financial institutions. Factors considered in evaluating the underlying property include the net operating income of the mortgaged premises before debt service and depreciation, the debt service coverage ratio (the ratio of cash flow before debt service to debt service), the use of conservative capitalization rates, and the ratio of the loan amount to the appraised value. Generally, personal guarantees are obtained from commercial real estate loan borrowers.
Commercial real estate and multi-family mortgage loans are typically originated for terms of five to fifteen years with amortization periods of 20 to 30 years. Many of the loans are priced at inception on a fixed-rate basis generally for periods ranging from two to five years with repricing periods for longer-term loans. When possible, prepayment penalties are included in loan covenants on these loans. For commercial customers who are interested in loans with terms longer than five years, the Company offers loan level derivatives to accommodate customer need.
The Company's urban and suburban market area is characterized by a large number of apartment buildings, condominiums and office buildings. As a result, commercial real estate and multi-family mortgage lending has been a significant part of the Company's activities for many years. These types of loans typically generate higher yields, but also involve greater credit risk. Many of the Company's borrowers have more than one multi-family or commercial real estate loan outstanding with the Company.
The Company's commercial real estate portfolio is composed primarily of loans secured by apartment buildings ($946.8 million), office buildings ($680.5 million), retail stores ($636.9 million), industrial properties ($615.5 million), mixed-use properties ($383.3 million), lodging services ($161.7 million) and food services ($57.7 million) as of June 30, 2022. At that date, approximately 93.2% of the commercial real estate loans outstanding were secured by properties located in New England.
Construction and development financing is generally considered to involve a higher degree of risk than long-term financing on improved, occupied real estate and thus has lower concentration limits than do other commercial credit classes. Risk of loss on a construction loan is largely dependent upon the accuracy of the initial estimate of construction costs, the estimated time to sell or rent the completed property at an adequate price or rate of occupancy, and market conditions. If the estimates and projections prove to be inaccurate, the Company may be confronted with a project which, upon completion, has a value that is insufficient to assure full loan repayment.
Criteria applied in underwriting construction loans for which the primary source of repayment is the sale of the property are different from the criteria applied in underwriting construction loans for which the primary source of repayment is the stabilized cash flow from the completed project. For those loans where the primary source of repayment is from resale of the property, in addition to the normal credit analysis performed for other loans, the Company also analyzes project costs, the attractiveness of the property in relation to the market in which it is located and demand within the market area. For those construction loans where the source of repayment is the stabilized cash flow from the completed project, the Company analyzes
54
Table of Contents
not only project costs but also how long it might take to achieve satisfactory occupancy and the reasonableness of projected rental rates in relation to market rental rates.
Commercial Loans
The Company's commercial loan and lease portfolio is comprised of commercial loans, equipment financing loans and leases and condominium association loans which represented 25.5% of total loans outstanding as of June 30, 2022.
The Company's commercial loan and lease portfolio is composed primarily of loans and leases to small to medium sized businesses ($682.6 million), transportation services ($354.5 million), food services ($197.0 million), recreation services ($124.3 million, manufacturing ($103.8 million), retail ($100.5 million), and rental and leasing services ($82.6 million) as of June 30, 2022.
The Company provides commercial banking services to companies in its market area. Approximately 44.1% of the commercial loans outstanding as of June 30, 2022 were made to borrowers located in New England. The remaining 55.9% of the commercial loans outstanding were made to borrowers in other areas in the United States of America, primarily by the Company's equipment financing divisions. Product offerings include lines of credit, term loans, letters of credit, deposit services and cash management. These types of credit facilities have as their primary source of repayment cash flows from the operations of a business. Interest rates offered are available on a floating basis tied to the prime rate or a similar index or on a fixed-rate basis referenced on the Federal Home Loan Bank of Boston ("FHLBB") index.
Credit extensions are made to established businesses on the basis of loan purpose and assessment of capacity to repay as determined by an analysis of their financial statements, the nature of collateral to secure the credit extension and, in most instances, the personal guarantee of the owner of the business as well as industry and general economic conditions. The Company also participates in U.S. Government programs such as the SBA 7A program and as an SBA preferred lender. Included in the commercial loans balances are the PPP loans totaling $1.1 million as of June 30, 2022.
The Company’s equipment financing divisions focus on market niches in which its lenders have deep experience and industry contacts, and on making loans to customers with business experience. An important part of the Company’s equipment financing loan origination volume comes from equipment manufacturers and existing customers as they expand their operations. The equipment financing portfolio is composed primarily of loans to finance laundry, tow trucks, fitness, dry cleaning and convenience store equipment. Approximately 16.1% of the commercial loans outstanding in the equipment financing divisions were made to borrowers located primarily in the greater New York and New Jersey metropolitan area. Typically, the loans are priced at a fixed rate of interest and require monthly payments over their 3- to 7-year life. The yields earned on equipment financing loans are higher than those earned on the commercial loans made by the Banks because they involve a higher degree of credit risk. Equipment financing customers are typically small-business owners who operate with limited financial resources and who face greater risks when the economy weakens or unforeseen adverse events arise. Because of these characteristics, personal guarantees of borrowers are usually obtained along with liens on available assets. The size of loan is determined by an analysis of cash flow and other characteristics pertaining to the business and the equipment to be financed, based on detailed revenue and profitability data of similar operations.
Loans to condominium associations are for the purpose of funding capital improvements, are made for five- to ten-year terms and are secured by a general assignment of condominium association revenues. Among the factors considered in the underwriting of such loans are the level of owner occupancy, the financial condition and history of the condominium association, the attractiveness of the property in relation to the market in which it is located and the reasonableness of estimates of the cost of capital improvements to be made. Depending on loan size, funds are advanced as capital improvements are made and, in more complex situations, after completion of engineering inspections.
Consumer Loans
The consumer loan portfolio, which is comprised of residential mortgage loans, home equity loans and lines of credit, and other consumer loans, represented 16.5% of total loans outstanding as of June 30, 2022. The Company focuses its mortgage and home equity lending on existing and new customers within its branch networks in its urban and suburban marketplaces in the greater Boston and Providence metropolitan areas.
The Company originates adjustable- and fixed-rate residential mortgage loans secured by one- to four-family residences. Each residential mortgage loan granted is subject to a satisfactorily completed application, employment verification, credit history and a demonstrated ability to repay the debt. Generally, loans are not made when the loan-to-value ratio exceeds 80% unless private mortgage insurance is obtained and/or there is a financially strong guarantor. Appraisals are performed by outside independent fee appraisers.
55
Table of Contents
Underwriting guidelines for home equity loans and lines of credit are similar to those for residential mortgage loans. Home equity loans and lines of credit are limited to no more than 80% of the appraised value of the property securing the loan including the amount of any existing first mortgage liens.
Other consumer loans have historically been a modest part of the Company's loan originations. As of June 30, 2022, other consumer loans equaled $56.5 million, or 0.8% of total loans outstanding.
Asset Quality
Criticized and Classified Assets
The Company's management rates certain loans and leases as "other assets especially mentioned" ("OAEM"), "substandard" or "doubtful" based on criteria established under banking regulations. These loans and leases are collectively referred to as "criticized" assets. Loans and leases rated OAEM have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects of the loan or lease at some future date. Loans and leases rated as substandard are inadequately protected by the payment capacity of the obligor or of the collateral pledged, if any. Substandard loans and leases have a well-defined weakness or weaknesses that jeopardize the liquidation of debt and are characterized by the distinct possibility that the Company will sustain some loss if existing deficiencies are not corrected. Loans and leases rated as doubtful have well-defined weaknesses that jeopardize the orderly liquidation of debt and partial loss of principal is likely. As of June 30, 2022, the Company had $74.4 million of total assets that were designated as criticized. This compares to $95.4 million of assets designated as criticized as of December 31, 2021. The decrease of $21.0 million in criticized assets was mostly driven by decreases in commercial real estate relationships for the six months ended June 30, 2022.
Nonperforming Assets
"Nonperforming assets" consist of nonaccrual loans and leases, other real estate owned ("OREO") and other repossessed assets. Under certain circumstances, the Company may restructure the terms of a loan or lease as a concession to a borrower, except for acquired loans and leases which are individually evaluated against expected performance on the date of acquisition. These restructured loans and leases are generally considered "nonperforming loans and leases" until a history of collection of at least six months on the restructured terms of the loan or lease has been established. OREO consists of real estate acquired through foreclosure proceedings and real estate acquired through acceptance of a deed in lieu of foreclosure. Other repossessed assets consist of assets that have been acquired through foreclosure that are not real estate and are included in other assets on the Company's unaudited consolidated balance sheets.
Accrual of interest on loans generally is discontinued when contractual payment of principal or interest becomes past due 90 days or, if in management's judgment, reasonable doubt exists as to the full timely collection of interest. When a loan is placed on nonaccrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current interest income. Interest payments on nonaccrual loans are generally applied to principal. If collection of the principal is reasonably assured, interest payments are recognized as income on the cash basis. Loans are generally returned to accrual status when principal and interest payments are current, full collectability of principal and interest is reasonably assured and a consistent record of at least six months of performance has been achieved.
In cases where a borrower experiences financial difficulties and the Company makes or reasonably expects to make certain concessionary modifications to contractual terms, the loan is classified as a TDR. In determining whether a debtor is experiencing financial difficulties, the Company considers, among other factors, if the debtor is in payment default or is likely to be in payment default in the foreseeable future without the modification, the debtor declared or is in the process of declaring bankruptcy, there is substantial doubt that the debtor will continue as a going concern, the debtor's entity-specific projected cash flows will not be sufficient to service its debt, or the debtor cannot obtain funds from sources other than the existing creditors at market terms for debt with similar risk characteristics.
As of June 30, 2022, the Company had nonperforming assets of $21.3 million, representing 0.25% of total assets, compared to nonperforming assets of $33.2 million, or 0.39% of total assets as of December 31, 2021. The decrease of $11.9 million in nonperforming assets was primarily driven by loan payoffs on commercial real estate and C&I loans totaling $7.0 million during the six months ended June 30, 2022.
The Company evaluates the underlying collateral of each nonaccrual loan and lease and continues to pursue the collection of interest and principal. Management believes that the current level of nonperforming assets remains manageable relative to the size of the Company's loan and lease portfolio. If economic conditions were to worsen or if the marketplace were to experience prolonged economic stress, it is likely that the level of nonperforming assets would increase, as would the level of charged-off loans.        
56
Table of Contents
Past Due and Accruing
As of June 30, 2022, and December 31, 2021, the Company had minimal to no loans and leases greater than 90 days past due and accruing.
The following table sets forth information regarding nonperforming assets for the periods indicated:
At June 30, 2022At December 31, 2021
(Dollars in Thousands)
Nonperforming loans and leases:
Nonaccrual loans and leases:
Commercial real estate$6,470 $10,848 
Total commercial real estate loans6,470 10,848 
Commercial892 2,318 
Equipment financing10,183 15,014 
Condominium association71 84 
Total commercial loans and leases11,146 17,416 
Residential mortgage2,412 3,909 
Home equity721 285 
Other consumer3 1 
Total consumer loans3,136 4,195 
Total nonaccrual loans and leases20,752 32,459 
Other repossessed assets507 718 
Total nonperforming assets$21,259 $33,177 
Loans and leases past due greater than 90 days and accruing$266 $1 
Total delinquent loans and leases 61-90 days past due2,123 6,081 
Restructured loans and leases not included in nonperforming assets11,524 12,580 
Total nonperforming loans and leases as a percentage of total loans and leases0.28 %0.45 %
Total nonperforming assets as a percentage of total assets0.25 %0.39 %
Total delinquent loans and leases 61-90 days past due as a percentage of total loans and leases0.03 %0.08 %

