10-Q 1 ebc-20220630.htm 10-Q ebc-20220630
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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 June 30, 2022
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)
265 Franklin 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 filerAccelerated filer
Non-accelerated filerSmaller 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
178,344,016 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of August 3, 2022.


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)June 30, 2022December 31, 2021
ASSETS
Cash and due from banks$100,309 $144,634 
Short-term investments268,605 1,087,158 
Cash and cash equivalents368,914 1,231,792 
Securities:
Available for sale (amortized cost $8,384,025 and $8,587,179, respectively)
7,536,921 8,511,224 
Held to maturity (fair value $451,747 and $0, respectively)
488,581  
Total securities8,025,502 8,511,224 
Loans held for sale764 1,206 
Loans:
Commercial and industrial2,840,734 2,960,527 
Commercial real estate4,792,345 4,522,513 
Commercial construction303,463 222,328 
Business banking1,126,853 1,334,694 
Residential real estate1,989,621 1,926,810 
Consumer home equity1,147,425 1,100,153 
Other consumer198,253 214,485 
Total loans12,398,694 12,281,510 
Allowance for loan losses(125,531)(97,787)
Unamortized premiums, net of unearned discounts and deferred fees(20,988)(26,442)
Net loans12,252,175 12,157,281 
Federal Home Loan Bank stock, at cost5,714 10,904 
Premises and equipment69,019 80,984 
Bank-owned life insurance158,890 157,091 
Goodwill and other intangibles, net653,853 649,703 
Deferred income taxes, net244,153 76,535 
Prepaid expenses188,115 179,330 
Other assets383,749 456,078 
Total assets$22,350,848 $23,512,128 
LIABILITIES AND EQUITY
Deposits:
Demand$6,604,154 $7,020,864 
Interest checking accounts5,348,181 4,478,566 
Savings accounts2,015,865 2,077,495 
Money market investment4,787,603 5,525,005 
Certificates of deposit407,998 526,381 
Total deposits19,163,801 19,628,311 
Borrowed funds:
Federal Home Loan Bank advances13,560 14,020 
Escrow deposits of borrowers19,456 20,258 
Interest rate swap collateral funds10,100  
Total borrowed funds43,116 34,278 
Other liabilities425,535 443,187 
Total liabilities19,632,452 20,105,776 
Commitments and contingencies (see footnote 12)
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 179,253,801 and 186,305,332 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
1,793 1,863 
Additional paid in capital1,700,495 1,835,241 
Unallocated common shares held by the Employee Stock Ownership Plan(140,203)(142,709)
Retained earnings1,817,474 1,768,653 
Accumulated other comprehensive income, net of tax(661,163)(56,696)
Total shareholders’ equity2,718,396 3,406,352 
Total liabilities and shareholders’ equity$22,350,848 $23,512,128 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In thousands, except per share data)
Interest and dividend income:
Interest and fees on loans$107,236 $90,936 $208,603 $179,575 
Taxable interest and dividends on securities31,121 12,457 58,997 22,663 
Non-taxable interest and dividends on securities1,862 1,857 3,668 3,713 
Interest on federal funds sold and other short-term investments652 431 1,088 863 
Total interest and dividend income140,871 105,681 272,356 206,814 
Interest expense:
Interest on deposits3,061 1,031 6,383 2,033 
Interest on borrowings53 42 92 82 
Total interest expense3,114 1,073 6,475 2,115 
Net interest income137,757 104,608 265,881 204,699 
Provision for (release of) allowance for loan losses1,050 (3,300)565 (3,880)
Net interest income after provision for loan losses136,707 107,908 265,316 208,579 
Noninterest income:
Insurance commissions24,682 23,664 53,395 51,811 
Service charges on deposit accounts8,313 5,708 16,850 11,075 
Trust and investment advisory fees5,994 6,074 12,135 11,737 
Debit card processing fees3,223 3,170 6,168 5,919 
Interest rate swap income (losses)1,593 (1,164)4,525 4,241 
(Losses) income from investments held in rabbi trusts(7,316)4,216 (11,749)6,062 
Gains on sales of mortgage loans held for sale, net49 848 218 2,327 
(Losses) gains on sales of securities available for sale, net(104)1 (2,276)1,165 
Other5,443 3,216 9,026 6,608 
Total noninterest income41,877 45,733 88,292 100,945 
Noninterest expense:
Salaries and employee benefits72,996 69,276 142,522 133,316 
Office occupancy and equipment9,888 8,094 21,502 16,311 
Data processing14,345 13,572 29,665 25,701 
Professional services4,034 6,439 8,735 10,587 
Marketing2,651 3,497 4,225 5,188 
Loan expenses1,124 1,854 2,292 3,701 
FDIC insurance1,720 985 3,132 1,933 
Amortization of intangible assets907 625 1,734 1,157 
Other3,474 2,993 6,198 3,490 
Total noninterest expense111,139 107,335 220,005 201,384 
Income before income tax expense67,445 46,306 133,603 108,140 
Income tax expense16,273 11,497 30,915 25,668 
Net income$51,172 $34,809 $102,688 $82,472 
Basic earnings per share$0.31 $0.20 $0.61 $0.48 
Diluted earnings per share$0.31 $0.20 $0.61 $0.48 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(In thousands)
Net income$51,172 $34,809 $102,688 $82,472 
Other comprehensive (loss) income, net of tax:
Net change in fair value of securities available for sale(246,775)25,428 (598,800)(49,476)
Net change in fair value of cash flow hedges(1,611)(5,909)(5,420)(11,857)
Net change in other comprehensive income for defined benefit postretirement plans
(123)426 (247)852 
Total other comprehensive (loss) income(248,509)19,945 (604,467)(60,481)
Total comprehensive (loss) income$(197,337)$54,754 $(501,779)$21,991 
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 June 30, 2022 and 2021

