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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 10-Q
_____________________________________________
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 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 May 13, 2021.


Index
PAGE

2





PART I — FINANCIAL INFORMATION
Item 1. Unaudited Consolidated Financial Statements
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
March 31, 2021December 31, 2020
(In thousands, except share data)
ASSETS
Cash and due from banks$79,497 $116,591 
Short-term investments1,780,835 1,937,479 
Cash and cash equivalents1,860,332 2,054,070 
Available for sale securities3,986,253 3,183,861 
Loans held for sale2,022 1,140 
Loans:
Commercial and industrial1,986,366 1,995,016 
Commercial real estate3,676,941 3,573,630 
Commercial construction249,416 305,708 
Business banking1,513,051 1,339,164 
Residential real estate1,406,510 1,370,957 
Consumer home equity832,466 868,270 
Other consumer251,725 277,780 
Total loans9,916,475 9,730,525 
Less: allowance for loan losses(111,080)(113,031)
Less: unamortized premiums, net of unearned discounts and deferred fees(32,673)(23,536)
Net loans9,772,722 9,593,958 
Federal Home Loan Bank stock, at cost8,805 8,805 
Premises and equipment46,619 49,398 
Bank-owned life insurance79,110 78,561 
Goodwill and other intangibles, net376,002 376,534 
Deferred income taxes, net31,508 13,229 
Prepaid expenses150,453 148,680 
Other assets412,969 455,954 
Total assets$16,726,795 $15,964,190 
LIABILITIES AND EQUITY
Deposits:
Demand$5,369,164 $4,910,794 
Interest checking accounts2,482,731 2,380,497 
Savings accounts1,362,463 1,256,736 
Money market investment3,522,990 3,348,898 
Certificates of deposit243,527 258,859 
Total deposits12,980,875 12,155,784 
Borrowed funds:
Federal Home Loan Bank advances14,473 14,624 
Escrow deposits of borrowers14,878 13,425 
Total borrowed funds29,351 28,049 
Other liabilities329,524 352,305 
Total liabilities13,339,750 12,536,138 
Commitments and contingencies (see footnote 11)  
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 186,758,154 and 186,758,154 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
1,868 1,868 
Additional paid in capital1,854,895 1,854,068 
Unallocated common shares held by the Employee Stock Ownership Plan(146,472)(147,725)
Retained earnings1,702,946 1,665,607 
Accumulated other comprehensive income, net of tax(26,192)54,234 
Total shareholders’ equity3,387,045 3,428,052 
Total liabilities and shareholders’ equity$16,726,795 $15,964,190 
The accompanying notes are an integral part of these unaudited consolidated financial statements.


EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended March 31,
20212020
(In thousands, except per share data)
Interest and dividend income:
Interest and fees on loans$88,639 $95,538 
Taxable interest and dividends on available for sale securities10,206 8,178 
Non-taxable interest and dividends on available for sale securities1,856 1,921 
Interest on federal funds sold and other short-term investments432 517 
Interest and dividends on trading securities 5 
Total interest and dividend income101,133 106,159 
Interest expense:
Interest on deposits1,002 5,414 
Interest on borrowings40 599 
Total interest expense1,042 6,013 
Net interest income100,091 100,146 
(Release of) provision for allowance for loan losses(580)28,600 
Net interest income after provision for loan losses100,671 71,546 
Noninterest income:
Insurance commissions28,147 27,477 
Service charges on deposit accounts5,367 6,098 
Trust and investment advisory fees5,663 5,095 
Debit card processing fees2,749 2,470 
Interest rate swap income (losses)5,405 (6,009)
Income (losses) from investments held in rabbi trusts1,846 (6,743)
Losses on trading securities, net (2)
Gains on sales of mortgage loans held for sale, net1,479 93 
Gains on sales of securities available for sale, net1,164 122 
Other3,392 4,768 
Total noninterest income55,212 33,369 
Noninterest expense:
Salaries and employee benefits64,040 61,589 
Office occupancy and equipment8,217 8,689 
Data processing12,129 10,004 
Professional services4,148 3,689 
Charitable contributions 1,187 
Marketing1,691 2,468 
Loan expenses1,847 1,112 
FDIC insurance948 906 
Amortization of intangible assets532 702 
Other497 4,826 
Total noninterest expense94,049 95,172 
Income before income tax expense61,834 9,743 
Income tax expense14,171 1,298 
Net income$47,663 $8,445 
Basic earnings per share$0.28 $ 
Diluted earnings per share$0.28 $ 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
2

