UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 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) Delaware 04-3402944 (I.R.S. Employer Iden ...

Financial Data and Key Metrics Changes - Operating earnings for Q1 2025 were $20 million, translating to $0.22 per share, while GAAP net income was $19.1 million or $0.21 per share after accounting for merger charges of $971,000 [6][7] - Total assets decreased by $385.5 million to $11.5 billion, primarily due to a deliberate reduction in cash equivalents and loan portfolio components [11] - Customer deposits increased by $113.8 million, and the net interest margin improved by 10 basis points to 3.22% [8][13] Business Line Data and Key Metrics Changes - The loan portfolio contracted by $130.6 million, with significant declines in commercial real estate and equipment finance, while commercial loans experienced growth [7][12] - The specialty vehicle portfolio decreased by $29 million to $267 million, following the exit from that business [12] - Net interest income reached $85.8 million, an increase of $800,000 from the previous quarter, despite a decline in average interest-earning assets [14] Market Data and Key Metrics Changes - The provision for credit losses was $6 million, which is $2 million higher than Q4, with net charge-offs totaling $7.6 million [15] - The reserve coverage slightly increased to 129 basis points of total loans [15] - The economic scenarios weightings remained at 40% baseline, 35% moderate recession, and 25% stronger near-term growth [16] Company Strategy and Development Direction - The company is focused on reducing commercial real estate exposures while maintaining important customer relationships [7] - The planned merger with Berkshire Hills Bancorp is progressing well, with regulatory applications filed and stockholder meetings scheduled for May 21 [9][22] - The company anticipates low single-digit growth in the loan portfolio for the remainder of 2025, with a projected deposit growth of 4% to 5% [19] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the interest rate environment and its potential impact on operations, indicating a need for continual adaptation [18] - While modest improvements to the net interest margin are uncertain, an increase of four to eight basis points is estimated for Q2 [18] - The company is managing expenses to $247 million or less for the full year, excluding merger-related costs [20] Other Important Information - The effective tax rate is expected to be around 24.25%, excluding the impact of non-deductible merger charges [20] - The quarterly dividend was maintained at $0.135 per share, to be paid on May 23 [17] Q&A Session Summary Question: Impact of a 25 basis point Fed rate cut on margin - Management indicated that the impact depends on the yield curve's behavior, with a cut in short-term rates potentially being beneficial if mid to long-term rates remain stable [29][30] Question: Details on the $7.1 million commercial charge-off - The charge-off was related to a large C&I credit, specifically a $13 million credit that required additional provisioning [34][35] Question: Tariff implications on equipment finance and manufacturing loan book - Management noted that tariffs are causing unease among customers, affecting underwriting processes, but no tangible impacts have been observed yet [36][37] Question: Loan pricing and sentiment among C&I borrowers - Management expressed optimism about loan pricing and the quality of the pipeline, noting that larger banks are currently cautious, which benefits the company [46][47] Question: Update on the $11 million office loan - Management confirmed that the loan is imminent to close and is fully reserved [64][66] Question: Overall credit quality and pass-rated loans - The overall pass-rated loans are approximately 95%, indicating strong credit quality [68] Question: Future of stock buybacks post-merger - Management stated it is too early to discuss stock buybacks, as capital structure optimization will be reviewed post-merger [79] Question: Exposure to Cambridge market and lab space - The company has minimal exposure in the Cambridge area, with approximately $50 million in lab space across its portfolio [99][100]

April 24, 2025 Certain statements contained in this presentation that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commissi ...

Brookline Bancorp (BRKL) Q1 2025 Earnings Call April 24, 2025 01:30 PM ET Company Participants Dario Hernandez - VP - Corporate CounselPaul Perrault - Chairman & CEOCarl Carlson - Co-President and Chief Financial & Strategy OfficerMark Fitzgibbon - Head of FSG ResearchSteve Moss - DirectorChristopher O'Connell - Director - Equity Research Conference Call Participants Laurie Hunsicker - Senior Equity Research Analyst Operator Good afternoon, and welcome to Brookline Bancorp, Inc. First Quarter twenty twenty ...

