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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 10-Q
_____________________________________________
(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-39610
___________________________
Eastern Bankshares, Inc.
(Exact name of the registrant as specified in its charter)
___________________________
Massachusetts84-4199750
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
125 High Street, Boston, Massachusetts
02110
(Address of principal executive offices)(Zip Code)
(800) 327-8376
(Registrant’s telephone number, including area code)

__________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockEBCNasdaq Global Select Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.   ☒  Yes     ☐  No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
(Do not check if a smaller reporting company)Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐  Yes    ☐  No
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐  Yes    ☒  No
214,663,419 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of November 5, 2024.
1
Index
PAGE
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

3
PART I — FINANCIAL INFORMATION
Item 1. Unaudited Consolidated Financial Statements
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)September 30, 2024December 31, 2023
ASSETS
Cash and due from banks$98,299 $87,233 
Short-term investments791,177 605,843 
Cash and cash equivalents889,476 693,076 
Securities:
Available for sale (amortized cost $4,795,399 and $5,161,904, respectively)
4,163,352 4,407,521 
Held to maturity (fair value $393,088 and $404,822, respectively)
427,459 449,721 
Total securities4,590,811 4,857,242 
Loans held for sale1,993 1,124 
Total loans18,064,126 13,973,428 
Allowance for loan losses(253,821)(148,993)
Unearned discounts and deferred fees, net(308,243)(25,068)
Net loans17,502,062 13,799,367 
Federal Home Loan Bank stock, at cost5,865 5,904 
Premises and equipment78,776 60,133 
Bank-owned life insurance203,635 164,702 
Goodwill and other intangibles, net1,057,509 566,205 
Deferred income taxes, net319,206 266,185 
Prepaid expenses201,285 183,073 
Other assets656,569 536,267 
Total assets$25,507,187 $21,133,278 
LIABILITIES AND EQUITY
Deposits:
Demand$5,856,171 $5,162,218 
Interest checking accounts4,562,226 3,737,361 
Savings accounts1,681,093 1,323,126 
Money market investment5,572,277 4,664,475 
Certificates of deposit3,545,087 2,709,037 
Total deposits21,216,854 17,596,217 
Borrowed funds:
Escrow deposits of borrowers29,405 21,978 
Interest rate swap collateral funds24,070 8,500 
Federal Home Loan Bank advances17,342 17,738 
Total borrowed funds70,817 48,216 
Other liabilities548,378 513,990 
Total liabilities21,836,049 18,158,423 
Commitments and contingencies (see Note 12)
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 214,802,602 and 176,426,993 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
2,150 1,767 
Additional paid in capital2,246,134 1,666,441 
Unallocated common shares held by the Employee Stock Ownership Plan(129,077)(132,755)
Retained earnings2,048,042 2,047,754 
Accumulated other comprehensive income, net of tax(496,111)(608,352)
Total shareholders’ equity3,671,138 2,974,855 
Total liabilities and shareholders’ equity$25,507,187 $21,133,278 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF (LOSS) INCOME
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share data)2024202320242023
Interest and dividend income:
Interest and fees on loans$230,824 $169,274 $573,319 $483,676 
Taxable interest and dividends on securities22,421 24,191 68,518 77,451 
Non-taxable interest and dividends on securities1,444 1,434 4,320 4,302 
Interest on federal funds sold and other short-term investments11,329 7,269 29,848 27,384 
Total interest and dividend income266,018 202,168 676,005 592,813 
Interest expense:
Interest on deposits95,334 59,607 246,265 158,686 
Interest on borrowings829 5,356 1,336 17,025 
Total interest expense96,163 64,963 247,601 175,711 
Net interest income169,855 137,205 428,404 417,102 
Provision for allowance for loan losses46,983 7,328 60,560 14,854 
Net interest income after provision for allowance for loan losses122,872 129,877 367,844 402,248 
Noninterest income (loss):
Trust and investment advisory fees14,909 6,235 28,164 18,136 
Service charges on deposit accounts8,140 7,403 23,578 21,117 
Debit card processing fees3,806 3,388 10,575 10,071 
Interest rate swap income565 1,695 1,650 2,112 
Income (losses) from investments held in rabbi trusts3,591 (1,523)9,670 4,336 
Losses on sales of commercial and industrial loans— (2,651)— (2,651)
Losses on sales of mortgage loans held for sale, net(385)(164)(595)(288)
Losses on sales of securities available for sale, net— — (7,557)(333,170)
Other2,902 4,774 21,083 15,845 
Total noninterest income (loss)33,528 19,157 86,568 (264,492)
Noninterest expense:
Salaries and employee benefits93,759 60,898 223,448 185,264 
Office occupancy and equipment14,470 8,641 33,763 26,797 
Data processing19,504 13,443 54,003 38,555 
Professional services8,982 7,125 16,744 13,277 
Marketing expenses1,576 1,765 5,001 4,899 
FDIC insurance3,200 2,808 9,993 8,388 
Amortization of intangible assets6,210 504 7,218 1,299 
Other12,052 6,564 20,654 19,094 
Total noninterest expense159,753 101,748 370,824 297,573 
(Loss) income from continuing operations before income tax expense (benefit)(3,353)47,286 83,588 (159,817)
Income tax expense (benefit)2,835 (16,178)24,798 (65,619)
Net (loss) income from continuing operations$(6,188)$63,464 $58,790 $(94,198)
Net (loss) income from discontinued operations— (4,351)— 7,872 
Net (loss) income$(6,188)$59,113 $58,790 $(86,326)
Basic (loss) earnings per share:
Basic (loss) earnings per share from continuing operations$(0.03)$0.39 $0.34 $(0.58)
Basic (loss) earnings per share from discontinued operations— (0.03)— 0.05 
Basic (loss) earnings per share$(0.03)$0.36 $0.34 $(0.53)
Diluted (loss) earnings per share:
Diluted (loss) earnings per share from continuing operations$(0.03)$0.39 $0.34 $(0.58)
Diluted (loss) earnings per share from discontinued operations— (0.03)— 0.05 
Diluted (loss) earnings per share$(0.03)$0.36 $0.34 $(0.53)
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Net (loss) income$(6,188)$59,113 $58,790 $(86,326)
Other comprehensive income (loss), net of tax:
Net change in fair value of securities available for sale121,498 (117,260)93,545 116,285 
Net change in fair value of cash flow hedges37,197 (10,980)20,244 (21,573)
Net change in other comprehensive income for defined benefit postretirement plans
(516)(360)(1,548)(1,102)
Total other comprehensive income (loss)158,179 (128,600)112,241 93,610 
Total comprehensive income (loss)$151,991 $(69,487)$171,031 $7,284 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
6
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended September 30, 2024 and 2023

