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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 10-Q
_____________________________________________
(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-39610
___________________________
Eastern Bankshares, Inc.
(Exact name of the registrant as specified in its charter)
___________________________
Massachusetts84-4199750
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
125 High Street, Boston, Massachusetts
02110
(Address of principal executive offices)(Zip Code)
(800) 327-8376
(Registrant’s telephone number, including area code)

__________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockEBCNasdaq Global Select Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.   ☒  Yes     ☐  No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
(Do not check if a smaller reporting company)Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐  Yes    ☐  No
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐  Yes    ☒  No
211,477,512 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of July 31, 2025.

Table of Contents

Index
PAGE
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

Page
3
Table of Contents

PART I — FINANCIAL INFORMATION
Item 1. Unaudited Consolidated Financial Statements
EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)June 30, 2025December 31, 2024
ASSETS
Cash and due from banks$158,700 $92,590 
Short-term investments394,806 914,290 
Cash and cash equivalents553,506 1,006,880 
Securities:
Available for sale (amortized cost $4,283,989 and $4,778,644, respectively)
3,896,221 4,021,598 
Held to maturity (fair value $463,650 and $371,724, respectively)
499,159 420,715 
Total securities4,395,380 4,442,313 
Loans held for sale— 372 
Loans18,589,790 18,079,084 
Allowance for loan losses(232,113)(228,952)
Unearned discounts and deferred fees, net(274,667)(300,730)
Net loans18,083,010 17,549,402 
Federal Home Loan Bank stock, at cost6,254 5,865 
Premises and equipment66,437 66,641 
Bank-owned life insurance207,129 204,704 
Goodwill and other intangibles, net1,034,543 1,050,158 
Deferred income taxes, net279,301 332,128 
Prepaid expenses230,727 231,944 
Other assets599,881 667,473 
Total assets$25,456,168 $25,557,880 
LIABILITIES AND EQUITY
Deposits:
Demand$5,948,307 $5,992,082 
Interest checking accounts4,455,074 4,606,250 
Savings accounts1,605,103 1,648,323 
Money market investment5,964,553 5,736,362 
Certificates of deposit3,247,743 3,336,323 
Total deposits21,220,780 21,319,340 
Borrowed funds:
Interest rate swap collateral funds21,391 48,590 
Federal Home Loan Bank advances26,797 17,589 
Total borrowed funds48,188 66,179 
Other liabilities503,309 560,394 
Total liabilities21,772,277 21,945,913 
Commitments and contingencies (see Note 10)
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 211,463,296 and 213,909,472 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively
2,115 2,141 
Additional paid in capital2,189,727 2,237,494 
Unallocated common shares held by the Employee Stock Ownership Plan(125,300)(127,842)
Retained earnings1,916,876 2,084,503 
Accumulated other comprehensive loss, net of tax(299,527)(584,329)
Total shareholders’ equity3,683,891 3,611,967 
Total liabilities and shareholders’ equity$25,456,168 $25,557,880 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share data)2025202420252024
Interest and dividend income:
Interest and fees on loans$241,100 $172,514 $469,567 $342,495 
Taxable interest and dividends on securities34,113 22,724 65,273 46,097 
Non-taxable interest and dividends on securities1,767 1,439 3,209 2,876 
Interest on federal funds sold and other short-term investments2,359 10,699 6,995 18,519 
Total interest and dividend income279,339 207,376 545,044 409,987 
Interest expense:
Interest on deposits76,706 78,483 152,704 150,943 
Interest on borrowings603 244 1,411 495 
Total interest expense77,309 78,727 154,115 151,438 
Net interest income202,030 128,649 390,929 258,549 
Provision for allowance for loan losses7,600 6,126 14,200 13,577 
Net interest income after provision for allowance for loan losses194,430 122,523 376,729 244,972 
Noninterest income (loss):
Investment advisory fees17,282 6,711 33,719 13,255 
Service charges on deposit accounts8,244 7,930 16,559 15,438 
Card income4,230 4,075 8,150 8,001 
Interest rate swap income978 418 1,466 1,085 
Income from investments held in rabbi trusts5,727 1,761 4,470 6,079 
Losses on sales of mortgage loans held for sale, net(97)(152)(230)(210)
Losses on sales of securities available for sale, net— (7,557)(269,638)(7,557)
Miscellaneous income and fees5,869 12,164 12,249 16,951 
Other non-operating income (loss)618 (2)(12)(2)
Total noninterest income (loss)42,851 25,348 (193,267)53,040 
Noninterest expense:
Salaries and employee benefits80,696 64,835 160,555 129,303 
Occupancy and equipment11,230 10,098 21,847 19,276 
Technology and data processing18,395 15,741 36,410 31,385 
Professional services3,037 3,306 5,961 6,031 
Marketing expenses2,432 1,910 4,164 3,425 
FDIC insurance3,780 4,508 7,068 6,793 
Amortization of intangible assets7,807 504 15,615 1,008 
Other operating expenses7,002 5,283 12,879 8,350 
Non-operating expenses2,582 3,684 2,582 5,500 
Total noninterest expense136,961 109,869 267,081 211,071 
Income (loss) before income tax expense100,320 38,002 (83,619)86,941 
Income tax expense 87 11,671 33,814 21,963 
Net income (loss)$100,233 $26,331 $(117,433)$64,978 
Basic earnings (loss) per share$0.50 $0.16 $(0.59)$0.40 
Diluted earnings (loss) per share$0.50 $0.16 $(0.59)$0.40 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Net income (loss)$100,233 $26,331 $(117,433)$64,978 
Other comprehensive income (loss), net of tax:
Net change in fair value of securities available for sale19,885 (394)271,203 (27,953)
Net change in fair value of cash flow hedges5,458 1,494 15,825 (16,953)
Net change in other comprehensive income for defined benefit postretirement plans
(1,091)(516)(2,226)(1,032)
Total other comprehensive income (loss)24,252 584 284,802 (45,938)
Total comprehensive income$124,485 $26,915 $167,369 $19,040 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Three Months Ended June 30, 2025 and 2024

Shares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Loss		Unallocated Common Stock Held by ESOPTotal
(In thousands, except share data)
Balance at March 31, 2024176,631,477 $1,769 $1,669,133 $2,068,315 $(654,874)$(131,512)$2,952,831 
Dividends to common shareholders (1)
— — — (18,080)— — (18,080)
Issuance of restricted stock awards56,352 1 (1)— 
Share-based compensation— — 4,242 — — — 4,242 
Net income— — — 26,331 — — 26,331 
Other comprehensive income, net of tax— — — — 584 — 584 
ESOP shares committed to be released— — 348 — — 1,217 1,565 
Balance at June 30, 2024176,687,829 $1,770 $1,673,722 $2,076,566 $(654,290)$(130,295)$2,967,473 
Balance at March 31, 2025211,560,177 $2,116 $2,188,552 $1,842,607 $(323,779)$(126,562)$3,582,934 
Dividends to common shareholders (1)
— — — (25,964)— — (25,964)
Issuance of restricted stock awards54,236 1 (1)— — — — 
Repurchased common stock(183,053)(2)(3,270)— — — (3,272)
Restricted share awards cancelled (2)
(519)— (8)— — — (8)
Issuance of common shares under share-based compensation arrangements (3)
32,455 — (402)— — — (402)
Share-based compensation— — 4,245 — — — 4,245 
Net income— — — 100,233 — — 100,233 
Other comprehensive income, net of tax— — — — 24,252 — 24,252 
ESOP shares committed to be released— — 611 — — 1,262 1,873 
Balance at June 30, 2025211,463,296 $2,115 $2,189,727 $1,916,876 $(299,527)$(125,300)$3,683,891 
(1)The Company declared quarterly cash dividends of $0.13 and $0.11 per share of common stock during the three months ended June 30, 2025 and 2024, respectively.
(2)Represents restricted stock awards (“RSAs”) cancelled upon vesting for employee payroll tax withholding. 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’s merger with Cambridge Bancorp effective July 12, 2024 (“the merger”).
(3)Represents shares issued, net of employee tax withheld, upon the vesting of restricted stock units. Refer to Note 9, “Employee Benefits” for additional discussion.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
7

EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Six Months Ended June 30, 2025 and 2024

Shares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Loss		Unallocated Common Stock Held by ESOPTotal
(In thousands, except share data)
Balance at December 31, 2023176,426,993 $1,767 $1,666,441 $2,047,754 $(608,352)$(132,755)$2,974,855 
Dividends to common shareholders (1)
— — — (36,166)— — (36,166)
Issuance of restricted stock awards56,352 1 (1)— — — — 
Issuance of common stock under share-based compensation arrangements (3)
204,484 2 (1,264)— — — (1,262)
Share-based compensation— — 7,831 — — — 7,831 
Net income— — — 64,978 — — 64,978 
Other comprehensive loss, net of tax— — — — (45,938)— (45,938)
ESOP shares committed to be released— — 715 — — 2,460 3,175 
Balance at June 30, 2024176,687,829 $1,770 $1,673,722 $2,076,566 $(654,290)$(130,295)$2,967,473 
Balance at December 31, 2024213,909,472 $2,141 $2,237,494 $2,084,503 $(584,329)$(127,842)$3,611,967 
Dividends to common shareholders (1)
— — — (50,194)— — (50,194)
Issuance of restricted stock awards54,236 1 (1)— — — — 
Repurchased common stock(3,058,583)(30)(51,899)— — — (51,929)
Restricted stock awards cancelled (2)
(10,954)(2)(145)— — — (147)
Issuance of common stock under share-based compensation arrangements (3)
569,125 5 (6,243)— — — (6,238)
Share-based compensation— — 8,997 — — — 8,997 
Net loss— — — (117,433)— — (117,433)
Other comprehensive income, net of tax— — — — 284,802 — 284,802 
ESOP shares committed to be released— — 1,524 — — 2,542 4,066 
Balance at June 30, 2025211,463,296 $2,115 $2,189,727 $1,916,876 $(299,527)$(125,300)$3,683,891 
(1)The Company declared cumulative cash dividends of $0.25 and $0.22 per share of common stock during the six months ended June 30, 2025 and 2024, respectively.
(2)Includes 7,971 RSAs cancelled upon vesting for employee payroll tax withholding and 2,983 RSAs cancelled upon forfeiture. Shares withheld relate to awards issued by Cambridge Bancorp to its employees which were converted to awards of the Company upon completion of the Company’s merger with Cambridge Bancorp effective July 12, 2024 (“the merger”).
(3)Represents shares issued, net of employee tax withheld, upon the vesting of restricted stock units. Refer to Note 9, “Employee Benefits” for additional discussion.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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EASTERN BANKSHARES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30,
(In thousands)20252024
Operating activities
Net (loss) income$(117,433)$64,978 
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Provision for allowance for loan losses14,200 13,577 
Depreciation and amortization21,408 6,742 
(Accretion) amortization of deferred loan fees and premiums, net(22,976)5,611 
Deferred income tax (benefit) expense(41,224)9,890 
(Accretion) amortization of investment security premiums and discounts, net(3,177)2,271 
Right-of-use asset amortization6,410 5,161 
Share-based compensation8,997 7,831 
Increase in cash surrender value of bank-owned life insurance(2,613)(2,008)
Gain on life insurance benefits(337)— 
Loss on sale of securities available for sale, net269,638 7,557 
Employee Stock Ownership Plan expense4,066 3,175 
Other301 329 
Change in:
Loans held for sale7,964 (151)
Prepaid pension expense(2,644)(889)
Other assets86,493 (3,864)
Other liabilities(57,875)(33,360)
Net cash provided by operating activities171,198 86,850 
Investing activities
Proceeds from sales of securities available for sale1,339,345 85,220 
Proceeds from maturities and principal paydowns of securities available for sale219,518 173,584 
Purchases of securities available for sale(1,330,852)— 
Proceeds from maturities and principal paydowns of securities held to maturity12,455 13,225 
Purchases of securities held to maturity(84,737)— 
Proceeds from sale of Federal Home Loan Bank stock20,971 3,638 
Purchases of Federal Home Loan Bank stock(21,360)(3,613)
Contributions to low income housing tax credit investments(23,053)(27,261)
Contributions to other equity investments(743)(180)
Distributions from other equity investments709 167 
Net increase in outstanding loans(531,945)(173,594)
Purchased banking premises and equipment(6,369)(6,512)
Proceeds from life insurance policies327 — 
Net cash (used in) provided by investing activities(405,734)64,674 
Financing activities
Net decrease in demand, savings, interest checking, and money market investment deposit accounts(9,980)(294,345)
Net (decrease) increase in time deposits(88,580)234,114 
Net (decrease) increase in borrowed funds(17,991)2,547 
Payments for repurchase of common stock(51,929)— 
Dividends declared and paid to common shareholders(50,358)(36,068)
Net cash used in financing activities(218,838)(93,752)
Net (decrease) increase in cash, cash equivalents, and restricted cash(453,374)57,772 
Cash, cash equivalents, and restricted cash at beginning of period1,006,880 693,076 
Cash, cash equivalents, and restricted cash at end of period$553,506 $750,848 
9

Supplemental disclosure of cash flow information
Cash paid (received) during the period for:
Interest paid on deposits and borrowings$155,976 $150,565 
Income taxes, net of refunds(675)19,571 
Non-cash activities
Capital commitments relating to low income housing tax credit projects$— $8,963 
Net increase in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications2,192 2,717 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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EASTERN BANKSHARES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. Corporate Structure and Nature of Operations; Basis of Presentation
Corporate Structure and Nature of Operations
Eastern Bankshares, Inc., a Massachusetts corporation (the “Company”), is a bank holding company. Through its wholly-owned subsidiary, Eastern Bank (the “Bank”), the Company provides a variety of banking services and trust and investment services, through its full-service bank branches, located primarily in eastern Massachusetts, and southern and coastal New Hampshire.
The activities of the Company are subject to the regulatory supervision of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The activities of the Bank are subject to the regulatory supervision of the Massachusetts Commissioner of Banks, the Federal Deposit Insurance Corporation (“FDIC”) and the Consumer Financial Protection Bureau (“CFPB”). The Company and the activities of the Bank and its subsidiaries are also subject to various Massachusetts, New Hampshire and Rhode Island business, banking and trust-related regulations.

Basis of Presentation
The Company’s Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) as set forth by the Financial Accounting Standards Board (“FASB”) and its Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) as well as the rules and interpretive releases of the U.S. Securities and Exchange Commission (“SEC”) under the authority of federal securities laws.
The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and entities in which it holds a controlling financial interest through being the primary beneficiary or through holding a majority of the voting interest. All intercompany accounts and transactions have been eliminated in consolidation.
Certain previously reported amounts have been reclassified to conform to the current period’s presentation which includes:
•reclassification of escrow deposits of borrowers to savings accounts and the related interest expense from interest on borrowings to interest on deposits;
•combination of certain credit card income balances previously included in other noninterest income and debit card processing fees into a new financial statement line item titled “card income;”
•combination of certain non-operating income accounts previously included in other noninterest income into a new financial statement line item titled “other non-operating income;”
•combination of certain non-operating expense accounts previously included in other noninterest expense into a new financial statement line item titled “non-operating expense;” and
•reclassification of merger and acquisition expenses previously included in salaries and employee benefits, office occupancy and equipment, technology and data processing, professional services, and other operating expenses into a new financial statement line item titled “non-operating expense.”
The accompanying Consolidated Balance Sheet as of June 30, 2025, the Consolidated Statements of Income and Comprehensive Income and of Changes in Shareholders’ Equity for the three and six months ended June 30, 2025 and 2024 and Statements of Cash Flows for the six months ended June 30, 2025 and 2024 are unaudited. The Consolidated Balance Sheet as of December 31, 2024 was derived from the Audited Consolidated Financial Statements as of that date. The interim Consolidated Financial Statements and the accompanying notes should be read in conjunction with the annual Consolidated Financial Statements and the accompanying notes contained within the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (“2024 Form 10-K”), as filed with the SEC. In the opinion of management, the Company’s Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The results for the three and six months ended June 30, 2025 are not necessarily indicative of results to be expected for the year ending December 31, 2025, any other interim period, or any future year or period.
2. Summary of Significant Accounting Policies
The following describes the Company’s use of estimates as well as relevant accounting pronouncements that were recently issued but not yet adopted as of June 30, 2025 and those that were adopted during the six months ended June 30, 2025. For a full discussion of significant accounting policies, refer to the Notes to the Consolidated Financial Statements included within the Company’s 2024 Form 10-K.
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Use of Estimates
In preparing the Consolidated Financial Statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and income and expenses for the periods reported. Actual results could differ from those estimates based on changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to change relate to the determination of the allowance for credit losses, valuation and fair value measurements, the liabilities for benefit obligations (particularly pensions), the provision for income taxes and impairment of goodwill and other intangibles.
Recent Accounting Pronouncements
Relevant standards that were recently issued but not yet adopted as of June 30, 2025:
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements–Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). The amendments in this update modify the disclosure or presentation requirements for a variety of topics in the codification. Certain amendments represent clarifications to or technical corrections of the current requirements. The following is a summary of the topics included in the update and which pertain to the Company:
1.Statement of cash flows (Topic 230): Requires an accounting policy disclosure in annual periods of where cash flows associated with derivative instruments and their related gains and loses are presented in the statement of cash flows;
2.Accounting changes and error corrections (Topic 250): Requires that when there has been a change in the reporting entity, the entity disclose any material prior-period adjustment and the effect of the adjustment on retained earnings in interim financial statements;
3.Earnings per share (Topic 260): Requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods, and amends illustrative guidance to illustrate disclosure of the methods used in the diluted earnings per share computation;
4.Commitments (Topic 440): Requires disclosure of assets mortgaged, pledged, or otherwise subject to lien and the obligations collateralized; and
5.Debt (Topic 470): Requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings.
For public business entities, the amendments in ASU 2023-06 are effective on the date which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the codification and will not become effective for any entity. Early adoption is not permitted and the amendments are required to be applied on a prospective basis. The Company does not expect the adoption of this standard will have a material impact on its Consolidated Financial Statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update are intended to improve income tax disclosure requirements, primarily through enhanced disclosures related to the existing requirements to disclose a rate reconciliation, income taxes paid and certain other required disclosures. Specifically, the amendments in this update:
1.Require that a public entity disclose, on an annual basis: (1) specific categories in the rate reconciliation and (2) additional information for reconciling items that meet a quantitative threshold. The update requires disclosure of such reconciling items according to requirements indicated in the update.
2.Require that all entities disclose certain disaggregated information regarding income taxes paid.
3.Require that all entities disclose certain disaggregated information regarding income tax expense.
4.Eliminate the requirement to: (1) disclose the nature and estimate of the range of reasonably possible changes in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot be made.
5.Remove the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures.
For public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Adoption should be done on a prospective basis and retrospective application is permitted.
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In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity:
1.Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e).
2.Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements.
3.Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
4.Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.
For public business entities, the amendments in ASU 2024-03 are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update are to be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements.
In April 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer of a Variable Interest Entity. The amendments in this update are intended to improve the requirements for identifying the accounting acquirer in Topic 805, Business Combinations. The amendments in this update differ from current generally accepted accounting principles because, for certain transactions, they replace the requirement that the primary beneficiary always is the acquirer with an assessment that requires an entity to consider the factors to determine which entity is the accounting acquirer. The amendments in this update enhance the comparability of financial statements across entities engaging in acquisition transactions effected primarily by exchanging equity interests when the legal acquiree meets the definition of a business. Specifically, under the amendments, acquisition transactions in which the legal acquiree is a variable interest entity will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The amendments in this update do not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. For public business entities, the amendments in ASU 2025-03 are effective for annual periods beginning after December 15, 2026 and interim periods within those annual periods. Adoption should be done on a prospective basis. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company does not expect the adoption of this standard will have a material impact on its Consolidated Financial Statements.
No standards were adopted during the six months ended June 30, 2025:
3. Securities
Available for Sale Securities
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The amortized cost, gross unrealized gains and losses, allowance for credit losses (“ACL”) and fair value of available for sale (“AFS”) securities as of the dates indicated were as follows:
As of June 30, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$2,848,351 $10,757 $(281,528)$— $2,577,580 
Government-sponsored commercial mortgage-backed securities1,171,653 7,979 (106,913)— 1,072,719 
U.S. Treasury securities70,034 243 (9)— 70,268 
State and municipal bonds and obligations193,951 — (18,297)— 175,654 
$4,283,989 $18,979 $(406,747)$— $3,896,221 
As of December 31, 2024
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$3,099,328 $— $(537,433)$— $2,561,895 
Government-sponsored commercial mortgage-backed securities1,362,519 — (201,408)— 1,161,111 
U.S. Agency bonds19,608 — (1,936)— 17,672 
U.S. Treasury securities99,784 — (2,165)— 97,619 
State and municipal bonds and obligations197,405 — (14,104)— 183,301 
$4,778,644 $— $(757,046)$— $4,021,598 
The Company did not record a provision for credit losses on any AFS securities for either the three and six months ended June 30, 2025 or 2024. Accrued interest receivable on AFS securities totaled $12.3 million and $8.9 million as of June 30, 2025 and December 31, 2024, respectively, and is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest receivable on AFS securities during either the three and six months ended June 30, 2025 or 2024. No AFS securities held by the Company were delinquent on contractual payments as of June 30, 2025 or December 31, 2024, nor were any AFS securities placed on non-accrual status during the six- and twelve-month periods then ended.
The following table summarizes gross realized gains and losses from sales of AFS securities for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Gross realized gains from sales of AFS securities$— $— $— $— 
Gross realized losses from sales of AFS securities— (7,557)(269,638)(7,557)
Net losses from sales of AFS securities$— $(7,557)$(269,638)$(7,557)
Information pertaining to AFS securities with gross unrealized losses as of June 30, 2025 and December 31, 2024, for which the Company did not recognize a provision for credit losses under the current expected credit loss methodology (“CECL”), aggregated by investment category and length of time that individual securities had been in a continuous loss position, is as follows:
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As of June 30, 2025
Less than 12 Months12 Months or LongerTotal
# of
Holdings		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities296$682 $130,886 $280,846 $1,579,795 $281,528 $1,710,681 
Government-sponsored commercial mortgage-backed securities149— — 106,913 623,811 106,913 623,811 
U.S. Treasury securities3— — 9 19,981 9 19,981 
State and municipal bonds and obligations232477 11,243 17,820 164,411 18,297 175,654 
680$1,159 $142,129 $405,588 $2,387,998 $406,747 $2,530,127 
As of December 31, 2024
Less than 12 Months12 Months or LongerTotal
# of
Holdings		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
(Dollars in thousands)
Government-sponsored residential mortgage-backed securities324$9 $113,326 $537,424 $2,448,569 $537,433 $2,561,895 
Government-sponsored commercial mortgage-backed securities18727 86,201 201,381 1,074,910 201,408 1,161,111 
U.S. Agency bonds1— — 1,936 17,672 1,936 17,672 
U.S. Treasury securities6— — 2,165 97,619 2,165 97,619 
State and municipal bonds and obligations238819 19,361 13,285 163,940 14,104 183,301 
756$855 $218,888 $756,191 $3,802,710 $757,046 $4,021,598 
The Company does not intend to sell these investments and has determined based upon available evidence that it is more-likely-than-not that the Company will not be required to sell each security before the expected recovery of its amortized cost basis. As a result, the Company did not recognize an ACL on these investments as of either June 30, 2025 or December 31, 2024.
The causes of the impairments listed in the tables above by category are as follows as of June 30, 2025 and December 31, 2024:
•Government-sponsored mortgage-backed securities, U.S. Agency bonds and U.S. Treasury securities – The securities with unrealized losses in these portfolios have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. government or one of its agencies.
•State and municipal bonds and obligations – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality.
Held to Maturity Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of held to maturity (“HTM”) securities as of the dates indicated were as follows:
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As of June 30, 2025
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$221,347 $— $(21,056)$— $200,291 
Government-sponsored commercial mortgage-backed securities187,106 — (13,989)— 173,117 
State and municipal bonds and obligations61,706 172 (910)— 60,968 
Corporate bonds29,000 274 — — 29,274 
$499,159 $446 $(35,955)$— $463,650 
As of December 31, 2024
Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Allowance for Credit LossesFair
Value
(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities$231,709 $— $(29,438)$— $202,271 
Government-sponsored commercial mortgage-backed securities189,006 — (19,553)— 169,453 
$420,715 $— $(48,991)$— $371,724 
The Company did not record a provision for estimated credit losses on any HTM securities for either the three and six months ended June 30, 2025 or 2024. The accrued interest receivable on HTM securities totaled $1.6 million and $0.9 million as of June 30, 2025 and December 31, 2024, respectively, and is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest receivable on HTM securities during either the three and six months ended June 30, 2025 or 2024. No HTM securities held by the Company were delinquent on contractual payments as of either June 30, 2025 or December 31, 2024, nor were any HTM securities placed on non-accrual status during the six- and twelve-month periods then ended.
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Available for Sale and Held to Maturity Securities Contractual Maturity
The amortized cost and estimated fair value of AFS and HTM securities by contractual maturities as of June 30, 2025 and December 31, 2024 are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.
The scheduled contractual maturities of AFS and HTM securities as of the dates indicated were as follows:
As of June 30, 2025
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities$160 $159 $16,622 $16,287 $11,747 $11,063 $2,819,822 $2,550,071 $2,848,351 $2,577,580 
Government-sponsored commercial mortgage-backed securities— — 611,811 611,305 49,865 44,529 509,977 416,885 1,171,653 1,072,719 
U.S. Treasury securities19,990 19,981 50,044 50,287 — — — — 70,034 70,268 
State and municipal bonds and obligations6,959 6,905 34,429 33,523 50,020 47,666 102,543 87,560 193,951 175,654 
Total available for sale securities27,109 27,045 712,906 711,402 111,632 103,258 3,432,342 3,054,516 4,283,989 3,896,221 
HTM securities
Government-sponsored residential mortgage-backed securities— — — — — — 221,347 200,291 221,347 200,291 
Government-sponsored commercial mortgage-backed securities— — 131,741 123,693 55,365 49,424 — — 187,106 173,117 
State and municipal bond obligations— — — — — — 61,706 60,968 61,706 60,968 
Corporate bonds— — — — 29,000 29,274 — — 29,000 29,274 
Total held to maturity securities— — 131,741 123,693 84,365 78,698 283,053 261,259 499,159 463,650 
Total$27,109 $27,045 $844,647 $835,095 $195,997 $181,956 $3,715,395 $3,315,775 $4,783,148 $4,359,871 
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As of December 31, 2024
Due in one year or lessDue after one year to five yearsDue after five to ten yearsDue after ten yearsTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
(In thousands)
AFS securities
Government-sponsored residential mortgage-backed securities$561 $557 $21,535 $20,940 $13,212 $12,268 $3,064,020 $2,528,130 $3,099,328 $2,561,895 
Government-sponsored commercial mortgage-backed securities— — 436,515 404,181 270,546 235,853 655,458 521,077 1,362,519 1,161,111 
U.S. Agency bonds— — 19,608 17,672 — — — — 19,608 17,672 
U.S. Treasury securities49,947 49,717 49,837 47,902 — — — — 99,784 97,619 
State and municipal bonds and obligations5,368 5,319 33,497 32,284 51,326 48,743 107,214 96,955 197,405 183,301 
Total available for sale securities55,876 55,593 560,992 522,979 335,084 296,864 3,826,692 3,146,162 4,778,644 4,021,598 
HTM securities
Government-sponsored residential mortgage-backed securities— — — — — — 231,709 202,271 231,709 202,271 
Government-sponsored commercial mortgage-backed securities— — 133,168 121,471 55,838 47,982 — — 189,006 169,453 
Total held to maturity securities— — 133,168 121,471 55,838 47,982 231,709 202,271 420,715 371,724 
Total$55,876 $55,593 $694,160 $644,450 $390,922 $344,846 $4,058,401 $3,348,433 $5,199,359 $4,393,322 

Securities Pledged as Collateral
As of June 30, 2025 and December 31, 2024, securities with a carrying value of $723.7 million and $687.9 million, respectively, were pledged to secure public deposits and for other purposes required by law. As of June 30, 2025 and December 31, 2024, deposits with associated pledged collateral included cash accounts from the Company’s wealth management division (“Cambridge Trust Wealth Management”) and municipal deposit accounts. As of June 30, 2025 and December 31, 2024, securities with a carrying value of $161.4 million and $1.0 billion, respectively, were pledged as collateral to the FHLBB.
As of June 30, 2025 and December 31, 2024, the Company pledged securities with a carrying value of $431.6 million and $794.8 million, respectively, to the Federal Reserve Discount Window (the “Discount Window”).
