10-Q 1 ebc-20240331.htm 10-Q ebc-20240331
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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 March 31, 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)
265 Franklin Street, Boston, Massachusetts
02110
(Former address of principal executive offices)(Zip 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
176,631,477 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of April 30, 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)March 31, 2024December 31, 2023
ASSETS
Cash and due from banks$71,492 $87,233 
Short-term investments667,526 605,843 
Cash and cash equivalents739,018 693,076 
Securities:
Available for sale (amortized cost $5,079,053 and $5,161,904, respectively)
4,287,585 4,407,521 
Held to maturity (fair value $393,190 and $404,822, respectively)
443,833 449,721 
Total securities4,731,418 4,857,242 
Loans held for sale2,204 1,124 
Loans14,088,747 13,973,428 
Allowance for loan losses(149,190)(148,993)
Unamortized premiums, net of unearned discounts and deferred fees(32,947)(25,068)
Net loans13,906,610 13,799,367 
Federal Home Loan Bank stock, at cost5,879 5,904 
Premises and equipment59,790 60,133 
Bank-owned life insurance165,734 164,702 
Goodwill and other intangibles, net565,701 566,205 
Deferred income taxes, net272,344 266,185 
Prepaid expenses187,211 183,073 
Other assets538,895 536,267 
Total assets$21,174,804 $21,133,278 
LIABILITIES AND EQUITY
Deposits:
Demand$4,952,487 $5,162,218 
Interest checking accounts3,739,631 3,737,361 
Savings accounts1,291,260 1,323,126 
Money market investment4,770,058 4,664,475 
Certificates of deposit2,913,297 2,709,037 
Total deposits17,666,733 17,596,217 
Borrowed funds:
Escrow deposits of borrowers24,368 21,978 
Interest rate swap collateral funds10,810 8,500 
Federal Home Loan Bank advances17,576 17,738 
Total borrowed funds52,754 48,216 
Other liabilities502,486 513,990 
Total liabilities18,221,973 18,158,423 
Commitments and contingencies (see Note 9)
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 176,631,477 and 176,426,993 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
1,769 1,767 
Additional paid in capital1,669,133 1,666,441 
Unallocated common shares held by the Employee Stock Ownership Plan(131,512)(132,755)
Retained earnings2,068,315 2,047,754 
Accumulated other comprehensive income, net of tax(654,874)(608,352)
Total shareholders’ equity2,952,831 2,974,855 
Total liabilities and shareholders’ equity$21,174,804 $21,133,278 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Three Months Ended March 31,
(In thousands, except per share data)20242023
Interest and dividend income:
Interest and fees on loans$169,981 $153,540 
Taxable interest and dividends on securities23,373 28,642 
Non-taxable interest and dividends on securities1,437 1,434 
Interest on federal funds sold and other short-term investments7,820 5,264 
Total interest and dividend income202,611 188,880 
Interest expense:
Interest on deposits72,458 42,933 
Interest on borrowings253 7,638 
Total interest expense72,711 50,571 
Net interest income129,900 138,309 
Provision for allowance for loan losses7,451 25 
Net interest income after provision for allowance for loan losses122,449 138,284 
Noninterest income (loss):
Service charges on deposit accounts7,508 6,472 
Trust and investment advisory fees6,544 5,770 
Debit card processing fees3,247 3,170 
Interest rate swap income (losses)667 (408)
Income from investments held in rabbi trusts4,318 2,857 
Losses on sales of mortgage loans held for sale, net(58)(74)
Losses on sales of securities available for sale, net (333,170)
Other5,466 5,530 
Total noninterest income (loss)27,692 (309,853)
Noninterest expense:
Salaries and employee benefits64,471 62,183 
Office occupancy and equipment9,184 9,089 
Data processing16,509 12,298 
Professional services3,512 3,127 
Marketing expenses1,515 1,023 
Loan expenses1,170 1,095 
FDIC insurance2,285 2,546 
Amortization of core deposit intangible asset504 291 
Other2,052 4,239 
Total noninterest expense101,202 95,891 
Income (loss) from continuing operations before income tax expense (benefit) 48,939 (267,460)
Income tax expense (benefit)10,292 (65,379)
Net income (loss) from continuing operations$38,647 $(202,081)
Net income from discontinued operations 7,985 
