10-Q 1 ebc-20210930.htm 10-Q ebc-20210930
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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, 2021
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
186,758,154 shares of the Registrant’s common stock, par value $0.01 per share, were issued and outstanding as of November 9, 2021.


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
September 30, 2021December 31, 2020
(In thousands, except share data)
ASSETS
Cash and due from banks$78,805 $116,591 
Short-term investments1,172,956 1,937,479 
Cash and cash equivalents1,251,761 2,054,070 
Available for sale securities5,689,312 3,183,861 
Loans held for sale1,757 1,140 
Loans:
Commercial and industrial1,652,447 1,995,016 
Commercial real estate3,825,186 3,573,630 
Commercial construction243,146 305,708 
Business banking1,225,538 1,339,164 
Residential real estate1,491,269 1,370,957 
Consumer home equity848,570 868,270 
Other consumer218,406 277,780 
Total loans9,504,562 9,730,525 
Less: allowance for loan losses(103,398)(113,031)
Less: unamortized premiums, net of unearned discounts and deferred fees(23,104)(23,536)
Net loans9,378,060 9,593,958 
Federal Home Loan Bank stock, at cost10,601 8,805 
Premises and equipment44,048 49,398 
Bank-owned life insurance79,259 78,561 
Goodwill and other intangibles, net379,772 376,534 
Deferred income taxes, net34,135 13,229 
Prepaid expenses148,180 148,680 
Other assets444,338 455,954 
Total assets$17,461,223 $15,964,190 
LIABILITIES AND EQUITY
Deposits:
Demand$5,484,126 $4,910,794 
Interest checking accounts2,693,276 2,380,497 
Savings accounts1,444,928 1,256,736 
Money market investment3,802,319 3,348,898 
Certificates of deposit225,315 258,859 
Total deposits13,649,964 12,155,784 
Borrowed funds:
Federal Home Loan Bank advances14,172 14,624 
Escrow deposits of borrowers15,900 13,425 
Total borrowed funds30,072 28,049 
Other liabilities351,895 352,305 
Total liabilities14,031,931 12,536,138 
Commitments and contingencies (see footnote 10)
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 186,758,154 shares issued and outstanding at both September 30, 2021 and December 31, 2020
1,868 1,868 
Additional paid in capital1,857,165 1,854,068 
Unallocated common shares held by the Employee Stock Ownership Plan(143,966)(147,725)
Retained earnings1,747,300 1,665,607 
Accumulated other comprehensive income, net of tax(33,075)54,234 
Total shareholders’ equity3,429,292 3,428,052 
Total liabilities and shareholders’ equity$17,461,223 $15,964,190 
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,
2021202020212020
(In thousands, except per share data)
Interest and dividend income:
Interest and fees on loans$86,735 $90,704 $266,310 $278,385 
Taxable interest and dividends on available for sale securities14,314 7,554 36,977 23,332 
Non-taxable interest and dividends on available for sale securities1,848 1,883 5,561 5,709 
Interest on federal funds sold and other short-term investments571 372 1,434 1,173 
Interest and dividends on trading securities   6 
Total interest and dividend income103,468 100,513 310,282 308,605 
Interest expense:
Interest on deposits736 1,727 2,769 10,245 
Interest on borrowings41 44 123 717 
Total interest expense777 1,771 2,892 10,962 
Net interest income102,691 98,742 307,390 297,643 
(Release of) provision for allowance for loan losses(1,488)700 (5,368)37,900 
Net interest income after provision for loan losses104,179 98,042 312,758 259,743 
Noninterest income:
Insurance commissions21,956 21,884 73,767 72,058 
Service charges on deposit accounts5,935 5,052 17,010 15,514 
Trust and investment advisory fees6,310 5,311 18,047 15,600 
Debit card processing fees3,030 2,721 8,949 7,528 
Interest rate swap income (losses)881 1,319 5,122 (3,919)
(Losses) income from investments held in rabbi trusts(289)3,800 5,773 4,802 
Losses on trading securities, net   (3)
Gains on sales of mortgage loans held for sale, net717 2,219 3,044 3,732 
Gains on sales of securities available for sale, net1  1,166 285 
Other4,668 5,403 11,276 13,138 
Total noninterest income43,209 47,709 144,154 128,735 
Noninterest expense:
Salaries and employee benefits66,238 66,593 199,554 191,517 
Office occupancy and equipment7,960 8,294 24,271 25,598 
Data processing12,191 11,721 37,892 33,905 
Professional services4,024 5,510 14,611 13,595 
Charitable contributions   3,984 
Marketing1,598 1,943 6,786 6,056 
Loan expenses1,586 1,554 5,287 4,702 
FDIC insurance1,056 938 2,989 2,788 
Amortization of intangible assets629 699 1,786 2,102 
Other3,688 12,565 7,178 21,507 
Total noninterest expense98,970 109,817 300,354 305,754 
Income before income tax expense48,418 35,934 156,558 82,724 
Income tax expense11,312 7,429 36,980 15,924 
Net income$37,106 $28,505 $119,578 $66,800 
Basic earnings per share$0.22 $ $0.69 $ 
Diluted earnings per share$0.22 $ $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,
2021202020212020
(In thousands)
Net income$37,106 $28,505 $119,578 $66,800 
Other comprehensive income (loss), net of tax:
Net change in fair value of securities available for sale(21,610)(4,321)(71,086)22,158 
Net change in fair value of cash flow hedges(5,644)(6,144)(17,501)20,286 
Net change in other comprehensive income for defined benefit postretirement plans
426 1,702 1,278 5,106 
Total other comprehensive (loss) income(26,828)(8,763)(87,309)47,550 
Total comprehensive income$10,278 $19,742 $32,269 $114,350 
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, 2021 and 2020

