Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-39610 | |
Entity Registrant Name | Eastern Bankshares, Inc. | |
Entity Incorporation, State or Country Code | MA | |
Entity Tax Identification Number | 84-4199750 | |
Entity Address, Address Line One | 125 High Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02110 | |
City Area Code | 800 | |
Local Phone Number | 327-8376 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | EBC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 215,648,299 | |
Amendment Flag | false | |
Entity Central Index Key | 0001810546 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
UNAUDITED CONSOLIDATED BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 72,890 | $ 87,233 |
Short-term investments | 677,958 | 605,843 |
Cash and cash equivalents | 750,848 | 693,076 |
Available for sale (amortized cost $4,893,056 and $5,161,904, respectively) | 4,097,842 | 4,407,521 |
Held to maturity (fair value $385,398 and $404,822, respectively) | 436,712 | 449,721 |
Total securities | 4,534,554 | 4,857,242 |
Loans held for sale | 1,308 | 1,124 |
Total loans | 14,145,520 | 13,973,428 |
Allowance for loan losses | (156,146) | (148,993) |
Unamortized premiums, net of unearned discounts and deferred fees | (35,601) | (25,068) |
Net loans | 13,953,773 | 13,799,367 |
Federal Home Loan Bank stock, at cost | 5,879 | 5,904 |
Premises and equipment | 60,910 | 60,133 |
Bank-owned life insurance | 166,710 | 164,702 |
Goodwill and other intangibles, net | 565,196 | 566,205 |
Deferred income taxes, net | 276,064 | 266,185 |
Prepaid expenses | 183,245 | 183,073 |
Other assets | 545,682 | 536,267 |
Total assets | 21,044,169 | 21,133,278 |
Deposits: | ||
Demand | 4,808,938 | 5,162,218 |
Interest checking accounts | 3,532,811 | 3,737,361 |
Savings accounts | 1,238,009 | 1,323,126 |
Money market investment | 5,014,900 | 4,664,475 |
Certificates of deposit | 2,943,151 | 2,709,037 |
Total deposits | 17,537,809 | 17,596,217 |
Borrowed funds: | ||
Escrow deposits of borrowers | 20,155 | 21,978 |
Interest rate swap collateral funds | 11,370 | 8,500 |
Federal Home Loan Bank advances | 17,415 | 17,738 |
Total borrowed funds | 48,940 | 48,216 |
Other liabilities | 489,947 | 513,990 |
Total liabilities | 18,076,696 | 18,158,423 |
Commitments and contingencies (see Note 9) | ||
Shareholders’ equity | ||
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 176,687,829 and 176,426,993 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 1,770 | 1,767 |
Additional paid in capital | 1,673,722 | 1,666,441 |
Unallocated common shares held by the Employee Stock Ownership Plan | (130,295) | (132,755) |
Retained earnings | 2,076,566 | 2,047,754 |
Accumulated other comprehensive income, net of tax | (654,290) | (608,352) |
Total shareholders’ equity | 2,967,473 | 2,974,855 |
Total liabilities and shareholders’ equity | $ 21,044,169 | $ 21,133,278 |
UNAUDITED CONSOLIDATED BALANC_2
UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Available-for-sale debt securities, amortized cost | $ 4,893,056 | $ 5,161,904 |
Held-to-maturity debt securities, fair value | $ 385,398 | $ 404,822 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock issued (in shares) | 176,687,829 | 176,426,993 |
Common stock outstanding (in shares) | 176,687,829 | 176,426,993 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 172,514 | $ 160,862 | $ 342,495 | $ 314,402 |
Taxable interest and dividends on securities | 22,724 | 24,618 | 46,097 | 53,260 |
Non-taxable interest and dividends on securities | 1,439 | 1,434 | 2,876 | 2,868 |
Interest on federal funds sold and other short-term investments | 10,699 | 14,851 | 18,519 | 20,115 |
Total interest and dividend income | 207,376 | 201,765 | 409,987 | 390,645 |
Interest expense: | ||||
Interest on deposits | 78,473 | 56,146 | 150,931 | 99,079 |
Interest on borrowings | 254 | 4,031 | 507 | 11,669 |
Total interest expense | 78,727 | 60,177 | 151,438 | 110,748 |
Net interest income | 128,649 | 141,588 | 258,549 | 279,897 |
Provision for allowance for loan losses | 6,126 | 7,501 | 13,577 | 7,526 |
Net interest income after provision for allowance for loan losses | 122,523 | 134,087 | 244,972 | 272,371 |
Noninterest income (loss): | ||||
Service charges on deposit accounts | 7,930 | 7,242 | 15,438 | 13,714 |
Trust and investment advisory fees | 6,711 | 6,131 | 13,255 | 11,901 |
Debit card processing fees | 3,522 | 3,513 | 6,769 | 6,683 |
Interest rate swap income | 418 | 825 | 1,085 | 417 |
Income from investments held in rabbi trusts | 1,761 | 3,002 | 6,079 | 5,859 |
Losses on sales of mortgage loans held for sale, net | (152) | (50) | (210) | (124) |
Losses on sales of securities available for sale, net | (7,557) | 0 | (7,557) | (333,170) |
Other | 12,715 | 5,541 | 18,181 | 11,071 |
Total noninterest income (loss) | 25,348 | 26,204 | 53,040 | (283,649) |
Noninterest expense: | ||||
Salaries and employee benefits | 65,218 | 62,183 | 129,689 | 124,366 |
Office occupancy and equipment | 10,109 | 9,067 | 19,293 | 18,156 |
Data processing | 17,990 | 12,814 | 34,499 | 25,112 |
Professional services | 4,250 | 3,025 | 7,762 | 6,152 |
Marketing expenses | 1,910 | 2,111 | 3,425 | 3,134 |
FDIC insurance | 4,508 | 3,034 | 6,793 | 5,580 |
Amortization of intangible assets | 504 | 504 | 1,008 | 795 |
Other | 5,380 | 7,196 | 8,602 | 12,530 |
Total noninterest expense | 109,869 | 99,934 | 211,071 | 195,825 |
Income (loss) from continuing operations before income tax expense (benefit) | 38,002 | 60,357 | 86,941 | (207,103) |
Income tax expense (benefit) | 11,671 | 15,938 | 21,963 | (49,441) |
Net income (loss) from continuing operations | 26,331 | 44,419 | 64,978 | (157,662) |
Net income from discontinued operations | 0 | 4,238 | 0 | 12,223 |
Net income (loss) | $ 26,331 | $ 48,657 | $ 64,978 | $ (145,439) |
Basic earnings (loss) per share: | ||||
Basic earnings (loss) per share from continuing operations (in dollars per share) | $ 0.16 | $ 0.27 | $ 0.40 | $ (0.98) |
Basic earnings per share from discontinued operations (in dollars per share) | 0 | 0.03 | 0 | 0.08 |
Basic earnings (loss) per share (in dollars per share) | 0.16 | 0.30 | 0.40 | (0.90) |
Diluted earnings (loss) per share: | ||||
Diluted earnings (loss) per share from continuing operations (in dollars per share) | 0.16 | 0.27 | 0.40 | (0.98) |
Diluted earnings per share from discontinued operations (in dollars per share) | 0 | 0.03 | 0 | 0.08 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.16 | $ 0.30 | $ 0.40 | $ (0.90) |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 26,331 | $ 48,657 | $ 64,978 | $ (145,439) |
Other comprehensive income (loss), net of tax: | ||||
Net change in fair value of securities available for sale | (394) | (58,486) | (27,953) | 233,545 |
Net change in fair value of cash flow hedges | 1,494 | (32,271) | (16,953) | (10,593) |
Net change in other comprehensive income for defined benefit postretirement plans | (516) | (361) | (1,032) | (742) |
Total other comprehensive income (loss) | 584 | (91,118) | (45,938) | 222,210 |
Total comprehensive income (loss) | $ 26,915 | $ (42,461) | $ 19,040 | $ 76,771 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Cumulative effect accounting adjustment | [1] | Common Stock | Additional Paid in Capital | Retained Earnings | Retained Earnings Cumulative effect accounting adjustment | [1] | Accumulated Other Comprehensive Loss | Unallocated Common Stock Held by ESOP | |
Beginning balance (in shares) at Dec. 31, 2022 | 176,172,073 | ||||||||||
Beginning Balance at Dec. 31, 2022 | $ 2,471,790 | $ 822 | $ 1,762 | $ 1,649,141 | $ 1,881,775 | $ 822 | $ (923,192) | $ (137,696) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Dividends to common shareholders | [2] | (32,688) | (32,688) | ||||||||
Issuance of restricted stock awards (in shares) | 47,820 | ||||||||||
Issuance of restricted stock awards | 0 | $ 1 | (1) | ||||||||
Issuance of common stock under share-based compensation arrangements (in shares) | [3] | 156,782 | |||||||||
Issuance of common stock under share-based compensation arrangements | [3] | (1,164) | $ 3 | (1,167) | |||||||
Share-based compensation | 7,712 | 7,712 | |||||||||
Net income (loss) | (145,439) | (145,439) | |||||||||
Other comprehensive income (loss), net of tax | 222,210 | 222,210 | |||||||||
ESOP shares committed to be released | 3,529 | 1,065 | 2,464 | ||||||||
Ending balance (in shares) at Jun. 30, 2023 | 176,376,675 | ||||||||||
Ending balance at Jun. 30, 2023 | 2,526,772 | $ 1,766 | 1,656,750 | 1,704,470 | (700,982) | (135,232) | |||||
Beginning balance (in shares) at Mar. 31, 2023 | 176,328,426 | ||||||||||
Beginning Balance at Mar. 31, 2023 | 2,579,123 | $ 1,764 | 1,651,524 | 1,672,169 | (609,864) | (136,470) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Dividends to common shareholders | [4] | (16,356) | (16,356) | ||||||||
Issuance of restricted stock awards (in shares) | 47,820 | ||||||||||
Issuance of restricted stock awards | 0 | $ 1 | (1) | ||||||||
Issuance of common stock under share-based compensation arrangements (in shares) | 429 | ||||||||||
Issuance of common stock under share-based compensation arrangements | (1) | $ 1 | (2) | ||||||||
Share-based compensation | 4,668 | 4,668 | |||||||||
Net income (loss) | 48,657 | 48,657 | |||||||||
Other comprehensive income (loss), net of tax | (91,118) | (91,118) | |||||||||
ESOP shares committed to be released | 1,799 | 561 | 1,238 | ||||||||
Ending balance (in shares) at Jun. 30, 2023 | 176,376,675 | ||||||||||
Ending balance at Jun. 30, 2023 | $ 2,526,772 | $ 1,766 | 1,656,750 | 1,704,470 | (700,982) | (135,232) | |||||
Beginning balance (in shares) at Dec. 31, 2023 | 176,426,993 | 176,426,993 | |||||||||
Beginning Balance at Dec. 31, 2023 | $ 2,974,855 | $ 1,767 | 1,666,441 | 2,047,754 | (608,352) | (132,755) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Dividends to common shareholders | [2] | (36,166) | (36,166) | ||||||||
Issuance of restricted stock awards (in shares) | 56,352 | ||||||||||
Issuance of restricted stock awards | 0 | $ 1 | (1) | ||||||||
Issuance of common stock under share-based compensation arrangements (in shares) | [3] | 204,484 | |||||||||
Issuance of common stock under share-based compensation arrangements | [3] | (1,262) | $ 2 | (1,264) | |||||||
Share-based compensation | 7,831 | 7,831 | |||||||||
Net income (loss) | 64,978 | 64,978 | |||||||||
Other comprehensive income (loss), net of tax | (45,938) | (45,938) | |||||||||
ESOP shares committed to be released | $ 3,175 | 715 | 2,460 | ||||||||
Ending balance (in shares) at Jun. 30, 2024 | 176,687,829 | 176,687,829 | |||||||||
Ending balance at Jun. 30, 2024 | $ 2,967,473 | $ 1,770 | 1,673,722 | 2,076,566 | (654,290) | (130,295) | |||||
Beginning balance (in shares) at Mar. 31, 2024 | 176,631,477 | ||||||||||
Beginning Balance at Mar. 31, 2024 | 2,952,831 | $ 1,769 | 1,669,133 | 2,068,315 | (654,874) | (131,512) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Dividends to common shareholders | [4] | (18,080) | (18,080) | ||||||||
Issuance of restricted stock awards (in shares) | 56,352 | ||||||||||
Issuance of restricted stock awards | 0 | $ 1 | (1) | ||||||||
Issuance of common stock under share-based compensation arrangements | 0 | ||||||||||
Share-based compensation | 4,242 | 4,242 | |||||||||
Net income (loss) | 26,331 | 26,331 | |||||||||
Other comprehensive income (loss), net of tax | 584 | 584 | |||||||||
ESOP shares committed to be released | $ 1,565 | 348 | 1,217 | ||||||||
Ending balance (in shares) at Jun. 30, 2024 | 176,687,829 | 176,687,829 | |||||||||
Ending balance at Jun. 30, 2024 | $ 2,967,473 | $ 1,770 | $ 1,673,722 | $ 2,076,566 | $ (654,290) | $ (130,295) | |||||
[1] Represents gross transition adjustment amount of $1.1 million, net of taxes of $0.3 million, to reflect the cumulative impact on retained earnings pursuant to the Company’s adoption of Accounting Standards Update 2022-02. Refer to Note 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 for additional discussion. Represents shares issued, net of employee tax withheld upon the vesting of restricted stock units. Refer to Note 8, “Employee Benefits” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q for additional discussion. The Company declared quarterly cash dividends of $0.11 and $0.10 per share of common stock during the three months ended June 30, 2024 and 2023, respectively. |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 01, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Dividends declared per share (in dollars per share) | $ 0.11 | $ 0.10 | $ 0.22 | $ 0.20 | |
Retained earnings | $ (2,076,566) | $ (2,076,566) | |||
Deferred income tax expense (benefit) | $ 9,890 | $ (77,552) | |||
Cumulative effect accounting adjustment | |||||
Retained earnings | $ 1,100 | ||||
Deferred income tax expense (benefit) | $ 300 |
UNAUDITED CONSOLIDATED STATEM_5
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities | ||
Net income (loss) from continuing operations | $ 64,978 | $ (157,662) |
Net income from discontinued operations | 0 | 12,223 |
Net income (loss) | 64,978 | (145,439) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Provision for allowance for loan losses | 13,577 | 7,526 |
Depreciation and amortization | 6,742 | 6,053 |
Amortization of deferred loan fees and premiums, net | 5,611 | 2,487 |
Deferred income tax expense (benefit) | 9,890 | (77,552) |
Amortization of investment security premiums and discounts, net | 2,271 | 3,871 |
Right-of-use asset amortization | 5,161 | 5,481 |
Share-based compensation | 7,831 | 7,712 |
Increase in cash surrender value of bank-owned life insurance | (2,008) | (1,928) |
Loss on sale of securities available for sale, net | 7,557 | 333,170 |
Employee Stock Ownership Plan expense | 3,175 | 3,529 |
Other | 329 | 327 |
Change in: | ||
Loans held for sale | (151) | 1,723 |
Prepaid pension expense | (889) | 2,404 |
Other assets | (3,864) | (44,517) |
Other liabilities | (33,360) | 58,613 |
Net cash provided by operating activities - continuing operations | 86,850 | 151,237 |
Net cash provided by operating activities - discontinued operations | 0 | 21,709 |
Net cash provided by operating activities | 86,850 | 172,946 |
Investing activities | ||
Proceeds from sales of securities available for sale | 85,220 | 1,899,724 |
Proceeds from maturities and principal paydowns of securities available for sale | 173,584 | 230,154 |
Proceeds from maturities and principal paydowns of securities held to maturity | 13,225 | 11,813 |
Proceeds from sale of Federal Home Loan Bank stock | 3,638 | 168,578 |
Purchases of Federal Home Loan Bank stock | (3,613) | (154,109) |
Contributions to low income housing tax credit investments | (27,261) | (19,178) |
Contributions to other equity investments | (180) | (540) |
Distributions from other equity investments | 167 | 159 |
