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BrooklineBancorp , Inc. Brookline Bancorp Announces First Quarter Results Net Income of $ 26.5 million , EPS of $ 0.34 Quarterly Dividend Increase of 4.3 % BOSTON , MA -- April 28 , 2021 -- Brookline Bancorp , Inc. ( NASDAQ : BRKL ) ( the “ Company ” ) today announced net income of $ 26.5 million , or $ 0.34 per basic and diluted share , for the first quarter of 2021 , compared to net income of $ 26.7 million , or $ 0.34 per basic and diluted share , for the fourth quarter of 2020 , and net loss of $ ( 17.3 ) million , or $ ( 0.22 ) per basic and diluted share , for the first quarter of 2020 . " Our Company's solid performance continued in the first quarter and I am pleased to announce an increase in our dividend to $ 0.12 per share , ” Paul Perrault , President and Chief Executive Officer of the Company continued , " We are proud of the work that our employees have done in supporting our customers and communities over the past year and we look forward to a continued strong performance for the remainder of the year . " BALANCE SHEET Total assets at March 31 , 2021 decreased $ 382.6 million to $ 8.6 billion from $ 8.9 billion at December 31 , 2020 , and increased $ 98.2 million from $ 8.5 billion at March 31 , 2020. At March 31 , 2021 , total loans and leases were $ 7.3 billion , representing a decrease of $ 2.0 million from December 31 , 2020 , and an increase of $ 445.0 million from March 31 , 2020 . On December 27 , 2020 , the Economic Aid to Hard - Hit Small Businesses , Nonprofits , and Venues Act ( the " Economic Aid Act " ) was signed into law . The Economic Aid Act created a new round of Paycheck Protection Program ( " PPP " ) loans administered by the Small Business Administration ( " SBA " ) . The Company participated in the new round of PPP lending and , as of March 31 , 2021 , has funded 1,342 PPP loans totaling $ 249.5 million . The Company funded 2,922 PPP loans totaling $ 581.7 million in the first two rounds of PPP funding which closed on August 8 , 2020 , of which $ 355.3 million remains outstanding , net of deferred fees and costs , at March 31 , 2021 . Total investment securities at March 31 , 2021 decreased $ 15.9 million to $ 730.4 million from $ 746.3 million at December 31 , 2020 , and decreased $ 33.7 million from $ 764.1 million at March 31 , 2020. Total cash and cash equivalents at March 31 , 2021 decreased $ 304.0 million to $ 130.9 million from $ 434.9 million at December 31 , 2020 , and decreased $ 209.8 million from $ 340.8 million at March 31 , 2020. As of March 31 , 2021 , total investment securities and total cash and cash equivalents represented 10.1 percent of total assets as compared to 13.2 percent and 13.1 percent as of December 31 , 2020 and March 31 , 2020 , respectively . Total deposits at March 31 , 2021 decreased $ 43.9 million to $ 6.87 billion from $ 6.91 billion at December 31 , 2020 and increased $ 1.0 billion from $ 5.9 billion at March 31 , 2020 . Total borrowed funds at March 31 , 2021 decreased $ 274.2 million to $ 546.0 million from $ 820.2 million at December 31 , 2020 and decreased $ 745.8 million from $ 1.3 billion at March 31 , 2020 . The ratio of stockholders ' equity to total assets was 11.04 percent at March 31 , 2021 , as compared to 10.53 percent at December 31 , 2020 , and 10.78 percent at March 31 , 2020. The ratio of tangible stockholders ' equity to tangible assets ( non - GAAP ) was 9.31 percent at March 31 , 2021 , as compared to 8.86 percent at December 31 , 2020 , and 9.02 percent at March 31 , 2020. Tangible book value per share ( non - GAAP ) increased $ 0.05 from $ 9.96 at December 31 , 2020 to $ 10.01 at March 31 , 2021 , compared to $ 9.49 at March 31 , 2020 . NET INTEREST INCOME Net interest income increased $ 0.9 million to $ 69.1 million during the first quarter of 2021 from $ 68.2 million at the quarter ended December 31 , 2020. The net interest margin increased 16 basis points to 3.39 percent for the three months ended March 31 , 2021 from 3.23 percent for the three months ended December 31 , 2020 .