Net income (loss)$38,647 $(194,096)
Basic earnings (loss) per share:
Basic earnings (loss) per share from continuing operations$0.24 $(1.25)
Basic earnings per share from discontinued operations 0.05 
Basic earnings (loss) per share$0.24 $(1.20)
Diluted earnings (loss) per share:
Diluted earnings (loss) per share from continuing operations$0.24 $(1.25)
Diluted earnings per share from discontinued operations 0.05 
Diluted earnings (loss) per share$0.24 $(1.20)
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Three Months Ended March 31,
20242023
(In thousands)
Net income (loss)$38,647 $(194,096)
Other comprehensive income, net of tax:
Net change in fair value of securities available for sale(27,559)292,031 
Net change in fair value of cash flow hedges(18,447)21,678 
Net change in accumulated other comprehensive income for defined benefit postretirement plans(516)(381)
Total other comprehensive (loss) income(46,522)313,328 
Total comprehensive (loss) income$(7,875)$119,232 
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 March 31, 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 December 31, 2022172,172,073 $1,762 $1,649,141 $1,881,775 $(923,192)$(137,696)$2,471,790 
Cumulative effect of accounting adjustment (1)
— 822 822 
Dividends to common shareholders (2)
— — — (16,332)— — (16,332)
Issuance of common stock under share-based compensation arrangements (3)
156,353 2 (1,165)(1,163)
Share-based compensation— — 3,044 — — — 3,044 
Net loss— — — (194,096)— — (194,096)
Other comprehensive income, net of tax— — — — 313,328 — 313,328 
ESOP shares committed to be released— — 504 — — 1,226 1,730 
Balance at March 31, 2023172,328,426 $1,764 $1,651,524 $1,672,169 $(609,864)$(136,470)$2,579,123 
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 (2)
— — — (18,086)— — (18,086)
Issuance of common stock under share-based compensation arrangements (3)
204,484 2 (1,264)— — — (1,262)
Share-based compensation— — 3,589 — — — 3,589 
Net income— — — 38,647 — — 38,647 
Other comprehensive income, net of tax— — — — (46,522)— (46,522)
ESOP shares committed to be released— — 367 — — 1,243 1,610 
Balance at March 31, 2024176,631,477 $1,769 $1,669,133 $2,068,315 $(654,874)$(131,512)$2,952,831 
(1)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 4, “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.
(2)The Company declared quarterly cash dividends of $0.11 and $0.10 per share of common stock during the three months ended March 31, 2024 and 2023, respectively.
(3)Represents shares issued, net of employee tax withheld upon the vesting of restricted stock units. Refer to Note 8, “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.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
7

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
(In thousands)20242023
Operating activities
Net income (loss) from continuing operations$38,647 $(202,081)
Net income from discontinued operations 7,985 
Net income (loss)38,647 (194,096)
Adjustments to reconcile net income to net cash provided by operating activities
Provision for allowance for loan losses7,451 25 
Depreciation and amortization3,332 2,985 
Amortization of deferred loan fees and premiums, net2,380 742 
Deferred income tax expense (benefit) 10,632 (73,960)
Amortization of investment security premiums and discounts, net1,091 2,559 
Right-of-use asset amortization2,752 2,786 
Share-based compensation3,589 3,044 
Increase in cash surrender value of bank-owned life insurance(1,032)(965)
Loss on sale of securities available for sale, net 333,170 
Employee Stock Ownership Plan expense1,610 1,730 
Other330 (12)
Change in:
Loans held for sale(1,050)1,446 
Prepaid pension expense(444)1,202 
Other assets1,224 (15,315)
Other liabilities(37,946)31,822 
Net cash provided by operating activities - continuing operations32,566 89,178 
Net cash provided by operating activities - discontinued operations 11,342 
Net cash provided by operating activities32,566 100,520 
Investing activities
Proceeds from sales of securities available for sale 1,899,724 
Proceeds from maturities and principal paydowns of securities available for sale81,661 130,553 
Proceeds from maturities and principal paydowns of securities held to maturity5,987 5,571 
Proceeds from sale of Federal Home Loan Bank stock3,638 105,704 
