Eastern Bankshares Inc
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Changes in Shareholders' Equity
| Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | RetainedEarnings | AccumulatedOtherComprehensiveIncome (Loss) | Unallocated Common Stock Held by ESOP | Total | |
|---|---|---|---|---|---|---|---|
| (In thousands, except share data) | |||||||
| Balance at December 31, 2020 | 186,758,154 | $1,868 | $1,854,068 | $1,665,607 | $54,234 | $(147,725) | $3,428,052 |
| Dividends to common shareholders | — | — | — | (51,619) | — | — | (51,619) |
| Repurchased common stock | (1,135,878) | (12) | (23,212) | — | — | — | (23,224) |
| Issuance of restricted stock awards | 683,056 | 7 | (7) | — | — | — | — |
| Net income | — | — | — | 154,665 | — | — | 154,665 |
| Other comprehensive loss, net of tax | — | — | — | — | (110,930) | — | (110,930) |
| ESOP shares committed to be released | — | — | 4,392 | — | — | 5,016 | 9,408 |
| Balance at December 31, 2021 | 186,305,332 | 1,863 | 1,835,241 | 1,768,653 | (56,696) | (142,709) | 3,406,352 |
| Cumulative effect accounting adjustment (1) | — | — | — | (20,098) | — | — | (20,098) |
| Dividends to common shareholders | — | — | — | (66,539) | — | — | (66,539) |
| Repurchased common stock | (10,112,272) | (101) | (201,517) | — | — | — | (201,618) |
| Issuance of restricted stock awards | 31,559 | 1 | (1) | — | — | — | — |
| Unvested restricted stock awards forfeited and subsequently cancelled | (52,546) | (1) | 1 | — | |||
| Share-based compensation | — | — | 10,507 | — | — | — | 10,507 |
| Net income | — | — | — | 199,759 | — | — | 199,759 |
| Other comprehensive loss, net of tax | — | — | — | — | (866,496) | — | (866,496) |
| ESOP shares committed to be released | — | — | 4,910 | — | — | 5,013 | 9,923 |
| Balance at December 31, 2022 | 176,172,073 | 1,762 | 1,649,141 | 1,881,775 | (923,192) | (137,696) | 2,471,790 |
| Cumulative effect accounting adjustment (2) | — | — | — | 822 | — | — | 822 |
| Dividends to common shareholders | — | — | — | (67,020) | — | — | (67,020) |
| Issuance of restricted stock awards | 47,820 | 1 | (1) | — | — | — | — |
| Issuance of common stock under share-based compensation arrangements (3) | 207,100 | 4 | (1,400) | — | — | — | (1,396) |
| Share-based compensation | — | — | 16,513 | — | — | — | 16,513 |
| Net income | — | — | — | 232,177 | — | — | 232,177 |
| Other comprehensive income, net of tax | — | — | — | — | 314,840 | — | 314,840 |
| ESOP shares committed to be released | — | — | 2,188 | — | — | 4,941 | 7,129 |
| Balance at December 31, 2023 | 176,426,993 | $1,767 | $1,666,441 | $2,047,754 | $(608,352) | $(132,755) | $2,974,855 |
(1)Represents gross transition adjustment amount of $28.0 million, net of taxes of $7.9 million, to reflect the cumulative impact on retained earnings pursuant to the Company’s adoption of Accounting Standards Update 2016-13. Refer to Note 4, “Loans and Allowance for Credit Losses” for additional discussion.
(2)Represents gross transition adjustment amount of $1.1 million, net of taxes of $0.3 million, to reflect the cumulative impact on retained earnings pursuant to the Company’s adoption of Accounting Standards Update 2022-02. Refer to Note 4, “Loans and Allowance for Credit Losses” for additional discussion.
(3)Represents shares issued, net of employee tax withheld, during the year ended December 31, 2023 upon the vesting of restricted stock units. Refer to Note 16, “Share-Based Compensation” for additional discussion.
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