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Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Summary of the Asset and Liabilities of the Discontinued Insurance Agency Business
The following is a summary of the assets and liabilities of the discontinued insurance agency business as of December 31, 2022 and December 31, 2021:
December 31, 2022December 31, 2021
(In thousands)
Assets
Premises and equipment$163 $429 
Goodwill and intangibles, net93,117 80,496 
Deferred income taxes, net(315)446 
Prepaid expenses532 527 
Other assets34,722 32,120 
Total assets$128,219 $114,018 
Liabilities
Other liabilities$34,930 $31,222 
Total liabilities$34,930 $31,222 
The following is a summary of such assets and liabilities as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
(In thousands)
Assets
Cash$66,507 $69,161 
Premises and equipment (1)1,792 1,884 
Bank-owned life insurance2,066 2,012 
Deferred income taxes3,662 315 
Other assets (2)12,944 17,377 
Total assets$86,971 $90,749 
Liabilities
Other liabilities (3)$14,013 $18,497 
Total liabilities$14,013 $18,497 
(1)Includes buildings and related improvements.
(2)Primarily includes assets held in rabbi trusts and the ROU asset associated with one lease which will be assumed by the Bank upon dissolution of Eastern Insurance Group following the sale.
(3)Primarily includes employee post-retirement liabilities and the lease liability associated with one lease which will be assumed by the Bank upon dissolution of Eastern Insurance Group following the sale.
The following presents operating results of the discontinued insurance agency business for the periods indicated:
For the Years Ended December 31,
202220212020
(In thousands)
Noninterest income:
Insurance commissions$99,887 $95,164 $95,195 
Other noninterest income179 1,014 199 
Total noninterest income100,066 96,178 95,394 
Noninterest expense:
Salaries and employee benefits65,089 68,292 60,593 
Office occupancy and equipment3,319 3,204 3,176 
Data processing4,335 4,424 4,049 
Professional services1,009 596 770 
Marketing expenses246 241 152 
Amortization of intangible assets2,666 2,293 2,261 
Other4,944 4,411 5,131 
Total noninterest expense81,608 83,461 76,132 
Income from discontinued operations before income tax expense18,458 12,717 19,262 
Income tax expense5,210 3,583 5,385 
Income from discontinued operations, net of taxes$13,248 $9,134 $13,877 
The following is a summary of such items and the corresponding income tax effect for the periods indicated:
Years Ended December 31,
202220212020
(In thousands)
Noninterest income:
(Losses) income from investments held in rabbi trusts$(1,305)$937 $1,293 
Other noninterest income (1)54 52 52 
Total noninterest income(1,251)989 1,345 
Noninterest expense:
Salaries and employee benefits (2)(1,292)967 1,098 
Office occupancy and equipment (3)499 501 511 
Other (4)2,396 (2,151)64 
Total noninterest expense1,603 (683)1,673 
(Loss) income before income tax expense(2,854)1,672 (328)
Income tax (benefit) expense(802)470 (92)
Net (loss) income(2,052)1,202 (236)
(1)Includes income on Company-owned life insurance policies which will not be disposed of and will be transferred into the Bank upon dissolution of Eastern Insurance Group.
(2)Includes expenses, which were a net credit for the year ended December 31, 2022, associated with certain employee post-retirement benefit plan expenses.
(3)Includes depreciation expense associated with buildings and related improvements and ROU asset amortization related to one lease which will not be disposed of and will be transferred into the Bank upon dissolution of Eastern Insurance Group.
(4)Includes intercompany expenses and other credits associated with the Defined Benefit Plan and BEP. Components of net periodic benefit cost associated with the Defined Benefit Plan and BEP and included in other noninterest expense above were a net credit for the periods presented.
Summary of the Operating Results of the Discontinued Insurance Agency Business
The following is a summary of the assets and liabilities of the discontinued insurance agency business as of December 31, 2022 and December 31, 2021:
December 31, 2022December 31, 2021
(In thousands)
Assets
Premises and equipment$163 $429 
Goodwill and intangibles, net93,117 80,496 
Deferred income taxes, net(315)446 
Prepaid expenses532 527 
Other assets34,722 32,120 
Total assets$128,219 $114,018 
Liabilities
Other liabilities$34,930 $31,222 
Total liabilities$34,930 $31,222 
The following is a summary of such assets and liabilities as of December 31, 2022 and 2021:
December 31, 2022December 31, 2021
(In thousands)
Assets
Cash$66,507 $69,161 
Premises and equipment (1)1,792 1,884 
Bank-owned life insurance2,066 2,012 
Deferred income taxes3,662 315 
Other assets (2)12,944 17,377 
Total assets$86,971 $90,749 
Liabilities
Other liabilities (3)$14,013 $18,497 
Total liabilities$14,013 $18,497 
(1)Includes buildings and related improvements.