Purchases of Federal Home Loan Bank stock(3,613)(109,509)
Contributions to low income housing tax credit investments(11,817)(10,932)
Contributions to other equity investments(180)(405)
Distributions from other equity investments94 90 
Net increase in outstanding loans, excluding loan purchases(117,074)(68,042)
Purchases of loans (31,980)
Purchased banking premises and equipment(2,485)(1,217)
Net cash (used in) provided by investing activities - continuing operations(43,789)1,919,557 
Net cash used in investing activities - discontinued operations  
Net cash (used in) provided by investing activities(43,789)1,919,557 
Financing activities
Net decrease in demand, savings, interest checking, and money market investment deposit accounts(133,744)(775,801)
Net increase in time deposits204,260 343,022 
Net increase in borrowed funds4,538 397,575 
Dividends declared and paid to common shareholders(17,889)(16,193)
Net cash provided by (used in) financing activities - continuing operations57,165 (51,397)
Net cash used in financing activities - discontinued operations (369)
Net cash provided by (used in) financing activities57,165 (51,766)
Net increase in cash, cash equivalents, and restricted cash45,942 1,968,311 
Cash, cash equivalents, and restricted cash at beginning of period693,076 169,505 
Cash, cash equivalents, and restricted cash at end of period$739,018 $2,137,816 
8


Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest paid on deposits and borrowings$63,246 $46,708 
Income taxes7,152 5,862 
Non-cash activities
Net increase in capital commitments relating to low income housing tax credit projects$8,963 $51,525 
Net increase in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications2,278 1,523 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
9

EASTERN BANKSHARES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. Corporate Structure and Nature of Operations; Basis of Presentation
Corporate Structure and Nature of Operations
Eastern Bankshares, Inc., a Massachusetts corporation (the “Company”), is a bank holding company. Through its wholly-owned subsidiary, Eastern Bank (the “Bank”), the Company provides a variety of banking services and trust and investment services, through its full-service bank branches, located primarily in eastern Massachusetts, and southern and coastal New Hampshire. Eastern Insurance Group was a wholly-owned subsidiary of the Bank. On September 19, 2023, the Company and the Bank entered into an asset purchase agreement in which Arthur J. Gallagher & Co. (“Gallagher”) agreed to purchase substantially all of Eastern Insurance Group’s assets for cash consideration and to assume certain liabilities. On October 31, 2023, the Company completed its sale of its insurance agency business to Gallagher. Substantially all of the historical results of our previously reported insurance agency business segment have been reflected as discontinued operations in our Consolidated Financial Statements for the three months ended March 31, 2023. Refer to Note 15, “Discontinued Operations” for further discussion regarding discontinued operations.
The activities of the Company are subject to the regulatory supervision of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The activities of the Bank are subject to the regulatory supervision of the Massachusetts Commissioner of Banks, the Federal Deposit Insurance Corporation (“FDIC”) and the Consumer Financial Protection Bureau (“CFPB”). The Company and the activities of the Bank and its subsidiaries are also subject to various Massachusetts, New Hampshire and Rhode Island business and banking regulations.

Basis of Presentation
The Company’s Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) as set forth by the Financial Accounting Standards Board (“FASB”) and its Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) as well as the rules and interpretive releases of the U.S. Securities and Exchange Commission (“SEC”) under the authority of federal securities laws.
The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and entities in which it holds a controlling financial interest through being the primary beneficiary or through holding a majority of the voting interest. All intercompany accounts and transactions have been eliminated in consolidation.
