Net Income of $22.0 million, EPS of $0.25

Quarterly Dividend of $0.135

BOSTON, July 23, 2025 (GLOBE NEWSWIRE) -- Brookline Bancorp, Inc. (NASDAQ:BRKL) (the "Company") today announced net income of $22.0 million, or $0.25 per basic and diluted share, for the second quarter of 2025, compared to net income of $19.1 million, or $0.21 per basic and diluted share, for the first quarter of 2025, and $16.4 million, or $0.18 per basic and diluted share, for the second quarter of 2024. The Company reported operating earnings after tax (non-GAAP) of $22.4 million, or $0.25 per basic and diluted share, for the second quarter of 2025, compared to operating earnings after tax (non-GAAP) of $20.0 million, or $0.22 per basic and diluted share, for the first quarter of 2025, and $17.0 million, or $0.19 per basic and diluted share, for the second quarter of 2024.

Commenting on the second quarter's performance, Mr. Perrault stated, "We are pleased to report solid earnings for the second quarter of the year led by growth in our C&I portfolio and deposits. Our dedicated team of bankers continue to provide exceptional service to the communities we serve. As a result of these efforts, our net interest margin expanded again this quarter despite intentional contraction in our commercial real estate portfolio."

BALANCE SHEET

Total assets at June 30, 2025 were $11.6 billion, representing an increase of $48.9 million from $11.5 billion at March 31, 2025, primarily driven by an increase in cash and cash equivalents partially offset by a reduction of loans and leases. Total assets decreased $66.5 million from June 30, 2024.

At June 30, 2025, total loans and leases were $9.6 billion, representing a decrease of $60.3 million from March 31, 2025, and a decrease of $138.8 million from June 30, 2024.

Total investment securities at June 30, 2025 decreased $15.7 million to $866.7 million from $882.4 million at March 31, 2025, and increased $10.3 million from $856.4 million at June 30, 2024. Total cash and cash equivalents at June 30, 2025 increased $149.2 million to $506.7 million from $357.5 million at March 31, 2025, and increased $163.6 million from $343.1 million at June 30, 2024. As of June 30, 2025, total investment securities and total cash and cash equivalents represented 11.9 percent of total assets, compared to 10.8 percent and 10.3 percent as of March 31, 2025 and June 30, 2024, respectively.

Total deposits at June 30, 2025 increased $49.8 million to $9.0 billion from March 31, 2025, primarily driven by an increase of $58.3 million in customer deposits partially offset by a decline of $8.5 million in brokered deposits. Total deposits increased $224.2 million from $8.7 billion at June 30, 2024, primarily driven by an increase of $391.2 million in customer deposits partially offset by a decline of $167.0 million in brokered deposits.

Total borrowed funds at June 30, 2025 remained flat at $1.2 billion compared to March 31, 2025, and decreased $274.4 million from $1.4 billion at June 30, 2024.

The ratio of stockholders' equity to total assets was 10.84 percent at June 30, 2025, as compared to 10.77 percent at March 31, 2025, and 10.30 percent at June 30, 2024. The ratio of tangible stockholders' equity to tangible assets (non-GAAP) was 8.82 percent at June 30, 2025, as compared to 8.73 percent at March 31, 2025, and 8.23 percent at June 30, 2024. Tangible book value per common share (non-GAAP) increased $0.17 from $11.03 at March 31, 2025 to $11.20 at June 30, 2025, and increased $0.67 from $10.53 at June 30, 2024.

NET INTEREST INCOME

Net interest income increased $2.9 million to $88.7 million during the second quarter of 2025 from $85.8 million for the quarter ended March 31, 2025. The net interest margin increased 10 basis points to 3.32 percent for the three months ended June 30, 2025 from 3.22 percent for the three months ended March 31, 2025, primarily driven by lower funding costs and higher yields on loans and leases.

NON-INTEREST INCOME

Total non-interest income for the quarter ended June 30, 2025 increased $0.3 million to $6.0 million from $5.7 million for the quarter ended March 31, 2025. The increase was primarily driven by an increase of $0.2 million in gain on sales of loans and leases.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $7.0 million for the quarter ended June 30, 2025, compared to $6.0 million for the quarter ended March 31, 2025. The increase in provision was driven by a combination of continued stress in the Boston office sector as well as additional specific reserves on two large Eastern Funding credits.

