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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, 2023
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)
___________________________
| | | | | | | | |
Massachusetts | | 84-4199750 |
(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 class | Trading Symbol | Name of exchange on which registered |
Common Stock | EBC | Nasdaq 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
176,376,675 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of August 2, 2023.
Index
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, 2023 | | December 31, 2022 |
ASSETS | | | |
Cash and due from banks | $ | 105,066 | | | $ | 106,040 | |
Short-term investments | 768,436 | | | 63,465 | |
Cash and cash equivalents | 873,502 | | | 169,505 | |
Securities: | | | |
Available for sale (amortized cost $5,358,289 and $7,825,435, respectively) | 4,520,293 | | | 6,690,778 | |
Held to maturity (fair value $412,864 and $423,226, respectively) | 465,061 | | | 476,647 | |
Total securities | 4,985,354 | | | 7,167,425 | |
Loans held for sale | 2,835 | | | 4,543 | |
Loans: | | | |
Commercial and industrial | 3,341,976 | | | 3,150,946 | |
Commercial real estate | 5,242,290 | | | 5,155,323 | |
Commercial construction | 371,367 | | | 336,276 | |
Business banking | 1,089,548 | | | 1,090,492 | |
Residential real estate | 2,510,705 | | | 2,460,849 | |
Consumer home equity | 1,198,290 | | | 1,187,547 | |
Other consumer | 207,702 | | | 194,098 | |
Total loans | 13,961,878 | | | 13,575,531 | |
Allowance for loan losses | (147,955) | | | (142,211) | |
Unamortized premiums, net of unearned discounts and deferred fees | (15,202) | | | (13,003) | |
Net loans | 13,798,721 | | | 13,420,317 | |
Federal Home Loan Bank stock, at cost | 26,894 | | | 41,363 | |
Premises and equipment | 59,501 | | | 62,656 | |
Bank-owned life insurance | 162,718 | | | 160,790 | |
Goodwill and other intangibles, net | 658,993 | | | 661,126 | |
Deferred income taxes, net | 351,054 | | | 331,648 | |
Prepaid expenses | 158,388 | | | 165,900 | |
Other assets | 505,533 | | | 461,585 | |
Total assets | $ | 21,583,493 | | | $ | 22,646,858 | |
LIABILITIES AND EQUITY | | | |
Deposits: | | | |
Demand | $ | 5,346,693 | | | $ | 6,240,637 | |
Interest checking accounts | 4,173,079 | | | 4,568,122 | |
Savings accounts | 1,495,540 | | | 1,831,123 | |
Money market investment | 4,814,412 | | | 4,710,095 | |
Certificates of deposit | 2,351,248 | | | 1,624,382 | |
Total deposits | 18,180,972 | | | 18,974,359 | |
Borrowed funds: | | | |
Short-term Federal Home Loan Bank advances | 301,295 | | | 691,297 | |
Escrow deposits of borrowers | 22,980 | | | 22,314 | |
Interest rate swap collateral funds | 14,210 | | | 14,430 | |
Long-term Federal Home Loan Bank advances | 12,726 | | | 12,787 | |
Total borrowed funds | 351,211 | | | 740,828 | |
Other liabilities | 524,538 | | | 459,881 | |
Total liabilities | 19,056,721 | | | 20,175,068 | |
Commitments and contingencies (see footnote 13) | | | |
Shareholders’ equity | | | |
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 176,376,675 and 176,172,073 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 1,766 | | | 1,762 | |
Additional paid in capital | 1,656,750 | | | 1,649,141 | |
Unallocated common shares held by the Employee Stock Ownership Plan | (135,232) | | | (137,696) | |
Retained earnings | 1,704,470 | | | 1,881,775 | |
Accumulated other comprehensive income, net of tax | (700,982) | | | (923,192) | |
Total shareholders’ equity | 2,526,772 | | | 2,471,790 | |
Total liabilities and shareholders’ equity | $ | 21,583,493 | | | $ | 22,646,858 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (In thousands, except per share data) |
Interest and dividend income: | | | | | | | |
Interest and fees on loans | $ | 160,862 | | | $ | 107,236 | | | $ | 314,402 | | | $ | 208,603 | |
Taxable interest and dividends on securities | 24,618 | | | 31,121 | | | 53,260 | | | 58,997 | |
Non-taxable interest and dividends on securities | 1,434 | | | 1,862 | | | 2,868 | | | 3,668 | |