Core Insights - Brookline Bancorp (BRKL) reported revenue of $91.49 million for the quarter ended March 2025, reflecting a year-over-year increase of 4.1% [1] - Earnings per share (EPS) for the quarter was $0.22, up from $0.16 in the same quarter last year, but below the consensus estimate of $0.23, resulting in an EPS surprise of -4.35% [1] - The reported revenue was also below the Zacks Consensus Estimate of $94.92 million, leading to a revenue surprise of -3.61% [1] Financial Metrics - Efficiency Ratio stood at 65.6%, slightly better than the average estimate of 65.8% based on three analysts [4] - Net Interest Margin was reported at 3.2%, matching the average estimate from three analysts [4] - Average Balance of Total Interest-Earning Assets was $10.88 billion, below the average estimate of $11.11 billion from two analysts [4] - Total Non-Interest Income was $5.66 million, lower than the average estimate of $6.56 million from three analysts [4] - Net Interest Income was $85.83 million, compared to the average estimate of $87.47 million from three analysts [4] - Gain on sales of loans and leases was $0.02 million, significantly below the average estimate of $0.43 million from two analysts [4] - Loan fees were reported at $0.39 million, under the average estimate of $0.60 million from two analysts [4] - Deposit fees were $2.36 million, slightly above the average estimate of $2.31 million from two analysts [4] - Loan level derivative income, net, was $0.07 million, compared to the average estimate of $0.40 million from two analysts [4] Stock Performance - Brookline's shares have returned -9.4% over the past month, compared to a -6.6% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Brookline Bancorp (BRKL) came out with quarterly earnings of $0.22 per share, missing the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.35%. A quarter ago, it was expected that this bank holding company would post earnings of $0.24 per share when it actually produced earnings of $0.23, delivering a surprise of -4.17%.Over the last four quarter ...

Net Income of $19.1 million, EPS of $0.21 Operating Earnings of $20.0 million, Operating EPS of $0.22 Quarterly Dividend of $0.135 EXHIBIT 99.1 Brookline Bancorp Announces First Quarter Results BOSTON, April 23, 2025 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the "Company") today announced net income of $19.1 million, or $0.21 per basic and diluted share, for the first quarter of 2025, compared to net income of $17.5 million, or $0.20 per basic and diluted share, for the fourth quarter of 2 ...

Net Income of $19.1 million, EPS of $0.21 Operating Earnings of $20.0 million, Operating EPS of $0.22 Quarterly Dividend of $0.135 BOSTON, April 23, 2025 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $19.1 million, or $0.21 per basic and diluted share, for the first quarter of 2025, compared to net income of $17.5 million, or $0.20 per basic and diluted share, for the fourth quarter of 2024, and $14.7 million, or $0.16 per basic and diluted share, f ...

Group 1 - Brookline Bancorp, Inc. will report its first quarter 2025 earnings on April 23, 2025, with a conference call scheduled for April 24, 2025, at 1:30 PM Eastern Time [1] - The company has $11.9 billion in assets and operates branches in Massachusetts, Rhode Island, and New York [2] - Brookline Bancorp offers a variety of banking services, including commercial, business, and retail banking, as well as cash management products and investment services [2] Group 2 - The company provides equipment financing through its subsidiary Eastern Funding and wealth management services through Clarendon Private [2] - Interested parties can access the conference call via a dedicated link or by dialing specific phone numbers for the United States and international listeners [1] - A recorded playback of the conference call will be available for one week following the event [1]