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4. Loans and Allowance for Credit Losses
Loans
The following table provides a summary of the Company’s loan portfolio as of the dates indicated:
June 30, 2025December 31, 2024
(In thousands)
Commercial and industrial$3,661,483 $3,296,068 
Commercial real estate7,293,754 7,119,523 
Commercial construction472,329 494,842 
Business banking1,422,574 1,448,176 
Residential real estate4,016,401 4,063,659 
Consumer home equity1,458,402 1,385,394 
Other consumer264,847 271,422 
Gross loans before unearned discounts and deferred fees, net18,589,790 18,079,084 
Allowance for loan losses (1)(232,113)(228,952)
Unearned discounts and deferred fees, net(274,667)(300,730)
Loans after the allowance for loan losses and net unearned discounts and deferred fees$18,083,010 $17,549,402 
(1)The balance of accrued interest receivable excluded from amortized cost and the calculation of the allowance for loan losses amounted to $67.3 million and $66.7 million as of June 30, 2025 and December 31, 2024, respectively, and is included within other assets on the Consolidated Balance Sheets.
There are no other loan categories that exceed 10% of total loans not already reflected in the preceding table.
The Company’s lending activities are conducted principally in the New England area with the exception of its Shared National Credit Program (“SNC Program”) portfolio and certain purchased loans. The Company participates in the SNC Program in an effort to improve its industry and geographical diversification. The SNC Program portfolio is included in the Company’s commercial and industrial, commercial real estate, and commercial construction portfolios. The SNC Program portfolio is defined as loan syndications with exposure over $100 million and with three or more lenders participating.
Most loans originated by the Company are either collateralized by real estate or other assets or guaranteed by federal and local governmental authorities. The ability and willingness of the single-family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the borrowers’ geographic areas and real estate values. The ability and willingness of commercial real estate, commercial and industrial, and construction loan borrowers to honor their repayment commitments is generally dependent on the health of the real estate economy in the borrowers’ geographic areas and the general economy.
Loans Pledged as Collateral
The carrying value of loans pledged to secure advances from the Federal Home Loan Bank (“FHLB”) of Boston (“FHLBB”) were $2.2 billion and $2.3 billion at June 30, 2025 and December 31, 2024, respectively. The balance of funds borrowed from the FHLBB were $26.8 million and $17.6 million at June 30, 2025 and December 31, 2024, respectively.
The carrying value of loans pledged to secure advances from the Federal Reserve Bank (“FRB”) were $3.9 billion and $3.1 billion at June 30, 2025 and December 31, 2024, respectively. There were no funds borrowed from the FRB outstanding at June 30, 2025 or December 31, 2024.
Serviced Loans
At June 30, 2025 and December 31, 2024, mortgage loans partially or wholly-owned by others and serviced by the Company amounted to approximately $217.7 million and $228.4 million, respectively.
Allowance for Loan Losses
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The allowance for loan losses is established to provide for management’s estimate of expected lifetime credit losses on loans measured at amortized cost at the balance sheet date through a provision for loan losses charged to net income. Charge-offs, net of recoveries, are charged directly to the allowance for loan losses. Commercial and residential loans are charged-off in the period in which they are deemed uncollectible. Delinquent loans in these product types are subject to ongoing review and analysis to determine if a charge-off in the current period is appropriate. For consumer loans, policies and procedures exist that require charge-off consideration upon a certain triggering event depending on the product type.
The following tables summarize the changes in the allowance for loan losses by loan category for the periods indicated:
For the Three Months Ended June 30, 2025
Commercial
and
Industrial		Commercial
Real Estate		Commercial
Construction		Business
Banking		Residential
Real Estate		Consumer
Home
Equity		Other
Consumer		Total
(In thousands)
Allowance for loan losses:
Beginning balance$46,490 $106,634 $8,514 $20,315 $31,096 $6,891 $4,370 $224,310 
Charge-offs(82)(1,790)— (999)— — (529)(3,400)
Recoveries7 2,368 — 942 36 5 245 3,603 
Provision (release)7,695 (2,122)812 427 349 184 255 7,600 
Ending balance$54,110 $105,090 $9,326 $20,685 $31,481 $7,080 $4,341 $232,113 
For the Three Months Ended June 30, 2024
Commercial
and
Industrial		Commercial
Real Estate		Commercial
Construction		Business
Banking		Residential
Real Estate		Consumer
Home Equity		Other
Consumer		Total
(In thousands)
Allowance for loan losses:
Beginning balance$28,863 $64,629 $6,204 $14,631 $25,935 $5,684 $3,244 $149,190 
Charge-offs— — — (1,002)— (32)(658)(1,692)
Recoveries56 2,011 — 199 27 91 138 2,522 
Provision (release)(3)2,439 184 2,920 (133)38 681 6,126 
Ending balance$28,916 $69,079 $6,388 $16,748 $25,829 $5,781 $3,405 $156,146 
For the Six Months Ended June 30, 2025
Commercial
and
Industrial		Commercial
Real Estate		Commercial
Construction		Business
Banking		Residential
Real Estate		Consumer
Home Equity		Other
Consumer		Total
(In thousands)
Allowance for loan losses:
Beginning balance$41,090 $116,175 $8,462 $19,899 $32,291 $7,472 $3,563 $228,952 
Charge-offs(82)(13,377)— (1,341)— — (1,087)(15,887)
Recoveries18 3,062 — 1,264 75 5 424 4,848 
Provision (release)13,084 (770)864 863 (885)(397)1,441 14,200 
Ending balance$54,110 $105,090 $9,326 $20,685 $31,481 $7,080 $4,341 $232,113 
For the Six Months Ended June 30, 2024
Commercial
and
Industrial		Commercial
Real Estate		Commercial
Construction		Business
Banking		Residential
Real Estate		Consumer
Home Equity		Other
Consumer		Total
(In thousands)
Allowance for loan losses:
Beginning balance$26,959 $65,475 $6,666 $14,913 $25,954 $5,595 $3,431 $148,993 
Charge-offs— (7,250)— (1,104)(10)(34)(1,309)(9,707)
Recoveries81 2,143 — 609 58 91 301 3,283 
Provision (release)1,876 8,711 (278)2,330 (173)129 982 13,577 
Ending balance$28,916 $69,079 $6,388 $16,748 $25,829 $5,781 $3,405 $156,146 
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The allowance for loan losses increased $3.2 million, or 1.4%, to $232.1 million as of June 30, 2025 from $229.0 million as of December 31, 2024. The increase in the allowance for loan losses for the six months ended June 30, 2025 was primarily due to an increase in commercial and industrial reserve rates and an increase in commercial loan balances, partially offset by a reduction in specific reserves that was driven by the sales of certain non-performing commercial real estate loans and the sale of a non-performing commercial and industrial loan, which had previously been reserved for on a specific reserve basis.
Reserve for Unfunded Commitments
Management evaluates the need for a reserve on unfunded lending commitments in a manner consistent with loans held for investment. As of June 30, 2025 and December 31, 2024, the Company’s reserve for unfunded lending commitments was $12.9 million and $13.1 million, respectively, which is recorded within other liabilities in the Company's Consolidated Balance Sheets.
Portfolio Segmentation
Management uses a methodology to systematically estimate the amount of expected losses in each segment of loans in the Company’s portfolio. Commercial and industrial business banking, investment commercial real estate, and commercial and industrial loans are evaluated based upon loan-level risk characteristics, historical losses and other factors which form the basis for estimating expected losses. Other portfolios, including owner occupied commercial real estate (which includes business banking owner occupied commercial real estate), commercial construction, residential mortgages, home equity and consumer loans, are analyzed as groups taking into account delinquency ratios, and the Company’s and peer banks’ historical loss experience. For the purposes of estimating the allowance for loan losses, management segregates the loan portfolio into loan categories that share similar risk characteristics such as the purpose of the loan, repayment source, and collateral. These characteristics are considered when determining the appropriate level of the allowance for each category. Some examples of these risk characteristics unique to each loan category include:
Commercial Lending
Commercial and industrial: The primary risk associated with commercial and industrial loans is the ability of borrowers to achieve business results consistent with those projected at origination. Collateral frequently consists of a first lien position on business assets including, but not limited to, accounts receivable, inventory, aircraft and equipment. The primary repayment source is operating cash flow and, secondarily, the liquidation of assets. Under its lending guidelines, the Company generally requires a corporate or personal guarantee from any entity or individual that holds a material ownership in the borrowing entity when the loan-to-value of a commercial and industrial loan is in excess of a specified threshold.
Commercial real estate: Collateral values are established by independent third-party appraisals and evaluations. Primary repayment sources include operating income generated by the real estate, permanent debt refinancing, sale of the real estate and, secondarily, liquidation of the collateral. Under its lending guidelines, the Company generally requires a corporate or personal guarantee from individuals that hold material ownership in the borrowing entity when the loan-to-value of a commercial real estate loan is in excess of a specified threshold.
Commercial construction: These loans are generally considered to present a higher degree of risk than other real estate loans and may be affected by a variety of factors, such as adverse changes in interest rates and the borrower’s ability to control costs and adhere to time schedules. Construction loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the completed project. Construction loan repayment is substantially dependent on the ability of the borrower to complete the project and obtain permanent financing.
Business banking: These loans are typically secured by all business assets or commercial real estate. Business banking originations include traditionally underwritten loans as well as partially automated scored loans. Business banking scored loans are determined by utilizing the Company’s proprietary decision matrix that has a number of quantitative factors including, but not limited to, a guarantor’s credit score, industry risk, and time in business. The Company also engages in Small Business Association (“SBA”) lending. The SBA guarantees reduce the Company’s loss due to default and are considered a credit enhancement to the loan structure.
Residential Lending
These loans are made to borrowers who demonstrate the ability to repay principal and interest on a monthly basis. Underwriting considerations include, among others, income sources and their reliability, willingness to repay as evidenced by credit repayment history, financial resources (including cash reserves) and the value of the collateral. The Company maintains
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policy standards for minimum credit score and cash reserves and maximum loan-to-value consistent with a “prime” portfolio. Collateral consists of mortgage liens on 1-4 family residential dwellings. The policy standards applied to loans originated by the Company are the same as those applied to purchased loans. The Company does not originate or purchase sub-prime or other high-risk loans. Residential loans are originated either for sale to investors or retained in the Company’s loan portfolio. Decisions about whether to sell or retain residential loans are made based on the interest rate characteristics, pricing for loans in the secondary mortgage market, competitive factors and the Company’s liquidity and capital needs.
Consumer Lending
Consumer home equity: Home equity lines of credit are granted for ten years with monthly interest-only repayment requirements. At the end of the ten-year draw period, home equity lines of credit are amortized over the remaining maturity period and monthly payments of principal and interest are required. Home equity loans are term loans that require the monthly payment of principal and interest such that the loan will be fully amortized at maturity. Underwriting considerations are materially consistent with those utilized in residential real estate. Collateral consists of a senior or subordinate lien on owner-occupied residential property.
Other consumer: The Company’s policy and underwriting in this category, which is comprised primarily of home improvement, automobile and aircraft loans, include the following factors, among others: income sources and reliability, credit histories, term of repayment, and collateral value, as applicable. These are typically granted on an unsecured basis, with the exception of aircraft and automobile loans.
Credit Quality
Commercial Lending Credit Quality
The credit quality of the Company’s commercial loan portfolio is actively monitored and supported by a comprehensive credit approval process and all large dollar transactions are sent for approval to a committee of seasoned business line and credit professionals. The Company maintains an independent credit risk review function that reports directly to the Risk Management Committee of the Board of Directors. Credits that demonstrate significant deterioration in credit quality are transferred to a specialized group of experienced officers for individual attention.
The Company monitors credit quality indicators and utilizes portfolio scorecards to assess the risk of its commercial portfolio. Specifically, the Company utilizes a 15-point credit risk-rating system to manage risk and identify potential problem loans. Under this point system, risk-rating assignments are based upon a number of quantitative and qualitative factors that are under continual review. Factors include cash flow, collateral coverage, liquidity, leverage, position within the industry, internal controls and management, financial reporting, and other considerations. Commercial loan risk ratings are (re)evaluated for each loan at least once-per-year. The risk-rating categories under the credit risk-rating system are defined as follows:
0 Risk Rating - Unrated
Certain segments of the portfolios are not rated. These segments include aircraft loans, business banking scored loan products, and other commercial loans managed by exception. Loans within this unrated loan segment are monitored by delinquency status; and for lines of credit greater than $100,000 in exposure, an annual review is conducted which includes the review of the business score and loan and deposit account performance. The Company supplements performance data with current business credit scores for the business banking portfolio on a quarterly basis. Unrated commercial and business banking loans are generally restricted to commercial exposure of less than $1.5 million. Loans included in this category generally are not required to provide regular financial reporting or regular covenant monitoring.
For purposes of estimating the allowance for loan losses, unrated loans are considered in the same manner as “Pass” rated loans. Unrated loans are included with “Pass” rated loans for disclosure purposes.
1-10 Risk Rating – Pass
Loans with a risk rating of 1-10 are classified as “Pass” and are comprised of loans that range from “substantially risk free” which indicates borrowers of unquestioned credit standing, well-established national companies with a very strong financial condition, and loans fully secured by policy conforming cash levels, through “low pass” which indicates acceptable rated loans that may be experiencing weak cash flow, impending lease rollover or minor liquidity concerns.
11 Risk Rating – Special Mention (Potential Weakness)
Loans to borrowers in this category exhibit potential weaknesses or downward trends deserving management’s close attention. While potentially weak, no loss of principal or interest is envisioned. Included in this category are borrowers
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who are performing as agreed, are weak when compared to industry standards, may be experiencing an interim loss and may be in declining industries. An element of asset quality, financial flexibility or management is below average. The Company does not consider borrowers within this category as new business prospects. Borrowers rated special mention may find it difficult to obtain alternative financing from traditional bank sources.
12 Risk Rating – Substandard (Well-Defined Weakness)
Loans with a risk-rating of 12 exhibit well-defined weaknesses that, if not corrected, may jeopardize the orderly liquidation of the debt. A loan is classified as substandard if it is inadequately protected by the repayment capacity of the obligor or by the collateral pledged. Specifically, repayment under market rates and terms, or by the requirements under the existing loan documents, is in jeopardy, but no loss of principal or interest is envisioned. There is a possibility that a partial loss of principal and/or interest will occur in the future if the deficiencies are not corrected. Loss potential, while existing in the aggregate portfolio of substandard assets, does not have to exist in individual assets classified as substandard. Non-accrual is possible, but not mandatory, in this class.
13 Risk Rating – Doubtful (Loss Probable)
Loans classified as doubtful have comparable weaknesses as found in the loans classified as substandard, with the added provision that such weaknesses make collection of the debt in full (based on currently existing facts, conditions and values) highly questionable and improbable. Serious problems exist such that a partial loss of principal is likely. The probability of loss exists, but because of reasonably specific pending factors that may work to strengthen the credit, estimated losses are deferred until a more exact status can be determined. Specific reserves will be the amount identified after specific review. Non-accrual is mandatory in this class.
14 Risk Rating – Loss
Loans to borrowers in this category are deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuance as active assets of the Company is not warranted. This classification does not mean that the loans have no recovery or salvage value, but rather, it is not practical or desirable to defer writing off these assets even though partial recovery may occur in the future. Loans in this category have a recorded investment of $0 at the time of the downgrade.
Residential and Consumer Lending Credit Quality
For the Company’s residential and consumer portfolios, the quality of the loan is best indicated by the repayment performance of an individual borrower. Updated appraisals, broker opinions of value and other collateral valuation methods are employed in the residential and consumer portfolios, typically for credits that are deteriorating. Delinquency status is determined using payment performance, while accrual status may be determined using a combination of payment performance, expected borrower viability and collateral value. Delinquent consumer loans are handled by a team of seasoned collection specialists.
The following table details the amortized cost balances of the Company’s loan portfolios, presented by credit quality indicator and origination year as of June 30, 2025, and gross charge-offs for the six-month period then ended:
20252024202320222021PriorRevolving LoansRevolving Loans Converted to Term Loans (1)Total
(In thousands)
Commercial and industrial
Pass$429,353 $319,083 $287,261 $402,505 $342,964 $1,062,258 $652,650 $272 $3,496,346 
Special Mention— — 25,277 4,358 7,503 4,257 16,228 — 57,623 
Substandard— 14,303 20,186 22,755 32 1 19,856 — 77,133 
Doubtful— — — 2,682 — 10 — — 2,692 
Loss— — — — — — — — — 
Total commercial and industrial429,353 333,386 332,724 432,300 350,499 1,066,526 688,734 272 3,633,794 
Current period gross charge-offs— — — — — 58 — 24 82 
Commercial real estate
Pass398,254 489,593 622,388 1,837,209 962,494 2,531,604 102,867 247 6,944,656 
Special Mention— 8,089 15,019 20,815 17,543 49,636 — — 111,102 
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Substandard— — 67,215 26,454 9,147 47,447 — — 150,263 
Doubtful— — — — — 25,309 — — 25,309 
Loss— — — — — — — — — 
Total commercial real estate398,254 497,682 704,622 1,884,478 989,184 2,653,996 102,867 247 7,231,330 
Current period gross charge-offs— — 5,282 — — 8,071 — 24 13,377 
Commercial construction
Pass59,252 161,728 198,105 44,983 959 — 3,247 — 468,274 
Special Mention— 2,219 — — — — — — 2,219 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total commercial construction59,252 163,947 198,105 44,983 959 — 3,247 — 470,493 
Current period gross charge-offs— — — — — — — — — 
Business banking
Pass70,271 163,495 132,366 165,824 192,094 552,277 96,844 4,731 1,377,902 
Special Mention1,660 5,480 1,165 480 5,628 5,193 1 281 19,888 
Substandard— 533 1,348 2,836 1,832 4,382 526 204 11,661 
Doubtful— — 389 832 11 276 — — 1,508 
Loss— — — — — — — — — 
Total business banking71,931 169,508 135,268 169,972 199,565 562,128 97,371 5,216 1,410,959 
Current period gross charge-offs— 4 208 277 2 658 — 192 1,341 
Residential real estate
Current and accruing131,824 193,223 301,677 945,124 1,002,354 1,273,312 — — 3,847,514 
30-89 days past due and accruing— 1,642 3,689 4,652 5,843 13,351 — — 29,177 
Loans 90 days or more past due and still accruing— — — — — — — — — 
Non-accrual— 881 103 3,233 1,765 4,489 — — 10,471 
Total residential real estate131,824 195,746 305,469 953,009 1,009,962 1,291,152 — — 3,887,162 
Current period gross charge-offs— — — — — — — — — 
Consumer home equity
Current and accruing4,408 10,519 29,045 68,915 7,421 84,246 1,222,877 14,603 1,442,034 
30-89 days past due and accruing— — 335 87 — 780 7,825 339 9,366 
Loans 90 days or more past due and still accruing— — — — — — — — — 
Non-accrual— — — 59 — 1,374 4,978 999 7,410 
Total consumer home equity4,408 10,519 29,380 69,061 7,421 86,400 1,235,680 15,941 1,458,810 
Current period gross charge-offs— — — — — — — — — 
Other consumer
Current and accruing30,028 49,337 54,790 22,789 13,912 20,116 30,945 54 221,971 
30-89 days past due and accruing36 124 95 77 43 42 103 — 520 
Loans 90 days or more past due and still accruing— — — — — — — — — 
Non-accrual10 9 4 11 9 13 28 — 84 
Total other consumer30,074 49,470 54,889 22,877 13,964 20,171 31,076 54 222,575 
Current period gross charge-offs537 130 90 115 93 53 69 — 1,087 
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Total$1,125,096 $1,420,258 $1,760,457 $3,576,680 $2,571,554 $5,680,373 $2,158,975 $21,730 $18,315,123 
(1)The amounts presented represent the amortized cost as of June 30, 2025 of revolving loans that were converted to term loans during the six months ended June 30, 2025.
The following table details the amortized cost balances of the Company’s loan portfolios, presented by credit quality indicator and origination year as of December 31, 2024:
20242023202220212020PriorRevolving LoansRevolving Loans Converted to Term Loans (1)Total
(In thousands)
Commercial and industrial
Pass$358,054 $365,372 $407,129 $310,250 $341,049 $745,815 $522,236 $22,800 $3,072,705 
Special Mention19,721 25,719 5,963 24,199 43 4,563 26,522 508 107,238 
Substandard996 21,858 30,731 1,019 2,124 1,366 22,525 710 81,329 
Doubtful— — 5,295 — — 8 — — 5,303 
Loss— — — — — — — — — 
Total commercial and industrial378,771 412,949 449,118 335,468 343,216 751,752 571,283 24,018 3,266,575 
Commercial real estate
Pass531,193 575,929 1,740,688 1,020,015 722,669 1,988,069 82,661 10,595 6,671,819 
Special Mention9,457 45,188 26,551 14,613 8,855 35,952 2,976 — 143,592 
Substandard— 45,762 17,404 18,051 293 44,713 1 — 126,224 
Doubtful3,450 17,081 — — 4,237 77,675 — — 102,443 
Loss— — — — — — — — — 
Total commercial real estate544,100 683,960 1,784,643 1,052,679 736,054 2,146,409 85,638 10,595 7,044,078 
Commercial construction
Pass96,423 228,979 132,389 16,836 — — 15,616 — 490,243 
Special Mention— 621 — — — — — — 621 
Substandard785 — — — — — — — 785 
Doubtful— — — — — — — — — 
Loss— — — — — — — — — 
Total commercial construction97,208 229,600 132,389 16,836 — — 15,616 — 491,649 
Business banking
Pass173,110 141,000 178,696 208,835 156,366 441,532 103,222 5,040 1,407,801 
Special Mention533 60 1,409 1,929 — 6,203 20 262 10,416 
Substandard314 1,102 1,000 911 1,516 9,402 197 297 14,739 
Doubtful— 49 1,098 16 — 366 — 718 2,247 
Loss— — — — — — — — — 
Total business banking173,957 142,211 182,203 211,691 157,882 457,503 103,439 6,317 1,435,203 
Residential real estate
Current and accruing213,244 321,097 970,831 1,032,297 548,987 800,995 — — 3,887,451 
30-89 days past due and accruing944 2,300 6,480 5,437 3,209 9,606 — — 27,976 
Loans 90 days or more past due and still accruing— — — — — — — — — 
Non-accrual884 103 3,721 1,092 575 6,580 — — 12,955 
Total residential real estate215,072 323,500 981,032 1,038,826 552,771 817,181 — — 3,928,382 
Consumer home equity
Current and accruing10,425 32,573 74,385 7,954 4,293 76,953 1,143,767 15,629 1,365,979 
30-89 days past due and accruing— 275 103 — — 1,179 6,965 574 9,096 
Loans 90 days or more past due and still accruing— — — — — — — — — 
Non-accrual— 63 61 — — 1,223 8,151 715 10,213 
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Total consumer home equity10,425 32,911 74,549 7,954 4,293 79,355 1,158,883 16,918 1,385,288 
Other consumer
Current and accruing61,430 62,170 26,869 16,970 8,453 16,914 32,914 19 225,739 
30-89 days past due and accruing116 146 143 75 25 646 135 15 1,301 
Loans 90 days or more past due and still accruing— — — — — — — — — 
Non-accrual— 11 31 17 7 4 44 25 139 
Total other consumer61,546 62,327 27,043 17,062 8,485 17,564 33,093 59 227,179 
Total$1,481,079 $1,887,458 $3,630,977 $2,680,516 $1,802,701 $4,269,764 $1,967,952 $57,907 $17,778,354 
(1)The amounts presented represent the amortized cost as of December 31, 2024 of revolving loans that were converted to term loans during the year ended December 31, 2024.
Asset Quality
The Company manages its loan portfolio with careful monitoring. As a general rule, loans more than 90 days past due with respect to principal and interest are classified as non-accrual loans. Exceptions may be made if management believes that collateral held by the Company is clearly sufficient and in full satisfaction of both principal and interest. The Company may also use discretion regarding other loans over 90 days delinquent if the loan is well secured and in the process of collection. Non-accrual loans and loans that are more than 90 days past due but still accruing interest are considered non-performing loans.
Non-accrual loans may be returned to an accrual status when principal and interest payments are no longer delinquent, and the risk characteristics of the loan have improved to the extent that there no longer exists a concern as to the collectability of principal and interest. Loans are considered past due based upon the number of days delinquent according to their contractual terms.
A loan is expected to remain on non-accrual status until it becomes current with respect to principal and interest, the loan is liquidated, or the loan is determined to be uncollectible and is charged-off against the allowance for loan losses.
The following tables show the age analysis of past due loans as of the dates indicated:
As of June 30, 2025
30-59
Days Past
Due		60-89
Days Past
Due		90 or More
Days Past
Due		Total Past
Due		CurrentTotal
Loans
(In thousands)
Commercial and industrial$625 $— $9 $634 $3,633,160 $3,633,794 
Commercial real estate544 — — 544 7,230,786 7,231,330 
Commercial construction— — — — 470,493 470,493 
Business banking6,164 1,999 4,613 12,776 1,398,183 1,410,959 
Residential real estate21,755 7,855 9,942 39,552 3,847,610 3,887,162 
Consumer home equity6,767 3,029 6,284 16,080 1,442,730 1,458,810 
Other consumer374 148 56 578 221,997 222,575 
Total$36,229 $13,031 $20,904 $70,164 $18,244,959 $18,315,123 
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As of December 31, 2024
30-59
Days Past
Due		60-89
Days Past
Due		90 or More
Days Past
Due		Total Past
Due		CurrentTotal
Loans
(In thousands)
Commercial and industrial$28 $— $90 $118 $3,266,457 $3,266,575 
Commercial real estate17,081 6,432 9,180 32,693 7,011,385 7,044,078 
Commercial construction— — — — 491,649 491,649 
Business banking13,680 1,605 1,826 17,111 1,418,092 1,435,203 
Residential real estate21,037 6,947 12,786 40,770 3,887,612 3,928,382 
Consumer home equity7,254 2,195 8,449 17,898 1,367,390 1,385,288 
Other consumer1,130 171 109 1,410 225,769 227,179 
Total$60,210 $17,350 $32,440 $110,000 $17,668,354 $17,778,354 
The following table presents information regarding non-accrual loans as of the dates indicated:
As of June 30, 2025As of December 31, 2024
Non-Accrual Loans With ACLNon-Accrual Loans Without ACL (1)Total Nonaccrual LoansNon-Accrual Loans With ACLNon-Accrual Loans Without ACL (1)Total Nonaccrual Loans
(In thousands)
Commercial and industrial$2,701 $8 $2,709 $5,395 $8 $5,403 
Commercial real estate25,309 — 25,309 90,003 12,555 102,558 
Commercial construction— — — — — — 
Business banking7,915 814 8,729 4,551 1 4,552 
Residential real estate10,471 — 10,471 12,955 — 12,955 
Consumer home equity7,410 — 7,410 10,213 — 10,213 
Other consumer84 — 84 139 — 139 
Total non-accrual loans$53,890 $822 $54,712 $123,256 $12,564 $135,820 
(1)The loans on non-accrual status and without an ACL, as of both June 30, 2025 and December 31, 2024, were primarily comprised of collateral dependent loans for which the fair value of the underlying loan collateral exceeded the loan carrying value.
The amount of interest income recognized on non-accrual loans during the three and six months ended June 30, 2025 and 2024 was not significant. As of both June 30, 2025 and December 31, 2024, there were no loans greater than 90 days past due and still accruing.
It is the Company’s policy to reverse any accrued interest when a loan is put on non-accrual status and, generally, to record any payments received from a borrower related to a loan on non-accrual status as a reduction of the amortized cost basis of the loan. Accrued interest reversed against interest income for the three and six months ended June 30, 2025 and 2024 was not significant.
For collateral values for residential mortgage and home equity loans, the Company relies primarily upon third-party valuation information from certified appraisers and values are generally based upon recent appraisals of the underlying collateral, brokers’ opinions based upon recent sales of comparable properties, or estimated auction or liquidation values less estimated costs to sell. As of June 30, 2025 and December 31, 2024, the Company had collateral-dependent residential mortgage and home equity loans totaling $1.6 million and $1.1 million, respectively.
For collateral-dependent commercial loans, the amount of the allowance for loan losses is individually assessed based upon the fair value of the collateral. Various types of collateral are used, including real estate, inventory, equipment, accounts receivable, securities and cash, among others. For commercial real estate loans, the Company relies primarily upon third-party valuation information from certified appraisers and values are generally based upon recent appraisals of the underlying collateral, brokers’ opinions based upon recent sales of comparable properties, estimated equipment auction or liquidation values, income capitalization, or a combination of income capitalization and comparable sales. As of June 30, 2025 and December 31, 2024, the Company had collateral-dependent commercial loans totaling $28.9 million and $107.7 million, respectively.
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Appraisals for all loan types are obtained at the time of loan origination as part of the loan approval process and are updated at the time of a loan modification and/or refinance and as considered necessary by management for impairment review purposes. In addition, appraisals are updated as required by regulatory pronouncements.
As of both June 30, 2025 and December 31, 2024, the Company had no residential real estate held in other real estate owned (“OREO”). As of June 30, 2025, there were three residential real estate loans collateralized by residential real estate property for which formal foreclosure proceedings were in-process, which had an aggregate balance of $0.6 million. As of December 31, 2024, there were four residential real estate loans, which had an aggregate balance of $0.4 million, collateralized by residential real estate property for which formal foreclosure proceedings were in-process. As of June 30, 2025, there were two consumer home equity loans, which had an aggregate balance of $0.8 million collateralized by residential real estate property for which formal foreclosure proceedings were in-process. As of December 31, 2024, there were six consumer home equity loans, which had an aggregate balance of $0.5 million, collateralized by residential real estate property for which formal foreclosure proceedings were in-process.