Net increase in outstanding loans, excluding loan purchases | (173,594) | (355,294) |
Purchases of loans | 0 | (31,980) |
Purchased banking premises and equipment | (6,512) | (2,190) |
Net cash provided by investing activities - continuing operations | 64,674 | 1,747,137 |
Net cash used in investing activities - discontinued operations | 0 | (47) |
Net cash provided by investing activities | 64,674 | 1,747,090 |
Financing activities | ||
Net decrease in demand, savings, interest checking, and money market investment deposit accounts | (292,522) | (1,520,253) |
Net increase in time deposits | 234,114 | 726,866 |
Net increase (decrease) in borrowed funds | 724 | (389,617) |
Dividends declared and paid to common shareholders | (36,068) | (32,390) |
Net cash used in financing activities - continuing operations | (93,752) | (1,215,394) |
Net cash used in financing activities - discontinued operations | 0 | (645) |
Net cash used in financing activities | (93,752) | (1,216,039) |
Net increase in cash, cash equivalents, and restricted cash | 57,772 | 703,997 |
Cash, cash equivalents, and restricted cash at beginning of period | 693,076 | 169,505 |
Cash, cash equivalents, and restricted cash at end of period | 750,848 | 873,502 |
Cash paid during the period for: | ||
Interest paid on deposits and borrowings | 150,565 | 105,130 |
Income taxes | 19,571 | 21,637 |
Non-cash activities | ||
Net increase in capital commitments relating to low income housing tax credit projects | 8,963 | 89,500 |
Net increase (decrease) in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications | $ 2,717 | $ (4,423) |
Corporate Structure and Nature
Corporate Structure and Nature of Operations; Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Corporate Structure and Nature of Operations; Basis of Presentation | 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. Eastern Insurance Group was a wholly-owned subsidiary of the Bank. On September 19, 2023, the Company and the Bank entered into an asset purchase agreement in which Arthur J. Gallagher & Co. (“Gallagher”) agreed to purchase substantially all of Eastern Insurance Group’s assets for cash consideration and to assume certain liabilities. On October 31, 2023, the Company completed its sale of its insurance agency business to Gallagher. Substantially all of the historical results of our previously reported insurance agency business segment have been reflected as discontinued operations in our Consolidated Financial Statements for the three and six months ended June 30, 2023. Refer to Note 15, “Discontinued Operations” for further discussion regarding discontinued operations. 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 and banking 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. In addition, as a result of the decision to sell substantially all of the assets and transfer substantially all of the liabilities of Eastern Insurance Group, the Company reclassified certain amounts previously reported including: • certain components of noninterest income and noninterest expense, including the associated income tax effects, previously reported in the insurance agency business were reclassified to net income from discontinued operations on the Consolidated Statements of Income; and • certain operating, investing, and financing cash flows previously reported on their applicable lines within the Consolidated Statements of Cash Flows were reclassified to cash flows used in/provided by operating activities of, investment activities of and financing activities of discontinued operations, respectively. The accompanying Consolidated Balance Sheet as of June 30, 2024, the Consolidated Statements of Income and Comprehensive Income and of Changes in Shareholders’ Equity for the three and six months ended June 30, 2024 and 2023 and Statements of Cash Flows for the six months ended June 30, 2024 and 2023 are unaudited. The Consolidated Balance Sheet as of December 31, 2023 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, 2023 (“2023 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, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim period, or any future year or period. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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, 2024 and those that were adopted during the six months ended June 30, 2024. For a full discussion of significant accounting policies, refer to the Notes to the Consolidated Financial Statements included within the Company’s 2023 Form 10-K. 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, 2024: 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 expects the adoption of this standard will not have a material impact on its Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update: 1. Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision-maker (“CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”). 2. Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. 3. Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting in interim periods. 4. Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. In other words, in addition to the measure that is most consistent with the measurement principles under U.S. GAAP, a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. 5. Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. 6. Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures in Topic 280. For public business entities, the amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and adoption is required to be done on a retrospective basis. The Company expects the adoption of this standard will not 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. Relevant standards that were adopted during the six months ended June 30, 2024: In March 2023, the FASB issued ASU 2023-02, Investments–Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (“ASU 2023-02”). This update permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if the following conditions are met: 1. It is probable that the income tax credits allocable to the tax equity investor will be available. 2. The tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project. 3. Substantially all of the projected benefits are from income tax credits and other income tax benefits. Projected benefits include income tax credits, other income tax benefits, and other non-income-tax-related benefits. The projected benefits are determined on a discounted basis, using a discount rate that is consistent with the cash flow assumptions used by the tax equity investor in making its decision to invest in the project. 4. The tax equity investor’s projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive. 5. The tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment. Under existing accounting standards, the proportional amortization method is allowable only for equity investments in low-income-housing tax credit structures. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). Updates made by ASU 2023-02 allow a reporting entity to make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis. The Company had previously made an accounting policy election to account for its investments in low-income-housing tax credit investments using the proportional amortization method. This election was made upon the Company’s adoption of ASU 2014-01, Investments–Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects , which introduced the option to apply proportional amortization to low-income-housing tax credit investments . The Company adopted this standard on January 1, 2024 and such adoption did not have a material impact on its Consolidated Financial Statements. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities [Abstract] | |
Securities | Securities Available for Sale Securities 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, 2024 Amortized Unrealized Unrealized Allowance for Credit Losses Fair (In thousands) Debt securities: Government-sponsored residential mortgage-backed securities $ 3,148,711 $ — $ (551,161) $ — $ 2,597,550 Government-sponsored commercial mortgage-backed securities 1,302,782 — (211,888) — 1,090,894 U.S. Agency bonds 144,227 — (13,989) — 130,238 U.S. Treasury securities 99,667 — (4,113) — 95,554 State and municipal bonds and obligations 197,669 — (14,063) — 183,606 $ 4,893,056 $ — $ (795,214) $ — $ 4,097,842 As of December 31, 2023 Amortized Unrealized Unrealized Allowance for Credit Losses Fair (In thousands) Debt securities: Government-sponsored residential mortgage-backed securities $ 3,302,165 $ — $ (521,527) $ — $ 2,780,638 Government-sponsored commercial mortgage-backed securities 1,326,029 — (201,653) — 1,124,376 U.S. Agency bonds 236,454 — (20,443) — 216,011 U.S. Treasury securities 99,552 — (4,400) — 95,152 State and municipal bonds and obligations 197,704 172 (6,532) — 191,344 $ 5,161,904 $ 172 $ (754,555) $ — $ 4,407,521 The Company did not record a provision for credit losses on any AFS securities for either the three and six months ended June 30, 2024 or 2023. Accrued interest receivable on AFS securities totaled $8.7 million and $9.2 million as of June 30, 2024 and December 31, 2023, 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, 2024 or 2023. No AFS securities held by the Company were delinquent on contractual payments as of June 30, 2024 or December 31, 2023, 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, 2024 2023 2024 2023 (In thousands) Gross realized gains from sales of AFS securities $ — $ — $ — $ — Gross realized losses from sales of AFS securities (7,557) — (7,557) (333,170) Net losses from sales of AFS securities $ (7,557) $ — $ (7,557) $ (333,170) Information pertaining to AFS securities with gross unrealized losses as of June 30, 2024 and December 31, 2023, 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: As of June 30, 2024 Less than 12 Months 12 Months or Longer Total # of Gross Fair Gross Fair Gross Fair (Dollars in thousands) Government-sponsored residential mortgage-backed securities 324 $ — $ — $ 551,161 $ 2,597,550 $ 551,161 $ 2,597,550 Government-sponsored commercial mortgage-backed securities 187 — — 211,888 1,090,894 211,888 1,090,894 U.S. Agency bonds 14 — — 13,989 130,238 13,989 130,238 U.S. Treasury securities 6 — — 4,113 95,554 4,113 95,554 State and municipal bonds and obligations 240 1,312 32,451 12,751 151,155 14,063 183,606 771 $ 1,312 $ 32,451 $ 793,902 $ 4,065,391 $ 795,214 $ 4,097,842 As of December 31, 2023 Less than 12 Months 12 Months or Longer Total # of Gross Fair Gross Fair Gross Fair (Dollars in thousands) Government-sponsored residential mortgage-backed securities 324 $ — $ — $ 521,527 $ 2,780,638 $ 521,527 $ 2,780,638 Government-sponsored commercial mortgage-backed securities 187 — — 201,653 1,124,376 201,653 1,124,376 U.S. Agency bonds 23 — — 20,443 216,011 20,443 216,011 U.S. Treasury securities 6 36 4,927 4,364 90,225 4,400 95,152 State and municipal bonds and obligations 196 233 22,894 6,299 135,279 6,532 158,173 736 $ 269 $ 27,821 $ 754,286 $ 4,346,529 $ 754,555 $ 4,374,350 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, 2024 or December 31, 2023. The causes of the impairments listed in the tables above by category are as follows as of June 30, 2024 and December 31, 2023: • 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: As of June 30, 2024 Amortized Unrealized Unrealized Allowance for Credit Losses Fair (In thousands) Debt securities: Government-sponsored residential mortgage-backed securities $ 243,919 $ — $ (29,438) $ — $ 214,481 Government-sponsored commercial mortgage-backed securities 192,793 — (21,876) — 170,917 $ 436,712 $ — $ (51,314) $ — $ 385,398 As of December 31, 2023 Amortized Unrealized Unrealized Allowance for Credit Losses Fair (In thousands) Debt securities: Government-sponsored residential mortgage-backed securities $ 254,752 $ — $ (24,433) $ — $ 230,319 Government-sponsored commercial mortgage-backed securities 194,969 — (20,466) — 174,503 $ 449,721 $ — $ (44,899) $ — $ 404,822 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, 2024 or 2023. The accrued interest receivable on HTM securities totaled $0.9 million as of both June 30, 2024 and December 31, 2023 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, 2024 or 2023. No HTM securities held by the Company were delinquent on contractual payments as of either June 30, 2024 or December 31, 2023, nor were any HTM securities placed on non-accrual status during the six and twelve month periods then ended. 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, 2024 and December 31, 2023 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, 2024 Due in one year or less Due after one year to five years Due after five to ten years Due after ten years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) AFS securities Government-sponsored residential mortgage-backed securities $ — $ — $ 27,804 $ 26,680 $ 15,471 $ 14,222 $ 3,105,436 $ 2,556,648 $ 3,148,711 $ 2,597,550 Government-sponsored commercial mortgage-backed securities — — 403,508 364,695 224,736 187,823 674,538 538,376 1,302,782 1,090,894 U.S. Agency bonds — — 144,227 130,238 — — — — 144,227 130,238 U.S. Treasury securities 29,964 29,383 69,703 66,171 — — — — 99,667 95,554 State and municipal bonds and obligations 3,299 3,240 33,012 31,373 47,707 44,979 113,651 104,014 197,669 183,606 Total available for sale securities 33,263 32,623 678,254 619,157 287,914 247,024 3,893,625 3,199,038 4,893,056 4,097,842 HTM securities Government-sponsored residential mortgage-backed securities — — — — — — 243,919 214,481 243,919 214,481 Government-sponsored commercial mortgage-backed securities — — 135,611 121,904 57,182 49,013 — — 192,793 170,917 Total held to maturity securities — — 135,611 121,904 57,182 49,013 243,919 214,481 436,712 385,398 Total $ 33,263 $ 32,623 $ 813,865 $ 741,061 $ 345,096 $ 296,037 $ 4,137,544 $ 3,413,519 $ 5,329,768 $ 4,483,240 As of December 31, 2023 Due in one year or less Due after one year to five years Due after five to ten years Due after ten years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) AFS securities Government-sponsored residential mortgage-backed securities $ — $ — $ 29,288 $ 28,188 $ 22,735 $ 21,235 $ 3,250,142 $ 2,731,215 $ 3,302,165 $ 2,780,638 Government-sponsored commercial mortgage-backed securities — — 256,229 234,725 379,749 327,198 690,051 562,453 1,326,029 1,124,376 U.S. Agency bonds — — 236,454 216,011 — — — — 236,454 216,011 U.S. Treasury securities — — 99,552 95,152 — — — — 99,552 95,152 State and municipal bonds and obligations 213 209 30,131 29,393 44,047 43,260 123,313 118,482 197,704 191,344 Total available for sale securities 213 209 651,654 603,469 446,531 391,693 4,063,506 3,412,150 5,161,904 4,407,521 HTM securities Government-sponsored residential mortgage-backed securities — — — — — — 254,752 230,319 254,752 230,319 Government-sponsored commercial mortgage-backed securities — — 