Eastern Bankshares Inc

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

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FY2023 · Filed Feb 26, 2024

EBC$23.35+2.2%Stored close · as of Nov 9, 2026

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Contents

Consolidated Balance Sheets

	As of December 31,
(In thousands, except per share data)	2023	2022
ASSETS
Cash and due from banks	$87,233	$106,040
Short-term investments	605,843	63,465
Cash and cash equivalents	693,076	169,505
Securities:
Available for sale (amortized cost $5,161,904 and $7,825,435, respectively)	4,407,521	6,690,778
Held to maturity (fair value $404,822 and $423,226, respectively)	449,721	476,647
Total securities	4,857,242	7,167,425
Loans held for sale	1,124	4,543
Loans:
Commercial and industrial	3,034,068	3,150,946
Commercial real estate	5,457,349	5,155,323
Commercial construction	386,999	336,276
Business banking	1,085,763	1,090,492
Residential real estate	2,565,485	2,460,849
Consumer home equity	1,208,231	1,187,547
Other consumer	235,533	194,098
Total loans	13,973,428	13,575,531
Allowance for loan losses	(148,993)	(142,211)
Unamortized premiums, net of unearned discounts and deferred fees, net of costs	(25,068)	(13,003)
Net loans	13,799,367	13,420,317
Federal Home Loan Bank stock, at cost	5,904	41,363
Premises and equipment	60,133	62,493
Bank-owned life insurance	164,702	160,790
Goodwill and other intangibles, net	566,205	568,009
Deferred income taxes, net	266,185	331,963
Prepaid expenses	183,073	165,368
Other assets	536,267	426,863
Assets of discontinued operations	—	128,219
Total assets	$21,133,278	$22,646,858
LIABILITIES AND EQUITY
Deposits:
Demand	$5,162,218	$6,240,637
Interest checking accounts	3,737,361	4,568,122
Savings accounts	1,323,126	1,831,123
Money market investment	4,664,475	4,710,095
Certificates of deposit	2,709,037	1,624,382
Total deposits	17,596,217	18,974,359
Borrowed funds:
Short-term Federal Home Loan Bank advances	95	691,297
Escrow deposits of borrowers	21,978	22,314
Interest rate swap collateral funds	8,500	14,430
Long-term Federal Home Loan Bank advances	17,643	12,787
Total borrowed funds	48,216	740,828
Other liabilities	513,990	424,951
Liabilities of discontinued operations	—	34,930
Total liabilities	18,158,423	20,175,068
Commitments and contingencies (see Note 17)	—	—
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized; 176,426,993 and 176,172,073 shares issued and outstanding at December 31, 2023 and 2022, respectively	1,767	1,762
Additional paid in capital	1,666,441	1,649,141
Unallocated common shares held by the Employee Stock Ownership Plan	(132,755)	(137,696)
Retained earnings	2,047,754	1,881,775
Accumulated other comprehensive income, net of tax	(608,352)	(923,192)
Total shareholders’ equity	2,974,855	2,471,790
Total liabilities and shareholders’ equity	$21,133,278	$22,646,858

	For the Year Ended December 31,
	2023	2022	2021
(In thousands, except per share data)
Interest and dividend income:
Interest and fees on loans	$652,095	$476,041	$367,585
Taxable interest and dividends on available for sale securities	101,233	118,690	58,312
Non-taxable interest and dividends on available for sale securities	5,736	7,179	7,376
Interest on federal funds sold and other short-term investments	37,395	3,271	1,886
Total interest and dividend income	796,459	605,181	435,159
Interest expense:
Interest on deposits	226,075	28,621	5,167
Interest on borrowings	19,975	8,506	165
Total interest expense	246,050	37,127	5,332
Net interest income	550,409	568,054	429,827
Provision for (release of) allowance for loan losses	20,052	17,925	(9,686)
Net interest income after provision for (release of) allowance for loan losses	530,357	550,129	439,513
Noninterest (loss) income:
Service charges on deposit accounts	28,631	30,392	24,271
Trust and investment advisory fees	24,264	23,593	24,588
Debit card processing fees	13,469	12,644	12,118
Interest rate swap income	1,536	6,009	5,634
Income (losses) from investments held in rabbi trusts	9,305	(10,762)	10,217
Losses on sale of commercial and industrial loans	(2,738)	—	—
(Losses) gains on sales of mortgage loans held for sale, net	(507)	248	3,605
(Losses) gains on sales of securities available for sale, net	(333,170)	(3,157)	1,166
Other	21,457	17,783	15,838
Total noninterest (loss) income	(237,753)	76,750	97,437
Noninterest expense:
Salaries and employee benefits	253,037	233,097	227,624
Office occupancy and equipment	35,992	37,445	37,261
Data processing	55,308	52,938	46,415
Professional services	17,385	15,805	21,283
Marketing	7,592	9,294	8,500
Loan expenses	4,466	6,384	9,114
FDIC insurance	21,874	6,250	4,226
Amortization of core deposit intangible asset	1,804	1,198	219
Other	21,144	26,238	6,313
Total noninterest expense	418,602	388,649	360,955
(Loss) income from continuing operations before income tax expense	(125,998)	238,230	175,995
Income tax (benefit) expense	(63,309)	51,719	30,464
Net (loss) income from continuing operations	$(62,689)	$186,511	$145,531
Net income from discontinued operations	294,866	13,248	9,134
Net income	$232,177	$199,759	$154,665
Basic earnings per share
Basic (loss) earnings per share from continuing operations	$(0.39)	$1.13	$0.85
Basic earnings per share from discontinued operations	1.82	0.08	0.05
Basic earnings per share	$1.43	$1.21	$0.90
Diluted earnings per share:
Diluted (loss) earnings per share from continuing operations	$(0.39)	$1.13	$0.85
Diluted earnings per share from discontinued operations	1.82	0.08	0.05
Diluted earnings per share	$1.43	$1.21	$0.90

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