Loan Modifications to Borrowers Experiencing Financial Difficulty
The following table shows the amortized cost balance as of June 30, 2025 of loans modified during the three and six month periods then ended to borrowers experiencing financial difficulty by the type of concession granted:
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Amortized Cost Balance% of Total PortfolioAmortized Cost Balance% of Total Portfolio
(Dollars in thousands)
Interest Rate Reduction:
Business banking$— — %$37 0.00 %
Residential real estate122 0.00 %122 0.00 %
Consumer home equity72 0.00 %152 0.01 %
Total interest rate reduction$194 0.00 %$311 0.00 %
Other-than-Insignificant Delay in Repayment:
Business banking$1,263 0.09 %$1,384 0.10 %
Residential real estate364 0.01 %364 0.01 %
Consumer home equity150 0.01 %150 0.01 %
Total other-than-insignificant delay in repayment$1,777 0.01 %$1,898 0.01 %
Term Extension:
Commercial and industrial$— — %$2,682 0.07 %
Business banking3 0.00 %3 0.00 %
Total term extension$3 0.00 %$2,685 0.01 %
Combination—Term Extension & Other-than-Insignificant Delay in Repayment:
Commercial real estate$9,066 0.13 %$9,066 0.13 %
Business banking— — %268 0.02 %
Total combination—term extension & other-than-insignificant delay in repayment$9,066 0.05 %$9,334 0.05 %
Total by portfolio segment
Commercial and industrial$— — %$2,682 0.07 %
Commercial real estate9,066 0.13 %9,066 0.13 %
Business banking1,266 0.09 %1,692 0.12 %
Residential real estate4860.01 %486 0.01 %
Consumer home equity222 0.02 %302 0.02 %
Total$11,040 0.06 %$14,228 0.08 %
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The following table shows the amortized cost balance as of June 30, 2024 of loans modified during the three and six month periods then ended to borrowers experiencing financial difficulty by the type of concession granted:
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Amortized Cost Balance% of Total PortfolioAmortized Cost Balance% of Total Portfolio
(Dollars in thousands)
Interest Rate Reduction:
Business banking$38 0.00 %$38 0.00 %
Consumer home equity449 0.04 %991 0.08 %
Total interest rate reduction$487 0.00 %$1,029 0.01 %
Other-than-Insignificant Delay in Repayment:
Commercial real estate$13,462 0.25 %$13,462 0.25 %
Business banking45 0.00 %45 0.00 %
Residential real estate117 0.00 %117 0.00 %
Consumer home equity734 0.06 %734 0.06 %
Total other-than-insignificant delay in repayment$14,358 0.10 %$14,358 0.10 %
Term Extension:
Commercial real estate$7,878 0.14 %$7,878 0.14 %
Business banking— — %32 0.00 %
Residential real estate— — %219 0.01 %
Consumer home equity6 0.00 %6 0.00 %
Total term extension$7,884 0.06 %$8,135 0.06 %
Combination—Interest Rate Reduction & Other-than-Insignificant Delay in Repayment:
Consumer home equity— — %126 0.01 %
Total combination—interest rate reduction & other-than-insignificant delay in repayment$— — %$126 0.00 %
Combination—Interest Rate Reduction & Term Extension:
Business banking$4 0.00 %$4 0.00 %
Total combination—interest rate reduction & term extension$4 0.00 %$4 0.00 %
Combination—Interest Rate Reduction, Term Extension & Other-than-Insignificant Delay in Repayment
Business banking$35 0.00 %$35 0.00 %
Consumer home equity12 0.00 %$12 0.00 %
Total combination—interest rate reduction, term extension & other-than-insignificant delay in repayment$47 0.00 %$47 0.00 %
Total by portfolio segment
Commercial real estate$21,340 0.39 %$21,340 0.39 %
Business banking122 0.01 %154 0.01 %
Residential real estate1170.00 %336 0.01 %
Consumer home equity1,201 0.10 %1,869 0.15 %
Total$22,780 0.16 %$23,699 0.17 %
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The following tables describe the financial effect of the modifications made during the periods indicated to borrowers experiencing financial difficulty. Loans that were modified in more than one manner are included in each modification type corresponding to the types of modifications performed.
Three Months Ended June 30, 2025
Loan TypeFinancial Effect
Interest Rate Reduction
Residential real estate
Reduced contractual interest rate from 7.3% to 4.5%.
Consumer home equity
Reduced contractual interest rate from 7.0% to 4.0%.
Other-than-Insignificant Delay in Repayment
Commercial real estate
Deferred 12 principal payments. The loan was re-amortized over an extended payment period resulting in reduced monthly payment amount for the borrower.
Business banking
Deferred a weighted average of 5 payments. The loans were re-amortized over extended payment periods resulting in reduced monthly payment amounts for the borrowers.
Residential real estate
Deferred 10 principal and interest payments which were added to the end of the loan life.
Consumer home equity
Deferred 8 principal and interest payments which were added to the end of the loan life.
Term Extension
Commercial real estate
Added 1.0 year to the life of the loan, which reduced monthly payment amount for the borrower.
Business banking
Added 6 months to the life of the loan, which reduced monthly payment amount for the borrower.
Six Months Ended June 30, 2025
Loan TypeFinancial Effect
Interest Rate Reduction
Business banking
Reduced contractual interest rate from 7.8% to 6.0%.
Residential real estate
Reduced contractual interest rate from 7.3% to 4.5%.
Consumer home equity
Reduced weighted-average contractual interest rate from 7.0% to 4.5%.
Other-than-Insignificant Delay in Repayment
Commercial real estate
Deferred 12 principal payments. The loan was re-amortized over an extended payment period resulting in reduced monthly payment amount for the borrower.
Business banking
Deferred a weighted average of 5 payments. The loans were re-amortized over extended payment periods resulting in reduced monthly payment amounts for the borrowers.
Residential real estate
Deferred 10 principal and interest payments which were added to the end of the loan life.
Consumer home equity
Deferred 8 principal and interest payments which were added to the end of the loan life.
Term Extension
Commercial and industrial
Added 1.1 years to the life of the loan, which reduced monthly payment amounts for the borrower.
Commercial real estate
Added 1.0 year to the life of the loan, which reduced monthly payment amounts for the borrower.
Business banking
Added a weighted average of 8 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
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Three Months Ended June 30, 2024
Loan TypeFinancial Effect
Interest Rate Reduction
Business banking
Reduced weighted-average contractual interest rate from 14.0% to 7.5%.
Consumer home equity
Reduced weighted-average contractual interest rate from 8.0% to 5.0%.
Other-than-Insignificant Delay in Repayment
Commercial real estate
Deferred a weighted average of 6 payments. The loans were re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrower.
Business banking
Deferred a weighted average of 3 payments. For principal and interest deferrals, the loans were re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrowers. For interest-only deferrals, interest accrued at the time of the modification was added to the end of the loan life.
Residential real estate
Deferred 12 principal and interest payments which were added to the end of the loan life.
Consumer home equity
Deferred a weighted average of 6 principal and interest payments which were added to the end of the loan life.
Term Extension
Commercial real estate
Added 4.0 years to the life of the loan, which reduced the monthly payment amount for the borrower.
Business banking
Added a weighted-average 1.1 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Consumer home equity
Added a weighted-average 7.2 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Six Months Ended June 30, 2024
Loan TypeFinancial Effect
Interest Rate Reduction
Business banking
Reduced weighted-average contractual interest rate from 14.0% to 7.5%.
Consumer home equity
Reduced weighted-average contractual interest rate from 8.0% to 4.6%.
Other-than-Insignificant Delay in Repayment
Commercial real estate
Deferred a weighted average of 6 payments. The loans were re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrower.
Business banking
Deferred a weighted average of 3 payments. For principal and interest deferrals, the loans were re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrowers. For interest-only deferrals, interest accrued at the time of the modification was added to the end of the loan life.
Residential real estate
Deferred 12 principal and interest payments which were added to the end of the loan life.
Consumer home equity
Deferred a weighted average of 6 principal and interest payments which were added to the end of the loan life.
Term Extension
Commercial real estate
Added 4.0 years to the life of the loan, which reduced the monthly payment amount for the borrower.
Business banking
Added a weighted-average 2.4 years to the life of loans, which reduced monthly payment amounts for the borrowers.
Residential real estate
Added 2.0 years to the life of the loan, which reduced the monthly payment amount for the borrower.
Consumer home equity
Added a weighted-average 7.2 years to the life of loans, which reduced monthly payment amounts for the borrowers.
As of June 30, 2025, there were no loans to borrowers experiencing financial difficulty modified during the prior twelve months and which had a payment default during the six months ended June 30, 2025. As of June 30, 2024, loans to borrowers experiencing financial difficulty modified during the prior twelve months and which had a payment default during the six months ended June 30, 2024 totaled $0.1 million.
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Management closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table shows the age analysis of past due loans to borrowers experiencing financial difficulty that were modified during the prior twelve months as of June 30, 2025:
As of June 30, 2025
30-59
Days Past
Due		60-89
Days Past
Due		90 or More
Days Past
Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial and industrial$— $— $— $— $3,547 $3,547 
Commercial real estate— — — — 9,066 9,066 
Business banking196 52 40 288 2,152 2,440 
Residential real estate— 95 450 545 1,131 1,676 
Consumer home equity149 — — 149 1,057 1,206 
Total$345 $147 $490 $982 $16,953 $17,935 
The following table shows the age analysis of past due loans to borrowers experiencing financial difficulty that were modified during the prior twelve months as of June 30, 2024:
As of June 30, 2024
30-59
Days Past
Due		60-89
Days Past
Due		90 or More
Days Past
Due		Total Past
Due		CurrentTotal
(In thousands)
Commercial real estate$— $— $— $— $21,340 $21,340 
Business banking16 — — 16 363 379 
Residential real estate272 402 — 674 2,119 2,793 
Consumer home equity520 292 — 812 2,506 3,318 
Total$808 $694 $— $1,502 $26,328 $27,830 
As of June 30, 2025, there were no additional commitments to lend to borrowers experiencing financial difficulty and which were modified during the six months ended June 30, 2025 in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant delay in repayment, or a term extension. As of December 31, 2024, there was one additional commitment to lend amounting to $0.3 million to borrowers experiencing financial difficulty and which were modified during year ended December 31, 2024 in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant delay in repayment, or a term extension.
Loan Participations
The Company occasionally purchases commercial loan participations or participates in syndications through the SNC Program. These participations meet the same underwriting, credit and portfolio management standards as the Company’s other loans and are applied against the same criteria to determine the allowance for loan losses as other loans.
The following table summarizes the Company’s loan participations:
As of and for the Six Months Ended June 30, 2025As of and for the Year Ended December 31, 2024
BalanceNon-performing
Loan Rate
(%)		Gross
Charge-offs		BalanceNon-performing
Loan Rate
(%)		Gross
Charge-offs
(Dollars in thousands)
Commercial and industrial$1,225,267 0.00 %$— $1,031,237 0.00 %$— 
Commercial real estate996,960 1.93 %5,282 944,371 3.87 %10,290 
Commercial construction109,110 0.00 %— 159,237 0.00 %— 
Business banking1,056 0.00 %15 1,612 0.00 %— 
Total loan participations$2,332,393 0.82 %$5,297 $2,136,457 1.71 %$10,290 
5. Leases
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The Company leases certain office space and equipment under various non-cancelable operating leases. These leases have original terms ranging from 2 years to 24 years. Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based upon the present value of the future minimum lease payments over the lease term. Operating lease liabilities are recorded within other liabilities and ROU assets are recorded within other assets in the Company’s Consolidated Balance Sheets.
As of the dates indicated, the Company had the following related to operating leases:
As of June 30, 2025As of December 31, 2024
(In thousands)
Right-of-use assets$75,720 $68,393 
Lease liabilities89,349 81,901 
The increase in the Company’s right-of-use assets and lease liabilities at June 30, 2025 from December 31, 2024, is primarily due to the addition of a new lease located in Wakefield, MA which will house Company offices once certain leasehold improvements are completed. The related right-of-use asset and lease liability balances amounted to $11.3 million and $11.8 million, respectively, as of June 30, 2025.
Finance leases are not material. Finance lease liabilities are recorded within other liabilities and finance ROU assets are recorded within other assets in the Company’s Consolidated Balance Sheets.
The following table is a summary of the Company’s components of net lease cost for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Operating lease cost$4,025 $2,758 $7,993 $5,858 
Finance lease cost119 112 242 224 
Variable lease cost657 620 1,475 1,420 
Total lease cost$4,801 $3,490 $9,710 $7,502 
During the three and six months ended June 30, 2025, the Company made $3.8 million and $7.8 million, respectively, in cash payments for operating and finance lease payments. During the three and six months ended June 30, 2024, the Company made $3.2 million and $6.7 million, respectively, in cash payments for operating and finance lease payments.
Supplemental balance sheet information related to operating leases are as follows:
As of June 30, 2025As of December 31, 2024
Weighted-average remaining lease term (in years)8.117.54
Weighted-average discount rate4.35 %4.08 %
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The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding as of June 30, 2025 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in other liabilities in the Company’s Consolidated Balance Sheets:
As of June 30, 2025
Year(In thousands)
Remainder of 2025$3,139 
202614,764 
202714,358 
202814,067 
202912,311 
Thereafter51,063 
Total minimum lease payments109,702 
Less: amount representing interest20,353 
Present value of future minimum lease payments$89,349 
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6. Earnings (Loss) Per Share (“EPS”)
Basic EPS represents income/(loss) allocable to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the Company. Diluted EPS is computed by dividing net income/(loss) allocable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents computed using the treasury stock method. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares,” are not deemed outstanding for earnings per share calculations. For the six month period ended June 30, 2025, which ended in a net loss, anti-dilutive common stock equivalents have been excluded from the calculation of diluted earnings per share. The following are the components and results of the Company’s earnings per common share calculations for the periods presented:
For the Three Months Ended June 30, 2025For the Six Months Ended June 30, 2025
(Dollars in thousands, except per share data)
Net income (loss) applicable to common shares$100,233 $(117,433)
Average number of common shares outstanding211,124,150 211,931,274 
Less: Average unallocated ESOP shares(12,593,096)(12,655,838)
Average number of common shares outstanding used to calculate basic earnings per common share198,531,054 199,275,436 
Common stock equivalents461,057 — 
Average number of common shares outstanding used to calculate diluted earnings per common share198,992,111 199,275,436 
Earnings (loss) per common share:
Basic$0.50 $(0.59)
Diluted$0.50 $(0.59)
For the Three Months Ended June 30, 2024For the Six Months Ended June 30, 2024
(Dollars in thousands, except per share data)
Net income applicable to common shares$26,331 $64,978 
Average number of common shares outstanding176,235,507 176,155,197 
Less: Average unallocated ESOP shares(13,090,252)(13,151,104)
Average number of common shares outstanding used to calculate basic earnings per common share163,145,255 163,004,093 
Common stock equivalents354,041 386,328 
Average number of common shares outstanding used to calculate diluted earnings per common share163,499,296 163,390,421 
Earnings per common share:
Basic$0.16 $0.40 
Diluted$0.16 $0.40 
7. Low Income Housing Tax Credits and Other Tax Credit Investments
The Community Reinvestment Act (“CRA”) encourages banks to meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate income. The Company has primarily invested in separate Low Income Housing Tax Credits (“LIHTC”) projects, also referred to as qualified affordable housing projects, which provide the Company with tax credits and operating loss tax benefits over a period of 15 years. The return on these investments is generally generated through tax credits and tax losses. In addition to LIHTC projects, the Company invests in
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new market tax credit projects that qualify for CRA credits and eligible projects that qualify for renewable energy and historic tax credits.
As of June 30, 2025 and December 31, 2024, the Company had $210.4 million and $222.7 million, respectively, in tax credit investments that were included in other assets in the Company’s Consolidated Balance Sheets.
When permissible, the Company accounts for its investments in LIHTC projects and other qualifying investments using the proportional amortization method, under which it amortizes the initial cost of the investment in proportion to the amount of the tax credits and other tax benefits received and recognizes that amortization as a component of income tax expense. The net investment in the housing projects is included in other assets in the Company’s Consolidated Balance Sheets. The Company will continue to use the proportional amortization method on any new qualifying investments.
The following table presents the Company’s investments in LIHTC projects accounted for using the proportional amortization method for the periods indicated:
As of June 30, 2025As of December 31, 2024
(In thousands)
Current recorded investment included in other assets$208,785 $220,845 
Commitments to fund qualified affordable housing projects included in recorded investment noted above66,430 89,801 
The following table presents additional information related to the Company’s investments in LIHTC projects for the periods indicated:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
(In thousands)
Tax credits and benefits recognized$7,490 $4,940 $15,192 $10,291 
Amortization expense included in income tax expense5,738 4,574 11,742 9,162 
The Company accounts for certain other investments in renewable energy projects using the equity method of accounting. These investments in renewable energy projects are included in other assets in the Company’s Consolidated Balance Sheets and totaled $1.6 million and $1.9 million as of June 30, 2025 and December 31, 2024, respectively. There were no outstanding commitments related to these investments as of either June 30, 2025 or December 31, 2024.
8. Income Taxes
The following table sets forth information regarding the Company’s tax provision and applicable tax rates for the periods indicated:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
(Dollars in thousands)
Combined federal and state income tax provision$87 $11,671 $33,814 $21,963 
Effective income tax rate0.1 %30.7 %(40.4)%25.3 %
The Company recorded income tax expense of $0.1 million and $33.8 million for the three and six months ended June 30, 2025, respectively, compared to $11.7 million and $22.0 million for the three and six months ended June 30, 2024, respectively.
The decrease in income tax expense for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was due to the treatment of the tax benefit associated with the loss on sale of securities incurred in the first quarter of 2025. Such loss is not considered to be a discrete item for tax purposes and, therefore, the associated tax benefit of $70.8 million is realizable ratably over the full year. Accordingly, the Company recognized a portion of the associated tax benefit during the three months ended June 30, 2025 which reduced net income tax expense.
Similarly, the increase in income tax expense for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to the treatment of pre-tax losses resulting from losses on sales of available for sale securities in the first quarter of 2025 described above. Income tax expense increased as the full year tax benefit associated with the loss on sale of securities was only partially recognized during the six months ended June 30, 2025.
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9. Employee Benefits
Pension Plans
The Company provides pension benefits for its employees through membership in the Savings Banks Employees’ Retirement Association. The plan through which benefits are provided is a noncontributory, qualified defined benefit plan and is referred to as the Defined Benefit Plan. The Company’s annual contribution to the Defined Benefit Plan is based upon standards established by the Pension Protection Act. The contribution is based on an actuarial method intended to provide not only for benefits attributable to service to date, but also for those expected to be earned in the future. The Defined Benefit Plan has a plan year end of October 31.
The Company has an unfunded Defined Benefit Supplemental Executive Retirement Plan (“DB SERP”) that provides certain Company officers upon their retirement with defined pension benefits in excess of qualified plan limits imposed by U.S. federal tax law. The DB SERP has a plan year end of December 31.
In addition, the Company has an unfunded Benefit Equalization Plan (“BEP”) to provide retirement benefits to certain employees whose retirement benefits under the qualified pension plan are limited per the Internal Revenue Code. The BEP has a plan year end of October 31.
The Company also has an unfunded Outside Directors’ Retainer Continuance Plan (“ODRCP”) that provides pension benefits to outside directors who retire from service. The ODRCP has a plan year end of December 31. Effective December 31, 2020, the Company closed the ODRCP to new participants and froze benefit accruals for active participants.
Components of Net Periodic Benefit Cost
The components of net pension expense for the plans for the periods indicated are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Components of net periodic benefit cost:
Service cost$5,733 $5,588 $11,466 $11,177 
Interest cost5,535 4,630 10,900 9,260 
Expected return on plan assets(9,495)(8,451)(18,990)(16,904)
Prior service credit(2,488)(2,489)(4,983)(4,977)
Recognized net actuarial loss980 1,775 1,905 3,550 
Net periodic benefit cost$265 $1,053 $298 $2,106 
Service costs for the Defined Benefit Plan and the BEP are recognized within salaries and employee benefits in the Consolidated Statements of Income. The remaining components of net periodic benefit cost are recognized in other noninterest expense in the Consolidated Statements of Income.
In accordance with the Pension Protection Act, the Company was not required to make any contributions to the Defined Benefit Plan for the plan years beginning November 1, 2024 and 2023. Accordingly, during the three and six months ended June 30, 2025 and 2024, there were no contributions made to the Defined Benefit Plan.
Share-Based Compensation Plan
On November 29, 2021, the shareholders of the Company approved the Eastern Bankshares, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the issuance of up to 26,146,141 shares of common stock pursuant to grants of restricted stock, restricted stock units (“RSUs”), non-qualified stock options and incentive stock options, any or all of which can be granted with performance-based vesting conditions. Under the 2021 Plan, 7,470,326 shares may be issued as restricted stock or RSUs, including those issued as performance shares and performance share units (“PSUs”), and 18,675,815 shares may be issued upon the exercise of stock options. These shares may be awarded from the Company’s authorized but unissued shares. However, the 2021 Plan permits the grant of additional awards of restricted stock or RSUs above the aforementioned limit, provided that, for each additional share of restricted stock or RSU awarded in excess of such limit, the pool of shares available to be issued upon the exercise of stock options will be reduced by three shares. Pursuant to the terms of the 2021 Plan, each of the Company’s non-employee directors were automatically granted awards of restricted stock on November 30, 2021. Such RSAs vest pro-rata on an annual basis over a five-year period. The maximum term for stock options is ten years.
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In May 2025, the Company granted a total of 54,236 shares of restricted stock to the Company’s non-employee directors which vest after approximately one year from the date of grant. In May 2024, the Company granted a total of 56,352 shares of restricted stock to the Company’s non-employee directors which vested approximately one year from the date of grant.
In March 2025, the Company granted to all of the Company’s executive officers and certain other employees a total of 630,493 RSUs, which vest pro-rata on an annual basis over a period of three years from the date of the grant, and a total of 339,503 PSUs for which vesting is contingent upon the Compensation and Human Capital Management Committee of the Board of Director’s certification, after the conclusion of a period of approximately 2.8 years from the date of the grant, that the Company has attained a threshold level of certain performance criteria over such period.
In March 2024, the Company granted to all of the Company’s executive officers and certain other employees a total of 416,276 RSUs, which vest pro-rata on an annual basis over a period of three years years from the date of the grant, and a total of 234,091 PSUs for which vesting is contingent upon the Compensation and Human Capital Management Committee of the Board of Director’s certification, after the conclusion of a period of approximately 2.8 years from the date of the grant, that the Company has attained a threshold level of certain performance criteria over such period.
As of June 30, 2025 and December 31, 2024, there were 3,119,194 shares and 3,844,157 shares that remained available for issuance as restricted stock or RSU awards (including those that may be issued as performance shares and PSUs), respectively, and 18,675,815 shares that remained available for issuance upon the exercise of stock options at both dates. As of both June 30, 2025 and December 31, 2024, no stock options had been awarded under the 2021 Plan.
The following table summarizes the Company’s restricted stock award activity for the periods indicated:
For the Six Months Ended June 30,
20252024
Restricted Stock AwardsNumber of SharesWeighted-Average Grant Price Per ShareNumber of SharesWeighted-Average Grant Price Per Share
Non-vested restricted stock as of the beginning of the respective period316,945$18.02 420,400$19.15 
Granted54,23615.58 56,35213.84 
Vested(70,786)14.18 (47,820)11.50 
Forfeited(2,983)14.87 —— 
Non-vested restricted stock as of the end of the respective period297,412$18.52 428,932$18.47 
The following table summarizes the Company’s restricted stock unit activity for the periods indicated:
For the Six Months Ended June 30,
20252024
Restricted Stock UnitsNumber of SharesWeighted-Average Grant Price Per ShareNumber of SharesWeighted-Average Grant Price Per Share
Non-vested restricted stock units as of the beginning of the respective period1,356,522$16.55 952,001$19.46 
Granted630,49317.73 416,27612.81 
Vested(517,801)17.21 (303,015)19.38 
Forfeited(15,277)14.91 (4,980)14.59 
Non-vested restricted stock units as of the end of the respective period1,453,937$16.84 1,060,282$16.89 
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The following table summarizes the Company’s performance stock unit activity for the periods indicated:
For the Six Months Ended June 30,
20252024
Performance Stock UnitsNumber of SharesWeighted-Average Grant Price Per ShareNumber of SharesWeighted-Average Grant Price Per Share
Non-vested performance stock units as of the beginning of the respective period969,739$16.63 633,034$19.40 
Granted339,50318.79 234,09110.82 
Vested(408,629)20.96 —— 
Forfeited(277,149)20.63 —— 
Non-vested performance stock units as of the end of the respective period623,464$13.19 867,125$17.08 
Included in vested RSU and PSU shares, as shown in the tables above, are shares withheld for employee payroll taxes. The aggregate number of RSU and PSU shares withheld for payroll taxes during the six months ended June 30, 2025 and 2024 was 357,305 and 98,531, respectively.
The following table shows share-based compensation expense under the 2021 Plan and the related tax benefit for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In millions)
Share-based compensation expense$4.2 $4.2 $9.0 $7.8 
Related tax benefit (1)1.2 1.2 2.5 2.2 
(1)Estimated based upon the Company’s statutory rate for each respective period.
As of June 30, 2025 and December 31, 2024, there was $27.6 million and $21.4 million, respectively, of total unrecognized compensation expense related to unvested RSAs, RSUs and PSUs granted and issued under the 2021 Plan, as applicable. As of June 30, 2025, this cost is expected to be recognized over a weighted average remaining period of approximately 2.0 years. As of December 31, 2024, this cost was expected to be recognized over a weighted average remaining period of approximately 1.4 years.
10. Commitments and Contingencies
Financial Instruments with Off-Balance Sheet Risk
In order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates, the Company is party to financial instruments with off-balance sheet risk in the normal course of business. These financial instruments include commitments to extend credit, standby letters of credit, and forward commitments to sell loans, all of which involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in each particular class of financial instruments.
Substantially all of the Company’s commitments to extend credit, which normally have fixed expiration dates or termination clauses, are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. For forward loan sale commitments, the contract or notional amount does not represent exposure to credit loss. The Company generally does not sell loans with recourse.
The following table summarizes the above financial instruments as of the dates indicated:
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As of June 30, 2025As of December 31, 2024
(In thousands)
Commitments to extend credit$6,764,561 $6,660,149 
Standby letters of credit86,991 83,122 
Forward commitments to sell loans3,461 6,374 
Other Contingencies
Legal Proceedings
The Company has been named a defendant in various legal proceedings arising in the normal course of business. In the opinion of management, based on the advice of legal counsel, the ultimate resolution of these proceedings is not expected to have a material effect on the Company’s Consolidated Financial Statements.
11. Derivative Financial Instruments
The Company uses derivative financial instruments to manage its interest rate risk resulting from the differences in the amount, timing, and duration of known or expected cash receipts and known or expected cash payments. Additionally, the Company enters into interest rate derivatives and foreign exchange contracts to accommodate the business requirements of its customers (“customer-related positions”) and risk participation agreements entered into as financial guarantees of performance on customer-related interest rate swap derivatives. The Company also enters into residential mortgage loan commitments to fund mortgage loans at specified rates and times in the future and enters into forward sale commitments to sell such residential mortgage loans at specified prices and times in the future, both of which are considered derivative instruments. Derivative instruments are carried at fair value in the Company’s Consolidated Financial Statements. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not the instrument qualifies as a hedge for accounting purposes, and further, by the type of hedging relationship.
By using derivatives, the Company is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required. Should a counterparty fail to perform under the terms of a derivative contract, the Company’s credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of all swaps with each counterparty plus any initial margin collateral posted. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. As such, management believes the risk of incurring credit losses on derivative contracts with those counterparties is remote. The Company’s discounting methodology and interest calculation of cash margin uses the Secured Overnight Financing Rate, or SOFR, for U.S. dollar cleared interest rate swaps.
Interest Rate Positions
An interest rate swap is an agreement whereby one party agrees to pay a floating rate of interest on a notional principal amount in exchange for receiving a fixed rate of interest on the same notional amount, for a predetermined period of time, from a second party. The amounts relating to the notional principal amount are not actually exchanged. The Company has entered into interest rate swaps in which it pays floating and receives fixed interest in order to manage its interest rate risk exposure to the variability in interest cash flows on certain floating-rate loans. Such interest rate swaps include those which effectively convert the floating rate one-month SOFR or overnight indexed swap rate, or prime rate interest payments received on the loans to a fixed rate and consequently reduce the Company’s exposure to variability in short-term interest rates. For interest rate swaps that are accounted for as cash flow hedges, changes in fair value are included in other comprehensive income and reclassified into net income in the same period or periods during which the hedged forecasted transaction affects net income. The following tables reflect the Company’s derivative positions for interest rate swaps which qualify as cash flow hedges for accounting purposes as of the dates indicated:
As of June 30, 2025
Weighted Average Rate
Notional
Amount		Weighted Average
Maturity		Current
Rate Paid		Receive Fixed
Swap Rate
Fair Value (1)
(In thousands)(In Years)(In thousands)
Interest rate swaps on loans$2,400,000 2.074.33 %3.02 %$130 
Total$2,400,000 $130 
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(1)The fair value included a net accrued interest payable balance of $1.4 million as of June 30, 2025. In addition, the fair value includes netting adjustments which represent the amounts recorded to convert derivative assets and liabilities cleared through the Chicago Mercantile Exchange, or CME, from a gross basis to a net basis in accordance with applicable accounting guidance.
