Eastern Bankshares Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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, 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 (2) | — | — | — | (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 (3) | — | — | — | 822 | — | — | 822 | |
| Dividends to common shareholders (2) | — | — | — | (67,020) | — | — | (67,020) | |
| Issuance of restricted stock awards | 47,820 | 1 | (1) | — | — | — | — | |
| Issuance of common stock under share-based compensation arrangements (4) | 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 | |
| Dividends to common shareholders (2) | — | — | — | (82,812) | — | — | (82,812) | |
| Repurchased common stock | (1,744,824) | (17) | (27,666) | — | — | — | (27,683) | |
| Issuance of restricted stock awards | 56,352 | 1 | (1) | — | — | — | — | |
| Restricted stock awards cancelled (5) | (18,513) | (3) | (235) | — | — | — | (238) | |
| Issuance of common stock under share-based compensation arrangements (4) | 301,209 | 4 | (2,014) | — | — | — | (2,010) | |
| Share-based compensation | — | — | 19,269 | — | — | — | 19,269 | |
| Net income | — | — | — | 119,561 | — | — | 119,561 | |
| Other comprehensive income, net of tax | — | — | — | — | 24,023 | — | 24,023 | |
| ESOP shares committed to be released | — | — | 2,443 | — | — | 4,913 | 7,356 | |
| Merger consideration: | ||||||||
| Common stock issued for acquisition | 38,769,562 | 388 | 576,116 | — | — | — | 576,504 | |
| Stock issuance costs | — | — | (941) | — | — | — | (941) | |
| Cambridge Bancorp restricted share awards converted to restricted share awards of the Company upon merger close (6) | 118,693 | 1 | 1,052 | — | — | — | 1,053 | |
| Pre-merger service credit for restricted share units (7) | — | — | 3,030 | — | — | — | 3,030 | |
| Balance at December 31, 2024 | 213,909,472 | $2,141 | $2,237,494 | $2,084,503 | $(584,329) | $(127,842) | $3,611,967 | |
(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 5, “Loans and Allowance for Credit Losses” for additional discussion.
(2)The Company declared cumulative cash dividends of $0.45, $0.41, and $0.40 per share of common stock during the years ended December 31, 2024, 2023, and 2022, respectively.
(3)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 5, “Loans and Allowance for Credit Losses” for additional discussion.
(4)Represents shares issued, net of employee tax withheld, upon the vesting of restricted stock units. Refer to Note 16, “Share-Based Compensation” for additional discussion.
(5)Includes 15,487 restricted stock award shares cancelled upon vesting for employee payroll tax withholding and 3,026 restricted stock award shares cancelled upon forfeiture. Shares withheld relate to awards issued by Cambridge Bancorp to its employees which were converted to awards of the Company upon completion of the Company' merger with Cambridge Bancorp effective July 12, 2024 (“the merger”). Refer to Note 3, “Mergers and Acquisitions” within the Notes to the Unaudited Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K for additional discussion.
(6)The Company issued 118,693 restricted stock award shares with a fair value of $1.1 million aspart of the purchase consideration for the merger. Refer to Note 3, “Mergers and Acquisitions” for additional discussion.
(7)Represents credit for service for former employees of Cambridge Bancorp retained following the merger related to restricted share unit awards converted to Company restricted share units at the merger date of July 12, 2024. Refer to Note 3, “Mergers and Acquisitions”for additional discussion.
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