Discontinued Operations (Tables)

12 Months Ended

Dec. 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 periods indicated:

	For the Years Ended December 31,
	2023		2022
	(In thousands)
Noninterest income:
Insurance commissions	$	93,997	$	99,887
Other noninterest income	67		179
Total noninterest income	94,064		100,066
Noninterest expense:
Salaries and employee benefits	76,109		65,089
Office occupancy and equipment	4,420		3,319
Data processing	3,577		4,335
Professional services	1,176		1,009
Marketing expenses	179		246
Amortization of intangible assets	2,002		2,666
Other	5,304		4,944
Total noninterest expense	92,767		81,608
Income from discontinued operations before income tax expense	1,297		18,458
Gain on sale of discontinued operations before income tax expense	408,629		—
Total gain on discontinued operations before income tax expense	409,926		18,458
Income tax expense	115,060		5,210
Income from discontinued operations, net of taxes (1)	$	294,866	$	13,248

(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,
	2023		2022
	(In thousands)
Noninterest income:
Income (loss) from investments held in rabbi trusts	$	697	$	(1,305)
Other noninterest income (1)	60		54
Total noninterest income (loss)	757		(1,251)
Noninterest expense:
Salaries and employee benefits (2)	721		(1,292)
Office occupancy and equipment (3)	433		499
Other (4)	1,608		2,396
Total noninterest expense	2,762		1,603
(Loss) income before income tax expense	(2,005)		(2,854)
Income tax (benefit) expense	(564)		(802)
Net (loss) income	(1,441)		(2,052)

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

	For the Years Ended December 31,
	2023		2022
	(In thousands)
Noninterest income:
Insurance commissions	$	93,997	$	99,887
Other noninterest income	67		179
Total noninterest income	94,064		100,066
Noninterest expense:
Salaries and employee benefits	76,109		65,089
Office occupancy and equipment	4,420		3,319
Data processing	3,577		4,335
Professional services	1,176		1,009
Marketing expenses	179		246
Amortization of intangible assets	2,002		2,666
Other	5,304		4,944
Total noninterest expense	92,767		81,608
Income from discontinued operations before income tax expense	1,297		18,458
Gain on sale of discontinued operations before income tax expense	408,629		—
Total gain on discontinued operations before income tax expense	409,926		18,458
Income tax expense	115,060		5,210
Income from discontinued operations, net of taxes (1)	$	294,866	$	13,248

(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,
	2023		2022
	(In thousands)
Noninterest income:
Income (loss) from investments held in rabbi trusts	$	697	$	(1,305)
Other noninterest income (1)	60		54
Total noninterest income (loss)	757		(1,251)
Noninterest expense:
Salaries and employee benefits (2)	721		(1,292)
Office occupancy and equipment (3)	433		499
Other (4)	1,608		2,396
Total noninterest expense	2,762		1,603
(Loss) income before income tax expense	(2,005)		(2,854)
Income tax (benefit) expense	(564)		(802)
Net (loss) income	(1,441)		(2,052)

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