Interest on federal funds sold and other short-term investments | 14,851 | | | 652 | | | 20,115 | | | 1,088 | |
Total interest and dividend income | 201,765 | | | 140,871 | | | 390,645 | | | 272,356 | |
Interest expense: | | | | | | | |
Interest on deposits | 56,146 | | | 3,061 | | | 99,079 | | | 6,383 | |
Interest on borrowings | 4,031 | | | 53 | | | 11,669 | | | 92 | |
Total interest expense | 60,177 | | | 3,114 | | | 110,748 | | | 6,475 | |
Net interest income | 141,588 | | | 137,757 | | | 279,897 | | | 265,881 | |
Provision for allowance for loan losses | 7,501 | | | 1,050 | | | 7,526 | | | 565 | |
Net interest income after provision for allowance for loan losses | 134,087 | | | 136,707 | | | 272,371 | | | 265,316 | |
Noninterest income (loss): | | | | | | | |
Insurance commissions | 27,609 | | | 24,682 | | | 59,112 | | | 53,395 | |
Service charges on deposit accounts | 7,242 | | | 8,313 | | | 13,714 | | | 16,850 | |
Trust and investment advisory fees | 6,131 | | | 5,994 | | | 11,901 | | | 12,135 | |
Debit card processing fees | 3,513 | | | 3,223 | | | 6,683 | | | 6,168 | |
Interest rate swap income | 825 | | | 1,593 | | | 417 | | | 4,525 | |
Income (losses) from investments held in rabbi trusts | 3,002 | | | (7,316) | | | 5,859 | | | (11,749) | |
(Losses) gains on sales of mortgage loans held for sale, net | (50) | | | 49 | | | (124) | | | 218 | |
Losses on sales of securities available for sale, net | — | | | (104) | | | (333,170) | | | (2,276) | |
Other | 5,559 | | | 5,443 | | | 11,109 | | | 9,026 | |
Total noninterest income (loss) | 53,831 | | | 41,877 | | | (224,499) | | | 88,292 | |
Noninterest expense: | | | | | | | |
Salaries and employee benefits | 79,224 | | | 72,996 | | | 157,702 | | | 142,522 | |
Office occupancy and equipment | 9,802 | | | 9,888 | | | 19,680 | | | 21,502 | |
Data processing | 13,874 | | | 14,345 | | | 27,315 | | | 29,665 | |
Professional services | 4,056 | | | 3,532 | | | 7,476 | | | 7,482 | |
Marketing expenses | 2,136 | | | 2,651 | | | 3,233 | | | 4,225 | |
Loan expenses | 1,115 | | | 1,626 | | | 2,210 | | | 3,545 | |
FDIC insurance | 3,034 | | | 1,720 | | | 5,580 | | | 3,132 | |
Amortization of intangible assets | 1,172 | | | 907 | | | 2,132 | | | 1,734 | |
Other | 7,235 | | | 3,474 | | | 12,614 | | | 6,198 | |
Total noninterest expense | 121,648 | | | 111,139 | | | 237,942 | | | 220,005 | |
Income (loss) before income tax expense (benefit) | 66,270 | | | 67,445 | | | (190,070) | | | 133,603 | |
Income tax expense (benefit) | 17,613 | | | 16,273 | | | (44,631) | | | 30,915 | |
Net income (loss) | $ | 48,657 | | | $ | 51,172 | | | $ | (145,439) | | | $ | 102,688 | |
Basic earnings (loss) per share | $ | 0.30 | | | $ | 0.31 | | | $ | (0.90) | | | $ | 0.61 | |
Diluted earnings (loss) per share | $ | 0.30 | | | $ | 0.31 | | | $ | (0.90) | | | $ | 0.61 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (In thousands) |
Net income (loss) | $ | 48,657 | | | $ | 51,172 | | | $ | (145,439) | | | $ | 102,688 | |
Other comprehensive (loss) income, net of tax: | | | | | | | |
Net change in fair value of securities available for sale | (58,486) | | | (246,775) | | | 233,545 | | | (598,800) | |
Net change in fair value of cash flow hedges | (32,271) | | | (1,611) | | | (10,593) | | | (5,420) | |
Net change in other comprehensive income for defined benefit postretirement plans | (361) | | | (123) | | | (742) | | | (247) | |
Total other comprehensive (loss) income | (91,118) | | | (248,509) | | | 222,210 | | | (604,467) | |
Total comprehensive (loss) income | $ | (42,461) | | | $ | (197,337) | | | $ | 76,771 | | | $ | (501,779) | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended June 30, 2023 and 2022
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of Common Stock Outstanding | | Common Stock | | Additional Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive (Loss) Income | | Unallocated Common Stock Held by ESOP | | Total |
| (In thousands, except share data) |
Balance at March 31, 2022 | 183,438,711 | | | $ | 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 awards | 31,559 | | | 1 | | | (1) | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | 2,908 | | | — | | | — | | | — | | | 2,908 | |