Troubled Debt Restructuring Loans and Leases
Total TDR loans and leases decreased $2.7 million to $16.6 million at June 30, 2022 from $19.3 million at December 31, 2021. The decrease was primarily driven by loan payoffs on commercial loans totaling $2.5 million during the six months ended June 30, 2022.
As of June 30, 2022, total TDR loans included $3.0 million of commercial loans, $7.7 million of equipment financing loans and leases, $2.8 million of residential mortgage loans, $1.9 million of home equity loans, and $1.2 million of commercial real estate loans. As of December 31, 2021, total TDR loans included $5.4 million of commercial loans, $7.5 million of equipment financing loans and leases, $2.9 million of residential mortgage loans, $2.0 million of home equity loans, and $1.5 million of commercial real estate loans.
57
Table of Contents
The following table sets forth information regarding TDR loans and leases at the dates indicated:
 At June 30, 2022At December 31, 2021
 (Dollars in Thousands)
Troubled debt restructurings:  
On accrual$11,524 $12,580 
On nonaccrual5,097 6,709 
Total troubled debt restructurings$16,621 $19,289 

Changes in TDR loans and leases were as follows for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(Dollars in Thousands)
Balance at beginning of period$19,289 $18,959 $19,289 $18,959 
Additions8 2,412 561 4,627 
Net recoveries (charge-offs)85 (490)84 (830)
Repayments(2,761)(84)(3,313)(1,959)
Balance at end of period$16,621 $20,797 $16,621 $20,797 

Allowance for Credit Losses
The allowance for credit losses consists of general and specific allowances and reflects management's estimate of expected loan and lease losses over the life of the loan or lease. Management uses a consistent and systematic process and methodology to evaluate the adequacy of the allowance for credit losses on a quarterly basis. Management continuously evaluates and challenges inputs and assumptions in the allowance for credit losses.
While management evaluates currently available information in establishing the allowance for credit losses, future adjustments to the allowance for loan and lease losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Management performs a comprehensive review of the allowance for credit losses on a quarterly basis. In addition, various regulatory agencies, as an integral part of their examination process, periodically review a financial institution's allowance for credit losses and carrying amounts of other real estate owned. Such agencies may require the financial institution to recognize additions or reductions to the allowance based on their judgments about information available to them at the time of their examination.
The Company’s allowance methodology provides a quantification of estimated losses in the portfolio. Under the current methodology, management estimates losses over the life of the loan using reasonable and supportable forecasts. Forecasts, loan data, and model documentation are extensively analyzed and reviewed throughout the quarter to ensure estimated losses are accurate at quarter end. Qualitative adjustments are applied when model output does not align with management expectations. These adjustments are thoroughly reviewed and documented to provide clarity and a reasonable basis for any deviations from the model. For June 30, 2022, qualitative adjustments were applied to the CRE, C&I, and Retail portfolios resulting in a net addition in total reserves compared to modeled calculations.
The following tables present the changes in the allowance for loan and lease losses by portfolio category for the three and six months ended June 30, 2022 and 2021.
58
Table of Contents
At and for the Three Months Ended June 30, 2022
Commercial
Real Estate		CommercialConsumerTotal
(In Thousands)
Balance at March 31, 2022$69,031 $23,503 $2,929 $95,463 
Charge-offs— (1,533)— (1,533)
Recoveries6 279 6 291 
Provision (credit) for loan and lease losses990 (2,144)121 (1,033)
Balance at June 30, 2022$70,027 $20,105 $3,056 $93,188 
Total loans and leases$4,225,754 $1,860,182 $1,205,976 $7,291,912 
Total allowance for loan and lease losses as a percentage of total loans and leases1.66 %1.08 %0.25 %1.28 %
At and for the Three Months Ended June 30, 2021
Commercial
Real Estate		CommercialConsumerTotal
(In Thousands)
Balance at March 31, 2021$79,929 $25,825 $4,083 $109,837 
Charge-offs(28)(1,184)(9)(1,221)
Recoveries11 489 126 626 
Provision (credit) for loan and lease losses(5,903)3,234 (99)(2,768)
Balance at June 30, 2021$74,009 $28,364 $4,101 $106,474 
Total loans and leases$3,815,581 $2,038,851 $1,165,843 $7,020,275 
Total allowance for loan and lease losses as a percentage of total loans and leases1.94 %1.39 %0.35 %1.52 %
 At and for the Six Months Ended June 30, 2022
 Commercial
Real Estate		CommercialConsumerTotal
 (In Thousands)
Balance at December 31, 2021$69,213 $27,055 $2,816 $99,084 
Charge-offs(37)(3,833)(7)(3,877)
Recoveries11 632 44 687 
Provision (credit) for loan and lease losses840 (3,749)203 (2,706)
Balance at June 30, 2022$70,027 $20,105 $3,056 $93,188 
Total loans and leases$4,225,754 $1,860,182 $1,205,976 $7,291,912 
Total allowance for loan and lease losses as a percentage of total loans and leases1.66 %1.08 %0.25 %1.28 %
59
Table of Contents
 At and for the Six Months Ended June 30, 2021
 Commercial
Real Estate		CommercialConsumerTotal
 (In Thousands)
Balance at December 31, 2020$80,132$29,498$4,749$114,379
Charge-offs(28)(3,323)(13)(3,364)
Recoveries118191791,009
Provision (credit) for loan and lease losses(6,106)1,370(814)(5,550)
Balance at June 30, 2021$74,009$28,364$4,101$106,474
Total loans and leases$3,815,581$2,038,851$1,165,843$7,020,275
Total allowance for loan and lease losses as a percentage of total loans and leases1.94 %1.39 %0.35 %1.52 %
At June 30, 2022, the allowance for loan and lease losses decreased to $93.2 million, or 1.28% of total loans and leases outstanding. This compared to an allowance for loan and lease losses of $99.1 million, or 1.38% of total loans and leases outstanding, as of December 31, 2021. Both figures exclude PPP loans which are not subject to an allowance reserve since they are guaranteed by the SBA.
Net charge-offs in the loans and leases for the three months ended June 30, 2022 and 2021 were $1.2 million and $0.6 million, respectively. As a percentage of average loans and leases, annualized net charge-offs for the three months ended June 30, 2022 and 2021 were 0.07% and 0.03%, respectively. The increase in the net charge-offs for the three months ended June 30, 2022 was primarily due to an increase in net charge-offs of $1.0 million in equipment financing loans, partially offset by a decrease in net charge-offs of $0.3 million in commercial loans.
The following table sets forth the Company's percent of allowance for loan and lease losses to the total allowance for loan and lease losses, and the percent of loans to total loans for each of the categories listed at the dates indicated.
At June 30, 2022At December 31, 2021
AmountPercent of
Allowance in Each Category
to Total
Allowance		Percent of
Loans
in Each
Category to
Total
Loans		AmountPercent of
Allowance in Each Category
to Total Allowance		Percent of
Loans
in Each
Category to
Total
Loans
(Dollars in Thousands)
Commercial real estate$48,230 51.8 %41.1 %$44,843 45.3 %39.6 %
Multi-family mortgage15,217 16.3 %14.5 %17,474 17.6 %15.4 %
Construction6,579 7.1 %2.4 %6,896 7.0 %2.2 %
Total commercial real estate loans70,026 75.2 %58.0 %69,213 69.9 %57.2 %
Commercial8,474 9.1 %9.2 %9,068 9.2 %10.3 %
Equipment financing11,554 12.4 %15.7 %17,907 18.0 %15.5 %
Condominium association79 0.1 %0.6 %80 0.1 %0.7 %
Total commercial loans 20,107 21.6 %25.5 %27,055 27.3 %26.5 %
Residential mortgage1,476 1.6 %11.2 %1,297 1.3 %11.2 %
Home equity1,263 1.4 %4.5 %1,335 1.3 %4.5 %
Other consumer317 0.2 %0.8 %184 0.2 %0.6 %
Total consumer loans3,056 3.2 %16.5 %2,816 2.8 %16.3 %
Total$93,189 100.0 %100.0 %$99,084 100.0 %100.0 %
Management believes that the allowance for loan and lease losses as of June 30, 2022 is appropriate.
Investment Securities
The investment portfolio exists primarily for liquidity purposes, and secondarily as a source of interest and dividend income, interest-rate risk management and tax planning as a counterbalance to loan and deposit flows. Investment securities are utilized as part of the Company's asset/liability management and may be sold in response to, or in anticipation of, factors such as changes in market conditions and interest rates, security prepayment rates, deposit outflows, liquidity concentrations and regulatory capital requirements.
60
Table of Contents
The investment policy of the Company, which is reviewed and approved by the Board of Directors on an annual basis, specifies the types of investments that are acceptable, required investment ratings by at least one nationally recognized rating agency, concentration limits and duration guidelines. Compliance with the investment policy is monitored on a regular basis. In general, the Company seeks to maintain a high degree of liquidity and targets cash, cash equivalents and investment securities available-for-sale balances between 10% and 30% of total assets.
Cash, cash equivalents, and investment securities decreased $240.5 million, or 45.9% on an annualized basis, to $0.8 billion as of June 30, 2022, from $1.0 billion as of December 31, 2021. The decrease was driven by a decrease in short-term investments. Cash, cash equivalents, and investment securities were 9.5% of total assets as of June 30, 2022, compared to 12.2% of total assets at December 31, 2021.
The following table sets forth certain information regarding the amortized cost and market value of the Company's investment securities at the dates indicated:
 At June 30, 2022At December 31, 2021
 Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
 (In Thousands)
Investment securities available-for-sale:    
GSE debentures$188,713 $170,923 $219,723 $217,505 
GSE CMOs22,758 21,678 27,892 28,139 
GSE MBSs173,203 159,989 196,930 199,772 
Corporate debt obligations14,121 13,986 22,178 22,683 
U.S. Treasury bonds376,391 350,762 253,878 252,268 
Foreign government obligations$500 $480 500 499
Total investment securities available-for-sale$775,686 $717,818 $721,101 $720,866 

The fair value of investment securities is based principally on market prices and dealer quotes received from third-party, nationally-recognized pricing services for identical investment securities such as U.S. Treasury and agency securities. The Company's marketable equity securities are priced this way and are included in Level 1 of the fair value hierarchy in accordance with ASC 820. These prices are validated by comparing the primary pricing source with an alternative pricing source when available. When quoted market prices for identical securities are unavailable, the Company uses market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads and estimated prepayment speeds where applicable. These investments include certain U.S. and government agency debt securities, municipal and corporate debt securities, GSE residential MBSs and CMOs, all of which are included in Level 2 and equity securities held-for-trading, which are included in Level 1 and Level 2. Certain fair values are estimated using pricing models and are included in Level 3.

Additionally, management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with their expectation of the market. Changes in the prices obtained from the pricing service are analyzed from month to month, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields and changes in generic pricing of 15-year and 30-year securities. Additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics and a review of historical pricing for the particular security.

