Eastern Bankshares, Inc.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
EBC$23.10-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| For the Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| Operating activities | |||
| Net income (loss) from continuing operations | $88,219 | $119,561 | $(62,689) |
| Net income from discontinued operations | — | — | 294,866 |
| Net income | 88,219 | 119,561 | 232,177 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Provision for allowance for loan losses | 26,200 | 67,380 | 20,052 |
| Depreciation and amortization | 46,942 | 27,030 | 12,295 |
| (Accretion) amortization of deferred loan fees and premiums, net | (48,374) | (13,557) | 6,445 |
| Deferred income tax (benefit) expense | (13,550) | 36,059 | (18,267) |
| (Accretion) amortization of investment security premiums and discounts, net | (7,268) | 4,539 | 6,281 |
| Right-of-use asset amortization | 16,584 | 11,277 | 11,348 |
| Share-based compensation | 16,906 | 19,269 | 16,047 |
| Increase in cash surrender value of bank-owned life insurance | (5,642) | (4,326) | (3,912) |
| Loss on sales of securities available for sale, net | 269,638 | 16,798 | 333,170 |
| Loss on right-of-use assets, net of gains from modifications | 3,592 | 4,685 | 395 |
| Employee Stock Ownership Plan expense | 8,390 | 7,356 | 7,129 |
| Net gain on sale of other equity investments | (1,584) | (9,291) | — |
| Other | (253) | 3,791 | 3,224 |
| Loans held for sale: | |||
| Proceeds from the sales of loans held for sale | 159,543 | 92,904 | 73,829 |
| Loans originated for sale, net of repayments | (141,306) | (93,072) | (48,807) |
| Change in: | |||
| Prepaid pension (benefit) expense | (5,259) | (10) | 4,260 |
| Other assets | 69,684 | (61,851) | (14,394) |
| Other liabilities | (50,042) | 55,294 | 39,035 |
| Net cash provided by operating activities - continuing operations | 432,420 | 283,836 | 385,441 |
| Net cash used in operating activities - discontinued operations | — | — | (123,749) |
| Net cash provided by operating activities | 432,420 | 283,836 | 261,692 |
| Investing activities | |||
| Proceeds from sales of securities available for sale | 1,635,613 | 1,071,021 | 1,899,724 |
| Proceeds from maturities and principal paydowns of securities available for sale | 465,394 | 373,017 | 423,885 |
| Purchases of securities available for sale | (1,429,952) | (199,527) | — |
| Proceeds from maturities and principal paydowns of securities held to maturity | 25,781 | 29,439 | 27,397 |
| Purchases of securities held to maturity | (202,373) | — | — |
| Proceeds from sale of Federal Home Loan Bank stock | 42,885 | 30,906 | 286,309 |
| Purchases of Federal Home Loan Bank stock | (26,117) | (3,612) | (250,850) |
| Contributions to low income housing tax credit investments | (59,349) | (68,555) | (36,939) |
| Contributions to other equity investments | (1,698) | (1,005) | (720) |
| Distributions from other equity investments | 5,437 | 387 | 362 |
| Proceeds from sale of other equity investment | 1,944 | 9,958 | — |
| Net increase in outstanding loans | (802,374) | (209,088) | (429,268) |
| Net cash (paid) acquired in business combination | (1,412) | 24,879 | — |
| Purchased banking premises and equipment | (19,434) | (13,539) | (8,140) |
| Proceeds from sale of bank premises and equipment | — | 15,116 | — |
| Proceeds from life insurance policies | 1,634 | — | — |
| Net cash (used in) provided by investing activities - continuing operations | (364,021) | 1,059,397 | 1,911,760 |
| Net cash provided by investing activities - discontinued operations | — | — | 488,505 |
| Net cash (used in) provided by investing activities | (364,021) | 1,059,397 | 2,400,265 |
| Financing activities | |||
| Net increase (decrease) in demand, savings, interest checking, and money market investment deposit accounts | 10,353 | (384,720) | (2,463,133) |
| Net (decrease) increase in time deposits | (192,104) | 208,515 | 1,084,655 |
| Net decrease in borrowed funds (1) | (369,344) | (742,059) | (692,276) |
| Payments for repurchases of common stock | (106,589) | (27,683) | — |
| Proceeds from the exercise of stock options | 5,113 | — | — |
|---|---|---|---|
| Stock issuance costs | (122) | (941) | — |
| Dividends declared and paid to common shareholders | (105,717) | (82,541) | (66,671) |
| Net cash used in financing activities - continuing operations | (758,410) | (1,029,429) | (2,137,425) |
| Net cash used in financing activities - discontinued operations | — | — | (961) |
| Net cash used in financing activities | (758,410) | (1,029,429) | (2,138,386) |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (690,011) | 313,804 | 523,571 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,006,880 | 693,076 | 169,505 |
| Cash, cash equivalents, and restricted cash at end of period | $316,869 | $1,006,880 | $693,076 |
| Supplemental disclosure of cash flow information | |||
| Cash paid during the period for: | |||
| Interest paid on deposits and borrowings | $333,260 | $316,128 | $231,765 |
| Income taxes (refunded) paid | (2,514) | 18,786 | 65,921 |
| Non-cash activities | |||
| Capital commitments relating to low income housing tax credit projects | $23,796 | $8,963 | $102,001 |
| Net increase (decrease) in operating lease right of use assets and operating lease liabilities relating to lease remeasurements/modifications | 2,362 | 5,492 | (3,881) |
(1)Includes the repayment of FHLB advances assumed in connection with the Company’s mergers with HarborOne and Cambridge for the years ended December 31, 2025 and 2024, respectively.
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