Brookline Bancorp Announces 2nd Quarter Results.

BOSTON: Brookline Bancorp, Inc. (NASDAQ: BRKL) (the "Company") today announced net income of $21.9 million, or $0.25 per basic and diluted share, for the second quarter of 2023, compared to net income of $7.6 million, or $0.09 per basic and diluted share, for the first quarter of 2023, and net income of $25.2 million, or $0.33 per basic and diluted share, for the second quarter of 2022.

"I am pleased to report on our consistent performance in the second quarter," Chairman and CEO Paul Perrault commented on the Company's earnings. "Core deposits increased from the prior quarter and our bankers continue to demonstrate our culture by providing excellent customer service to our clients, which contributes to the continued growth of our Company."

BALANCE SHEET

Total assets at June 30, 2023 decreased $0.3 billion to $11.2 billion from $11.5 billion at March 31, 2023, and increased $2.7 billion from $8.5 billion at June 30, 2022. At June 30, 2023, total loans and leases were $9.3 billion, representing an increase of $0.1 billion from March 31, 2023, and an increase of $2.0 billion from June 30, 2022. The loan portfolio grew $0.1 billion in the second quarter compared to growth of $1.6 billion in the first quarter, primarily driven by the completion of the acquisition of PCSB Financial Corporation ("PCSB").

Total investment securities at June 30, 2023 decreased $156.8 million to $910.2 million from $1.1 billion at March 31, 2023, and increased $192.4 million from $717.8 million at June 30, 2022. Total cash and cash equivalents at June 30, 2023 decreased $261.9 million to $224.4 million from $486.3 million at March 31, 2023, and increased $134.1 million from $90.3 million at June 30, 2022. As of June 30, 2023, total investment securities and total cash and cash equivalents represented 10.1 percent of total assets compared to 13.5 percent and 9.5 percent as of March 31, 2023 and June 30, 2022, respectively.

Total deposits at June 30, 2023 increased $60.6 million to $8.52 billion from $8.46 billion at March 31, 2023, consisting of a $110.1 million increase in core deposits (which include demand checking, NOW, money market and savings accounts) and certificate of deposit accounts, partially offset by a $49.5 million decrease in brokered deposits, and increased $1.6 billion from $6.9 billion at June 30, 2022, primarily driven by the completion of the PCSB acquisition.

Total borrowed funds at June 30, 2023 decreased $403.8 million to $1.2 billion from...