As of December 31, 2024
Weighted Average Rate
Notional
Amount		Weighted Average
Maturity		Current
Rate Paid		Receive Fixed
Swap Rate
Fair Value (1)
(In thousands)(In Years)(In thousands)
Interest rate swaps on loans$2,400,000 2.574.51 %3.02 %$220 
Total$2,400,000 $220 
(1)The fair value included a net accrued interest payable balance of $1.6 million as of December 31, 2024. In addition, the fair value includes netting adjustments which represent the amounts recorded to convert derivative assets and liabilities cleared through the CME from a gross basis to a net basis in accordance with applicable accounting guidance.
The maximum amount of time over which the Company is currently hedging its exposure to the variability in future cash flows of forecasted transactions related to the receipt of variable interest on existing financial instruments is 2.2 years.
The Company expects approximately $15.5 million will be reclassified into interest income, as a reduction of such income, from other comprehensive income related to the Company’s active cash flow hedges in the next 12 months as of June 30, 2025. The reclassification is due to anticipated net payments on the swaps based upon the forward curve as of June 30, 2025.
Customer-Related Positions
Interest rate swaps offered to commercial customers do not qualify as hedges for accounting purposes. These swaps allow the Company to retain variable rate commercial loans while allowing the commercial customer to synthetically fix the loan rate by entering into a variable-to-fixed rate interest rate swap. The Company believes that its exposure to commercial customer derivatives is limited to non-performance by either the customer or the dealer because these contracts are simultaneously matched at inception with an offsetting transaction.
Risk participation agreements are entered into as financial guarantees of performance on interest rate swap derivatives. The purchased (asset) or sold (liability) guarantee allow the Company to participate-out (fee paid) or participate-in (fee received) the risk associated with certain derivative positions executed with the borrower by the lead bank in a customer-related interest rate swap derivative.
Foreign exchange contracts consist of those offered to commercial customers and those entered into to hedge the Company’s foreign currency risk associated with a foreign-currency loan. Neither qualifies as a hedge for accounting purposes. These commercial customer derivatives are offset with matching derivatives with correspondent-bank counterparties in order to minimize foreign exchange rate risk to the Company. Exposure with respect to these derivatives is largely limited to non-performance by either the customer or the other counterparty. Neither the Company nor the correspondent-bank counterparty are required to post collateral but each has established foreign-currency transaction limits to manage the exposure risk. The Company requires its customers to post collateral to minimize risk exposure.
The following tables present the Company’s customer-related derivative positions as of the dates indicated below for those derivatives not designated as hedging:
June 30, 2025
Number of PositionsTotal Notional
(Dollars in thousands)
Interest rate swaps502$3,323,279 
Risk participation agreements119441,304 
Foreign exchange contracts:
Matched commercial customer book27672,333 
Foreign currency loan75,763 
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December 31, 2024
Number of PositionsTotal Notional
(Dollars in thousands)
Interest rate swaps494 $3,308,037 
Risk participation agreements125 503,803 
Foreign exchange contracts:
Matched commercial customer book226 98,429 
Foreign currency loan8 5,835 
The level of interest rate swaps, risk participation agreements and foreign currency exchange contracts at the end of each period noted above was commensurate with the activity throughout those periods.
The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of the dates indicated:
Asset DerivativesLiability Derivatives
Balance
Sheet
Location		Fair Value at June 30,
2025		Fair Value at December 31,
2024		Balance Sheet
Location		Fair Value at June 30,
2025		Fair Value at December 31,
2024
(In thousands)
Derivatives designated as hedging instruments
Interest rate swapsOther assets$133 $225 Other liabilities$3 $5 
Derivatives not designated as hedging instruments
Customer-related positions:
Interest rate swapsOther assets$43,684 $57,526 Other liabilities$67,601 $97,594 
Risk participation agreementsOther assets6 4 Other liabilities6 4 
Foreign currency exchange contracts - matched customer bookOther assets2,548 1,990 Other liabilities2,324 1,980 
Foreign currency exchange contracts - foreign currency loanOther assets— 62 Other liabilities51 — 
$46,238 $59,582 $69,982 $99,578 
Total$46,371 $59,807 $69,985 $99,583 
The table below presents the net effect of the Company’s derivative financial instruments on the Consolidated Income Statements as well as the effect of the Company’s derivative financial instruments included in other comprehensive income (“OCI”) as follows:
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Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(In thousands)
Derivatives designated as hedges:
(Loss) gain in OCI on derivatives$(432)$(11,996)$5,973 $(51,551)
Loss reclassified from OCI into interest income (effective portion)$(7,981)$(14,062)$(15,914)$(28,103)
Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness test)
Interest income— — — — 
Other income— — — — 
Total$— $— $— $— 
Derivatives not designated as hedges:
Customer-related positions:
(Loss) gain recognized in interest rate swap income$(95)$373 $(167)$508 
Loss recognized in interest rate swap income for risk participation agreements— — — (42)
Gain (loss) recognized in other income for foreign currency exchange contracts:
Matched commercial customer book270 (148)214 (98)
Foreign currency loan(27)(11)(113)211 
Net gain (loss) for derivatives not designated as hedges$148 $214 $(66)$579 
The Company has agreements with its customer-related interest rate swap derivative counterparties that contain a provision whereby if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations.
The Company also has agreements with certain of its customer-related interest rate swap derivative correspondent-bank counterparties that contain a provision whereby if the Company fails to maintain its status as a well-capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements.
The Company’s exposure related to its customer-related interest rate swap derivatives consists of exposure on cleared derivative transactions and exposure on non-cleared derivative transactions.
Cleared derivative transactions are with the Chicago Mercantile Exchange, or CME, and exposure is settled to market daily, with additional credit exposure related to initial-margin collateral pledged to CME at trade execution. At both June 30, 2025 and December 31, 2024, the Company had exposure to CME for settled variation margin in excess of the customer-related and non-customer-related interest rate swap termination values of $0.1 million. In addition, at June 30, 2025 and December 31, 2024, the Company had posted initial-margin collateral in the form of U.S. Treasury notes amounting to $60.2 million and $88.0 million, respectively, to CME for these derivatives. The U.S. Treasury notes were considered restricted assets and were included in available for sale securities within the Company’s Consolidated Balance Sheets.
At both June 30, 2025 and December 31, 2024, there were no customer-related interest rate swap derivatives with credit-risk contingent features in a net liability position. The Company has minimum collateral posting thresholds with its customer-related interest rate swap derivative correspondent-bank counterparties to the extent that the Company has a liability position with the correspondent-bank counterparties. The Company was not required to post cash collateral for interest rate swaps with correspondent-bank counterparties as of either June 30, 2025 or December 31, 2024. If the Company had breached any of these provisions at June 30, 2025 or December 31, 2024, it would have been required to settle its obligations under the agreements at the termination value. In addition, the Company had cross-default provisions with its commercial customer loan agreements which provide cross-collateralization with the customer loan collateral.
Mortgage Banking Derivatives
The Company enters into residential mortgage loan commitments in connection with its consumer mortgage banking activities to fund mortgage loans at specified rates and times in the future. In addition, the Company enters into
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forward sale commitments to sell such residential mortgage loans at specified prices and times in the future. These commitments are short-term in nature and generally expire in 30 to 60 days. The residential mortgage loan commitments that relate to the origination of mortgage loans that will be held for sale and the related forward sale commitments are considered derivative instruments under ASC Topic 815, “Derivatives and Hedging” and are reported at fair value. Changes in fair value are reported in earnings and included in other non-interest income on the Consolidated Statements of Income. As of June 30, 2025 and December 31, 2024, the Company had an outstanding notional balance of residential mortgage loan origination commitments of $7.7 million and $15.7 million, respectively, and forward sale commitments of $3.5 million and $6.4 million, respectively. During the three and six months ended June 30, 2025 and 2024, net gains/losses recorded by the Company related to the change in fair value of commitments to originate and sell mortgage loans were not significant. In addition, the aggregate fair value of the Company’s mortgage banking derivative asset and liability as of both June 30, 2025 and December 31, 2024 was not significant. Mortgage banking derivative assets and liabilities are included in other assets and other liabilities, respectively, on the Consolidated Balance Sheets. Residential mortgages sold are generally sold with servicing rights released. Mortgage banking derivatives do not qualify as hedges for accounting purposes.
12. Balance Sheet Offsetting
Certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Balance Sheets and/or subject to master netting arrangements or similar agreements. The Company’s derivative transactions with upstream financial institution counterparties are generally executed under International Swaps and Derivative Association master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts. However, the Company does not offset fair value amounts recognized for derivative instruments. The Company nets the amount recognized for the right to reclaim cash collateral against the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. Collateral legally required to be maintained at dealer banks by the Company is monitored and adjusted as necessary. As of June 30, 2025 and December 31, 2024, it was determined that no additional collateral would have to be posted to immediately settle these instruments.
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The following tables present the Company’s asset and liability positions that were eligible for offset and the potential effect of netting arrangements on its Consolidated Balance Sheet, as of the dates indicated:
As of June 30, 2025
Gross
Amounts
Recognized		Gross
Amounts
Offset in the
Consolidated Balance Sheet		Net
Amounts
Presented in
the Consolidated Balance Sheet		Gross Amounts Not Offset
in the Consolidated Balance Sheet		Net
Amount
DescriptionFinancial
Instruments		Collateral
Pledged/
(Received)
(In thousands)
Derivative Assets
Interest rate swaps$133 $— $133 $— $— $133 
Customer-related positions:
Interest rate swaps43,684 — 43,684 12,331 (20,642)10,711 
Risk participation agreements6 — 6 — — 6 
Foreign currency exchange contracts – matched customer book2,548 — 2,548 — — 2,548 
$46,371 $— $46,371 $12,331 $(20,642)$13,398 
Derivative Liabilities
Interest rate swaps$3 $— $3 $— $3 $— 
Customer-related positions:
Interest rate swaps67,601 — 67,601 12,331 18 55,252 
Risk participation agreements6 — 6 — — 6 
Foreign currency exchange contracts – matched customer book2,324 — 2,324 — — 2,324 
Foreign currency exchange contracts – foreign currency loan51 — 51 — — 51 
$69,985 $— $69,985 $12,331 $21 $57,633 
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As of December 31, 2024
Gross
Amounts
Recognized		Gross
Amounts
Offset in the
Consolidated Balance Sheet		Net
Amounts
Presented in
the Consolidated Balance Sheet		Gross Amounts Not Offset
in the Consolidated Balance Sheet		Net
Amount
DescriptionFinancial
Instruments		Collateral
Pledged/
(Received)
(In thousands)
Derivative Assets
Interest rate swaps$225 $— $225 $— $— $225 
Customer-related positions:
Interest rate swaps57,526 — 57,526 3,368 (48,590)5,568 
Risk participation agreements4 — 4 — — 4 
Foreign currency exchange contracts – matched customer book1,990 — 1,990 — — 1,990 
Foreign currency exchange contracts – foreign currency loan62 — 62 — — 62 
$59,807 $— $59,807 $3,368 $(48,590)$7,849 
Derivative Liabilities
Interest rate swaps$5 $— $5 $— $5 $— 
Customer-related positions:
Interest rate swaps97,594 — 97,594 3,368 130 94,096 
Risk participation agreements4 — 4 — — 4 
Foreign currency exchange contracts – matched customer book1,980 — 1,980 — — 1,980 
Foreign currency exchange contracts – foreign currency loan— — — — — — 
$99,583 $— $99,583 $3,368 $135 $96,080 
13. Fair Value of Assets and Liabilities
ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able and willing to transact. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements), and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3 – Prices or valuations that require unobservable inputs that reflect the Company’s own assumptions that are significant to the fair value measurement.
To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in
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determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The Company uses fair value measurements to record adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.
Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3.
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no active market exists for a portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment, and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates.
The following methods and assumptions were used by the Company in estimating fair value disclosures:
Cash and Cash Equivalents
For these financial instruments, which have original maturities of 90 days or less, their carrying amounts reported in the Consolidated Balance Sheets approximate fair value.
Securities
Securities consisted of U.S. Treasury securities, U.S. government-sponsored residential and commercial mortgage-backed securities, state and municipal bonds, and corporate bonds as of June 30, 2025. Securities consisted of U.S. Treasury securities, U.S. Agency bonds, U.S. government-sponsored residential and commercial mortgage-backed securities, and state and municipal bonds as of December 31, 2024. AFS securities are recorded at fair value.
The Company’s U.S. Treasury securities are traded on active markets and therefore these securities were classified as Level 1.
The fair value of U.S. Agency bonds, at December 31, 2024, were evaluated using relevant trade data, benchmark quotes and spreads obtained from publicly available trade data, and generated on a price, yield or spread basis as determined by the observed market data. Therefore, these securities were categorized as Level 2 given the use of observable inputs.
The fair value of U.S. government-sponsored residential and commercial mortgage-backed securities were estimated using either a matrix or benchmarks. The inputs used include benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Therefore, these securities were categorized as Level 2 given the use of observable inputs.
The fair value of state and municipal bonds were estimated using a valuation matrix with inputs including observable bond interest rate tables, recent transactions, and yield relationships. Therefore, these securities were categorized as Level 2 given the use of observable inputs.
The fair value of corporate bonds was estimated based upon reported trades and quoted market prices. Therefore, these securities were categorized as Level 2 given the use of observable inputs.
Fair value was based on the value of one unit without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications, or estimated transaction costs.
Loans Held for Sale
The fair value of loans held for sale, whose carrying amounts approximate fair value, was estimated using the anticipated market price based upon pricing indications provided by investor banks. These assets were classified as Level 2 given the use of observable inputs.
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Loans
The fair value of commercial construction, commercial and industrial lines of credit, and certain other consumer loans was estimated by discounting the contractual cash flows using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality.
For commercial, commercial real estate, residential real estate, automobile, and consumer home equity loans, fair value was estimated by discounting contractual cash flows adjusted for prepayment estimates using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality.
Loans are classified as Level 3 since the valuation methodology utilizes significant unobservable inputs. Loans that are deemed to be collateral-dependent, as described in Note 2, “Summary of Significant Accounting Policies” within the Notes to the Consolidated Financial Statements included within the Company’s 2024 Form 10-K, were recorded at the fair value of the underlying collateral.
FHLB Stock
The fair value of FHLB stock approximates the carrying amount based on the redemption provisions of the FHLB. These assets were classified as Level 2.
Rabbi Trust Investments
Rabbi trust and deferred compensation plan investments consisted primarily of cash and cash equivalents, U.S. government agency obligations, equity securities, mutual funds and other exchange-traded funds, and were recorded at fair value and included in other assets. The purpose of these investments is to fund certain executive non-qualified retirement benefits and deferred compensation.
The fair value of other U.S. government agency obligations were estimated using either a matrix or benchmarks. The inputs used include benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. These securities were categorized as Level 2 given the use of observable inputs. The equity securities, mutual funds and other exchange-traded funds were valued based on quoted prices from the market. The equities, mutual funds and exchange-traded funds traded in an active market were categorized as Level 1 as they were valued based upon quoted prices from the market. Mutual funds at net asset value amounted to $52.8 million and $54.1 million at June 30, 2025 and December 31, 2024, respectively. There were no redemption restrictions on these mutual funds at the end of any period presented.
Bank-Owned Life Insurance
The fair value of bank-owned life insurance was based upon quotations received from bank-owned life insurance dealers. These assets were classified as Level 2 given the use of observable inputs.
Deposits
The fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, savings, interest checking accounts, and money market accounts, was equal to their carrying amount. The fair value of time deposits was based on the discounted value of contractual cash flows using current market interest rates. Deposits were classified as Level 2 given the use of observable market inputs.
The fair value estimates of deposits do not include the benefit that results from the low-cost funding provided by the deposit liabilities compared to the cost of borrowing funds in the wholesale market (core deposit intangibles).
FHLB Advances
The fair value of FHLB advances was based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar remaining maturities. FHLB advances were classified as Level 2.
Interest Rate Swap Collateral Funds
The fair value of interest rate swap collateral funds approximates the carrying amount. Interest rate swap collateral funds were classified as Level 2.
Interest Rate Swaps
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The fair value of interest rate swaps was determined using discounted cash flow analysis on the expected cash flows of the interest rate swaps. This analysis reflects the contractual terms of the interest rate swaps, including the period of maturity, and uses observable market-based inputs, including interest rate curves and implied volatility. In addition, for customer-related interest rate swaps, the analysis reflects a credit valuation adjustment to reflect the Company’s own non-performance risk and respective counterparty’s non-performance risk in the fair value measurements. The majority of inputs used to value the Company’s interest rate swaps fall within Level 2 of the fair value hierarchy, but the credit valuation adjustments associated with the interest rate swaps utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, at June 30, 2025 and December 31, 2024, the impact of the Level 3 inputs on the overall valuation of the interest rate swaps was deemed insignificant to the overall valuation. As a result, the interest rate swaps were categorized as Level 2 within the fair value hierarchy.
Risk Participations
The fair value of risk participations was determined based upon the total expected exposure of the derivative which considers the present value of cash flows discounted using market-based inputs and were therefore categorized as Level 2 within the fair value hierarchy. The fair value also included a credit valuation adjustment which evaluates the credit risk of the counterparties by considering factors such as the likelihood of default by the counterparties, its net exposures, the remaining contractual life, as well as the amount of collateral securing the position. The change in value of derivative assets and liabilities attributable to credit risk was not significant during the reported periods.
Foreign Currency Forward Contracts
The fair values of foreign currency forward contracts were based upon the remaining expiration period of the contracts and bid quotations received from foreign exchange contract dealers and were categorized as Level 2 within the fair value hierarchy.
Mortgage Derivatives
The fair value of mortgage derivatives is determined based upon current market prices for similar assets in the secondary market and, therefore are classified as Level 2 within the fair value hierarchy.
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Fair Value of Assets and Liabilities Measured on a Recurring Basis
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024:
Fair Value Measurements at Reporting Date Using
Balance as of June 30, 2025Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
Description
(In thousands)
Assets
Securities available for sale:
Government-sponsored residential mortgage-backed securities$2,577,580 $— $2,577,580 $— 
Government-sponsored commercial mortgage-backed securities1,072,719 — 1,072,719 — 
U.S. Treasury securities70,268 70,268 — — 
State and municipal bonds and obligations175,654 — 175,654 — 
Rabbi trust investments96,719 87,328 9,391 — 
Deferred compensation investments2,3952,395——
Loans held for sale————
Interest rate swap contracts:
Cash flow hedges - interest rate positions133 — 133 — 
Customer-related positions43,684 — 43,684 — 
Risk participation agreements6 — 6 — 
Foreign currency forward contracts:
Matched customer book2,548 — 2,548 — 
Foreign currency loan— — — — 
Mortgage derivatives36 — 36 — 
Total$4,041,742 $159,991 $3,881,751 $— 
Liabilities
Interest rate swap contracts:
Cash flow hedges - interest rate positions$3 $— $3 $— 
Customer-related positions67,601 — 67,601 — 
Risk participation agreements6 —6 —
Foreign currency forward contracts:
Matched customer book2,324 —2,324 —
Foreign currency loan51 —51 —
Mortgage derivatives28 — 28 — 
Total$70,013 $— $70,013 $— 
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Fair Value Measurements at Reporting Date Using
DescriptionBalance as of December 31, 2024Quoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Securities available for sale:
Government-sponsored residential mortgage-backed securities$2,561,895 $— $2,561,895 $— 
Government-sponsored commercial mortgage-backed securities1,161,111 — 1,161,111 — 
U.S. Agency bonds17,672 — 17,672 — 
U.S. Treasury securities97,619 97,619 — — 
State and municipal bonds and obligations183,301 — 183,301 — 
Rabbi trust investments98,981 91,445 7,536 — 
Deferred compensation plan investments2,439 2,439 — — 
Loans held for sale372—372—
Interest rate swap contracts:
Cash flow hedges - interest rate positions225 — 225 — 
Customer-related positions57,526 — 57,526 — 
Risk participation agreements4 — 4 — 
Foreign currency forward contracts:
Matched customer book1,990 — 1,990 — 
Foreign currency loan62 — 62 — 
Mortgage derivatives33 — 33 — 
Total$4,183,230 $191,503 $3,991,727 $— 
Liabilities
Interest rate swap contracts:
Cash flow hedges - interest rate positions$5 $— $5 $— 
Customer-related positions97,594 — 97,594 — 
Risk participation agreements4 — 4 — 
Foreign currency forward contracts:
Matched customer book1,980 — 1,980 — 
Foreign currency loan— — — — 
Mortgage derivatives41 — 41 — 
Total$99,624 $— $99,624 $— 
There were no transfers to or from Level 1, 2 and 3 during the six months ended June 30, 2025 or the twelve months ended December 31, 2024.
The Company held no assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of June 30, 2025 or December 31, 2024.
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis
The Company may also be required, from time to time, to measure certain other assets and liabilities on a nonrecurring basis in accordance with GAAP. The following tables summarize the fair value of assets and liabilities measured at fair value on a nonrecurring basis, as of June 30, 2025 and December 31, 2024.
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Fair Value Measurements at Reporting Date Using
DescriptionBalance as of June 30, 2025Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Individually assessed collateral-dependent loans whose fair value is based upon appraisals$18,412 $— $— $18,412 
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of December 31, 2024Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Individually assessed collateral-dependent loans whose fair value is based upon appraisals$79,156 $— $— $79,156 
For the valuation of the collateral-dependent loans, the Company relies primarily on third-party valuation information from certified appraisers and values are generally based upon recent appraisals of the underlying collateral, brokers’ opinions based upon recent sales of comparable properties, estimated equipment auction or liquidation values, income capitalization, or a combination of income capitalization and comparable sales. Depending on the type of underlying collateral, valuations may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary.
Disclosures about Fair Value of Financial Instruments
The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:
Fair Value Measurements at Reporting Date Using
DescriptionCarrying Value as of June 30, 2025Fair Value as of June 30, 2025Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Held to maturity securities:
Government-sponsored residential mortgage-backed securities$221,347 $200,291 $— $200,291 $— 
Government-sponsored commercial mortgage-backed securities187,106 173,117 — 173,117 — 
State and municipal bonds and obligations61,706 60,968 — 60,968 — 
Corporate bonds29,000 29,274 — 29,274 — 
Loans, net of allowance for loan losses18,083,010 17,840,506 — — 17,840,506 
FHLB stock6,254 6,254 — 6,254 — 
Bank-owned life insurance207,129 207,129 — 207,129 — 
Liabilities
Deposits$21,220,780 $21,214,690 $— $21,214,690 $— 
FHLB advances26,797 24,691 — 24,691 — 
Interest rate swap collateral funds21,391 21,391 — 21,391 — 
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Fair Value Measurements at Reporting Date Using
DescriptionCarrying Value as of December 31, 2024Fair Value as of December 31, 2024Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs (Level 2)		Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Held to maturity securities:
Government-sponsored residential mortgage-backed securities$231,709 $202,271 $— $202,271 $— 
Government-sponsored commercial mortgage-backed securities189,006 169,453 — 169,453 — 
Loans, net of allowance for loan losses17,549,402 17,126,716 — — 17,126,716 
FHLB stock5,865 5,865 — 5,865 — 
Bank-owned life insurance204,704 204,704 — 204,704 — 
Liabilities
Deposits$21,319,340 $21,315,556 $— $21,315,556 $— 
FHLB advances17,589 15,310 — 15,310 — 
Interest rate swap collateral funds48,590 48,590 — 48,590 — 
This summary excludes certain financial assets and liabilities for which the carrying value approximates fair value. For financial assets, these may include cash and due from banks, federal funds sold and short-term investments. For financial liabilities, these may include federal funds purchased. These instruments would all be considered to be classified as Level 1 within the fair value hierarchy. Also excluded from the summary are financial instruments measured at fair value on a recurring and nonrecurring basis, as previously described.
14. Revenue from Contracts with Customers
Revenue from contracts with customers within the scope of ASC 606, Revenue from Contracts with Customers (Topic 606) (“ASC 606”) is recognized when control of goods or services is transferred to the customer, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company measures revenue and timing of recognition by applying the following five steps:
1.Identify the contract(s) with the customers
2.Identify the performance obligations
3.Determine the transaction price
4.Allocate the transaction price to the performance obligations
5.Recognize revenue when (or as) the entity satisfies a performance obligation
The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.
Performance obligations
The Company’s performance obligations are generally satisfied either at a point in time or over time, as services are rendered. Unsatisfied performance obligations at the report date are not material to the Company’s Consolidated Financial Statements.
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A portion of the Company’s noninterest income/(loss) is derived from contracts with customers within the scope of ASC 606. The Company has disaggregated such revenues by type of service, as presented in the table below. These categories reflect how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Investment advisory fees$17,282 $6,711 $33,719 $13,255 
Service charges on deposit accounts8,244 7,930 16,559 15,438 
Card income4,230 4,075 8,150 8,001 
Other noninterest income2,771 10,164 5,228 12,611 
Total noninterest income in-scope of ASC 60632,527 28,880 63,656 49,305 
Total noninterest income (loss) out-of-scope of ASC 60610,324 (3,532)(256,923)3,735 
Total noninterest income (loss)$42,851 $25,348 $(193,267)$53,040 
Additional information related to each of the revenue streams is further noted below.
Investment Advisory Fees
The Company offers investment management and trust services to individuals, institutions, small businesses and charitable institutions. Each investment management product is governed by its own contract along with a separate identifiable fee schedule unique to that product. The Company also offers additional services, such as estate settlement, financial planning, tax services, and other special services quoted at the customer’s request.
The asset management and/or custody fees are primarily based upon a percentage of the monthly valuation of the principal assets in the customer’s account. Customers are also charged a base fee which is prorated over a twelve-month period. Fees for additional or special services are generally fixed in nature and are charged as services are rendered. All revenue is recognized in correlation to the monthly management fee determinations or as transactional services are provided. Investment advisory fees earned but not yet received amounted to $6.1 million and $5.7 million as of June 30, 2025 and December 31, 2024, respectively.
Deposit Service Charges
The Company offers various deposit account products to its customers governed by specific deposit agreements applicable to either personal customers or business customers. These agreements identify the general conditions and obligations of both parties and include standard information regarding deposit account-related fees.
Deposit account services include providing access to deposit accounts as well as access to the various deposit transactional services of the Company. These transactional services are primarily those that are identified in the standard fee schedule, and include, but are not limited to, services such as overdraft protection, wire transfer, and check collection. The Company may charge monthly fixed service fees associated with the customer having access to the deposit account as well as separate fixed fees associated with and at the time specific transactions are entered into by the customer. As such, the Company considers that its performance obligations are fulfilled when customers are provided deposit account access or when the requested deposit transaction is completed.
Cash management services are a subset of the deposit service charges revenue stream. These services include automated clearing house, or ACH, transaction processing, positive pay, lockbox, and remote deposit services. These services are also governed by separate agreements entered into by the customer. The fee arrangement for these services is structured as a fixed fee per transaction which may be offset by earnings credits. An earnings credit is a discount that a customer receives based upon the investable balance in the applicable covered deposit account(s) for a given month. Earnings credits are only good for the given month. That is, if cash management fees for a given month are less than the month’s earnings credit, the remainder of the credit does not carry over to the following month. Cash management fees are recognized as revenue in the month that the services are provided. Cash management fees earned but not yet received amounted to $1.6 million as of both June 30, 2025 and December 31, 2024 and were included in other assets in the Company’s Consolidated Balance Sheets.
Card Income
The Company provides debit cards to its customers which are authorized and settled through various card payment networks, and in exchange, the Company earns revenue as determined by each payment network’s interchange program.
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Regardless of the network that is utilized to authorize and settle the payment, the merchant that provides the product or service to the debit card holder is ultimately responsible for the interchange payment to the Company. Debit card processing fees are recognized as card transactions are settled within each network. In addition, the Company receives income for credit card referrals from third party credit card providers, which it offers to its customers. Card income fees earned but not yet received amounted to $0.8 million and $1.2 million as of June 30, 2025 and December 31, 2024, respectively, and were included in other assets in the Company’s Consolidated Balance Sheets.
Other Noninterest Income
The Company earns various types of other noninterest income that have been aggregated into one general revenue stream in the table noted above. Noninterest income in-scope of ASC 606 includes, but is not limited to, the following types of revenue with customers: safe deposit rent, ATM surcharge fees and customer checkbook fees. Individually, these sources of noninterest income are not material.