Certain previously reported amounts have been reclassified to conform to the current period’s presentation. In addition, as a result of the decision to sell substantially all of the assets and transfer substantially all of the liabilities of Eastern Insurance Group, the Company reclassified certain amounts previously reported including:
certain components of noninterest income and noninterest expense previously reported in the insurance agency business were reclassified to net income from discontinued operations on the Consolidated Statements of Income; and
certain operating, investing, and financing cash flows previously reported on their applicable lines within the Consolidated Statements of Cash Flows were reclassified to cash flows used in/provided by operating activities of, investment activities of and financing activities of discontinued operations, respectively.
The accompanying Consolidated Balance Sheet as of March 31, 2024, the Consolidated Statements of Income and Comprehensive Income and of Changes in Shareholders’ Equity for the three months ended March 31, 2024 and 2023 and Statements of Cash Flows for the three months ended March 31, 2024 and 2023 are unaudited. The Consolidated Balance Sheet as of December 31, 2023 was derived from the Audited Consolidated Financial Statements as of that date. The interim Consolidated Financial Statements and the accompanying notes should be read in conjunction with the annual Consolidated Financial Statements and the accompanying notes contained within the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”), as filed with the SEC. In the opinion of management, the Company’s Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The results for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period.
2. Summary of Significant Accounting Policies
The following describes the Company’s use of estimates as well as relevant accounting pronouncements that were recently issued but not yet adopted as of March 31, 2024 and those that were adopted during the three months ended March 31,
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2024. For a full discussion of significant accounting policies, refer to the Notes to the Consolidated Financial Statements included within the Company’s 2023 Form 10-K.
Use of Estimates
In preparing the Consolidated Financial Statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and income and expenses for the periods reported. Actual results could differ from those estimates based on changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, valuation and fair value measurements, the liabilities for benefit obligations (particularly pensions), the provision for income taxes and impairment of goodwill and other intangibles.
Recent Accounting Pronouncements
Relevant standards that were recently issued but not yet adopted as of March 31, 2024:
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements–Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). The amendments in this update modify the disclosure or presentation requirements for a variety of topics in the codification. Certain amendments represent clarifications to or technical corrections of the current requirements. The following is a summary of the topics included in the update and which pertain to the Company:
1.Statement of cash flows (Topic 230): Requires an accounting policy disclosure in annual periods of where cash flows associated with derivative instruments and their related gains and loses are presented in the statement of cash flows;
2.Accounting changes and error corrections (Topic 250): Requires that when there has been a change in the reporting entity, the entity disclose any material prior-period adjustment and the effect of the adjustment on retained earnings in interim financial statements;
3.Earnings per share (Topic 260): Requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods, and amends illustrative guidance to illustrate disclosure of the methods used in the diluted earnings per share computation;
4.Commitments (Topic 440): Requires disclosure of assets mortgaged, pledged, or otherwise subject to lien and the obligations collateralized; and
5.Debt (Topic 470): Requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings.
For public business entities, the amendments in ASU 2023-06 are effective on the date which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the codification and will not become effective for any entity. Early adoption is not permitted and the amendments are required to be applied on a prospective basis. The Company expects the adoption of this standard will not have a material impact on its Consolidated Financial Statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update:
1.Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision-maker (“CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”).
2.Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss.
3.Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting in interim periods.
4.Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. In other words, in
11

addition to the measure that is most consistent with the measurement principles under U.S. GAAP, a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources.
5.Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.
6.Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures in Topic 280.
For public business entities, the amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and adoption is required to be done on a retrospective basis. The Company expects the adoption of this standard will not have a material impact on its Consolidated Financial Statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update are intended to improve income tax disclosure requirements, primarily through enhanced disclosures related to the existing requirements to disclose a rate reconciliation, income taxes paid and certain other required disclosures. Specifically, the amendments in this update:
1.Require that a public entity disclose, on an annual basis: (1) specific categories in the rate reconciliation and (2) additional information for reconciling items that meet a quantitative threshold. The update requires disclosure of such reconciling items according to requirements indicated in the update.
2.Require that all entities disclose certain disaggregated information regarding income taxes paid.
3.Require that all entities disclose certain disaggregated information regarding income tax expense.