80,014 72,952 114,955 101,551 0 — — 194,969 174,503 Total held to maturity securities — — 80,014 72,952 114,955 101,551 254,752 230,319 449,721 404,822 Total $ 213 $ 209 $ 731,668 $ 676,421 $ 561,486 $ 493,244 $ 4,318,258 $ 3,642,469 $ 5,611,625 $ 4,812,343 Securities Pledged as Collateral As of June 30, 2024 and December 31, 2023, securities with a carrying value of $852.1 million and $615.7 million, respectively, were pledged to secure public deposits and for other purposes required by law. As of June 30, 2024 and December 31, 2023, deposits with associated pledged collateral included cash accounts from the Company’s wealth management division (“Eastern Wealth Management”) and municipal deposit accounts. In March 2023 the Federal Reserve created the Bank Term Funding Program (the “Program”) that offered eligible depository institutions loans up to one year in length in return for any collateral eligible for purchase by the Federal Reserve Banks in open market operations, such as U.S. Treasuries. As of December 31, 2023, securities with a carrying value of $2.4 billion were pledged as collateral through the Program. On January 24, 2024, the Federal Reserve Board announced the Program would cease making new loans as scheduled on March 11, 2024. Accordingly, no securities were pledged as collateral under the Program as of June 30, 2024. Separately, as of June 30, 2024 and December 31, 2023, the Company pledged securities with a carrying value of $1.9 billion and $168.8 million, respectively, to the Federal Reserve Discount Window (the “Discount Window”). |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 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, 2024 December 31, 2023 (In thousands) Commercial and industrial $ 3,084,186 $ 3,034,068 Commercial real estate 5,440,411 5,457,349 Commercial construction 447,157 386,999 Business banking 1,108,163 1,085,763 Residential real estate 2,562,808 2,565,485 Consumer home equity 1,254,105 1,208,231 Other consumer 248,690 235,533 Gross loans before unamortized premiums, unearned discounts and deferred fees 14,145,520 13,973,428 Allowance for loan losses (1) (156,146) (148,993) Unamortized premiums, net of unearned discounts and deferred fees (35,601) (25,068) Loans after the allowance for loan losses, unamortized premiums, unearned discounts and deferred fees $ 13,953,773 $ 13,799,367 (1) The balance of accrued interest receivable excluded from amortized cost and the calculation of the allowance for loan losses amounted to $55.8 million and $53.9 million as of June 30, 2024 and December 31, 2023, 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 $4.4 billion and $4.6 billion at June 30, 2024 and December 31, 2023, respectively. The balance of funds borrowed from the FHLBB were $17.4 million and $17.7 million at June 30, 2024 and December 31, 2023, respectively. The carrying value of loans pledged to secure advances from the Federal Reserve Bank (“FRB”) were $1.2 billion and $1.1 billion at June 30, 2024 and December 31, 2023, respectively. There were no funds borrowed from the FRB outstanding at June 30, 2024 or December 31, 2023. Serviced Loans At June 30, 2024 and December 31, 2023, mortgage loans partially or wholly-owned by others and serviced by the Company amounted to approximately $74.3 million and $77.2 million, respectively. Purchased Loans The Company began purchasing residential real estate mortgage loans during the third quarter of 2022 and ceased such purchases in the first quarter of 2023. Loans purchased were subject to the same underwriting criteria as those loans originated directly by the Company. During the six months ended June 30, 2024, the Company did not purchase any residential real estate mortgage loans. The Company purchased $32.0 million of residential real estate mortgage loans during the six months ended June 30, 2023. As of June 30, 2024 and December 31, 2023, the amortized cost balance of loans purchased was $377.0 million and $385.5 million, respectively. Allowance for Loan Losses 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, 2024 Commercial Commercial Commercial Business Residential Consumer Other 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) Recoveries 56 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 Three Months Ended June 30, 2023 Commercial Commercial Commercial Business Residential Consumer Other Total (In thousands) Allowance for loan losses: Beginning balance $ 26,929 $ 55,193 $ 7,578 $ 15,085 $ 27,130 $ 6,182 $ 2,841 $ 140,938 Charge-offs — — — (254) — — (591) (845) Recoveries 26 2 — 204 18 — 111 361 Provision (release) 2,580 4,329 85 193 (136) (138) 588 7,501 Ending balance $ 29,535 $ 59,524 $ 7,663 $ 15,228 $ 27,012 $ 6,044 $ 2,949 $ 147,955 For the Six Months Ended June 30, 2024 Commercial Commercial Commercial Business Residential Consumer Other 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) Recoveries 81 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 For the Six Months Ended June 30, 2023 Commercial Commercial Commercial Business Residential Consumer Other Other Total (In thousands) Allowance for loan losses: Beginning balance $ 26,859 $ 54,730 $ 7,085 $ 16,189 $ 28,129 $ 6,454 $ 2,765 $ — $ 142,211 Cumulative effect of change in accounting principle (1) 47 — — (140) (849) (201) — — $ (1,143) Charge-offs — — — (597) — (7) (1,152) — (1,756) Recoveries 165 6 — 685 33 1 227 — 1,117 Provision (release) 2,464 4,788 578 (909) (301) (203) 1,109 — 7,526 Ending balance $ 29,535 $ 59,524 $ 7,663 $ 15,228 $ 27,012 $ 6,044 $ 2,949 $ — $ 147,955 (1) Represents the adjustment needed to reflect the cumulative day one impact pursuant to the Company’s adoption of ASU 2022-02 (i.e., cumulative effect adjustment related to the adoption of ASU 2022-02 as of January 1, 2023). The adjustment represents a $1.1 million decrease to the allowance attributable to the change in accounting methodology for estimating the allowance for loan losses resulting from the Company’s adoption of the standard. The Company recorded provisions for allowance for loan losses of $13.6 million and $7.5 million for the six months ended June 30, 2024 and 2023, respectively. Management determined a provision to be necessary for the six months ended June 30, 2024 primarily due to a $7.3 million partial charge-off of a commercial real estate loan collateralized by a property in the office risk segment which transitioned to non-accrual status during the three months ended March 31, 2024 and had not been previously reserved for on a specific reserve basis, and due to an increase in specific reserves for commercial real estate loans collateralized by a property in the office risk segment. 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, 2024 and December 31, 2023, the Company’s reserve for unfunded lending commitments was $11.6 million and $14.1 million, respectively, which is recorded within other liabilities in the Company's Consolidated Balance Sheets. The Company’s adoption of ASU 2022-02 on January 1, 2023 did not impact the reserve for unfunded lending commitments. 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 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. Full principal repayment is required at the end of the ten-year draw period. 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 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, 2024, and gross charge-offs for the six month period then ended: 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total (In thousands) Commercial and industrial Pass $ 173,503 $ 391,758 $ 369,396 $ 266,102 $ 326,612 $ 744,362 $ 559,005 $ 501 $ 2,831,239 Special Mention 10,886 20,156 20,782 67,706 3,978 6,785 35,917 303 166,513 Substandard — 18,519 20,170 — 10,520 555 23,247 436 73,447 Doubtful — — — — — 8 — — 8 Loss — — — — — — — — — Total commercial and industrial 184,389 430,433 410,348 333,808 341,110 751,710 618,169 1,240 3,071,207 Current period gross charge-offs — — — — — — — — — Commercial real estate Pass 194,930 474,588 1,380,390 804,934 552,530 1,630,590 45,966 — 5,083,928 Special Mention 1,256 45,208 7,927 48,067 11,234 15,170 5,863 — 134,725 Substandard 8,319 40,571 12,486 6,673 2,291 117,267 2 7,878 195,487 Doubtful — — — — — 23,258 — — 23,258 Loss — — — — — — — — — Total commercial real estate 204,505 560,367 1,400,803 859,674 566,055 1,786,285 51,831 7,878 5,437,398 Current period gross charge-offs — — — — — 7,250 — — 7,250 Commercial construction Pass 41,542 164,646 193,997 21,538 — — — — 421,723 Special Mention — 485 — — — — — — 485 Substandard — 23,019 — — — — — — 23,019 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction 41,542 188,150 193,997 21,538 — — — — 445,227 Current period gross charge-offs — — — — — — — — — Business banking Pass 87,499 128,351 158,460 171,739 137,208 314,233 79,495 3,055 1,080,040 Special Mention 905 224 2,332 2,364 2,563 9,380 111 41 17,920 Substandard 171 1,150 565 2,459 2,890 5,087 214 64 12,600 Doubtful — — — — — 8 375 — 383 Loss — — — — — — — — — Total business banking 88,575 129,725 161,357 176,562 142,661 328,708 80,195 3,160 1,110,943 Current period gross charge-offs — 405 — 418 144 119 — 18 1,104 Residential real estate Current and accruing 86,079 248,027 712,314 644,880 340,910 516,722 — — 2,548,932 30-89 days past due and accruing — 1,286 3,388 4,910 2,502 9,958 — — 22,044 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — — 2,340 336 — 4,113 — — 6,789 Total residential real estate 86,079 249,313 718,042 650,126 343,412 530,793 — — 2,577,765 Current period gross charge-offs — — — — — 10 — — 10 Consumer home equity Current and accruing 3,689 27,147 79,038 8,263 4,604 84,413 1,023,450 10,413 1,241,017 30-89 days past due and accruing — 64 143 — — 779 7,871 221 9,078 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — — 52 — — 1,144 5,437 82 6,715 Total consumer home equity 3,689 27,211 79,233 8,263 4,604 86,336 1,036,758 10,716 1,256,810 Current period gross charge-offs — — — — — 2 32 — 34 Other consumer Current and accruing 46,608 70,543 31,372 20,407 10,046 19,196 11,759 29 209,960 30-89 days past due and accruing 29 96 95 49 29 46 89 48 481 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — 54 22 7 12 25 8 — 128 Total other consumer 46,637 70,693 31,489 20,463 10,087 19,267 11,856 77 210,569 Current period gross charge-offs 494 183 301 183 24 66 58 — 1,309 Total $ 655,416 $ 1,655,892 $ 2,995,269 $ 2,070,434 $ 1,407,929 $ 3,503,099 $ 1,798,809 $ 23,071 $ 14,109,919 (1) The amounts presented represent the amortized cost as of June 30, 2024 of revolving loans that were converted to term loans during the six months ended June 30, 2024. 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, 2023 : 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total (In thousands) Commercial and industrial Pass $ 477,138 $ 442,896 $ 350,782 $ 341,243 $ 140,641 $ 641,342 $ 485,448 $ 3,255 $ 2,882,745 Special Mention 4,229 25,796 14,994 13,563 89 553 51,106 455 110,785 Substandard 1,534 11,995 1,775 405 — 2,581 7,803 — 26,093 Doubtful — — — — — 8 — — 8 Loss — — — — — — — — — Total commercial and industrial 482,901 480,687 367,551 355,211 140,730 644,484 544,357 3,710 3,019,631 Commercial real estate Pass 498,590 1,435,893 855,014 573,370 516,689 1,291,189 47,581 2,556 5,220,882 Special Mention 15,200 7,990 — 736 2,281 34,803 — — 61,010 Substandard 19,738 12,589 15,237 3,938 33,413 48,978 8,006 — 141,899 Doubtful 10,615 — — — — 19,441 — — 30,056 Loss — — — — — — — — — Total commercial real estate 544,143 1,456,472 870,251 578,044 552,383 1,394,411 55,587 2,556 5,453,847 Commercial construction Pass 133,463 151,957 96,147 — — — 2,614 — 384,181 Special Mention 456 — — — — — — — 456 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction 133,919 151,957 96,147 — — — 2,614 — 384,637 Business banking Pass 139,237 165,247 182,606 146,180 110,638 229,636 73,054 3,996 1,050,594 Special Mention 1,474 2,553 1,009 4,294 4,692 11,479 23 27 25,551 Substandard 1,310 596 2,684 2,071 1,464 3,423 594 579 12,721 Doubtful — — — — 507 220 — — 727 Loss — — — — — — — — — Total business banking 142,021 168,396 186,299 152,545 117,301 244,758 73,671 4,602 1,089,593 Residential real estate Current and accruing 257,671 728,997 665,811 354,003 93,817 451,812 — — 2,552,111 30-89 days past due and accruing 750 6,615 2,437 2,112 1,496 8,219 — — 21,629 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — 1,755 1,433 291 288 4,958 — — 8,725 Total residential real estate 258,421 737,367 669,681 356,406 95,601 464,989 — — 2,582,465 Consumer home equity Current and accruing 30,393 84,065 9,151 4,899 4,166 80,687 970,882 9,472 1,193,715 30-89 days past due and accruing 148 483 — — — 558 7,509 223 8,921 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — 66 — — — 1,466 6,770 230 8,532 Total consumer home equity 30,541 84,614 9,151 4,899 4,166 82,711 985,161 9,925 1,211,168 Other consumer Current and accruing 93,659 36,601 23,962 12,427 11,367 14,609 13,353 85 206,063 30-89 days past due and accruing 170 271 153 25 12 92 40 — 763 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual 50 61 25 2 14 34 7 — 193 Total other consumer 93,879 36,933 24,140 12,454 11,393 14,735 13,400 85 207,019 Total $ 1,685,825 $ 3,116,426 $ 2,223,220 $ 1,459,559 $ 921,574 $ 2,846,088 $ 1,674,790 $ 20,878 $ 13,948,360 (1) The amounts presented represent the amortized cost as of December 31, 2023 of revolving loans that were converted to term loans during the year ended December 31, 2023. 