15. Other Comprehensive Income (Loss)
The following tables present a reconciliation of the changes in the components of other comprehensive income (loss) for the dates indicated including the amount of income tax (expense) benefit allocated to each component of other comprehensive income (loss):
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Pre Tax
Amount		Tax
(Expense) Benefit		After Tax
Amount		Pre Tax
Amount		Tax
(Expense) Benefit		After Tax
Amount
(In thousands)
Unrealized gains on securities available for sale:
Change in fair value of securities available for sale (1)
$26,211 $13,610 $39,821 $99,640 $(90,828)$8,812 
Less: reclassification adjustment for losses included in net income (1)
— 19,936 19,936 (269,638)7,247 (262,391)
Net change in fair value of securities available for sale
26,211 (6,326)19,885 369,278 (98,075)271,203 
Unrealized gains on cash flow hedges:
Change in fair value of cash flow hedges
(432)120 (312)5,973 (1,654)4,319 
Less: net cash flow hedge losses reclassified into interest income(7,981)2,211 (5,770)(15,914)4,408 (11,506)
Net change in fair value of cash flow hedges
7,549 (2,091)5,458 21,887 (6,062)15,825 
Defined benefit pension plans:
Change in actuarial net loss— — — — — — 
Less: amortization of actuarial net loss(980)272 (708)(1,905)528 (1,377)
Less: accretion of prior service credit2,488 (689)1,799 4,983 (1,380)3,603 
Net change in other comprehensive income for defined benefit postretirement plans
(1,508)417 (1,091)(3,078)852 (2,226)
Total other comprehensive income$32,252 $(8,000)$24,252 $388,087 $(103,285)$284,802 
(1)Refer to Note 8, “Income Taxes,” for more information regarding the Company’s treatment of the loss on sale of securities during the six months ended June 30, 2025 for tax purposes.
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Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Pre Tax
Amount		Tax
Benefit (Expense)		After Tax
Amount		Pre Tax
Amount		Tax
Benefit (Expense)		After Tax
Amount
(In thousands)
Unrealized losses on securities available for sale:
Change in fair value of securities available for sale
$(11,303)$5,446 $(5,857)$(48,388)$14,972 $(33,416)
Less: reclassification adjustment for losses included in net income(7,557)2,094 (5,463)(7,557)2,094 (5,463)
Net change in fair value of securities available for sale
(3,746)3,352 (394)(40,831)12,878 (27,953)
Unrealized losses on cash flow hedges:
Change in fair value of cash flow hedges
(11,996)3,323 (8,673)(51,551)14,279 (37,272)
Less: net cash flow hedge losses reclassified into interest income(14,062)3,895 (10,167)(28,103)7,784 (20,319)
Net change in fair value of cash flow hedges
2,066 (572)1,494 (23,448)6,495 (16,953)
Defined benefit pension plans:
Change in actuarial net loss— — — — — — 
Less: amortization of actuarial net loss(1,775)492 (1,283)(3,550)984 (2,566)
Less: accretion of prior service credit2,489 (690)1,799 4,977 (1,379)3,598 
Net change in other comprehensive income for defined benefit postretirement plans
(714)198 (516)(1,427)395 (1,032)
Total other comprehensive income (loss)$(2,394)$2,978 $584 $(65,706)$19,768 $(45,938)
The following table illustrates the changes in the balances of each component of accumulated other comprehensive (loss) income, net of tax:
Unrealized
Gains and
(Losses) on
Available for
Sale Securities		Unrealized
Gains and
(Losses) on
Cash Flow
Hedges		Defined Benefit
Pension Plans		Total
(In thousands)
Beginning Balance: January 1, 2025$(583,875)$(26,470)$26,016 $(584,329)
Other comprehensive income before reclassifications8,812 4,319 — 13,131 
Less: Amounts reclassified from accumulated other comprehensive loss(262,391)(11,506)2,226 (271,671)
Net current-period other comprehensive income (loss)271,203 15,825 (2,226)284,802 
Ending Balance: June 30, 2025$(312,672)$(10,645)$23,790 $(299,527)
Beginning Balance: January 1, 2024$(584,243)$(31,571)$7,462 $(608,352)
Other comprehensive loss before reclassifications(33,416)(37,272)— (70,688)
Less: Amounts reclassified from accumulated other comprehensive loss(5,463)(20,319)1,032 (24,750)
Net current-period other comprehensive (loss)(27,953)(16,953)(1,032)(45,938)
Ending Balance: June 30, 2024$(612,196)$(48,524)$6,430 $(654,290)
16. Segment Reporting
An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and evaluate performance. The Company has determined that its CODM is its Executive Chair. The Company has one reportable segment: its banking
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business, which consists of a full range of banking lending, savings, and small business offerings, and its wealth management and trust operations. The CODM makes operating and resource allocation decisions based upon the results of the Company’s core banking business. The core banking business, which is comprised of the commercial group, consumer group, and wealth management components, is managed by the Company’s Executive Chair and resource allocation decisions are made by the CODM as a single operating segment rather than at the individual component level. Each of these components are conducted and financed through banking activities and operations. The core banking business activities are interrelated and viewed by management as a single operating segment.
The accounting policies of the banking business segment are the same as those described in the summary of significant accounting policies in Note 2, “Summary of Significant Accounting Policies” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in the Company’s 2024 10-K. The CODM assesses performance of the banking business segment and decides how to allocate resources based upon net income that is reported on the Consolidated Statements of Income as net income (loss). The measure of segment assets is reported on the Consolidated Balance Sheets as total assets. The CODM uses net income (loss) to evaluate income generated from segment assets in deciding whether to reinvest profits into the banking business segment or into other parts of the Company, such as for acquisitions, to pay dividends, or to repurchase outstanding shares. Net income is used to monitor budget versus actual results. The CODM also uses net income (loss) in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company does not have intra-entity sales.
The CODM uses consolidated profit and loss measures which are presented on the Company’s Consolidated Statements of Income. Therefore, refer to the Consolidated Statements of Income for quantitative information regarding the banking business segment operating results. The segment operating results include certain other segment items which are included in other noninterest expense within the Consolidated Statements of Income. Significant expense items included in the other noninterest expense line include operational losses, which are primarily comprised of debit card and bad check losses, liability insurance expense, and other loan expenses, which are primarily comprised of legal collection fees and certain origination and servicing-related expenses. The CODM reviews such amounts as a whole in their review of segment operating results.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This section is intended to assist in the understanding of the financial performance of the Company and its subsidiaries through a discussion of our financial condition at June 30, 2025, and our results of operations for the three and six months ended June 30, 2025 and 2024. This section should be read in conjunction with the unaudited interim condensed consolidated financial statements and notes thereto of the Company appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q and the Company’s 2024 Form 10-K.
Forward-Looking Statements
When we use the terms “we,” “us,” “our,” and the “Company,” we mean Eastern Bankshares, Inc., a Massachusetts corporation, and its consolidated subsidiaries, taken as a whole, unless the context otherwise indicates.
Certain statements contained in this Quarterly Report on Form 10-Q that are not historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.
Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the following factors:
•changes in regional, national or international macroeconomic conditions, including changes in inflation, recessionary pressures or interest rates in the United States;
•the possibility that future credit losses, loan defaults and charge-off rates are higher than expected due to changes in economic assumptions or adverse economic developments;
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•general business and economic conditions on a national basis and in the local markets in which we operate, including those impacting credit quality;
•turbulence in the capital and debt markets and within the banking industry;
•decreases in the value of securities and other assets;
•decreases in deposit levels necessitating increased borrowing to fund loans, investments and other needs;
•competitive pressures from other financial institutions;
•operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics, including COVID-19;
•a regulatory reform agenda implemented by the Trump administration that is significantly different from that of the Biden administration, impacting the rulemaking, supervision, examination and enforcement priorities of the federal banking agencies;
•changes in regulation, regulatory policy, legislation, accounting standards and practices, and fiscal monetary policy, particularly in light of the shift in presidential administrations and the potential for related shifts in agency policy and leadership;
•risks related to the Trump administration’s increased focus on widespread implementation of stablecoins and other digital assets;
•the risk that goodwill and intangibles recorded in our financial statements will become impaired;
•risks related to the implementation of acquisitions, dispositions, and restructurings, including our 2024 merger with Cambridge Bancorp and Cambridge Trust Company, which is further described in Part I, Item 1 of our 2024 Annual Report on Form 10-K under “Recent Acquisitions – Bank Acquisitions” and pending merger with HarborOne Bancorp and HarborOne Bank which we announced on April 24, 2025, including the risk that acquisitions may not be timely completed or at all and may not produce results at levels or within time frames originally anticipated, including due to delays in obtaining regulatory approvals or to the conditions associated with such approvals;
•potential risks related to the integration of our completed or pending acquisitions, including that revenue and expense synergies or other expected benefits may not materialize or may be more costly to achieve than anticipated and that the combined businesses may not perform as expected;
•the risk that we may not be successful in the implementation of our business strategy;
•changes in assumptions used in making such forward-looking statements; and
•other risks and uncertainties detailed in this Quarterly Report on Form 10-Q and in Part I, Item 1A of our 2024 Form 10-K and as may be further updated in our filings with the SEC from time to time.
Forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition and results of operations is based upon our condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results could differ from these estimates. Our significant accounting policies are discussed in detail in our 2024 Form 10-K, as updated by the notes to our Unaudited Interim Condensed Consolidated Financial Statements accompanying this Quarterly Report on Form 10-Q.
There have been no other material changes in critical accounting policies during the three and six months ended June 30, 2025.
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Overview
We are a bank holding company, and our principal subsidiary, Eastern Bank, is a Massachusetts-chartered bank that has served the banking needs of our customers since 1818. Our business philosophy is to operate as a diversified financial services enterprise providing a broad array of banking and other financial services primarily to retail, commercial and small business customers. We had total assets of $25.5 billion and $25.6 billion at June 30, 2025 and December 31, 2024, respectively. We are subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks, the New Hampshire Banking Department, the FDIC, the Federal Reserve Board and the Consumer Financial Protection Bureau. Our business consists of a full range of banking, lending (commercial, residential and consumer), savings and small business offerings, including our wealth management and trust operations that we conduct under our “Cambridge Trust Wealth Management, a division of Eastern Bank” brand name (“Cambridge Trust Wealth Management division”).
Net income and net loss for the three and six months ended June 30, 2025, respectively, computed in accordance with GAAP was $100.2 million and $117.4 million, respectively, as compared to net income of $26.3 million and $65.0 million for the three and six months ended June 30, 2024, respectively. The increase in net income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily due to increased net interest income and increased noninterest income during the three months ended June 30, 2025. Refer to the later sections titled “Results of Operations” within this Item 2 for additional discussion. The decrease in net income from the six months ended June 30, 2024 to a net loss for six months ended June 30, 2025 was primarily due to losses on sales of securities during the six months ended June 30, 2025. Refer to the later sections titled “Results of Operations” within this Item 2 for additional discussion
Net income and loss for the three and six months ended June 30, 2025, respectively, and net income for the three and six months ended June 30, 2024 included items that our management considers non-core, which management excludes for purposes of assessing our operating net income, a non-GAAP financial measure. Operating net income for the three and six months ended June 30, 2025 was $81.7 million and $149.2 million, respectively, compared to operating net income for the three and six months ended June 30, 2024 of $37.1 million and $77.1 million, respectively, representing increases of 120.1% and 93.5%, respectively. These increases were primarily due to higher net interest income for both the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 partially offset by higher noninterest expense on an operating basis for both the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. See “Non-GAAP Financial Measures” and “Results of Operations” within this Item 2 for a reconciliation of operating net income to net income on a GAAP basis and further discussion of noninterest income and noninterest expense.
Banking Business
Our banking business offers a range of commercial, retail, wealth management and banking service, and consists primarily of attracting deposits from the general public, including municipalities, and investing those deposits, together with borrowings and funds generated from operations, to originate loans in a variety of sectors and to invest in securities. Our financial condition and results of operations depend primarily on (i) attracting and retaining relatively low cost, stable deposits, (ii) using those deposits to originate and acquire loans and earn net interest income and (iii) operating expenses incurred.
Lending Activities
We use funds obtained from deposits, as well as funds obtained from the FHLBB advances, primarily to originate loans and to invest in securities. Our lending focuses on the following categories of loans:
Commercial Lending
•Commercial and industrial: Loans in this category consist of revolving and term loans extended to businesses and corporate enterprises for the purpose of financing working capital, facilitating equipment purchases and facilitating acquisitions. As of June 30, 2025 and December 31, 2024, we had total commercial and industrial loans of $3.6 billion and $3.3 billion, respectively, representing 19.8% and 18.4%, respectively, of our total loans. The primary risk associated with commercial and industrial loans is the ability of borrowers to achieve business results consistent with those projected at origination. Our primary focus for commercial and industrial loans is middle-market companies located in the markets we serve. In addition, we participate in the syndicated loan market and the SNC Program. Our commercial and industrial portfolio also includes our Asset Based Lending Portfolio (“ABL Portfolio”) and industrial revenue bonds (“IRBs”) which are municipal bonds issued to finance major capital projects. The majority of our IRB portfolio is in educational and other non-profit sectors.
•Commercial real estate: Loans in this category include mortgage loans and lines of credit on commercial real estate, both investment and owner occupied. Property types financed include office, industrial, multi-family, affordable housing, retail, hotel, and other type properties. As of June 30, 2025 and December 31, 2024, we had total commercial real estate loans of $7.2 billion and $7.0 billion, respectively, representing 39.5% and
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39.6%, respectively, of our total loans as of each period end. As of June 30, 2025 and December 31, 2024, owner occupied loans totaled $948.5 million and $947.2 million, respectively, representing 13.1% and 13.4%, respectively, of our commercial real estate loans. Collateral values are established by independent third-party appraisals and evaluations. The primary repayment sources include operating income generated by the real estate, permanent debt refinancing and/or the sale of the real estate. Our commercial real estate loan portfolio also includes loans included in our SNC Program portfolio described above and IRB loans.
•Commercial construction: Loans in this category include construction project financing and are comprised of commercial real estate, business banking and residential loans for the purpose of constructing and developing real estate. As of June 30, 2025 and December 31, 2024, we had total commercial construction loans of $470.5 million and $491.6 million, respectively, representing 2.6% and 2.8%, respectively, of our total loans. Our commercial construction loan portfolio also includes loans included in our SNC Program portfolio described above and IRB loans.
•Business banking: Loans in this category are comprised of loans to small businesses with exposures of under $1.0 million and small investment real estate projects with exposures of under $3.0 million. These loans are separate and distinct from our commercial and industrial and commercial real estate portfolios described above due to the size of the loans. As of both June 30, 2025 and December 31, 2024, we had total business banking loans of $1.4 billion, representing 7.7% and 8.1%, respectively, of our total loans for each period end. In this category, commercial and industrial loans and commercial real estate loans totaled $236.0 million and $1.2 billion, respectively, as of June 30, 2025, and $244.4 million and $1.2 billion, respectively, as of December 31, 2024.
Business banking originations include traditionally underwritten loans as well as partially automated scored loans. Our proprietary decision matrix, which includes a number of quantitative factors including, but not limited to, a guarantor’s credit score, industry risk, and time in business, is used to determine whether to make business banking loans. We also engage in SBA lending. SBA guarantees reduce our risk of loss when default occurs and are considered a credit enhancement to the loan structure
Residential Lending
•Residential real estate: Loans in this category consist of mortgage loans on residential real estate. As of both June 30, 2025 and December 31, 2024, we had total residential real estate loans of $3.9 billion, representing 21.2% and 22.1%, respectively, of our total loans. Underwriting considerations include, among others, income sources and their reliability, willingness to repay as evidenced by credit repayment history, financial resources including cash reserves and the value of the collateral. We maintain policy standards for minimum credit scores and cash reserves and maximum loan-to-value consistent with a “prime” portfolio. Collateral consists of mortgage liens on residential dwellings. We do not originate or purchase sub-prime or other high-risk loans. Residential real estate loans are originated either for sale to investors or to retain in our loan portfolio. Decisions about whether to sell or retain residential real estate loans are made based on the interest rate characteristics, pricing for loans in the secondary mortgage market, competitive factors and our capital needs. During the three and six months ended June 30, 2025, residential real estate mortgage loan originations were $128.0 million and $183.5 million, respectively, of which $9.7 million and $22.8 million, respectively, were sold on the secondary markets. Comparatively, during the three and six months ended June 30, 2024, residential real estate mortgage loan originations were $89.3 million and $127.6 million, respectively, of which $14.8 million and $34.7 million, respectively, were sold on the secondary markets.
Consumer Lending
•Consumer home equity: Loans in this category consist of home equity lines of credit and home equity loans. As of June 30, 2025 and December 31, 2024, we had total consumer home equity loans of $1.5 billion and $1.4 billion, respectively, representing 8.0% and 7.8%, respectively, of our total loans. Home equity lines of credit are granted for ten years with monthly interest-only repayment requirements. Full principal repayment is required at the end of the ten-year draw period. Home equity lines of credit can be converted to term loans that are fully amortized. Underwriting considerations are materially consistent with those utilized in the residential real estate category. Collateral consists of a senior or subordinate lien on owner-occupied residential property.
•Other consumer: Loans in this category consist of unsecured personal lines of credit, overdraft protection, automobile and aircraft loans, home improvement loans and other personal loans. As of June 30, 2025 and December 31, 2024, we had total other consumer loans of $222.6 million and $227.2 million, respectively, representing 1.2% and 1.3%, respectively, of our total loans. Our policy and underwriting in this category
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include the following factors, among others: income sources and reliability, credit histories, term of repayment and collateral value, as applicable.
Other Products and Services
In addition to our lending activities, which are the core part of our banking business, we offer other banking products and services primarily related to (i) other commercial banking products, (ii) other consumer deposit products and (iii) wealth management services.
Other Commercial Banking Products
•We offer a variety of deposit, treasury management, electronic banking, interest rate protection and foreign exchange products to our customers. In addition, we offer cash management services to our corporate and municipal clients. Deposit products include checking products, both interest-bearing and noninterest-bearing, as well as money market deposits, savings deposits and certificates of deposits. Our treasury management products include a variety of cash management and payment products. Our interest rate protection and foreign exchange products include interest rate swaps and currency related transactions.
Other Consumer Deposit Products
•We offer a wide variety of deposit products and services to our consumer customers. We service these customers through our 109 branches located in eastern Massachusetts and New Hampshire, through our call center and through our online and mobile banking applications.
Wealth Management Services
•Through our Cambridge Trust Wealth Management division, we provide a wide range of trust services, including (i) managing customer investments, (ii) serving as custodian for customer assets, and (iii) providing other fiduciary services, including serving as the trustee and personal representative of estates. As of June 30, 2025 and December 31, 2024, we held $9.2 billion and $8.7 billion, respectively, of assets in a fiduciary, custodial or agency capacity for customers, which are not our assets and therefore not included on the Consolidated Balance Sheets included in this Quarterly Report on Form 10-Q. For the three and six months ended June 30, 2025, we had noninterest income of $17.3 million and $33.7 million, respectively, from providing these services compared to $6.7 million and $13.3 million for the three and six months ended June 30, 2024, respectively.
Outlook and Trends
Acquisitions
Proposed Acquisition
On April 24, 2025, Eastern Bankshares, Inc. and our wholly owned subsidiary, Eastern Bank, HarborOne Bancorp, Inc. (“HarborOne”) and HarborOne Bank, a wholly owned subsidiary of HarborOne Bancorp, Inc. (“HarborOne”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, we will acquire HarborOne and HarborOne Bank through the merger of HarborOne with and into the Eastern Bankshares, Inc., with Eastern Bankshares, Inc. as the surviving entity (the “Merger”). The Merger Agreement further provides that following the Merger, HarborOne Bank will merge with and into Eastern Bank, with Eastern Bank as the surviving entity.
Prior to the effective time of the Merger (the “Effective Time”), shareholders of HarborOne will elect to receive for each share of HarborOne common stock (“HarborOne Common Stock”) either (i) 0.765 shares of Eastern Bankshares, Inc. common stock (the “Stock Consideration” or the “Exchange Ratio”) or (ii) $12.00 in cash (the “Cash Consideration”). Subject to proration, HarborOne shareholders will have the right to elect the Stock Consideration or Cash Consideration so long as the
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total number of shares of HarborOne Common Stock that receive the Stock Consideration represents between 75% and 85% of the total number of shares of HarborOne Common Stock outstanding immediately prior to the Effective Time.
Subject to the fulfillment or, if permissible, waiver of the closing conditions under the Merger, we anticipate that the Merger will close during the fourth quarter of 2025, although we have the right under the Merger Agreement to defer the closing until February 20, 2026 if the closing conditions are satisfied after October 31, 2025 but before February 20, 2026.
HarborOne, a Massachusetts corporation, is a federally registered bank holding company headquartered in Brockton, Massachusetts. HarborOne Bank, a state-chartered trust company that was originally established in 1917, is a wholly-owned subsidiary of HarborOne that operates through a network of 30 full-service branches in Massachusetts and Rhode Island with $5.6 billion in total assets and $4.5 billion in total deposits as of June 30, 2025. HarborOne’s core services also include its mortgage company, HarborOne Mortgage, which is a wholly-owned subsidiary of HarborOne Bank. HarborOne Mortgage is a residential mortgage company headquartered in New Hampshire that maintains offices in Massachusetts, New Hampshire, Rhode Island, Maine, New Jersey, and Florida, and is licensed to lend in five additional states.
During the three and six months ended June 30, 2025, we incurred and recorded merger and acquisition costs related to our proposed acquisition of HarborOne of $2.6 million. The following table presents HarborOne-related merger and acquisition costs by expense category, which are included in non-operating expenses on the Consolidated Statements of Income, for the three and six months ended June 30, 2025:
Merger Costs
(In thousands)
Data processing$18 
Professional services2,535 
Other non-operating expenses30 
Total$2,583 
Interest Rates
Beginning in March 2022, the Federal Open Market Committee (“FOMC”) voted to increase the federal funds rate multiple times from a range of 0.00% to 0.25% to a range of 5.25% to 5.50% on July 26, 2023, when the FOMC stated that it will continue to assess additional information and its implications for monetary policy. At its meeting on September 18, 2024, the FOMC decided to lower the target range for the federal funds rate by 50 basis points from the range set at its July 26, 2023 meeting to a range of 4.75% to 5.00%. At its meeting on November 7, 2024, the FOMC decided to lower the target range for the federal funds rate to a range of 4.50% to 4.75% and then again at its meeting on December 18, 2024 to a range of 4.25% to 4.50%. At its most recent meeting on July 30, 2025, the FOMC decided to maintain the target range for the federal funds rate at the range established following its December 18, 2024 meeting and indicated, in considering the extent and timing of additional adjustments to the target range for the federal funds rate, it will carefully assess incoming data, the evolving outlook, and the balance of risks. The FOMC further indicated it is strongly committed to supporting maximum employment and reducing the annual inflation rate to its 2 percent objective.
Inevitably, not all of our interest rate-sensitive assets and liabilities will re-price simultaneously and in equal volume in response to changes in the federal funds rate, and therefore the potential for interest rate exposure exists. Management believes that several factors will affect the actual impact of interest rate changes on our balance sheet and operating results, including, but not limited to, actual changes in interest rates or expectations of future changes, the degree of volatility in the securities markets, inflation rates or expectations of inflation, and the slope of the interest rate yield curve. We attempt to manage interest rate risk by identifying, quantifying, and, where appropriate, hedging our exposure. Approximately 35% of the outstanding principal balance of our loans, gross of outstanding interest rate swaps as described further below, as of June 30, 2025 was indexed to a market rate that is expected to re-price with similar magnitude and direction as the federal funds rate. A portion of these loans have been hedged using interest rate swaps to convert the floating rate interest receipts to a fixed rate. The notional amount of floating rate loans swapped totaled $2.4 billion on June 30, 2025, representing approximately 12.9% of the outstanding principal balance of our loans at that date. For more detail regarding such hedging financial instruments, refer to Note 11, “Derivative Financial Instruments” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q. Refer to the section titled “Management of Market Risk” within this Item 2 for additional discussion including the estimated change to our net interest income under interest rate risk measurement methodologies that use a variety of hypothetical scenarios assuming immediate and parallel changes in interest rates that may not reflect the manner in which actual yields and costs respond to changes in market interest rates.
Non-GAAP Financial Measures
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We present certain non-GAAP financial measures, which management uses to evaluate our performance, and which exclude the effects of certain transactions, non-cash items and GAAP adjustments that we believe are unrelated to our core business and are therefore not necessarily indicative of our current performance or financial position. Management believes excluding these items facilitates greater visibility for investors into our core business as well as underlying trends that may, to some extent, be obscured by inclusion of such items in the corresponding GAAP financial measures.
There are items in our financial statements that impact our results but which we believe are unrelated to our core business. Accordingly, we present operating net income, noninterest income on an operating basis, noninterest expense on an operating basis, total operating revenue, operating earnings per share, tangible net income to average tangible shareholders’ equity, tangible operating net income to average tangible shareholders' equity, tangible book value per share, and the operating efficiency ratio, each of which excludes the impact of such items because we believe such exclusion can provide greater visibility into our core business and underlying trends. Such items that we do not consider to be core to our business include (i) gains and losses on sales of securities available for sale, net, (ii) gains and losses on the sale of other assets, (iii) impairment charges on tax credit investments and associated tax credit benefits, (iv) OREO gains and losses, (v) merger and acquisition expenses, and (vi) certain discrete tax items. There were no expenses indirectly associated with OREO gains or losses, or impairment charges on tax credit investments and associated tax credit benefits during the periods presented in this Quarterly Report on Form 10-Q.
We also present tangible shareholders’ equity, tangible assets, the ratio of tangible shareholders’ equity to tangible assets, average tangible shareholders’ equity, the ratios of tangible net income (loss) and tangible operating net income to average tangible shareholders’ equity and tangible book value per share, each of which excludes the impact of goodwill and other intangible assets, as we believe these financial measures provide investors with the ability to further assess our performance, identify trends in our core business and provide a comparison of our capital adequacy to other companies. We have included the tangible ratios because management believes that investors may find it useful to have access to the same analytical tools used by management to assess performance and identify trends.
In the first quarter of 2025, we changed our computation of operating net income to exclude, as an adjustment to net income (loss) in arriving at operating net income, income from investments held in rabbi trust and rabbi trust employee benefit expense. Management believes these changes result in a more meaningful measure of our financial performance and allow for better comparability to peer companies. Prior period results have been recast for comparability purposes
Our non-GAAP financial measures should not be considered as an alternative or substitute to GAAP net income (loss), or as an indication of our cash flows from operating activities, a measure of our liquidity or an indication of funds available for our cash needs. An item which we consider to be non-core and exclude when computing these non-GAAP financial measures can be of substantial importance to our results for any particular period. In addition, our methodology for calculating non-GAAP financial measures may differ from the methodologies employed by other companies to calculate the same or similar performance measures and, accordingly, our reported non-GAAP financial measures may not be comparable to the same or similar performance measures reported by other companies.
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The following table summarizes the impact of non-core items recorded for the time periods indicated below and reconciles them to the most directly comparable GAAP financial measure:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Dollars in thousands, except per share data)
Net income (loss) (GAAP)$100,233 $26,331 $(117,433)$64,978 
Non-GAAP adjustments:
Add:
Noninterest income components:
Losses on sales of securities available for sale, net— 7,557 269,638 7,557 
(Gains) losses on sales of other assets(618)2 12 2 
Noninterest expense components:
Merger and acquisition expenses2,583 3,684 2,583 5,500 
Total impact of non-GAAP adjustments1,965 11,243 272,233 13,059 
Less net tax benefit associated with non-GAAP adjustment (1)20,472 435 5,590 938 
Non-GAAP adjustments, net of tax$(18,507)$10,808 $266,643 $12,121 
Operating net income (non-GAAP)$81,726 $37,139 $149,210 $77,099 
Weighted average common shares outstanding during the period:
Basic198,531,054163,145,255199,275,436163,004,093
Diluted198,992,111163,499,296199,275,436163,390,421
Diluted for operating earnings per share computation (2)198,992,111163,499,296200,095,230163,390,421
Earnings (losses) per share, basic$0.50 $0.16 $(0.59)$0.40 
Earnings (losses) per share, diluted$0.50 $0.16 $(0.59)$0.40 
Operating earnings per share, basic (non-GAAP)$0.41 $0.23 $0.75 $0.47 
Operating earnings per share, diluted (non-GAAP)$0.41 $0.23 $0.75 $0.47 
(1)The net tax benefit associated with these items is generally determined by assessing whether each item is included or excluded from net taxable income and applying our combined statutory tax rate only to those items included in net taxable income. For discussion regarding the net tax expense recognized for the three and six months ended June 30, 2025, refer to Note 8, “Income Taxes” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.
(2)For the six-month period ended June 30, 2025, which ended in a net loss, common stock equivalents are excluded from the calculation of diluted earnings per share for GAAP purposes as inclusion would have had an anti-dilutive effect. Common stock equivalents were included for purposes of computing diluted operating earnings per share.
