Eastern Bankshares Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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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.
Sep 30, 2024 · Filed Nov 7, 2024
EBC$23.10-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Operating activities | ||
| Net income (loss) from continuing operations | $58,790 | $(94,198) |
| Net income from discontinued operations | — | 7,872 |
| Net income (loss) | 58,790 | (86,326) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
| Provision for allowance for loan losses | 60,560 | 14,854 |
| Depreciation and amortization | 17,011 | 9,041 |
| (Accretion) amortization of deferred loan fees and premiums, net | (3,545) | 4,394 |
| Deferred income tax expense (benefit) | 19,013 | (96,622) |
| Amortization of investment security premiums and discounts, net | 3,421 | 5,123 |
| Right-of-use asset amortization | 8,183 | 8,191 |
| Share-based compensation | 13,576 | 11,387 |
| Increase in cash surrender value of bank-owned life insurance | (3,257) | (2,910) |
| Loss on sale of securities available for sale, net | 7,557 | 333,170 |
| Net loss on bank premises and equipment | 3,222 | — |
| Impairment of right-of-use asset | 2,733 | 395 |
| Employee Stock Ownership Plan expense | 5,256 | 5,480 |
| Realized loss on sales of commercial loans (1) | — | 2,505 |
| Other | (21) | 92 |
| Change in: | ||
| Loans held for sale | (848) | 2,881 |
| Prepaid pension expense | 840 | 3,607 |
| Other assets | (4,722) | (2,197) |
| Other liabilities | 7,348 | (8,532) |
| Net cash provided by operating activities - continuing operations | 195,117 | 196,661 |
| Net cash provided by operating activities - discontinued operations | — | 12,271 |
| Net cash provided by operating activities | 195,117 | 208,932 |
| Investing activities | ||
| Proceeds from sales of securities available for sale | 955,305 | 1,899,724 |
| Proceeds from maturities and principal paydowns of securities available for sale | 282,910 | 329,795 |
| Proceeds from maturities and principal paydowns of securities held to maturity | 22,595 | 21,106 |
| Proceeds from sale of Federal Home Loan Bank stock | 30,906 | 239,565 |
| Purchases of Federal Home Loan Bank stock | (3,612) | (235,327) |
| Contributions to low income housing tax credit investments | (49,813) | (26,916) |
| Contributions to other equity investments | (1,005) | (720) |
| Distributions from other equity investments | 264 | 253 |
| Net increase in outstanding loans, excluding loan purchases | (164,940) | (524,790) |
| Net cash acquired in business combination | 24,879 | — |
| Proceeds from sales of commercial loans | — | 189,296 |
| Purchases of loans | — | (31,980) |
| Purchased banking premises and equipment | (8,241) | (4,290) |
| Net cash provided by investing activities - continuing operations | 1,089,248 | 1,855,716 |
| Net cash used in investing activities - discontinued operations | — | (47) |
| Net cash provided by investing activities | 1,089,248 | 1,855,669 |
| Financing activities | ||
| Net decrease in demand, savings, interest checking, and money market investment deposit accounts | (670,359) | (2,398,397) |
| Net increase in time deposits | 417,279 | 848,207 |
| Net decrease in borrowed funds (2) | (763,032) | (25,456) |
| Payments for repurchase of common stock | (12,628) | — |
| Stock issuance costs | (941) | — |
| Dividends declared and paid to common shareholders | (58,284) | (48,691) |
| Net cash used in financing activities - continuing operations | (1,087,965) | (1,624,337) |
| Net cash used in financing activities - discontinued operations | — | (961) |
| Net cash used in financing activities | (1,087,965) | (1,625,298) |
| Nine Months Ended September 30, | ||
|---|---|---|
| Net increase in cash, cash equivalents, and restricted cash | 196,400 | 439,303 |
| Cash, cash equivalents, and restricted cash at beginning of period | 693,076 | 169,505 |
| Cash, cash equivalents, and restricted cash at end of period | $889,476 | $608,808 |
| Supplemental disclosure of cash flow information | ||
|---|---|---|
| Cash paid during the period for: | ||
| Interest paid on deposits and borrowings | $234,721 | $165,700 |
| Income taxes | 19,268 | 23,637 |
| Non-cash activities | ||
| Net increase in capital commitments relating to low income housing tax credit projects | $8,963 | $102,001 |
| Net increase (decrease) in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications | 3,243 | (4,890) |
(1)Excludes the mark-to-market adjustment related to one commercial and industrial loan transferred to held for sale during the nine months ended September 30, 2023 which is included in the change in loans held for sale.
(2)Includes the repayment of FHLB advances assumed in connection with the Company’s merger with Cambridge Bancorp.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.