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Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Cumulative effect accounting adjustment
[1]
Common Stock
Additional Paid in Capital
Retained Earnings
Retained Earnings
Cumulative effect accounting adjustment
[1]
Accumulated Other Comprehensive Income
Unallocated Common Stock Held by ESOP
Beginning balance (in shares) at Dec. 31, 2018     0          
Beginning balance at Dec. 31, 2018 $ 1,433,141   $ 0 $ 0 $ 1,508,902   $ (75,761) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 135,098       135,098      
Other comprehensive income, net of tax 31,914           31,914  
Ending balance (in shares) at Dec. 31, 2019     0          
Ending balance at Dec. 31, 2019 1,600,153 $ (1,131) $ 0 0 1,644,000 $ (1,131) (43,847) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 22,738       22,738      
Other comprehensive income, net of tax 98,081           98,081  
Proceeds of stock offering and issuance of common shares (net of costs of $28.9 million) (in shares)     179,287,828          
Proceeds of stock offering and issuance of common shares (net of costs of $28.9 million) $ 1,763,980   $ 1,793 1,762,187        
Issuance of common shares to the Eastern Bank Foundation (in shares) 7,470,326 [2]   7,470,326          
Issuance of common shares donated to the Eastern Bank Foundation $ 91,287 [2]   $ 75 91,212        
Purchase of common shares by the ESOP (in shares) 14,940,652              
Purchase of common shares by the ESOP $ (149,407)             (149,407)
ESOP shares committed to be released $ 2,351     669       1,682
Ending balance (in shares) at Dec. 31, 2020 186,758,154   186,758,154          
Ending balance at Dec. 31, 2020 $ 3,428,052   $ 1,868 1,854,068 1,665,607   54,234 (147,725)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2016-02 [Member]              
Dividends to common shareholders $ (51,619)       (51,619)      
Repurchased common stock (in shares)     (1,135,878)          
Repurchased common stock (23,224)   $ (12) (23,212)        
Issuance of restricted stock awards (in shares)     683,056          
Issuance of restricted stock awards 0   $ 7 (7)        
Net income 154,665       154,665      
Other comprehensive income, net of tax (110,930)           (110,930)  
ESOP shares committed to be released $ 9,408     4,392       5,016
Ending balance (in shares) at Dec. 31, 2021 186,305,332   186,305,332          
Ending balance at Dec. 31, 2021 $ 3,406,352   $ 1,863 $ 1,835,241 $ 1,768,653   $ (56,696) $ (142,709)
[1] Represents cumulative impact on retained earnings pursuant to the Company’s 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] Represents a non-cash common stock donation of 7,470,326 shares at a fair value of $91.3 million to the Eastern Bank Foundation. The donation is included in charitable contributions as a non-interest expense in the Consolidated Income Statement for the year ended December 31, 2020.