Shares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Loss		Unallocated Common Stock Held by ESOPTotal
(In thousands, except share data)
Balance at June 30, 2023176,376,675 $1,766 $1,656,750 $1,704,470 $(700,982)$(135,232)$2,526,772 
Dividends to common shareholders (1)
— — — (16,358)— — (16,358)
Share-based compensation— — 3,675 — — — 3,675 
Net income— — — 59,113 — — 59,113 
Other comprehensive loss, net of tax— — — — (128,600)— (128,600)
ESOP shares committed to be released— — 711 — — 1,240 1,951 
Balance at September 30, 2023176,376,675 $1,766 $1,661,136 $1,747,225 $(829,582)$(133,992)$2,446,553 
Balance at June 30, 2024176,687,829 $1,770 $1,673,722 $2,076,566 $(654,290)$(130,295)$2,967,473 
Dividends to common shareholders (1)
— — — (22,336)— — (22,336)
Repurchased common stock(836,399)(8)(12,620)— — — (12,628)
Restricted share awards cancelled (2)
(17,379)(2)(214)— — — (216)
Issuance of common shares under share-based compensation arrangements (3)
80,296 1 (619)— — — (618)
Share-based compensation— — 5,745 — — — 5,745 
Net loss— — — (6,188)— — (6,188)
Other comprehensive income, net of tax— — — — 158,179 — 158,179 
ESOP shares committed to be released— — 863 — — 1,218 2,081 
Merger consideration:
Common stock issued for merger38,769,562 388 576,116 — — — 576,504 
Stock issuance costs— — (941)— — — (941)
Cambridge Bancorp restricted share awards converted to restricted share awards of the Company at fair value (4)
118,693 1 1,052 — — — 1,053 
Pre-merger service credit for restricted share units (5)
— — 3,030 — — — 3,030 
Balance at September 30, 2024214,802,602 $2,150 $2,246,134 $2,048,042 $(496,111)$(129,077)$3,671,138 
(1)The Company declared quarterly cash dividends of $0.11 and $0.10 per share of common stock during the three months ended September 30, 2024 and 2023, respectively.
(2)Includes 14,353 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 our 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 I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
(3)Represents shares issued, net of employee tax withheld, upon the vesting of restricted stock units. Refer to Note 11, “Employee Benefits” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
(4)The Company issued 118,693 restricted stock award shares with a fair value of $1.1 million as part of the purchase consideration for the merger. Refer to Note 3, “Mergers and Acquisitions” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
(5)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” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
7

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Nine Months Ended September 30, 2024 and 2023