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, 2020 $ $ $1,681,164 $12,466 $ $1,693,630 
Net income— — — 28,505 — — 28,505 
Other comprehensive income, net of tax— — — — (8,763)— (8,763)
Balance at September 30, 2020 $ $ $1,709,669 $3,703 $ $1,713,372 
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 (1)— — — (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 
(1)The Company declared and paid a quarterly cash dividend of $0.08 per share of common stock during the three months ended September 30, 2021.
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, 2021 and 2020

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, 2019 $ $ $1,644,000 $(43,847)$ $1,600,153 
Cumulative effect accounting adjustment (1)— — — (1,131)— — (1,131)
Net income— — — 66,800 — — 66,800 
Other comprehensive income, net of tax— — — — 47,550 — 47,550 
Balance at September 30, 2020 $ $ $1,709,669 $3,703 $ $1,713,372 
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 (2)— — — (37,885)— — (37,885)
Net income— — — 119,578 — — 119,578 
Other comprehensive loss, 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 
(1)Represents cumulative impact on retained earnings pursuant to the Company’s (as defined herein) adoption of Accounting Standards Update 2016-02 Leases. The transition adjustment to the opening balance of retained earnings on January 1, 2020 amounted to $1.1 million, net of tax, related to an incremental accrued rent adjustment calculated as a result of electing the hindsight practical expedient.
(2)The Company declared and paid quarterly cash dividends of $0.06, $0.08 and $0.08 per share of common stock during the three months ended March 31, 2021, June 30, 2021 and September 30, 2021, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
8

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
(In thousands)20212020
Operating activities
Net income$119,578 $66,800 
Adjustments to reconcile net income to net cash provided by operating activities
(Release of) provision for loan losses(5,368)37,900 
Depreciation and amortization9,932 12,246 
Accretion of deferred loan fees and premiums, net(19,126)(5,582)
Deferred income tax expense (benefit)5,606 (7,511)
Amortization of investment security premiums and discounts11,084 3,057 
Right-of-use asset amortization9,172 9,086 
Increase in cash surrender value of bank-owned life insurance(1,598)(1,685)
Gain on sale of securities available for sale, net(1,166)(285)
Amortization of gains from terminated interest rate swaps(24,344)(7,409)
Employee Stock Ownership Plan expense6,856  
Other(755)(672)
Change in:
Trading securities 961 
Loans held for sale(610)(4,644)
Prepaid pension expense2,515 (26,391)
Other assets34,227 (122,883)
Other liabilities(18,904)61,326 
Net cash provided by operating activities127,099 14,314 
Investing activities
Proceeds from sales of securities available for sale23,237 9,097 
Proceeds from maturities and principal paydowns of securities available for sale573,135 289,151 
Purchases of securities available for sale(3,202,995)(971,990)
Proceeds from sale of Federal Home Loan Bank stock 749 
Purchases of Federal Home Loan Bank stock(1,796)(527)
Contributions to low income housing tax credit investments(10,168)(9,614)
Contributions to other equity investments(2,294)(1,631)
Distributions from other equity investments258 54 
Net decrease (increase) in outstanding loans240,354 (929,237)
Acquisitions, net of cash and cash equivalents acquired(4,354) 
Purchased banking premises and equipment, net(3,791)(3,386)
Proceeds from sale of premises held for sale736  
Proceeds from sale of other real estate owned125 546 
Net cash used in investing activities(2,387,553)(1,616,788)
Financing activities
Net increase in demand, savings, interest checking, and money market investment deposit accounts1,527,724 3,830,588 
Net decrease in time deposits(33,544)(49,395)
Net increase (decrease) in borrowed funds2,023 (205,958)
Contingent consideration paid(173)(165)
Payment of deferred offering costs (7,114)
Dividends declared and paid to common shareholders(37,885) 
Net cash provided by financing activities1,458,145 3,567,956 
Net (decrease) increase in cash, cash equivalents, and restricted cash(802,309)1,965,482 
Cash, cash equivalents, and restricted cash at beginning of period2,054,070 362,602 
Cash, cash equivalents, and restricted cash at end of period$1,251,761 $2,328,084 
9


Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest paid$2,943 $12,546 
Income taxes42,432