Eastern Bankshares Inc

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 27, 2025

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)	2024	2023
ASSETS
Cash and due from banks	$92,590	$87,233
Short-term investments	914,290	605,843
Cash and cash equivalents	1,006,880	693,076
Securities:
Available for sale (amortized cost $4,778,644 and $5,161,904, respectively)	4,021,598	4,407,521
Held to maturity (fair value $371,724 and $404,822, respectively)	420,715	449,721
Total securities	4,442,313	4,857,242
Loans held for sale	372	1,124
Total loans	18,079,084	13,973,428
Allowance for loan losses	(228,952)	(148,993)
Unearned discounts and deferred fees, net	(300,730)	(25,068)
Net loans	17,549,402	13,799,367
Federal Home Loan Bank stock, at cost	5,865	5,904
Premises and equipment	66,641	60,133
Bank-owned life insurance	204,704	164,702
Goodwill and other intangibles, net	1,050,158	566,205
Deferred income taxes, net	332,128	266,185
Prepaid expenses	231,944	183,073
Other assets	667,473	536,267
Total assets	$25,557,880	$21,133,278
LIABILITIES AND EQUITY
Deposits:
Demand	$5,992,082	$5,162,218
Interest checking accounts	4,606,250	3,737,361
Savings accounts	1,620,602	1,323,126
Money market investment	5,736,362	4,664,475
Certificates of deposit	3,336,323	2,709,037
Total deposits	21,291,619	17,596,217
Borrowed funds:
Escrow deposits of borrowers	27,721	21,978
Interest rate swap collateral funds	48,590	8,500
Federal Home Loan Bank advances	17,589	17,738
Total borrowed funds	93,900	48,216
Other liabilities	560,394	513,990
Total liabilities	21,945,913	18,158,423
Commitments and contingencies (see Note 17)	—	—
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized; 213,909,472 and 176,426,993 shares issued and outstanding at December 31, 2024 and 2023, respectively	2,141	1,767
Additional paid in capital	2,237,494	1,666,441
Unallocated common shares held by the Employee Stock Ownership Plan	(127,842)	(132,755)
Retained earnings	2,084,503	2,047,754
Accumulated other comprehensive income, net of tax	(584,329)	(608,352)
Total shareholders’ equity	3,611,967	2,974,855
Total liabilities and shareholders’ equity	$25,557,880	$21,133,278

	For the Year Ended December 31,
	2024	2023	2022
(In thousands, except per share data)
Interest and dividend income:
Interest and fees on loans	$808,041	$652,095	$476,041
Taxable interest and dividends on securities	90,582	101,233	118,690
Non-taxable interest and dividends on securities	5,766	5,736	7,179
Interest on federal funds sold and other short-term investments	42,377	37,395	3,271
Total interest and dividend income	946,766	796,459	605,181
Interest expense:
Interest on deposits	337,367	226,075	28,621
Interest on borrowings	1,802	19,975	8,506
Total interest expense	339,169	246,050	37,127
Net interest income	607,597	550,409	568,054
Provision for allowance for loan losses	67,380	20,052	17,925
Net interest income after provision for allowance for loan losses	540,217	530,357	550,129
Noninterest income (loss):
Trust and investment advisory fees	46,126	24,264	23,593
Service charges on deposit accounts	32,004	28,631	30,392
Debit card processing fees	14,177	13,469	12,644
Interest rate swap income	2,819	1,536	6,009
Income (losses) from investments held in rabbi trusts	9,675	9,305	(10,762)
Losses on sale of commercial and industrial loans	—	(2,738)	—
(Losses) gains on sales of mortgage loans held for sale, net	(920)	(507)	248
Losses on sales of securities available for sale, net	(16,798)	(333,170)	(3,157)
Other	36,834	21,457	17,783
Total noninterest income (loss)	123,917	(237,753)	76,750
Noninterest expense:
Salaries and employee benefits	302,345	253,037	233,097
Office occupancy and equipment	46,515	35,992	37,445
Data processing	75,383	55,308	52,938
Professional services	20,073	17,385	15,805
Marketing	7,824	7,592	9,294
FDIC insurance	13,866	21,874	6,250
Amortization of other intangible assets	14,569	1,804	1,198
Other	27,793	25,610	32,622
Total noninterest expense	508,368	418,602	388,649
Income (loss) from continuing operations before income tax expense	155,766	(125,998)	238,230
Income tax expense (benefit)	36,205	(63,309)	51,719
Net income (loss) from continuing operations	$119,561	$(62,689)	$186,511
Net income from discontinued operations	—	294,866	13,248
Net income	$119,561	$232,177	$199,759
Basic earnings per share
Basic earnings (loss) per share from continuing operations	$0.66	$(0.39)	$1.13
Basic earnings per share from discontinued operations	—	1.82	0.08
Basic earnings per share	$0.66	$1.43	$1.21
Diluted earnings per share:
Diluted earnings (loss) per share from continuing operations	$0.66	$(0.39)	$1.13
Diluted earnings per share from discontinued operations	—	1.82	0.08
Diluted earnings per share	$0.66	$1.43	$1.21

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