Eastern Bankshares Inc
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Consolidated Statements of Changes in Shareholders’ Equity
Three Months Ended June 30, 2024 and 2023
| Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | RetainedEarnings | AccumulatedOtherComprehensiveLoss | Unallocated Common Stock Held by ESOP | Total | |
|---|---|---|---|---|---|---|---|
| (In thousands, except share data) | |||||||
| Balance at March 31, 2023 | 176,328,426 | $1,764 | $1,651,524 | $1,672,169 | $(609,864) | $(136,470) | $2,579,123 |
| Dividends to common shareholders (1) | — | — | — | (16,356) | — | — | (16,356) |
| Issuance of restricted stock awards | 47,820 | 1 | (1) | — | — | — | — |
| Issuance of common stock under share-based compensation arrangements | 429 | 1 | (2) | — | — | — | (1) |
| Share-based compensation | — | — | 4,668 | — | — | — | 4,668 |
| Net income | — | — | — | 48,657 | — | — | 48,657 |
| Other comprehensive loss, net of tax | — | — | — | — | (91,118) | — | (91,118) |
| ESOP shares committed to be released | — | — | 561 | — | — | 1,238 | 1,799 |
| Balance at June 30, 2023 | 176,376,675 | $1,766 | $1,656,750 | $1,704,470 | $(700,982) | $(135,232) | $2,526,772 |
| Balance at March 31, 2024 | 176,631,477 | $1,769 | $1,669,133 | $2,068,315 | $(654,874) | $(131,512) | $2,952,831 |
| Dividends to common shareholders (1) | — | — | — | (18,080) | — | — | (18,080) |
| Issuance of restricted stock awards | 56,352 | 1 | (1) | — | — | — | — |
| Issuance of common stock under share-based compensation arrangements | — | — | — | — | — | — | — |
| Share-based compensation | — | — | 4,242 | — | — | — | 4,242 |
| Net income | — | — | — | 26,331 | — | — | 26,331 |
| Other comprehensive income, net of tax | — | — | — | — | 584 | — | 584 |
| ESOP shares committed to be released | — | — | 348 | — | — | 1,217 | 1,565 |
| Balance at June 30, 2024 | 176,687,829 | $1,770 | $1,673,722 | $2,076,566 | $(654,290) | $(130,295) | $2,967,473 |
(1)The Company declared quarterly cash dividends of $0.11 and $0.10 per share of common stock during the three months ended June 30, 2024 and 2023, respectively.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Six Months Ended June 30, 2024 and 2023
| Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | RetainedEarnings | AccumulatedOtherComprehensive(Loss) Income | Unallocated Common Stock Held by ESOP | Total | |
|---|---|---|---|---|---|---|---|
| (In thousands, except share data) | |||||||
| 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 of accounting adjustment (2) | — | — | — | 822 | — | — | 822 |
| Dividends to common shareholders (1) | — | — | — | (32,688) | — | — | (32,688) |
| Issuance of restricted stock awards | 47,820 | 1 | (1) | — | — | — | — |
| Issuance of common stock under share-based compensation arrangements (3) | 156,782 | 3 | (1,167) | — | — | — | (1,164) |
| Share-based compensation | — | — | 7,712 | — | — | — | 7,712 |
| Net loss | — | — | — | (145,439) | — | — | (145,439) |
| Other comprehensive income, net of tax | — | — | — | — | 222,210 | — | 222,210 |
| ESOP shares committed to be released | — | — | 1,065 | — | — | 2,464 | 3,529 |
| Balance at June 30, 2023 | 176,376,675 | $1,766 | $1,656,750 | $1,704,470 | $(700,982) | $(135,232) | $2,526,772 |
| Balance at December 31, 2023 | 176,426,993 | $1,767 | $1,666,441 | $2,047,754 | $(608,352) | $(132,755) | $2,974,855 |
| Dividends to common shareholders (1) | — | — | — | (36,166) | — | — | (36,166) |
| Issuance of restricted stock awards | 56,352 | 1 | (1) | — | — | — | — |
| Issuance of common stock under share-based compensation arrangements (3) | 204,484 | 2 | (1,264) | — | — | — | (1,262) |
| Share-based compensation | — | — | 7,831 | — | — | — | 7,831 |
| Net income | — | — | — | 64,978 | — | — | 64,978 |
| Other comprehensive loss, net of tax | — | — | — | — | (45,938) | — | (45,938) |
| ESOP shares committed to be released | — | — | 715 | — | — | 2,460 | 3,175 |
| Balance at June 30, 2024 | 176,687,829 | $1,770 | $1,673,722 | $2,076,566 | $(654,290) | $(130,295) | $2,967,473 |
(1)The Company declared cumulative cash dividends of $0.22 and $0.20 per share of common stock during the six months ended June 30, 2024 and 2023, respectively.
(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” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
(3)Represents shares issued, net of employee tax withheld upon the vesting of restricted stock units. Refer to Note 8, “Employee Benefits” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.