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, 2024 30-59 60-89 90 or More Total Past Current Total (In thousands) Commercial and industrial $ — $ — $ 9 $ 9 $ 3,071,198 $ 3,071,207 Commercial real estate — — — — 5,437,398 5,437,398 Commercial construction — — — — 445,227 445,227 Business banking 3,499 187 1,876 5,562 1,105,381 1,110,943 Residential real estate 16,801 5,574 5,147 27,522 2,550,243 2,577,765 Consumer home equity 7,880 1,392 6,256 15,528 1,241,282 1,256,810 Other consumer 297 184 128 609 209,960 210,569 Total $ 28,477 $ 7,337 $ 13,416 $ 49,230 $ 14,060,689 $ 14,109,919 As of December 31, 2023 30-59 60-89 90 or More Total Past Current Total (In thousands) Commercial and industrial $ 3,316 $ — $ 465 $ 3,781 $ 3,015,850 $ 3,019,631 Commercial real estate — — — — 5,453,847 5,453,847 Commercial construction — — — — 384,637 384,637 Business banking 3,455 1,647 1,202 6,304 1,083,289 1,089,593 Residential real estate 17,116 4,888 6,764 28,768 2,553,697 2,582,465 Consumer home equity 6,517 2,600 8,204 17,321 1,193,847 1,211,168 Other consumer 532 235 189 956 206,063 207,019 Total (1) $ 30,936 $ 9,370 $ 16,824 $ 57,130 $ 13,891,230 $ 13,948,360 (1) The amounts presented in the table above represent the recorded investment balance of loans as of December 31, 2023. The following table presents information regarding non-accrual loans as of the dates indicated: As of June 30, 2024 As of December 31, 2023 Non-Accrual Loans With ACL Non-Accrual Loans Without ACL (1) Total Nonaccrual Loans Non-Accrual Loans With ACL Non-Accrual Loans Without ACL (1) Total Nonaccrual Loans (In thousands) Commercial and industrial $ 4 $ 8 $ 12 $ 4 $ 464 $ 468 Commercial real estate 23,258 — 23,258 13,969 16,087 30,056 Commercial construction — — — — — — Business banking 2,864 5 2,869 4,572 11 4,583 Residential real estate 6,789 — 6,789 8,725 — 8,725 Consumer home equity 6,715 — 6,715 8,532 — 8,532 Other consumer 128 — 128 193 — 193 Total non-accrual loans $ 39,758 $ 13 $ 39,771 $ 35,995 $ 16,562 $ 52,557 (1) The loans on non-accrual status and without an ACL as of both June 30, 2024 and December 31, 2023, 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, 2024 and 2023 was not significant. As of both June 30, 2024 and December 31, 2023, 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, 2024 and 2023 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, 2024 and December 31, 2023, the Company had collateral-dependent residential mortgage and home equity loans totaling $1.5 million and $0.8 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, s |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases 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. The information presented within this Note excludes discontinued operations with regard to information pertaining to the three and six months ended June 30, 2023. Refer to Note 15, “Discontinued Operations” for further discussion regarding discontinued operations. As of the dates indicated, the Company had the following related to operating leases: As of June 30, 2024 As of December 31, 2023 (In thousands) Right-of-use assets $ 48,020 $ 50,641 Lease liabilities 52,709 55,617 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, 2024 2023 2024 2023 (In thousands) Operating lease cost $ 2,758 $ 2,929 $ 5,858 $ 5,955 Finance lease cost 112 81 224 159 Variable lease cost 620 683 1,420 1,338 Total lease cost $ 3,490 $ 3,693 $ 7,502 $ 7,452 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. During the three and six months ended June 30, 2023, the Company made $3.2 million and $6.5 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, 2024 As of December 31, 2023 Weighted-average remaining lease term (in years) 8.43 8.26 Weighted-average discount rate 3.84 % 3.76 % |
Leases | Leases 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. The information presented within this Note excludes discontinued operations with regard to information pertaining to the three and six months ended June 30, 2023. Refer to Note 15, “Discontinued Operations” for further discussion regarding discontinued operations. As of the dates indicated, the Company had the following related to operating leases: As of June 30, 2024 As of December 31, 2023 (In thousands) Right-of-use assets $ 48,020 $ 50,641 Lease liabilities 52,709 55,617 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, 2024 2023 2024 2023 (In thousands) Operating lease cost $ 2,758 $ 2,929 $ 5,858 $ 5,955 Finance lease cost 112 81 224 159 Variable lease cost 620 683 1,420 1,338 Total lease cost $ 3,490 $ 3,693 $ 7,502 $ 7,452 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. During the three and six months ended June 30, 2023, the Company made $3.2 million and $6.5 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, 2024 As of December 31, 2023 Weighted-average remaining lease term (in years) 8.43 8.26 Weighted-average discount rate 3.84 % 3.76 % |
Earnings (Loss) Per Share ("EPS
Earnings (Loss) Per Share ("EPS") | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share ("EPS") | 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. On July 12, 2024, the Company completed its previously announced merger with Cambridge Bancorp (“Cambridge”). In connection with the merger the Company issued 38.9 million shares of its common stock to the holders of Cambridge’s common stock. Such shares were not included in the computation of the average number of common shares outstanding below. Refer to Refer to Note 16, “Subsequent Events” for further discussion regarding the Company’s merger with Cambridge. For the Three Months Ended June 30, 2024 For 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 outstanding 176,235,507 176,155,197 Less: Average unallocated ESOP shares (13,090,252) (13,151,104) Average number of common shares outstanding used to calculate basic earnings per common share 163,145,255 163,004,093 Common stock equivalents 354,041 386,328 Average number of common shares outstanding used to calculate diluted earnings per common share 163,499,296 163,390,421 Earnings per common share: Basic $ 0.16 $ 0.40 Diluted $ 0.16 $ 0.40 For the Three Months Ended June 30, 2023 For the Six Months Ended June 30, 2023 (Dollars in thousands, except per share data) Net income (loss) applicable to common shares: Net income (loss) from continuing operations $ 44,419 $ (157,662) Net income from discontinued operations 4,238 12,223 Total net income (loss) $ 48,657 $ (145,439) Average number of common shares outstanding 175,817,284 175,758,658 Less: Average unallocated ESOP shares (13,585,048) (13,646,435) Average number of common shares outstanding used to calculate basic earnings (loss) per common share 162,232,236 162,112,223 Common stock equivalents 14,439 24,761 Average number of common shares outstanding used to calculate diluted earnings (loss) per common share 162,246,675 162,136,984 Basic earnings (loss) per common share: Earnings (loss) per share from continuing operations $ 0.27 $ (0.98) Earnings per share from discontinued operations 0.03 0.08 Total basic earnings (loss) per share $ 0.30 $ (0.90) Diluted earnings (loss) per common share: Earnings (loss) per share from continuing operations $ 0.27 $ (0.98) Earnings per share from discontinued operations 0.03 0.08 Total diluted earnings (loss) per share $ 0.30 $ (0.90) |
Low Income Housing Tax Credits
Low Income Housing Tax Credits and Other Tax Credit Investments | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Low Income Housing Tax Credits and Other Tax Credit Investments | 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 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, 2024 and December 31, 2023, the Company had $222.9 million and $223.4 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, 2024 As of December 31, 2023 (In thousands) Current recorded investment included in other assets $ 220,864 $ 221,190 Commitments to fund qualified affordable housing projects included in recorded investment noted above 130,783 149,207 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, 2024 2023 2024 2023 (In thousands) Tax credits and benefits recognized $ 4,940 $ 3,305 $ 10,291 $ 6,567 Amortization expense included in income tax expense (benefit) 4,574 2,811 9,162 5,577 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 $2.1 million and $2.2 million as of June 30, 2024 and December 31, 2023, respectively. There were no outstanding commitments related to these investments as of either June 30, 2024 or December 31, 2023. |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Benefits | 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, 2024 2023 2024 2023 (In thousands) Components of net periodic benefit cost: Service cost (1) $ 5,588 $ 6,338 $ 11,177 $ 12,677 Interest cost 4,630 4,298 9,260 8,596 Expected return on plan assets (8,451) (7,532) (16,904) (15,064) Prior service credit (2,489) (2,970) (4,977) (5,940) Recognized net actuarial loss 1,775 2,468 3,550 4,936 Net periodic benefit cost $ 1,053 $ 2,602 $ 2,106 $ 5,205 (1) Includes service costs related to employees of our insurance agency business with regard to the three and six months ended June 30, 2023. Such service costs were included in net income from discontinued operations as such costs are no longer incurred by the Company following the sale of the insurance agency business in October 2023. All other costs included in the determination of the benefit obligation for the Defined Benefit Plan and the BEP were included in net income from continuing operations as the Bank assumed the related liability upon dissolution of its Eastern Insurance Group subsidiary. Service costs included in net income from discontinued operations and included in the above table were $1.5 million and $3.0 million for the three and six months ended June 30, 2023, respectively. Except as described above, service costs for the Defined Benefit Plan and the BEP are recognized within salaries and employee benefits in the Consolidated Statements of Income. There were no service costs associated with the DB SERP or ODRCP during the three and six months ended June 30, 2024 and 2023. 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, 2023 and 2022. Accordingly, during the three and six months ended June 30, 2024 and 2023, 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 restricted stock awards (“RSAs”) vest pro-rata on an annual basis over a five-year period. The maximum term for stock options is ten years. In May 2024, the Company granted a total of 56,352 shares of restricted stock to the Company’s non-employee directors which vest after approximately one year from the date of grant. In May 2023, the Company granted a total of 47,820 shares of restricted stock to the Company’s non-employee directors which vest after approximately one year from the date of grant. 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 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. In March 2023, the Company granted to all of the Company’s executive officers and certain other employees a total of 318,577 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 108,984 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 three-year period 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, 2024 and December 31, 2023, there were 4,170,755 shares and 4,872,494 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, 2024 and December 31, 2023, 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, 2024 2023 Restricted Stock Awards Number of Shares Weighted-Average Grant Price Per Share Number of Shares Weighted-Average Grant Price Per Share Non-vested restricted stock as of the beginning of the respective period 420,400 $ 19.15 525,460 $ 20.08 Granted 56,352 13.84 47,820 11.50 Vested (47,820) 11.50 (28,690) 19.17 Forfeited — — — — Non-vested restricted stock as of the end of the respective period (1) 428,932 $ 18.47 544,590 $ 19.37 (1) Includes the effect of modifications to previously awarded and unvested restricted share awards for two plan participants to accelerate vesting. The financial effect of the modifications on total unrecognized compensation expense was not significant. During the six months ended June 30, 2024 and 2023, 47,820 and 28,690 RSA awards vested, respectively. In the aggregate, the amount of RSAs granted each year had a grant date fair value of $0.5 million. The following table summarizes the Company’s restricted stock unit activity for the periods indicated: For the Six Months Ended June 30, 2024 2023 Restricted Stock Units Number of Shares Weighted-Average Grant Price Per Share Number of Shares Weighted-Average Grant Price Per Share Non-vested restricted stock units as of the beginning of the respective period 952,001 $ 19.46 972,325 $ 21.08 Granted 416,276 12.81 318,577 15.63 Vested (1) (303,015) 19.38 (231,407) 21.08 Forfeited (4,980) 14.59 (640) 21.08 Non-vested restricted stock units as of the end of the respective period 1,060,282 $ 16.89 1,058,855 $ 19.44 (1) Includes 98,531 and 74,625 shares withheld upon settlement for employee taxes for the six months ended June 30, 2024 and 2023, respectively . During the six months ended June 30, 2024 and 2023, 303,015 and 231,407 RSU awards vested, respectively. Such awards had a grant date fair value of $5.9 million and $4.9 million, respectively. The following table summarizes the Company’s performance stock unit activity for the periods indicated: For the Six Months Ended June 30, 2024 2023 Performance Stock Units Number of Shares Weighted-Average Grant Price Per Share Number of Shares Weighted-Average Grant Price Per Share Non-vested performance stock units as of the beginning of the respective period 633,034 $ 19.40 533,676 $ 21.12 Granted 234,091 10.82 108,984 10.16 Vested — — — — Forfeited — — — — Non-vested performance stock units as of the end of the respective period 867,125 $ 17.08 642,660 $ 19.26 During both the six months ended June 30, 2024 and 2023, no PSU awards vested. 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, 2024 2023 2024 2023 (In millions) Share-based compensation expense $ 4.2 $ 4.7 $ 7.8 $ 7.7 Related tax benefit (1) 1.2 1.3 2.2 2.2 (1) Estimated based upon the Company’s statutory rate for each respective period. As of June 30, 2024 and December 31, 2023, there was $27.2 million and $26.8 million, respectively, of total unrecognized compensation expense related to unvested restricted stock awards, restricted stock units and performance stock units granted and issued under the 2021 Plan, as applicable. As of June 30, 2024, this cost is expected to be recognized over a weighted average remaining period of approximately 1.9 years. As of December 31, 2023, this cost was expected to be recognized over a weighted average remaining period of approximately 2.2 years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 does not sell loans with recourse. The following table summarizes the above financial instruments as of the dates indicated: As of June 30, 2024 As of December 31, 2023 (In thousands) Commitments to extend credit $ 5,931,039 $ 6,027,356 Standby letters of credit 53,361 58,632 Forward commitments to sell loans 13,702 9,198 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Financial Instruments | 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, 2024 Weighted Average Rate Notional Weighted Average Current Receive Fixed Fair Value (1) (In thousands) (In Years) (In thousands) Interest rate swaps on loans $ 2,400,000 3.07 5.34 % 3.02 % $ (231) Total $ 2,400,000 $ (231) (1) The fair value included a net accrued interest payable balance of $2.5 million as of June 30, 2024. 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, 2023 Weighted Average Rate Notional Weighted Average Current Receive Fixed Fair Value (1) (In thousands) (In Years) (In thousands) Interest rate swaps on loans $ 2,400,000 3.57 5.35 % 3.02 % $ (883) Total $ 2,400,000 $ (883) (1) The fair value included a net accrued interest payable balance of $2.6 million as of December 31, 2023. 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 3.2 years. The Company expects approximately $44.8 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, 2024. The reclassification is due to anticipated net payments on the swaps based upon the forward curve as of June 30, 2024. 