Shares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
(Loss) Income		Unallocated Common Stock Held by ESOPTotal
(In thousands, except share data)
Balance at December 31, 2022176,172,073 $1,762 $1,649,141 $1,881,775 $(923,192)$(137,696)$2,471,790 
Cumulative effect of accounting adjustment (6)
— — — 822 — — 822 
Dividends to common shareholders (1)
— — — (49,046)— — (49,046)
Issuance of restricted stock awards47,820 1 (1)— — — — 
Issuance of common stock under share-based compensation arrangements (3)
156,782 3 (1,167)— — — (1,164)
Share-based compensation— — 11,387 — — — 11,387 
Net loss— — — (86,326)— — (86,326)
Other comprehensive income, net of tax— — — — 93,610 — 93,610 
ESOP shares committed to be released— — 1,776 — — 3,704 5,480 
Balance at September 30, 2023176,376,675 $1,766 $1,661,136 $1,747,225 $(829,582)$(133,992)$2,446,553 
Balance at December 31, 2023176,426,993 $1,767 $1,666,441 $2,047,754 $(608,352)$(132,755)$2,974,855 
Dividends to common shareholders (1)
— — — (58,502)— — (58,502)
Repurchased common stock(836,399)(8)(12,620)— — — (12,628)
Issuance of restricted stock awards56,352 1 (1)— — — — 
Restricted stock awards cancelled (2)
(17,379)(2)(214)— — — (216)
Issuance of common stock under share-based compensation arrangements (3)
284,780 3 (1,883)— — — (1,880)
Share-based compensation— — 13,576 — — — 13,576 
Net income— — — 58,790 — — 58,790 
Other comprehensive income, net of tax— — — — 112,241 — 112,241 
ESOP shares committed to be released— — 1,578 — — 3,678 5,256 
Merger consideration:
Common stock issued for merger38,769,562 388 576,116 — — — 576,504 
Stock issuance costs— — (941)— — — (941)
Cambridge Bancorp restricted share awards converted to restricted share awards of the Company at fair value (4)
118,693 1 1,052 — — — 1,053 
Pre-merger service credit for restricted share units (5)
— — 3,030 — — — 3,030 
Balance at September 30, 2024214,802,602 $2,150 $2,246,134 $2,048,042 $(496,111)$(129,077)$3,671,138 
(1)The Company declared cumulative cash dividends of $0.33 and $0.30 per share of common stock during the nine months ended September 30, 2024 and 2023, respectively.
(2)Includes 14,353 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 merger. Refer to Note 3, “Mergers and Acquisitions” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
(3)Represents shares issued, net of employee tax withheld, upon the vesting of restricted stock units. Refer to Note 11, “Employee Benefits” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
(4)The Company issued 118,693 restricted stock award shares with a fair value of $1.1 million as part of the purchase consideration for the merger. Refer to Note 3, “Mergers and Acquisitions” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
(5)Represents credit for service for Company employees 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” within the Notes
8

to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
(6)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” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
9
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
(In thousands)20242023
Operating activities
Net income (loss) from continuing operations$58,790 $(94,198)
Net income from discontinued operations— 7,872 
Net income (loss)58,790 (86,326)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Provision for allowance for loan losses60,560 14,854 
Depreciation and amortization17,011 9,041 
(Accretion) amortization of deferred loan fees and premiums, net(3,545)4,394 
Deferred income tax expense (benefit)19,013 (96,622)
Amortization of investment security premiums and discounts, net3,421 5,123 
Right-of-use asset amortization8,183 8,191 
Share-based compensation13,576 11,387 
Increase in cash surrender value of bank-owned life insurance(3,257)(2,910)
Loss on sale of securities available for sale, net7,557 333,170 
Net loss on bank premises and equipment3,222 — 
Impairment of right-of-use asset2,733 395 
Employee Stock Ownership Plan expense5,256 5,480 
Realized loss on sales of commercial loans (1)
— 2,505 
Other(21)92 
Change in:
Loans held for sale(848)2,881 
Prepaid pension expense840 3,607 
Other assets(4,722)(2,197)
Other liabilities7,348 (8,532)
Net cash provided by operating activities - continuing operations195,117 196,661 
Net cash provided by operating activities - discontinued operations— 12,271 
Net cash provided by operating activities195,117 208,932 
Investing activities
Proceeds from sales of securities available for sale955,305 1,899,724 
Proceeds from maturities and principal paydowns of securities available for sale282,910 329,795 
Proceeds from maturities and principal paydowns of securities held to maturity22,595 21,106 
Proceeds from sale of Federal Home Loan Bank stock30,906 239,565 
Purchases of Federal Home Loan Bank stock(3,612)(235,327)
Contributions to low income housing tax credit investments(49,813)(26,916)
Contributions to other equity investments(1,005)(720)
Distributions from other equity investments264 253 
Net increase in outstanding loans, excluding loan purchases(164,940)(524,790)
Net cash acquired in business combination24,879 — 
Proceeds from sales of commercial loans— 189,296 
Purchases of loans— (31,980)
Purchased banking premises and equipment(8,241)(4,290)
Net cash provided by investing activities - continuing operations1,089,248 1,855,716 
Net cash used in investing activities - discontinued operations— (47)
Net cash provided by investing activities1,089,248 1,855,669 
Financing activities
Net decrease in demand, savings, interest checking, and money market investment deposit accounts(670,359)(2,398,397)
Net increase in time deposits417,279