4.Eliminate the requirement to: (1) disclose the nature and estimate of the range of reasonably possible changes in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot be made.
5.Remove the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures.
For public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Adoption should be done on a prospective basis and retrospective application is permitted.
Relevant standards that were adopted during the three months ended March 31, 2024:
In March 2023, the FASB issued ASU 2023-02, Investments–Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (“ASU 2023-02”). This update permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if the following conditions are met:
1.It is probable that the income tax credits allocable to the tax equity investor will be available.
2.The tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project.
3.Substantially all of the projected benefits are from income tax credits and other income tax benefits. Projected benefits include income tax credits, other income tax benefits, and other non-income-tax-related benefits. The projected benefits are determined on a discounted basis, using a discount rate that is consistent with the cash flow assumptions used by the tax equity investor in making its decision to invest in the project.
4.The tax equity investor’s projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive.
5.The tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment.
Under existing accounting standards, the proportional amortization method is allowable only for equity investments in low-income-housing tax credit structures. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). Updates made by ASU 2023-02 allow a reporting entity to make an accounting policy election to apply the
12

proportional amortization method on a tax-credit-program-by-tax-credit-program basis. The Company had previously made an accounting policy election to account for its investments in low-income-housing tax credit investments using the proportional amortization method. This election was made upon the Company’s adoption of ASU 2014-01, Investments–Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects, which introduced the option to apply proportional amortization to low-income-housing tax credit investments. The Company adopted this standard on January 1, 2024 and such adoption did not have a material impact on its Consolidated Financial Statements.
3. Securities
Available for Sale Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses (“ACL”) and fair value of available for sale (“AFS”) securities as of the dates indicated were as follows:
As of March 31, 2024
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$3,229,111 $ $(545,484)$ $2,683,627 
Government-sponsored commercial mortgage-backed securities1,315,886  (209,103) 1,106,783 
U.S. Agency bonds236,761  (21,523) 215,238 
U.S. Treasury securities99,610  (4,525) 95,085 
State and municipal bonds and obligations197,685 22 (10,855) 186,852 
$5,079,053 $22 $(791,490)$ $4,287,585 
As of December 31, 2023
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$3,302,165 $ $(521,527)$ $2,780,638 
Government-sponsored commercial mortgage-backed securities1,326,029  (201,653) 1,124,376 
U.S. Agency bonds236,454  (20,443) 216,011 
U.S. Treasury securities99,552  (4,400) 95,152 
State and municipal bonds and obligations197,704 172 (6,532) 191,344 
$5,161,904 $172 $(754,555)$ $4,407,521 
The Company did not record a provision for credit losses on any AFS securities for either the three months ended March 31, 2024 or 2023. Accrued interest receivable on AFS securities totaled $10.4 million and $9.2 million as of March 31, 2024 and December 31, 2023, respectively, and is included within other assets in the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest receivable on AFS securities during either the three months ended March 31, 2024 or 2023. No securities held by the Company were delinquent on contractual payments as of March 31, 2024 or
13

December 31, 2023, nor were any securities placed on non-accrual status during the three and twelve month periods then ended, respectively.