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, 2024 Number of Positions Total Notional (Dollars in thousands) Interest rate swaps 346 $ 2,409,950 Risk participation agreements 78 314,187 Foreign exchange contracts: Matched commercial customer book 328 112,771 Foreign currency loan 8 7,970 December 31, 2023 Number of Positions Total Notional (Dollars in thousands) Interest rate swaps 356 $ 2,405,835 Risk participation agreements 78 323,957 Foreign exchange contracts: Matched commercial customer book 98 87,601 Foreign currency loan 10 10,242 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 for the periods indicated: Asset Derivatives Liability Derivatives Balance Fair Value at June 30, Fair Value at December 31, Balance Sheet Fair Value at June 30, Fair Value at December 31, (In thousands) Derivatives designated as hedging instruments Interest rate swaps Other assets $ 10 $ 10 Other liabilities $ 241 $ 893 Derivatives not designated as hedging instruments Customer-related positions: Interest rate swaps Other assets $ 19,240 $ 19,535 Other liabilities $ 67,944 $ 61,217 Risk participation agreements Other assets 5 151 Other liabilities 2 106 Foreign currency exchange contracts - matched customer book Other assets 616 760 Other liabilities 626 672 Foreign currency exchange contracts - foreign currency loan Other assets 38 — Other liabilities 14 187 $ 19,899 $ 20,446 $ 68,586 $ 62,182 Total $ 19,909 $ 20,456 $ 68,827 $ 63,075 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: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Derivatives designated as hedges: Loss in OCI on derivatives $ (11,996) $ (56,892) $ (51,551) $ (37,146) Loss reclassified from OCI into interest income (effective portion) $ (14,062) $ (11,928) $ (28,103) $ (20,834) 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: Gain (loss) recognized in interest rate swap income $ 373 $ 390 $ 508 $ (140) Gain (loss) recognized in interest rate swap income for risk participation agreements — 8 (42) 29 (Loss) gain recognized in other income for foreign currency exchange contracts: Matched commercial customer book (148) 6 (98) 20 Foreign currency loan (11) (288) 211 (152) Net gain (loss) for derivatives not designated as hedges $ 214 $ 116 $ 579 $ (243) 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, 2024 and December 31, 2023, 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 $0.4 million. In addition, at June 30, 2024 and December 31, 2023, the Company had posted initial-margin collateral in the form of U.S. Treasury notes amounting to $86.3 million and $85.9 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 June 30, 2024 there were no customer-related interest rate swap derivatives with credit-risk contingent features in a net liability position. At December 31, 2023, there was $1.9 million of 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. At June 30, 2024 and December 31, 2023, the Company had posted collateral in the form of cash amounting to $2.2 million and $3.0 million, respectively, which was considered to be a restricted asset and was included in other short-term investments within the Company’s Consolidated Balance Sheets. If the Company had breached any of these provisions at June 30, 2024 or December 31, 2023, 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 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, 2024 and December 31, 2023, the Company had an outstanding notional balance of residential mortgage loan origination commitments of $19.9 million and $10.5 million, respectively, and forward sale commitments of $13.7 million and $9.2 million, respectively. During the three months ended June 30, 2024 and June 30, 2023, the Company recorded net losses related to the change in fair value of commitments to originate and sell mortgage loans of less than $0.1 million and $0.1 million, respectively. During both the six months ended June 30, 2024 and June 30, 2023, the Company recorded net losses related to the change in fair value of commitments to originate and sell mortgage loans of $0.1 million. The aggregate fair value of the Company’s mortgage banking derivative asset as of June 30, 2024 and December 31, 2023 was less than $0.1 million and $0.1 million, respectively. The aggregate fair value of the Company’s mortgage banking derivative liability as of June 30, 2024 and December 31, 2023 was $0.1 million and less than $0.1 million, respectively. Mortgage banking derivative assets and liabilities are included in other assets and other liabilities, respectively, in 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. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 6 Months Ended |
Jun. 30, 2024 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting | 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, 2024 and December 31, 2023, it was determined that no additional collateral would have to be posted to immediately settle these instruments. 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, 2024 Gross Gross Net Gross Amounts Not Offset Net Description Financial Collateral (In thousands) Derivative Assets Interest rate swaps $ 10 $ — $ 10 $ — $ — $ 10 Customer-related positions: Interest rate swaps 19,240 — 19,240 2,998 (11,370) 4,872 Risk participation agreements 5 — 5 — — 5 Foreign currency exchange contracts – matched customer book 616 — 616 — — 616 Foreign currency exchange contracts – foreign currency loan 38 — 38 — — 38 $ 19,909 $ — $ 19,909 $ 2,998 $ (11,370) $ 5,541 Derivative Liabilities Interest rate swaps $ 241 $ — $ 241 $ — $ 241 $ — Customer-related positions: Interest rate swaps 67,944 — 67,944 2,998 — 64,946 Risk participation agreements 2 — 2 — — 2 Foreign currency exchange contracts – matched customer book 626 — 626 — — 626 Foreign currency exchange contracts – foreign currency loan 14 — 14 — — 14 $ 68,827 $ — $ 68,827 $ 2,998 $ 241 $ 65,588 As of December 31, 2023 Gross Gross Net Gross Amounts Not Offset Net Description Financial Collateral (In thousands) Derivative Assets Interest rate swaps $ 10 $ — $ 10 $ — $ — $ 10 Customer-related positions: Interest rate swaps 19,535 — 19,535 4,871 (8,500) 6,164 Risk participation agreements 151 — 151 — — 151 Foreign currency exchange contracts – matched customer book 760 — 760 — — 760 $ 20,456 $ — $ 20,456 $ 4,871 $ (8,500) $ 7,085 Derivative Liabilities Interest rate swaps $ 893 $ — $ 893 $ — $ 893 $ — Customer-related positions: Interest rate swaps 61,217 — 61,217 4,871 1,860 54,486 Risk participation agreements 106 — 106 — — 106 Foreign currency exchange contracts – matched customer book 672 — 672 — — 672 Foreign currency exchange contracts – foreign currency loan 187 — 187 — — 187 $ 63,075 $ — $ 63,075 $ 4,871 $ 2,753 $ 55,451 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | 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 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. Agency bonds, U.S. government-sponsored residential and commercial mortgage-backed securities, and state and municipal bonds. 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 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. 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. 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 2023 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 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 rabbi trust investments is to fund certain executive non-qualified retirement benefits and deferred compensation. The fair value of other U.S. government agency obligations was 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 $48.6 million at June 30, 2024 and $48.9 million at December 31, 2023. 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. Escrow Deposits of Borrowers The fair value of escrow deposits of borrowers, which have no stated maturity, approximates the carrying amount. Escrow deposits of borrowers 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 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, 2024 and December 31, 2023, 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. 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, 2024 and December 31, 2023: Fair Value Measurements at Reporting Date Using Balance as of June 30, 2024 Quoted Prices in Significant Significant Description (In thousands) Assets Securities available for sale: Government-sponsored residential mortgage-backed securities $ 2,597,550 $ — $ 2,597,550 $ — Government-sponsored commercial mortgage-backed securities 1,090,894 — 1,090,894 — U.S. Agency bonds 130,238 — 130,238 — U.S. Treasury securities 95,554 95,554 — — State and municipal bonds and obligations 183,606 — 183,606 — Rabbi trust investments 94,424 86,874 7,550 — Loans held for sale 1,308 — 1,308 — Interest rate swap contracts: Cash flow hedges - interest rate positions 10 — 10 — Customer-related positions 19,240 — 19,240 — Risk participation agreements 5 — 5 — Foreign currency forward contracts: Matched customer book 616 — 616 — Foreign currency loan 38 — 38 — Mortgage derivatives 41 — 41 — Total $ 4,213,524 $ 182,428 $ 4,031,096 $ — Liabilities Interest rate swap contracts: Cash flow hedges - interest rate positions $ 241 $ — $ 241 $ — Customer-related positions 67,944 — 67,944 — Risk participation agreements 2 — 2 — Foreign currency forward contracts: Matched customer book 626 — 626 — Foreign currency loan 14 — 14 — Mortgage derivatives 85 — 85 — Total $ 68,912 $ — $ 68,912 $ — Fair Value Measurements at Reporting Date Using Description Balance as of December 31, 2023 Quoted Prices in Significant Significant (In thousands) Assets Securities available for sale: Government-sponsored residential mortgage-backed securities $ 2,780,638 $ — $ 2,780,638 $ — Government-sponsored commercial mortgage-backed securities 1,124,376 — 1,124,376 — U.S. Agency bonds 216,011 — 216,011 — U.S. Treasury securities 95,152 95,152 — — State and municipal bonds and obligations 191,344 — 191,344 — Rabbi trust investments 87,435 81,278 6,157 — Loans held for sale 1,124 — 1,124 — Interest rate swap contracts: Cash flow hedges - interest rate positions 10 — 10 — Customer-related positions 19,535 — 19,535 — Risk participation agreements 151 — 151 — Foreign currency forward contracts: Matched customer book 760 — 760 — Mortgage derivatives 69 — 69 — Total $ 4,516,605 $ 176,430 $ 4,340,175 $ — Liabilities Interest rate swap contracts: Cash flow hedges - interest rate positions $ 893 $ — $ 893 $ — Customer-related positions 61,217 — 61,217 — Risk participation agreements 106 — 106 — Foreign currency forward contracts: Matched customer book 672 — 672 — Foreign currency loan 187 — 187 — Mortgage derivatives 36 — 36 — Total $ 63,111 $ — $ 63,111 $ — There were no transfers to or from Level 1, 2 and 3 during the six months ended June 30, 2024 and twelve months ended December 31, 2023. 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, 2024 or December 31, 2023. 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, 2024 and December 31, 2023. Fair Value Measurements at Reporting Date Using Description Balance as of June 30, 2024 Quoted Prices Significant Significant (In thousands) Assets Individually assessed collateral-dependent loans whose fair value is based upon appraisals $ 21,276 $ — $ — $ 21,276 Fair Value Measurements at Reporting Date Using Description Balance as of December 31, 2023 Quoted Prices Significant Significant (In thousands) Assets Individually assessed collateral-dependent loans whose fair value is based upon appraisals $ 27,874 $ — $ — $ 27,874 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. During the six months ended June 30, 2024, the Company transferred one property, located in Lynn, Massachusetts, that has housed Company offices and which is comprised of an office building and land, to held for sale. As of June 30, 2024, the property was recorded at the lower of cost or market and amounted to $10.7 million. At the time of transfer to held for sale, the carrying value of the property approximated its fair value. Therefore, no write-down was recorded upon transfer. 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 Description Carrying Value as of June 30, 2024 Fair Value as of June 30, 2024 Quoted Prices Significant Significant (In thousands) Assets Held to maturity securities: Government-sponsored residential mortgage-backed securities $ 243,919 $ 214,481 $ — $ 214,481 $ — Government-sponsored commercial mortgage-backed securities 192,793 170,917 — 170,917 — Loans, net of allowance for loan losses 13,953,773 13,245,517 — — 13,245,517 FHLB stock 5,879 5,879 — 5,879 — Bank-owned life insurance 166,710 166,710 — 166,710 — Liabilities Deposits $ 17,537,809 $ 17,530,331 $ — $ 17,530,331 $ — FHLB advances 17,415 15,085 — 15,085 — Escrow deposits of borrowers 20,155 20,155 — 20,155 — Interest rate swap collateral funds 11,370 11,370 — 11,370 — Fair Value Measurements at Reporting Date Using Description Carrying Value as of December 31, 2023 Fair Value as of December 31, 2023 Quoted Prices Significant Significant (In thousands) Assets Held to maturity securities: Government-sponsored residential mortgage-backed securities $ 254,752 $ 230,319 $ — $ 230,319 $ — Government-sponsored commercial mortgage-backed securities 194,969 174,503 — 174,503 — Loans, net of allowance for loan losses 13,799,367 13,145,455 — — 13,145,455 FHLB stock 5,904 5,904 — 5,904 — Bank-owned life insurance 164,702 164,702 — 164,702 — Liabilities Deposits $ 17,596,217 $ 17,593,214 $ — $ 17,593,214 $ — FHLB advances 17,738 15,366 — 15,366 — Escrow deposits of borrowers 21,978 21,978 — 21,978 — Interest rate swap collateral funds 8,500 8,500 — 8,500 — 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. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 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. The information presented within this Note excludes discontinued operations with regard to information pertaining to the three and six months ended June 30, 2023. Refer to Note 15, “Discontinued Operations” for further discussion regarding discontinued operations. 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. 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, 2024 2023 2024 2023 (In thousands) Service charges on deposit accounts $ 7,930 $ 7,242 $ 15,438 $ 13,714 Trust and investment advisory fees 6,711 6,131 13,255 11,901 Debit card processing fees 3,522 3,513 6,769 6,683 Other noninterest income (1) 10,717 2,902 13,843 5,175 Total noninterest income in-scope of ASC 606 28,880 19,788 49,305 37,473 Total noninterest (loss) income out-of-scope of ASC 606 (3,532) 6,416 3,735 (321,122) Total noninterest income (loss) $ 25,348 $ 26,204 $ 53,040 $ (283,649) (1) Includes income of $7.8 million, recognized during the three months ended June 30, 2024, representing a penalty for the early withdrawal of an omnibus deposit contract. No such income was recognized for the three and six months ended June 30, 2023. Additional information related to each of the revenue streams is further noted below. 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, 2024 and December 31, 2023, and were included in other assets in the Company’s Consolidated Balance Sheets. Trust and 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. Debit Card Processing Fees 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. 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. Debit card processing fees earned but not yet received amounted to $0.4 million as of both June 30, 2024 and December 31, 2023, 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. |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2024 | |