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The following table summarizes the impact of non-core items with respect to our total revenue, noninterest income (loss), noninterest expense, and the efficiency ratio, which reconciles to the most directly comparable respective GAAP financial measure, for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Dollars in thousands)
Net interest income (GAAP)$202,030 $128,649 $390,929 $258,549 
Add:
Tax-equivalent adjustment (non-GAAP)4,805 4,553 9,412 9,036 
Fully-taxable equivalent net interest income on an operating basis (non-GAAP)206,835 133,202 400,341 267,585 
Noninterest income (loss) (GAAP)42,851 25,348 (193,267)53,040 
Less:
Losses on sales of securities available for sale, net— (7,557)(269,638)(7,557)
Gains (losses) on sales of other assets618 (2)(12)(2)
Noninterest income on an operating basis (non-GAAP)42,233 32,907 76,383 60,599 
Noninterest expense (GAAP)$136,961 $109,869 $267,081 $211,071 
Less:
Merger and acquisition expenses2,583 3,684 2,583 5,500 
Noninterest expense on an operating basis (non-GAAP)134,378 106,185 264,498 205,571 
Amortization of intangible assets7,807 504 15,615 1,008 
Noninterest expense for calculation of operating efficiency ratio (non-GAAP)$126,571 $105,681 $248,883 $204,563 
Total revenue (GAAP)$244,881 $153,997 $197,662 $311,589 
Total operating revenue (non-GAAP)$249,068 $166,109 $476,724 $328,184 
Ratios:
Efficiency ratio (GAAP)55.93 %71.34 %135.12 %67.74 %
Operating efficiency ratio (non-GAAP)50.82 %63.62 %52.21 %62.33 %
The following table summarizes the calculation of our tangible shareholders’ equity, tangible assets, the ratio of tangible shareholders’ equity to tangible assets, and tangible book value per share, which reconciles to the most directly comparable respective GAAP measure, as of the dates indicated:
As of June 30,As of December 31,
20252024
(Dollars in thousands, except per share data)
Tangible shareholders’ equity:
Total shareholders’ equity (GAAP)$3,683,891 $3,611,967 
Less: Goodwill and other intangibles1,034,543 1,050,158 
Tangible shareholders’ equity (non-GAAP)2,649,348 2,561,809 
Tangible assets:
Total assets (GAAP)25,456,168 25,557,880 
Less: Goodwill and other intangibles1,034,543 1,050,158 
Tangible assets (non-GAAP)$24,421,625 $24,507,722 
Shareholders’ equity to assets ratio (GAAP)14.5 %14.1 %
Tangible shareholders’ equity to tangible assets ratio (non-GAAP)10.8 %10.5 %
Book value per share:
Common shares issued and outstanding211,463,296213,909,472
Book value per share (GAAP)$17.42 $16.89 
Tangible book value per share (non-GAAP)$12.53 $11.98 
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The following table summarizes the calculation of our average tangible shareholders’ equity and ratio of net income (loss) and operating net income to average tangible shareholders’ equity (“operating return on average tangible shareholders’ equity”), which reconciles to the most directly comparable GAAP measure, for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Dollars in thousands)
Tangible net income (loss):
Net income (loss) (GAAP)$100,233 $26,331 $(117,433)$64,978 
Add: Amortization of intangible assets7,807 504 15,615 1,008 
Less: Tax effect of amortization of intangible assets (3)2,163 140 4,325 279 
Tangible net income (loss) (non-GAAP)$105,877 $26,695 $(106,143)$65,707 
Operating net income (non-GAAP) (1)$81,726 $37,139 $149,210 $77,099 
Add: Amortization of intangible assets7,807 504 15,615 1,008 
Less: Tax effect of amortization of intangible assets (3)2,163 140 4,325 279 
Tangible operating net income (non-GAAP)$87,370 $37,503 $160,500 $77,828 
Average tangible shareholders’ equity:
Average total shareholders’ equity (GAAP)$3,623,169 $2,928,101 $3,603,341 $2,949,430 
Less: Average goodwill and other intangibles1,039,634 565,523 1,043,530 565,775 
Average tangible shareholders’ equity (non-GAAP)$2,583,535 $2,362,578 $2,559,811 $2,383,655 
Ratios:
Return (loss) on average total shareholders’ equity (GAAP) (2)11.10 %3.62 %(6.57)%4.43 %
Return (loss) on average tangible shareholders’ equity (non-GAAP) (2)16.44 %4.54 %(8.36)%5.54 %
Operating return on average tangible shareholders’ equity (non-GAAP) (2)13.56 %6.38 %12.64 %6.57 %
(1)Refer to the table above within this “Non-GAAP Financial Measures” section for a reconciliation of operating net income to net income (loss).
(2)Presented on an annualized basis.
(3)The tax effect of amortization of intangible assets was calculated using our combined statutory tax rate of 27.7%.
Financial Position
Summary of Financial Position
As of June 30, 2025As of December 31, 2024Change
Amount ($)Percentage (%)
(Dollars in thousands)
Cash and cash equivalents$553,506 $1,006,880 $(453,374)(45.0)%
Securities available for sale3,896,221 4,021,598 (125,377)(3.1)%
Securities held to maturity499,159 420,715 78,444 18.6 %
Loans, net of allowance for loan losses18,083,010 17,549,402 533,608 3.0 %
Federal Home Loan Bank stock6,254 5,865 389 6.6 %
Goodwill and other intangible assets1,034,543 1,050,158 (15,615)(1.5)%
Deposits21,220,780 21,319,340 (98,560)(0.5)%
Borrowed funds48,188 66,179 (17,991)(27.2)%
Cash and cash equivalents
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Total cash and cash equivalents decreased by $453.4 million, or 45.0%, to $553.5 million at June 30, 2025 from $1.0 billion at December 31, 2024. This decrease was primarily due to an increase in gross loans of $510.7 million and a decrease in total deposits of $98.6 million. For further discussion of the change in deposits and loans, refer to the later “Deposits” and “Loans” sections in this Item 2.
Securities
Our current investment policy authorizes us to invest in various types of investment securities and liquid assets, including U.S. Treasury obligations, securities of government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate debt obligations, asset-backed securities and municipal securities. The Risk Management Committee of our Board of Directors is responsible for approving and overseeing our investment policy, which it reviews at least annually. This policy dictates that investment decisions be made based on the safety of the investment, liquidity requirements, potential returns and market risk considerations. We do not engage in any investment hedging activities or trading activities, nor do we purchase any high-risk investment products. We typically invest in the following types of securities:
U.S. government securities: As of June 30, 2025, our U.S. government securities consisted of U.S. Treasury securities. As of December 31, 2024, our U.S. government securities consisted of U.S. Agency bonds and U.S. Treasury securities. We maintain these investments, to the extent appropriate, for liquidity purposes, at zero risk weighting for capital purposes, and as collateral for interest rate derivative positions. U.S. Agency bonds include securities issued by Fannie Mae, Freddie Mac, the FHLB, and the Federal Farm Credit Bureau.
Mortgage-backed securities: We invest in residential and commercial mortgage-backed securities insured or guaranteed by Freddie Mac, Ginnie Mae or Fannie Mae, including collateralized mortgage obligations. We have not purchased any privately-issued mortgage-backed securities. We invest in mortgage-backed securities to achieve a positive interest rate spread with minimal administrative expense, and to lower our credit risk as a result of the guarantees provided by Freddie Mac, Ginnie Mae or Fannie Mae.
Investments in mortgage-backed securities involve a risk that actual payments will be greater or less than the prepayment rate estimated at the time of purchase, which may require adjustments to the amortization of any premium or accretion of any discount relating to such interests, thereby affecting the net yield on our securities. We periodically review current prepayment speeds to determine whether prepayment estimates require modification that could cause amortization or accretion adjustments. There is also reinvestment risk associated with the cash flows from such securities. In addition, the market value of such securities may be adversely affected by changes in interest rates.
State and municipal securities: We invest in fixed rate investment grade bonds issued primarily by municipalities in our local communities within Massachusetts and by the Commonwealth of Massachusetts. The market value of these securities may be affected by call options, long dated maturities, general market liquidity and credit factors.
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The following table shows the fair value of our securities by investment category as of the dates indicated:
Securities Portfolio Composition
As of June 30, 2025As of December 31, 2024
(In thousands)
Available for sale securities, at fair value:
Government-sponsored residential mortgage-backed securities$2,577,580 $2,561,895 
Government-sponsored commercial mortgage-backed securities1,072,719 1,161,111 
U.S. Agency bonds— 17,672 
U.S. Treasury securities70,268 97,619 
State and municipal bonds and obligations175,654 183,301 
Total available for sale securities, at fair value3,896,221 4,021,598 
Held to maturity securities, at amortized cost:
Government-sponsored residential mortgage-backed securities221,347 231,709 
Government-sponsored commercial mortgage-backed securities187,106 189,006 
State and municipal bonds and obligations61,706 — 
Corporate bonds29,000 — 
Total held to maturity securities, at amortized cost499,159 420,715 
Total$4,395,380 $4,442,313 
Our securities portfolio decreased $46.9 million, or 1.1%, to $4.4 billion at June 30, 2025 from $4.4 billion at December 31, 2024. This slight decrease was primarily due the offsetting effect of sales of AFS securities of $1.3 billion, AFS and HTM maturities and principal paydowns of $232.0 million, and purchases of AFS and HTM securities of $1.4 billion.
We did not have trading investments at June 30, 2025 or December 31, 2024.
A portion of our securities portfolio continues to be tax-exempt. Investments in federally tax-exempt securities totaled $237.2 million at June 30, 2025 compared to $183.1 million at December 31, 2024.
Our AFS securities are carried at fair value and are categorized within the fair value hierarchy based on the observability of model inputs. Securities which require inputs that are both significant to the fair value measurement and unobservable are classified as Level 3 within the fair value hierarchy. As of both June 30, 2025 and December 31, 2024, we had no securities categorized as Level 3 within the fair value hierarchy.
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The following tables show contractual maturities of our AFS and HTM securities and weighted average yields at and for the periods ended June 30, 2025 and December 31, 2024. Maturities of our securities portfolio are based on the final contractual payment dates, and do not reflect the effect of scheduled principal repayments, prepayments, or early redemptions that may occur. Weighted average yields in the tables below have been calculated based on the amortized cost of the security:
Securities Portfolio, Weighted Average Yield
Securities Maturing as of June 30, 2025 (1)
Within One
Year		After One
Year But
Within Five
Years		After Five Years But Within Ten YearsAfter Ten
Years		Total
Available for sale securities:
Government-sponsored residential mortgage-backed securities2.43 %2.37 %1.71 %2.90 %2.90 %
Government-sponsored commercial mortgage-backed securities— 3.94 1.98 2.03 3.03 
U.S. Treasury securities3.53 4.19 — — 4.00 
State and municipal bonds and obligations2.49 2.85 3.68 4.13 3.73 
Total available for sale securities3.26 %3.87 %2.71 %2.81 %2.99 %
Held to maturity securities:
Government-sponsored residential mortgage-backed securities— %— %— %2.86 %2.86 %
Government-sponsored commercial mortgage-backed securities— 2.16 2.36 — 2.22 
State and municipal bonds and obligations— — — 5.47 5.47 
Corporate bonds— — 7.28 — 7.28 
Total held to maturity securities— %2.16 %4.05 %3.43 %3.20 %
Total3.26 %3.60 %3.29 %2.86 %3.01 %
Securities Maturing as of December 31, 2024 (1)
Within One
Year		After One Year But Within Five YearsAfter Five Years But Within Ten YearsAfter Ten YearsTotal
Available for sale securities:
Government-sponsored residential mortgage-backed securities2.83 %2.37 %1.68 %1.71 %1.72 %
Government-sponsored commercial mortgage-backed securities— 1.96 2.32 1.94 2.02 
U.S. Agency bonds— 1.56 — — 1.56 
U.S. Treasury securities3.15 0.78 — — 1.96 
State and municipal bonds and obligations2.40 2.76 3.59 4.12 3.70 
Total available for sale securities3.07 %1.91 %2.49 %1.82 %1.89 %
Held to maturity securities:
Government-sponsored residential mortgage-backed securities— %— %— %2.86 %2.86 %
Government-sponsored commercial mortgage-backed securities— 2.16 2.36 — 2.22 
Total held to maturity securities— %2.16 %2.36 %2.86 %2.57 %
Total3.07 %1.95 %2.47 %1.88 %1.95 %
(1)Investment security weighted-average yields were calculated on a level-yield basis by weighting the tax equivalent yield for each security type by the book value of each maturity category.
The yield on tax-exempt obligations of states and political subdivisions has been adjusted to a fully-taxable equivalent (“FTE”) basis by adjusting tax-exempt income upward by an amount equivalent to the prevailing federal income taxes that would have been paid if the income had been fully taxable.
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Loans
The following table shows the composition of our loan portfolio, by category, as of the dates indicated:
Loan Portfolio Composition
Change
As of June 30, 2025As of December 31, 2024Amount ($)Percentage (%)
(Dollars in thousands)
Commercial and industrial$3,661,483 $3,296,068 $365,415 11.1 %
Commercial real estate7,293,754 7,119,523 174,231 2.4 %
Commercial construction472,329 494,842 (22,513)(4.5)%
Business banking1,422,574 1,448,176 (25,602)(1.8)%
Residential real estate4,016,401 4,063,659 (47,258)(1.2)%
Consumer home equity1,458,402 1,385,394 73,008 5.3 %
Other consumer264,847 271,422 (6,575)(2.4)%
Total gross loans$18,589,790 $18,079,084 $510,706 2.8 %
We consider our loan portfolio to be relatively diversified by borrower and industry. Our gross loans increased $0.5 billion, or 2.8%, to $18.6 billion at June 30, 2025 from $18.1 billion at December 31, 2024. The increase was primarily due to continued investment in resources targeted to grow our commercial and industrial loan portfolio and an increase in our commercial real estate investment loans driven by steady growth in our multifamily property type segment.
We believe that our commercial loan portfolio composition is relatively diversified in terms of industry sectors, property types and various lending specialties, and it is concentrated in the New England geographical area, with 80.9% of our commercial loans in Massachusetts and New Hampshire as of June 30, 2025.
Asset quality. We continually monitor the asset quality of our loan portfolio utilizing portfolio scorecards and various credit quality indicators. Based on this process, loans meeting certain criteria are categorized as delinquent or non-performing and further assessed to determine if non-accrual status is appropriate.
For the commercial portfolio, which includes our commercial and industrial, commercial real estate, commercial construction and business banking loans, we monitor credit quality using a risk rating scale, which assigns a risk-grade to each borrower based on a number of quantitative and qualitative factors associated with a commercial loan transaction. Management utilizes a loan risk rating methodology based on a 15-point scale with the assistance of risk rating scorecard tools. Pass grades are 0-10 and non-pass categories, which align with regulatory guidelines, are: special mention (11), substandard (12), doubtful (13) and loss (14).
Risk rating assignment is determined using one of 15 separate scorecards developed for distinctive portfolio segments based on common attributes. Key factors include: industry and market conditions, position within the industry, earnings trends, operating cash flow, asset/liability values, debt capacity, guarantor strength, management and controls, financial reporting, collateral and other considerations.
Special mention, substandard and doubtful loans totaled 3.6% and 4.9% of total commercial loans outstanding at June 30, 2025 and December 31, 2024, respectively.
Our philosophy toward managing our loan portfolios is predicated upon careful monitoring, which stresses early detection and response to delinquent and default situations. We seek to make arrangements to resolve any delinquent or default situation over the shortest possible time frame.
The delinquency rate of our total loan portfolio decreased to 0.38% at June 30, 2025, compared to 0.62% at December 31, 2024.
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The following table provides details regarding our delinquency rates as of the dates indicated:
Loan Delinquency Rates
Delinquency Rate as of
June 30, 2025December 31, 2024
Portfolio
Commercial and industrial0.02 %— %
Commercial real estate0.01 %0.46 %
Commercial construction— %— %
Business banking0.91 %1.19 %
Residential real estate1.02 %1.04 %
Consumer home equity1.10 %1.29 %
Other consumer0.26 %0.62 %
Total0.38 %0.62 %
As a general rule, loans more than 90 days past due with respect to principal or interest are classified as non-accrual loans. However, based on our assessment of collateral and/or payment prospects, certain loans that are more than 90 days past due may be kept on an accruing status. Income accruals are suspended on all non-accrual loans and all previously accrued and uncollected interest is reversed against current income. A loan is expected to remain on non-accrual status until it becomes current with respect to principal and interest, the loan is liquidated, or the loan is determined to be uncollectible and is charged-off against the allowance for loan losses.
Non-performing assets (“NPAs”) are comprised of non-performing loans (“NPLs”), OREO and non-performing securities. NPLs consist of non-accrual loans and loans that are more than 90 days past due but still accruing interest. OREO consists of real estate properties, which primarily serve as collateral to secure our loans, that we control due to foreclosure. These properties are recorded at the fair value less estimated costs to sell on the date we obtain control. Any write-downs to the cost of the related asset upon transfer to OREO to reflect the asset at fair value less estimated costs to sell is recorded through the allowance for loan losses.
NPLs decreased $81.1 million, or 59.7%, to $54.7 million at June 30, 2025 from $135.8 million at December 31, 2024. NPLs as a percentage of total loans decreased to 0.30% at June 30, 2025 from 0.76% at December 31, 2024. The decrease was primarily due to the sales of one non-performing commercial and industrial loan and several non-performing commercial real estate loans during the six months ended June 30, 2025. Also driving this decline is continued efforts to work with borrowers to either exit certain relationships through sales or otherwise alleviate non-performance through regular payoffs.
The total amount of interest recorded on NPLs during both the six months ended June 30, 2025 and 2024 was not significant. The gross interest income that would have been recorded under the original terms of those loans if they had been performing amounted to $2.8 million and $1.6 million for the six months ended June 30, 2025 and 2024, respectively.
In the course of resolving NPLs, we may choose to restructure the contractual terms of certain loans. We attempt to work-out alternative payment schedules with the borrowers in order to avoid foreclosure actions. The aggregate amortized cost balance as of June 30, 2025 of loans modified during the three and six months ended June 30, 2025 which were determined to be modifications to borrowers experiencing financial difficulty was $11.0 million and $14.2 million, respectively. The aggregate amortized cost balance as of June 30, 2024 of loans modified during the three and six months ended June 30, 2024 which were determined to be modifications to borrowers experiencing financial difficulty was $22.8 million and $23.7 million, respectively.
As of June 30, 2025, there were no loans that had been modified to borrowers experiencing financial difficulty during the during the twelve-month period then ended which had subsequently defaulted during the six months ended June 30, 2025. As of June 30, 2024, there were two loans with an aggregate balance of $0.1 million that had been modified to borrowers experiencing financial difficulty during the twelve-month period then ended which had subsequently defaulted during the six months ended June 30, 2024.
Our policy is that any restructured loan, which is on non-accrual status prior to being modified, remain on non-accrual status for approximately six months subsequent to being modified before we consider its return to accrual status. If the restructured loan is on accrual status prior to being modified, we review it to determine if the modified loan should remain on accrual status.
Purchased credit deteriorated (“PCD”) loans are loans that we acquired that have shown evidence of deterioration of credit quality since origination and, therefore, it was deemed unlikely that all contractually required payments would be
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collected upon the merger date. We consider factors such as payment history, collateral values and accrual status when determining whether there was evidence of deterioration at the merger date. As of June 30, 2025 and December 31, 2024, the carrying amount of PCD loans was $196.7 million and $331.4 million, respectively.
Potential Problem Loans. In the normal course of business, we become aware of possible credit problems in which borrowers exhibit the potential to be unable to comply in the future with the contractual terms of their loans, but which currently do not yet meet the criteria for classification as NPLs. These loans are neither delinquent nor on non-accrual status. Our potential problem loans, or loans with potential weaknesses that were not included in the non-accrual loans or in the loans 90 or more past due categories, decreased by $23.1 million, or 5.6%, to $388.9 million at June 30, 2025 from $412.0 million at December 31, 2024. These loans as a percentage of total loans decreased to 2.1% at June 30, 2025 from 2.3% at December 31, 2024. The decrease in potential problem loans from December 31, 2024 to June 30, 2025 was primarily due to the payoff of a commercial real estate loan during the six months ended June 30, 2025.
Commercial Real Estate Office Exposure. Our total office-related commercial real estate (“CRE”) loans (which is comprised of loans within our commercial real estate and construction portfolios that are secured by office space, medical office space, mixed-use, and laboratory/life sciences office properties where rental income is primarily from office space) totaled $1.0 billion as of both June 30, 2025 and December 31, 2024. As of June 30, 2025, our office-related CRE loans are primarily concentrated in Massachusetts, where approximately 91.7% of the total recorded investment balance of office-related CRE loans are located, and approximately 20.7% of the total recorded investment balance of office-related CRE loans are located in the City of Boston.
Given prevailing market conditions such as reduced occupancy as a result of the increase in hybrid and fully remote work arrangements post-COVID and lower commercial real estate valuations, we are carefully monitoring these loans for signs of deterioration in credit quality. Such monitoring includes incremental risk management strategies undertaken by management including monthly internal CRE office exposure portfolio reporting, more frequent portfolio reviews, ongoing monitoring of market conditions, and additional portfolio analysis such as maturity risk analysis and rent rollover risk analysis. As of June 30, 2025, one of these loans, which had an aggregate recorded investment balance of $10.1 million, was on non-accrual status. As of December 31, 2024, twelve of these loans were on non-accrual status and had an aggregate recorded investment balance of $87.0 million.
The following table sets forth the unpaid principal balance of office-related CRE loans by loan segment and credit quality indicator as of the dates indicated:
June 30, 2025December 31, 2024
(In thousands)
Commercial real estate
Pass$832,920 $848,526 
Special mention29,585 30,409 
Substandard82,184 71,088 
Doubtful10,141 87,012 
Total commercial real estate$954,830 $1,037,035 
Commercial construction
Pass$— $— 
Special mention945 621 
Substandard— 779 
Doubtful— — 
Total commercial construction$945 $1,400 
Total$955,775 $1,038,435 
The following table sets forth the unpaid principal balance of office-related CRE loans by loan segment and collateral use type as of the dates indicated:
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June 30, 2025December 31, 2024
(In thousands)
Commercial real estate
Office$410,510 $540,219 
Medical office68,811 55,333 
Mixed-use373,682 337,966 
Laboratory/life science (1)101,827 103,517 
Total commercial real estate$954,830 $1,037,035 
Commercial construction
Office$945 $1,400 
Medical office— — 
Mixed-use— — 
Laboratory/life science— — 
Total commercial construction$945 $1,400 
Total$955,775 $1,038,435 
(1)At June 30, 2025, we refined the presentation of CRE office risk segments resulting in the addition of the “laboratory/life science” risk segment. Loans in this risk segment were reported in other risk segments as of December 31, 2024 and were reclassified above for comparative purposes.
Allowance for credit losses. For the purpose of estimating our allowance for loan losses, we segregate the loan portfolio into loan categories, for loans that share similar risk characteristics, that possess unique risk characteristics such as loan purpose, repayment source, and collateral that are considered when determining the appropriate level of the allowance for loan losses for each category. Loans that do not share similar risk characteristics with other loans are evaluated individually.
While we use available information to recognize losses on loans, future additions or subtractions to/from the allowance for loan losses may be necessary based on changes in NPLs, changes in economic conditions, or other reasons. Additionally, various regulatory agencies, as an integral part of our examination process, periodically assess the adequacy of the allowance for loan losses to assess whether the allowance for loan losses was determined in accordance with GAAP and applicable guidance.
We perform an evaluation of our allowance for loan losses on a regular basis (at least quarterly), and establish the allowance for loan losses based upon an evaluation of our loan categories, as each possesses unique risk characteristics that are considered when determining the appropriate level of allowance for loan losses, including:
•known increases in concentrations within each category;
•certain higher risk classes of loans, or pledged collateral;
•historical loan loss experience within each category;
•results of any independent review and evaluation of the category’s credit quality;
•trends in volume, maturity and composition of each category;
•volume and trends in delinquencies and non-accruals;
•national and local economic conditions and downturns in specific local industries;
•corporate goals and objectives;
•lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices; and
•current and forecasted banking industry conditions, as well as the regulatory and competitive environment.
Loans are evaluated on a regular basis by management. Expected lifetime losses are estimated on a collective basis for loans sharing similar risk characteristics and are determined using a quantitative model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. For commercial and industrial, commercial real estate, commercial construction and business banking portfolios, the quantitative model uses a loan rating system which is comprised of management’s determination of probability of default, or PD, loss given default, or LGD, and exposure at default, or EAD, which are derived from historical loss experience and other factors. For residential real estate, consumer home equity and other consumer portfolios, our quantitative model uses historical loss experience.
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The allowance for loan losses is allocated to loan categories using both a formula-based approach and an analysis of certain individual loans for impairment. We use a methodology to systematically estimate the amount of expected credit loss in the loan portfolio. Under our current methodology, the allowance for loan losses contains reserves related to loans for which the related allowance for loan losses is determined on an individual loan basis and on a collective basis, and other qualitative components.
The allowance for loan losses increased by $3.2 million, or 1.4%, to $232.1 million, or 1.27% of total loans, at June 30, 2025 from $229.0 million, or 1.29% of total loans at December 31, 2024. The increase in the allowance for loan losses for the six months ended June 30, 2025 was primarily due to an increase in commercial and industrial reserve rates and an increase in commercial loan balances, partially offset by a reduction in specific reserves that was driven by the sales of certain non-performing commercial real estate loans and the sale of a non-performing commercial and industrial loan, which had previously been reserved for on a specific reserve basis.
In the ordinary course of business, we enter into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the reserving method for loans receivable previously described. The reserve for unfunded lending commitments is included in other liabilities in the Consolidated Balance Sheets. Our reserve for unfunded lending commitments remained consistent at $12.9 million at June 30, 2025 compared to $13.1 million at December 31, 2024.
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The following table summarizes credit ratios for the periods presented:
Credit Ratios
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Dollars in thousands)
Net loan (recoveries) charge-offs:
Commercial and industrial$75 $(56)$64 $(81)
Commercial real estate(578)(2,011)10,315 5,107 
Commercial construction— — — — 
Business banking57 803 77 495 
Residential real estate(36)(27)(75)(48)
Consumer home equity(5)(59)(5)(57)
Other consumer284 520 663 1,008 
Total net loan (recoveries) charge-offs$(203)$(830)$11,039 $6,424 
Average loans:
Commercial and industrial$3,525,189$3,111,817$3,433,109$3,094,739
Commercial real estate7,255,8755,547,8597,240,1235,565,085
Commercial construction468,953426,808460,614394,115
Business banking1,283,4301,017,1901,285,9841,010,047
Residential real estate3,887,4022,563,1263,899,8232,566,223
Consumer home equity1,437,0431,241,3241,415,7801,227,759
Other consumer217,281205,219219,675205,559
Average total loans (1)$18,075,173$14,113,343$17,955,108$14,063,527
Net (recoveries) charge-offs to average loans outstanding during the period:
Commercial and industrial0.00 %(0.00)%0.00 %(0.00)%
Commercial real estate(0.01)(0.04)0.14 0.09 
Commercial construction— — — — 
Business banking0.00 0.08 0.01 0.05 
Residential real estate(0.00)(0.00)(0.00)(0.00)
Consumer home equity(0.00)(0.00)(0.00)(0.00)
Other consumer0.13 0.25 0.30 0.49 
Total net (recoveries) charge-offs to average loans outstanding during the period:(0.00)%(0.01)%0.06 %0.05 %
Total loans$18,315,123$14,109,919$18,315,123$14,109,919
Total non-accrual loans$54,712 $39,771 $54,712 $39,771 
Allowance for loan losses$232,113 $156,146 $232,113 $156,146 
Allowance for loan losses as a percent of total loans1.27 %1.11 %1.27 %1.11 %
Non-accrual loans as a percent of total loans0.30 %0.28 %0.30 %0.28 %
Allowance for loan losses as a percent of non-accrual loans424.25 %392.61 %424.25 %392.61 %
(1)Average loan balances exclude loans held for sale

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Non-accrual loans increased $14.9 million, or 37.6%, to $54.7 million at June 30, 2025 from $39.8 million at June 30, 2024, primarily due to loans acquired from Cambridge and which were already on non-accrual or were transferred to non-accrual following the completion of the merger. As of June 30, 2025, the amount of loans on non-accrual which were acquired from Cambridge was $26.5 million. This increase was partially offset by the sales of certain non-performing commercial real estate loans and the sale of a non-performing commercial and industrial loan during the six months ended June 30, 2025. For additional information regarding the credit quality of our loans, see Note 4, “Loans and Allowance for Credit Losses” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.