Net income | — | | | — | | | — | | | 51,172 | | | — | | | — | | | 51,172 | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (248,509) | | | — | | | (248,509) | |
ESOP shares committed to be released | — | | | — | | | 1,102 | | | — | | | — | | | 1,252 | | | 2,354 | |
Balance at June 30, 2022 | 179,253,801 | | | $ | 1,793 | | | $ | 1,700,495 | | | $ | 1,817,474 | | | $ | (661,163) | | | $ | (140,203) | | | $ | 2,718,396 | |
| | | | | | | | | | | | | |
Balance at March 31, 2023 | 176,328,426 | | | $ | 1,764 | | | $ | 1,651,524 | | | $ | 1,672,169 | | | $ | (609,864) | | | $ | (136,470) | | | $ | 2,579,123 | |
Dividends to common shareholders | — | | | — | | | — | | | (16,356) | | | — | | | — | | | (16,356) | |
Issuance of restricted stock awards | 47,820 | | | 1 | | | (1) | | | — | | | — | | | — | | | — | |
Issuance of common stock under share-based compensation arrangements | 429 | | | 1 | | | (2) | | | — | | | — | | | — | | | (1) | |
Share-based compensation | — | | | — | | | 4,668 | | | — | | | — | | | — | | | 4,668 | |
Net income | — | | | — | | | — | | | 48,657 | | | — | | | — | | | 48,657 | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (91,118) | | | — | | | (91,118) | |
ESOP shares committed to be released | — | | | — | | | 561 | | | — | | | — | | | 1,238 | | | 1,799 | |
Balance at June 30, 2023 | 176,376,675 | | | $ | 1,766 | | | $ | 1,656,750 | | | $ | 1,704,470 | | | $ | (700,982) | | | $ | (135,232) | | | $ | 2,526,772 | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Six Months Ended June 30, 2023 and 2022
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of Common Stock Outstanding | | Common Stock | | Additional Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive (Loss) Income | | Unallocated Common Stock Held by ESOP | | Total |
| (In thousands, except share data) |
Balance at December 31, 2021 | 186,305,332 | | | $ | 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 awards | 31,559 | | | 1 | | | (1) | | | — | | | — | | | — | | | — | |
Share-based compensation | — | | | — | | | 4,531 | | | — | | | — | | | — | | | 4,531 | |
Net income | — | | | — | | | — | | | 102,688 | | | — | | | — | | | 102,688 | |
Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | (604,467) | | | — | | | (604,467) | |
ESOP shares committed to be released | — | | | — | | | 2,474 | | | — | | | — | | | 2,506 | | | 4,980 | |
Balance at June 30, 2022 | 179,253,801 | | | $ | 1,793 | | | $ | 1,700,495 | | | $ | 1,817,474 | | | $ | (661,163) | | | $ | (140,203) | | | $ | 2,718,396 | |
| | | | | | | | | | | | | |
Balance at December 31, 2022 | 176,172,073 | | | $ | 1,762 | | | $ | 1,649,141 | | | $ | 1,881,775 | | | $ | (923,192) | | | $ | (137,696) | | | $ | 2,471,790 | |
Cumulative effect of accounting adjustment (2) | — | | | — | | | — | | | 822 | | | — | | | — | | | 822 | |
Dividends to common shareholders | — | | | — | | | — | | | (32,688) | | | — | | | — | | | (32,688) | |
Issuance of restricted stock awards | 47,820 | | | 1 | | | (1) | | | — | | | — | | | — | | | — | |
Issuance of common stock under share-based compensation arrangements (3) | 156,782 | | | 3 | | | (1,167) | | | — | | | — | | | — | | | (1,164) | |
Share-based compensation | — | | | — | | | 7,712 | | | — | | | — | | | — | | | 7,712 | |
Net loss | — | | | — | | | — | | | (145,439) | | | — | | | — | | | (145,439) | |
Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 222,210 | | | — | | | 222,210 | |
ESOP shares committed to be released | — | | | — | | | 1,065 | | | — | | | — | | | 2,464 | | | 3,529 | |
Balance at June 30, 2023 | 176,376,675 | | | $ | 1,766 | | | $ | 1,656,750 | | | $ | 1,704,470 | | | $ | (700,982) | | | $ | (135,232) | | | $ | 2,526,772 | |
(1)Represents gross transition adjustment amount of $28.0 million, net of taxes of $7.9 million, to reflect the cumulative impact on retained earnings pursuant to the Company’s adoption of Accounting Standards Update 2016-13. 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)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.