Total net charge-offs for the second quarter of 2025 were $5.1 million, compared to $7.6 million in the first quarter of 2025. The $5.1 million in net charge-offs was driven by two commercial real estate loans that were sold during the quarter resulting in a combined $3.5 million in net charge-offs. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis decreased to 21 basis points for the second quarter of 2025 from 31 basis points for the first quarter of 2025.

The allowance for loan and lease losses represented 1.32 percent of total loans and leases at June 30, 2025, compared to 1.29 percent at March 31, 2025, and 1.25 percent at June 30, 2024.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.65 percent at June 30, 2025, flat compared to March 31, 2025. Total nonaccrual loans and leases decreased $0.8 million to $62.3 million at June 30, 2025 from $63.1 million at March 31, 2025, driven by the sale of two commercial real estate loans. The ratio of nonperforming assets to total assets was 0.55 percent at June 30, 2025, a decrease from 0.56 percent at March 31, 2025. Total nonperforming assets decreased $0.4 million to $63.6 million at June 30, 2025 from $64.0 million at March 31, 2025.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended June 30, 2025 decreased $1.9 million to $58.1 million from $60.0 million for the quarter ended March 31, 2025. The decrease was primarily driven by decreases of $0.7 million in compensation and employee benefits expense, $0.5 million in merger and acquisition expense related to the previously announced proposed merger of the Company with Berkshire Hills Bancorp, Inc. ("Berkshire"), and $0.4 million in occupancy expense, partially offset by an increase of $0.5 million in advertising and marketing expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 25.6 percent and 25.3 percent for the three and six months ended June 30, 2025 compared to 25.0 percent for the three months ended March 31, 2025 and 24.4 percent and 24.5 percent for the three and six months ended June 30, 2024.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets increased to 0.77 percent during the second quarter 2025 from 0.66 percent for the first quarter of 2025.

The annualized return on average stockholders' equity increased to 7.04 percent during the second quarter of 2025 from 6.19 percent for the first quarter of 2025. The annualized return on average tangible stockholders' equity (non-GAAP) increased to 8.85 percent for the second quarter of 2025 from 7.82 percent for the first quarter of 2025.

DIVIDEND DECLARED

The Company's Board of Directors approved a dividend of $0.135 per share for the quarter ended June 30, 2025. The dividend will be paid on August 22, 2025 to stockholders of record on August 8, 2025.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, July 24, 2025 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company's website, www.brooklinebancorp.com. To listen to the call and view the Company's Earnings Presentation, please join the call via https://events.q4inc.com/attendee/149362707. To listen to the call without access to the slides, interested parties may dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. conference call (Access Code 673409). A recorded playback of the call will be available for one week following the call on the Company's website under "Investor Relations" or by dialing 866-813-9403 (United States) or 929-458-6194 (internationally) and entering the passcode: 916742.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with $11.6 billion in assets and branch locations in Massachusetts, Rhode Island, and the Lower Hudson Valley of New York State, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank (the "banks"). The Company provides commercial and retail banking services, cash management and investment services to customers throughout Central New England and the Lower Hudson Valley of New York State. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com and www.pcsb.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company's business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company's control. These include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Berkshire to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Company; delays in completing the proposed transaction with Berkshire; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and the Company to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties' ability to pursue certain business opportunities and strategic transactions; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; changes in interest rates; general economic conditions (including the impact of actual or threatened tariffs imposed by the U.S. and foreign governments, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ongoing turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company's investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company's financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company's Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

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

NON-GAAP FINANCIAL MEASURES

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

INVESTOR RELATIONS:

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

BROOKLINE BANCORP, INC AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)
	At and for the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(Dollars in Thousands Except per Share Data)
Earnings Data:
Net interest income	$	88,685		$	85,830		$	84,988		$	83,008		$	80,001
Provision for credit losses on loans	6,997			5,974			4,141			4,832			5,607
Provision (recovery) of credit losses on investments	3			12			(104)			(172)			(39)
Non-interest income	5,970			5,660			6,587			6,348			6,396
Non-interest expense	58,061			60,022			63,719			57,948			59,184
Income before provision for income taxes	29,594			25,482			23,819			26,748			21,645
Net income	22,026			19,100			17,536			20,142			16,372