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended March 31,
20212020
(In thousands)
Net income$47,663 $8,445 
Other comprehensive income, net of tax:
Net change in fair value of securities available for sale(74,904)26,192 
Net change in fair value of cash flow hedges(5,948)29,075 
Net change in other comprehensive income for defined benefit postretirement plans
426  
Total other comprehensive (loss) income(80,426)55,267 
Total comprehensive (loss) income$(32,763)$63,712 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Shares of Common Stock OutstandingCommon StockAdditional Paid In CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Income
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 of accounting adjustment (1)— — — (1,131)— — (1,131)
Net income— — — 8,445 — — 8,445 
Other comprehensive income, net of tax— — — — 55,267 — 55,267 
Balance at March 31, 2020 $ $ $1,651,314 $11,420 $ $1,662,734 
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)— — — (10,324)— — (10,324)
Net income— — — 47,663 — — 47,663 
Other comprehensive income, net of tax— — — — (80,426)— (80,426)
ESOP shares committed to be released— — 827 — — 1,253 2,080 
Balance at March 31, 2021186,758,154 $1,868 $1,854,895 $1,702,946 $(26,192)$(146,472)$3,387,045 

(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 a quarterly cash dividend of $0.06 per share of common stock during the three months ended March 31, 2021.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31,
(In thousands)20212020
Operating activities
Net income$47,663 $8,445 
Adjustments to reconcile net income to net cash provided by operating activities
(Release of) provision for loan losses(580)28,600 
Depreciation and amortization3,283 4,318 
(Accretion) amortization of net loan costs and premiums, net(6,859)795 
Deferred income tax expense5,118 4,641 
Amortization of investment security premiums and discounts3,277 791 
Right-of-use asset amortization2,862 3,615 
Net gain on sale of securities available for sale(1,164)(122)
Amortization of gains from terminated interest rate swaps(8,274) 
Employee Stock Ownership Plan expense2,080  
Other(557)(576)
Change in:
Trading securities 309 
Loans held for sale(863)(2,866)
Prepaid pension expense838 (30,473)
Other assets43,683 (61,071)
Other liabilities(25,597)12,043 
Net cash provided by (used in) operating activities64,910 (31,551)
Investing activities
Proceeds from sales of securities available for sale23,236 5,600 
Proceeds from maturities and principal paydowns of securities available for sale214,085 56,021 
Purchases of securities available for sale(1,137,969)(70,301)
Proceeds from sale of Federal Home Loan Bank stock 749 
Purchases of Federal Home Loan Bank stock (527)
Contributions to low income housing tax credit investments(2,727)(5,177)
Contributions to other equity investments (137)
Distributions from equity investments7 13 
Net increase in outstanding loans(171,325)(101,856)
Purchased banking premises and equipment, net(719)(1,029)
Proceeds from sale of premises held for sale736  
Net cash used in investing activities(1,074,676)(116,644)
Financing activities
Net increase in demand, savings, interest checking, and money market investment deposit accounts840,423 762,049 
Net decrease in time deposits(15,332)(4,430)
Net decrease (increase) in borrowed funds1,302 (203,968)
Contingent consideration paid(41)(92)
Payment of initial public offering costs (1,517)
Dividends declared and paid to common shareholders(10,324) 
Net cash provided by financing activities816,028 552,042 
Net (decrease) increase in cash, cash equivalents, and restricted cash(193,738)403,847 
Cash, cash equivalents, and restricted cash at beginning of period2,054,070 362,602 
Cash, cash equivalents, and restricted cash at end of period$1,860,332 $766,449 
Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest paid$1,049 $6,908 
Income taxes$4,858 $5,361 
Non-cash activities
Net increase in capital commitments relating to low income housing tax credit projects$2,943 $5,000 
Initial recognition of operating lease right-of-use assets upon adoption of Accounting Standards Update 2016-02$ $92,948 
Initial recognition of operating lease liabilities upon adoption of Accounting Standards Update 2016-02$ $96,426 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5

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, 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 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 Eastern Insurance Group are also subject to various Massachusetts, New Hampshire and Rhode Island business and banking regulations.

