Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023:

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	(In thousands)
Noninterest income:
Insurance commissions	$	27,609	$	59,280
Other noninterest income	18		38
Total noninterest income	27,627		59,318
Noninterest expense:
Salaries and employee benefits	17,041		33,336
Office occupancy and equipment	735		1,524
Data processing	1,060		2,203
Professional services	1,031		1,324
Marketing expenses	25		99
Amortization of intangible assets	668		1,337
Other	1,154		2,462
Total noninterest expense	21,714		42,285
Income from discontinued operations before income tax expense	5,913		17,033
Income tax expense	1,675		4,810
Income from discontinued operations, net of taxes (1)	$	4,238	$	12,223

(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 three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	(In thousands)
Noninterest income:
Income from investments held in rabbi trusts	$	241	$	580
Other noninterest income (1)	14		28
Total noninterest income	255		608
Noninterest expense:
Salaries and employee benefits (2)	245		580
Office occupancy and equipment (3)	117		241
Other (4)	439		994
Total noninterest expense	801		1,815
Loss before income tax expense	(546)		(1,207)
Income tax benefit	(153)		(339)
Net loss	$	(393)	$	(868)

(1)Includes income on Company-owned life insurance policies which were not disposed of and were 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 and six months ended June 30, 2023:

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	(In thousands)
Noninterest income:
Insurance commissions	$	27,609	$	59,280
Other noninterest income	18		38
Total noninterest income	27,627		59,318
Noninterest expense:
Salaries and employee benefits	17,041		33,336
Office occupancy and equipment	735		1,524
Data processing	1,060		2,203
Professional services	1,031		1,324
Marketing expenses	25		99
Amortization of intangible assets	668		1,337
Other	1,154		2,462
Total noninterest expense	21,714		42,285
Income from discontinued operations before income tax expense	5,913		17,033
Income tax expense	1,675		4,810
Income from discontinued operations, net of taxes (1)	$	4,238	$	12,223

(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 three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	(In thousands)
Noninterest income:
Income from investments held in rabbi trusts	$	241	$	580
Other noninterest income (1)	14		28
Total noninterest income	255		608
Noninterest expense:
Salaries and employee benefits (2)	245		580
Office occupancy and equipment (3)	117		241
Other (4)	439		994
Total noninterest expense	801		1,815
Loss before income tax expense	(546)		(1,207)
Income tax benefit	(153)		(339)
Net loss	$	(393)	$	(868)

(1)Includes income on Company-owned life insurance policies which were not disposed of and were 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.