Maturities, calls and principal repayments for investment securities available-for-sale totaled $67.4 million for the six months ended June 30, 2022 compared to $108.5 million for the same period in 2021. For the six months ended June 30, 2022 and 2021, the Company did not sell any investment securities available for sale. For the six months ended June 30, 2022, the Company purchased $123.1 million of investment securities available-for-sale, compared to $71.8 million for the same period in 2021.
As of June 30, 2022, the fair value of all investment securities available-for-sale was $717.8 million with $57.9 million of net unrealized losses, compared to a fair value of $720.9 million and net unrealized losses of $0.2 million as of December 31, 2021. As of June 30, 2022, $683.3 million, or 95.2%, of the portfolio, had gross unrealized losses of $58.2 million. This compares to $353.8 million, or 49.1%, of the portfolio with gross unrealized losses of $7.9 million as of December 31, 2021. The Company's unrealized loss position has increased in 2022 primarily driven by higher long-term interest rates.
61
Table of Contents
Restricted Equity Securities
FHLBB Stock—The Company invests in the stock of the FHLBB as one of the requirements to borrow from the FHLBB. The Company maintains an excess balance of capital stock, which allows for additional borrowing capacity at each of the Banks. As of June 30, 2022 and December 31, 2021, the excess balance of capital stock was $0.1 million.
As of June 30, 2022, the Company owned stock in the FHLBB with a carrying value of $16.9 million, an increase of $6.4 million from $10.5 million as of December 31, 2021. As of June 30, 2022, the FHLBB had total assets of $62.1 billion and total capital of $2.9 billion, of which $1.6 billion was retained earnings. The FHLBB stated that it remained in compliance with all regulatory capital ratios as of June 30, 2022 and was classified as "adequately capitalized" by its regulator, based on the FHLBB's financial information as of March 31, 2022.
Federal Reserve Bank Stock—The Company invests in the stock of the Federal Reserve Bank of Boston, as a condition to the Banks' membership in the Federal Reserve System. As of June 30, 2022 and December 31, 2021, the Company owned stock in the Federal Reserve Bank of Boston with a carrying value of $18.2 million.
Other Stock—The Company invests in a small number of other restricted equity securities which includes Infinex Financial Group and American Financial Exchange. As of June 30, 2022, the Company owned stock in other restricted equity securities with a carrying value of $0.3 million, unchanged from December 31, 2021.
Deposits

The following table presents the Company's deposit mix at the dates indicated.
 At June 30, 2022At December 31, 2021
 AmountPercent
of Total		Weighted
Average
Rate		AmountPercent
of Total		Weighted
Average
Rate
 (Dollars in Thousands)
Non-interest-bearing deposits:
Demand checking accounts$1,845,365 26.8 %— %$1,888,462 26.8 %— %
Interest-bearing deposits:   
NOW accounts628,791 9.1 %0.13 %604,097 8.6 %0.08 %
Savings accounts894,926 13.0 %0.10 %915,804 13.0 %0.09 %
Money market accounts2,402,992 34.8 %0.39 %2,358,306 33.4 %0.26 %
Certificate of deposit accounts1,006,786 14.6 %0.69 %1,117,695 15.9 %0.71 %
Brokered deposit accounts115,597 1.7 %0.15 %165,542 2.3 %0.04 %
Total interest-bearing deposits5,049,092 73.2 %0.36 %5,161,444 73.2 %0.30 %
Total deposits$6,894,457 100.0 %0.26 %$7,049,906 100.0 %0.22 %

Total deposits decreased $155.4 million to $6.9 billion as of June 30, 2022, compared to $7.0 billion as of December 31, 2021. Deposits as a percentage of total assets decreased to 81.0% as of June 30, 2022, compared to 82.0% as of December 31, 2021.

During the six months ended June 30, 2022, core deposits increased $5.4 million. The ratio of core deposits to total deposits increased from 81.8% as of December 31, 2021 to 83.7% as of June 30, 2022, primarily due to an increase in demand checking, NOW and money market accounts.

Certificate of deposit accounts decreased $0.1 billion to $1.0 billion as of June 30, 2022, compared to $1.1 billion as of December 31, 2021. Certificate of deposit accounts decreased as a percentage of total deposits to 14.6% as of June 30, 2022 from 15.9% as of December 31, 2021.

Brokered deposits decreased $49.9 million to $115.6 million as of June 30, 2022, compared to $165.5 million as of December 31, 2021. Brokered deposits decreased as a percentage of total deposits to 1.7% as of June 30, 2022 from 2.3% as of December 31, 2021. The decrease in brokered deposits was driven by the balance of brokered NOW accounts. Brokered deposits allow the Company to seek additional funding by attracting deposits from outside the Company's core market. The Company's investment policy limits the total amount of brokered deposits the Company may hold to 15% of total assets.

62
Table of Contents
The following table sets forth the distribution of the average balances of the Company's deposit accounts for the periods indicated and the weighted average interest rates on each category of deposits presented. Averages for the periods presented are based on daily balances.
Three Months Ended June 30,
20222021
Average
Balance		Percent
of Total
Average
Deposits		Weighted
Average
Rate		Average
Balance		Percent
of Total
Average
Deposits		Weighted
Average
Rate
(Dollars in Thousands)
Core deposits:
Non-interest-bearing demand checking accounts$1,886,284 27.0 %— %$1,785,023 25.6 %— %
NOW accounts612,439 8.8 %0.14 %499,883 7.2 %0.12 %
Savings accounts930,957 13.3 %0.09 %774,406 11.1 %0.13 %
Money market accounts2,429,043 34.7 %0.34 %2,247,997 32.4 %0.27 %
Total core deposits5,858,723 83.8 %0.13 %5,307,309 76.3 %0.14 %
Certificate of deposit accounts1,018,471 14.6 %0.67 %1,226,668 17.7 %1.01 %
Brokered deposit accounts115,535 1.7 %0.30 %418,166 6.0 %0.37 %
Total deposits$6,992,729 100.0 %0.24 %$6,952,143 100.0 %0.31 %
Six Months Ended June 30,
20222021
Average
Balance		Percent
of Total
Average
Deposits		Weighted
Average
Rate		Average
Balance		Percent
of Total
Average
Deposits		Weighted
Average
Rate
(Dollars in Thousands)
Core deposits:
 Non-interest-bearing demand checking accounts$1,883,179 26.8 %— %$1,714,589 24.8 %— %
NOW accounts601,227 8.6 %0.11 %488,949 7.1 %0.11 %
Savings accounts932,059 13.3 %0.09 %743,738 10.8 %0.13 %
 Money market accounts2,422,845 34.6 %0.30 %2,166,702 31.4 %0.28 %
Total core deposits5,839,310 83.2 %0.15 %5,113,978 74.1 %0.15 %
Certificate of deposit accounts1,054,897 15.0 %0.68 %1,277,110 18.5 %1.15 %
Brokered deposit accounts124,096 1.8 %0.23 %513,963 7.4 %0.43 %
Total deposits$7,018,303 100.0 %0.23 %$6,905,051 100.0 %0.35 %

As of June 30, 2022 and December 31, 2021, the Company had outstanding certificates of deposit of $250,000 or more, maturing as follows:
At June 30, 2022At December 31, 2021
AmountWeighted
Average Rate		AmountWeighted
Average Rate
(Dollars in Thousands)
Maturity period:
Six months or less$199,232 0.58 %$182,082 0.58 %
Over six months through 12 months66,699 0.78 %125,888 0.66 %
Over 12 months41,429 1.88 %51,377 1.86 %
Total certificate of deposit of $250,000 or more$307,360 0.80 %$359,347 0.79 %
63
Table of Contents