Performance Ratios:
Net interest margin (1)	3.32		%	3.22		%	3.12		%	3.07		%	3.00		%
Interest-rate spread (1)	2.57		%	2.38		%	2.35		%	2.26		%	2.14		%
Return on average assets (annualized)	0.77		%	0.66		%	0.61		%	0.70		%	0.57		%
Return on average tangible assets (annualized) (non-GAAP)	0.79		%	0.68		%	0.62		%	0.72		%	0.59		%
Return on average stockholders' equity (annualized)	7.04		%	6.19		%	5.69		%	6.63		%	5.49		%
Return on average tangible stockholders' equity (annualized) (non-GAAP)	8.85		%	7.82		%	7.21		%	8.44		%	7.04		%
Efficiency ratio (2)	61.34		%	65.60		%	69.58		%	64.85		%	68.50		%

Per Common Share Data:
Net income — Basic	$	0.25		$	0.21		$	0.20		$	0.23		$	0.18
Net income — Diluted	0.25			0.21			0.20			0.23			0.18
Cash dividends declared	0.135			0.135			0.135			0.135			0.135
Book value per share (end of period)	14.08			13.92			13.71			13.81			13.48
Tangible book value per share (end of period) (non-GAAP)	11.20			11.03			10.81			10.89			10.53
Stock price (end of period)	10.55			10.90			11.80			10.09			8.35

Balance Sheet:
Total assets	$	11,568,745		$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292
Total loans and leases	9,582,374			9,642,722			9,779,288			9,755,236			9,721,137
Total deposits	8,961,202			8,911,452			8,901,644			8,732,271			8,737,036
Total stockholders' equity	1,254,171			1,240,182			1,221,939			1,230,362			1,198,480

Asset Quality:
Nonperforming assets	$	63,596		$	64,021		$	70,452		$	72,821		$	62,683
Nonperforming assets as a percentage of total assets	0.55		%	0.56		%	0.59		%	0.62		%	0.54		%
Allowance for loan and lease losses	$	126,725		$	124,145		$	125,083		$	127,316		$	121,750
Allowance for loan and lease losses as a percentage of total loans and leases	1.32		%	1.29		%	1.28		%	1.31		%	1.25		%
Net loan and lease charge-offs	$	5,127		$	7,597		$	7,252		$	3,808		$	8,387
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)	0.21		%	0.31		%	0.30		%	0.16		%	0.35		%

Capital Ratios:
Stockholders' equity to total assets	10.84		%	10.77		%	10.26		%	10.54		%	10.30		%
Tangible stockholders' equity to tangible assets (non-GAAP)	8.82		%	8.73		%	8.27		%	8.50		%	8.23		%

(1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)