The following table sets forth the allocation of the allowance for loan losses by loan categories listed in loan portfolio composition as of the dates indicated:
Summary of Allocation of Allowance for Loan Losses
As of June 30, 2025As of December 31, 2024
Allowance for Loan LossesPercent of Allowance in Category to Total Allocated AllowancePercent of Loans in Category to Total LoansAllowance for  Loan LossesPercent of Allowance in Category to Total Allocated AllowancePercent of Loans in Category to Total Loans
(Dollars in thousands)
Commercial and industrial$54,110 23.31 %19.84 %$41,090 17.95 %18.24 %
Commercial real estate105,090 45.28 %39.48 %116,175 50.74 %39.37 %
Commercial construction9,326 4.02 %2.57 %8,462 3.70 %2.74 %
Business banking20,685 8.91 %7.70 %19,899 8.69 %8.01 %
Residential real estate31,481 13.56 %21.22 %32,291 14.10 %22.48 %
Consumer home equity7,080 3.05 %7.97 %7,472 3.26 %7.66 %
Other consumer4,341 1.87 %1.22 %3,563 1.56 %1.50 %
Total$232,113 100.00 %100.00 %$228,952 100.00 %100.00 %
To determine if a loan should be charged-off, all possible sources of repayment are analyzed. Possible sources of repayment include the potential for future cash flows, liquidation of the collateral and the strength of co-makers or guarantors. When available information confirms that specific loans or portions thereof are uncollectible, these amounts are promptly charged-off against the allowance for loan losses and any recoveries of such previously charged-off amounts are credited to the allowance for loan losses.
Regardless of whether a loan is unsecured or collateralized, we charge off the amount of any confirmed loan loss in the period when the loans, or portions of loans, are deemed uncollectible. For troubled, collateral-dependent loans, loss confirming events may include an appraisal or other valuation that reflects a shortfall between the value of the collateral and the carrying value of the loan or receivable, or a deficiency balance following the sale of the collateral.
For additional information regarding our allowance for loan losses, see Note 4, “Loans and Allowance for Credit Losses” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.
Federal Home Loan Bank stock
The FHLBB is a cooperative that provides services to its member banking institutions. The primary reason for our membership in the FHLBB is to gain access to a reliable source of wholesale funding and as a tool to manage interest rate risk. The purchase of stock in the FHLB is a requirement for a member to gain access to funding. We purchase and/or are subject to redemption of FHLBB stock proportional to the volume of funding received and view the holdings as a necessary long-term investment for the purpose of balance sheet liquidity and not for investment return.
We held an investment in the FHLBB of $6.3 million and $5.9 million at June 30, 2025 and December 31, 2024, respectively. The amount of stock we are required to purchase is proportional to our FHLB borrowings and level of total assets.
Goodwill and other intangible assets
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The table below sets forth the carrying amount of goodwill and other intangible assets, net of accumulated amortization, as of the dates indicated below:
June 30, 2025December 31, 2024
(In thousands)
Balances not subject to amortization
Goodwill$914,957 $914,957 
Balances subject to amortization
Core deposit intangibles97,882 111,296 
Customer list intangible20,776 22,841 
Trade name intangible928 1,064 
Total balances subject to amortization119,586 135,201 
Total goodwill and other intangible assets$1,034,543 $1,050,158 
The balance of our goodwill and core deposit intangible asset was $1.0 billion and $1.1 billion at June 30, 2025 and December 31, 2024, respectively. The decrease in goodwill and other intangible assets at June 30, 2025 from December 31, 2024 was due to regular amortization of our other intangible assets during the six months ended June 30, 2025. We did not record any impairment to our goodwill or other intangible assets during the six months ended June 30, 2025.
Deposits
Deposits originating within the markets we serve continue to be our primary source of funding our earning assets. Historically, we have been able to compete effectively for deposits in our primary market areas. The distribution and market share of deposits by type of deposit and type of depositor are important considerations in our assessment of the stability of our funding sources and our access to additional funds. Furthermore, we shift the mix and maturity of the deposits depending on economic conditions and loan and investment policies in an attempt, within set policies, to minimize cost and maximize net interest margin.
The following table presents our deposits as of the dates presented:
Components of Deposits
As of June 30, 2025Change
As of December 31, 2024Amount ($)Percentage (%)
(Dollars in thousands)
Demand$5,948,307 $5,992,082 $(43,775)(0.7)%
Interest checking4,455,074 4,606,250 (151,176)(3.3)%
Savings1,605,103 1,648,323 (43,220)(2.6)%
Money market investments5,964,553 5,736,362 228,191 4.0 %
Certificate of deposits3,247,743 3,336,323 (88,580)(2.7)%
Total deposits$21,220,780 $21,319,340 $(98,560)(0.5)%
Deposits decreased by $98.6 million, or 0.5%, to $21.2 billion at June 30, 2025 from $21.3 billion at December 31, 2024. This decrease was primarily driven by regular deposit outflows during the six months ended June 30, 2025.
The Bank’s estimate of total uninsured deposits was $9.0 billion at both June 30, 2025 and December 31, 2024. In accordance with the FDIC’s Call Report instructions, these estimates include accounts of wholly-owned subsidiaries, the holding company, and internal operating deposit accounts (together referred to as “internal deposit accounts”). In addition, these estimates include municipal deposit accounts for which securities were pledged by us to secure such deposits (“collateralized deposits”). For liquidity monitoring purposes, we exclude internal deposit accounts and collateralized deposits from our estimate of uninsured deposits. Our estimate of uninsured deposits, excluding internal deposit accounts and collateralized deposits, was $6.9 billion at both June 30, 2025 and December 31, 2024.
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The following table presents the classification of deposits on an average basis for the periods below:
Classification of Deposits on an Average Basis
For the Six Months Ended June 30, 2025For the Year Ended December 31, 2024
Average
Amount		Average
Rate		Average
Amount		Average
Rate
(Dollars in thousands)
Demand$5,701,899 — %$5,438,124 — %
Interest checking4,451,261 0.92 %4,167,043 1.04 %
Savings (1)1,640,121 0.30 %1,487,842 0.21 %
Money market investments5,814,024 2.27 %5,283,231 2.66 %
Certificate of deposits3,219,873 4.05 %3,146,139 4.78 %
Total deposits$20,827,178 1.48 %$19,522,379 1.74 %
(1)Includes the reclassification of the escrow deposits of borrowers to deposit savings accounts recorded in the first quarter of 2025 for comparability purposes.
Other time deposits in excess of the FDIC insurance limit of $250,000, including certificates of deposits as of the dates indicated, had maturities as follows:
As of June 30, 2025As of December 31, 2024
Maturing in(In thousands)
Three months or less$319,651 $416,015 
Over three months through six months512,026 544,598 
Over six months through 12 months230,908 156,565 
Over 12 months856 5,161 
Total$1,063,441 $1,122,339 
Borrowings
Our borrowings consist of both short-term and long-term borrowings and provide us with sources of funding. Maintaining available borrowing capacity provides us with a contingent source of liquidity. The following table sets forth the balances on our borrowings as of the dates and for the periods indicated:
Borrowings by Category
Change
As of June 30, 2025As of December 31, 2024Amount ($)Percentage (%)
(In thousands)
Interest rate swap collateral funds$21,391 $48,590 (27,199)(56.0)%
FHLB advances26,797 17,589 9,208 52.4 %
Total$48,188 $66,179 $(17,991)(27.2)%
Our total borrowings decreased by $18.0 million to $48.2 million at June 30, 2025 compared to $66.2 million at December 31, 2024. The decrease was primarily due to decreased balances of interest rate swap collateral funds. Refer to the later “Liquidity, Capital Resources, Contractual Obligations, Commitments and Contingencies” section in this Item 2 for additional discussion of our liquidity position.
Results of Operations
Summary of Results of Operations
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Three Months Ended June 30,Six Months Ended June 30,
ChangeChange
20252024Amount
($)		Percentage20252024Amount
($)		Percentage
(Dollars in thousands)
Interest and dividend income$279,339 $207,376 $71,963 34.7 %$545,044 $409,987 $135,057 32.9 %
Interest expense77,309 78,727 (1,418)(1.8)%154,115 151,438 2,677 1.8 %
Net interest income202,030 128,649 73,381 57.0 %390,929 258,549 132,380 51.2 %
Provision for allowance for loan losses7,600 6,126 1,474 24.1 %14,200 13,577 623 4.6 %
Noninterest income (loss)42,851 25,348 17,503 69.1 %(193,267)53,040 (246,307)(464.4)%
Noninterest expense136,961 109,869 27,092 24.7 %267,081 211,071 56,010 26.5 %
Income tax expense87 11,671 (11,584)(99.3)%33,814 21,963 11,851 54.0 %
Net income (loss)100,233 26,331 73,902 280.7 %(117,433)64,978 (182,411)(280.7)%
Comparison of the three and six months ended June 30, 2025 and 2024
Interest and Dividend Income
Interest and dividend income increased by $72.0 million, or 34.7%, to $279.3 million during the three months ended June 30, 2025 from $207.4 million during the three months ended June 30, 2024. The increase was due to an increase in both the average balance and yields of our loan portfolio. Our yields on loans and securities are generally presented on an FTE basis where the embedded tax benefit on loans and securities are calculated and added to the yield. Management believes that this presentation allows for better comparability between institutions with different tax structures.
•Interest income on loans increased $68.6 million, or 39.8%, to $241.1 million during the three months ended June 30, 2025 from $172.5 million during the three months ended June 30, 2024. The increase in interest income on our loans was due to an increase in both the average balance and yield of such loans. The average balance of our loan portfolio increased $4.0 billion, or 28.1%, to $18.1 billion during the three months ended June 30, 2025 from $14.1 billion during the three months ended June 30, 2024, which was primarily due to loans acquired in connection with our merger with Cambridge which was completed in the third quarter of 2024. The overall yield on our loans increased 42 basis points during the three months ended June 30, 2025 in comparison to the three months ended June 30, 2024, which was primarily due to accretion of the discount recorded related to loans acquired in our merger with Cambridge.
•Interest income on securities and other short-term investments increased by $3.4 million, or 9.7%, to $38.2 million during the three months ended June 30, 2025 from $34.9 million during the three months ended June 30, 2024. The increase was primarily due to an increase in our combined yield on our securities and other short-term investments, which increased 79 basis points during the three months ended June 30, 2025 in comparison to the three months ended June 30, 2024 due to sales of AFS securities and the purchase of new securities with higher yields. Partially offsetting this increase was a decrease in the average balance of our securities and other short-term investments during the three months ended June 30, 2025, which resulted from maturities and principal paydowns of AFS and HTM securities.
Interest and dividend income increased by $135.1 million, or 32.9%, to $545.0 million during the six months ended June 30, 2025 from $410.0 million during the six months ended June 30, 2024. The increase was due to an increase in both the average balance and yields of our loan portfolio.
•Interest income on loans increased $127.1 million, or 37.1%, to $469.6 million during the six months ended June 30, 2025 from $342.5 million during the six months ended June 30, 2024. The increase in interest income on our loans was primarily due to an increase in the average balance of our loans and an increase in the yield on our loans. The average balance of our loan portfolio increased $3.9 billion, or 27.7%, to $18.0 billion during the six months ended June 30, 2025 from $14.1 billion during the six months ended June 30, 2024, which was primarily due to loans acquired in connection with our merger with Cambridge. The overall yield on our loans increased 35 basis points during the six months ended June 30, 2025 in comparison to the six months ended June 30, 2024, which was primarily due to accretion of the discount recorded related to loans acquired in our merger with Cambridge.
•Interest income on securities and other short-term investments increased by $8.0 million, or 11.8%, to $75.5 million during the six months ended June 30, 2025 from $67.5 million during the six months ended June 30, 2024. The increase was primarily due to an increase in our combined yield on our securities and other short-
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term investments, which increased 72 basis points during the six months ended June 30, 2025 in comparison to the six months ended June 30, 2024 due to sales of AFS securities and the purchase of new securities with higher yields. Partially offsetting this increase was a decrease in the average balance of our securities and other short-term investments during the six months ended June 30, 2025, which resulted from maturities and principal paydowns of AFS and HTM securities.
Interest Expense
During the three months ended June 30, 2025, interest expense decreased by $1.4 million to $77.3 million from $78.7 million during the three months ended June 30, 2024. This decrease was primarily due to deposit interest expense which decreased during the three months ended June 30, 2025 by $1.8 million to $76.7 million from $78.5 million during the three months ended June 30, 2024. This decrease was due to a decrease in rates paid on deposits.
During the six months ended June 30, 2025, interest expense increased by $2.7 million to $154.1 million from $151.4 million during the six months ended June 30, 2024. This increase was primarily due to deposit interest expense which increased during the six months ended June 30, 2025 by $1.8 million to $152.7 million from $150.9 million during the six months ended June 30, 2024. This increase was due to an increase in the average balance of interest-bearing deposits. During the six months ended June 30, 2025, average-interest bearing deposits increased by $2.4 billion, or 18.6%, to $15.1 billion from $12.8 billion during the six months ended June 30, 2024, primarily as a result of our merger with Cambridge which added approximately $2.9 billion in interest-bearing deposits.
Net Interest Income
Net interest income increased by $73.4 million, or 57.0%, to $202.0 million during the three months ended June 30, 2025 from $128.6 million for the three months ended June 30, 2024. Net interest income increased due to an increase in our net interest margin as well as an increase in the average balance of net interest-earning assets of $0.5 billion, or 7.3%, to $7.9 billion during the three months ended June 30, 2025 from $7.4 billion during the three months ended June 30, 2024.
Net interest income increased by $132.4 million, or 51.2%, to $390.9 million during the six months ended June 30, 2025 from $258.5 million for the six months ended June 30, 2024. Net interest income increased due to an increase in our net interest margin as well as an increase in the average balance of net interest-earning assets of $0.5 billion, or 7.1%, to $8.0 billion during the six months ended June 30, 2025 from $7.5 billion during the six months ended June 30, 2024.
The following chart shows our net interest margin over the past five quarters:
8982
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Net interest margin is determined by dividing FTE net interest income by average total interest-earning assets. For purposes of the following discussion, income from tax-exempt loans and investment securities has been adjusted to an FTE basis, using marginal tax rates of 21.8% for both the three and six months ended June 30, 2025, and 21.7% for both the three and six months ended June 30, 2024.
Net interest margin increased 95 basis points during the three months ended June 30, 2025 to 3.59% from 2.64% during the three months ended June 30, 2024. The increase in net interest margin for the three months ended June 30, 2025 from the three months ended June 30, 2024 due to an increase in our average balance and yield on interest-earning assets combined with a decrease in the cost of our interest-bearing liabilities.
Net interest margin increased 82 basis points to 3.48% during the six months ended June 30, 2025 from 2.66% during the six months ended June 30, 2024. The increase in net interest margin for the six months ended June 30, 2025 from the six months ended June 30, 2024 was primarily due to an increase in our average balance and yield on interest-earning assets combined with a decrease in the cost of our interest-bearing liabilities.
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The following tables set forth average balance sheet items, annualized average yields and costs, and certain other information for the periods indicated. All average balances in the table reflect daily average balances. Non-accrual loans were included in the computation of average balances but have been reflected in the table as loans carrying a zero yield. The yields set forth below include the effect of deferred fees and costs, discounts and premiums that are accreted or amortized to interest income or expense.
Average Balances, Interest Earned/Paid, & Average Yields
As of and for the three months ended June 30,
20252024
Average
Outstanding
Balance		InterestAverage
Yield/Cost
(5)		Average
Outstanding
Balance		InterestAverage
Yield /Cost
(5)
(Dollars in thousands)
Interest-earning assets:
Loans (1)
Commercial$12,533,447 $174,639 5.59 %$10,103,674 $128,402 5.11 %
Residential3,888,885 43,235 4.46 %2,563,646 24,313 3.81 %
Consumer1,654,324 27,542 6.68 %1,446,543 23,960 6.66 %
Total loans18,076,656 245,416 5.45 %14,113,863 176,675 5.03 %
Non-taxable investment securities234,708 2,256 3.86 %197,450 1,831 3.73 %
Taxable investment securities4,597,007 34,113 2.98 %5,231,133 22,724 1.75 %
Other short-term investments228,803 2,359 4.14 %787,387 10,699 5.47 %
Total interest-earning assets$23,137,174 $284,144 4.93 %$20,329,833 $211,929 4.19 %
Non-interest-earning assets1,921,592 912,302 
Total assets$25,058,766 $21,242,135 
Interest-bearing liabilities:
Deposits:
Savings account$1,632,098 $1,212 0.30 %$1,277,562 $52 0.02 %
Interest checking account4,410,100 10,169 0.92 %3,739,590 8,827 0.95 %
Money market investment5,893,593 33,651 2.29 %4,975,843 34,022 2.75 %
Time account3,228,372 31,674 3.94 %2,933,160 35,582 4.88 %
Total interest-bearing deposits15,164,163 76,706 2.03 %12,926,155 78,483 2.44 %
Borrowings65,821 603 3.67 %31,547 244 3.11 %
Total interest-bearing liabilities$15,229,984 $77,309 2.04 %$12,957,702 $78,727 2.44 %
Demand accounts5,662,108 4,843,336 
Other noninterest-bearing liabilities543,505 512,996 
Total liabilities21,435,597 18,314,034 
Shareholders’ equity3,623,169 2,928,101 
Total liabilities and shareholders’ equity$25,058,766 $21,242,135 
Net interest income – FTE
$206,835 $133,202 
Net interest rate spread (2)2.89 %1.75 %
Net interest-earning assets (3)$7,907,190 $7,372,131 
Net interest margin – FTE (4)
3.59 %2.64 %
Average interest-earning assets to interest-bearing liabilities151.92 %156.89 %
Return on average assets (5)(6)1.60 %0.50 %
Return on average equity (5)(7)11.10 %3.62 %
Noninterest expense to average assets2.19 %2.08 %
(1)Non-accrual loans are included in loans.
(2)Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)Net interest margin - FTE represents fully-taxable equivalent net interest income divided by average total interest-earning assets. Refer to the earlier “Non-GAAP Financial Measures” section within this Item 2 for additional information.
(5)Presented on an annualized basis.
(6)Represents net income divided by average total assets.
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(7)Represents net income divided by average equity.
As of and for the six months ended June 30,
20252024
Average
Outstanding
Balance		InterestAverage
Yield /Cost
(5)		Average
Outstanding
Balance		InterestAverage
Yield/Cost
(5)
(Dollars in thousands)
Interest-earning assets:
Loans (1)
Commercial$12,419,830 $338,476 5.50 %$10,063,985 $255,243 5.10 %
Residential3,901,270 85,904 4.44 %2,567,225 48,307 3.78 %
Consumer1,635,456 53,716 6.62 %1,433,317 47,198 6.62 %
Total loans17,956,556 478,096 5.37 %14,064,527 350,748 5.02 %
Non-taxable investment securities216,302 4,092 3.81 %197,458 3,659 3.73 %
Taxable investment securities4,682,692 65,273 2.81 %5,304,117 46,097 1.75 %
Other short-term investments333,038 6,995 4.24 %681,963 18,519 5.46 %
Total interest-earning assets$23,188,588 $554,456 4.82 %$20,248,065 $419,023 4.16 %
Non-interest-earning assets1,874,913 931,849 
Total assets$25,063,501 $21,179,914 
Interest-bearing liabilities:
Deposits:
Savings account$1,640,121 $2,403 0.30 %$1,296,785 $95 0.01 %
Interest checking account4,451,261 20,219 0.92 %3,742,251 17,014 0.91 %
Money market investment5,814,024 65,358 2.27 %4,858,917 64,517 2.67 %
Time account3,219,873 64,724 4.05 %2,859,145 69,317 4.88 %
Total interest-bearing deposits15,125,279 152,704 2.04 %12,757,098 150,943 2.38 %
Borrowings75,745 1,411 3.76 %31,840 495 3.13 %
Total interest-bearing liabilities$15,201,024 $154,115 2.04 %$12,788,938 $151,438 2.38 %
Demand accounts5,701,899 4,916,290 
Other noninterest-bearing liabilities557,237 525,256 
Total liabilities21,460,160 18,230,484 
Shareholders’ equity3,603,341 2,949,430 
Total liabilities and shareholders’ equity$25,063,501 $21,179,914 
Net interest income – FTE
$400,341 $267,585 
Net interest rate spread (2)2.78 %1.78 %
Net interest-earning assets (3)$7,987,564 $7,459,127 
Net interest margin – FTE (4)
3.48 %2.66 %
Average interest-earning assets to interest-bearing liabilities152.55 %158.32 %
(Loss) return on average assets (5)(6)(0.94)%0.62 %
(Loss) return on average equity (5)(7)(6.57)%4.43 %
Noninterest expense to average assets2.15 %2.00 %
(1)Non-accrual loans are included in loans.
(2)Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)Net interest margin - FTE represents fully-taxable equivalent net interest income divided by average total interest-earning assets. Refer to the earlier “Non-GAAP Financial Measures” section within this Item 2 for additional information.
(5)Presented on an annualized basis.
(6)Represents net (loss) income divided by average total assets.
(7)Represents net (loss) income divided by average equity.

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The following chart shows the composition of our quarterly average interest-earning assets for the past five quarters:
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Provision for Loan Losses
The provision for loan losses represents the charge to expense that is required to maintain an appropriate level of allowance for loan losses.
We recorded provisions for allowance for loan losses of $7.6 million and $6.1 million for the three months ended June 30, 2025 and 2024, respectively, and provisions of $14.2 million and $13.6 million for the six months ended June 30, 2025 and 2024, respectively. For information regarding the change in the allowance for loan losses, including factors leading to the provision for allowance for loan losses recorded during the three and six months ended June 30, 2025, refer to Note 4, “Loans and Allowance for Credit Losses” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.
Our periodic evaluation of the appropriate allowance for loan losses considers the risk characteristics of the loan portfolio, current economic conditions, and trends in loan delinquencies and charge-offs.
Management’s estimate of our allowance for loan losses as of June 30, 2025 and the provision for allowance for loan losses for the three and six months ended June 30, 2025, was supported, in part, by Oxford Economics’ June 2025 Baseline forecast (“the forecast”) which was used to develop management’s estimate of the effect of expected future economic conditions on the allowance for loan losses. The forecast assumed the U.S. economy will grow slightly in 2025, but uncertainty around certain United States’ fiscal policies, such as tariff rates imposed on other countries, make it difficult to predict the future of the United States’ economic performance, in turn leading to higher inflation as consumer spending and real incomes are dampened by the uncertainty. Further, the forecast assumed that the FOMC will decrease federal funds rates once in 2025 by 25 basis points. Refer to the section titled “Outlook and Trends” within this Item 2 for additional discussion. For additional discussion of our allowance for credit losses measurement methodology, see Note 4, “Loans and Allowance for Credit Losses” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.
To illustrate the sensitivity of the modeled result to the impact of a hypothetical change in the economic forecast, management calculated the allowance for loan losses assuming the downside economic forecast scenario and, separately, the upside economic forecast scenario. The downside scenario assumed the U.S. economy will experience growth of GDP on an annual basis in 2025 of 0.6%. Use of the downside scenario would have resulted in an incremental increase in the allowance for loan losses of approximately $17.9 million as of June 30, 2025. The upside scenario assumed GDP growth on an annual basis of
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1.8%, with strong continued growth in 2026. Use of the upside scenario would have resulted in an incremental decrease in the allowance for loan losses of approximately $8.4 million as of June 30, 2025.
Our periodic evaluation of the appropriate allowance for loan losses considers the risk characteristics of the loan portfolio, current economic conditions, and trends in loan delinquencies and charge-offs.
Noninterest Income
The following table sets forth information regarding noninterest income for the periods shown:
Noninterest Income
Three Months Ended June 30,Six Months Ended June 30,
Change  Change
20252024Amount%20252024Amount%
(Dollars in thousands)
Investment advisory fees$17,282 $6,711 $10,571 157.5 %$33,719 $13,255 $20,464 154.4 %
Service charges on deposit accounts8,244 7,930 314 4.0 %16,559 15,438 1,121 7.3 %
Card income4,230 4,075 155 3.8 %8,150 8,001 149 1.9 %
Interest rate swap income978 418 560 134.0 %1,466 1,085 381 35.1 %
Income from investments held in rabbi trusts5,727 1,761 3,966 225.2 %4,470 6,079 (1,609)(26.5)%
Losses on sales of mortgage loans held for sale, net(97)(152)55 (36.2)%(230)(210)(20)9.5 %
Losses on sales of securities available for sale, net— (7,557)7,557 (100.0)%(269,638)(7,557)(262,081)3,468.1 %
Miscellaneous income and fees5,869 12,164 (6,295)(51.8)%12,249 16,951 (4,702)(27.7)%
Other non-operating income (loss)618 (2)620 (31,000.0)%(12)(2)(10)500.0 %
Total noninterest income (loss)$42,851 $25,348 $17,503 69.1 %$(193,267)$53,040 $(246,307)(464.4)%
Noninterest income increased by $17.5 million, or 69.1%, to $42.9 million during the three months ended June 30, 2025 from $25.3 million during the three months ended June 30, 2024. This increase was primarily due to an $10.6 million increase in investment advisory fees, a $7.6 million decrease in losses on sales of securities available for sale, and an $4.0 million increase in income from investments held in rabbi trusts. These items were partially offset by a $6.3 million decrease in miscellaneous income and fees.
•Investment advisory fees increased due to an increase in our assets under management, which increased due to our merger with Cambridge through which we acquired $5.0 billion in assets held in a fiduciary, custodial or agency capacity for customers.
•Losses on sales of securities available for sale were $7.6 million during the three months ended June 30, 2024. In May 2024 an early withdrawal of an omnibus deposit contract occurred which had a balance of $100.0 million at the time of contract termination. Management made the decision to sell certain available for sale securities following the early termination in order to recoup liquidity. There were no sales of securities during the three months ended June 30, 2025.
•Income from investments held in rabbi trusts increased primarily as a result of a more favorable mark-to-market adjustment on equity securities held in those accounts for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
•Miscellaneous income and fees decreased primarily as a result of non-recurring fee income received during the three months ended June 30, 2024 from the early withdrawal of an omnibus deposit contract described above.
Noninterest income decreased $246.3 million to a net loss of $193.3 million for the six months ended June 30, 2025 from net income of $53.0 million for the six months ended June 30, 2024. This decrease was primarily due to a $262.1 million increase in losses on sales of securities available for sale and a $4.7 million decrease in miscellaneous income and fees. These items were partially offset by a $20.5 million increase in investment advisory fees.
•Losses on sales of securities available for sale were $269.6 million for the six months ended June 30, 2025 compared to $7.6 million for the six months ended June 30, 2024. This increase in losses was due to an
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investment portfolio repositioning in 2025, which included the decision by management to sell available for sale securities with an aggregate book value of $1.7 billion compared to sales of securities with an aggregate book value of $92.8 million during the six months ended June 30, 2024.
•Miscellaneous income and fees decreased primarily as a result of non-recurring fee income received during the six months ended June 30, 2024 from the early withdrawal of an omnibus deposit contract described above.
•Investment advisory fees increased due to an increase in our assets under management, which increased due to our merger with Cambridge through which we acquired $5.0 billion in assets held in a fiduciary, custodial or agency capacity for customers.
Noninterest Expense
The following table sets forth information regarding noninterest expense for the periods shown:
Noninterest Expense
Three Months Ended June 30,Six Months Ended June 30,
ChangeChange
20252024Amount%20252024Amount%
(Dollars in thousands)(Dollars in thousands)
Salaries and employee benefits$80,696 $64,835 $15,861 24.5 %$160,555 $129,303 $31,252 24.2 %
Occupancy and equipment11,230 10,098 1,132 11.2 %21,847 19,276 2,571 13.3 %
Technology and data processing18,395 15,741 2,654 16.9 %36,410 31,385 5,025 16.0 %
Professional services3,037 3,306 (269)(8.1)%5,961 6,031 (70)(1.2)%
Marketing expenses2,432 1,910 522 27.3 %4,164 3,425 739 21.6 %
FDIC insurance3,780 4,508 (728)(16.1)%7,068 6,793 275 4.0 %
Amortization of intangible assets7,807 504 7,303 1,449.0 %15,615 1,008 14,607 1,449.1 %
Other operating expenses7,002 5,283 1,719 32.5 %12,879 8,350 4,529 54.2 %
Non-operating expense2,582 3,684 (1,102)(29.9)%2,582 5,500 (2,918)(53.1)%
Total noninterest expense$136,961 $109,869 $27,092 24.7 %$267,081 $211,071 $56,010 26.5 %
Noninterest expense increased by $27.1 million, or 24.7%, to $137.0 million during the three months ended June 30, 2025 from $109.9 million during the three months ended June 30, 2024. The increase was primarily due to a $15.9 million increase in salaries and employee benefits expense and a $7.3 million increase in amortization of intangible assets.
•Salaries and employee benefits increased primarily due to an increase in salaries and wages expense, an increase in incentive compensation, and an increase in benefit expense related to our defined contribution supplemental executive retirement plan (“DC SERP”).
◦Salaries and wages expense increased $10.2 million primarily due to an increase in the number of employees as a result of our merger with Cambridge in addition to regular employee wage increases.
◦Incentives increased $2.4 million primarily due to an increase in the number employees participating in our incentive compensation plans which was primarily the result of our merger with Cambridge.
◦DC SERP increased $1.4 million primarily due to an increase in investment performance related to investments held in rabbi trusts during the three months ended June 30, 2025. Participant benefits are adjusted based upon deemed investment performance. Accordingly, such investments experienced an increase in value during the three months ended June 30, 2025, resulting in a corresponding increase in the related benefit expense.
