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UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Unallocated Common Stock Held by ESOP
Beginning balance (in shares) at Dec. 31, 2023   176,426,993        
Beginning 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 [1] (18,086)     (18,086)    
Issuance of common stock under share-based compensation arrangements (in shares) [2]   204,484        
Issuance of common stock under share-based compensation arrangements [2] (1,262) $ 2 (1,264)      
Share-based compensation 3,589   3,589      
Net income (loss) 38,647     38,647    
Other comprehensive (loss) income , net of tax (46,522)       (46,522)  
ESOP shares committed to be released 1,610   367     1,243
Ending balance (in shares) at Mar. 31, 2024   176,631,477        
Ending balance at Mar. 31, 2024 $ 2,952,831 $ 1,769 1,669,133 2,068,315 (654,874) (131,512)
Beginning balance (in shares) at Dec. 31, 2024 213,909,472 213,909,472        
Beginning Balance at Dec. 31, 2024 $ 3,611,967 $ 2,141 2,237,494 2,084,503 (584,329) (127,842)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends to common shareholders [1] (24,230)     (24,230)    
Repurchased common stock (in shares)   (2,875,530)        
Repurchased common stock (48,657) $ (28) (48,629)      
Restricted share awards cancelled (in shares) [3]   (10,435)        
Restricted share awards cancelled [3] (139) $ (2) (137)      
Issuance of common stock under share-based compensation arrangements (in shares) [2]   536,670        
Issuance of common stock under share-based compensation arrangements [2] (5,836) $ 5 (5,841)      
Share-based compensation 4,752   4,752      
Net income (loss) (217,666)     (217,666)    
Other comprehensive (loss) income , net of tax 260,550       260,550  
ESOP shares committed to be released $ 2,193   913     1,280
Ending balance (in shares) at Mar. 31, 2025 211,560,177 211,560,177        
Ending balance at Mar. 31, 2025 $ 3,582,934 $ 2,116 $ 2,188,552 $ 1,842,607 $ (323,779) $ (126,562)
[1] The Company declared quarterly cash dividends of $0.12 and $0.11 per share of common stock during the three months ended March 31, 2025 and 2024, respectively.
[2] Represents shares issued, net of employee tax withheld, upon the vesting of performance and restricted stock units. Refer to Note 9, “Employee Benefits” for additional discussion.
[3] Includes 7,452 restricted stock award shares cancelled upon vesting for employee payroll tax withholding and 2,983 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).