	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
ASSETS	(In Thousands Except Share Data)
Cash and due from banks	$	87,386		$	78,741		$	64,673		$	82,168		$	60,067
Short-term investments		419,362			278,805			478,997			325,721			283,017
Total cash and cash equivalents		506,748			357,546			543,670			407,889			343,084
Investment securities available-for-sale		866,684			882,353			895,034			855,391			856,439
Total investment securities		866,684			882,353			895,034			855,391			856,439
Allowance for investment security losses		(97	)		(94	)		(82	)		(186	)		(359	)
Net investment securities		866,587			882,259			894,952			855,205			856,080
Loans and leases:
Commercial real estate loans		5,485,546			5,580,982			5,716,114			5,779,290			5,782,111
Commercial loans and leases		2,520,347			2,512,912			2,506,664			2,453,038			2,443,530
Consumer loans		1,576,481			1,548,828			1,556,510			1,522,908			1,495,496
Total loans and leases		9,582,374			9,642,722			9,779,288			9,755,236			9,721,137
Allowance for loan and lease losses		(126,725	)		(124,145	)		(125,083	)		(127,316	)		(121,750	)
Net loans and leases		9,455,649			9,518,577			9,654,205			9,627,920			9,599,387
Restricted equity securities		66,481			67,537			83,155			82,675			78,963
Premises and equipment, net of accumulated depreciation		83,963			84,439			86,781			86,925			88,378
Right-of-use asset operating leases		42,415			44,144			43,527			41,934			35,691
Deferred tax asset		52,325			52,176			56,620			50,827			60,032
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net of accumulated amortization		14,600			16,030			17,461			19,162			20,830
Other real estate owned and repossessed assets		1,288			917			1,103			1,579			1,974
Other assets		237,467			255,022			282,630			261,383			309,651
Total assets	$	11,568,745		$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand checking accounts	$	1,726,933		$	1,664,629		$	1,692,394		$	1,681,858		$	1,638,378
NOW accounts		650,707			625,492			617,246			637,374			647,370
Savings accounts		1,795,761			1,793,852			1,721,247			1,736,989			1,735,857
Money market accounts		2,153,709			2,183,855			2,116,360			2,041,185			2,073,557
Certificate of deposit accounts		1,877,661			1,878,665			1,885,444			1,819,353			1,718,414
Brokered deposit accounts		756,431			764,959			868,953			815,512			923,460
Total deposits		8,961,202			8,911,452			8,901,644			8,732,271			8,737,036
Borrowed funds:
Advances from the FHLB		934,669			957,848			1,355,926			1,345,003			1,265,079
Subordinated debentures and notes		84,397			84,362			84,328			84,293			84,258
Other borrowed funds		135,985			113,617			79,592			68,251			80,125
Total borrowed funds		1,155,051			1,155,827			1,519,846			1,497,547			1,429,462
Operating lease liabilities		43,528			45,330			44,785			43,266			37,102
Mortgagors' escrow accounts		15,289			15,264			15,875			14,456			17,117
Reserve for unfunded credits		4,586			5,296			5,981			6,859			11,400
Accrued expenses and other liabilities		134,918			146,518			195,256			151,960			204,695
Total liabilities		10,314,574			10,279,687			10,683,387			10,446,359			10,436,812
Stockholders' equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively		970			970			970			970			970
Additional paid-in capital		904,697			903,696			902,584			901,562			904,775
Retained earnings		475,781			465,898			458,943			453,555			445,560
Accumulated other comprehensive income		(39,378	)		(42,498	)		(52,882	)		(38,081	)		(61,693	)
Treasury stock, at cost;
7,039,136, 7,037,610, 7,019,384, 7,015,843, and 7,373,009 shares, respectively		(87,899	)		(87,884	)		(87,676	)		(87,644	)		(91,132	)
Total stockholders' equity		1,254,171			1,240,182			1,221,939			1,230,362			1,198,480
Total liabilities and stockholders' equity	$	11,568,745		$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
	Three Months Ended
	June 30, 2025			March 31, 2025		December 31, 2024			September 30, 2024			June 30, 2024
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	143,933		$	143,309	$	147,436		$	149,643		$	145,585
Debt securities		6,691			6,765		6,421			6,473			6,480
Restricted equity securities		1,062			1,203		1,460			1,458			1,376
Short-term investments		2,386			2,451		2,830			1,986			1,914
Total interest and dividend income		154,072			153,728		158,147			159,560			155,355
Interest expense:
Deposits		52,682			53,478		56,562			59,796			59,721
Borrowed funds		12,705			14,420		16,597			16,756			15,633
Total interest expense		65,387			67,898		73,159			76,552			75,354
Net interest income		88,685			85,830		84,988			83,008			80,001
Provision for credit losses on loans		6,997			5,974		4,141			4,832			5,607
Provision (recovery) of credit losses on investments		3			12		(104	)		(172	)		(39	)
Net interest income after provision for credit losses		81,685			79,844		80,951			78,348			74,433
Non-interest income:
Deposit fees		2,472			2,361		2,297			2,353			3,001
Loan fees		472			393		439			464			702
Loan level derivative income (loss)		(4	)		70		1,115			—			106
Gain on sales of loans and leases held-for-sale		264			24		406			415			130
Other		2,766			2,812		2,330			3,116			2,457
Total non-interest income		5,970			5,660		6,587			6,348			6,396
Non-interest expense:
Compensation and employee benefits		35,147			35,853		37,202			35,130			34,762
Occupancy		5,349			5,721		5,393			5,343			5,551
Equipment and data processing		6,841			7,012		6,780			6,831			6,732
Professional services		1,471			1,726		1,345			2,143			1,745
FDIC insurance		1,880			2,037		2,017			2,118			2,025
Advertising and marketing		1,371			868		1,303			859			1,504
Amortization of identified intangible assets		1,431			1,430		1,701			1,668			1,669
Merger and restructuring expense		439			971		3,378			—			823
Other		4,132			4,404		4,600			3,856			4,373
Total non-interest expense		58,061			60,022		63,719			57,948			59,184
Income before provision for income taxes		29,594			25,482		23,819			26,748			21,645
Provision for income taxes		7,568			6,382		6,283			6,606			5,273
Net income	$	22,026		$	19,100	$	17,536		$	20,142		$	16,372
Earnings per common share:
Basic	$	0.25		$	0.21	$	0.20		$	0.23		$	0.18
Diluted	$	0.25		$	0.21	$	0.20		$	0.23		$	0.18
Weighted average common shares outstanding during the period:
Basic		89,104,605			89,103,510		89,098,443			89,033,463			88,904,692
Diluted		89,612,781			89,567,747		89,483,964			89,319,611			89,222,315
Dividends paid per common share	$	0.135		$	0.135	$	0.135		$	0.135		$	0.135