Shares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Unallocated Common Stock Held by ESOPTotal
(In thousands, except share data)
Balance at March 31, 2021186,758,154 $1,868 $1,854,895 $1,702,946 $(26,192)$(146,472)$3,387,045 
Dividends to common shareholders— — — (13,776)— — (13,776)
Net income— — — 34,809 — — 34,809 
Other comprehensive income, net of tax— — — — 19,945 — 19,945 
ESOP shares committed to be released— — 1,346 — — 1,253 2,599 
Balance at June 30, 2021186,758,154 $1,868 $1,856,241 $1,723,979 $(6,247)$(145,219)$3,430,622 
Balance at March 31, 2022183,438,711 $1,834 $1,777,670 $1,782,997 $(412,654)$(141,455)$3,008,392 
Dividends to common shareholders— — — (16,695)— — (16,695)
Repurchased common stock(4,216,469)(42)(81,184)— — — (81,226)
Issuance of restricted stock awards31,559 1 (1)— — —  
Share-based compensation— — 2,908 — — — 2,908 
Net income— — — 51,172 — — 51,172 
Other comprehensive income, net of tax— — — — (248,509)— (248,509)
ESOP shares committed to be released— — 1,102 — — 1,252 2,354 
Balance at June 30, 2022179,253,801 $1,793 $1,700,495 $1,817,474 $(661,163)$(140,203)$2,718,396 
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
Six Months Ended June 30, 2022 and 2021

Shares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Unallocated Common Stock Held by ESOPTotal
(In thousands, except share data)
Balance at December 31, 2020186,758,154 $1,868 $1,854,068 $1,665,607 $54,234 $(147,725)$3,428,052 
Dividends to common shareholders— — — (24,100)— — (24,100)
Net income— — — 82,472 — — 82,472 
Other comprehensive income, net of tax— — — — (60,481)— (60,481)
ESOP shares committed to be released— — 2,173 — — 2,506 4,679 
Balance at June 30, 2021186,758,154 $1,868 $1,856,241 $1,723,979 $(6,247)$(145,219)$3,430,622 
Balance at December 31, 2021186,305,332 $1,863 $1,835,241 $1,768,653 $(56,696)$(142,709)$3,406,352 
Cumulative effect of accounting adjustment (1)— — — (20,098)— — (20,098)
Dividends to common shareholders— — — (33,769)— — (33,769)
Repurchased common stock(7,083,090)(71)(141,750)— — — (141,821)
Issuance of restricted stock awards31,559