Statement of Other Comprehensive Income [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income 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 benefit (expense) allocated to each component of other comprehensive income (loss): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Pre Tax Tax After Tax Pre Tax Tax After Tax (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 credit 2,489 (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) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Pre Tax Tax After Tax Pre Tax Tax After Tax (In thousands) Unrealized losses on securities available for sale: Change in fair value of securities available for sale $ (78,810) $ 20,324 $ (58,486) $ (36,509) $ 11,514 $ (24,995) Less: reclassification adjustment for losses included in net income — — — (333,170) 74,630 (258,540) Net change in fair value of securities available for sale (78,810) 20,324 (58,486) 296,661 (63,116) 233,545 Unrealized losses on cash flow hedges: Change in fair value of cash flow hedges (56,892) 16,060 (40,832) (37,146) 11,602 (25,544) Less: net cash flow hedge losses reclassified into interest income (11,929) 3,368 (8,561) (20,834) 5,883 (14,951) Net change in fair value of cash flow hedges (44,963) 12,692 (32,271) (16,312) 5,719 (10,593) Defined benefit pension plans: Change in actuarial net loss — — — — — — Less: amortization of actuarial net loss (2,468) 697 (1,771) (4,936) 1,394 (3,542) Less: accretion of prior service credit 2,970 (838) 2,132 5,940 (1,656) 4,284 Net change in other comprehensive income for defined benefit postretirement plans (502) 141 (361) (1,004) 262 (742) Total other comprehensive (loss) income $ (124,275) $ 33,157 $ (91,118) $ 279,345 $ (57,135) $ 222,210 The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax: Unrealized Unrealized Defined Benefit Total (In thousands) 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) Beginning Balance: January 1, 2023 $ (880,156) $ (50,159) $ 7,123 $ (923,192) Other comprehensive loss before reclassifications (24,995) (25,544) — (50,539) Less: Amounts reclassified from accumulated other comprehensive loss (258,540) (14,951) 742 (272,749) Net current-period other comprehensive income (loss) 233,545 (10,593) (742) 222,210 Ending Balance: June 30, 2023 $ (646,611) $ (60,752) $ 6,381 $ (700,982) |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On September 19, 2023, the Company announced that it had entered into an asset purchase agreement (“the agreement”) with Arthur J. Gallagher & Co. (“Gallagher”) to sell substantially all of the assets of its insurance agency business for a gross purchase price of $515.0 million. The agreement also provided for the assumption of certain liabilities of the insurance agency business by Gallagher. Management made the decision to sell certain assets of its insurance agency business to recognize the valuation premium of the business, while allowing the Company to focus on growth and strategic initiatives of its core banking business. In September 2023, following the approval of the sale by the Company’s board of directors, the Company reclassified substantially all of the assets and certain liabilities of its insurance agency business as held for sale in connection with a planned disposition of the business. A business is classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value, and certain other criteria are met. In accordance with ASC 205, Presentation of Financial Statements , the Company classifies operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that will have a major impact on the Company’s financial condition and results of operations. Accordingly, the Consolidated Statements of Income and Consolidated Statements of Cash flows were adjusted on a retrospective basis for prior periods. On October 31, 2023, the Company completed the sale of its insurance agency business for net cash consideration at closing of $498.1 million, subject to customary post-closing working capital adjustments. The net cash proceeds at closing included the gross purchase price pursuant to the agreement of $515.0 million and an estimated working capital adjustment of $4.2 million, which were reduced by transaction expenses of $17.0 million and the settlement of certain obligations of the Company primarily related to employee post-retirement liabilities that originated prior to closing of $4.1 million. In addition, the Company transferred $7.4 million in fiduciary cash to Gallagher upon closing which is included in the determination of the gain on sale as of December 31, 2023 but was not included in the amount of net cash consideration of $498.1 million. In connection with the sale, the Company recognized a gain on sale of $408.6 million, which was subject to certain post-closing adjustments during the 120 day post-closing settlement period which ended on February 28, 2024. The amount of the post-closing settlement was not material. The Company recognized indirect noninterest expenses associated with the sale of approximately $22.3 million. The following presents operating results of the discontinued insurance agency business for the three and six months ended June 30, 2023: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Noninterest income: Insurance commissions $ 27,609 $ 59,280 Other noninterest income 18 38 Total noninterest income 27,627 59,318 Noninterest expense: Salaries and employee benefits 17,041 33,336 Office occupancy and equipment 735 1,524 Data processing 1,060 2,203 Professional services 1,031 1,324 Marketing expenses 25 99 Amortization of intangible assets 668 1,337 Other 1,154 2,462 Total noninterest expense 21,714 42,285 Income from discontinued operations before income tax expense 5,913 17,033 Income tax expense 1,675 4,810 Income from discontinued operations, net of taxes (1) $ 4,238 $ 12,223 (1) Represents net income from discontinued operations that is presented in the Consolidated Statements of Income. Certain income and expense amounts were excluded from discontinued operations as they relate to assets and liabilities which were not assumed by Gallagher. The following is a summary of such items and the corresponding income tax effect for the three and six months ended June 30, 2023: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Noninterest income: Income from investments held in rabbi trusts $ 241 $ 580 Other noninterest income (1) 14 28 Total noninterest income 255 608 Noninterest expense: Salaries and employee benefits (2) 245 580 Office occupancy and equipment (3) 117 241 Other (4) 439 994 Total noninterest expense 801 1,815 Loss before income tax expense (546) (1,207) Income tax benefit (153) (339) Net loss $ (393) $ (868) (1) Includes income on Company-owned life insurance policies which were not disposed of and were transferred to the Bank upon dissolution of Eastern Insurance Group. (2) Includes expenses associated with certain employee post-retirement benefit plan expenses. (3) Includes depreciation expense associated with buildings and related improvements and ROU asset amortization related to one lease which were not disposed of and were transferred to the Bank as of January 1, 2024. (4) Includes intercompany expenses and other credits associated with the Defined Benefit Plan and the BEP. Components of net periodic benefit cost associated with the Defined Benefit Plan and the BEP included in other noninterest expense above were a net credit for the period presented. Continuing Involvement Pursuant to the agreement, the Company agreed to provide certain transitional services to Gallagher for up to six months following the closing of the sale. Such services included certain information and technology support and human resources support. The Company was compensated for such services on a monthly basis and the total compensation over the six month period plus reimbursement of amounts paid by the Company in connection with its performance of the transitional services was not material. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of Cambridge Bancorp Effective July 12, 2024, the Company completed its previously announced merger with Cambridge. In accordance with the merger agreement, each share of Cambridge common stock was exchanged for 4.956 shares of Company common stock. The transaction was intended to qualify as a tax-free reorganization for federal income tax purposes and provided Cambridge shareholders with a tax-free exchange of their shares of Cambridge common stock in exchange for Company common stock as the consideration they received in the merger. The Company issued 38.9 million shares of its common stock in the merger. Based upon the closing price of Company common stock on July 12, 2024 of $14.87 per share, the transaction is valued at approximately $580.6 million which includes cash paid in-lieu of fractional shares and recognition of RSU and PSU service accruals for service accrued by Cambridge personnel prior to the merger. Cambridge, a Massachusetts corporation, was a federally registered bank holding company headquartered in Cambridge, Massachusetts. Cambridge Trust Company, a Massachusetts-chartered trust company formed in 1890, was a wholly-owned subsidiary of Cambridge that operated through a network of 19 full-service banking offices in eastern Massachusetts and New Hampshire with $5.3 billion in total assets and $3.9 billion in deposits as of July 12, 2024. Cambridge’s core services also included wealth management. Through its wealth management group, which has offices in Massachusetts and New Hampshire, it offered comprehensive investment management, as well as trust administration, estate settlement, and financial planning services. Cambridge had assets under management and administration of approximately $5.0 billion as of July 12, 2024. The Company has not yet completed the purchase accounting due to the timing of the merger. Accordingly, the fair value of the assets and liabilities acquired, including goodwill and other intangible assets, is not yet available. Following the completion of the merger, the Company sold substantially all of the investment securities acquired through its merger with Cambridge. The amount of securities sold amounted to approximately $0.9 billion and no gain or loss was recognized upon sale as such securities had been recorded by the Company based upon the quoted sale prices in determination of the purchase accounting fair value adjustment. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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. In addition, as a result of the decision to sell substantially all of the assets and transfer substantially all of the liabilities of Eastern Insurance Group, the Company reclassified certain amounts previously reported including: • certain components of noninterest income and noninterest expense, including the associated income tax effects, previously reported in the insurance agency business were reclassified to net income from discontinued operations on the Consolidated Statements of Income; and • certain operating, investing, and financing cash flows previously reported on their applicable lines within the Consolidated Statements of Cash Flows were reclassified to cash flows used in/provided by operating activities of, investment activities of and financing activities of discontinued operations, respectively. The accompanying Consolidated Balance Sheet as of June 30, 2024, the Consolidated Statements of Income and Comprehensive Income and of Changes in Shareholders’ Equity for the three and six months ended June 30, 2024 and 2023 and Statements of Cash Flows for the six months ended June 30, 2024 and 2023 are unaudited. The Consolidated Balance Sheet as of December 31, 2023 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, 2023 (“2023 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, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim period, or any future year or period. |
Use of Estimates | 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 | Recent Accounting Pronouncements Relevant standards that were recently issued but not yet adopted as of June 30, 2024: 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 expects the adoption of this standard will not have a material impact on its Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update: 1. Require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision-maker (“CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”). 2. Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. 3. Require that a public entity provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting in interim periods. 4. Clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. In other words, in addition to the measure that is most consistent with the measurement principles under U.S. GAAP, a public entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. 5. Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. 6. Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures in Topic 280. For public business entities, the amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and adoption is required to be done on a retrospective basis. The Company expects the adoption of this standard will not 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. Relevant standards that were adopted during the six months ended June 30, 2024: In March 2023, the FASB issued ASU 2023-02, Investments–Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (“ASU 2023-02”). This update permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if the following conditions are met: 1. It is probable that the income tax credits allocable to the tax equity investor will be available. 2. The tax equity investor does not have the ability to exercise significant influence over the operating and financial policies of the underlying project. 3. Substantially all of the projected benefits are from income tax credits and other income tax benefits. Projected benefits include income tax credits, other income tax benefits, and other non-income-tax-related benefits. The projected benefits are determined on a discounted basis, using a discount rate that is consistent with the cash flow assumptions used by the tax equity investor in making its decision to invest in the project. 4. The tax equity investor’s projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive. 5. The tax equity investor is a limited liability investor in the limited liability entity for both legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment. Under existing accounting standards, the proportional amortization method is allowable only for equity investments in low-income-housing tax credit structures. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). Updates made by ASU 2023-02 allow a reporting entity to make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis. The Company had previously made an accounting policy election to account for its investments in low-income-housing tax credit investments using the proportional amortization method. This election was made upon the Company’s adoption of ASU 2014-01, Investments–Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects , which introduced the option to apply proportional amortization to low-income-housing tax credit investments . The Company adopted this standard on January 1, 2024 and such adoption did not have a material impact on its Consolidated Financial Statements. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Securities [Abstract] | |
