Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Brookline Bancorp (Nasdaq: BRKL) dropped 10% in intraday trading today after announcing first-quarter results and an acquisition agreement.

So what: First-quarter EPS of $0.12 met the consensus estimate and was up from $0.11 in the year-ago quarter. Brookline has agreed to acquire Bancorp Rhode Island (Nasdaq: BARI) and its BankRI unit for about $234 million in cash and stock.

Now what: The acquisition is expected to close in the fourth quarter and be accretive to EPS by approximately 25% percent in 2012. Bancorp Rhode Island shareholders will receive $48.25 in cash and/or shares for each share they hold, a whopping 57% premium to yesterday's closing price of $30.71. Despite Brookline management expectations that the deal will be accretive, shareholders are justified in questioning the acquisition premium.

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