Eastern Bankshares, Inc.

For the period ended Mar 31, 2025. Filed May 8, 2025.

About 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.

Mar 31, 2025 · Filed May 8, 2025

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

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Contents

Unaudited Consolidated Statements of Cash Flows

	Three Months Ended March 31,
(In thousands)	2025	2024
Operating activities
Net (loss) income	$(217,666)	$38,647
Adjustments to reconcile net income to net cash provided by operating activities
Provision for allowance for loan losses	6,600	7,451
Depreciation and amortization	10,489	3,332
(Accretion) amortization of deferred loan fees and premiums, net	(9,552)	2,380
Deferred income tax (benefit) expense	(64,905)	10,632
(Accretion) amortization of investment security discounts and premiums, net	(1,182)	1,091
Right-of-use asset amortization	3,193	2,752
Share-based compensation	4,752	3,589
Increase in cash surrender value of bank-owned life insurance	(1,383)	(1,032)
Loss on sale of securities available for sale	269,638	—
Employee Stock Ownership Plan expense	2,193	1,610
Other	154	330
Change in:
Loans held for sale	(103)	(1,050)
Prepaid pension expense	(1,336)	(444)
Other assets	64,276	1,224
Other liabilities	(17,847)	(37,946)
Net cash provided by operating activities	47,321	32,566
Investing activities
Proceeds from sales of securities available for sale	1,339,345	—
Proceeds from maturities and principal paydowns of securities available for sale	83,693	81,661
Purchases of securities available for sale	(1,330,852)	—
Proceeds from maturities and principal paydowns of securities held to maturity	5,621	5,987
Purchases of securities held to maturity	(18,000)	—
Proceeds from sale of Federal Home Loan Bank stock	9,352	3,638
Purchases of Federal Home Loan Bank stock	(12,711)	(3,613)
Contributions to low income housing tax credit investments	(9,227)	(11,817)
Contributions to other equity investments	(743)	(180)
Distributions from other equity investments	125	94
Net increase in outstanding loans	(146,144)	(117,074)
Purchased banking premises and equipment	(1,801)	(2,485)
Net cash used in investing activities	(81,342)	(43,789)
Financing activities
Net decrease in demand, savings, interest checking, and money market investment deposit accounts	(376,826)	(131,354)
Net (decrease) increase in time deposits	(145,412)	204,260
Net (decrease) increase in borrowed funds	(11,270)	2,148
Payments for repurchase of common stock	(46,456)	—
Dividends declared and paid to common shareholders	(24,092)	(17,889)
Net cash (used in) provided by financing activities	(604,056)	57,165
Net (decrease) increase in cash, cash equivalents, and restricted cash	(638,077)	45,942
Cash, cash equivalents, and restricted cash at beginning of period	1,006,880	693,076
Cash, cash equivalents, and restricted cash at end of period	$368,803	$739,018

Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest paid on deposits and borrowings	$68,784	$63,246
Income taxes	1,000	7,152
Non-cash activities
Net increase in capital commitments relating to low income housing tax credit projects	$—	$8,963
Net increase in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications	1,661	2,278

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.