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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
The funded status and amounts recognized in the Company’s Consolidated Financial Statements for the Defined Benefit Plan, the DB SERP, the BEP and the ODRCP are set forth in the following table:
As of and for the Year Ended December 31,
202220212020
(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of the year$501,507 $361,147 $396,769 
Service cost (1)31,382 31,660 25,970 
Interest cost10,582 5,694 9,657 
Amendments— (1,106)(133,439)
Actuarial (gain) loss(133,282)(1,697)78,095 
Acquisitions— 125,854 — 
Benefits paid(47,659)(20,045)(15,905)
Benefit obligation at end of the year$362,530 $501,507 $361,147 
Change in plan assets:
Fair value of plan assets at beginning of year$546,056 $449,643 $378,879 
Actual return on plan assets(91,474)50,879 48,895 
Acquisitions— 63,468 — 
Employer contribution12,443 2,111 37,773 
Benefits paid(47,659)(20,045)(15,904)
Fair value of plan assets at end of year419,366 546,056 449,643 
Overfunded status$56,836 $44,549 $88,496 
Reconciliation of funding status:
Past service credit$108,909 $120,792 $131,482 
Unrecognized net loss(99,002)(128,402)(161,045)
Prepaid benefit cost46,929 52,159 118,059 
Overfunded status$56,836 $44,549 $88,496 
Accumulated benefit obligation$362,530 $501,507 $361,147 
Amounts recognized in accumulated other comprehensive income (“AOCI”), net of tax:
Unrecognized past service credit$78,295 $86,837 $94,522 
Unrecognized net loss(71,172)(92,308)(115,775)
Net amount$7,123 $(5,471)$(21,253)
(1)Includes service costs related to employees of our insurance agency business. Refer to the later discussion within the “Components of Net Periodic Benefit Cost” section within this Note for further discussion.
Defined Benefit Plan, Assumptions
The assumptions used in determining the benefit obligations at December 31, 2022 and 2021 were as follows:
DB PlanBEPDB SERPODRCP
As of December 31,As of December 31,As of December 31,As of December 31,
20222021202220212022202120222021
Discount rate5.18 %2.65 %5.07 %2.32 %5.18 %2.68 %5.13 %2.32 %
Rate of increase in compensation levels4.50 %4.50 %4.50 %4.50 %— %— %— %— %
Interest rate credit for determining projected cash balance3.55 %3.50 %3.55 %3.50 %— %— %— %— %
Schedule of Net Benefit Costs
The assumptions used in determining the net periodic benefit cost for the years ended December 31, 2022, 2021, and 2020 were as follows:
DB Plan
For the Year Ended December 31,
202220212020
Discount rate - benefit cost2.65 %2.26 %3.16 %
Rate of compensation increase4.50 %5.25 %5.25 %
Expected rate of return on plan assets7.00 %7.50 %7.50 %
Interest rate credit for determining projected cash balance3.50 %3.50 %3.50 %
BEP
For the Year Ended December 31,
202220212020
Discount rate - benefit cost2.32 %1.77 %3.15 %
Rate of compensation increase4.50 %5.25 %5.25 %
Interest rate credit for determining projected cash balance3.50 %3.50 %3.50 %
DB SERP
For the Year Ended December 31,
202220212020
Discount rate - benefit cost2.68 %1.63 %2.72 %
ODRCP
For the Year Ended December 31,
202220212020
Discount rate - benefit cost2.32 %1.81 %2.86 %
Rate of compensation increase— %— %3.00 %
Reconciliation of Interest in SBERA Common Collective
The table below presents a reconciliation of the Company’s interest in the SBERA common collective trust during the years indicated:
For the Year Ended December 31,
20222021
(In thousands)
Balance at beginning of year$546,056 $449,643 
Net realized and unrealized gains and (losses)(91,474)50,878 
Contributions7,222 — 
Benefits paid(42,438)(17,934)
Acquisition— 63,469 
Balance at end of year$419,366 $546,056 
Summary of Components of Net Pension Expense
The components of net pension expense for the plans for the periods indicated are as follows:
For the Year Ended December 31,
202220212020
(In thousands)
Components of net periodic benefit cost:
Service cost (1)$31,382 $31,660 $25,970 
Interest cost10,582 5,694 9,657 
Expected return on plan assets(35,486)(33,333)(29,610)
Past service credit(11,882)(11,796)(1,931)
Recognized net actuarial loss11,032 13,400 10,787 
Settlements12,045 — — 
Net periodic benefit cost$17,673 $5,625 $14,873 
(1)Includes service costs related to employees of our insurance agency business. Such service costs were included in net income from discontinued operations as such costs will not continue to be incurred by the Company following the sale of the insurance agency business. All other costs included in the determination of the benefit obligation for the Defined Benefit Plan and the BEP were included in net income from continuing operations as the Bank will assume the related liability upon dissolution of Eastern Insurance Group following the sale of the insurance agency business. Service costs included in net income from discontinued operations and included in the above table were $7.5 million, $7.7 million, and $6.2 million for the years ended December 31, 2022, 2021, and 2020, respectively.
