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Eastern Bankshares, Inc. Reports Second Quarter 2024 Financial Results

~ Company Announces Authorization of Share Repurchase Program ~

Eastern Bankshares, Inc. (the “Company,” or together with its subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2024 second quarter financial results, the declaration of a quarterly cash dividend, and the authorization of a share repurchase program.

On July 12, 2024, the Company completed its merger (“the merger”) with Cambridge Bancorp (“Cambridge”) and surpassed $25 billion in assets. The merger also added approximately $4.8 billion in assets under management and administration (“AUM/A”), 11 net new branch locations, and 4 net new wealth management offices to the Company. The Company plans to provide an update on the financial impact of the merger with the third quarter earnings release.

“I’m very pleased with our second quarter financial results, which demonstrate the continued strength and stability of our franchise,” said Bob Rivers, Executive Chair and Chair of the Board of the Company and Eastern Bank. “Shortly after the close of the second quarter, we joined forces with Cambridge. The complementary strengths of each bank will allow us to better serve our customers with a full suite of commercial and consumer banking products and services, as well as wealth management offerings, supported by strong digital capabilities. This enhanced ability to serve our customers – combined with our financial strength and community focus – will continue to drive value for all our stakeholders and further solidify Eastern as Greater Boston’s leading local bank.”

Mr. Rivers continued, “Our Board’s approval of a new share repurchase program is a testament to the Company’s strong capital and liquidity position, and our commitment to creating shareholder value.”

FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF 2024

  • Net income of $26.3 million, or $0.16 per diluted share. Operating net income* of $36.5 million, or $0.22 per diluted share.
  • The net interest margin on a fully tax equivalent (“FTE”) basis* declined modestly to 2.64% as compared to 2.68% in the prior quarter.
  • Total loans increased $56.8 million, or 1.6% on an annualized basis, from the prior quarter, to $14.1 billion.
  • Deposits declined $129 million, or 2.9% on an annualized basis, driven by the early withdrawal of a $100 million omnibus deposit contract for which the bank received an early termination payment of $7.8 million. Excluding this early withdrawal, deposits were relatively stable from the prior quarter.
  • Average deposits increased $192.9 million in the second quarter, or 1.1%.
  • Eastern sold securities totaling $85 million in the quarter at a loss of $7.6 million.
  • Non-performing loans (“NPLs”) reduced from $57.2 million to $39.8 million or from 0.41% to 0.28% of total loans. The reduction was driven by the resolution of two NPLs in the second quarter.
  • Net recoveries of 0.02% of average total loans, compared to net charge-offs of 0.21% in the prior quarter, both on an annualized basis.

BALANCE SHEET

Total assets were $21.0 billion at June 30, 2024, representing a decrease of $130.6 million, or 0.6% from March 31, 2024.

  • Cash and equivalents increased $11.8 million from the prior quarter to $750.8 million.
  • Total securities decreased $196.9 million, or 4.2%, from the prior quarter, to $4.5 billion, due to the sale of approximately $85 million in available for sale securities (“AFS securities”) and principal runoff.
  • Loans totaled $14.1 billion, representing an increase of $56.8 million, or 0.4%, from the prior quarter, driven primarily by consumer loan growth of $51.3 million.
  • Deposits totaled $17.5 billion, representing a decrease of $128.9 million, or 0.7%, from the prior quarter, driven primarily by the early withdrawal of a $100 million omnibus deposit contract, which was inherited from Eastern’s acquisition of Century Bank and Trust Company in 2021. Average deposits increased $192.9 million in the second quarter, or 1.1%. The Company had no brokered deposits at June 30, 2024 and March 31, 2024.
  • Federal Home Loan Bank advances decreased $0.2 million from the prior quarter to $17.4 million.
  • Shareholders’ equity was $3.0 billion, representing an increase of $14.6 million from the prior quarter, driven primarily by an increase in retained earnings.
  • At June 30, 2024, book value per share was $16.80 and tangible book value per share* was $13.60. Please refer to Appendix D to this press release for a roll-forward of tangible shareholders’ equity*.

NET INTEREST INCOME

Net interest income was $128.6 million for the second quarter of 2024, compared to $129.9 million for the prior quarter, representing a decrease of $1.3 million.

  • The net interest margin on a FTE basis* was 2.64% for the second quarter, representing a 4 basis point decrease from the prior quarter, as higher funding costs more than offset increases in interest-earning asset yields.
  • Total interest-earning assets yield increased 6 basis points from the prior quarter to 4.19%, due primarily to an increase in loan yields of 3 basis points, as well as higher other short-term investments volume.
  • Total interest-bearing liabilities cost increased 12 basis points from the prior quarter to 2.44%, due primarily to higher deposit costs resulting from deposit mix shifts.

NONINTEREST INCOME

Noninterest income was $25.3 million for the second quarter of 2024, compared to $27.7 million for the prior quarter, representing a decrease of $2.3 million. Noninterest income on an operating basis* was $31.1 million for the second quarter of 2024, compared to $23.4 million for the prior quarter, representing an increase of $7.8 million.

  • Service charges on deposit accounts increased $0.4 million from the prior quarter to $7.9 million.
  • Trust and investment advisory fees increased $0.2 million from the prior quarter to $6.7 million.
  • Debit card processing fees increased $0.3 million from the prior quarter to $3.5 million.
  • Loan-level interest rate swap income decreased $0.2 million from the prior quarter to $0.4 million.
  • Income from investments held in rabbi trust accounts decreased $2.6 million from the prior quarter to $1.8 million. The quarter over quarter change was driven by investment performance.
  • Losses on sales of mortgage loans held for sale were $0.2 million, compared to losses of $0.1 million in the prior quarter.
  • Losses on sales of AFS securities were $7.6 million due to the sale of approximately $85 million of AFS securities. There were no losses on sales of AFS securities in the prior quarter.
  • Other noninterest income increased $7.2 million in the second quarter to $12.7 million. The increase was driven primarily by the early termination payment of $7.8 million received from the aforementioned omnibus deposit early withdrawal.

NONINTEREST EXPENSE

Noninterest expense was $109.9 million for the second quarter of 2024, compared to $101.2 million in the prior quarter, representing an increase of $8.7 million. Noninterest expense on an operating basis* for the second quarter of 2024 was $105.3 million, compared to $97.6 million in the prior quarter, representing an increase of $7.6 million.

  • Salaries and employee benefits expense was $65.2 million, an increase of $0.7 million from the prior quarter.
  • Office occupancy and equipment expense was $10.1 million, an increase of $0.9 million from the prior quarter, due primarily to the move to the Company’s new corporate headquarters.
  • Data processing expense was $18.0 million, an increase of $1.5 million from the prior quarter, due primarily to an increase of $1.4 million in merger related data processing expenses from the prior quarter.
  • Professional services expense was $4.3 million in the second quarter, an increase of $0.7 million from the prior quarter.
  • Marketing expense was $1.9 million, an increase of $0.4 million from the prior quarter, due primarily to higher advertising expenses.
  • Federal Deposit Insurance Corporation (“FDIC”) insurance expense was $4.5 million, an increase of $2.2 million from the prior quarter, primarily due to an increase of $1.9 million to the FDIC special assessment first incurred in the fourth quarter of 2023.
  • Other noninterest expense was $5.4 million, an increase of $2.2 million from the prior quarter, due primarily to a lower level of provision release for off balance sheet exposures of $1.5 million.

Please refer to Appendix E for additional detail on M&A expenses*.

ASSET QUALITY

Non-performing loans (“NPLs”) totaled $39.8 million at June 30, 2024 compared to $57.2 million at the end of the prior quarter. The reduction was driven primarily by the resolution of two NPLs in the second quarter.

During the second quarter of 2024, the Company recorded total net recoveries of $0.8 million, or 0.02% of average total loans on an annualized basis, compared to total net charge-offs of $7.3 million, or 0.21% of average total loans on an annualized basis, in the prior quarter, respectively. The net recoveries were driven by the partial recoveries of $2.0 million on the aforementioned two NPLs resolved in the second quarter.

The Company recorded a provision for loan losses totaling $6.1 million in the second quarter of 2024 driven primarily by an increase in individual loan reserves on commercial real estate loans in the second quarter. The allowance for loan losses was $156.1 million at June 30, 2024, or 1.11% of total loans, compared to $149.2 million, or 1.06% of total loans, at March 31, 2024.

DIVIDENDS AND SHARE REPURCHASES

The Company’s Board of Directors has declared a quarterly cash dividend of $0.11 per common share. The dividend will be payable on September 16, 2024 to shareholders of record as of the close of business on September 3, 2024.

The Company’s Board of Directors has authorized a share repurchase program of up to 10.8 million shares, representing 5% of the Company’s outstanding shares of common stock. The repurchase program, which is limited to $200 million through July 31, 2025, may be modified or terminated by the Board of Directors of the Company at any time.

CONFERENCE CALL AND PRESENTATION INFORMATION

A conference call and webcast covering Eastern’s second quarter 2024 earnings will be held on Friday, July 26, 2024 at 9:00 a.m. Eastern Time. To join by telephone, participants can call the toll-free dial-in number (800) 549-8228 from within the U.S. and reference conference ID 26729. The conference call will be simultaneously webcast. Participants may join the webcast on the Company’s Investor Relations website at investor.easternbank.com. A presentation providing additional information for the quarter is also available at investor.easternbank.com. A replay of the webcast will be made available on demand on this site.

ABOUT EASTERN BANKSHARES, INC.

Eastern Bankshares, Inc. is the stock holding company for Eastern Bank. Founded in 1818, Boston-based Eastern Bank is Greater Boston’s leading local bank and the largest bank-owned independent investment advisor in Massachusetts with approximately 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management and Private Banking divisions, and takes pride in its outspoken advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. For investor information, visit investor.easternbank.com.

NON-GAAP FINANCIAL MEASURES

*Denotes a non-GAAP financial measure used in this press release.

A non-GAAP financial measure is defined as a numerical measure of the Company’s historical or future financial performance, financial position or cash flows that excludes (or includes) amounts, or is subject to adjustments that have the effect of excluding (or including) amounts that are included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”) in the Company’s statement of income, balance sheet or statement of cash flows (or equivalent statements).

The Company presents non-GAAP financial measures, which management uses to evaluate the Company’s performance, and which exclude the effects of certain transactions that management believes are unrelated to its core business and are therefore not necessarily indicative of its current performance or financial position. Management believes excluding these items facilitates greater visibility for investors into the Company’s core business as well as underlying trends that may, to some extent, be obscured by inclusion of such items in the corresponding GAAP financial measures. Except as otherwise indicated, these non-GAAP financial measures presented in this press release exclude discontinued operations.

There are items in the Company’s financial statements that impact its financial results, but which management believes are unrelated to the Company’s core business. Accordingly, the Company presents noninterest income on an operating basis, total operating revenue, noninterest expense on an operating basis, operating net income, operating earnings per share, operating return on average assets, operating return on average shareholders’ equity, operating return on average tangible shareholders’ equity (discussed further below), and the operating efficiency ratio. Each of these figures excludes the impact of such applicable items because management believes such exclusion can provide greater visibility into the Company’s core business and underlying trends. Such items that management does not consider to be core to the Company’s business include (i) income and expenses from investments held in rabbi trusts, (ii) gains and losses on sales of securities available for sale, net, (iii) gains and losses on the sale of other assets, (iv) rabbi trust employee benefits, (v) impairment charges on tax credit investments and associated tax credit benefits, (vi) other real estate owned (“OREO”) gains, (vii) merger and acquisition expenses, (viii) the non-cash pension settlement charge recognized related to the Defined Benefit Plan, (ix) certain discrete tax items, and (x) net income from discontinued operations. The Company does not provide an outlook for its total noninterest income and total noninterest expense because each contains income or expense components, as applicable, such as income associated with rabbi trust accounts and rabbi trust employee benefit expense, which are market-driven, and over which the Company cannot exercise control. Accordingly, reconciliations of the Company’s outlook for its noninterest income on an operating basis and its noninterest expense on an operating basis to an outlook for total noninterest income and total noninterest expense, respectively, cannot be made available without unreasonable effort.

Management also presents tangible assets, tangible shareholders’ equity, average tangible shareholders’ equity, tangible book value per share, the ratio of tangible shareholders’ equity to tangible assets including the impact of mark-to-market adjustments on held-to-maturity securities, return on average tangible shareholders’ equity, and operating return on average shareholders’ equity (discussed further above), each of which excludes the impact of goodwill and other intangible assets, as management believes these financial measures provide investors with the ability to further assess the Company’s performance, identify trends in its core business and provide a comparison of its capital adequacy to other companies. The Company included the tangible ratios because management believes that investors may find it useful to have access to the same analytical tools used by management to assess performance and identify trends.

These non-GAAP financial measures presented in this press release should not be considered an alternative or substitute for financial results or measures determined in accordance with GAAP or as an indication of the Company’s cash flows from operating activities, a measure of its liquidity position or an indication of funds available for its cash needs. An item which management considers to be non-core and excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular period. In addition, management’s methodology for calculating non-GAAP financial measures may differ from the methodologies employed by other banking companies to calculate the same or similar performance measures, and accordingly, the Company’s reported non-GAAP financial measures may not be comparable to the same or similar performance measures reported by other banking companies. Please refer to Appendices A-E for reconciliations of the Company's GAAP financial measures to the non-GAAP financial measures in this press release.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. You can identify these statements from the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target”, “outlook” and similar expressions. Forward-looking statements, by their nature, are subject to risks and uncertainties. There are many factors that could cause actual results to differ materially from expected results described in the forward-looking statements.

Certain factors that could cause actual results to differ materially from expected results include; adverse developments in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the allowance for loan losses; increased competitive pressures; changes in interest rates and resulting changes in competitor or customer behavior, mix or costs of sources of funding, and deposit amounts and composition; risks associated with the Company’s implementation of the merger with Cambridge Bancorp, including that the combined companies may not perform as expected due to transaction-related uncertainty or other factors; that revenue or expense synergies may not fully materialize for the Company in the timeframe expected or at all, or may be more costly to achieve; that following completion of the transaction, Eastern’s business may not perform as expected due to transaction-related uncertainty or other factors; that Eastern is unable to successfully implement integration strategies; that Eastern’s expansion of services or capabilities resulting from the merger may be more challenging than anticipated; reputational risks and the reaction of customers to the transaction; the inability to implement onboarding plans and other consequences associated with mergers; the diversion of management time and Company resources on merger-related issues; and disruptions arising from transitions in management personnel; adverse national or regional economic conditions or conditions within the securities markets or banking sector; legislative and regulatory changes and related compliance costs that could adversely affect the business in which the Company and its subsidiaries, including Eastern Bank, are engaged, including the effect of, and changes in, monetary and fiscal policies and laws, such as the interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations, including inflationary or recessionary pressures, interest rate sensitivity, liquidity constraints, increased borrowing and funding costs, and fluctuations due to actual or anticipated changes to federal tax laws; the realizability of deferred tax assets; the Company’s ability to successfully implement its risk mitigation strategies; asset and credit quality deterioration, including adverse developments in local or regional real estate markets that decrease collateral values associated with existing loans; operational risks such as cybersecurity incidents, natural disasters, and pandemics, including COVID-19 and the failure of the Company to execute its planned share repurchases. For further discussion of such factors, please see the Company’s most recent Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov.

You should not place undue reliance on forward-looking statements, which reflect the Company's expectations only as of the date of this press release. The Company does not undertake any obligation to update forward-looking statements.



EASTERN BANKSHARES, INC. AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS (1)

Certain information in this press release is presented as reviewed by the Company’s management and includes information derived from the Company’s Consolidated Statements of Income, non-GAAP financial measures, and operational and performance metrics. For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."

 

As of and for the three months ended

(Unaudited, dollars in thousands, except per-share data)

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Sep 30, 2023

Jun 30, 2023

 

 

 

 

 

 

Earnings data

 

 

 

 

 

Net interest income

$

128,649

 

$

129,900

 

$

133,307

 

$

137,205

 

$

141,588

 

Noninterest income

 

25,348

 

 

27,692

 

 

26,739

 

 

19,157

 

 

26,204

 

Total revenue

 

153,997

 

 

157,592

 

 

160,046

 

 

156,362

 

 

167,792

 

Noninterest expense

 

109,869

 

 

101,202

 

 

121,029

 

 

101,748

 

 

99,934

 

Pre-tax, pre-provision income

 

44,128

 

 

56,390

 

 

39,017

 

 

54,614

 

 

67,858

 

Provision for allowance for loan losses

 

6,126

 

 

7,451

 

 

5,198

 

 

7,328

 

 

7,501

 

Pre-tax income

 

38,002

 

 

48,939

 

 

33,819

 

 

47,286

 

 

60,357

 

Net income from continuing operations

 

26,331

 

 

38,647

 

 

31,509

 

 

63,464

 

 

44,419

 

Net income (loss) from discontinued operations

 

 

 

 

 

286,994

 

 

(4,351

)

 

4,238

 

Net income

 

26,331

 

 

38,647

 

 

318,503

 

 

59,113

 

 

48,657

 

Operating net income (non-GAAP)

 

36,519

 

 

38,081

 

 

16,875

 

 

52,085

 

 

41,092

 

 

 

 

 

 

 

Per-share data

 

 

 

 

 

Earnings (loss) per share, diluted

$

0.16

 

$

0.24

 

$

1.95

 

$

0.36

 

$

0.30

 

Continuing operations

$

0.16

 

$

0.24

 

$

0.19

 

$

0.39

 

$

0.27

 

Discontinued operations

$

 

$

 

$

1.76

 

$

(0.03

)

$

0.03

 

Operating earnings per share, diluted (non-GAAP)

$

0.22

 

$

0.23

 

$

0.10

 

$

0.32

 

$

0.25

 

Book value per share

$

16.80

 

$

16.72

 

$

16.86

 

$

13.87

 

$

14.33

 

Tangible book value per share (non-GAAP)

$

13.60

 

$

13.51

 

$

13.65

 

$

10.14

 

$

10.59

 

 

 

 

 

 

 

Profitability

 

 

 

 

 

Return on average assets (2)

 

0.50

%

 

0.74

%

 

0.59

%

 

1.18

%

 

0.81

%

Operating return on average assets (non-GAAP) (2)

 

0.70

%

 

0.72

%

 

0.31

%

 

0.97

%

 

0.75

%

Return on average shareholders' equity (2)

 

3.62

%

 

5.23

%

 

4.66

%

 

9.91

%

 

6.85

%

Operating return on average shareholders' equity (2)

 

5.03

%

 

5.17

%

 

2.51

%

 

8.14

%

 

6.34

%

Return on average tangible shareholders' equity (non-GAAP) (2)

 

4.48

%

 

6.46

%

 

5.99

%

 

13.38

%

 

9.19

%

Operating return on average tangible shareholders' equity (non-GAAP) (2)

 

6.22

%

 

6.36

%

 

3.20

%

 

10.99

%

 

8.50

%

Net interest margin (FTE) (2)

 

2.64

%

 

2.68

%

 

2.69

%

 

2.77

%

 

2.80

%

Cost of deposits (2)

 

1.78

%

 

1.66

%

 

1.51

%

 

1.33

%

 

1.22

%

Efficiency ratio

 

71.34

%

 

64.22

%

 

75.62

%

 

65.07

%

 

59.56

%

Operating efficiency ratio (non-GAAP)

 

64.04

%

 

61.89

%

 

73.59

%

 

60.83

%

 

58.47

%

 

 

 

 

 

 

Balance Sheet (end of period)

 

 

 

 

 

Total assets

$

21,044,169

 

$

21,174,804

 

$

21,133,278

 

$

21,146,292

 

$

21,583,493

 

Total loans

 

14,145,520

 

 

14,088,747

 

 

13,973,428

 

 

13,919,275

 

 

13,961,878

 

Total deposits

 

17,537,809

 

 

17,666,733

 

 

17,596,217

 

 

17,424,169

 

 

18,180,972

 

Total loans / total deposits

 

81

%

 

80

%

 

79

%

 

80

%

 

77

%

 

 

 

 

 

 

Asset quality

 

 

 

 

 

Allowance for loan losses ("ALLL")

$

156,146

 

$

149,190

 

$

148,993

 

$

155,146

 

$

147,955

 

ALLL / total nonperforming loans ("NPLs")

 

392.61

%

 

260.94

%

 

283.49

%

 

326.86

%

 

484.18

%

Total NPLs / total loans

 

0.28

%

 

0.41

%

 

0.38

%

 

0.34

%

 

0.22

%

Net (recoveries) charge-offs ("NCOs") / average total loans (2)

 

(0.02

)%

 

0.21

%

 

0.32

%

 

0.00

%

 

0.01

%

 

 

 

 

 

 

Capital adequacy

 

 

 

 

 

Shareholders' equity / assets

 

14.10

%

 

13.95

%

 

14.08

%

 

11.57

%

 

11.71

%

Tangible shareholders' equity / tangible assets (non-GAAP)

 

11.73

%

 

11.58

%

 

11.71

%

 

8.73

%

 

8.93

%

 

 

 

 

 

 

(1) Total assets, average assets and average tangible shareholders' equity components as of and for the three months ended Dec 31, 2023 and preceding periods presented in this table include discontinued operations.

(2) Presented on an annualized basis.

 

EASTERN BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

As of

 

Jun 30, 2024 change from

(Unaudited, dollars in thousands)

Jun 30, 2024

Mar 31, 2024

Jun 30, 2023

 

Mar 31, 2024

 

Jun 30, 2023

ASSETS

 

 

 

 

△ $

△ %

 

△ $

△ %

Cash and due from banks

$

72,890

 

$

71,492

 

$

105,066

 

 

$

1,398

 

2

%

 

$

(32,176

)

(31

)%

Short-term investments

 

677,958

 

 

667,526

 

 

768,436

 

 

 

10,432

 

2

%

 

 

(90,478

)

(12

)%

Cash and cash equivalents

 

750,848

 

 

739,018

 

 

873,502

 

 

 

11,830

 

2

%

 

 

(122,654

)

(14

)%

Available for sale ("AFS") securities

 

4,097,842

 

 

4,287,585

 

 

4,520,293

 

 

 

(189,743

)

(4

)%

 

 

(422,451

)

(9

)%

Held to maturity ("HTM") securities

 

436,712

 

 

443,833

 

 

465,061

 

 

 

(7,121

)

(2

)%

 

 

(28,349

)

(6

)%

Total securities

 

4,534,554

 

 

4,731,418

 

 

4,985,354

 

 

 

(196,864

)

(4

)%

 

 

(450,800

)

(9

)%

Loans held for sale

 

1,308

 

 

2,204

 

 

2,835

 

 

 

(896

)

(41

)%

 

 

(1,527

)

(54

)%

Loans:

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

3,084,186

 

 

3,084,580

 

 

3,341,976

 

 

 

(394

)

%

 

 

(257,790

)

(8

)%

Commercial real estate

 

5,440,411

 

 

5,519,505

 

 

5,242,290

 

 

 

(79,094

)

(1

)%

 

 

198,121

 

4

%

Commercial construction

 

447,157

 

 

388,024

 

 

371,367

 

 

 

59,133

 

15

%

 

 

75,790

 

20

%

Business banking

 

1,108,163

 

 

1,100,637

 

 

1,089,548

 

 

 

7,526

 

1

%

 

 

18,615

 

2

%

Total commercial loans

 

10,079,917

 

 

10,092,746

 

 

10,045,181

 

 

 

(12,829

)

%

 

 

34,736

 

%

Residential real estate

 

2,562,808

 

 

2,544,462

 

 

2,510,705

 

 

 

18,346

 

1

%

 

 

52,103

 

2

%

Consumer home equity

 

1,254,105

 

 

1,217,141

 

 

1,198,290

 

 

 

36,964

 

3

%

 

 

55,815

 

5

%

Other consumer

 

248,690

 

 

234,398

 

 

207,702

 

 

 

14,292

 

6

%

 

 

40,988

 

20

%

Total loans

 

14,145,520

 

 

14,088,747

 

 

13,961,878

 

 

 

56,773

 

%

 

 

183,642

 

1

%

Allowance for loan losses

 

(156,146

)

 

(149,190

)

 

(147,955

)

 

 

(6,956

)

5

%

 

 

(8,191

)

6

%

Unamortized prem./disc. and def. fees

 

(35,601

)

 

(32,947

)

 

(15,202

)

 

 

(2,654

)

8

%

 

 

(20,399

)

134

%

Net loans

 

13,953,773

 

 

13,906,610

 

 

13,798,721

 

 

 

47,163

 

%

 

 

155,052

 

1

%

Federal Home Loan Bank stock, at cost

 

5,879

 

 

5,879

 

 

26,894

 

 

 

 

%

 

 

(21,015

)

(78

)%

Premises and equipment

 

60,910

 

 

59,790

 

 

59,421

 

 

 

1,120

 

2

%

 

 

1,489

 

3

%

Bank-owned life insurance

 

166,710

 

 

165,734

 

 

162,718

 

 

 

976

 

1

%

 

 

3,992

 

2

%

Goodwill and other intangibles, net

 

565,196

 

 

565,701

 

 

567,213

 

 

 

(505

)

%

 

 

(2,017

)

%

Deferred income taxes, net

 

276,064

 

 

272,344

 

 

352,060

 

 

 

3,720

 

1

%

 

 

(75,996

)

(22

)%

Prepaid expenses

 

183,245

 

 

187,211

 

 

157,675

 

 

 

(3,966

)

(2

)%

 

 

25,570

 

16

%

Other assets

 

545,682

 

 

538,895

 

 

476,074

 

 

 

6,787

 

1

%

 

 

69,608

 

15

%

Assets of discontinued operations

 

 

 

 

 

121,026

 

 

 

 

%

 

 

(121,026

)

(100

)%

Total assets

$

21,044,169

 

$

21,174,804

 

$

21,583,493

 

 

$

(130,635

)

(1

)%

 

$

(539,324

)

(2

)%

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

Demand

$

4,808,938

 

$

4,952,487

 

$

5,346,693

 

 

$

(143,549

)

(3

)%

 

$

(537,755

)

(10

)%

Interest checking accounts

 

3,532,811

 

 

3,739,631

 

 

4,173,079

 

 

 

(206,820

)

(6

)%

 

 

(640,268

)

(15

)%

Savings accounts

 

1,238,009

 

 

1,291,260

 

 

1,495,540

 

 

 

(53,251

)

(4

)%

 

 

(257,531

)

(17

)%

Money market investment

 

5,014,900

 

 

4,770,058

 

 

4,814,412

 

 

 

244,842

 

5

%

 

 

200,488

 

4

%

Certificates of deposit

 

2,943,151

 

 

2,913,297

 

 

2,351,248

 

 

 

29,854

 

1

%

 

 

591,903

 

25

%

Total deposits

 

17,537,809

 

 

17,666,733

 

 

18,180,972

 

 

 

(128,924

)

(1

)%

 

 

(643,163

)

(4

)%

Borrowed funds:

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank advances

 

17,415

 

 

17,576

 

 

314,021

 

 

 

(161

)

(1

)%

 

 

(296,606

)

(94

)%

Escrow deposits of borrowers

 

20,155

 

 

24,368

 

 

22,980

 

 

 

(4,213

)

(17

)%

 

 

(2,825

)

(12

)%

Interest rate swap collateral funds

 

11,370

 

 

10,810

 

 

14,210

 

 

 

560

 

5

%

 

 

(2,840

)

(20

)%

Total borrowed funds

 

48,940

 

 

52,754

 

 

351,211

 

 

 

(3,814

)

(7

)%

 

 

(302,271

)

(86

)%

Other liabilities

 

489,947

 

 

502,486

 

 

488,007

 

 

 

(12,539

)

(2

)%

 

 

1,940

 

%

Liabilities of discontinued operations

 

 

 

 

 

36,531

 

 

 

 

%

 

 

(36,531

)

(100

)%

Total liabilities

 

18,076,696

 

 

18,221,973

 

 

19,056,721

 

 

 

(145,277

)

(1

)%

 

 

(980,025

)

(5

)%

Shareholders' equity:

 

 

 

 

 

 

 

 

 

Common shares

 

1,770

 

 

1,769

 

 

1,766

 

 

 

1

 

%

 

 

4

 

%

Additional paid-in capital

 

1,673,722

 

 

1,669,133

 

 

1,656,750

 

 

 

4,589

 

%

 

 

16,972

 

1

%

Unallocated common shares held by the employee stock ownership plan ("ESOP")

 

(130,295

)

 

(131,512

)

 

(135,232

)

 

 

1,217

 

(1

)%

 

 

4,937

 

(4

)%

Retained earnings

 

2,076,566

 

 

2,068,315

 

 

1,704,470

 

 

 

8,251

 

%

 

 

372,096

 

22

%

Accumulated other comprehensive income ("AOCI"), net of tax

 

(654,290

)

 

(654,874

)

 

(700,982

)

 

 

584

 

%

 

 

46,692

 

(7

)%

Total shareholders' equity

 

2,967,473

 

 

2,952,831

 

 

2,526,772

 

 

 

14,642

 

%

 

 

440,701

 

17

%

Total liabilities and shareholders' equity

$

21,044,169

 

$

21,174,804

 

$

21,583,493

 

 

$

(130,635

)

(1

)%

 

$

(539,324

)

(2

)%

 

EASTERN BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

 

 

Three months ended

 

Three months ended Jun 30, 2024 change from three months ended

(Unaudited, dollars in thousands, except per-share data)

Jun 30, 2024

Mar 31, 2024

Jun 30, 2023

 

Mar 31, 2024

 

Jun 30, 2023

 

 

 

 

 

 

 

 

 

 

Interest and dividend income:

 

 

 

 

△ $

△ %

 

△ $

△ %

Interest and fees on loans

$

172,514

 

$

169,981

 

$

160,862

 

 

$

2,533

 

1

%

 

$

11,652

 

7

%

Taxable interest and dividends on securities

 

22,724

 

 

23,373

 

 

24,618

 

 

 

(649

)

(3

)%

 

 

(1,894

)

(8

)%

Non-taxable interest and dividends on securities

 

1,439

 

 

1,437

 

 

1,434

 

 

 

2

 

%

 

 

5

 

%

Interest on federal funds sold and other short-term investments

 

10,699

 

 

7,820

 

 

14,851

 

 

 

2,879

 

37

%

 

 

(4,152

)

(28

)%

Total interest and dividend income

 

207,376

 

 

202,611

 

 

201,765

 

 

 

4,765

 

2

%

 

 

5,611

 

3

%

Interest expense:

 

 

 

 

 

 

 

 

 

Interest on deposits

 

78,473

 

 

72,458

 

 

56,146

 

 

 

6,015

 

8

%

 

 

22,327

 

40

%

Interest on borrowings

 

254

 

 

253

 

 

4,031

 

 

 

1

 

%

 

 

(3,777

)

(94

)%

Total interest expense

 

78,727

 

 

72,711

 

 

60,177

 

 

 

6,016

 

8

%

 

 

18,550

 

31

%

Net interest income

 

128,649

 

 

129,900

 

 

141,588

 

 

 

(1,251

)

(1

)%

 

 

(12,939

)

(9

)%

Provision for allowance for loan losses

 

6,126

 

 

7,451

 

 

7,501

 

 

 

(1,325

)

(18

)%

 

 

(1,375

)

(18

)%

Net interest income after provision for allowance for loan losses

 

122,523

 

 

122,449

 

 

134,087

 

 

 

74

 

%

 

 

(11,564

)

(9

)%

Noninterest income:

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

7,930

 

 

7,508

 

 

7,242

 

 

 

422

 

6

%

 

 

688

 

10

%

Trust and investment advisory fees

 

6,711

 

 

6,544

 

 

6,131

 

 

 

167

 

3

%

 

 

580

 

9

%

Debit card processing fees

 

3,522

 

 

3,247

 

 

3,513

 

 

 

275

 

8

%

 

 

9

 

%

Interest rate swap income

 

418

 

 

667

 

 

825

 

 

 

(249

)

(37

)%

 

 

(407

)

(49

)%

Income from investments held in rabbi trusts

 

1,761

 

 

4,318

 

 

3,002

 

 

 

(2,557

)

(59

)%

 

 

(1,241

)

(41

)%

Losses on sales of mortgage loans held for sale, net

 

(152

)

 

(58

)

 

(50

)

 

 

(94

)

162

%

 

 

(102

)

204

%

Losses on sales of securities available for sale, net

 

(7,557

)

 

 

 

 

 

 

(7,557

)

%

 

 

(7,557

)

%

Other

 

12,715

 

 

5,466

 

 

5,541

 

 

 

7,249

 

133

%

 

 

7,174

 

129

%

Total noninterest income

 

25,348

 

 

27,692

 

 

26,204

 

 

 

(2,344

)

(8

)%

 

 

(856

)

(3

)%

Noninterest expense:

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

65,218

 

 

64,471

 

 

62,183

 

 

 

747

 

1

%

 

 

3,035

 

5

%

Office occupancy and equipment

 

10,109

 

 

9,184

 

 

9,067

 

 

 

925

 

10

%

 

 

1,042

 

11

%

Data processing

 

17,990

 

 

16,509

 

 

12,814

 

 

 

1,481

 

9

%

 

 

5,176

 

40

%

Professional services

 

4,250

 

 

3,512

 

 

3,025

 

 

 

738

 

21

%

 

 

1,225

 

40

%

Marketing expenses

 

1,910

 

 

1,515

 

 

2,111

 

 

 

395

 

26

%

 

 

(201

)

(10

)%

Federal Deposit Insurance Corporation ("FDIC") insurance

 

4,508

 

 

2,285

 

 

3,034

 

 

 

2,223

 

97

%

 

 

1,474

 

49

%

Amortization of intangible assets

 

504

 

 

504

 

 

504

 

 

 

 

%

 

 

 

%

Other

 

5,380

 

 

3,222

 

 

7,196

 

 

 

2,158

 

67

%

 

 

(1,816

)

(25

)%

Total noninterest expense

 

109,869

 

 

101,202

 

 

99,934

 

 

 

8,667

 

9

%

 

 

9,935

 

10

%

Income before income tax expense

 

38,002

 

 

48,939

 

 

60,357

 

 

 

(10,937

)

(22

)%

 

 

(22,355

)

(37

)%

Income tax expense

 

11,671

 

 

10,292

 

 

15,938

 

 

 

1,379

 

13

%

 

 

(4,267

)

(27

)%

Net income from continuing operations

$

26,331

 

$

38,647

 

$

44,419

 

 

$

(12,316

)

(32

)%

 

$

(18,088

)

(41

)%

Net income from discontinued operations

$

 

$

 

$

4,238

 

 

$

 

%

 

$

(4,238

)

(100

)%

Net income

$

26,331

 

$

38,647

 

$

48,657

 

 

$

(12,316

)

(32

)%

 

$

(22,326

)

(46

)%

 

 

 

 

 

 

 

 

 

 

Share data:

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

163,145,255

 

 

162,863,540

 

 

162,232,236

 

 

 

281,715

 

0

%

 

 

913,019

 

1

%

Weighted average common shares outstanding, diluted

 

163,499,296

 

 

163,188,410

 

 

162,246,675

 

 

 

310,886

 

0

%

 

 

1,252,621

 

1

%

Earnings per share, basic:

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.16

 

$

0.24

 

$

0.27

 

 

$

(0.08

)

(33

)%

 

$

(0.11

)

(41

)%

Discontinued operations

$

 

$

 

$

0.03

 

 

$

 

0

%

 

$

(0.03

)

(100

)%

Earnings per share, basic

$

0.16

 

$

0.24

 

$

0.30

 

 

$

(0.08

)

(33

)%

 

$

(0.14

)

(47

)%

Earnings per share, diluted:

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.16

 

$

0.24

 

$

0.27

 

 

$

(0.08

)

(33

)%

 

$

(0.11

)

(41

)%

Discontinued operations

$

 

$

 

$

0.03

 

 

$

 

0

%

 

$

(0.03

)

(100

)%

Earnings per share, diluted

$

0.16

 

$

0.24

 

$

0.30

 

 

$

(0.08

)

(33

)%

 

$

(0.14

)

(47

)%

 

EASTERN BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

 

 

Six months ended

 

 

 

(Unaudited, dollars in thousands, except per-share data)

Jun 30, 2024

Jun 30, 2023

 

Change

 

 

 

 

 

 

Interest and dividend income:

 

 

 

△ $

△ %

Interest and fees on loans

$

342,495

 

$

314,402

 

 

$

28,093

 

9

%

Taxable interest and dividends on securities

 

46,097

 

 

53,260

 

 

 

(7,163

)

(13

)%

Non-taxable interest and dividends on securities

 

2,876

 

 

2,868

 

 

 

8

 

%

Interest on federal funds sold and other short-term investments

 

18,519

 

 

20,115

 

 

 

(1,596

)

(8

)%

Total interest and dividend income

 

409,987

 

 

390,645

 

 

 

19,342

 

5

%

Interest expense:

 

 

 

 

 

Interest on deposits

 

150,931

 

 

99,079

 

 

 

51,852

 

52

%

Interest on borrowings

 

507

 

 

11,669

 

 

 

(11,162

)

(96

)%

Total interest expense

 

151,438

 

 

110,748

 

 

 

40,690

 

37

%

Net interest income

 

258,549

 

 

279,897

 

 

 

(21,348

)

(8

)%

Provision for allowance for loan losses

 

13,577

 

 

7,526

 

 

 

6,051

 

80

%

Net interest income after provision for allowance for loan losses

 

244,972

 

 

272,371

 

 

 

(27,399

)

(10

)%

Noninterest income:

 

 

 

 

 

Service charges on deposit accounts

 

15,438

 

 

13,714

 

 

 

1,724

 

13

%

Trust and investment advisory fees

 

13,255

 

 

11,901

 

 

 

1,354

 

11

%

Debit card processing fees

 

6,769

 

 

6,683

 

 

 

86

 

1

%

Interest rate swap income

 

1,085

 

 

417

 

 

 

668

 

160

%

Income from investments held in rabbi trusts

 

6,079

 

 

5,859

 

 

 

220

 

4

%

Losses on sales of mortgage loans held for sale, net

 

(210

)

 

(124

)

 

 

(86

)

69

%

Losses on sales of securities available for sale, net

 

(7,557

)

 

(333,170

)

 

 

325,613

 

(98

)%

Other

 

18,181

 

 

11,071

 

 

 

7,110

 

64

%

Total noninterest income (loss)

 

53,040

 

 

(283,649

)

 

 

336,689

 

(119

)%

Noninterest expense:

 

 

 

 

 

Salaries and employee benefits

 

129,689

 

 

124,366

 

 

 

5,323

 

4

%

Office occupancy and equipment

 

19,293

 

 

18,156

 

 

 

1,137

 

6

%

Data processing

 

34,499

 

 

25,112

 

 

 

9,387

 

37

%

Professional services

 

7,762

 

 

6,152

 

 

 

1,610

 

26

%

Marketing expenses

 

3,425

 

 

3,134

 

 

 

291

 

9

%

Federal Deposit Insurance Corporation ("FDIC") insurance

 

6,793

 

 

5,580

 

 

 

1,213

 

22

%

Amortization of intangible assets

 

1,008

 

 

795

 

 

 

213

 

27

%

Other

 

8,602

 

 

12,530

 

 

 

(3,928

)

(31

)%

Total noninterest expense

 

211,071

 

 

195,825

 

 

 

15,246

 

8

%

Income (loss) before income tax expense

 

86,941

 

 

(207,103

)

 

 

294,044

 

(142

)%

Income tax expense (benefit)

 

21,963

 

 

(49,441

)

 

 

71,404

 

(144

)%

Net income (loss) from continuing operations

 

64,978

 

 

(157,662

)

 

 

222,640

 

(141

)%

Net income from discontinued operations

 

 

 

12,223

 

 

 

(12,223

)

(100

)%

Net income (loss)

$

64,978

 

$

(145,439

)

 

$

210,417

 

(145

)%

 

 

 

 

 

 

Share data:

 

 

 

 

 

Weighted average common shares outstanding, basic

 

163,004,093

 

 

162,112,223

 

 

 

891,870

 

1

%

Weighted average common shares outstanding, diluted

 

163,390,421

 

 

162,136,984

 

 

 

1,253,437

 

1

%

 

 

 

 

 

 

Earnings (loss) per share, basic:

 

 

 

 

 

Continuing operations

$

0.40

 

$

(0.98

)

 

$

1.38

 

(141

)%

Discontinued operations

$

 

$

0.08

 

 

$

(0.08

)

(100

)%

Earnings (loss) per share, basic

$

0.40

 

$

(0.90

)

 

$

1.30

 

(144

)%

Earnings (loss) per share, diluted:

 

 

 

 

 

Continuing operations

$

0.40

 

$

(0.98

)

 

$

1.38

 

(141

)%

Discontinued operations

$

 

$

0.08

 

 

$

(0.08

)

(100

)%

Earnings (loss) per share, diluted

$

0.40

 

$

(0.90

)

 

$

1.30

 

(144

)%

 

EASTERN BANKSHARES, INC. AND SUBSIDIARIES

AVERAGE BALANCES, INTEREST EARNED/PAID, & AVERAGE YIELDS

 

 

As of and for the three months ended

 

Jun 30, 2024

 

Mar 31, 2024

 

Jun 30, 2023

(Unaudited, dollars in thousands)

Avg. Balance

 

Interest

 

Yield / Cost (5)

 

Avg. Balance

 

Interest

 

Yield / Cost (5)

 

Avg. Balance

 

Interest

 

Yield / Cost (5)

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

$

10,103,674

 

$

128,402

 

5.11

%

 

$

10,024,299

 

$

126,842

 

5.09

%

 

$

9,920,608

 

$

121,319

 

4.91

%

Residential

 

2,563,646

 

 

24,313

 

3.81

%

 

 

2,570,803

 

 

23,994

 

3.75

%

 

 

2,513,941

 

 

21,992

 

3.51

%

Consumer

 

1,446,543

 

 

23,960

 

6.66

%

 

 

1,420,091

 

 

23,237

 

6.58

%

 

 

1,370,011

 

 

21,045

 

6.16

%

Total loans

 

14,113,863

 

 

176,675

 

5.03

%

 

 

14,015,193

 

 

174,073

 

5.00

%

 

 

13,804,560

 

 

164,356

 

4.78

%

Total investment securities

 

5,428,583

 

 

24,555

 

1.82

%

 

 

5,574,568

 

 

25,201

 

1.82

%

 

 

5,885,545

 

 

26,435

 

1.80

%

Federal funds sold and other short-term investments

 

787,387

 

 

10,699

 

5.47

%

 

 

576,537

 

 

7,820

 

5.46

%

 

 

1,174,964

 

 

14,851

 

5.07

%

Total interest-earning assets

 

20,329,833

 

 

211,929

 

4.19

%

 

 

20,166,298

 

 

207,094

 

4.13

%

 

 

20,865,069

 

 

205,642

 

3.95

%

Non-interest-earning assets

 

912,302

 

 

 

 

 

 

950,893

 

 

 

 

 

 

1,084,413

 

 

 

 

Total assets

$

21,242,135

 

 

 

 

 

$

21,117,191

 

 

 

 

 

$

21,949,482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savings

$

1,259,573

 

$

42

 

0.01

%

 

$

1,297,360

 

$

41

 

0.01

%

 

$

1,552,702

 

$

47

 

0.01

%

Interest checking

 

3,739,590

 

 

8,827

 

0.95

%

 

 

3,744,912

 

 

8,187

 

0.88

%

 

 

4,270,945

 

 

6,141

 

0.58

%

Money market

 

4,975,843

 

 

34,022

 

2.75

%

 

 

4,741,990

 

 

30,495

 

2.59

%

 

 

5,064,469

 

 

26,611

 

2.11

%

Time deposits

 

2,933,160

 

 

35,582

 

4.88

%

 

 

2,785,130

 

 

33,735

 

4.87

%

 

 

2,275,844

 

 

23,347

 

4.11

%

Total interest-bearing deposits

 

12,908,166

 

 

78,473

 

2.45

%

 

 

12,569,392

 

 

72,458

 

2.32

%

 

 

13,163,960

 

 

56,146

 

1.71

%

Borrowings

 

49,536

 

 

254

 

2.06

%

 

 

50,781

 

 

253

 

2.00

%

 

 

348,597

 

 

4,031

 

4.64

%

Total interest-bearing liabilities

 

12,957,702

 

 

78,727

 

2.44

%

 

 

12,620,173

 

 

72,711

 

2.32

%

 

 

13,512,557

 

 

60,177

 

1.79

%

Demand deposit accounts

 

4,843,336

 

 

 

 

 

 

4,989,245

 

 

 

 

 

 

5,332,045

 

 

 

 

Other noninterest-bearing liabilities

 

512,996

 

 

 

 

 

 

537,014

 

 

 

 

 

 

505,555

 

 

 

 

Total liabilities

 

18,314,034

 

 

 

 

 

 

18,146,432

 

 

 

 

 

 

19,350,157

 

 

 

 

Shareholders' equity

 

2,928,101

 

 

 

 

 

 

2,970,759

 

 

 

 

 

 

2,599,325

 

 

 

 

Total liabilities and shareholders' equity

$

21,242,135

 

 

 

 

 

$

21,117,191

 

 

 

 

 

$

21,949,482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income - FTE

 

 

$

133,202

 

 

 

 

 

$

134,383

 

 

 

 

 

$

145,465

 

 

Net interest rate spread (2)

 

 

 

 

1.75

%

 

 

 

 

 

1.81

%

 

 

 

 

 

2.16

%

Net interest-earning assets (3)

$

7,372,131

 

 

 

 

 

$

7,546,125

 

 

 

 

 

$

7,352,512

 

 

 

 

Net interest margin - FTE (4)

 

 

 

 

2.64

%

 

 

 

 

 

2.68

%

 

 

 

 

 

2.80

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes non-accrual loans.

(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4) Net interest margin - FTE represents fully-taxable equivalent net interest income* divided by average total interest-earning assets. Please refer to Appendix B to this press release for a reconciliation of fully-taxable equivalent net interest income.

(5) Presented on an annualized basis.

 

EASTERN BANKSHARES, INC. AND SUBSIDIARIES

AVERAGE BALANCES, INTEREST EARNED/PAID, & AVERAGE YIELDS

 

 

As of and for the six months ended

 

Jun 30, 2024

 

Jun 30, 2023

(Unaudited, dollars in thousands)

Avg. Balance

 

Interest

 

Yield / Cost

 

Avg. Balance

 

Interest

 

Yield / Cost

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

Loans (1):

 

 

 

 

 

 

 

 

 

 

 

Commercial

$

10,063,985

 

$

255,243

 

5.10

%

 

$

9,843,351

 

$

237,248

 

4.86

%

Residential

 

2,567,225

 

 

48,307

 

3.78

%

 

 

2,513,679

 

 

43,605

 

3.50

%

Consumer

 

1,433,317

 

 

47,198

 

6.62

%

 

 

1,364,345

 

 

41,105

 

6.08

%

Total loans

 

14,064,527

 

 

350,748

 

5.02

%

 

 

13,721,375

 

 

321,958

 

4.73

%

Total investment securities

 

5,501,575

 

 

49,756

 

1.82

%

 

 

6,780,135

 

 

56,894

 

1.69

%

Federal funds sold and other short-term investments

 

681,963

 

 

18,519

 

5.46

%

 

 

814,257

 

 

20,115

 

4.98

%

Total interest-earning assets

 

20,248,065

 

 

419,023

 

4.16

%

 

 

21,315,767

 

 

398,967

 

3.77

%

Non-interest-earning assets

 

931,849

 

 

 

 

 

 

912,120

 

 

 

 

Total assets

$

21,179,914

 

 

 

 

 

$

22,227,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

Savings

$

1,278,466

 

$

83

 

0.01

%

 

$

1,636,457

 

$

129

 

0.02

%

Interest checking

 

3,742,251

 

 

17,014

 

0.91

%

 

 

4,316,981

 

 

10,853

 

0.51

%

Money market

 

4,858,917

 

 

64,517

 

2.67

%

 

 

5,052,467

 

 

46,916

 

1.87

%

Time deposits

 

2,859,145

 

 

69,317

 

4.88

%

 

 

2,104,802

 

 

41,181

 

3.95

%

Total interest-bearing deposits

 

12,738,779

 

 

150,931

 

2.38

%

 

 

13,110,707

 

 

99,079

 

1.52

%

Borrowings

 

50,159

 

 

507

 

2.03

%

 

 

510,925

 

 

11,669

 

4.61

%

Total interest-bearing liabilities

 

12,788,938

 

 

151,438

 

2.38

%

 

 

13,621,632

 

 

110,748

 

1.64

%

Demand deposit accounts

 

4,916,290

 

 

 

 

 

 

5,577,294

 

 

 

 

Other noninterest-bearing liabilities

 

525,256

 

 

 

 

 

 

498,829

 

 

 

 

Total liabilities

 

18,230,484

 

 

 

 

 

 

19,697,755

 

 

 

 

Shareholders' equity

 

2,949,430

 

 

 

 

 

 

2,530,132

 

 

 

 

Total liabilities and shareholders' equity

$

21,179,914

 

 

 

 

 

$

22,227,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income - FTE

 

 

$

267,585

 

 

 

 

 

$

288,219

 

 

Net interest rate spread (2)

 

 

 

 

1.78

%

 

 

 

 

 

2.13

%

Net interest-earning assets (3)

$

7,459,127

 

 

 

 

 

$

7,694,135

 

 

 

 

Net interest margin - FTE (4)

 

 

 

 

2.66

%

 

 

 

 

 

2.73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes non-accrual loans.

 

 

 

 

 

 

 

 

 

 

 

(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4) Net interest margin - FTE represents fully-taxable equivalent net interest income* divided by average total interest-earning assets. Please refer to Appendix B to this press release for a reconciliation of fully-taxable equivalent net interest income.

 

EASTERN BANKSHARES, INC. AND SUBSIDIARIES

ASSET QUALITY - NON-PERFORMING ASSETS (1)

 

 

As of

 

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Sep 30, 2023

Jun 30, 2023

(Unaudited, dollars in thousands)

 

 

 

 

 

Non-accrual loans:

 

 

 

 

 

Commercial

$

26,139

 

$

40,986

 

$

35,107

 

$

31,703

 

$

14,178

 

Residential

 

6,789

 

 

6,697

 

 

8,725

 

 

8,075

 

 

8,796

 

Consumer

 

6,843

 

 

9,490

 

 

8,725

 

 

7,687

 

 

7,584

 

Total non-accrual loans

 

39,771

 

 

57,173

 

 

52,557

 

 

47,465

 

 

30,558

 

Total accruing loans past due 90 days or more:

 

 

 

 

 

 

 

 

 

 

Total non-performing loans

 

39,771

 

 

57,173

 

 

52,557

 

 

47,465

 

 

30,558

 

Other real estate owned

 

 

 

 

 

 

 

 

 

 

Other non-performing assets:

 

 

 

 

 

 

 

 

 

 

Total non-performing assets (1)

$

39,771

 

$

57,173

 

$

52,557

 

$

47,465

 

$

30,558

 

Total non-performing loans to total loans

 

0.28

%

 

0.41

%

 

0.38

%

 

0.34

%

 

0.22

%

Total non-performing assets to total assets

 

0.19

%

 

0.27

%

 

0.25

%

 

0.22

%

 

0.14

%

 

 

 

 

 

 

(1) Non-performing assets are comprised of NPLs, other real estate owned ("OREO"), and non-performing securities. NPLs consist of non-accrual loans and loans that are more than 90 days past due but still accruing interest. OREO consists of real estate properties, which primarily serve as collateral to secure the Company’s loans, that it controls due to foreclosure or acceptance of a deed in lieu of foreclosure.

 

EASTERN BANKSHARES, INC. AND SUBSIDIARIES

ASSET QUALITY - PROVISION, ALLOWANCE, AND NET CHARGE-OFFS (RECOVERIES)

 

 

Three months ended

 

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Sep 30, 2023

Jun 30, 2023

(Unaudited, dollars in thousands)

 

 

 

 

 

Average total loans

$

14,113,343

 

$

14,013,714

 

$

13,961,061

 

$

13,926,194

 

$

13,803,292

 

Allowance for loan losses, beginning of the period

 

149,190

 

 

148,993

 

 

155,146

 

 

147,955

 

 

140,938

 

Charged-off loans:

 

 

 

 

 

Commercial and industrial

 

 

 

 

 

2

 

 

11

 

 

 

Commercial real estate

 

 

 

7,250

 

 

8,008

 

 

 

 

 

Commercial construction

 

 

 

 

 

 

 

 

 

 

Business banking

 

1,002

 

 

102

 

 

3,745

 

 

303

 

 

254

 

Residential real estate

 

 

 

10

 

 

 

 

 

 

 

Consumer home equity

 

32

 

 

2

 

 

 

 

 

 

 

Other consumer

 

658

 

 

651

 

 

536

 

 

731

 

 

591

 

Total charged-off loans

 

1,692

 

 

8,015

 

 

12,291

 

 

1,045

 

 

845

 

Recoveries on loans previously charged-off:

 

 

 

 

 

Commercial and industrial

 

56

 

 

25

 

 

11

 

 

120

 

 

26

 

Commercial real estate

 

2,011

 

 

132

 

 

190

 

 

2

 

 

2

 

Commercial construction

 

 

 

 

 

 

 

 

 

 

Business banking

 

199

 

 

410

 

 

573

 

 

609

 

 

204

 

Residential real estate

 

27

 

 

31

 

 

34

 

 

30

 

 

18

 

Consumer home equity

 

91

 

 

 

 

1

 

 

39

 

 

 

Other consumer

 

138

 

 

163

 

 

131

 

 

108

 

 

111

 

Total recoveries

 

2,522

 

 

761

 

 

940

 

 

908

 

 

361

 

Net loans charged-off (recovered):

 

 

 

 

 

Commercial and industrial

 

(56

)

 

(25

)

 

(9

)

 

(109

)

 

(26

)

Commercial real estate

 

(2,011

)

 

7,118

 

 

7,818

 

 

(2

)

 

(2

)

Commercial construction

 

 

 

 

 

 

 

 

 

 

Business banking

 

803

 

 

(308

)

 

3,172

 

 

(306

)

 

50

 

Residential real estate

 

(27

)

 

(21

)

 

(34

)

 

(30

)

 

(18

)

Consumer home equity

 

(59

)

 

2

 

 

(1

)

 

(39

)

 

 

Other consumer

 

520

 

 

488

 

 

405

 

 

623

 

 

480

 

Total net loans (recovered) charged-off

 

(830

)

 

7,254

 

 

11,351

 

 

137

 

 

484

 

Provision for allowance for loan losses

 

6,126

 

 

7,451

 

 

5,198

 

 

7,328

 

 

7,501

 

Total allowance for loan losses, end of period

$

156,146

 

$

149,190

 

$

148,993

 

$

155,146

 

$

147,955

 

Net (recoveries) charge-offs to average total loans outstanding during this period (1)

 

(0.02

)%

 

0.21

%

 

0.32

%

 

0.00

%

 

0.01

%

Allowance for loan losses as a percent of total loans

 

1.11

%

 

1.06

%

 

1.07

%

 

1.12

%

 

1.06

%

Allowance for loan losses as a percent of nonperforming loans

 

392.61

%

 

260.94

%

 

283.49

%

 

326.86

%

 

484.18

%

 

 

 

 

 

 

(1) Presented on an annualized basis.

APPENDIX A: Reconciliation of Non-GAAP Earnings Metrics (1)

For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."

 

As of and for the Three Months Ended

(Unaudited, dollars in thousands, except per-share data)

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Sep 30, 2023

Jun 30, 2023

 

 

 

 

 

 

Net income from continuing operations (GAAP)

$

26,331

 

$

38,647

 

$

31,509

 

$

63,464

 

$

44,419

 

Add:

 

 

 

 

 

Noninterest income components:

 

 

 

 

 

(Income) losses from investments held in rabbi trusts

 

(1,761

)

 

(4,318

)

 

(4,969

)

 

1,523

 

 

(3,002

)

Losses on sales of securities available for sale, net

 

7,557

 

 

 

 

 

 

 

 

 

Losses (gains) on sales of other assets

 

2

 

 

 

 

 

 

(2

)

 

 

Noninterest expense components:

 

 

 

 

 

Rabbi trust employee benefit expense (income)

 

930

 

 

1,746

 

 

1,740

 

 

(586

)

 

1,314

 

Merger and acquisition expenses

 

3,684

 

 

1,816

 

 

1,865

 

 

3,630

 

 

 

Total impact of non-GAAP adjustments

 

10,412

 

 

(756

)

 

(1,364

)

 

4,565

 

 

(1,688

)

Less: net tax benefit (expense) associated with non-GAAP adjustments (2)

 

224

 

 

(190

)

 

13,270

 

 

15,944

 

 

1,639

 

Non-GAAP adjustments, net of tax

$

10,188

 

$

(566

)

$

(14,634

)

$

(11,379

)

$

(3,327

)

Operating net income (non-GAAP)

$

36,519

 

$

38,081

 

$

16,875

 

$

52,085

 

$

41,092

 

 

 

 

 

 

 

Weighted average common shares outstanding during the period:

 

 

 

 

 

Basic

 

163,145,255

 

 

162,863,540

 

 

162,571,066

 

 

162,370,469

 

 

162,232,236

 

Diluted

 

163,499,296

 

 

163,188,410

 

 

162,724,398

 

 

162,469,887

 

 

162,246,675

 

 

 

 

 

 

 

Earnings per share from continuing operations, basic:

$

0.16

 

$

0.24

 

$

0.19

 

$

0.39

 

$

0.27

 

Earnings per share from continuing operations, diluted:

$

0.16

 

$

0.24

 

$

0.19

 

$

0.39

 

$

0.27

 

 

 

 

 

 

 

Operating earnings per share, basic (non-GAAP)

$

0.22

 

$

0.23

 

$

0.10

 

$

0.32

 

$

0.25

 

Operating earnings per share, diluted (non-GAAP)

$

0.22

 

$

0.23

 

$

0.10

 

$

0.32

 

$

0.25

 

 

 

 

 

 

 

Return on average assets (3)

 

0.50

%

 

0.74

%

 

0.59

%

 

1.18

%

 

0.81

%

Add:

 

 

 

 

 

(Income) losses from investments held in rabbi trusts (3)

 

(0.03

)%

 

(0.08

)%

 

(0.09

)%

 

0.03

%

 

(0.05

)%

Losses on sales of securities available for sale, net (3)

 

0.14

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Losses (gains) on sales of other assets (3)

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Rabbi trust employee benefit expense (income) (3)

 

0.02

%

 

0.03

%

 

0.03

%

 

(0.01

)%

 

0.02

%

Merger and acquisition expenses (3)

 

0.07

%

 

0.03

%

 

0.03

%

 

0.07

%

 

0.00

%

Less: net tax benefit (expense) associated with non-GAAP adjustments (2) (3)

 

0.00

%

 

0.00

%

 

0.25

%

 

0.30

%

 

0.03

%

Operating return on average assets (non-GAAP) (3)

 

0.70

%

 

0.72

%

 

0.31

%

 

0.97

%

 

0.75

%

 

 

 

 

 

 

Return on average shareholders' equity (3)

 

3.62

%

 

5.23

%

 

4.66

%

 

9.91

%

 

6.85

%

Add:

 

 

 

 

 

(Income) losses from investments held in rabbi trusts (3)

 

(0.24

)%

 

(0.58

)%

 

(0.73

)%

 

0.24

%

 

(0.46

)%

Losses on sales of securities available for sale, net (3)

 

1.04

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Losses (gains) on sales of other assets (3)

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Rabbi trust employee benefit expense (income) (3)

 

0.13

%

 

0.24

%

 

0.26

%

 

(0.09

)%

 

0.20

%

Merger and acquisition expenses (3)

 

0.51

%

 

0.25

%

 

0.28

%

 

0.57

%

 

0.00

%

Less: net tax benefit (expense) associated with non-GAAP adjustments (2) (3)

 

0.03

%

 

(0.03

)%

 

1.96

%

 

2.49

%

 

0.25

%

Operating return on average shareholders' equity (non-GAAP) (3)

 

5.03

%

 

5.17

%

 

2.51

%

 

8.14

%

 

6.34

%

 

 

 

 

 

 

Average tangible shareholders' equity:

 

 

 

 

 

Average total shareholders' equity (GAAP)

$

2,928,101

 

$

2,970,759

 

$

2,682,600

 

$

2,539,806

 

$

2,599,325

 

Less: Average goodwill and other intangibles

 

565,523

 

 

566,027

 

 

597,234

 

 

658,591

 

 

659,825

 

Average tangible shareholders' equity (non-GAAP)

$

2,362,578

 

$

2,404,732

 

$

2,085,366

 

$

1,881,215

 

$

1,939,500

 

 

 

 

 

 

 

Return on average tangible shareholders' equity (non-GAAP) (3)

 

4.48

%

 

6.46

%

 

5.99

%

 

13.38

%

 

9.19

%

Add:

 

 

 

 

 

(Income) losses from investments held in rabbi trusts (3)

 

(0.30

)%

 

(0.72

)%

 

(0.95

)%

 

0.32

%

 

(0.62

)%

Losses on sales of securities available for sale, net (3)

 

1.29

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Losses (gains) on sales of other assets (3)

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

 

0.00

%

Rabbi trust employee benefit expense (income) (3)

 

0.16

%

 

0.29

%

 

0.33

%

 

(0.12

)%

 

0.27

%

Merger and acquisition expenses (3)

 

0.63

%

 

0.30

%

 

0.35

%

 

0.77

%

 

0.00

%

Less: net tax benefit (expense) associated with non-GAAP adjustments (2) (3)

 

0.04

%

 

(0.03

)%

 

2.52

%

 

3.36

%

 

0.34

%

Operating return on average tangible shareholders' equity (non-GAAP) (3)

 

6.22

%

 

6.36

%

 

3.20

%

 

10.99

%

 

8.50

%

 

 

 

 

 

 

(1) Average assets, average goodwill and other intangibles, and average tangible shareholders' equity components for the three months ended Dec 31, 2023 and preceding periods presented in this section include discontinued operations.

(2) The net tax benefit (expense) associated with these items is generally determined by assessing whether each item is included or excluded from net taxable income and applying our combined statutory tax rate only to those items included in net taxable income. The net tax benefit for the three months ended December 31, 2023 was primarily due to the tax benefit from state tax strategies associated with the utilization of capital losses as a result of the sale of securities in the first quarter of 2023. Upon the sale of securities in the first quarter of 2023, we established a valuation allowance of $17.4 million, as it was determined at that time that it was not more-likely-than-not that the entirety of the deferred tax asset related to the loss on such securities would be realized. Included in that $17.4 million was $2.8 million in expected lost state tax benefits. Following the execution of the sale of our insurance agency business in October 2023 and the resulting capital gain, coupled with tax planning strategies, a state tax benefit of $13.6 million was realized on the security sale losses.

(3) Presented on an annualized basis.

 

APPENDIX B: Reconciliation of Non-GAAP Operating Revenues and Expenses

For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."

 

Three Months Ended

 

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Sep 30, 2023

Jun 30, 2023

(Unaudited, dollars in thousands)

 

 

 

 

 

Net interest income (GAAP)

$

128,649

 

$

129,900

 

$

133,307

 

$

137,205

 

$

141,588

 

Add:

 

 

 

 

 

Tax-equivalent adjustment (non-GAAP) (1)

 

4,553

 

 

4,483

 

 

4,483

 

 

4,376

 

 

3,877

 

Fully-taxable equivalent net interest income (non-GAAP)

$

133,202

 

$

134,383

 

$

137,790

 

$

141,581

 

$

145,465

 

 

 

 

 

 

 

Noninterest income (GAAP)

$

25,348

 

$

27,692

 

$

26,739

 

$

19,157

 

$

26,204

 

Less:

 

 

 

 

 

Income (losses) from investments held in rabbi trusts

 

1,761

 

 

4,318

 

 

4,969

 

 

(1,523

)

 

3,002

 

Losses on sales of securities available for sale, net

 

(7,557

)

 

 

 

 

 

 

 

 

Gains (losses) on sales of other assets

 

(2

)

 

 

 

 

 

2

 

 

 

Noninterest income on an operating basis (non-GAAP)

$

31,146

 

$

23,374

 

$

21,770

 

$

20,678

 

$

23,202

 

 

 

 

 

 

 

Noninterest expense (GAAP)

$

109,869

 

$

101,202

 

$

121,029

 

$

101,748

 

$

99,934

 

Less:

 

 

 

 

 

Rabbi trust employee benefit expense (income)

 

930

 

 

1,746

 

 

1,740

 

 

(586

)

 

1,314

 

Merger and acquisition expenses

 

3,684

 

 

1,816

 

 

1,865

 

 

3,630

 

 

 

Noninterest expense on an operating basis (non-GAAP)

$

105,255

 

$

97,640

 

$

117,424

 

$

98,704

 

$

98,620

 

 

 

 

 

 

 

Total revenue (GAAP)

$

153,997

 

$

157,592

 

$

160,046

 

$

156,362

 

$

167,792

 

Total operating revenue (non-GAAP)

$

164,348

 

$

157,757

 

$

159,560

 

$

162,259

 

$

168,667

 

 

 

 

 

 

 

Efficiency ratio (GAAP)

 

71.34

%

 

64.22

%

 

75.62

%

 

65.07

%

 

59.56

%

Operating efficiency ratio (non-GAAP)

 

64.04

%

 

61.89

%

 

73.59

%

 

60.83

%

 

58.47

%

 

 

 

 

 

 

(1) Interest income on tax-exempt loans and investment securities has been adjusted to a FTE basis using a marginal tax rate of 21.7%, 21.7%, 21.9%, 21.7%, and 21.8% for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively.

 

APPENDIX C: Reconciliation of Non-GAAP Capital Metrics

For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."

 

As of

��

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Sep 30, 2023

Jun 30, 2023

(Unaudited, dollars in thousands, except per-share data)

 

 

 

 

 

Tangible shareholders' equity:

 

 

 

 

 

Total shareholders' equity (GAAP)

$

2,967,473

 

$

2,952,831

 

$

2,974,855

 

$

2,446,553

 

$

2,526,772

 

Less: Goodwill and other intangibles (1)

 

565,196

 

 

565,701

 

 

566,205

 

 

657,824

 

 

658,993

 

Tangible shareholders' equity (non-GAAP)

 

2,402,277

 

 

2,387,130

 

 

2,408,650

 

 

1,788,729

 

 

1,867,779

 

 

 

 

 

 

 

Tangible assets:

 

 

 

 

 

Total assets (GAAP)

 

21,044,169

 

 

21,174,804

 

 

21,133,278

 

 

21,146,292

 

 

21,583,493

 

Less: Goodwill and other intangibles (1)

 

565,196

 

 

565,701

 

 

566,205

 

 

657,824

 

 

658,993

 

Tangible assets (non-GAAP)

$

20,478,973

 

$

20,609,103

 

$

20,567,073

 

$

20,488,468

 

$

20,924,500

 

 

 

 

 

 

 

Shareholders' equity to assets ratio (GAAP)

 

14.10

%

 

13.95

%

 

14.08

%

 

11.57

%

 

11.71

%

Tangible shareholders' equity to tangible assets ratio (non-GAAP)

 

11.73

%

 

11.58

%

 

11.71

%

 

8.73

%

 

8.93

%

 

 

 

 

 

 

Common shares outstanding

 

176,687,829

 

 

176,631,477

 

 

176,426,993

 

 

176,376,675

 

 

176,376,675

 

 

 

 

 

 

 

Book value per share (GAAP)

$

16.80

 

$

16.72

 

$

16.86

 

$

13.87

 

$

14.33

 

Tangible book value per share (non-GAAP)

$

13.60

 

$

13.51

 

$

13.65

 

$

10.14

 

$

10.59

 

 

 

 

 

 

 

(1) Includes goodwill and other intangible assets of discontinued operations as of September 30, 2023 and June 30, 2023.

APPENDIX D: Tangible Shareholders’ Equity Roll Forward Analysis

For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."

 

As of

 

Change from

 

Jun 30, 2024

Mar 31, 2024

 

Mar 31, 2024

(Unaudited, dollars in thousands, except per-share data)

 

 

 

 

Common stock

$

1,770

 

$

1,769

 

 

$

1

 

Additional paid in capital

 

1,673,722

 

 

1,669,133

 

 

 

4,589

 

Unallocated ESOP common stock

 

(130,295

)

 

(131,512

)

 

 

1,217

 

Retained earnings

 

2,076,566

 

 

2,068,315

 

 

 

8,251

 

AOCI, net of tax - available for sale securities

 

(612,196

)

 

(611,802

)

 

 

(394

)

AOCI, net of tax - pension

 

6,430

 

 

6,946

 

 

 

(516

)

AOCI, net of tax - cash flow hedge

 

(48,524

)

 

(50,018

)

 

 

1,494

 

Total shareholders' equity:

$

2,967,473

 

$

2,952,831

 

 

$

14,642

 

Less: Goodwill and other intangibles

 

565,196

 

 

565,701

 

 

 

(505

)

Tangible shareholders' equity (non-GAAP)

$

2,402,277

 

$

2,387,130

 

 

$

15,147

 

 

 

 

 

 

Common shares outstanding

 

176,687,829

 

 

176,631,477

 

 

 

56,352

 

 

 

 

 

 

Per share:

 

 

 

 

Common stock

$

0.01

 

$

0.01

 

 

$

 

Additional paid in capital

 

9.47

 

 

9.45

 

 

 

0.02

 

Unallocated ESOP common stock

 

(0.74

)

 

(0.74

)

 

 

0.01

 

Retained earnings

 

11.75

 

 

11.71

 

 

 

0.04

 

AOCI, net of tax - available for sale securities

 

(3.46

)

 

(3.46

)

 

 

 

AOCI, net of tax - pension

 

0.04

 

 

0.04

 

 

 

 

AOCI, net of tax - cash flow hedge

 

(0.27

)

 

(0.28

)

 

 

0.01

 

Total shareholders' equity:

$

16.80

 

$

16.72

 

 

$

0.08

 

Less: Goodwill and other intangibles

 

3.20

 

 

3.20

 

 

 

 

Tangible shareholders' equity (non-GAAP)

$

13.60

 

$

13.51

 

 

$

0.08

 

 

 

 

 

 

APPENDIX E: M&A Expense

 

As of and for the Three Months Ended

(Unaudited, dollars in thousands)

Jun 30, 2024

Mar 31, 2024

Dec 31, 2023

Sep 30, 2023

Jun 30, 2023

Salaries and employee benefits

$

383

$

3

$

5

$

$

Office occupancy and equipment

 

11

 

6

 

2

 

 

Data processing

 

2,249

 

865

 

1,357

 

 

Professional services

 

944

 

787

 

450

 

3,630

 

Other

 

97

 

155

 

51

 

 

Total

$

3,684

$

1,816

$

1,865

$

3,630

$

 

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