Schedule of Debt Securities, Available-for-Sale | 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, 2024 Amortized Unrealized Unrealized Allowance for Credit Losses Fair (In thousands) Debt securities: Government-sponsored residential mortgage-backed securities $ 3,148,711 $ — $ (551,161) $ — $ 2,597,550 Government-sponsored commercial mortgage-backed securities 1,302,782 — (211,888) — 1,090,894 U.S. Agency bonds 144,227 — (13,989) — 130,238 U.S. Treasury securities 99,667 — (4,113) — 95,554 State and municipal bonds and obligations 197,669 — (14,063) — 183,606 $ 4,893,056 $ — $ (795,214) $ — $ 4,097,842 As of December 31, 2023 Amortized Unrealized Unrealized Allowance for Credit Losses Fair (In thousands) Debt securities: Government-sponsored residential mortgage-backed securities $ 3,302,165 $ — $ (521,527) $ — $ 2,780,638 Government-sponsored commercial mortgage-backed securities 1,326,029 — (201,653) — 1,124,376 U.S. Agency bonds 236,454 — (20,443) — 216,011 U.S. Treasury securities 99,552 — (4,400) — 95,152 State and municipal bonds and obligations 197,704 172 (6,532) — 191,344 $ 5,161,904 $ 172 $ (754,555) $ — $ 4,407,521 |
Schedule of Realized Gain (Loss) | 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, 2024 2023 2024 2023 (In thousands) Gross realized gains from sales of AFS securities $ — $ — $ — $ — Gross realized losses from sales of AFS securities (7,557) — (7,557) (333,170) Net losses from sales of AFS securities $ (7,557) $ — $ (7,557) $ (333,170) |
Schedule of Government-Sponsored Residential Mortgage-Backed Securities with Gross Unrealized Losses | Information pertaining to AFS securities with gross unrealized losses as of June 30, 2024 and December 31, 2023, 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: As of June 30, 2024 Less than 12 Months 12 Months or Longer Total # of Gross Fair Gross Fair Gross Fair (Dollars in thousands) Government-sponsored residential mortgage-backed securities 324 $ — $ — $ 551,161 $ 2,597,550 $ 551,161 $ 2,597,550 Government-sponsored commercial mortgage-backed securities 187 — — 211,888 1,090,894 211,888 1,090,894 U.S. Agency bonds 14 — — 13,989 130,238 13,989 130,238 U.S. Treasury securities 6 — — 4,113 95,554 4,113 95,554 State and municipal bonds and obligations 240 1,312 32,451 12,751 151,155 14,063 183,606 771 $ 1,312 $ 32,451 $ 793,902 $ 4,065,391 $ 795,214 $ 4,097,842 As of December 31, 2023 Less than 12 Months 12 Months or Longer Total # of Gross Fair Gross Fair Gross Fair (Dollars in thousands) Government-sponsored residential mortgage-backed securities 324 $ — $ — $ 521,527 $ 2,780,638 $ 521,527 $ 2,780,638 Government-sponsored commercial mortgage-backed securities 187 — — 201,653 1,124,376 201,653 1,124,376 U.S. Agency bonds 23 — — 20,443 216,011 20,443 216,011 U.S. Treasury securities 6 36 4,927 4,364 90,225 4,400 95,152 State and municipal bonds and obligations 196 233 22,894 6,299 135,279 6,532 158,173 736 $ 269 $ 27,821 $ 754,286 $ 4,346,529 $ 754,555 $ 4,374,350 |
Schedule of Debt Securities, Held-to-Maturity | 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: As of June 30, 2024 Amortized Unrealized Unrealized Allowance for Credit Losses Fair (In thousands) Debt securities: Government-sponsored residential mortgage-backed securities $ 243,919 $ — $ (29,438) $ — $ 214,481 Government-sponsored commercial mortgage-backed securities 192,793 — (21,876) — 170,917 $ 436,712 $ — $ (51,314) $ — $ 385,398 As of December 31, 2023 Amortized Unrealized Unrealized Allowance for Credit Losses Fair (In thousands) Debt securities: Government-sponsored residential mortgage-backed securities $ 254,752 $ — $ (24,433) $ — $ 230,319 Government-sponsored commercial mortgage-backed securities 194,969 — (20,466) — 174,503 $ 449,721 $ — $ (44,899) $ — $ 404,822 |
Schedule of Fair Value of Available for Sale Securities by Contractual Maturities | The scheduled contractual maturities of AFS and HTM securities as of the dates indicated were as follows: As of June 30, 2024 Due in one year or less Due after one year to five years Due after five to ten years Due after ten years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) AFS securities Government-sponsored residential mortgage-backed securities $ — $ — $ 27,804 $ 26,680 $ 15,471 $ 14,222 $ 3,105,436 $ 2,556,648 $ 3,148,711 $ 2,597,550 Government-sponsored commercial mortgage-backed securities — — 403,508 364,695 224,736 187,823 674,538 538,376 1,302,782 1,090,894 U.S. Agency bonds — — 144,227 130,238 — — — — 144,227 130,238 U.S. Treasury securities 29,964 29,383 69,703 66,171 — — — — 99,667 95,554 State and municipal bonds and obligations 3,299 3,240 33,012 31,373 47,707 44,979 113,651 104,014 197,669 183,606 Total available for sale securities 33,263 32,623 678,254 619,157 287,914 247,024 3,893,625 3,199,038 4,893,056 4,097,842 HTM securities Government-sponsored residential mortgage-backed securities — — — — — — 243,919 214,481 243,919 214,481 Government-sponsored commercial mortgage-backed securities — — 135,611 121,904 57,182 49,013 — — 192,793 170,917 Total held to maturity securities — — 135,611 121,904 57,182 49,013 243,919 214,481 436,712 385,398 Total $ 33,263 $ 32,623 $ 813,865 $ 741,061 $ 345,096 $ 296,037 $ 4,137,544 $ 3,413,519 $ 5,329,768 $ 4,483,240 As of December 31, 2023 Due in one year or less Due after one year to five years Due after five to ten years Due after ten years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) AFS securities Government-sponsored residential mortgage-backed securities $ — $ — $ 29,288 $ 28,188 $ 22,735 $ 21,235 $ 3,250,142 $ 2,731,215 $ 3,302,165 $ 2,780,638 Government-sponsored commercial mortgage-backed securities — — 256,229 234,725 379,749 327,198 690,051 562,453 1,326,029 1,124,376 U.S. Agency bonds — — 236,454 216,011 — — — — 236,454 216,011 U.S. Treasury securities — — 99,552 95,152 — — — — 99,552 95,152 State and municipal bonds and obligations 213 209 30,131 29,393 44,047 43,260 123,313 118,482 197,704 191,344 Total available for sale securities 213 209 651,654 603,469 446,531 391,693 4,063,506 3,412,150 5,161,904 4,407,521 HTM securities Government-sponsored residential mortgage-backed securities — — — — — — 254,752 230,319 254,752 230,319 Government-sponsored commercial mortgage-backed securities — — 80,014 72,952 114,955 101,551 0 — — 194,969 174,503 Total held to maturity securities — — 80,014 72,952 114,955 101,551 254,752 230,319 449,721 404,822 Total $ 213 $ 209 $ 731,668 $ 676,421 $ 561,486 $ 493,244 $ 4,318,258 $ 3,642,469 $ 5,611,625 $ 4,812,343 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table provides a summary of the Company’s loan portfolio as of the dates indicated: June 30, 2024 December 31, 2023 (In thousands) Commercial and industrial $ 3,084,186 $ 3,034,068 Commercial real estate 5,440,411 5,457,349 Commercial construction 447,157 386,999 Business banking 1,108,163 1,085,763 Residential real estate 2,562,808 2,565,485 Consumer home equity 1,254,105 1,208,231 Other consumer 248,690 235,533 Gross loans before unamortized premiums, unearned discounts and deferred fees 14,145,520 13,973,428 Allowance for loan losses (1) (156,146) (148,993) Unamortized premiums, net of unearned discounts and deferred fees (35,601) (25,068) Loans after the allowance for loan losses, unamortized premiums, unearned discounts and deferred fees $ 13,953,773 $ 13,799,367 (1) The balance of accrued interest receivable excluded from amortized cost and the calculation of the allowance for loan losses amounted to $55.8 million and $53.9 million as of June 30, 2024 and December 31, 2023, respectively, and is included within other assets on the Consolidated Balance Sheets. |
Schedule of Financing Receivable, Allowance for Credit Loss | 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, 2024 Commercial Commercial Commercial Business Residential Consumer Other 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) Recoveries 56 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 Three Months Ended June 30, 2023 Commercial Commercial Commercial Business Residential Consumer Other Total (In thousands) Allowance for loan losses: Beginning balance $ 26,929 $ 55,193 $ 7,578 $ 15,085 $ 27,130 $ 6,182 $ 2,841 $ 140,938 Charge-offs — — — (254) — — (591) (845) Recoveries 26 2 — 204 18 — 111 361 Provision (release) 2,580 4,329 85 193 (136) (138) 588 7,501 Ending balance $ 29,535 $ 59,524 $ 7,663 $ 15,228 $ 27,012 $ 6,044 $ 2,949 $ 147,955 For the Six Months Ended June 30, 2024 Commercial Commercial Commercial Business Residential Consumer Other 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) Recoveries 81 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 For the Six Months Ended June 30, 2023 Commercial Commercial Commercial Business Residential Consumer Other Other Total (In thousands) Allowance for loan losses: Beginning balance $ 26,859 $ 54,730 $ 7,085 $ 16,189 $ 28,129 $ 6,454 $ 2,765 $ — $ 142,211 Cumulative effect of change in accounting principle (1) 47 — — (140) (849) (201) — — $ (1,143) Charge-offs — — — (597) — (7) (1,152) — (1,756) Recoveries 165 6 — 685 33 1 227 — 1,117 Provision (release) 2,464 4,788 578 (909) (301) (203) 1,109 — 7,526 Ending balance $ 29,535 $ 59,524 $ 7,663 $ 15,228 $ 27,012 $ 6,044 $ 2,949 $ — $ 147,955 (1) Represents the adjustment needed to reflect the cumulative day one impact pursuant to the Company’s adoption of ASU 2022-02 (i.e., cumulative effect adjustment related to the adoption of ASU 2022-02 as of January 1, 2023). The adjustment represents a $1.1 million decrease to the allowance attributable to the change in accounting methodology for estimating the allowance for loan losses resulting from the Company’s adoption of the standard. |
Schedule of details the internal risk-rating categories for the Company's commercial and industrial, commercial real estate, commercial construction and business banking portfolios | 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, 2024, and gross charge-offs for the six month period then ended: 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total (In thousands) Commercial and industrial Pass $ 173,503 $ 391,758 $ 369,396 $ 266,102 $ 326,612 $ 744,362 $ 559,005 $ 501 $ 2,831,239 Special Mention 10,886 20,156 20,782 67,706 3,978 6,785 35,917 303 166,513 Substandard — 18,519 20,170 — 10,520 555 23,247 436 73,447 Doubtful — — — — — 8 — — 8 Loss — — — — — — — — — Total commercial and industrial 184,389 430,433 410,348 333,808 341,110 751,710 618,169 1,240 3,071,207 Current period gross charge-offs — — — — — — — — — Commercial real estate Pass 194,930 474,588 1,380,390 804,934 552,530 1,630,590 45,966 — 5,083,928 Special Mention 1,256 45,208 7,927 48,067 11,234 15,170 5,863 — 134,725 Substandard 8,319 40,571 12,486 6,673 2,291 117,267 2 7,878 195,487 Doubtful — — — — — 23,258 — — 23,258 Loss — — — — — — — — — Total commercial real estate 204,505 560,367 1,400,803 859,674 566,055 1,786,285 51,831 7,878 5,437,398 Current period gross charge-offs — — — — — 7,250 — — 7,250 Commercial construction Pass 41,542 164,646 193,997 21,538 — — — — 421,723 Special Mention — 485 — — — — — — 485 Substandard — 23,019 — — — — — — 23,019 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction 41,542 188,150 193,997 21,538 — — — — 445,227 Current period gross charge-offs — — — — — — — — — Business banking Pass 87,499 128,351 158,460 171,739 137,208 314,233 79,495 3,055 1,080,040 Special Mention 905 224 2,332 2,364 2,563 9,380 111 41 17,920 Substandard 171 1,150 565 2,459 2,890 5,087 214 64 12,600 Doubtful — — — — — 8 375 — 383 Loss — — — — — — — — — Total business banking 88,575 129,725 161,357 176,562 142,661 328,708 80,195 3,160 1,110,943 Current period gross charge-offs — 405 — 418 144 119 — 18 1,104 Residential real estate Current and accruing 86,079 248,027 712,314 644,880 340,910 516,722 — — 2,548,932 30-89 days past due and accruing — 1,286 3,388 4,910 2,502 9,958 — — 22,044 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — — 2,340 336 — 4,113 — — 6,789 Total residential real estate 86,079 249,313 718,042 650,126 343,412 530,793 — — 2,577,765 Current period gross charge-offs — — — — — 10 — — 10 Consumer home equity Current and accruing 3,689 27,147 79,038 8,263 4,604 84,413 1,023,450 10,413 1,241,017 30-89 days past due and accruing — 64 143 — — 779 7,871 221 9,078 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — — 52 — — 1,144 5,437 82 6,715 Total consumer home equity 3,689 27,211 79,233 8,263 4,604 86,336 1,036,758 10,716 1,256,810 Current period gross charge-offs — — — — — 2 32 — 34 Other consumer Current and accruing 46,608 70,543 31,372 20,407 10,046 19,196 11,759 29 209,960 30-89 days past due and accruing 29 96 95 49 29 46 89 48 481 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — 54 22 7 12 25 8 — 128 Total other consumer 46,637 70,693 31,489 20,463 10,087 19,267 11,856 77 210,569 Current period gross charge-offs 494 183 301 183 24 66 58 — 1,309 Total $ 655,416 $ 1,655,892 $ 2,995,269 $ 2,070,434 $ 1,407,929 $ 3,503,099 $ 1,798,809 $ 23,071 $ 14,109,919 (1) The amounts presented represent the amortized cost as of June 30, 2024 of revolving loans that were converted to term loans during the six months ended June 30, 2024. 