Borrowed Funds
The following table sets forth certain information regarding advances from the FHLBB, subordinated debentures and notes and other borrowed funds for the periods indicated:
Three Months Ended 
 June 30,		Six Months Ended 
 June 30,
2022202120222021
(Dollars in Thousands)
Borrowed funds:
Average balance outstanding$373,362 $408,189 $345,771 $535,732 
Maximum amount outstanding at any month-end during the period478,200 448,025 478,200 686,346 
Balance outstanding at end of period478,200 363,015 478,200 363,015 
Weighted average interest rate for the period1.99 %1.88 %1.94 %1.70 %
Weighted average interest rate at end of period2.22 %3.15 %2.22 %3.15 %
Advances from the FHLBB
On a long-term basis, the Company intends to continue to increase its core deposits. The Company also uses FHLBB borrowings and other wholesale borrowing as part of the Company's overall strategy to fund loan growth and manage interest-rate risk and liquidity. The advances are secured by a blanket security agreement which requires the Banks to maintain certain qualifying assets as collateral, principally mortgage loans and securities in an aggregate amount at least equal to outstanding advances. The maximum amount that the FHLBB will advance to member institutions, including the Company, fluctuates from time to time in accordance with the policies of the FHLBB.
FHLBB borrowings increased $160.1 million to $308.0 million as of June 30, 2022 from the December 31, 2021 balance of $147.9 million.
Subordinated Debentures and Notes
As part of the acquisition of BankRI, the Company acquired two $5.0 million subordinated debentures due on June 26, 2033 and March 17, 2034, respectively. The Company is obligated to pay 3-month LIBOR plus 3.10% and 3-month LIBOR plus 2.79%, respectively, on a quarterly basis until the debentures mature.
The Company sold $75.0 million of 6.0% fixed-to-floating rate subordinated notes due September 15, 2029. The Company is obligated to pay 6.0% interest semiannually between September 2014 and September 2024. Subsequently, the Company is obligated to pay 3-month LIBOR plus 3.315% quarterly until the notes mature in September 2029.
The following table summarizes the Company's subordinated debentures and notes at the dates indicated.
Carrying Amount
Issue DateRateMaturity DateNext Call DateJune 30,
2022		December 31, 2021
 (Dollars in Thousands)
June 26, 2003Variable;
3-month LIBOR + 3.10%		June 26, 2033September 25, 2022$4,877 $4,868 
March 17, 2004Variable;
3-month LIBOR + 2.79%		March 17, 2034September 18, 20224,816 4,802 
September 15, 20146.0% Fixed-to-Variable;
3-month LIBOR + 3.315%		September 15, 2029September 15, 202474,277 74,227 
Total$83,970 $83,897 
64
Table of Contents
The above carrying amounts of the subordinated debentures included $0.3 million of accretion adjustments and $0.7 million of capitalized debt issuance costs as of June 30, 2022. This compares to $0.3 million of accretion adjustments and $0.8 million of capitalized debt issuance costs as of December 31, 2021.
Other Borrowed Funds
In addition to advances from the FHLBB and subordinated debentures and notes, the Company utilizes other funding sources as part of the overall liquidity strategy. Those funding sources include repurchase agreements, and committed and uncommitted lines of credit with several financial institutions.
The Company periodically enters into repurchase agreements with its larger deposit and commercial customers as part of its cash management services which are typically overnight borrowings. Repurchase agreements with customers decreased $39.2 million to $56.3 million as of June 30, 2022 from $95.5 million as of December 31, 2021.
The Company has access to a $12.0 million committed line of credit as of June 30, 2022. As of June 30, 2022 and December 31, 2021, the Company did not have any borrowings on this committed line of credit.
The Banks also have access to funding through several uncommitted lines of credit of $700.0 million. As of June 30, 2022, the Company had $30.0 million borrowings on outstanding uncommitted lines of credit as compared to $30.0 million as of December 31, 2021.
65
Table of Contents
Derivative Financial Instruments
The Company has entered into loan level derivatives, risk participation agreements, and foreign exchange contracts with certain of its commercial customers and concurrently enters into offsetting swaps with third-party financial institutions. The Company may also, from time to time, enter into risk participation agreements. The Company uses interest rate futures that are designated and qualify as cash flow hedging instruments.
The following table summarizes certain information concerning the Company's loan level derivatives, risk participation agreements, and foreign exchange contracts at June 30, 2022 and December 31, 2021:
At June 30, 2022At December 31, 2021
(Dollars in Thousands)
Loan level derivatives (Notional principal amounts):
Receive fixed, pay variable$1,479,571 $1,324,608 
Pay fixed, receive variable1,479,571 1,324,608 
Risk participation-out agreements372,377 288,374 
Risk participation-in agreements76,126 77,016 
Foreign exchange contracts (Notional amounts):
Buys foreign currency, sells U.S. currency$2,030 $2,004 
Sells foreign currency, buys U.S. currency2,038 2,006 
Fixed weighted average interest rate from the Company to counterparty2.64 %2.85 %
Floating weighted average interest rate from counterparty to the Company2.16 %0.78 %
Weighted average remaining term to maturity (in months)72 82 
Fair value: 
Recognized as an asset:
Interest rate derivatives$128 $43 
Loan level derivatives64,945 73,462 
Risk participation-out agreements534 1,236 
Foreign exchange contracts76 9 
Recognized as a liability:
Derivatives not designated as hedging instruments:
Interest rate derivatives$— $1 
Loan level derivatives64,945 73,462 
Risk participation-in agreements72 207 
Foreign exchange contracts68 7 
Stockholders' Equity and Dividends
The Company's total stockholders' equity was $968.5 million as of June 30, 2022, representing a $26.8 million decrease compared to $995.3 million at December 31, 2021. The decrease for the six months ended June 30, 2022, primarily reflects the unrealized loss on securities available-for-sale of $44.9 million, dividends paid by the Company of $19.7 million, and the common stock repurchase of $13.8 million, partially offset by net income attributable to the Company of $49.9 million.
Stockholders' equity represented 11.38% of total assets as of June 30, 2022 and 11.57% of total assets as of December 31, 2021. Tangible stockholders' equity (total stockholders' equity less goodwill and identified intangible assets, net) represented 9.65% of tangible assets (total assets less goodwill and identified intangible assets, net) as of June 30, 2022 and 9.87% as of December 31, 2021.
On January 27, 2021, the Company's Board of Directors (the "Board") approved a stock repurchase program authorizing management to repurchase up to $10.0 million of the Company's common stock commencing on February 1, 2021 and ending on December 31, 2021. As of September 30, 2021, 690,253 shares of the Company's common stock were repurchased by the Company at a weighted average price of $14.46.
66
Table of Contents
On November 10, 2021, the Board approved a stock repurchase program authorizing management to repurchase up to $20.0 million of the Company's common stock, commencing on November 15, 2021 and ending on December 31, 2022. As of June 24, 2022, 956,341 shares of the Company's common stock were repurchased by the Company at a weighted average price of $14.41. On June 24, 2022, the Company suspended the program.
The dividend payout ratio was 39.81% for the three months ended June 30, 2022, compared to 29.69% for the same period in 2021.
Results of Operations
The primary drivers of the Company's net income are net interest income, which is strongly affected by the net yield on and growth of interest-earning assets and liabilities, the quality of the Company's assets, its levels of non-interest income and non-interest expense, and its tax provision.
The Company's net interest income represents the difference between interest income earned on its investments, loans and leases, and its cost of funds. Interest income is dependent on the amount of interest-earning assets outstanding during the period and the yield earned thereon. Cost of funds is a function of the average amount of deposits and borrowed money outstanding during the year and the interest rates paid thereon. The net interest margin is calculated by dividing net interest income by average interest-earning assets. Net interest spread is the difference between the average rate earned on interest-earning assets and the average rate paid on interest-bearing liabilities. The increases or decreases, as applicable, in the components of interest income and interest expense, expressed in terms of fluctuation in average volume and rate, are summarized under "Rate/Volume Analysis" below. Information as to the components of interest income, interest expense and average rates is provided under "Average Balances, Net Interest Income, Interest-Rate Spread and Net Interest Margin" below.
Because the Company's assets and liabilities are not identical in duration and in repricing dates, the differential between the two is vulnerable to changes in market interest rates as well as the overall shape of the yield curve. These vulnerabilities are inherent to the business of banking and are commonly referred to as "interest-rate risk." How interest-rate risk is measured and, once measured, how much interest-rate risk is taken on, are based on numerous assumptions and other subjective judgments. See the discussion in “Item 3. Quantitative and Qualitative Disclosures about Market Risk” below.
The quality of the Company's assets also influences its earnings. Loans and leases that are not paid on a timely basis and exhibit other weaknesses can result in the loss of principal and/or interest income. Additionally, the Company must make timely provisions to the allowance for loan and lease losses based on estimates of probable losses inherent in the loan and lease portfolio. These additions, which are charged against earnings, are necessarily greater when greater probable losses are expected. Further, the Company incurs expenses as a result of resolving troubled assets. These variables reflect the "credit risk" that the Company takes on in the ordinary course of business and are further discussed under "Financial Condition—Asset Quality" above.
Net Interest Income
Net interest income increased $0.8 million to $71.9 million for the three months ended June 30, 2022 from $71.1 million for the three months ended June 30, 2021. This increase reflects a $1.2 million decrease in interest expense on deposits and borrowings, which is reflective of the sustained, low interest rate environment, along with a $0.3 million increase in interest income on investment securities and short term investments, offset by a $0.7 million decrease in interest income on loans and leases. Refer to “Results of Operations - Comparison of the Three-Month Period Ended June 30, 2022 and June 30, 2021 — Interest Income” and “Results of Operations - Comparison of the Three-Month Period Ended June 30, 2022 and June 30, 2021 — Interest Expense -Deposit and Borrowed Funds” below for more details.
Net interest income increased $1.5 million to $141.7 million for the six months ended June 30, 2022 from $140.2 million for the six months ended June 30, 2021. This overall increase reflects a $5.2 million decrease in interest expense on deposit and borrowings, which is reflective of the various portfolios repricing and replacing balances into the current interest rate environment, and a $0.3 million increase in interest income on investment securities and short term investments, offset by a $4.0 million decrease in interest income on loans and leases. Refer to “Results of Operations - Comparison of the Six-Month Period Ended June 30, 2022 and June 30, 2021 — Interest Income” and “Results of Operations - Comparison of the Six-Month Period Ended June 30, 2022 and June 30, 2021 — Interest Expense Deposit and Borrowed Funds” below for more details.
Net interest margin increased by 4 basis points to 3.56% for the three months ended June 30, 2022 from 3.52% for the three months ended June 30, 2021. Excluding PPP loans, net interest margin increased by 18 basis points to 3.55% for the three months ended June 30, 2022 from 3.37% for three months ended June 30, 2021. The Company's weighted average interest rate on loans (prior to purchase accounting adjustments) decreased to 4.11% for the three months ended June 30, 2022 from 4.21% for the three months ended June 30, 2021.
67
Table of Contents
Net interest margin increased by 8 basis points to 3.53% for the six months ended June 30, 2022 from 3.45% for the six months ended June 30, 2021. Excluding PPP loans, net interest margin increased by 17 basis points to 3.49% for the six months ended June 30, 2022 from 3.32% for six months ended June 30, 2021. The Company's weighted average interest rate on loans (prior to purchase accounting adjustments) decreased to 4.05% for the six months ended June 30, 2022 from 4.17% for the six months ended June 30, 2021.
The yield on interest-earning assets decreased to 3.86% for the three months ended June 30, 2022 from 3.87% for the three months ended June 30, 2021. This decrease is the result of lower yields on loans and leases partially offset by higher yields on investments. During the three months ended June 30, 2022, the Company recorded $1.0 million in prepayment penalties and late charges, which contributed 5 basis points to yields on interest-earning assets, compared to $1.5 million, or 7 basis points, for the three months ended June 30, 2021.
The yield on interest-earning assets decreased to 3.78% for the six months ended June 30, 2022 from 3.83% for the six months ended June 30, 2021. This decrease is the result of lower yields on loans and leases partially offset by higher yields on investments. During the six months ended June 30, 2022, the Company recorded $2.5 million in prepayment penalties and late charges, which contributed 6 basis points to yields on interest-earning assets, compared to $2.7 million in prepayment penalties and late charges, which contributed 7 basis points to yields on interest-earning assets in the six months ended June 30, 2021.
The overall cost of funds (including non-interest-bearing demand checking accounts) decreased 7 basis points to 0.33% for the three months ended June 30, 2022 from 0.40% for the three months ended June 30, 2021. The overall cost of funds (including non-interest-bearing demand checking accounts) decreased 14 basis points to 0.31% for the six months ended June 30, 2022 from 0.45% for the six months ended June 30, 2021. Refer to "Financial Condition - Borrowed Funds" above for more details.
Management seeks to position the balance sheet to be neutral to asset sensitive changes in interest rates. From 2017 through 2019, short term interest rates rose while at the same time net interest income, net interest spread, and net interest margin also increased. During 2020, interest rates declined sharply in response to the economic impact of the COVID-19 pandemic, and remained low throughout the second quarter of 2022. In general, the Company's balance sheet position should respond positively in a rising interest rate environment and when the rate curves are steepening, which should result in a positive impact to net interest income, net interest spread, and the net interest margin. A declining interest rate or flattening yield curve environment is expected to have a negative impact on the Company's yields and net interest margin. Due to, among other factors, ongoing pricing pressures in the loan and deposit portfolios, net interest income may also be negatively affected by changes in the amount of accretion on acquired loans and leases, deposits and borrowed funds, which is included in interest income and interest expense, respectively.
Average Balances, Net Interest Income, Interest-Rate Spread and Net Interest Margin
The following table sets forth information about the Company's average balances, interest income and interest rates earned on average interest-earning assets, interest expense and interest rates paid on average interest-bearing liabilities, interest-rate spread and net interest margin for the three and six months ended June 30, 2022 and June 30, 2021. Average balances are derived from daily average balances and yields include fees, costs and purchase-accounting-related premiums and discounts which are considered adjustments to coupon yields in accordance with GAAP. Certain amounts previously reported have been reclassified to conform to the current presentation.
68
Table of Contents
Three Months Ended
June 30, 2022June 30, 2021
Average
Balance		Interest (1)Average
Yield/
Cost		Average
Balance		Interest (1)Average
Yield/
Cost
(Dollars in Thousands)
Assets:
Interest-earning assets:
Debt securities$726,374 $3,249 1.79 %$721,029 $3,121 1.73 %
Marketable and restricted equity securities30,461 337 4.42 %34,989 233 2.67 %
Short-term investments99,905 156 0.62 %234,317 42 0.07 %
Total investments856,740 3,742 1.75 %990,335 3,396 1.37 %
Commercial real estate loans (2)
4,220,257 38,967 3.65 %3,780,920 34,320 3.59 %
Commercial loans (2)
695,365 7,074 4.03 %1,115,910 13,040 4.62 %
Equipment financing (2)
1,129,606 17,897 6.34 %1,074,469 17,963 6.69 %
Residential mortgage loans (2)
818,826 7,123 3.48 %788,296 6,927 3.51 %
Other consumer loans (2)
376,225 3,274 3.48 %368,845 2,833 3.08 %
Total loans and leases7,240,279 74,335 4.11 %7,128,440 75,083 4.21 %
Total interest-earning assets8,097,019 78,077 3.86 %8,118,775 78,479 3.87 %
Allowance for loan and lease losses(94,780)(111,705)
Non-interest-earning assets513,091 533,158 
Total assets$8,515,330 $8,540,228 
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW accounts$612,439 216 0.14 %$499,883 146 0.12 %
Savings accounts930,957 211 0.09 %774,406 248 0.13 %
Money market accounts2,429,043 2,073 0.34 %2,247,997 1,497 0.27 %
Certificate of deposit accounts1,018,471 1,694 0.67 %1,226,668 3,102 1.01 %
Brokered deposit accounts115,535 88 0.30 %418,166 387 0.37 %
Total interest-bearing deposits (3)
5,106,445 4,282 0.34 %5,167,120 5,380 0.42 %
Advances from the FHLBB183,047 489 1.06 %250,102 663 1.05 %
Subordinated debentures and notes83,952 1,262 6.02 %83,802 1,242 5.93 %
Other borrowed funds106,363 129 0.48 %74,285 31 0.17 %
Total borrowed funds373,362 1,880 1.99 %408,189 1,936 1.88 %
Total interest-bearing liabilities5,479,807 6,162 0.45 %5,575,309 7,316 0.53 %
Non-interest-bearing liabilities:      
Non-interest-bearing demand checking accounts (3)
1,886,284   1,785,023   
Other non-interest-bearing liabilities173,072   222,689   
Total liabilities7,539,163   7,583,021   
 Total stockholders' equity976,167   957,207   
Total liabilities and stockholders' equity$8,515,330   $8,540,228   
Net interest income (tax-equivalent basis) / Interest-rate spread (4)
 71,915 3.41 % 71,163 3.34 %
Less adjustment of tax-exempt income 48   57  
Net interest income $71,867   $71,106  
Net interest margin (5)
  3.56 %  3.52 %
_________________________________________________________________________
(1) Tax-exempt income on debt securities, equity securities and industrial revenue bonds are included in commercial real estate loans on a tax-equivalent basis.
(2) Loans on nonaccrual status are included in the average balances.
(3) Including non-interest-bearing checking accounts, the average interest rate on total deposits was 0.25% and 0.31% in the three months ended June 30, 2022 and June 30, 2021, respectively.
(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.
69
Table of Contents
Six Months Ended
June 30, 2022June 30, 2021
Average
Balance		Interest (1)Average
Yield/
Cost		Average
Balance		Interest (1)Average
Yield/
Cost
(Dollars in Thousands)
Assets:
Interest-earning assets:
Debt securities$723,336 $6,245 1.73 %$737,771 $6,239 1.69 %
Marketable and restricted equity securities29,192 665 4.55 %40,302 534 2.65 %
Short-term investments145,934 222 0.30 %213,152 81 0.08 %
Total investments898,462 7,132 1.59 %991,225 6,854 1.38 %
Commercial real estate loans (2)
4,186,523 74,994 3.56 %3,783,394 68,565 3.60 %
Commercial loans (2)
725,422 15,072 4.13 %1,182,498 25,786 4.34 %
Equipment financing (2)
1,117,467 35,909 6.43 %1,076,741 36,006 6.69 %
Residential mortgage loans (2)
811,921 14,115 3.48 %784,562 14,159 3.61 %
Other consumer loans (2)
371,407 6,024 3.27 %372,198 5,628 3.05 %
Total loans and leases7,212,740 146,114 4.05 %7,199,393 150,144 4.17 %
Total interest-earning assets8,111,202 153,246 3.78 %8,190,618 156,998 3.83 %
Allowance for loan and lease losses(96,858)(113,571)
Non-interest-earning assets508,802 549,692 
Total assets$8,523,146 $8,626,739 
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW accounts$601,227 319 0.11 %$488,949 276 0.11 %
Savings accounts932,059 409 0.09 %743,738 483 0.13 %
Money market accounts2,422,845 3,643 0.30 %2,166,702 2,983 0.28 %
Certificate of deposit accounts1,054,897 3,542 0.68 %1,277,110 7,256 1.15 %
Brokered deposit accounts124,096 140 0.23 %513,963 1,089 0.43 %
Total interest-bearing deposits (3)
5,135,124 8,053 0.32 %5,190,462 12,087 0.47 %
Advances from the FHLBB143,681 676 0.94 %368,661 2,033 1.10 %
Subordinated debentures and notes83,934 2,506 5.97 %83,783 2,484 5.93 %
Other borrowed funds118,156 190 0.32 %83,288 70 0.17 %
Total borrowed funds345,771 3,372 1.94 %535,732 4,587 1.70 %
Total interest-bearing liabilities5,480,895 11,425 0.42 %5,726,194 16,674 0.59 %
Non-interest-bearing liabilities:      
Non-interest-bearing demand checking accounts (3)
1,883,179   1,714,589   
Other non-interest-bearing liabilities172,400   234,082   
Total liabilities7,536,474   7,674,865   
Total stockholders' equity986,672   951,874   
Total liabilities and stockholders' equity$8,523,146   $8,626,739   
Net interest income (tax-equivalent basis) / Interest-rate spread (4)
 141,821 3.36 % 140,324 3.24 %
Less adjustment of tax-exempt income 106   109  
Net interest income $141,715   $140,215  
Net interest margin (5)
  3.53 %  3.45 %
_________________________________________________________________________
(1) Tax-exempt income on debt securities, equity securities and industrial revenue bonds are included in commercial real estate loans on a tax-equivalent basis.
(2) Loans on nonaccrual status are included in the average balances.
(3) Including non-interest-bearing checking accounts, the average interest rate on total deposits was 0.23% and 0.35% in the six months ended June 30, 2022 and June 30, 2021, respectively.
(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.
70
Table of Contents
Rate/Volume Analysis
The following table presents, on a tax-equivalent basis, the extent to which changes in interest rates and changes in volume of interest-earning assets and interest-bearing liabilities have affected the Company's interest income and interest expense during the periods indicated. Information is provided in each category with respect to: (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) the net change. The changes attributable to the combined impact of volume and rate have been allocated proportionately to the changes due to volume and the changes due to rate.
Three Months Ended June 30, 2022 as Compared to the Three Months Ended June 30, 2021Six Months Ended June 30, 2022 as Compared to the Six Months Ended June 30, 2021
Increase
(Decrease) Due To		Increase
(Decrease) Due To
VolumeRateNet ChangeVolumeRateNet Change
(In Thousands)
Interest and dividend income:
Investments:
Debt securities$23 $105 $128 $(130)$136 $6 
Marketable and restricted equity securities(33)137 104 (175)306 131 
Short-term investments(36)150 114 (33)174 141 
Total investments(46)392 346 (338)616 278 
Loans and leases:
Commercial real estate loans4,063 584 4,647 7,181 (752)6,429 
Commercial loans and leases(4,456)(1,510)(5,966)(9,522)(1,192)(10,714)
Equipment financing896 (962)(66)1,322 (1,419)(97)
Residential mortgage loans257 (61)196 476 (520)(44)
Other consumer loans59 382 441 (12)408 396 
Total loans819 (1,567)(748)(555)(3,475)(4,030)
Total change in interest and dividend income773 (1,175)(402)(893)(2,859)(3,752)
Interest expense:
Deposits:
NOW accounts40 30 70 43 — 43 
Savings accounts47 (84)(37)100 (174)(74)
Money market accounts137 439 576 411 249 660 
Certificate of deposit accounts(472)(936)(1,408)(1,109)(2,605)(3,714)
Brokered deposit accounts(237)(62)(299)(588)(361)(949)
Total deposits(485)(613)(1,098)(1,143)(2,891)(4,034)
Borrowed funds:
Advances from the FHLBB(180)6 (174)(1,096)(261)(1,357)
Subordinated debentures and notes2 18 20 5 17 22 
Other borrowed funds19 79 98 39 81 120 
Total borrowed funds(159)103 (56)(1,052)(163)(1,215)
Total change in interest expense(644)(510)(1,154)(2,195)(3,054)(5,249)
Change in tax-exempt income(9)— (9)(3)— (3)
Change in net interest income$1,426 $(665)$761 $1,305 $195 $1,500 