(3)Represents shares issued, net of employee tax withheld, during the six months ended June 30, 2023 upon the vesting of restricted stock units. Refer to Note 11, “Share-Based Compensation” 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.
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | | | | | |
| Six Months Ended June 30, |
(In thousands) | 2023 | | 2022 |
| |
Operating activities | | | |
Net (loss) income | $ | (145,439) | | | $ | 102,688 | |
Adjustments to reconcile net income to net cash provided by operating activities | | | |
Provision for allowance for loan losses | 7,526 | | | 565 | |
Depreciation and amortization | 7,520 | | | 7,327 | |
Amortization (accretion) of deferred loan fees and premiums, net | 2,487 | | | (4,722) | |
Deferred income tax (benefit) expense | (76,861) | | | 14,824 | |
Amortization of investment security premiums and discounts, net | 3,871 | | | 8,936 | |
Right-of-use asset amortization | 6,184 | | | 6,559 | |
Share-based compensation | 7,712 | | | 4,531 | |
Increase in cash surrender value of bank-owned life insurance | (1,928) | | | (1,799) | |
Loss on sale of securities available for sale, net | 333,170 | | | 2,276 | |
Accretion of gains from terminated interest rate swaps | (46) | | | (8,389) | |
Employee Stock Ownership Plan expense | 3,529 | | | 4,980 | |
Other | 373 | | | 337 | |
Change in: | | | |
Loans held for sale | 1,723 | | | 435 | |
Prepaid pension expense | 2,404 | | | (8,140) | |
Other assets | (45,216) | | | 49,483 | |
Other liabilities | 65,937 | | | (14,075) | |
Net cash provided by operating activities | 172,946 | | | 165,816 | |
Investing activities | | | |
Proceeds from sales of securities available for sale | 1,899,724 | | | 238,197 | |
Proceeds from maturities and principal paydowns of securities available for sale | 230,154 | | | 624,350 | |
Purchases of securities available for sale | — | | | (670,728) | |
Proceeds from maturities and principal paydowns of securities held to maturity | 11,813 | | | 5,219 | |
Purchases of securities held to maturity | — | | | (493,678) | |
Proceeds from sale of Federal Home Loan Bank stock | 168,578 | | | 5,190 | |
Purchases of Federal Home Loan Bank stock | (154,109) | | | — | |
Contributions to low income housing tax credit investments | (19,178) | | | (11,228) | |
Contributions to other equity investments | (540) | | | (450) | |
Distributions from other equity investments | 159 | | | 669 | |
Net increase in outstanding loans, excluding loan purchases | (355,294) | | | (117,706) | |
Purchases of loans | (31,980) | | | — | |
Proceeds from life insurance policies | — | | | 20,446 | |
Acquisitions, net of cash and cash equivalents acquired | — | | | (5,200) | |
Purchased banking premises and equipment | (2,237) | | | (4,863) | |
Proceeds from sale of premises held for sale | — | | | 12,200 | |
Net cash provided by (used in) investing activities | 1,747,090 | | | (397,582) | |
Financing activities | | | |
Net decrease in demand, savings, interest checking, and money market investment deposit accounts | (1,520,253) | | | (346,127) | |
Net increase (decrease) in time deposits | 726,866 | | | (118,383) | |
Net (decrease) increase in borrowed funds | (389,617) | | | 8,838 | |
Contingent consideration paid | (645) | | | (185) | |
Payments for repurchases of common stock | — | | | (141,821) | |
Dividends declared and paid to common shareholders | (32,390) | | | (33,434) | |
Net cash used in financing activities | (1,216,039) | | | (631,112) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 703,997 | | | (862,878) | |
Cash, cash equivalents, and restricted cash at beginning of period | 169,505 | | | 1,231,792 | |
Cash, cash equivalents, and restricted cash at end of period | $ | 873,502 | | | $ | 368,914 | |
| | | | | | | | | | | |
Supplemental disclosure of cash flow information | | | |
Cash paid during the period for: | | | |
Interest paid on deposits and borrowings | $ | 105,130 | | | $ | 6,471 | |
Income taxes | 21,637 | | | 19,960 | |
Non-cash activities | | | |
Net increase in capital commitments relating to low income housing tax credit projects | $ | 89,500 | | | $ | 6,905 | |
Net decrease in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications | (4,423) | | | — | |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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 subsidiaries, Eastern Bank (the “Bank”) and Eastern Insurance Group LLC (“Eastern Insurance Group”), the Company provides a variety of banking services, trust and investment services, and insurance services, through its full-service bank branches and insurance offices, located primarily in eastern Massachusetts, southern and coastal New Hampshire and Rhode Island. Eastern Insurance Group LLC is a wholly-owned subsidiary of the Bank.
