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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Cumulative effect accounting adjustment
Common Stock
Additional Paid in Capital
Retained Earnings
Retained Earnings
Cumulative effect accounting adjustment
Accumulated Other Comprehensive Income (Loss)
Unallocated Common Stock Held by ESOP
Beginning balance (in shares) at Dec. 31, 2021     186,305,332          
Beginning balance at Dec. 31, 2021 $ 3,406,352 $ (20,098) [1] $ 1,863 $ 1,835,241 $ 1,768,653 $ (20,098) [1] $ (56,696) $ (142,709)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends to common shareholders [2] (66,539)       (66,539)      
Repurchased common stock (in shares)     (10,112,272)          
Repurchased common stock (201,618)   $ (101) (201,517)        
Issuance of restricted stock awards (in shares)     31,559          
Issuance of restricted stock awards 0   $ 1 (1)        
Unvested restricted stock awards forfeited and subsequently cancelled (in shares)     (52,546)          
Unvested restricted stock awards forfeited and subsequently cancelled 0   $ (1) 1        
Share-based compensation 10,507     10,507        
Net income 199,759       199,759      
Other comprehensive income (loss), net of tax (866,496)           (866,496)  
ESOP shares committed to be released 9,923     4,910       5,013
Ending balance (in shares) at Dec. 31, 2022     176,172,073          
Ending balance at Dec. 31, 2022 2,471,790 $ 822 [3] $ 1,762 1,649,141 1,881,775 $ 822 [3] (923,192) (137,696)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends to common shareholders [2] (67,020)       (67,020)      
Issuance of restricted stock awards (in shares)     47,820          
Issuance of restricted stock awards 0   $ 1 (1)        
Issuance of common stock under share-based compensation arrangements (in shares) [4]     207,100          
Issuance of common stock under share-based compensation arrangements [4] (1,396)   $ 4 (1,400)        
Share-based compensation 16,513     16,513        
Net income 232,177       232,177      
Other comprehensive income (loss), net of tax 314,840           314,840  
ESOP shares committed to be released $ 7,129     2,188       4,941
Ending balance (in shares) at Dec. 31, 2023 176,426,993   176,426,993          
Ending balance at Dec. 31, 2023 $ 2,974,855   $ 1,767 1,666,441 2,047,754   (608,352) (132,755)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends to common shareholders [2] (82,812)       (82,812)      
Repurchased common stock (in shares)     (1,744,824)          
Repurchased common stock (27,683)   $ (17) (27,666)        
Issuance of restricted stock awards (in shares)     56,352          
Issuance of restricted stock awards 0   $ 1 (1)        
Restricted stock awards cancelled (in shares) [5]     (18,513)          
Restricted stock awards cancelled [5] (238)   $ (3) (235)        
Issuance of common stock under share-based compensation arrangements (in shares) [4]     301,209          
Issuance of common stock under share-based compensation arrangements [4] (2,010)   $ 4 (2,014)        
Share-based compensation 19,269     19,269        
Net income 119,561       119,561      
Other comprehensive income (loss), net of tax 24,023           24,023  
ESOP shares committed to be released 7,356     2,443       4,913
Common stock issued for acquisition (in shares)     38,769,562          
Common stock issued for acquisition 576,504   $ 388 576,116        
Stock issuance costs (941)     (941)        
Cambridge Bancorp restricted share awards converted to restricted share awards of the Company at fair value (in shares) [6]     118,693          
Cambridge Bancorp restricted share awards converted to restricted share awards of the Company upon merger close [6] 1,053   $ 1 1,052        
Pre-merger service credit for restricted share units [7] $ 3,030     3,030        
Ending balance (in shares) at Dec. 31, 2024 213,909,472   213,909,472          
Ending balance at Dec. 31, 2024 $ 3,611,967   $ 2,141 $ 2,237,494 $ 2,084,503   $ (584,329) $ (127,842)
[1] Represents gross transition adjustment amount of $28.0 million, net of taxes of $7.9 million, to reflect the cumulative impact on retained earnings pursuant to the Company’s adoption of Accounting Standards Update 2016-13. Refer to Note 5, “Loans and Allowance for Credit Losses” for additional discussion.
[2] The Company declared cumulative cash dividends of $0.45, $0.41, and $0.40 per share of common stock during the years ended December 31, 2024, 2023, and 2022, respectively.
[3] Represents gross transition adjustment amount of $1.1 million, net of taxes of $0.3 million, to reflect the cumulative impact on retained earnings pursuant to the Company’s adoption of Accounting Standards Update 2022-02. Refer to Note 5, “Loans and Allowance for Credit Losses” for additional discussion.
[4] Represents shares issued, net of employee tax withheld, upon the vesting of restricted stock units. Refer to Note 16, “Share-Based Compensation” for additional discussion.
[5] Includes 15,487 restricted stock award shares cancelled upon vesting for employee payroll tax withholding and 3,026 restricted stock award shares cancelled upon forfeiture. Shares withheld relate to awards issued by Cambridge Bancorp to its employees which were converted to awards of the Company upon completion of the Company' merger with Cambridge Bancorp effective July 12, 2024 (the merger). Refer to Note 3, “Mergers and Acquisitions” within the Notes to the Unaudited Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K for additional discussion.
[6] The Company issued 118,693 restricted stock award shares with a fair value of $1.1 million as part of the purchase consideration for the merger. Refer to Note 3, “Mergers and Acquisitions” for additional discussion.
[7] Represents credit for service for former employees of Cambridge Bancorp retained following the merger related to restricted share unit awards converted to Company restricted share units at the merger date of July 12, 2024. Refer to Note 3, “Mergers and Acquisitions” for additional discussion.