71
Table of Contents
Interest Income

Loans and Leases
Three Months Ended June 30,Dollar
Change		Percent
Change		Six Months Ended June 30,Dollar
Change		Percent
Change
2022202120222021
(Dollars in Thousands)
Interest income—loans and leases:
Commercial real estate loans$38,967 $34,320 $4,647 13.5 %$74,994 $68,565 $6,429 9.4 %
Commercial loans7,026 12,984 (5,958)(45.9)%14,966 25,677 (10,711)(41.7)%
Equipment financing17,897 17,963 (66)(0.4)%35,909 36,006 (97)(0.3)%
Residential mortgage loans7,123 6,927 196 2.8 %14,115 14,159 (44)(0.3)%
Other consumer loans3,274 2,832 442 15.6 %6,024 5,628 396 7.0 %
Total interest income—loans and leases$74,287 $75,026 $(739)(1.0)%$146,008 $150,035 $(4,027)(2.7)%
Total interest from loans and leases was $74.3 million for the three months ended June 30, 2022, and represented a yield on total loans of 4.11%. This compares to $75.0 million of interest on loans and a yield of 4.21% for the three months ended June 30, 2021. The $0.7 million decrease in interest income from loans and leases was primarily due to a decrease of $1.6 million in changes to interest rates, and an increase of $0.8 million in origination volume.
Interest income from loans and leases was $146.0 million for the six months ended June 30, 2022, and represented a yield on total loans of 4.05%. This compares to $150.0 million of interest on loans and a yield of 4.17% for the six months ended June 30, 2021. The $4.0 million decrease in interest income from loans and leases was primarily due to a decrease of $0.6 million in origination volume and a decrease of $3.5 million due to changes in interest rates.

Investments
Three Months Ended June 30,Dollar
Change		Percent
Change		Six Months Ended June 30,Dollar
Change		Percent
Change
2022202120222021
(Dollars in Thousands)
Interest income—investments:
Debt securities$3,249 $3,121 $128 4.1 %$6,245 $6,239 $6 0.1 %
Marketable and restricted equity securities337 233 104 44.6 %665 534 131 24.5 %
Short-term investments156 42 114 271.4 %222 81 141 174.1 %
Total interest income—investments$3,742 $3,396 $346 10.2 %$7,132 $6,854 $278 4.1 %
Total interest income from investments was $3.7 million for the three months ended June 30, 2022, compared to $3.4 million for the three months ended June 30, 2021. For the three months ended June 30, 2022 and 2021, the yield on total investments was 1.8% and 1.4%. respectively. The year-over-year increase in interest income on investments of $0.3 million, or 10.2%, was primarily driven by a $0.1 million decrease due to volume and a $0.4 million increase due to rates.
Total investment income was $7.1 million and $6.9 million for the six months ended June 30, 2022 and June 30, 2021, respectively. For the six months ended June 30, 2022 and 2021, the yield on total investments was 1.6% and 1.4%, respectively. The year-over-year increase in interest income on investments of $0.3 million, or 4.1%, was primarily driven by a $0.6 million increase due to rates and a $0.3 million decrease due to volume.

72
Table of Contents
Interest Expense—Deposits and Borrowed Funds
Three Months Ended June 30,Dollar
Change		Percent
Change		Six Months Ended June 30,Dollar
Change		Percent
Change
2022202120222021
(Dollars in Thousands)
Interest expense:
Deposits:
NOW accounts$216 $146 $70 47.9 %$319 $276 $43 15.6 %
Savings accounts211 248 (37)(14.9)%409 483 (74)(15.3)%
Money market accounts2,073 1,497 576 38.5 %3,643 2,983 660 22.1 %
Certificate of deposit accounts1,694 3,102 (1,408)(45.4)%3,542 7,256 (3,714)(51.2)%
Brokered deposit accounts88 387 (299)(77.3)%140 1,089 (949)(87.1)%
Total interest expense - deposits4,282 5,380 (1,098)(20.4)%8,053 12,087 (4,034)(33.4)%
Borrowed funds:
Advances from the FHLBB489 663 (174)(26.2)%676 2,033 (1,357)(66.7)%
Subordinated debentures and notes1,262 1,242 20 1.6 %2,506 2,484 22 0.9 %
Other borrowed funds129 31 98 316.1 %190 70 120 171.4 %
Total interest expense - borrowed funds1,880 1,936 (56)(2.9)%3,372 4,587 (1,215)(26.5)%
Total interest expense$6,162 $7,316 $(1,154)(15.8)%$11,425 $16,674 $(5,249)(31.5)%
Deposits
For the three months ended June 30, 2022, interest expense on deposits decreased $1.1 million, or 20.4%, as compared to the same period in 2021. The decrease in interest expense on deposits was driven by a decrease of $0.6 million due to lower interest rates and a decrease of $0.5 million primarily driven by the decline in certificate of deposit and brokered deposit balances.
Interest expense on deposits decreased $4.0 million, or 33.4%, to $8.1 million for the six months ended June 30, 2022 from $12.1 million for the six months ended June 30, 2021. The decrease in interest expense on deposits was due to a $2.9 million decrease due to interest rates and a $1.1 million decrease primarily driven by the decline in certificate of deposit and brokered deposit balances.
Borrowed Funds
During the three months ended June 30, 2022, interest paid on borrowed funds decreased $0.1 million, or 2.9% year over year. The cost of borrowed funds increased to 1.99% for the three months ended June 30, 2022 from 1.88% for the three months ended June 30, 2021. The decrease in interest expense was driven by a decrease of $0.2 million due to volume partially offset by an increase of $0.1 million due to borrowing rates. For the three months ended June 30, 2022, the purchase accounting accretion on acquired borrowed funds was $12.0 thousand compared to $13.0 thousand for the three months ended June 30, 2021. Purchase accounting accretion had no impact on the Company's net interest margin.
During the six months ended June 30, 2022, interest paid on borrowed funds decreased $1.2 million, or 26.5% year over year. The cost of borrowed funds increased to 1.94% for the six months ended June 30, 2022 from 1.70% for the six months ended June 30, 2021. The decrease in interest expense was driven by a decrease of $1.1 million due to volume and a decrease of $0.2 million due to borrowing rates. For the six months ended June 30, 2022, purchase accounting accretion was $24 thousand on acquired borrowed funds compared to accretion of $25 thousand for the six months ended June 30, 2021. Purchase accounting accretion did not have an impact on the Company's net interest margin.