Financial Performance - The Company anticipates a decrease in earnings per share to $0.77 for 2024 from $0.85 for 2023[31]. - Total assets increased to $11,473,424 thousand in 2024, up from $11,214,371 thousand in 2023, representing a growth of 2.31%[312]. - The Company reported a net income of $74.999 million for 2023, a decrease of 31.7% from $109.744 million in 2022[367]. - Non-interest income fell by $6.3 million, or 19.8%, to $25.6 million in 2024, driven by declines in loan level derivative income, gain on sales of investment securities, and gain on sales of loans and leases[333]. - The efficiency ratio rose to 68.09% in 2024 from 64.45% in 2023, attributed to lower net interest income and non-interest income, alongside higher non-interest expenses[338]. Capital and Regulatory Compliance - The minimum common equity Tier 1 capital ratio requirement is 4.5%, with a minimum total capital requirement of 8.0%[64]. - The Company is considered "well capitalized" under the FRB's rules applicable to bank holding companies[67]. - The FRB may prohibit bank holding companies from paying dividends if deemed unsafe or unsound, requiring net income to fund dividends[71]. - The aggregate amount of covered transactions with affiliates cannot exceed 10% of the capital stock and surplus of the insured depository institution[73]. - The Company has made a one-time, permanent election to exclude accumulated other comprehensive income from capital[63]. Interest Income and Expenses - Total interest income from investments decreased by $2.96 million, or 6.8%, to $40.6 million in 2024 compared to $43.5 million in 2023[325]. - Interest income from loans and leases increased by $54.2 million to $587.9 million in 2024, representing a yield of 6.07%, compared to $533.7 million and a yield of 5.72% in 2023[323]. - Total interest expense increased by $61.4 million, or 25.8%, to $298.9 million in 2024 from $237.6 million in 2023, driven by higher interest rates and increased volume[326]. - Interest paid on deposits rose by $57.3 million, or 32.6%, in 2024 compared to 2023, primarily due to a $41.9 million increase from higher interest rates[327]. - The yield on interest-earning assets increased to 5.83% for the year ended December 31, 2024, up from 5.50% in 2023, attributed to higher yields on loans and leases[319]. Asset Quality and Loan Performance - The quality of the Company's assets influences earnings, with timely provisions for loan and lease losses necessary based on estimated probable losses[310]. - The allowance for loan and lease losses was $121,628 thousand in 2024, slightly up from $120,613 thousand in 2023[312]. - The provision for credit losses decreased by $16.6 million to $21.6 million in 2024 from $38.2 million in 2023, primarily due to the absence of a day one provision from the PCSB acquisition[331]. - Commercial real estate loans amounted to $5,760,432 thousand, with an interest income of $327,221 thousand, reflecting a yield of 5.59%[312]. - Total loans and leases increased to $9,701,511 thousand, with a net interest income of $589,192 thousand, yielding 6.07%[312]. Employment and Operations - The Company had 951 full-time employees and 49 part-time employees as of December 31, 2024[38]. - The Company operated 63 full-service banking offices in Greater Boston, Massachusetts, Rhode Island, and New York as of December 31, 2024[32]. - The five largest banks in Massachusetts have an aggregate market share of approximately 69%[32]. - The three largest banks in Rhode Island have an aggregate deposit market share of approximately 69%[32]. - The three largest banks in New York have an aggregate deposit market share of approximately 52%[32]. Interest Rate Risk Management - Interest-rate risk management is governed by the ALCO, which establishes exposure limits and monitors the balance sheet's composition[385]. - As of December 31, 2024, the Company's interest-rate risk position was measured to be modestly asset-sensitive, indicating a potential increase in net interest income during rising interest rates[388]. - The estimated economic value of equity (EVE) at risk shows a decrease in sensitivity, with a 300 basis points increase resulting in a change of (5.5)% as of December 31, 2024, compared to (6.3)% in 2023[394]. - The cumulative one-year negative gap position increased from $521.4 million or 4.89% of total interest-earning assets as of December 31, 2023, primarily due to an increase in borrowed funds and non-maturity deposits[400]. - The weighted average rate for total interest-earning assets was 5.61% as of December 31, 2024, compared to 5.07% for interest-bearing liabilities, resulting in a net interest margin of 2.41%[397].