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. The Company and the activities of the Bank and its subsidiaries are also subject to various Massachusetts, New Hampshire and Rhode Island business, banking and insurance 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 which included certain loan servicing-related costs which have been reclassified from professional services to loan expense.
The accompanying Consolidated Balance Sheet as of June 30, 2023, the Consolidated Statements of Income and Comprehensive Income and of Changes in Shareholders’ Equity for the three and six months ended June 30, 2023 and 2022 and Statements of Cash Flows for the six months ended June 30, 2023 and 2022 are unaudited. The Consolidated Balance Sheet as of December 31, 2022 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, 2022 (“2022 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 and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, 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 June 30, 2023 and those that were adopted during the six months ended June 30, 2023. For a full discussion of significant accounting policies, refer to the Notes to the Consolidated Financial Statements included within the Company’s 2022 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 June 30, 2023:
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 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. For public business entities, the amendments in ASU 2023-02 are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for all entities in an interim period. The Company expects the adoption of this standard will not have a material impact on its Consolidated Financial Statements.
Relevant standards that were adopted during the six months ended June 30, 2023:
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). This update modifies how an acquiring entity measures contract assets and contract liabilities of an acquiree in a business combination in accordance with Topic 606. The amendments in this update require the acquiring entity in a business combination to account for revenue contracts as if they had originated the contract and assess how the acquiree accounted for the contract under Topic 606. ASU 2021-08 improves comparability of recognition and measurement of revenue contracts with customers both before and after a business combination. For public business entities, the amendments in this update were effective for fiscal years beginning after December 15, 2022. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments with early adoption permitted. The adoption of this standard on January 1, 2023 did not have a material impact on the Company’s Consolidated Financial Statements.
In March 2022, the FASB issued ASU 2022-02, Financial Instruments–Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”). The amendments in this update eliminate the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in ASC 310-40 and amends the guidance on vintage disclosures, referenced in ASC 326-20-50, to require disclosure of current-period gross write-offs by year of origination. This update supersedes the existing accounting guidance for TDRs in ASC 310-40 in its entirety and requires entities to evaluate all receivable modifications under existing accounting guidance in ASC 310-20 to determine whether a modification made to a borrower results in a new loan or a continuation of an existing loan. In addition to the elimination of TDR accounting guidance, entities that adopt this update will no longer consider renewals, modifications and extensions that result from reasonably expected TDRs in their calculation of the allowance for credit losses. Further, if an entity employs a discounted cash flow method to calculate the allowance for credit losses, it will be required to use a post-modification-derived effective interest rate as part of its calculation. This update also requires new disclosures for receivables for which there has been a modification in their contractual cash flows resulting from borrowers experiencing financial difficulties. For public business entities, the
amendments in this update were effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities may elect to apply the updated guidance on TDR recognition and measurement by using a modified retrospective transition method. The amendments on TDR disclosures and vintage disclosures should be adopted prospectively. On January 1, 2023, the Company adopted this standard by using the modified retrospective transition method, except with regard to amendments on TDR and vint