73
Table of Contents
Provision for Credit Losses
The provisions for credit losses are set forth below:
Three Months Ended June 30,Dollar
Change		Percent
Change		Six Months Ended June 30,Dollar
Change		Percent
Change
2022202120222021
(Dollars in Thousands)
Provision (credit) for loan and lease losses:
Commercial real estate$990 $(5,903)$6,893 (116.8)%$840 $(6,106)$6,946 113.8 %
Commercial(2,144)3,234 (5,378)(166.3)%(3,749)1,370 (5,119)(373.6)%
Consumer121 (99)220 (222.2)%203 (814)1,017 (124.9)%
Total provision (credit) for loan and
 lease losses		(1,033)(2,768)1,735 (62.7)%(2,706)(5,550)2,844 (51.2)%
Unfunded credit commitments1,206 (563)1,769 314.2 %2,715 72 2,643 3,670.8 %
Total provision (credit) for credit losses$173 $(3,331)$3,504 (105.2)%$9 $(5,478)$5,487 (100.2)%

For the three months ended June 30, 2022, the Allowance for Credit Losses ("ACL") decreased $3.5 million resulting in a provision for credit losses of $0.2 million. The reduction in the ACL for the three months ended June 30, 2022 is attributable to the continued low level of net charge-offs and an improving macro-economic forecast, offset by portfolio growth.

For the six months ended June 30, 2022, the Allowance for Credit Losses ("ACL") decreased $5.5 million resulting in a provision for credit losses of $9.0 thousand. The reduction in the ACL for the six months ended June 30, 2022 is attributable to the continued low level of net charge-offs and an improving macro-economic forecast, offset by portfolio growth.
See management’s discussion of “Financial Condition — Allowance for Loan and Lease Losses” and Note 5, “Allowance for Loan and Lease Losses,” to the unaudited consolidated financial statements for a description of how management determined the allowance for loan and lease losses for each portfolio and class of loans.
Non-Interest Income
The following table sets forth the components of non-interest income:
Three Months Ended June 30,Dollar
Change		Percent
Change		Six Months Ended June 30,Dollar
Change		Percent
Change
2022202120222021
(Dollars in Thousands)
Deposit fees$2,744 $3,015 $(271)(9.0)%$5,244 $5,296 $(52)(1.0)%
Loan fees666 607 59 9.7 %1,413 1,160 253 21.8 %
Loan level derivative income, net1,615 7 1,608 22,971.4 %2,301 481 1,820 378.4 %
Gain (loss) on investment securities, net— 1 (1)(100.0)%— (6)6 (100.0)%
Gain on sales of loans and leases held-for-sale291 538 (247)(45.9)%635 1,247 (612)(49.1)%
Other 1,612 1,742 (130)(7.5)%2,864 2,526 338 13.4 %
Total non-interest income$6,928 $5,910 $1,018 17.2 %$12,457 $10,704 $1,753 16.4 %
For the three months ended June 30, 2022, non-interest income increased $1.0 million, or 17.2%, to $6.9 million as compared to $5.9 million for the same period of 2021. The increase was primarily driven by an increase of $1.6 million in loan level derivative income, net, partially offset by decreases of $0.3 million in deposit fees, $0.2 million in gain on sales of loans and leases held-for-sale, and $0.1 million in other non-interest income.
For the six months ended June 30, 2022, non-interest income increased $1.8 million, or 16.4%, to $12.5 million as compared to $10.7 million for the same period in 2021. The increase was primarily driven by increases of $1.8 million in loan level derivative income, net, $0.3 million in other non-interest income, and $0.3 million in loan fees, partially offset by a decrease of $0.6 million in gain on sales of loans and leases held-for-sale.
74
Table of Contents
Deposit fees decreased $0.3 million, or 9.0%, to $2.7 million for the three months ended June 30, 2022 from $3.0 million for the same period in 2021, primarily driven by lower foreign exchange incoming wire income, partially offset by higher account service fees and insufficient funds fees ("NSF"). Deposit fees decreased $0.1 million, or 1.0% to $5.2 million for the six months ended June 30, 2022 from $5.3 million for the same period in 2021, primarily driven by lower foreign exchange incoming wire income, partially offset by higher account service fees, NSF, and debit card income.
Loan level derivative income increased $1.6 million, or 22,971.4%, to $1.6 million for the three months ended June 30, 2022 from $7.0 thousand for the same period in 2021, primarily driven by higher volume in loan level derivative transactions completed for the three months ended June 30, 2022, and increased $1.8 million, or 378.4%, to $2.3 million for the six months ended June 30, 2022 from $0.5 million for the same period in 2021, primarily driven by higher volume in loan level derivative transactions completed for the six months ended June 30, 2022.
Gain on sales of loans and leases held-for-sale decreased $0.2 million, or 45.9%, to $0.3 million for the three months ended June 30, 2022 from $0.5 million for the same period in 2021, primarily driven by lower gain on sale to participant, and decreased $0.6 million, or 49.1% to $0.6 million for the six months ended June 30, 2022 from $1.2 million for the same period in 2021, primarily driven by lower gain on sale to participant, partially offset by higher loan sale volume with servicing retained.
Other income decreased $0.1 million, or 7.5%, to $1.6 million for the three months ended June 30, 2022 from $1.7 million for the same period in 2021, primarily driven by higher loss on interest rate derivatives due to volatility in rates and lower commission on investment sales, partially offset by higher wealth management fees, 1031 exchange income, management fee-Longwood SC, rental income, gain/loss on sale of fixed assets, and commissions-insurance agency. Other income increased $0.3 million, or 13.4%, to $2.9 million for the six months ended June 30, 2022 from $2.5 million for the same period in 2021, primarily driven by higher advisory fees-investment sales, 1031 exchange income, wealth management fees, rental income, gain/loss on sale of fixed assets, and foreign exchange outgoing wire income, partially offset by higher loss on interest rate derivatives due to volatility in rates and lower commissions-investment sales.
Non-Interest Expense
The following table sets forth the components of non-interest expense:
Three Months Ended June 30,Dollar
Change		Percent
Change		Six Months Ended June 30,Dollar
Change		Percent
Change
2022202120222021
(Dollars in Thousands)
Compensation and employee benefits$28,772 $25,161 $3,611 14.4 %$55,656 $50,982 $4,674 9.2 %
Occupancy3,807 3,832 (25)(0.7)%8,091 7,836 255 3.3 %
Equipment and data processing4,931 4,697 234 5.0 %10,009 9,190 819 8.9 %
Professional services1,219 1,245 (26)(2.1)%2,445 2,471 (26)(1.1)%
FDIC insurance739 657 82 12.5 %1,467 1,701 (234)(13.8)%
Advertising and marketing1,319 1,110 209 18.8 %2,591 2,210 381 17.2 %
Amortization of identified intangible assets120 228 (108)(47.4)%254 460 (206)(44.8)%
Merger and acquisition expense535 — 535 100.0 %535 — 535 100.0 %
Other3,429 1,036 2,393 231.0 %6,310 3,927 2,383 60.7 %
Total non-interest expense$44,871 $37,966 $6,905 18.2 %$87,358 $78,777 $8,581 10.9 %
For the three months ended June 30, 2022, non-interest expense increased $6.9 million, or 18.2%, as compared to the same period in 2021. The increase was primarily driven by increases of $3.6 million in compensation and employee benefits expense, $2.4 million in other non-interest expense, and $0.5 million in merger and acquisition expense.
75
Table of Contents
For the six months ended June 30, 2022, non-interest expense increased $8.6 million, or 10.9%, to $87.4 million as compared to the same period in 2021. This increase is primarily driven by increases of $4.7 million in compensation and employee benefits expense, $2.4 million in other non-interest expense, $0.8 million in equipment and data processing expense, and $0.5 million in merger and acquisition expense.
Compensation and employee benefits expense increased $3.6 million, or 14.4%, to $28.8 million for the three months ended June 30, 2022 from $25.2 million for the same period in 2021, and increased $4.7 million, or 9.2%, to $55.7 million for the six months ended June 30, 2022 from $51.0 million for the same period in 2021, primarily driven by increases in employee headcount, salaries, incentive bonuses, share-based compensations, and commissions, partially offset by decreases in employee benefits-retirement plan and payroll benefits-unemployment insurance.
Equipment and data processing expense increased $0.2 million, or 5.0%, to $4.9 million for the three months ended June 30, 2022 from $4.7 million for the same period in 2021, and increased $0.8 million, or 8.9%, to $10.0 million for the six months ended June 30, 2022 from $9.2 million for the same period in 2021, primarily driven by higher software licenses and subscriptions expense, computer equipment depreciation expense, ATM maintenance expense, and loan processing expense, partially offset by lower commercial loan processing expense.
Merger and acquisition expense increased $0.5 million, or 100.0%, to $0.5 million, for both the three months ended June 30, 2022 and the six months ended June 30, 2022, for the same period in 2021, the Company did not incur any merger-related expenses. The increase in 2022 was primarily driven by merger-related expenses for PCSB.
Other non-interest expense increased $2.4 million, or 231.0%, to $3.4 million for the three months ended June 30, 2022 from $1.0 million for the same period in 2021, and increased $2.4 million, or 60.7%, to $6.3 million for the six months ended June 30, 2022 from $3.9 million for the same period in 2021, primarily driven by high gain on sale of OREO in 2021, and higher travel & accommodations and dues & memberships, partially offset by lower lease commissions paid to others, loan workout expense, and appraisal search.
Provision for Income Taxes
Three Months Ended June 30,Dollar
Change		Percent
Change		Six Months Ended June 30,Dollar
Change		Percent
Change
2022202120222021
(Dollars in Thousands)
Income before provision for income taxes$33,697 $42,381 $(8,684)(20.5)%$66,747 $77,620 $(10,873)(14.0)%
Provision (benefit) for income taxes8,502 10,779 (2,277)(21.1)%16,847 19,564 (2,717)(13.9)%
Net income $25,195 $31,602 $(6,407)(20.3)%$49,900 $58,056 $(8,156)(14.0)%
Effective tax rate25.2 %25.4 %N/A(0.8)%25.2 %25.2 %N/A— %
The Company recorded an income tax expense of $8.5 million for the three months ended June 30, 2022, compared to an income tax expense of $10.8 million for the three months ended June 30, 2021, representing effective tax rates of 25.2% and 25.4%, respectively.
The Company recorded an income tax expense of $16.8 million for the six months ended June 30, 2022, compared to an income tax expense of $19.6 million for the six months ended June 30, 2021, representing effective tax rates of 25.2% and 25.2%, respectively.
Liquidity and Capital Resources
Liquidity
Liquidity is defined as the ability to meet current and future financial obligations of a short-term nature. The Company further defines liquidity as the ability to respond to the needs of depositors and borrowers, as well as to earnings enhancement opportunities, in a changing marketplace. Liquidity management is monitored by an Asset/Liability Committee ("ALCO"), consisting of members of management, which is responsible for establishing and monitoring liquidity targets as well as strategies and tactics to meet these targets. The primary source of funds for the payment of dividends and expenses by the Company is dividends paid to it by the Banks and Brookline Securities Corp. The primary sources of liquidity for the Banks consist of deposit inflows, loan repayments, borrowed funds, and maturing investment securities.
76
Table of Contents
In the second quarter, the Company continued to operate with increased liquidity. In particular, the Company has shifted its balance sheet asset mix to include additional cash and available for sale securities. Management will continue to monitor the economic markets and evaluate changes to the Company’s liquidity position.
Management continued holding higher levels of on balance sheet liquidity in the form of cash and available for sale securities in the second quarter. Cash and equivalents at the end of the quarter were $90.3 million, or 1.1% of the balance sheet, compared to $327.7 million, or 3.8% of the balance sheet, as of December 31, 2021. In general, in a normal operating environment, the Company seeks to maintain liquidity levels of cash, cash equivalents and investment securities available-for-sale of between 5% and 15% of total assets. As of June 30, 2022, cash, cash equivalents and investment securities available-for-sale totaled $0.8 billion, or 9.5% of total assets. This compares to $1.0 billion, or 12.2% of total assets, as of December 31, 2021.
Deposits, which are considered the most stable source of liquidity, totaled $6.9 billion as of June 30, 2022 and represented 93.5% of total funding (the sum of total deposits and total borrowings), compared to deposits of $7.0 billion, or 95.2% of total funding, as of December 31, 2021. Core deposits, which consist of demand checking, NOW, savings and money market accounts, totaled $5.8 billion as of June 30, 2022 and represented 83.7% of total deposits, compared to core deposits of $5.8 billion, or 81.8% of total deposits, as of December 31, 2021. Additionally, the Company had $115.6 million of brokered deposits as of June 30, 2022, which represented 1.7% of total deposits, compared to $165.5 million or 2.3% of total deposits, as of December 31, 2021. The Company offers attractive interest rates based on market conditions to increase deposits balances, while managing cost of funds.
Borrowings are used to diversify the Company's funding mix and to support asset growth. When profitable lending and investment opportunities exist, access to borrowings provides a means to grow the balance sheet. Borrowings totaled $478.2 million as of June 30, 2022, representing 6.5% of total funding, compared to $357.3 million, or 4.8% of total funding, as of December 31, 2021. The growth in the balance sheet is directly tied to the current operating environment, management will continue to monitor economic conditions and make adjustments to the balance sheet mix as appropriate.
As members of the FHLBB, the Banks have access to both short- and long-term borrowings. As of June 30, 2022, the Company's total borrowing limit from the FHLBB for advances and repurchase agreements was $1.4 billion, compared to $1.7 billion as of December 31, 2021, based on the level of qualifying collateral available for these borrowings.
As of June 30, 2022, the Banks also have access to funding through certain uncommitted lines of credit of $700.0 million.
The Company had a $12.0 million committed line of credit for contingent liquidity as of June 30, 2022. As of June 30, 2022, the Company did not have any outstanding borrowings on this line.
The Company has access to the Federal Reserve Bank's "discount window" to supplement its liquidity. The Company has $113.6 million of borrowing capacity at the Federal Reserve Bank as of June 30, 2022. As of June 30, 2022, the Company did not have any outstanding borrowings with the Federal Reserve Bank.
Additionally, the Banks have access to liquidity through repurchase agreements and additional untapped brokered deposits.
While management believes that the Company has adequate liquidity to meet its commitments and to fund the Banks' lending and investment activities, the availabilities of these funding sources are subject to broad economic conditions and could be restricted in the future. Such restrictions would impact the Company's immediate liquidity and/or additional liquidity needs.