Schedule of Expected Benefit Payments
The following table summarizes estimated benefits to be paid from the Defined Benefit Plan and BEP for the plan years beginning on November 1, and the DB SERP and ODRCP for the plan years beginning January 1:
Year(In thousands)
2023$45,367 
202434,286 
202537,454 
202638,296 
202737,915 
In aggregate for 2028-2032202,187 
Employee Stock Ownership Plan (ESOP) Disclosures
The following table presents share information held by the ESOP:
As of December 31,
20222021
(Dollars in thousands)
Allocated shares1,046,850565,134 
Shares committed to be released104,464104,464 
Unallocated shares (suspense shares)13,769,62814,271,054 
Total shares14,920,94214,940,652 
Fair value of unallocated shares$237,526 $287,847 
Schedule of Assets Held in Rabbi Trust
Assets held in rabbi trust accounts by plan type, at fair value, were as follows:
As of December 31,
20222021
(In thousands)
DB SERP$17,209 $20,810 
BEP11,734 13,202 
ODRCP3,670 4,316 
DC SERP17,764 34,002 
Deferred compensation plans25,909 32,042 
Total rabbi trust assets$76,286 $104,372 
The following tables present the book value, net unrealized gain or loss, and market value of assets held in rabbi trust accounts by asset type:
As of December 31, 2022As of December 31, 2021
Book ValueUnrealized
Gain/(Loss)		Fair ValueBook ValueUnrealized
Gain		Fair Value
Asset Type(In thousands)
Cash and cash equivalents$5,575$—$5,575$4,494 $— $4,494 
Equities (1)60,0563,62663,68267,401 24,295 91,696 
Fixed income7,799(770)7,0298,126 56 8,182 
Total assets$73,430$2,856$76,286$80,021 $24,351 $104,372 
(1)Equities include mutual funds and other exchange-traded funds.
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes the Company’s restricted stock award activity for the periods indicated:
For the Years Ended December 31,
20222021
Restricted Stock AwardsNumber of SharesWeighted-Average Grant Price Per ShareNumber of SharesWeighted-Average Grant Price Per Share
Non-vested restricted stock at beginning of year683,056$20.13 —$— 
Granted31,55919.17 683,05620.13 
Vested(136,609)20.13 —— 
Forfeited(52,546)20.08 —— 
Non-vested restricted stock at end of year525,460$20.08 683,056$20.13 
The following table summarizes the Company’s restricted stock unit activity for the periods indicated:
For the Years Ended December 31,
20222021
Restricted Stock UnitsNumber of SharesWeighted-Average Grant Price Per ShareNumber of SharesWeighted-Average Grant Price Per Share
Non-vested restricted stock at beginning of year—$— —$— 
Granted978,36421.08 —— 
Forfeited(6,039)21.08 —— 
Non-vested restricted stock at end of year972,325$21.08 —$— 
Share-Based Payment Arrangement, Performance Shares, Activity
The following table summarizes the Company’s performance stock unit activity for the periods indicated:
For the Years Ended December 31,
20222021
Performance Stock UnitsNumber of SharesWeighted-Average Grant Price Per ShareNumber of SharesWeighted-Average Grant Price Per Share
Non-vested restricted stock at beginning of year—$— —$— 
Granted533,67621.12 —— 
Non-vested restricted stock at end of year533,676$21.12 —$—