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$23.10-1.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	For the Year Ended December 31,
(In thousands)	2024	2023	2022
Operating activities
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
Adjustments to reconcile net income to net cash provided by operating activities
Provision for allowance for loan losses	67,380	20,052	17,925
Depreciation and amortization	27,030	12,295	11,985
(Accretion) amortization of deferred loan fees and premiums, net	(13,557)	6,445	(1,441)
Deferred income tax expense (benefit)	36,059	(18,267)	5,262
Amortization of investment security premiums and discounts	4,539	6,281	18,274
Right-of-use asset amortization	11,277	11,348	11,432
Share-based compensation	19,269	16,047	10,507
Increase in cash surrender value of bank-owned life insurance	(4,326)	(3,912)	(3,699)
Loss on life insurance benefits	—	—	663
Loss on sales of securities available for sale, net	16,798	333,170	3,157
Net loss (gain) on bank premises and equipment	2,871	—	(1,412)
Net loss on lease right-of-use assets	4,685	395	593
Accretion of gains from terminated interest rate swaps	—	(46)	(10,193)
Employee Stock Ownership Plan expense	7,356	7,129	9,923
Realized loss on sales of commercial loans (1)	—	2,738	—
Proceeds from sale of commercial loan transferred to held for sale	—	22,126	—
Gain on sale of other equity investment	(9,291)	—	—
Other	(32)	25	17
Change in:
Loans held for sale	784	3,403	(3,354)
Prepaid pension (benefit) expense	(10)	4,260	4,338
Other assets	(61,851)	(14,394)	5,431
Other liabilities	55,294	39,035	(52,800)
Net cash provided by operating activities - continuing operations	283,836	385,441	213,119
Net cash (used in) provided by operating activities - discontinued operations	—	(123,749)	16,823
Net cash provided by operating activities	283,836	261,692	229,942
Investing activities
Proceeds from sales of securities available for sale	1,071,021	1,899,724	431,193
Proceeds from maturities and principal paydowns of securities available for sale	373,017	423,885	1,049,522
Purchases of securities available for sale	(199,527)	—	(740,770)
Proceeds from maturities and principal paydowns of securities held to maturity	29,439	27,397	17,399
Purchases of securities held to maturity	—	—	(493,678)
Proceeds from sale of Federal Home Loan Bank stock	30,906	286,309	63,715
Purchases of Federal Home Loan Bank stock	(3,612)	(250,850)	(94,174)
Contributions to low income housing tax credit investments	(68,555)	(36,939)	(19,487)
Contributions to other equity investments	(1,005)	(720)	(788)
Distributions from other equity investments	387	362	1,170
Proceeds from sale of other equity investment	9,958	—	—
Proceeds from life insurance policies	—	—	20,446
Net cash acquired in business combination	24,879	—	—
Net increase in outstanding loans, excluding loan purchases and sales	(209,088)	(586,584)	(926,255)
Proceeds from sales of commercial loans held for investment	—	189,296	—
Purchases of loans	—	(31,980)	(380,234)
Purchased banking premises and equipment	(13,539)	(8,140)	(8,627)
Proceeds from sale of bank premises and equipment	15,116	—	17,313
Net cash provided by (used in) investing activities - continuing operations	1,059,397	1,911,760	(1,063,255)
Net cash provided by (used in) investing activities - discontinued operations	—	488,505	(13,400)
Net cash provided by (used in) investing activities	1,059,397	2,400,265	(1,076,655)
Financing activities

Supplemental disclosure of cash flow information
Net decrease in demand, savings, interest checking, and money market investment deposit accounts	(386,830)	(2,462,797)	(1,751,953)
Net increase in time deposits	208,515	1,084,655	1,098,001
Net (decrease) increase in borrowed funds (2)	(739,949)	(692,612)	706,550
Payments for repurchases of common stock	(27,683)	—	(201,618)
Stock issuance costs	(941)	—	—
Dividends declared and paid to common shareholders	(82,541)	(66,671)	(65,886)
Net cash used in financing activities - continuing operations	(1,029,429)	(2,137,425)	(214,906)
Net cash used in financing activities - discontinued operations	—	(961)	(668)
Net cash used in financing activities	(1,029,429)	(2,138,386)	(215,574)
Net increase (decrease) in cash, cash equivalents, and restricted cash	313,804	523,571	(1,062,287)
Cash, cash equivalents, and restricted cash at beginning of period	693,076	169,505	1,231,792
Cash, cash equivalents, and restricted cash at end of period	$1,006,880	$693,076	$169,505
Cash paid during the period for:
Interest paid on deposits and borrowings	$316,128	$231,765	$35,241
Income taxes	18,786	65,921	41,751
Non-cash activities
Net increase in capital commitments relating to low income housing tax credit projects	$8,963	$102,001	$55,233
Net increase (decrease) in operating lease right of use assets and operating lease liabilities relating to lease remeasurements	5,492	(3,881)	(14,836)

(1)Excludes the mark-to-market adjustment related to one commercial and industrial loan transferred to held for sale during the year ended December 31, 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.

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