The following table summarizes gross realized gains and losses from sales of AFS securities for the periods indicated:
Three Months Ended March 31,
20242023
(In thousands)
Gross realized gains from sales of AFS securities$ $ 
Gross realized losses from sales of AFS securities (333,170)
Net gains (losses) from sales of AFS securities$ $(333,170)
Information pertaining to AFS securities with gross unrealized losses as of March 31, 2024 and December 31, 2023, for which the Company did not recognize a provision for credit losses under the current expected credit loss (“CECL”) methodology, aggregated by investment category and length of time that individual securities had been in a continuous loss position, is as follows:
As of March 31, 2024
Less than 12 Months12 Months or LongerTotal
# of
Holdings
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities324$ $ $545,484 $2,683,627 $545,484 $2,683,627 
Government-sponsored commercial mortgage-backed securities187  209,103 1,106,783 209,103 1,106,783 
U.S. Agency bonds23  21,523 215,238 21,523 215,238 
U.S. Treasury securities661 4,907 4,464 90,178 4,525 95,085 
State and municipal bonds and obligations232460 30,745 10,395 150,166 10,855 180,911 
772$521 $35,652 $790,969 $4,245,992 $791,490 $4,281,644 
As of December 31, 2023
Less than 12 Months12 Months or LongerTotal
# of
Holdings
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities324$ $ $521,527 $2,780,638 $521,527 $2,780,638 
Government-sponsored commercial mortgage-backed securities187  201,653 1,124,376 201,653 1,124,376 
U.S. Agency bonds23  20,443 216,011 20,443 216,011 
U.S. Treasury securities636 4,927 4,364 90,225 4,400 95,152 
State and municipal bonds and obligations196233 22,894 6,299 135,279 6,532 158,173 
736$269 $27,821 $754,286 $4,346,529 $754,555 $4,374,350 
The Company does not intend to sell these investments and has determined based upon available evidence that it is more-likely-than-not that the Company will not be required to sell each security before the expected recovery of its amortized
14

cost basis. As a result, the Company did not recognize an ACL on these investments as of either March 31, 2024 or December 31, 2023.
The causes of the impairments listed in the tables above by category are as follows as of March 31, 2024 and December 31, 2023:
Government-sponsored mortgage-backed securities, U.S. Agency bonds and U.S. Treasury securities – The securities with unrealized losses in these portfolios have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. government or one of its agencies.
State and municipal bonds and obligations – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality.
Held to Maturity Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of held to maturity (“HTM”) securities as of the dates indicated were as follows:
As of March 31, 2024
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$249,688 $ $(28,531)$ $221,157 
Government-sponsored commercial mortgage-backed securities194,145  (22,112) 172,033 
$443,833 $ $(50,643)$ $393,190 
As of December 31, 2023
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$254,752 $ $(24,433)$ $230,319 
Government-sponsored commercial mortgage-backed securities194,969  (20,466) 174,503 
$449,721 $ $(44,899)$ $404,822 
The Company did not record a provision for estimated credit losses on any HTM securities for either the three months ended March 31, 2024 or 2023. The accrued interest receivable on HTM securities totaled $0.9 million as of both March 31, 2024 and December 31, 2023, and is included within other assets in the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest receivable on HTM securities during either the three months ended March 31, 2024 or 2023. No HTM securities held by the Company were delinquent on contractual payments as of either March 31, 2024 or December 31, 2023, nor were any such securities placed on non-accrual status during the three and twelve month periods then ended, respectively.
15

Available for Sale and Held to Maturity Securities Contractual Maturity
The amortized cost and estimated fair value of AFS and HTM securities by contractual maturities as of March 31, 2024 and December 31, 2023 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.
The scheduled contractual maturities of AFS and HTM securities as of the dates indicated were as follows:
As of March 31, 2024
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities$ $ $30,954 $29,662 $16,728 $15,359 $3,181,429 $2,638,606 $3,229,111 $2,683,627 
Government-sponsored commercial mortgage-backed securities  405,958 366,117 227,433 189,114 682,495 551,552 1,315,886 1,106,783 
U.S. Agency bonds  236,761 215,238     236,761 215,238 
U.S. Treasury securities  99,610 95,085     99,610 95,085 
State and municipal bonds and obligations1,573 1,542 30,250 29,017 45,268 43,797 120,594 112,496 197,685 186,852 
Total available for sale securities1,573 1,542 803,533 735,119 289,429 248,270 3,984,518 3,302,654 5,079,053 4,287,585 
HTM securities
Government-sponsored residential mortgage-backed securities      249,688 221,157 249,688 221,157 
Government-sponsored commercial mortgage-backed securities  136,819 122,886 57,326 49,147   194,145 172,033 
Total held to maturity securities  136,819 122,886 57,326 49,147 249,688 221,157 443,833 393,190 
Total$1,573 $1,542 $940,352 $858,005 $346,755 $297,417 $4,234,206 $3,523,811