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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, 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
176,678,504 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of November 2, 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)September 30, 2022December 31, 2021
ASSETS
Cash and due from banks$102,776 $144,634 
Short-term investments55,661 1,087,158 
Cash and cash equivalents158,437 1,231,792 
Securities:
Available for sale (amortized cost $8,029,283 and $8,587,179, respectively)
6,844,615 8,511,224 
Held to maturity (fair value $431,477 and $0, respectively)
481,963  
Total securities7,326,578 8,511,224 
Loans held for sale951 1,206 
Loans:
Commercial and industrial3,023,729 2,960,527 
Commercial real estate4,985,654 4,522,513 
Commercial construction314,193 222,328 
Business banking1,096,436 1,334,694 
Residential real estate2,118,852 1,926,810 
Consumer home equity1,168,476 1,100,153 
Other consumer196,614 214,485 
Total loans12,903,954 12,281,510 
Allowance for loan losses(131,663)(97,787)
Unamortized premiums, net of unearned discounts and deferred fees(19,349)(26,442)
Net loans12,752,942 12,157,281 
Federal Home Loan Bank stock, at cost18,714 10,904 
Premises and equipment63,261 80,984 
Bank-owned life insurance159,838 157,091 
Goodwill and other intangibles, net662,222 649,703 
Deferred income taxes, net342,550 76,535 
Prepaid expenses180,742 179,330 
Other assets376,698 456,078 
Total assets$22,042,933 $23,512,128 
LIABILITIES AND EQUITY
Deposits:
Demand$6,582,122 $7,020,864 
Interest checking accounts5,047,018 4,478,566 
Savings accounts1,990,188 2,077,495 
Money market investment4,757,477 5,525,005 
Certificates of deposit356,576 526,381 
Total deposits18,733,381 19,628,311 
Borrowed funds:
Federal Home Loan Bank advances384,215 14,020 
Escrow deposits of borrowers21,853 20,258 
Interest rate swap collateral funds16,650  
Total borrowed funds422,718 34,278 
Other liabilities470,671 443,187 
Total liabilities19,626,770 20,105,776 
Commitments and contingencies (see footnote 12)
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 177,772,553 and 186,305,332 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
1,778 1,863 
Additional paid in capital1,676,396 1,835,241 
Unallocated common shares held by the Employee Stock Ownership Plan(138,950)(142,709)
Retained earnings1,855,757 1,768,653 
Accumulated other comprehensive income, net of tax(978,818)(56,696)
Total shareholders’ equity2,416,163 3,406,352 
Total liabilities and shareholders’ equity$22,042,933 $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 September 30,Nine Months Ended September 30,
2022202120222021
(In thousands, except per share data)
Interest and dividend income:
Interest and fees on loans$124,992 $86,735 $333,595 $266,310 
Taxable interest and dividends on securities29,280 14,314 88,277 36,977 
Non-taxable interest and dividends on securities1,917 1,848 5,585 5,561 
Interest on federal funds sold and other short-term investments1,638 571 2,726 1,434 
Total interest and dividend income157,827 103,468 430,183 310,282 
Interest expense:
Interest on deposits4,781 736 11,164 2,769 
Interest on borrowings867 41 959 123 
Total interest expense5,648 777 12,123 2,892 
Net interest income152,179 102,691 418,060 307,390 
Provision for (release of) allowance for loan losses6,480 (1,488)7,045 (5,368)
Net interest income after provision for loan losses145,699 104,179 411,015 312,758 
Noninterest income:
Insurance commissions23,788 21,956 77,183 73,767 
Service charges on deposit accounts6,708 5,935 23,558 17,010 
Trust and investment advisory fees5,832 6,310 17,967 18,047 
Debit card processing fees3,249 3,030 9,417 8,949 
Interest rate swap income1,562 881 6,087 5,122 
(Losses) income from investments held in rabbi trusts(2,248)(289)(13,997)5,773 
Gains on sales of mortgage loans held for sale, net22 717 240 3,044 
(Losses) gains on sales of securities available for sale, net(198)1 (2,474)1,166 
Other4,638 4,668 13,664 11,276 
Total noninterest income43,353 43,209 131,645 144,154 
Noninterest expense:
Salaries and employee benefits78,060 66,238 220,582 199,554 
Office occupancy and equipment9,703 7,960 31,205 24,271 
Data processing13,294 12,191 42,959 37,892 
Professional services5,826 4,024 14,561 14,611 
Marketing expenses2,219 1,598 6,444 6,786 
Loan expenses1,152 1,586 3,444 5,287 
FDIC insurance1,578 1,056 4,710 2,989 
Amortization of intangible assets1,033 629 2,767 1,786 
Other3,975 3,688 10,173 7,178 
Total noninterest expense116,840 98,970 336,845 300,354 
Income before income tax expense72,212 48,418 205,815 156,558 
Income tax expense17,435 11,312 48,350 36,980 
Net income$54,777 $37,106 $157,465 $119,578 
Basic earnings per share$0.33 $0.22 $0.94 $0.69 
Diluted earnings per share$0.33 $0.22 $0.94 $0.69 
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 September 30,Nine Months Ended September 30,
2022202120222021
(In thousands)
Net income$54,777 $37,106 $157,465 $119,578 
Other comprehensive (loss) income, net of tax:
Net change in fair value of securities available for sale(261,469)(21,610)(860,269)(71,086)
Net change in fair value of cash flow hedges(56,062)(5,644)(61,482)(17,501)
Net change in other comprehensive income for defined benefit postretirement plans
(124)426 (371)1,278 
Total other comprehensive (loss) income(317,655)(26,828)(922,122)(87,309)
Total comprehensive (loss) income$(262,878)$10,278 $(764,657)$32,269 
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, 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 June 30, 2021186,758,154 $1,868 $1,856,241 $1,723,979 $(6,247)$(145,219)$3,430,622 
Dividends to common shareholders— — — (13,785)— — (13,785)
Net income— — — 37,106 — — 37,106 
Other comprehensive income, net of tax— — — — (26,828)— (26,828)
ESOP shares committed to be released— — 924 — — 1,253 2,177 
Balance at September 30, 2021186,758,154 $1,868 $1,857,165 $1,747,300 $(33,075)$(143,966)$3,429,292 
Balance at June 30, 2022179,253,801 $1,793 $1,700,495 $1,817,474 $(661,163)$(140,203)$2,718,396 
Dividends to common shareholders— — — (16,494)— — (16,494)
Repurchased common stock(1,481,248)(15)(28,935)— — — (28,950)
Share-based compensation— — 3,561 — — — 3,561 
Net income— — — 54,777 — — 54,777 
Other comprehensive income, net of tax— — — — (317,655)— (317,655)
ESOP shares committed to be released— — 1,275 — — 1,253 2,528 
Balance at September 30, 2022177,772,553 $1,778 $1,676,396 $1,855,757 $(978,818)$(138,950)$2,416,163 
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, 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— — — (37,885)— — (37,885)
Net income— — — 119,578 — — 119,578 
Other comprehensive income, net of tax— — — — (87,309)— (87,309)
ESOP shares committed to be released— — 3,097 — — 3,759 6,856 
Balance at September 30, 2021186,758,154 $1,868 $1,857,165 $1,747,300 $(33,075)$(143,966)$3,429,292 
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— — — (50,263)— — (50,263)
Repurchased common stock(8,564,338)(86)(170,685)— — — (170,771)
Issuance of restricted stock awards