Off-Balance-Sheet Financial Instruments

The Company is party to off-balance-sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credit and interest-rate swaps. According to GAAP, these financial instruments are not recorded in the financial statements until they are funded or related fees are incurred or received.
 
The contract amounts reflect the extent of the involvement the Company has in particular classes of these instruments. Such commitments involve, to varying degrees, elements of credit risk and interest-rate risk in excess of the amount recognized in the consolidated balance sheet. The Company’s exposure to credit loss in the event of non-performance by the counterparty is represented by the contractual amount of the instruments. The Company uses the same policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.
77
Table of Contents
 
Financial instruments with off-balance-sheet risk at the dates indicated follow:
 At June 30, 2022At December 31, 2021
 (In Thousands)
Financial instruments whose contract amounts represent credit risk:  
Commitments to originate loans and leases:  
Commercial real estate$147,609 $110,798 
Commercial154,161 162,931 
Residential mortgage29,749 28,685 
Unadvanced portion of loans and leases1,008,628 987,482 
Unused lines of credit:  
Home equity640,097 611,212 
Other consumer74,371 64,589 
Other commercial432 414 
Unused letters of credit:  
Financial standby letters of credit13,604 16,143 
Performance standby letters of credit27,234 17,145 
Commercial and similar letters of credit5,894 5,219 
Loan level derivatives:
Receive fixed, pay variable1,479,571 1,324,609 
Pay fixed, receive variable1,479,571 1,324,609 
Risk participation-out agreements372,377 288,374 
Risk participation-in agreements76,126 77,016 
Foreign exchange contracts:
Buys foreign currency, sells U.S. currency2,030 2,004 
Sells foreign currency, buys U.S. currency2,038 2,006 

78
Table of Contents
Capital Resources
As of June 30, 2022, the Company and the Banks are each under the primary regulation of, and must comply with, the capital requirements of the FRB. Under these rules, the Company and the Banks are each required to maintain a minimum common equity Tier 1 capital ratio of 4.5%, a minimum Tier 1 capital leverage ratio of 6.0%, a minimum total risk based capital ratio of 8% and a minimum Tier 1 leverage ratio of 4%. Additionally, the Company and the Banks are required to establish a capital conservation buffer of common equity Tier 1 capital in an amount above the minimum risk-based capital requirements for “adequately capitalized” institutions equal to 2.5% of total risk weighted assets, or face restrictions on the ability to pay dividends, pay discretionary bonuses, and to engage in share repurchases. As of June 30, 2022, the Company and the Banks exceeded all regulatory capital requirements, and the Banks were each considered “well-capitalized” under prompt corrective action regulations.

The following table presents actual and required capital amounts and capital ratios as of June 30, 2022 for the Company and the Banks.
ActualMinimum Required for Capital Adequacy PurposesMinimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer
Minimum Required  to be Considered “Well-Capitalized” Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatioAmountRatio
(Dollars in Thousands)
At June 30, 2022:
Brookline Bancorp, Inc.
Common equity Tier 1 capital ratio (1)
$853,323 11.97 %$320,798 4.50 %$499,019 7.00 %N/AN/A
Tier 1 leverage capital ratio (2)
863,017 10.24 %337,116 4.00 %337,116 4.00 %N/AN/A
Tier 1 risk-based capital ratio (3)
863,017 12.11 %427,589 6.00 %605,751 8.50 %N/AN/A
Total risk-based capital ratio (4)
1,026,673 14.40 %570,374 8.00 %748,616 10.50 %N/AN/A
Brookline Bank      
Common equity Tier 1 capital ratio (1)
$585,319 12.09 %$217,861 4.50 %$338,894 7.00 %$314,688 6.50 %
Tier 1 leverage capital ratio (2)
585,319 10.58 %221,293 4.00 %221,293 4.00 %276,616 5.00 %
Tier 1 risk-based capital ratio (3)
585,319 12.09 %290,481 6.00 %411,515 8.50 %387,308 8.00 %
Total risk-based capital ratio (4)
646,028 13.35 %387,133 8.00 %508,112 10.50 %483,916 10.00 %
BankRI      
Common equity Tier 1 capital ratio (1)
$270,172 11.83 %$102,770 4.50 %$159,865 7.00 %$148,446 6.50 %
Tier 1 leverage capital ratio (2)
270,172 9.03 %119,678 4.00 %119,678 4.00 %149,597 5.00 %
Tier 1 risk-based capital ratio (3)
270,172 11.83 %137,027 6.00 %194,122 8.50 %182,703 8.00 %
Total risk-based capital ratio (4)
298,773 13.09 %182,596 8.00 %239,657 10.50 %228,245 10.00 %
_______________________________________________________________________________
(1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets.
(2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets.
(3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets.
(4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets.



79
Table of Contents

The following table presents actual and required capital amounts and capital ratios as of December 31, 2021 for the Company and the Banks.
ActualMinimum Required for Capital Adequacy PurposesMinimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer
Minimum Required To
Be Considered
 “Well-Capitalized” Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatioAmountRatio
(Dollars in Thousands)
At December 31, 2021:      
Brookline Bancorp, Inc.      
Common equity Tier 1 capital ratio (1)
$834,988 11.86 %$316,817 4.50 %$492,826 7.00 %N/AN/A
Tier 1 leverage capital ratio (2)
844,658 10.15 %332,870 4.00 %332,870 4.00 %N/AN/A
Tier 1 risk-based capital ratio (3)
844,658 11.99 %422,681 6.00 %598,798 8.50 %N/AN/A
Total risk-based capital ratio (4)
1,007,237 14.30 %563,489 8.00 %739,580 10.50 %N/AN/A
Brookline Bank      
Common equity Tier 1 capital ratio (1)
$570,278 11.94 %$214,929 4.50 %$334,334 7.00 %$310,453 6.50 %
Tier 1 leverage capital ratio (2)
570,278 10.51 %217,042 4.00 %217,042 4.00 %271,303 5.00 %
Tier 1 risk-based capital ratio (3)
570,278 11.94 %286,572 6.00 %405,977 8.50 %382,096 8.00 %
Total risk-based capital ratio (4)
630,194 13.20 %381,936 8.00 %501,291 10.50 %477,420 10.00 %
BankRI
Common equity Tier 1 capital ratio (1)
$260,679 11.36 %$103,262 4.50 %$160,630 7.00 %$149,156 6.50 %
Tier 1 leverage capital ratio (2)
260,679 8.58 %121,529 4.00 %121,529 4.00 %151,911 5.00 %
Tier 1 risk-based capital ratio (3)
260,679 11.36 %137,683 6.00 %195,050 8.50 %183,577 8.00 %
Total risk-based capital ratio (4)
289,454 12.61 %183,635 8.00 %241,020 10.50 %229,543 10.00 %
_______________________________________________________________________________
(1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets.
(2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets.
(3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets.
(4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets.