Basis of Presentation
The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) as set forth by the Financial Accounting Standards Board (“FASB”) and its Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) as well as the rules and interpretive releases of the 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 year's presentation.
The accompanying consolidated balance sheet as of March 31, 2021, the consolidated statements of income and comprehensive income and of changes in shareholders’ equity for the three months ended March 31, 2021 and 2020 and statement of cash flows for the three months ended March 31, 2021 and 2020 are unaudited. The consolidated balance sheet as of December 31, 2020 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, 2020 (“2020 Form 10-K”), as filed with the SEC. In the opinion of management, the Company’s consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period.
2. Summary of Significant Accounting Policies
The following describes the Company’s use of estimates as well as relevant accounting pronouncements that were recently issued but not yet adopted as of March 31, 2021 and those that were adopted during the three months ended March 31, 2021. For a full discussion of significant accounting policies, refer to the notes included within the Company’s 2020 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 loan losses, valuation and fair value measurements, other-than-temporary impairment on investment securities, the liabilities for benefit obligations (particularly pensions), the provision for income taxes and impairment of goodwill and other intangibles.
6

Recent Accounting Pronouncements
The Company qualifies as an emerging growth company under the Jumpstart Our Business Act of 2012 (“JOBS Act”) and has elected to defer the adoption of new or revised accounting standards until the nonpublic company effective dates.
Relevant standards that were recently issued but not yet adopted as of March 31, 2021:
In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This update addresses optional expedients and exceptions for applying GAAP to certain contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The new guidance applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. For public and nonpublic entities, the guidance is effective as of March 12, 2020 through December 31, 2022 and does not apply to contract modifications made after December 31, 2022. The Company will adopt this standard on the nonpublic company effective date and is currently in the process of reviewing its contracts and existing processes in order to assess the risks and potential impact of the transition away from LIBOR.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses on Financial Instruments and relevant amendments (Topic 326) (“ASU 2016-13”). This update was created to replace the current GAAP method of calculating credit losses. Specifically, the standard replaces the existing incurred loss impairment guidance by requiring immediate recognition of expected credit losses. For financial assets carried at amortized cost that are held at the reporting date (including trade and other receivables, loans and commitments, held-to-maturity debt securities and other financial assets), credit losses are measured based on historical experience, current conditions and reasonable supportable forecasts. The standard also amends existing impairment guidance for available for sale securities, in which credit losses will be recorded as an allowance versus a write-down of the amortized cost basis of the security. It will also allow for a reversal of impairment loss when the credit of the issuer improves. The guidance requires a cumulative effect of the initial application to be recognized in retained earnings at the date of initial application.
In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”). The amendments in ASU 2018-19 were intended to clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. This update requires entities to include expected recoveries of the amortized cost basis previously written off or expected to be written off in the valuation account for purchased financial assets with credit deterioration. In addition, the amendments in this update clarify and improve various aspects of the guidance for ASU 2016-13. For public entities that meet the definition of an SEC filer (excluding smaller reporting entities) the guidance is effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted for all entities as of the fiscal years beginning after December 15, 2018. For all other entities, the guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic in the United States. to provide economic relief measures including the option to defer adoption of ASU 2016-13 to the earlier of the ending of the national emergency declaration related to the COVID-19 crisis or December 31, 2020. On December 27, 2020, the Consolidated Appropriations Act (the “Appropriations Act”) was enacted to fund the federal government through their fiscal year, extend certain expiring tax provisions and provide additional emergency relief to individuals and businesses related to the COVID-19 pandemic in the United States. Included within the provisions of the Appropriations Act is an extension of the adoption date for ASU 2016-13 from December 31, 2020 to the earlier of January 1, 2022 or 60 days after the date on which the COVID-19 national emergency terminates. The Company anticipates deferring adoption of this standard to January 1, 2022.
To address the impact of ASU 2016-13, the Company has formed a committee, including the Chief Credit Officer, the Chief Financial Officer, and Chief Information Officer, to assist in identifying, implementing, and evaluating the impact of the required changes to loan loss estimation models and processes. The Company has evaluated portfolio segmentation, methodologies and economic forecasting inputs to the process and continues to design the control environment under the new standard. A third party has been engaged to assist the Company in project management, documentation, model governance and related internal controls implementation. The Company is currently assessing the impact of the new standard on its consolidated financial statements.
In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”). This update modifies the disclosure requirements for employers that sponsor defined benefit pension and/or other
7