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Six Months Ended June 30,
		2025		2024
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	287,242	$	290,850
Debt securities		13,456		13,358
Restricted equity securities		2,265		2,868
Short-term investments		4,837		3,738
Total interest and dividend income		307,800		310,814
Interest expense:
Deposits		106,160		116,605
Borrowed funds		27,125		32,620
Total interest expense		133,285		149,225
Net interest income		174,515		161,589
Provision for credit losses on loans		12,971		13,030
Provision (credit) for credit losses on investments		15		(83	)
Net interest income after provision for credit losses		161,529		148,642
Non-interest income:
Deposit Fees		4,833		5,898
Loan Fees		865		1,491
Loan level derivative income, net		66		543
Gain on sales of loans and leases held-for-sale		288		130
Other		5,578		4,618
Total non-interest income		11,630		12,680
Non-interest expense:
Compensation and employee benefits		71,000		71,391
Occupancy		11,070		11,320
Equipment and data processing		13,853		13,763
Professional services		3,197		3,645
FDIC insurance		3,917		3,909
Advertising and marketing		2,239		3,078
Amortization of identified intangible assets		2,861		3,377
Merger and restructuring expense		1,410		823
Other		8,536		8,892
Total non-interest expense		118,083		120,198
Income before provision for income taxes		55,076		41,124
Provision for income taxes		13,950		10,087
Net income	$	41,126	$	31,037
Earnings per common share:
Basic	$	0.46	$	0.35
Diluted	$	0.46	$	0.35
Weighted average common shares outstanding during the period:
Basic		89,104,060		88,899,635
Diluted		89,590,267		89,201,912
Dividends paid per common share	$	0.270	$	0.270

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)
	At and for the Three Months Ended
		June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(Dollars in Thousands)
NONPERFORMING ASSETS:
Loans and leases accounted for on a nonaccrual basis:
Commercial real estate mortgage	$	987		$	10,842		$	11,525		$	11,595		$	11,659
Multi-family mortgage		1,433			6,576			6,596			1,751			—
Total commercial real estate loans		2,420			17,418			18,121			13,346			11,659

Commercial		8,687			7,415			14,676			15,734			16,636
Equipment financing		46,067			32,975			31,509			37,223			27,128
Total commercial loans and leases		54,754			40,390			46,185			52,957			43,764

Residential mortgage		3,572			3,962			3,999			3,862			4,495
Home equity		1,561			1,333			1,043			1,076			790
Other consumer		1			1			1			1			1
Total consumer loans		5,134			5,296			5,043			4,939			5,286

Total nonaccrual loans and leases		62,308			63,104			69,349			71,242			60,709

Other real estate owned		700			700			700			780			780
Other repossessed assets		588			217			403			799			1,194
Total nonperforming assets	$	63,596		$	64,021		$	70,452		$	72,821		$	62,683

Loans and leases past due greater than 90 days and still accruing	$	24,899		$	3,009		$	811		$	16,091		$	4,994

Nonperforming loans and leases as a percentage of total loans and leases		0.65	%		0.65	%		0.71	%		0.73	%		0.62	%
Nonperforming assets as a percentage of total assets		0.55	%		0.56	%		0.59	%		0.62	%		0.54	%

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
Allowance for loan and lease losses at beginning of period	$	124,145		$	125,083		$	127,316		$	121,750		$	120,124
Charge-offs		(5,601	)		(9,073	)		(8,414	)		(4,183	)		(8,823	)
Recoveries		474			1,476			1,162			375			436
Net charge-offs		(5,127	)		(7,597	)		(7,252	)		(3,808	)		(8,387	)
Provision for loan and lease losses excluding unfunded commitments *		7,707			6,659			5,019			9,374			10,013
Allowance for loan and lease losses at end of period	$	126,725		$	124,145		$	125,083		$	127,316		$	121,750

Allowance for loan and lease losses as a percentage of total loans and leases		1.32	%		1.29	%		1.28	%		1.31	%		1.25	%

NET CHARGE-OFFS:
Commercial real estate loans	$	3,524		$	—		$	—		$	—		$	3,819
Commercial loans and leases		1,640			7,647			7,257			3,797			4,571
Consumer loans		(37	)		(50	)		(5	)		11			(3	)
Total net charge-offs	$	5,127		$	7,597		$	7,252		$	3,808		$	8,387

Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.21	%		0.31	%		0.30	%		0.16	%		0.35	%

*Provision for loan and lease losses does not include (credit) provision of $(0.7 million), $(0.7 million), $(0.9 million), $(4.5 million), and $(4.4 million) for credit losses on unfunded commitments during the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
	Three Months Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Balance		Interest (1)		Average Yield/ Cost			Average Balance		Interest (1)		Average Yield/ Cost			Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	874,212	$	6,752		3.09	%	$	888,913	$	6,814		3.07	%	$	846,469	$	6,510		3.08	%
Restricted equity securities (2)		65,724		1,062		6.46	%		69,784		1,204		6.90	%		71,696		1,375		7.67	%
Short-term investments		215,982		2,386		4.42	%		202,953		2,451		4.83	%		143,800		1,914		5.33	%
Total investments		1,155,918		10,200		3.53	%		1,161,650		10,469		3.60	%		1,061,965		9,799		3.69	%
Loans and Leases:
Commercial real estate loans (3)		5,533,208		77,136		5.51	%		5,651,390		77,243		5.47	%		5,754,901		81,565		5.61	%
Commercial loans (3)		1,286,908		20,757		6.38	%		1,237,078		19,698		6.37	%		1,069,154		17,672		6.54	%
Equipment financing (3)		1,240,128		25,069		8.09	%		1,281,425		25,965		8.11	%		1,374,217		26,255		7.64	%
Consumer loans (3)		1,556,254		21,437		5.51	%		1,548,973		20,861		5.41	%		1,488,587		20,291		5.46	%
Total loans and leases		9,616,498		144,399		6.01	%		9,718,866		143,767		5.92	%		9,686,859		145,783		6.02	%
Total interest-earning assets		10,772,416		154,599		5.74	%		10,880,516		154,236		5.67	%		10,748,824		155,582		5.79	%
Non-interest-earning assets		630,518							662,814							704,570
Total assets	$	11,402,934						$	11,543,330						$	11,453,394

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	637,786		1,034		0.65	%	$	628,346		1,005		0.65	%	$	659,351		1,111		0.68	%
Savings accounts		1,780,838		10,692		2.41	%		1,743,688		10,173		2.37	%		1,731,388		11,874		2.76	%
Money market accounts		2,189,373		13,990		2.56	%		2,187,581		13,587		2.52	%		2,026,780		15,520		3.08	%
Certificates of deposit		1,879,749		18,437		3.93	%		1,886,386		19,593		4.21	%		1,699,510		18,717		4.43	%
Brokered deposit accounts		748,205		8,529		4.57	%		767,275		9,120		4.82	%		958,146		12,499		5.25	%
Total interest-bearing deposits		7,235,951		52,682		2.92	%		7,213,276		53,478		3.01	%		7,075,175		59,721		3.39	%
Borrowings
Advances from the FHLB		904,399		10,422		4.56	%		1,007,508		11,847		4.70	%		1,049,609		12,894		4.86	%
Subordinated debentures and notes		84,380		1,718		8.14	%		84,345		1,701		8.07	%		84,241		1,375		6.53	%
Other borrowed funds		46,086		565		4.93	%		71,462		872		4.95	%		103,753		1,364		5.29	%
Total borrowings		1,034,865		12,705		4.86	%		1,163,315		14,420		4.96	%		1,237,603		15,633		5.00	%
Total interest-bearing liabilities		8,270,816		65,387		3.17	%		8,376,591		67,898		3.29	%		8,312,778		75,354		3.65	%
Non-interest-bearing liabilities:
Demand checking accounts		1,654,594							1,680,527							1,646,869
Other non-interest-bearing liabilities		225,469							251,011							300,362
Total liabilities		10,150,879							10,308,129							10,260,009
Stockholders' equity		1,252,055							1,235,201							1,193,385
Total liabilities and equity	$	11,402,934						$	11,543,330						$	11,453,394
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				89,212		2.57	%				86,338		2.38	%				80,228		2.14	%
Less adjustment of tax-exempt income				527							508							227
Net interest income			$	88,685						$	85,830						$	80,001
Net interest margin (5)						3.32	%						3.22	%						3.00	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
	Six Months Ended
	June 30, 2025							June 30, 2024
	Average Balance		Interest (1)		Average Yield/ Cost			Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	881,522	$	13,566		3.08	%	$	869,848	$	13,437		3.09	%
Restricted equity securities (2)		67,743		2,266		6.69	%		74,015		2,868		7.75	%
Short-term investments		209,503		4,837		4.62	%		137,284		3,738		5.45	%
Total investments		1,158,768		20,669		3.57	%		1,081,147		20,043		3.71	%
Loans and Leases:
Commercial real estate loans (3)		5,591,973		154,379		5.49	%		5,758,318		162,614		5.59	%
Commercial loans (3)		1,262,130		40,455		6.38	%		1,047,810		35,179		6.64	%
Equipment financing (3)		1,260,663		51,034		8.10	%		1,374,322		53,150		7.73	%
Consumer loans (3)		1,552,633		42,298		5.46	%		1,485,702		40,269		5.43	%
Total loans and leases		9,667,399		288,166		5.96	%		9,666,152		291,212		6.03	%
Total interest-earning assets		10,826,167		308,835		5.71	%		10,747,299		311,255		5.79	%
Non-interest-earning assets		646,577							684,343
Total assets	$	11,472,744						$	11,431,642

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	633,092		2,039		0.65	%	$	665,632		2,372		0.72	%
Savings accounts		1,762,366		20,865		2.39	%		1,712,804		23,226		2.73	%
Money market accounts		2,188,482		27,577		2.54	%		2,051,542		31,474		3.09	%
Certificates of deposit		1,883,049		38,030		4.07	%		1,661,814		35,389		4.28	%
Brokered deposit accounts		757,687		17,649		4.70	%		927,465		24,144		5.23	%
Total interest-bearing deposits		7,224,676		106,160		2.96	%		7,019,257		116,605		3.34	%
Borrowings
Advances from the FHLB		955,669		22,269		4.63	%		1,107,071		27,527		4.92	%
Subordinated debentures and notes		84,363		3,419		8.11	%		84,223		2,752		6.54	%
Other borrowed funds		58,704		1,437		4.94	%		98,406		2,341		4.78	%
Total borrowings		1,098,736		27,125		4.91	%		1,289,700		32,620		5.00	%
Total interest-bearing liabilities		8,323,412		133,285		3.23	%		8,308,957		149,225		3.61	%
Non-interest-bearing liabilities:
Demand checking accounts		1,667,489							1,635,690
Other non-interest-bearing liabilities		238,169							289,351
Total liabilities		10,229,070							10,233,998
Stockholders' equity		1,243,674							1,197,644
Total liabilities and equity	$	11,472,744						$	11,431,642
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				175,550		2.48	%				162,030		2.18	%
Less adjustment of tax-exempt income				1,035							441
Net interest income			$	174,515						$	161,589
Net interest margin (5)						3.27	%						3.03	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)
	At and for the Three Months Ended March 31,						At and for the Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation Table - Non-GAAP Financial Information	(Dollars in Thousands Except Share Data)						(Dollars in Thousands Except Share Data)

Reported Pretax Income	$	29,594		$	21,645		$	55,076		$	41,124
Add:
Merger and restructuring expense		439			823			1,410			823
Operating Pretax Income	$	30,033		$	22,468		$	56,486		$	41,947
Effective tax rate		25.3	%		24.4	%		24.8	%		24.5	%
Provision for income taxes		7,590			5,473			14,008			10,289
Operating earnings after tax	$	22,443		$	16,995		$	42,478		$	31,658

Operating earnings per common share:
Basic	$	0.25		$	0.19		$	0.48		$	0.36
Diluted	$	0.25		$	0.19		$	0.47		$	0.35

Weighted average common shares outstanding during the period:
Basic		89,104,605			88,904,692			89,104,060			88,899,635
Diluted		89,612,781			89,222,315			89,590,267			89,201,912

Return on average assets *		0.77	%		0.57	%		0.72	%		0.54	%
Add:
Merger and restructuring expense (after-tax) *		0.01	%		0.02	%		0.02	%		0.01	%
Operating return on average assets *		0.78	%		0.59	%		0.74	%		0.55	%

Return on average tangible assets *		0.79	%		0.59	%		0.73	%		0.56	%
Add:
Merger and restructuring expense (after-tax) *		0.01	%		0.02	%		0.02	%		0.01	%
Operating return on average tangible assets *		0.80	%		0.61	%		0.75	%		0.57	%


Return on average stockholders' equity *		7.04	%		5.49	%		6.61	%		5.18	%
Add:
Merger and restructuring expense (after-tax) *		0.10	%		0.21	%		0.17	%		0.10	%
Operating return on average stockholders' equity *		7.14	%		5.70	%		6.78	%		5.28	%


Return on average tangible stockholders' equity *		8.85	%		7.04	%		8.34	%		6.65	%
Add:
Merger and restructuring expense (after-tax) *		0.13	%		0.27	%		0.21	%		0.13	%
Operating return on average tangible stockholders' equity *		8.98	%		7.31	%		8.55	%		6.78	%

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

	At and for the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(Dollars in Thousands)

Net income, as reported	$	22,026		$	19,100		$	17,536		$	20,142		$	16,372

Average total assets	$	11,402,934		$	11,543,330		$	11,580,572		$	11,451,338		$	11,453,394
Less: Average goodwill and average identified intangible assets, net		256,508			257,941			259,496			261,188			262,859
Average tangible assets	$	11,146,426		$	11,285,389		$	11,321,076		$	11,190,150		$	11,190,535

Return on average tangible assets (annualized)		0.79	%		0.68	%		0.62	%		0.72	%		0.59	%

Average total stockholders' equity	$	1,252,055		$	1,235,201		$	1,232,527		$	1,216,037		$	1,193,385
Less: Average goodwill and average identified intangible assets, net		256,508			257,941			259,496			261,188			262,859
Average tangible stockholders' equity	$	995,547		$	977,260		$	973,031		$	954,849		$	930,526

Return on average tangible stockholders' equity (annualized)		8.85	%		7.82	%		7.21	%		8.44	%		7.04	%

Total stockholders' equity	$	1,254,171		$	1,240,182		$	1,221,939		$	1,230,362		$	1,198,480
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		14,600			16,030			17,461			19,162			20,830
Tangible stockholders' equity	$	998,349		$	982,930		$	963,256		$	969,978		$	936,428

Total assets	$	11,568,745		$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		14,600			16,030			17,461			19,162			20,830
Tangible assets	$	11,312,923		$	11,262,617		$	11,646,643		$	11,416,337		$	11,373,240

Tangible stockholders' equity to tangible assets		8.82	%		8.73	%		8.27	%		8.50	%		8.23	%

Tangible stockholders' equity	$	998,349		$	982,930		$	963,256		$	969,978		$	936,428

Number of common shares issued		96,998,075			96,998,075			96,998,075			96,998,075			96,998,075
Less:
Treasury shares		7,039,136			7,037,610			7,019,384			7,015,843			7,373,009
Unvested restricted shares		854,334			855,860			880,248			883,789			713,443
Number of common shares outstanding		89,104,605			89,104,605			89,098,443			89,098,443			88,911,623

Tangible book value per common share	$	11.20		$	11.03		$	10.81		$	10.89		$	10.53

PDF available: http://ml.globenewswire.com/Resource/Download/713b7b8a-a804-4b26-a467-f10b0d266b1b

Brookline Bancorp Announces Second Quarter Results