80
Table of Contents
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Market Risk
Market risk is the risk that the market value or estimated fair value of the Company's assets, liabilities, and derivative financial instruments will decline as a result of changes in interest rates or financial market volatility, or that the Company's net income will be significantly reduced by interest-rate changes.
Interest-Rate Risk
The principal market risk facing the Company is interest-rate risk, which can occur in a variety of forms, including repricing risk, yield-curve risk, basis risk, and prepayment risk. Repricing risk occurs when the change in the average yield of either interest-earning assets or interest-bearing liabilities is more sensitive than the other to changes in market interest rates. Such a change in sensitivity could reflect a number of possible mismatches in the repricing opportunities of the Company's assets and liabilities. Yield-curve risk reflects the possibility that changes in the shape of the yield curve could have different effects on the Company's assets and liabilities. Basis risk occurs when different parts of the balance sheet are subject to varying base rates reflecting the possibility that the spread from those base rates will deviate. Prepayment risk is associated with financial instruments with an option to prepay before the stated maturity, often a disadvantage to person selling the option; this risk is most often associated with the prepayment of loans, callable investments, and callable borrowings.
Asset/Liability Management
Market risk and interest-rate risk management is governed by the Company's Asset/Liability Committee ("ALCO"). The ALCO establishes exposure limits that define the Company's tolerance for interest-rate risk. The ALCO and the Company's Treasury Group measure and manage the composition of the balance sheet over a range of possible changes in interest rates while remaining responsive to market demand for loan and deposit products. The ALCO monitors current exposures versus limits and reports those results to the Board of Directors. The policy limits and guidelines serve as benchmarks for measuring interest-rate risk and for providing a framework for evaluation and interest-rate risk-management decision-making. The Company measures its interest-rate risk by using an asset/liability simulation model. The model considers several factors to determine the Company's potential exposure to interest-rate risk, including measurement of repricing gaps, duration, convexity, value-at-risk, market value of portfolio equity under assumed changes in the level of interest rates, the shape of yield curves, and general market volatility.
Management controls the Company's interest-rate exposure using several strategies, which include adjusting the maturities of securities in the Company's investment portfolio, limiting or expanding the terms of loans originated, limiting fixed-rate deposits with terms of more than five years, and adjusting maturities of FHLBB advances. The Company limits this risk by restricting the types of MBSs it invests into those with limited average life changes under certain interest-rate-shock scenarios, or securities with embedded prepayment penalties. The Company also places limits on holdings of fixed-rate mortgage loans with maturities greater than five years. The Company enters into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments.
Measuring Interest-Rate Risk
As noted above, interest-rate risk can be measured by analyzing the extent to which the repricing of assets and liabilities are mismatched to create an interest-rate sensitivity gap. An asset or liability is said to be interest-rate sensitive within a specific period if it will mature or reprice within that period. The interest-rate sensitivity gap is defined as the difference between the amount of interest-earning assets maturing or repricing within a specific time period and the amount of interest-bearing liabilities maturing or repricing within that same time period. A gap is considered positive when the amount of interest-rate-sensitive assets exceeds the amount of interest-rate-sensitive liabilities. A gap is considered negative when the amount of interest-rate-sensitive liabilities exceeds the amount of interest-rate-sensitive assets. During a period of falling interest rates, therefore, a positive gap would tend to adversely affect net interest income. Conversely, during a period of rising interest rates, a positive gap position would tend to result in an increase in net interest income.
The Company's interest-rate risk position is measured using both income simulation and interest-rate sensitivity "gap" analysis. Income simulation is the primary tool for measuring the interest-rate risk inherent in the Company's balance sheet at a given point in time by showing the effect on net interest income, over a twelve-month period, of a variety of interest-rate shocks. These simulations take into account repricing, maturity, and prepayment characteristics of individual products. The ALCO reviews simulation results to determine whether exposure resulting from changes in market interest rates remains within established tolerance levels over a twelve-month horizon, and develops appropriate strategies to manage this exposure. The Company's interest-rate risk analysis remains modestly asset-sensitive as of June 30, 2022.
81
Table of Contents
The assumptions used in the Company’s interest-rate sensitivity simulation discussed above are inherently uncertain and, as a result, the simulations cannot precisely measure net interest income or precisely predict the impact of changes in interest rates.
As of June 30, 2022, net interest income simulation indicated that the Company's exposure to changing interest rates was within tolerance. The ALCO reviews the methodology utilized for calculating interest-rate risk exposure and may periodically adopt modifications to this methodology. The following table presents the estimated impact of interest-rate changes on the Company's estimated net interest income over the twelve-month periods indicated:
Estimated Exposure to Net Interest Income
over Twelve-Month Horizon Beginning
June 30, 2022December 31, 2021
Change in Interest Rate LevelsDollar
Change		Percent
Change		Dollar
Change		Percent
Change
 (Dollars in Thousands)
Up 300 basis points shock$26,268 8.5 %$27,487 10.2 %
Up 200 basis points ramp9,092 2.9 %16,549 6.1 %
Up 100 basis points ramp4,603 1.5 %10,875 4.0 %
Down 100 basis points ramp(10,074)(3.2)%(4,340)(1.6)%
The estimated impact of a 300 basis point increase in market interest rates on the Company's estimated net interest income over a twelve-month horizon was 8.5% as of June 30, 2022, compared to 10.2% as of December 31, 2021. The balance sheet became less asset sensitive as deposit outflows reduced excess cash holdings and short-term borrowings funded loan growth.
The Company also uses interest-rate sensitivity “gap” analysis to provide a more general overview of its interest-rate risk profile. The interest-rate sensitivity gap is defined as the difference between interest-earning assets and interest-bearing liabilities maturing or repricing within a given time period. At June 30, 2022, the Company’s one-year cumulative gap was a positive $99.5 million, or 1.24% of total interest-earning assets, compared with a positive $445.5 million, or 5.48% of total interest-earning assets, at December 31, 2021.
The assumptions used in the Company's interest-rate sensitivity simulation discussed above are inherently uncertain and, as a result, the simulations cannot precisely measure net interest income or precisely predict the impact of changes in interest rates. For additional discussion on interest-rate risk see Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” of the Company’s 2021 Annual Report on Form 10-K.
Economic Value of Equity ("EVE") at Risk Simulation is conducted in tandem with net interest income simulations to ascertain a longer term view of the Company’s interest-rate risk position by capturing longer-term repricing risk and options risk embedded in the balance sheet. It measures the sensitivity of the economic value of equity to changes in interest rates. The EVE at Risk Simulation values only the current balance sheet and does not incorporate growth assumptions. As with the net interest income simulation, this simulation captures product characteristics such as loan resets, repricing terms, maturity dates, and rate caps and floors. Key assumptions include loan prepayment speeds, deposit pricing elasticity, and non-maturity deposit attrition rates. These assumptions can have significant impacts on valuation results as the assumptions remain in effect for the entire life of each asset and liability. The Company conducts non-maturity deposit behavior studies on a periodic basis to support deposit assumptions used in the valuation process. All key assumptions are subject to a periodic review.
EVE at Risk is calculated by estimating the net present value of all future cash flows from existing assets and liabilities using current interest rates as well as parallel shocks to the current interest-rate environment. The following table sets forth the estimated percentage change in the Company’s EVE at Risk, assuming various shifts in interest rates.
Estimated Percent Change in Economic Value of Equity
Parallel Shock in Interest Rate LevelsAt June 30, 2022At December 31, 2021
Up 300 basis points2.6 %8.2 %
Up 200 basis points1.5 %5.8 %
Up 100 basis points0.2 %3.7 %
Down 100 basis points(4.5)%(9.4)%

The Company's EVE-at-risk asset sensitivity decreased from December 31, 2021 to June 30, 2022 due to lower cash balances and higher short-term borrowings balances.

82
Table of Contents
Item 4. Controls and Procedures
 
Controls and Procedures
 
Under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), the Company has evaluated the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer considered that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to the Company’s management, including its Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Exchange Act Rule 13a -15(f). The Company’s internal control system was designed to provide reasonable assurance to its management and the Board of Directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. The Company’s management assessed the effectiveness of its internal control over financial reporting as of the end of the period covered by this report.
 
Management’s Report on Internal Control Over Financial Reporting as of December 31, 2021 and the related Report of Independent Registered Public Accounting Firm thereon appear on pages F-1 and F-2 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
83
Table of Contents
PART II — OTHER INFORMATION
Item 1. Legal Proceedings
 
There are no material pending legal proceedings other than those that arise in the normal course of business. In the opinion of Management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings. 

Item 1A.    Risk Factors

Please read “Risk Factors” in the Company’s Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2021 (the “10-K”). Except as noted below, there have been no material changes since the 10-K was filed. These risks are not the only ones facing the Company. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and operating results.

There is no assurance when or even if the merger with PCSB will be completed.

The merger agreement is subject to a number of conditions which must be fulfilled in order to complete the merger. Those conditions include:
•approval and adoption of the merger agreement and the merger by PCSB stockholders;
•the receipt of required regulatory approvals;
•the absence of orders prohibiting the completion of the merger;
•the effectiveness of the registration statement of which this proxy statement/prospectus is a part;
•the continued accuracy of the representations and warranties by both parties and the performance by both parties of their covenants and agreements; and
•the receipt by both parties of legal opinions from their respective tax counsels.

There can be no assurance that the parties will be able to satisfy the closing conditions or that closing conditions beyond their control will be satisfied or waived.

The Company may be unable to successfully integrate PCSB’s operations and may not realize the anticipated benefits of acquiring PCSB.

The merger involves the integration of two companies that previously operated independently. The difficulties of combining the companies’ operations include:

•integrating personnel with diverse business backgrounds;
•integrating departments, systems, operating procedures and information technologies;
•combining different corporate cultures;
•retaining existing customers and attracting new customers; and
•retaining key employees.

The process of integrating operations could cause an interruption of, or loss of momentum in, the activities of one or more of the combined company’s businesses and the loss of key personnel. The diversion of management’s attention and any delays or difficulties encountered in connection with the merger and the integration of the two companies’ operations could have a material adverse effect on the business and results of operations of the combined company.

The success of the merger will depend, in part, on the Company’s ability to realize the anticipated benefits and cost savings from combining the business of the Company with PCSB. If the Company is unable to successfully integrate PCSB, the anticipated benefits and cost savings of the merger may not be realized fully or may take longer to realize than expected. For example, the Company may fail to realize the anticipated increase in earnings and cost savings anticipated to be derived from the acquisition. In addition, as with regard to any merger, a significant change in interest rates or economic conditions or decline in asset valuations may also cause the Company not to realize expected benefits and result in the merger not being as accretive as expected.

84
Table of Contents
The market price of the Company’s common stock after the merger may be affected by factors different from those affecting the shares of the Company.

The businesses of the Company and PCSB differ and, accordingly, the results of operations of the combined company and the market price of the combined company’s shares of common stock may be affected by factors different from those currently affecting the independent results of operations and market prices of common stock of each of the Company and PCSB.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a)        Not applicable.
 
b)        Not applicable.
 
c)        The following table presents a summary of the Company's share repurchases during the quarter ended June 30, 2022.
PeriodTotal Number of Shares PurchasedAverage Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Programs (1)
Maximum Number of Shares that May Yet be Purchased Under the Programs (1)
April 25 through June 24, 2022956,341 $14.41 956,341 — 
___________________________________________________________________________________________________
(1) On November 10, 2021, the Board approved a stock repurchase program authorizing management to repurchase up to $20.0 million of the Company's common stock, commencing on November 15, 2021 and ending on December 31, 2022. As of June 24, 2022, 956,341 shares of the Company's common stock were repurchased by the Company at a weighted average price of $14.41. On June 24, 2022, the Company suspended the program.

Item 3. Defaults Upon Senior Securities

a)        None.
 
b)        None.

Item 4.    Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

None.

85
Table of Contents
Item 6. Exhibits
 
Exhibits
Exhibit 2.1
Exhibit 10.1
Exhibit 10.2
Exhibit 10.3
Exhibit 10.4
Exhibit 10.5
Exhibit 10.6
Exhibit 31.1*
  
Exhibit 31.2*
  
Exhibit 32.1**
  
Exhibit 32.2**
  
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted in Inline XBRL and included in Exhibit 101)
_______________________________________________________________________________
* Filed herewith
** Furnished herewith
86
Table of Contents
SIGNATURES
 
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 thereunto duly authorized.
 BROOKLINE BANCORP, INC.
    
    
Date: August 8, 2022By:/s/ Paul A. Perrault
  Paul A. Perrault 
  Chief Executive Officer 
  (Principal Executive Officer) 
    
Date: August 8, 2022By:/s/ Carl M. Carlson
  Carl M. Carlson 
  Co-President and Chief Financial Officer 
  (Principal Financial Officer) 



87
Document

Exhibit 31.1
 
Certification of Chief Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Paul A. Perrault, Chief Executive Officer, certify that:
 
1.I have reviewed this quarterly report on Form 10-Q of Brookline Bancorp, Inc.;
 
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2022
/s/ PAUL A. PERRAULT
Paul A. Perrault
Chief Executive Officer
(Principal Executive Officer)


Document

Exhibit 31.2 

Certification of Chief Financial Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
 
I, Carl M. Carlson, Chief Financial Officer, certify that:
 
1.I have reviewed this quarterly report on Form 10-Q of Brookline Bancorp, Inc.;
 
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2022
/s/ CARL M. CARLSON
Carl M. Carlson
Co-President and Chief Financial Officer
(Principal Financial Officer)


Document

Exhibit 32.1 

STATEMENT FURNISHED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002, 18 U.S.C. SECTION 1350 

The undersigned, Paul A. Perrault, is the Chief Executive Officer of Brookline Bancorp, Inc. (the “Company”).
 
This statement is being furnished in connection with the filing by the Company of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Report”).

By execution of this statement, I certify that:
 
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
 
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.
 
This statement is authorized to be attached as an exhibit to the Report so that this statement will accompany the Report at such time as the Report is filed with the Securities and Exchange Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended.

Date: August 8, 2022
/s/ PAUL A. PERRAULT
Paul A. Perrault
Chief Executive Officer
(Principal Executive Officer)


Document

Exhibit 32.2 

STATEMENT FURNISHED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002, 18 U.S.C. SECTION 1350
 
The undersigned, Carl M. Carlson, is the Chief Accounting Officer of Brookline Bancorp, Inc. (the “Company”).
 
This statement is being furnished in connection with the filing by the Company of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Report”).

By execution of this statement, I certify that:
 
1.             The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
 
2.             The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.
 
This statement is authorized to be attached as an exhibit to the Report so that this statement will accompany the Report at such time as the Report is filed with the Securities and Exchange Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350. It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended.

Date: August 8, 2022
/s/ CARL M. CARLSON
Carl M. Carlson
Co-President and Chief Financial Officer
(Principal Financial Officer)


brkl-20220630.xsd
Attachment: XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

brkl-20220630_cal.xml
Attachment: XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

brkl-20220630_def.xml
Attachment: XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

brkl-20220630_lab.xml
Attachment: XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

brkl-20220630_pre.xml
Attachment: XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT