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Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2023
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:
December 31, 2022
(In thousands)
Assets
Premises and equipment$163 
Goodwill and intangibles, net93,117 
Deferred income taxes, net(315)
Prepaid expenses532 
Other assets34,722 
Total assets$128,219 
Liabilities
Other liabilities$34,930 
Total liabilities$34,930 
The following is a summary of such assets and liabilities as of December 31, 2022:
December 31, 2022
(In thousands)
Assets
Cash$66,507 
Premises and equipment (1)1,792 
Bank-owned life insurance2,066 
Deferred income taxes3,662 
Other assets (2)12,944 
Total assets$86,971 
Liabilities
Other liabilities (3)$14,013 
Total liabilities$14,013 
(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.
(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.
The following presents operating results of the discontinued insurance agency business for the periods indicated:
For the Years Ended December 31,
202320222021
(In thousands)
Noninterest income:
Insurance commissions$93,997 $99,887 $95,164 
Other noninterest income67 179 1,014 
Total noninterest income94,064 100,066 96,178 
Noninterest expense:
Salaries and employee benefits76,109 65,089 68,292 
Office occupancy and equipment4,420 3,319 3,204 
Data processing3,577 4,335 4,424 
Professional services1,176 1,009 596 
Marketing expenses179 246 241 
Amortization of intangible assets2,002 2,666 2,293 
Other5,304 4,944 4,411 
Total noninterest expense92,767 81,608 83,461 
Income from discontinued operations before income tax expense1,297 18,458 12,717 
Gain on sale of discontinued operations before income tax expense408,629 — — 
Total gain on discontinued operations before income tax expense409,926 18,458 12,717 
Income tax expense115,060 5,210 3,583 
Income from discontinued operations, net of taxes (1)$294,866 $13,248 $9,134 
(1)Represents net income from discontinued operations that is presented in the Consolidated Statements of Income.
The following is a summary of such items and the corresponding income tax effect for the periods indicated:
Years Ended December 31,
202320222021
(In thousands)
Noninterest income:
Income (losses) from investments held in rabbi trusts$697 $(1,305)$937 
Other noninterest income (1)60 54 52 
Total noninterest income (loss)757 (1,251)989 
Noninterest expense:
Salaries and employee benefits (2)721 (1,292)967 
Office occupancy and equipment (3)433 499 501 
Other (4)1,608 2,396 (2,151)
Total noninterest expense2,762 1,603 (683)
(Loss) income before income tax expense(2,005)(2,854)1,672 
Income tax (benefit) expense(564)(802)470 
Net (loss) income(1,441)(2,052)1,202 
(1)Includes income on Company-owned life insurance policies which were not 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 were not 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 the BEP. Components of net periodic benefit cost associated with the Defined Benefit Plan and the 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:
December 31, 2022
(In thousands)
Assets
Premises and equipment$163 
Goodwill and intangibles, net93,117 
Deferred income taxes, net(315)
Prepaid expenses532 
Other assets34,722 
Total assets$128,219 
Liabilities
Other liabilities$34,930 
Total liabilities$34,930 
The following is a summary of such assets and liabilities as of December 31, 2022:
December 31, 2022
(In thousands)
Assets
Cash$66,507 
Premises and equipment (1)1,792 
Bank-owned life insurance2,066 
Deferred income taxes3,662 
Other assets (2)12,944 
Total assets$86,971 
Liabilities
Other liabilities (3)$14,013 
Total liabilities$14,013 
(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.
(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.
The following presents operating results of the discontinued insurance agency business for the periods indicated:
For the Years Ended December 31,
202320222021
(In thousands)
Noninterest income:
Insurance commissions$93,997 $99,887 $95,164 
Other noninterest income67 179 1,014 
Total noninterest income94,064 100,066 96,178 
Noninterest expense:
Salaries and employee benefits76,109 65,089 68,292 
Office occupancy and equipment4,420 3,319 3,204 
Data processing3,577 4,335 4,424 
Professional services1,176 1,009 596 
Marketing expenses179 246 241 
Amortization of intangible assets2,002 2,666 2,293 
Other5,304 4,944 4,411 
Total noninterest expense92,767 81,608 83,461 
Income from discontinued operations before income tax expense1,297 18,458 12,717 
Gain on sale of discontinued operations before income tax expense408,629 — — 
Total gain on discontinued operations before income tax expense409,926 18,458 12,717 
Income tax expense115,060 5,210 3,583 
Income from discontinued operations, net of taxes (1)$294,866 $13,248 $9,134 
(1)Represents net income from discontinued operations that is presented in the Consolidated Statements of Income.
The following is a summary of such items and the corresponding income tax effect for the periods indicated:
Years Ended December 31,
202320222021
(In thousands)
Noninterest income:
Income (losses) from investments held in rabbi trusts$697 $(1,305)$937 
Other noninterest income (1)60 54 52 
Total noninterest income (loss)757 (1,251)989 
Noninterest expense:
Salaries and employee benefits (2)721 (1,292)967 
Office occupancy and equipment (3)433 499 501 
Other (4)1,608 2,396 (2,151)
Total noninterest expense2,762 1,603 (683)
(Loss) income before income tax expense(2,005)(2,854)1,672 
Income tax (benefit) expense(564)(802)470 
Net (loss) income(1,441)(2,052)1,202 
(1)Includes income on Company-owned life insurance policies which were not 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 were not 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 the BEP. Components of net periodic benefit cost associated with the Defined Benefit Plan and the BEP and included in other noninterest expense above were a net credit for the periods presented.