Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of 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 BEP, the DB SERP, the ODRCP, and the PHCP are set forth in the following table:


	As of and for the Year Ended December 31,
	2024		2023		2022
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of the year	$	399,364	$	362,530	$	501,507
Service cost (1)	22,470		24,474		31,382
Interest cost	19,601		17,559		10,582
Amendments	—		1,351		—
Actuarial (gain) loss	(15,280)		13,943		(133,282)
Acquisitions	42,952		—		—
Benefits paid	(34,770)		(20,493)		(47,659)
Benefit obligation at end of the year	$	434,337	$	399,364	$	362,530

Change in plan assets:
Fair value of plan assets at beginning of year	$	468,364	$	419,366	$	546,056
Actual return (loss) on plan assets	48,629		63,811		(91,474)
Acquisitions	56,201		—		—
Employer contribution	6,798		5,680		12,443
Benefits paid	(34,770)		(20,493)		(47,659)
Fair value of plan assets at end of year	545,222		468,364		419,366
Overfunded status	$	110,885	$	69,000	$	56,836

Reconciliation of funding status:
Past service credit	$	70,137	$	80,090	$	108,909
Unrecognized net loss	(34,088)		(69,697)		(99,002)
Prepaid benefit cost	74,836		58,607		46,929
Overfunded status	$	110,885	$	69,000	$	56,836

Accumulated benefit obligation	$	434,337	$	399,364	$	362,530

Amounts recognized in accumulated other comprehensive income (“AOCI”), net of tax:
Unrecognized past service credit	$	50,304	$	57,501	$	78,295
Unrecognized net loss	(24,288)		(50,039)		(71,172)
Net amount	$	26,016	$	7,462	$	7,123

(1)Includes service costs related to employees of the insurance agency business as it relates to the years ended December 31, 2023 and 2022. Refer to the later discussion within the “Components of Net Periodic Benefit Cost” section within this Note for further discussion.

Schedule of Defined Benefit Plan, Assumptions

The assumptions used in determining the benefit obligations at December 31, 2024 and 2023 were as follows:


	DB Plan				BEP				DB SERP				ODRCP				PHCP
	As of December 31,				As of December 31,				As of December 31,				As of December 31,				As of December 31,
	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Discount rate	5.55	%	4.99	%	5.36	%	4.89	%	5.51	%	4.96	%	5.44	%	4.91	%	5.42	%	N/A
Rate of increase in compensation levels	4.50	%	4.50	%	4.50	%	4.50	%	—	%	—	%	—	%	—	%	—	%	N/A
Interest rate credit for determining projected cash balance	4.60	%	4.47	%	4.60	%	4.47	%	—	%	—	%	—	%	—	%	—	%	N/A

Schedule of Net Benefit Costs

The assumptions used in determining the net periodic benefit cost for the years ended December 31, 2024, 2023, and 2022 were as follows:


	DB Plan
	For the Year Ended December 31,
	2024		2023		2022
Discount rate - benefit cost	4.99	%	5.18	%	2.65	%
Rate of compensation increase	4.50	%	4.50	%	4.50	%
Expected rate of return on plan assets	7.50	%	7.50	%	7.00	%
Interest rate credit for determining projected cash balance	4.47	%	3.55	%	3.50	%


	BEP
	For the Year Ended December 31,
	2024		2023		2022
Discount rate - benefit cost	4.89	%	5.07	%	2.32	%
Rate of compensation increase	4.50	%	4.50	%	4.50	%
Interest rate credit for determining projected cash balance	4.47	%	3.55	%	3.50	%


	DB SERP
	For the Year Ended December 31,
	2024		2023		2022
Discount rate - benefit cost	4.96	%	5.18	%	2.68	%


	ODRCP
	For the Year Ended December 31,
	2024		2023		2022
Discount rate - benefit cost	4.91	%	5.13	%	2.32	%


	PHCP
	For the Year Ended December 31,
	2024		2023	2022
Discount rate - benefit cost	5.04	%	N/A	N/A

Schedule of 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,
	2024		2023
	(In thousands)
Balance at beginning of year	$	468,364	$	419,366
Net realized and unrealized gains and (losses)	48,629		63,811
Contributions	—		—
Benefits paid	(27,972)		(14,813)
Acquisition	56,201		—
Balance at end of year	$	545,222	$	468,364

Schedule 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,
	2024		2023		2022
	(In thousands)
Components of net periodic benefit cost:
Service cost (1)	$	22,470	$	24,474	$	31,382
Interest cost	19,601		17,559		10,582
Expected return on plan assets	(35,368)		(30,127)		(35,486)
Past service credit	(9,953)		(11,560)		(11,882)
Recognized net actuarial loss	7,098		9,563		11,032
Curtailment (2)	—		(15,908)		—
Settlement	(29)		—		12,045
Net periodic benefit cost	$	3,819	$	(5,999)	$	17,673

(1)Includes service costs related to employees of the Company's insurance agency business for the years ended December 31, 2023 and 2022. Such service costs were included in net income from discontinued operations as such costs are no longer incurred by the Company following the sale of the insurance agency business in October 2023. 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 assumed the related liability upon dissolution of its Eastern Insurance Group subsidiary. Service costs included in net income from discontinued operations and included in the above table were $5.1 million, and $7.5 million for the years ended December 31, 2023 and 2022, respectively.

(2)The pension curtailment gain recognized during the year ended December 31, 2023 was included in discontinued operations. Refer to the below discussion under “Pension Curtailment and Settlement” for further discussion.

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, the ODRCP, and the PHCP for the plan years beginning January 1:


Year	(In thousands)
2025	$	55,152
2026	39,366
2027	37,940
2028	42,128
2029	40,298
In aggregate for 2030-2034	205,277

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,
	2024		2023
	(In thousands)
DB SERP	$	14,100	$	16,349
BEP	26,418		18,656
ODRCP	2,625		2,819
DC SERP	24,227		20,785
Deferred compensation plans	31,611		28,826
Total rabbi trust assets	$	98,981	$	87,435

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, 2024						As of December 31, 2023
	Book Value		Unrealized Gain/(Loss)		Fair Value		Book Value		Unrealized Gain		Fair Value
Asset Type	(In thousands)
Cash and cash equivalents	$	9,109	$	—	$	9,109	$	12,269	$	—	$	12,269
Equities (1)	63,107		19,229		82,336		56,140		12,869		69,009
Fixed income	7,980		(444)		7,536		6,676		(519)		6,157
Total assets	$	80,196	$	18,785	$	98,981	$	75,085	$	12,350	$	87,435

(1)Equities include mutual funds and other exchange-traded funds.