•Amortization of intangible assets increased primarily as a result of an increase in intangible asset balances subject to amortization resulting from our merger with Cambridge which led to a corresponding increase in amortization expense.
Noninterest expense increased by $56.0 million, or 26.5%, to $267.1 million during the six months ended June 30, 2025 from $211.1 million during the six months ended June 30, 2024. This increase was primarily due to an $31.3 million increase in salaries and employee benefits expense and an $14.6 million increase in amortization of intangible assets.
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•Salaries and employee benefits expenses increased primarily due to an increase in salaries and wages expense, an increase in incentives, and an increase in health insurance expense.
◦Salaries and wages expense increased $19.3 million primarily due to an increase in the number of employees as a result of our merger with Cambridge in addition to regular employee wage increases.
◦Incentives increased $6.2 million primarily due to an increase in the number employees participating in our incentive compensation plans which was primarily the result of our merger with Cambridge.
◦Health insurance expense increased $2.9 million primarily due to an increase in the number of employees, which was primarily driven by our merger with Cambridge.
•Amortization of intangible assets increased primarily as a result of an increase in intangible asset balances subject to amortization resulting from our merger with Cambridge which led to a corresponding increase in amortization expense.
Income Taxes
We recognize the tax effect of all income and expense transactions in each year’s Consolidated Statements of Income, regardless of the year in which the transactions are reported for income tax purposes. The following table sets forth information regarding our tax provision and applicable tax rates for the periods indicated:
Tax Provision and Applicable Tax Rates
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Dollars in thousands)
Combined federal and state income tax provision $87 $11,671 $33,814 $21,963 
Effective income tax rate0.1 %30.7 %(40.4)%25.3 %
Blended statutory tax rate27.7 %27.7 %27.7 %27.7 %
Income tax expense for the three and six months ended June 30, 2025 was $0.1 million and $33.8 million, respectively, compared to $11.7 million and $22.0 million for the three and six months ended June 30, 2024, respectively.
Refer to Note 8, “Income Taxes” for further discussion regarding income taxes.
Management of Market Risk
General. Market risk is the sensitivity of the net present value of assets and liabilities and/or income to changes in interest rates, foreign exchange rates, commodity prices and other market-driven rates or prices. Interest rate sensitivity is the most significant market risk to which we are exposed. Interest rate risk is the sensitivity of the net present value of assets and liabilities and income to changes in interest rates. Changes in interest rates, as well as fluctuations in the level and duration of assets and liabilities, affect net interest income, our primary source of income. Interest rate risk arises directly from our core banking activities. In addition to directly impacting net interest income, changes in the level of interest rates can also affect the amount of loans originated, the timing of cash flows on loans and securities, and the fair value of assets and liabilities, as well as other aspects of our business.
Governance. The primary goal of interest rate risk management is to attempt to control this risk within policy limits approved by the Risk Management Committee of our Board of Directors (“RMC”), and within the Risk Appetite Statement formally adopted by the Board of Directors and described further below.
These limits reflect our tolerance for interest rate risk over both short-term and long-term horizons, are designed to encompass market rate shocks that would take place with both gradual and immediate effect and cover a range of scenarios from mild to extreme market shocks. More specifically, and as further described below, our policy limits govern:
•The maximum amount of acceptable earnings loss due to market risk in year one of a two-year earnings simulation, determined by net interest income analysis;
•The maximum amount of acceptable earnings loss due to market risk in year two of a two-year earnings simulation, determined by net interest income analysis;
•The maximum amount of acceptable decline in the present value of equity due to market risk, determined by economic value of equity analysis;
•The maximum acceptable size of the investment portfolio relative to total assets;
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•Concentration limits on investment asset types to ensure appropriate portfolio diversification;
•Maximum maturity and weighted average life per security at time of purchase in both a base case and a shocked rate scenario to measure extension risk;
•The maximum acceptable duration of the investment and hedging derivatives portfolio; and
•Guidelines on accounting classification of securities including held for trading, available for sale and held to maturity.
Policy limits are tested quarterly, and the results are reported to the Asset Liability Committee (“ALCO”), which is a subcommittee of management’s Enterprise Risk Management Committee (“ERMC”), and to RMC. RMC advises the Board of Directors with respect to the adequacy of capital allocated based on the level of risk as well as risk issues that could impact liquidity and/or capital adequacy. From time to time, we expect we will exceed policy limits, in which case we may seek corrective action after considering, among other things, market conditions, customer reaction, and the estimated impact on profitability. A remediation plan will be presented to ALCO, ERMC and RMC that carefully outlines the proposed corrective action.
We attempt to manage interest rate risk by identifying, quantifying, and where appropriate, hedging our exposure to market risk. If assets and liabilities do not re-price simultaneously and in equal volume, the potential for interest rate exposure exists. Our objective is to maintain stability in the growth of net interest income through the maintenance of an appropriate mix of interest-earning assets and interest-bearing liabilities and, when necessary and within limits that management determines to be prudent, through the use of off-balance sheet hedging instruments including, but not limited to, interest rate swaps, floors and caps.
Our asset-liability management strategy is devised and monitored by our ALCO in accordance with policies approved by RMC. ALCO operates under a charter developed and approved by ERMC. ALCO meets monthly, or more frequently as needed, to review, among other things, our sensitivity to interest rate changes, loan pricing and activity, investment activity and strategy, hedging strategies, deposit pricing and funding strategies with respect to overall balance sheet composition, as well as earnings simulations over multiple years. ALCO may meet more frequently if there are changes in the economic environment, such as rapid increases or decreases in interest rates due to or as a result of exogenous or unknown factors so that ALCO can make any necessary strategic adjustments to better manage interest rate risk. ALCO’s membership is comprised of executive management of the Company, and representatives from various lines of business are in regular attendance, including representation from Enterprise Risk Management (“ERM”). ALCO reports regularly to RMC on these risks and objectives with independent oversight and reporting from our Financial and Model Risk Management group within ERM.
As a company offering banking and other financial services, certain elements of risk are inherent in our transactions and operations and are present in the business decisions we make. We, therefore, encounter risk as part of the normal course of our business, and we design risk management processes to help manage these risks. In its oversight of our risk management framework, the Board of Directors has adopted a formal Risk Appetite Statement (“RAS”) which defines the aggregate level of risk and the types of risk the Company is willing to assume to achieve its corporate strategy and objectives. The Board of Directors regularly assesses whether the approved policy limits, as described further above, conform to stated risk appetite. The Board of Directors monitors, on at least a quarterly basis, a set of key risk metrics, including those, but not limited to those, pertaining to market risk. Monitoring these metrics can help to identify trends in risk profile or emerging risks over time, and where applicable, determine where adjustments may be required to business strategy or tactics. Within our risk management framework, the functional responsibilities of risk management are divided into a tiered model, involving three lines of defense:
1.The Finance Department to which primary market risk ownership belongs including monitoring and tracking of risk, model development and maintenance, and execution of strategy and tactics to mitigate market risk;
2.The ERM Department which conducts independent risk and controls assessments to ensure appropriate risk identification, management, and reporting. The Model Risk Management group (“MRM”) within ERM is responsible for independent oversight of models used to measure market risk, including model and assumption implementation, development, and conceptual soundness; and
3.The Internal Audit Department which independently assesses the operating effectiveness of the first- and second-line processes and controls.
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Comments on Recent Developments. During the past several years, the U.S. economy has experienced both sharp increases and decreases in interest rates. Refer to the earlier section titled “Outlook and Trends” within this Item 7, for a description of recent actions by the Federal Open Market Committee (“FOMC”) regarding changes to the range of the federal funds rate. Our market risk management framework is designed for the potential for such rapid changes in interest rates, by establishing policy limits on such rapid shocks and periodically back-testing modeled to actual results. Back-testing of top-line results as well as key assumptions is performed against established thresholds as part of our ongoing monitoring governance of our models, and results are reported to ALCO and MRM. Should back-testing results exceed established performance thresholds, the model and underlying assumptions will be reviewed for recalibration.
Net Interest Income Analysis. We analyze our sensitivity to changes in interest rates through a net interest income (“NII”) model. We model our NII over a 12-month and 24-month period assuming no changes in interest rates and a static balance sheet, where cash flows from financial assets and liabilities are replaced with new business of similar terms at current rates. The impact of our interest rate derivatives designated as hedging instruments are included in the model results. We then model NII for the same period under the assumption that market rates increase and decrease instantaneously by certain basis point increments, which vary by period depending upon market conditions, with changes in interest rates representing immediate, permanent, and parallel shifts in the yield curve. A basis point equals one-hundredth of one percent, and 100 basis points equals one percent. An increase in interest rates from 3% to 4% would mean, for example, a 100 basis point increase in the “Changes in Interest Rates” column in the table below.
Many assumptions are made in the modeling process for both NII and economic value of equity (“EVE”, discussed further below), including but not limited to the repricing and maturity characteristics of existing and new business, loan and security prepayments, administered deposit rate betas, duration of deposits without stated maturity dates, and other option risks. Management believes these assumptions to be reasonable for the various interest rate environments modeled. However, differences in actual results from these assumptions could change our exposure to interest rate risk. The models assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assume that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Additionally, the model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates. We do not model negative interest rate scenarios.
Because of the limitations inherent in any modeling approach used to measure market risk, including NII and EVE sensitivity analysis, and because, in the event of changes in interest rates, management would take active steps to manage interest rate risk exposure among its financial assets and liabilities, modeling results, including those discussed in “Interest Rate Sensitivity” and “EVE Interest Rate Sensitivity” below, should not be relied upon as a forecast of actual NII or EVE, nor should they be interpreted as management’s expectations of actual results in the event of such interest rate fluctuations. The tables provide an indication of our interest rate risk exposure at a particular point in time, and actual results may differ.
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The tables below set forth, as of June 30, 2025 and December 31, 2024, the modeled changes in our net interest income on an FTE basis that would result from the designated immediate changes in market interest rates:
Interest Rate Sensitivity
As of June 30, 2025
Change in
Interest Rates
(basis points) (1)		Year 1
Change from
Level		Policy Limit
4000.4 %(20.0)%
2000.4 %(12.0)%
1000.3 %(10.0)%
Flat— %— %
(100)(0.5)%(10.0)%
(200)(1.0)%(12.0)%
(400)0.6 %(20.0)%
As of December 31, 2024
Change in
Interest Rates
(basis points) (1)		Year 1
Change from
Level		Policy Limit
400(2.1)%(20.0)%
200(0.9)%(12.0)%
100(0.4)%(10.0)%
Flat— %— %
(100)0.2 %(10.0)%
(200)0.3 %(12.0)%
(400)2.4 %(20.0)%
(1)Assumes an immediate uniform change in market interest rates at all maturities.
As of June 30, 2025, our model, as indicated above, shows modest changes in net interest income in rising and falling rate scenarios. In the rising rate scenarios, interest earning asset yields are modeled to rise faster than deposit costs. In the falling rate scenarios, except for the shock down 400 basis point scenario, interest earning asset yields are modeled to fall faster than deposit costs. This represents a modest increase in asset sensitivity from December 31, 2024, driven by a modest decrease in asset duration, due in part to the reduced impact of the cash flow hedge portfolio. The simulation results are within policy limits and management therefore does not expect a material change to our current strategy over the near term. The rate scenarios that we model at each period end are dependent upon market conditions, which is why the rate scenarios that we model may differ from period-to-period.
Management may use techniques such as investment strategy, loan and deposit pricing, non-core funding strategies, and interest rate derivative financial instruments, within internal policy guidelines, to manage interest rate risk as part of our asset/liability strategy. Hedging strategies such as, for example, receive-fixed and pay-fixed swaps, interest rate caps, floors, or collars, may be used to protect against benchmark interest rates either rising or falling. The type of derivatives we primarily use to hedge market risk are interest rate swap agreements designated as cash flow hedging instruments. When the Federal Reserve began raising interest rates in March of 2022 from very low levels, management began evaluating a derivative strategy designed to limit our exposure to downward rate scenarios. In 2022, management executed a total of $2.4 billion in notional value of receive-fixed interest rate swap agreements on floating-rate loans. These swaps are designated as cash flow hedges and management believes these derivatives provide significant protection against falling interest rates, as they have the effect of converting floating rate loan exposure to fixed rates. These receive-fixed swaps constitute the entirety of our current hedge portfolio. Management may, from time to time, due to actual or projected changes in market rates or our risk exposure, evaluate other hedging strategies, although we believe our current Net Interest Income and Economic Value of Equity simulation analyses support maintaining the current derivatives strategy. For additional information related to our interest rate derivative financial instruments, see Note 11, “Derivative Financial Instruments” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.
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Economic Value of Equity Analysis. We also analyze the sensitivity of our financial condition to changes in interest rates through our EVE model. This analysis calculates the difference between the present value of expected cash flows from assets and liabilities assuming various changes in current interest rates.
The tables below represent an analysis of our interest rate risk as measured by the estimated changes in our EVE, resulting from an instantaneous and sustained parallel shift in the yield curve (+100, +200, +400 basis points and -100, -200, and -400 basis points) at both June 30, 2025 and December 31, 2024. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates.
Our earnings are not directly or materially impacted by movements in foreign currency rates or commodity prices. Movements in equity prices may have a modest impact on earnings by affecting the volume of activity or the amount of fees from investment-related business lines and by affecting the amount of unrealized gains and losses from securities held in rabbi trusts, the latter of which are partially offset by a corresponding but opposite impact to the amount of employee benefit expense associated with the change in value of plan assets.
EVE Interest Rate Sensitivity
Change in Interest
Rates (basis points) (1)		As of June 30, 2025
Estimated Increase (Decrease) in EVE from Level (2)EVE as a
Percentage of
Total Assets (3)
PercentPolicy Limit
400(6.2)%(30.0)%26.16 %
200(3.1)%(20.0)%25.83 %
100(1.5)%N/A25.62 %
Flat— — %25.34 %
(100)0.7 %N/A24.88 %
(200)0.5 %(20.0)%24.21 %
(400)(5.4)%(30.0)%21.78 %
Change in Interest
Rates (basis points) (1)		As of December 31, 2024
Estimated Increase (Decrease) in EVE from Level (2)EVE as a
Percentage of
Total Assets (3)
PercentPolicy Limit
400(10.8)%(30.0)%22.34 %
200(5.7)%(20.0)%22.50 %
100(3.0)%N/A22.56 %
Flat— — %22.65 %
(100)3.2 %N/A22.73 %
(200)5.6 %(20.0)%22.63 %
(400)8.8 %(30.0)%22.06 %
(1)Assumes an immediate uniform change in market interest rates at all maturities.
(2)EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
(3)Total assets is the net present value of expected cash flows.
Liquidity, Capital Resources, Contractual Obligations, Commitments and Contingencies
Liquidity. Liquidity describes our ability to meet the financial obligations that arise in the normal course of business. Liquidity is primarily needed to meet deposit withdrawals and anticipated loan fundings, as well as current and planned expenditures. We seek to maintain sources of liquidity that are reliable and diversified and that may be used during the normal course of business as well as on a contingency basis.
Our primary sources of funds are deposits, principal and interest payments on loans and securities, and proceeds from calls, maturities and sales of securities, subject to market conditions. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan and securities prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are unencumbered cash and cash equivalents and securities classified as available for sale, which could be liquidated, subject to market conditions. In the future,
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our liquidity position will continue to be affected by the level of customer deposits and payments, loan originations and repayments, as well as any acquisitions, dividends, and share repurchases in which we may engage. For the next twelve months, we believe that our existing resources, including our capacity to use brokered deposits and wholesale borrowings, will be sufficient to meet the liquidity and capital requirements of our operations. We may elect to raise additional capital through the sale of additional equity or debt financing to fund business activities such as strategic acquisitions, share repurchases, or other purposes beyond the next twelve months.
We participate in a reciprocal deposit network, which allows us to provide access to FDIC deposit insurance protection on customer deposits for consumers, businesses and public entities that exceed same-bank FDIC insurance thresholds. We can elect to sell or repurchase this funding as reciprocal deposits from other banks in the same network depending on our funding needs. At both June 30, 2025 and December 31, 2024, we had no one-way sell deposits. At June 30, 2025 and December 31, 2024, we had repurchased $1.9 billion and $2.1 billion, respectively, of reciprocal deposits.
Although customer deposits remain our preferred source of funds, maintaining additional sources of liquidity is part of our prudent liquidity risk management practices. We have the ability to borrow from the FHLBB. At June 30, 2025, we had $26.8 million in outstanding advances and the ability to borrow up to an additional $1.5 billion. We also have the ability to borrow from the Federal Reserve Bank of Boston. At June 30, 2025, we had the ability to borrow up to $3.1 billion from the Federal Reserve Bank of Boston Discount Window. At June 30, 2025, cash and cash equivalents were $553.5 million and secured borrowing capacity at the Federal Reserve Bank and Federal Home Loan Bank totaled $4.7 billion, providing total liquidity sources of $5.2 billion. These liquidity sources provided 75% coverage of all customer uninsured and uncollateralized deposits, which totaled $6.9 billion, or 33% of total deposits, as of June 30, 2025. For further discussion of uninsured deposits, refer to the “Deposits” discussion within the “Financial Position” section within this Item 2.
Sources of Liquidity
As of June 30, 2025As of December 31, 2024
OutstandingAdditional
Capacity		OutstandingAdditional
Capacity
(In thousands)
Reciprocal deposits$1,922,513 $— $2,063,135 $— 
Federal Home Loan Bank (1)26,797 1,534,445 17,589 2,375,565 
Federal Reserve Bank of Boston- Discount Window (2)— 3,116,427 — 2,825,634 
Total$1,949,310 $4,650,872 $2,080,724 $5,201,199 
(1)As of June 30, 2025 and December 31, 2024, loans with a carrying value of $2.2 billion and $2.3 billion, respectively, and securities with a carrying value of $0.2 billion and $1.0 billion, respectively, were pledged to the FHLBB resulting in this additional unused borrowing capacity.
(2)As of June 30, 2025 and December 31, 2024, loans with a carrying value of $3.9 billion and $3.1 billion, respectively, and securities with a carrying value of $431.6 million and $794.8 million, respectively, were pledged to the Discount Window, resulting in this additional borrowing capacity.
We believe that advanced preparation, early detection, and prompt responses can avoid, minimize, or shorten potential liquidity constraints. Our Board of Directors and management’s ALCO oversee the assessment and monitoring of risk levels, as well as potential responses during unanticipated stress events. As part of our risk management framework, we perform periodic liquidity stress testing to assess our need for liquid assets as well as backup sources of liquidity.
Capital Resources. We are subject to various regulatory capital requirements administered by the Massachusetts Commissioner of Banks, the FDIC and the Federal Reserve (with respect to our consolidated capital requirements). At June 30, 2025 and December 31, 2024, we exceeded all applicable regulatory capital requirements, and were considered “well capitalized” under regulatory guidelines. To be categorized as well-capitalized, the Company must maintain (1) a minimum of total risk-based capital ratio of 10.0%; (2) a minimum of common equity Tier 1 capital ratio of 6.5%; (3) a minimum of Tier 1 capital ratio of 8.0%; and (4) a minimum of Tier 1 leverage ratio of 5.0%. Management believes that the Company met all capital adequacy requirements to which it is subject as of June 30, 2025 and December 31, 2024. There have been no conditions or events that management believes would cause a change in the Company’s categorization.
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The Company’s actual capital ratios are presented in the following table:
As of June 30, 2025As of December 31, 2024
Capital Ratios:
Average equity to average assets (1)14.46 %14.03 %
Total regulatory capital (to risk-weighted assets)15.49 %16.78 %
Common equity Tier 1 capital (to risk-weighted assets)14.38 %15.73 %
Tier 1 capital (to risk-weighted assets)14.38 %15.73 %
Tier 1 capital (to average assets) leverage12.09 %12.43 %
(1)The ratio presented as of June 30, 2025 represents quarter-to-date average equity as a percentage of quarter-to-date average total assets.
Contractual Obligations, Commitments and Contingencies. In the ordinary course of our operations, we enter into certain contractual obligations. Such obligations include data processing services, operating leases for premises and equipment, agreements with respect to borrowed funds and deposit liabilities. At June 30, 2025, there were no material changes in our contractual obligations, other commitments and contingencies from those disclosed in our 2024 Form 10-K.
We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. The financial instruments include commitments to originate loans, unused lines of credit, unadvanced portions of construction loans and standby letters of credit, all of which involve elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. Our exposure to credit loss is represented by the contractual amount of the instruments. We use the same credit policies in making commitments as we do for on-balance sheet instruments.
At June 30, 2025, we had $6.8 billion of commitments to originate loans, comprised of $3.9 billion of commitments under commercial loans and lines of credit (including $548.4 million of unadvanced portions of construction loans), $2.4 billion of commitments under home equity loans and lines of credit, $222.0 million in standard overdraft coverage commitments, $54.4 million of unfunded commitments related to residential real estate loans and $143.0 million in other consumer loans and lines of credit. In addition, at June 30, 2025, we had $87.0 million in standby letters of credit outstanding. We also had $3.5 million in forward commitments to sell loans.
Commitments to originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments are expected to expire without being drawn upon, the total commitments do not necessarily represent future cash requirements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
The information required by this Item is included in Part I, Item 2 of this Quarterly Report on Form 10-Q under the heading “Management of Market Risk.”
ITEM 4. CONTROLS AND PROCEDURES
Effectiveness of Disclosure Controls and Procedures
The Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Executive Chair (the Company’s principal executive officer) along with the Company’s Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as such term is defined under Rules 13a-15(e) and 15d-15(c) promulgated under the Exchange Act of 1934. Based upon that evaluation, the Company’s Executive Chair along with the Company’s Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025, the end of the period covered by this Quarterly Report on Form 10-Q.
Changes to Internal Controls over Financial Reporting
There were no changes in the Company’s internal controls over financial reporting that occurred during the quarter ended June 30, 2025 that have materially affected or are reasonably likely to materially affect the Company’s internal controls over financial reporting.
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PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We operate in a legal and regulatory environment that exposes us to potentially significant risks. For more information regarding the Company’s exposure generally to legal and regulatory risks, see “Business—Legal and Regulatory Proceedings” in Part I, Item 1 of the 2024 Form 10-K.
As of the date of this Quarterly Report on Form 10-Q, we are not involved in any pending legal proceeding as a plaintiff or a defendant the outcome of which we believe would be material to our financial condition or results of operations. For additional information related to the Company’s ongoing legal proceedings see Note 10, “Commitments and Contingencies” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.
ITEM 1A. RISK FACTORS
For information regarding the Company’s risk factors, see Part I, Item 1A “Risk Factors” in our 2024 Form 10-K as updated by Part II, Item 1A “Risk Factors” in our Q1 Form 10-Q as of and for the period ended March 31, 2025. Except for the additional risk factor below, as of the date of this Quarterly Report on Form 10-Q, the risk factors of the Company have not changed materially from those disclosed in our 2024 Form 10-K, as updated by the Q1 Form 10-Q as of and for the period ended March 31, 2025 and this Q2 Form 10-Q as of and for the period ended June 30, 2025.
In our Q1 Form 10-Q as of and for the period ended March 31, 2025, we disclosed a risk factor under the heading “Risks Related to Our Acquisition Strategy—Shareholder litigation could prevent or delay the completion of the merger or otherwise negatively impact the business and operations of the Company and HarborOne.” The following risk factor supersedes and replaces in its entirety that previously disclosed risk factor:
Shareholder litigation could prevent or delay the completion of the merger or otherwise negatively impact the business and operations of the Company and HarborOne.
Shareholders of the Company may file, and, as disclosed below, shareholders of HarborOne have filed, lawsuits against the Company, HarborOne, and/or the directors and officers of either company in connection with the merger. One of the conditions to the closing of the merger is that no order, injunction, or decree issued by any court or governmental entity of competent jurisdiction or other legal restraint preventing the consummation of the merger or any of the other transactions contemplated by the merger agreement be in effect. If any plaintiff were successful in obtaining an injunction prohibiting the Company or HarborOne defendants from completing the merger or any of the other transactions contemplated by the merger agreement, then such injunction may delay or prevent the effectiveness of the merger and could result in significant costs to the Company and/or HarborOne, including any cost associated with the indemnification of directors and officers of each company.
In connection with the proposed merger, the Company filed with the Securities and Exchange Commission (the “SEC”) on June 25, 2025, a registration statement on Form S-4 containing a proxy statement/prospectus, as amended, and HarborOne filed a definitive proxy statement and Eastern filed a definitive proxy statement/prospectus with the SEC, dated June 27, 2025 (the “proxy statement/prospectus”), with respect to the special meeting of HarborOne shareholders scheduled to be held on August 20, 2025. HarborOne first mailed the proxy statement/prospectus to its shareholders on or about July 2, 2025.
On July 28, 2025 in connection with the merger, a purported individual shareholder of HarborOne filed a complaint in New York state court, captioned William Johnson v. HarborOne Bancorp, Inc., et al., No. 654471/2025 (N.Y. Sup. Ct., N.Y. City.), naming as defendants HarborOne and certain members of HarborOne’s board of directors as of the date of the Merger Agreement (“Johnson”). On July 29, 2025, an additional case was filed by a purported individual shareholder of HarborOne in the same court against the same defendants, captioned Paul Parshall v. HarborOne Bancorp, Inc., et al., No. 654489/2025 (N.Y. Sup. Ct., N.Y. City.) (“Parshall”). The Johnson and Parshall cases, and any similar subsequently filed cases involving HarborOne, the Company, their respective boards of directors, or any committee thereof and/or any of their directors or officers relating directly or indirectly to the Merger Agreement, the Merger, or any related transaction, are referred to as the “Merger Litigations.” The Merger Litigations filed to date generally allege that the proxy statement/prospectus and the registration statement of which it is a part are materially incomplete and misleading and assert claims for negligent misrepresentation and concealment and negligence under New York common law. The Merger Litigations filed to date seek, among other things, an injunction enjoining consummation of the Merger, rescission of the Merger, costs of the actions, including attorneys’ fees and experts’ fees and expenses, and any other relief the court may deem just and proper.
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The Company and HarborOne believe that the Merger Litigations are without merit and that no supplemental disclosures are required under applicable law. It is possible additional Merger Litigations may be filed prior to consummation of the Merger. Absent new or significantly different allegations, HarborOne and the Company will not necessarily disclose such additional filings. For more information regarding the Merger Litigations, please see HarborOne’s Current Report on Form 8-K filed with the SEC on August 6, 2025, which includes supplemental disclosures supplementing the proxy statement/prospectus filed with the SEC on June 27, 2025, and first mailed to shareholders of HarborOne as of July 2, 2025. The supplemental disclosures should be read in connection with the proxy statement/prospectus, which should be read in its entirety and is available free of charge on the SEC’s website at http://www.sec.gov.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table sets forth information regarding the Company’s repurchases of its common stock during the six months ended June 30, 2025:
PeriodTotal Number of SharesAverage Price Paid per ShareTotal Number of Shares Purchased as Part of the Publicly Announced Share Repurchase ProgramsMaximum Number of Shares That May Yet Be Purchased Under the Share Repurchase Programs (1)
January 1, 2025 –  January 31, 2025934,859$17.39 2,679,6838,120,317
February 1, 2025 –  February 28, 2025—— 2,679,6838,120,317
March 1, 2025 –  March 31, 20251,940,67116.23 4,620,3546,179,646
April 1, 2025 –  April 30, 2025183,05316.36 4,803,4075,996,593
May 1, 2025 –  May 31, 2025—— 4,803,4075,996,593
June 1, 2025- June 30, 2025—— 4,803,4075,996,593
Total3,058,583$16.59 
(1)On July 25, 2024, the Company announced its Board of Directors had authorized a new share repurchase program. The program, which authorized the purchase of up to 10,800,000 shares over a 12-month period, was limited to $200.0 million and the program expired on July 31, 2025.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
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ITEM 6. EXHIBITS
The exhibits listed in the Exhibit Index (following the signatures section of this report) are included in, or incorporated by reference into, this Quarterly Report on Form 10-Q.
EXHIBIT INDEX
The following exhibits are included in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (and are numbered in accordance with Item 601 of Regulation S-K):
Exhibit
No.
Description
2.1
31.1*
31.2*
32.1+
32.2+
101*
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Unaudited Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, (ii) the Unaudited Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 (iii) the Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024, (iv) the Unaudited Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2025 and 2024, (v) the Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024, and (vi) the Notes to the Unaudited Consolidated Financial Statements.
104Cover page interactive data file (formatted as inline XBRL with applicable taxonomy extension information) contained in Exhibit 101 to this report+
†Management contract or compensatory plan, contract or arrangement
*Filed herewith
+    Furnished herewith
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
EASTERN BANKSHARES, INC.
Date: August 8, 2025/s/ Robert F. Rivers
By:Robert F. Rivers
Executive Chair and Chair of the Board
(Principal Executive Officer)
Date: August 8, 2025/s/ R. David Rosato
By:R. David Rosato
Chief Financial Officer
(Principal Financial Officer)

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