(2)Primarily includes assets held in rabbi trusts and the ROU asset associated with one lease which will be assumed by the Bank upon dissolution of Eastern Insurance Group following the sale.
(3)Primarily includes employee post-retirement liabilities and the lease liability associated with one lease which will be assumed by the Bank upon dissolution of Eastern Insurance Group following the sale.
The following presents operating results of the discontinued insurance agency business for the periods indicated:
For the Years Ended December 31,
202220212020
(In thousands)
Noninterest income:
Insurance commissions$99,887 $95,164 $95,195 
Other noninterest income179 1,014 199 
Total noninterest income100,066 96,178 95,394 
Noninterest expense:
Salaries and employee benefits65,089 68,292 60,593 
Office occupancy and equipment3,319 3,204 3,176 
Data processing4,335 4,424 4,049 
Professional services1,009 596 770 
Marketing expenses246 241 152 
Amortization of intangible assets2,666 2,293 2,261 
Other4,944 4,411 5,131 
Total noninterest expense81,608 83,461 76,132 
Income from discontinued operations before income tax expense18,458 12,717 19,262 
Income tax expense5,210 3,583 5,385 
Income from discontinued operations, net of taxes$13,248 $9,134 $13,877 
The following is a summary of such items and the corresponding income tax effect for the periods indicated:
Years Ended December 31,
202220212020
(In thousands)
Noninterest income:
(Losses) income from investments held in rabbi trusts$(1,305)$937 $1,293 
Other noninterest income (1)54 52 52 
Total noninterest income(1,251)989 1,345 
Noninterest expense:
Salaries and employee benefits (2)(1,292)967 1,098 
Office occupancy and equipment (3)499 501 511 
Other (4)2,396 (2,151)64 
Total noninterest expense1,603 (683)1,673 
(Loss) income before income tax expense(2,854)1,672 (328)
Income tax (benefit) expense(802)470 (92)
Net (loss) income(2,052)1,202 (236)
(1)Includes income on Company-owned life insurance policies which will not be disposed of and will be transferred into the Bank upon dissolution of Eastern Insurance Group.
(2)Includes expenses, which were a net credit for the year ended December 31, 2022, associated with certain employee post-retirement benefit plan expenses.
(3)Includes depreciation expense associated with buildings and related improvements and ROU asset amortization related to one lease which will not be disposed of and will be transferred into the Bank upon dissolution of Eastern Insurance Group.
(4)Includes intercompany expenses and other credits associated with the Defined Benefit Plan and BEP. Components of net periodic benefit cost associated with the Defined Benefit Plan and BEP and included in other noninterest expense above were a net credit for the periods presented.
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from Century:
Net Assets Acquired at Fair Value
(In thousands)
Assets
Cash and due from banks$56,831 
Short-term investments575,953 
Investment securities3,117,022 
Loans2,906,491 
FHLB stock6,690 
Premises and equipment64,521 
Bank owned life insurance95,478 
Goodwill259,024 
Core deposit intangible11,633 
Other assets18,915 
Total assets acquired7,112,558 
Liabilities
Deposits6,099,821 
Securities sold under agreements to repurchase274,982 
Escrow deposits of borrowers3,649 
Other liabilities92,237 
Total liabilities assumed6,470,689 
Purchase price$641,869 
These merger and acquisition expenses were included in the following line items of the consolidated statements of income:
For the Year Ended December 31, 2021
(In thousands)
Salaries and employee benefits$15,947 
Office occupancy and equipment7,198 
Data processing1,286 
Professional services9,223 
Other1,802 
$35,456 
The following table summarizes the aggregate estimated fair value of the assets acquired and liabilities assumed for these acquisitions:
Acquisition Date Balance
(In thousands)
Assets acquired:
Customer list intangible$6,120 
Non-compete intangible440 
Other40 
Total assets acquired6,600 
Consideration:
Total cash paid(13,400)
Contingent consideration(1,926)
Other liabilities assumed— 
Total fair value of consideration(15,326)
Goodwill$8,726 
The following table summarizes the aggregate estimated fair value of the assets acquired and liabilities assumed for these acquisitions:
Acquisition Date Balance
(In thousands)
Assets acquired:
Customer list intangible$1,860 
Non-compete intangible170 
Other133 
Total assets acquired2,163 
Consideration:
Total cash paid(4,354)
Contingent consideration(449)
Other liabilities assumed(355)
Total fair value of consideration(5,158)
Goodwill$2,995