Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of the Asset and Liabilities of the Discontinued Insurance Agency Business

The following presents operating results of the discontinued insurance agency business for the three months ended March 31, 2023:

	For the Three Months Ended March 31, 2023
	(In thousands)
Noninterest income:
Insurance commissions	$	31,671
Other noninterest income	20
Total noninterest income	31,691
Noninterest expense:
Salaries and employee benefits	16,295
Office occupancy and equipment	789
Data processing	1,143
Professional services	293
Marketing expenses	74
Amortization of intangible assets	669
Other	1,308
Total noninterest expense	20,571
Income from discontinued operations before income tax expense	11,120
Income tax expense	3,135
Income from discontinued operations, net of taxes (1)	$	7,985

The following is a summary of such items and the corresponding income tax effect for the three months ended March 31, 2023:

	Three Months Ended March 31, 2023
	(In thousands)
Noninterest income:
Income from investments held in rabbi trusts	$	339
Other noninterest income (1)	14
Total noninterest income	353
Noninterest expense:
Salaries and employee benefits (2)	335
Office occupancy and equipment (3)	124
Other (4)	555
Total noninterest expense	1,014
Loss before income tax expense	(661)
Income tax benefit	(186)
Net loss	(475)

(1)Includes income on Company-owned life insurance policies which were not disposed of and will be transferred to the Bank upon dissolution of Eastern Insurance Group.

(2)Includes expenses 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 were transferred to the Bank as of January 1, 2024.

(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 included in other noninterest expense above were a net credit for the period presented.

Schedule of the Operating Results of the Discontinued Insurance Agency Business

The following presents operating results of the discontinued insurance agency business for the three months ended March 31, 2023:

	For the Three Months Ended March 31, 2023
	(In thousands)
Noninterest income:
Insurance commissions	$	31,671
Other noninterest income	20
Total noninterest income	31,691
Noninterest expense:
Salaries and employee benefits	16,295
Office occupancy and equipment	789
Data processing	1,143
Professional services	293
Marketing expenses	74
Amortization of intangible assets	669
Other	1,308
Total noninterest expense	20,571
Income from discontinued operations before income tax expense	11,120
Income tax expense	3,135
Income from discontinued operations, net of taxes (1)	$	7,985

The following is a summary of such items and the corresponding income tax effect for the three months ended March 31, 2023:

	Three Months Ended March 31, 2023
	(In thousands)
Noninterest income:
Income from investments held in rabbi trusts	$	339
Other noninterest income (1)	14
Total noninterest income	353
Noninterest expense:
Salaries and employee benefits (2)	335
Office occupancy and equipment (3)	124
Other (4)	555
Total noninterest expense	1,014
Loss before income tax expense	(661)
Income tax benefit	(186)
Net loss	(475)

(1)Includes income on Company-owned life insurance policies which were not disposed of and will be transferred to the Bank upon dissolution of Eastern Insurance Group.

(2)Includes expenses 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 were transferred to the Bank as of January 1, 2024.

(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 included in other noninterest expense above were a net credit for the period presented.