postretirement benefit plans. The guidance eliminates requirements for certain disclosures that are no longer considered cost beneficial and requires new ones that the FASB considers pertinent. For public companies, ASU 2018-14 is effective for fiscal years ending after December 15, 2020. For nonpublic companies, ASU 2018-14 is effective for fiscal years ending after December 15, 2021. Early adoption is permitted. The Company will adopt this standard on the nonpublic company effective date. 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 period ended March 31, 2021:
In August 2018, the FASB issued ASU 2018-15, Intangibles–Goodwill and Other–Internal-use software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (“ASU 2018-15”). This update addresses accounting for fees paid by a customer for implementation, set-up and other upfront costs incurred in a cloud computing arrangement that is hosted by the vendor (i.e., a service contract). The new guidance aligns treatment for capitalization of implementation costs with guidance on internal-use software. For public entities, the guidance is effective for annual reporting periods beginning after December 15, 2019. For nonpublic entities, the guidance is effective for annual reporting periods beginning after December 15, 2020, and for all interim periods beginning after December 15, 2021. The adoption of this standard on January 1, 2021 did not have a material impact on the Company’s consolidated financial statements.
In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) (“ASU 2021-01”) which expands the scope of guidance in ASC 848 so that companies can apply the optional expedients to derivative instruments affected by the clearing house changes. ASU 2021-01 also clarifies and updates several items in ASU 2020-04 as part of the Board’s monitoring of global reference rate reform activities. ASU 2021-01 permits entities to elect certain optional expedients and exceptions to modifications of interest rate indexes used for computing when accounting derivative contracts and certain hedging relationships impacted by changes in interest rates used for discounting, margining, or contract price alignment. ASU 2021-01 clarifies other aspects of the guidance in ASC 848 and provides new guidance on how to address the effects of the cash compensation adjustment that is provided as part of the above change on certain aspects of hedge accounting. The guidance was effective upon issuance and allows for retrospective or prospective application with certain conditions. The Company did not elect retrospective application. The adoption of this update did not have a material impact on the Company’s consolidated financial statements.
3. Securities
Available for Sale Securities
The amortized cost, gross unrealized gains and losses, and fair value of available for sale securities as of March 31, 2021 and December 31, 2020 were as follows:
As of March 31, 2021
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
(In Thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$2,713,898 $23,199 $(45,395)$2,691,702 
Government-sponsored commercial mortgage-backed securities119,064  (2,793)116,271 
U.S. Agency bonds860,554  (28,882)831,672 
U.S. Treasury securities69,385 30 (325)69,090 
State and municipal bonds and obligations260,818 16,700  277,518 
$4,023,719 $39,929 $(77,395)$3,986,253 
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As of December 31, 2020
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
(In Thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$2,106,658 $42,142 $ $2,148,800 
Government-sponsored commercial mortgage-backed securities17,054 27  17,081 
U.S. Agency bonds670,468 113 (3,872)666,709 
U.S. Treasury securities70,106 263  70,369 
State and municipal bonds and obligations260,898 20,004  280,902 
$3,125,184 $62,549 $(3,872)$3,183,861 
The amortized cost and estimated fair value of available for sale securities by contractual maturities as of March 31, 2021 and December 31, 2020 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.
The scheduled contractual maturities of available for sale securities as of the dates indicated were as follows:
As of March 31, 2021
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In Thousands)
Government-sponsored residential mortgage-backed securities$ $ $20,503 $21,777 $87,383 $91,340 $2,606,012 $2,578,585 $2,713,898 $2,691,702 
Government-sponsored commercial mortgage-backed securities  24,090 23,771 94,974 92,500   119,064 116,271 
U.S. Agency bonds  99,784 98,111 760,770 733,561   860,554 831,672 
U.S. Treasury securities10,065 10,095 59,320 58,995     69,385 69,090 
State and municipal bonds and obligations405 406 25,244 26,220 72,587 76,077 162,582 174,815 260,818 277,518 
Total$10,470 $10,501 $228,941 $228,874 $1,015,714 $993,478 $2,768,594 $2,753,400 $4,023,719 $3,986,253 
9

As of December 31, 2020
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In Thousands)
Government-sponsored residential mortgage-backed securities$ $ $46,293 $48,925 $96,338 $100,278 $1,964,027 $1,999,597 $2,106,658 $2,148,800 
Government-sponsored commercial mortgage-backed securities    17,054 17,081   17,054 17,081 
U.S. Agency bonds  99,772 99,834 570,696 566,875   670,468 666,709 
U.S. Treasury securities50,023 50,251 20,083 20,118     70,106 70,369 
State and municipal bonds and obligations406 408 20,511 21,431 74,980 79,635 165,001 179,428 260,898 280,902 
Total$50,429 $50,659 $186,659 $190,308 $759,068 $763,869 $2,129,028 $2,179,025 $