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, 2023 : 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total (In thousands) Commercial and industrial Pass $ 477,138 $ 442,896 $ 350,782 $ 341,243 $ 140,641 $ 641,342 $ 485,448 $ 3,255 $ 2,882,745 Special Mention 4,229 25,796 14,994 13,563 89 553 51,106 455 110,785 Substandard 1,534 11,995 1,775 405 — 2,581 7,803 — 26,093 Doubtful — — — — — 8 — — 8 Loss — — — — — — — — — Total commercial and industrial 482,901 480,687 367,551 355,211 140,730 644,484 544,357 3,710 3,019,631 Commercial real estate Pass 498,590 1,435,893 855,014 573,370 516,689 1,291,189 47,581 2,556 5,220,882 Special Mention 15,200 7,990 — 736 2,281 34,803 — — 61,010 Substandard 19,738 12,589 15,237 3,938 33,413 48,978 8,006 — 141,899 Doubtful 10,615 — — — — 19,441 — — 30,056 Loss — — — — — — — — — Total commercial real estate 544,143 1,456,472 870,251 578,044 552,383 1,394,411 55,587 2,556 5,453,847 Commercial construction Pass 133,463 151,957 96,147 — — — 2,614 — 384,181 Special Mention 456 — — — — — — — 456 Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction 133,919 151,957 96,147 — — — 2,614 — 384,637 Business banking Pass 139,237 165,247 182,606 146,180 110,638 229,636 73,054 3,996 1,050,594 Special Mention 1,474 2,553 1,009 4,294 4,692 11,479 23 27 25,551 Substandard 1,310 596 2,684 2,071 1,464 3,423 594 579 12,721 Doubtful — — — — 507 220 — — 727 Loss — — — — — — — — — Total business banking 142,021 168,396 186,299 152,545 117,301 244,758 73,671 4,602 1,089,593 Residential real estate Current and accruing 257,671 728,997 665,811 354,003 93,817 451,812 — — 2,552,111 30-89 days past due and accruing 750 6,615 2,437 2,112 1,496 8,219 — — 21,629 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — 1,755 1,433 291 288 4,958 — — 8,725 Total residential real estate 258,421 737,367 669,681 356,406 95,601 464,989 — — 2,582,465 Consumer home equity Current and accruing 30,393 84,065 9,151 4,899 4,166 80,687 970,882 9,472 1,193,715 30-89 days past due and accruing 148 483 — — — 558 7,509 223 8,921 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual — 66 — — — 1,466 6,770 230 8,532 Total consumer home equity 30,541 84,614 9,151 4,899 4,166 82,711 985,161 9,925 1,211,168 Other consumer Current and accruing 93,659 36,601 23,962 12,427 11,367 14,609 13,353 85 206,063 30-89 days past due and accruing 170 271 153 25 12 92 40 — 763 Loans 90 days or more past due and still accruing — — — — — — — — — Non-accrual 50 61 25 2 14 34 7 — 193 Total other consumer 93,879 36,933 24,140 12,454 11,393 14,735 13,400 85 207,019 Total $ 1,685,825 $ 3,116,426 $ 2,223,220 $ 1,459,559 $ 921,574 $ 2,846,088 $ 1,674,790 $ 20,878 $ 13,948,360 (1) The amounts presented represent the amortized cost as of December 31, 2023 of revolving loans that were converted to term loans during the year ended December 31, 2023. |
Schedule of age analysis of past due loans | The following tables show the age analysis of past due loans as of the dates indicated: As of June 30, 2024 30-59 60-89 90 or More Total Past Current Total (In thousands) Commercial and industrial $ — $ — $ 9 $ 9 $ 3,071,198 $ 3,071,207 Commercial real estate — — — — 5,437,398 5,437,398 Commercial construction — — — — 445,227 445,227 Business banking 3,499 187 1,876 5,562 1,105,381 1,110,943 Residential real estate 16,801 5,574 5,147 27,522 2,550,243 2,577,765 Consumer home equity 7,880 1,392 6,256 15,528 1,241,282 1,256,810 Other consumer 297 184 128 609 209,960 210,569 Total $ 28,477 $ 7,337 $ 13,416 $ 49,230 $ 14,060,689 $ 14,109,919 As of December 31, 2023 30-59 60-89 90 or More Total Past Current Total (In thousands) Commercial and industrial $ 3,316 $ — $ 465 $ 3,781 $ 3,015,850 $ 3,019,631 Commercial real estate — — — — 5,453,847 5,453,847 Commercial construction — — — — 384,637 384,637 Business banking 3,455 1,647 1,202 6,304 1,083,289 1,089,593 Residential real estate 17,116 4,888 6,764 28,768 2,553,697 2,582,465 Consumer home equity 6,517 2,600 8,204 17,321 1,193,847 1,211,168 Other consumer 532 235 189 956 206,063 207,019 Total (1) $ 30,936 $ 9,370 $ 16,824 $ 57,130 $ 13,891,230 $ 13,948,360 (1) The amounts presented in the table above represent the recorded investment balance of loans as of December 31, 2023. |
Schedule of pertaining to the breakdown of the Company's nonaccrual loans | The following table presents information regarding non-accrual loans as of the dates indicated: As of June 30, 2024 As of December 31, 2023 Non-Accrual Loans With ACL Non-Accrual Loans Without ACL (1) Total Nonaccrual Loans Non-Accrual Loans With ACL Non-Accrual Loans Without ACL (1) Total Nonaccrual Loans (In thousands) Commercial and industrial $ 4 $ 8 $ 12 $ 4 $ 464 $ 468 Commercial real estate 23,258 — 23,258 13,969 16,087 30,056 Commercial construction — — — — — — Business banking 2,864 5 2,869 4,572 11 4,583 Residential real estate 6,789 — 6,789 8,725 — 8,725 Consumer home equity 6,715 — 6,715 8,532 — 8,532 Other consumer 128 — 128 193 — 193 Total non-accrual loans $ 39,758 $ 13 $ 39,771 $ 35,995 $ 16,562 $ 52,557 (1) The loans on non-accrual status and without an ACL as of both June 30, 2024 and December 31, 2023, were primarily comprised of collateral dependent loans for which the fair value of the underlying loan collateral exceeded the loan carrying value. |
Schedule of the modifications which occurred during the periods and the change in the recorded investment subsequent to the modifications occurring | 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, 2024 Six Months Ended June 30, 2024 Amortized Cost Balance % of Total Portfolio Amortized Cost Balance % of Total Portfolio (Dollars in thousands) Interest Rate Reduction: Business banking $ 38 0.00 % $ 38 0.00 % Consumer home equity 449 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 banking 45 0.00 % 45 0.00 % Residential real estate 117 0.00 % 117 0.00 % Consumer home equity 734 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 equity 6 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 equity 12 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 banking 122 0.01 % 154 0.01 % Residential real estate 117 0.00 % 336 0.01 % Consumer home equity 1,201 0.10 % 1,869 0.15 % Total $ 22,780 0.16 % $ 23,699 0.17 % The following table shows the amortized cost balance as of June 30, 2023 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, 2023 Six Months Ended June 30, 2023 Amortized Cost Balance % of Total Portfolio Amortized Cost Balance % of Total Portfolio (Dollars in thousands) Interest Rate Reduction: Business banking $ 3 0.00 % $ 50 0.00 % Residential real estate 311 0.01 % 311 0.01 % Consumer home equity 426 0.04 % 1,239 0.10 % Total interest rate reduction $ 740 0.01 % $ 1,600 0.01 % Other-than-Insignificant Delay in Repayment: Residential real estate $ 387 0.02 % $ 713 0.03 % Consumer home equity 578 0.05 % 600 0.05 % Total other-than-insignificant delay in repayment $ 965 0.01 % $ 1,313 0.01 % Term Extension: Business banking 340 0.03 % 340 0.03 % Total term extension $ 340 0.00 % $ 340 0.00 % Combination—Interest Rate Reduction & Other-than-Insignificant Delay in Repayment: Business banking $ 33 0.00 % $ 94 0.01 % Consumer home equity — — % 175 0.01 % Total combination—interest rate reduction & other-than-insignificant delay in repayment $ 33 0.00 % $ 269 0.00 % Combination—Interest Rate Reduction & Term Extension: Business banking $ 71 0.01 % $ 524 0.05 % Consumer home equity — — % 218 0.02 % Total combination—interest rate reduction & term extension $ 71 0.00 % $ 742 0.01 % Combination—Term Extension & Other-than-Insignificant Delay in Repayment: Business banking $ — — % $ 28 0.00 % Residential real estate 143 0.01 % 143 0.01 % Total combination—term extension & other-than-insignificant delay in repayment $ 143 0.00 % $ 171 0.00 % Combination—Interest Rate Reduction, Term Extension & Other-than-Insignificant Delay in Repayment Business banking $ — — % $ 119 0.01 % Residential real estate 85 0.00 % 85 0.00 % Total combination—interest rate reduction, term extension & other-than-insignificant delay in repayment $ 85 0.00 % $ 204 0.00 % Total by portfolio segment Business banking $ 447 0.04 % $ 1,155 0.11 % Residential real estate 926 0.04 % 1,252 0.05 % Consumer home equity 1,004 0.08 % 2,232 0.19 % Total $ 2,377 0.02 % $ 4,639 0.03 % 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, 2024 Loan Type Financial Effect (1) 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 borrowers. Business banking Deferred a weighted average of 3 payments. For the principal and interest deferral, the loan was re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrower. 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. (1) Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed. Six Months Ended June 30, 2024 Loan Type Financial Effect (1) 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 borrowers. 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. (1) Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed. Three Months Ended June 30, 2023 Loan Type Financial Effect (1) Interest Rate Reduction Business banking Reduced weighted-average contractual interest rate from 11.3% to 8.7%. Residential real estate Reduced weighted-average contractual interest rate from 5.4% to 3.6%. Consumer home equity Reduced weighted-average contractual interest rate from 7.5% to 4.0%. Other-than-Insignificant Delay in Repayment Business banking Deferred a weighted average of 1 payment. For the principal and interest deferral, the loan was re-amortized over an extended payment period resulting in reduced monthly payment amounts for the borrower. Residential real estate Deferred a weighted average of 11 principal and interest payments which were added to the end of the loan life. Consumer home equity Deferred a weighted average of 11 principal and interest payments which were added to the end of the loan life. Term Extension Business banking Added a weighted-average 4.3 years to the life of loans, which reduced monthly payment amounts for the borrowers. Residential real estate Added a weighted-average 23.7 years to the life of loans, which reduced monthly payment amounts for the borrowers. (1) Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed. Six Months Ended June 30, 2023 Loan Type Financial Effect (1) Interest Rate Reduction Business banking Reduced weighted-average contractual interest rate from 9.7% to 7.2%. Residential real estate Reduced weighted-average contractual interest rate from 5.4% to 3.6%. Consumer home equity Reduced weighted-average contractual interest rate from 7.1% to 4.3%. Other-than-Insignificant Delay in Repayment Business banking Deferred a weighted average of 10 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 a weighted average of 10 principal and interest payments which were added to the end of the loan life. Consumer home equity Deferred a weighted average of 10 principal and interest payments which were added to the end of the loan life. Term Extension Business banking Added a weighted-average 4.3 years to the life of loans, which reduced monthly payment amounts for the borrowers. Residential real estate Added a weighted-average 23.7 years to the life of loans, which reduced monthly payment amounts for the borrowers. Consumer home equity Added a weighted-average 17.2 years to the life of loans, which reduced monthly payment amounts for the borrowers. (1) Loans that were modified in more than one manner are included in each modification type corresponding to the type of modifications performed. |
Schedule of the age analysis of past due loans to borrowers experiencing financial difficulty | 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 60-89 90 or More Total Past Current Total (In thousands) Commercial real estate $ — $ — $ — $ — $ 21,340 $ 21,340 Business banking 16 — — 16 363 379 Residential real estate 272 402 — 674 2,119 2,793 Consumer home equity 520 292 — 812 2,506 3,318 Total $ 808 $ 694 $ — $ 1,502 $ 26,328 $ 27,830 The following table shows the age analysis of past due loans to borrowers experiencing financial difficulty as of June 30, 2023 that were modified during the six months ended June 30, 2023: As of June 30, 2023 30-59 60-89 90 or More Total Past Current Total (In thousands) Business banking $ 93 $ 27 $ 158 $ 278 $ 877 $ 1,155 Residential real estate — — — — 1,252 1,252 Consumer home equity — — — — 2,232 2,232 Total $ 93 $ 27 $ 158 $ 278 $ 4,361 $ 4,639 |
Schedule of the Company's loan participations | The following table summarizes the Company’s loan participations: As of and for the Six Months Ended June 30, 2024 As of and for the Year Ended December 31, 2023 Balance Non-performing Gross Balance Non-performing Gross (Dollars in thousands) Commercial and industrial $ 938,897 — % $ — $ 985,394 0.00 % $ — Commercial real estate 515,477 — % — 447,550 0.00 % — Commercial construction 139,040 — % — 146,043 0.00 % — Business banking 57 — % 22 72 0.00 % 22 Total loan participations $ 1,593,471 — % $ 22 $ 1,579,059 0.00 % $ 22 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Lease Cost | As of the dates indicated, the Company had the following related to operating leases: As of June 30, 2024 As of December 31, 2023 (In thousands) Right-of-use assets $ 48,020 $ 50,641 Lease liabilities 52,709 55,617 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, 2024 2023 2024 2023 (In thousands) Operating lease cost $ 2,758 $ 2,929 $ 5,858 $ 5,955 Finance lease cost 112 81 224 159 Variable lease cost 620 683 1,420 1,338 Total lease cost $ 3,490 $ 3,693 $ 7,502 $ 7,452 |
Schedule of Other Information Related to Leases | Supplemental balance sheet information related to operating leases are as follows: As of June 30, 2024 As of December 31, 2023 Weighted-average remaining lease term (in years) 8.43 8.26 Weighted-average discount rate 3.84 % 3.76 % |
Earnings (Loss) Per Share ("E_2
Earnings (Loss) Per Share ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | For the Three Months Ended June 30, 2024 For 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 outstanding 176,235,507 176,155,197 Less: Average unallocated ESOP shares (13,090,252) (13,151,104) Average number of common shares outstanding used to calculate basic earnings per common share 163,145,255 163,004,093 Common stock equivalents 354,041 386,328 Average number of common shares outstanding used to calculate diluted earnings per common share 163,499,296 163,390,421 Earnings per common share: Basic $ 0.16 $ 0.40 Diluted $ 0.16 $ 0.40 For the Three Months Ended June 30, 2023 For the Six Months Ended June 30, 2023 (Dollars in thousands, except per share data) Net income (loss) applicable to common shares: Net income (loss) from continuing operations $ 44,419 $ (157,662) Net income from discontinued operations 4,238 12,223 Total net income (loss) $ 48,657 $ (145,439) Average number of common shares outstanding 175,817,284 175,758,658 Less: Average unallocated ESOP shares (13,585,048) (13,646,435) Average number of common shares outstanding used to calculate basic earnings (loss) per common share 162,232,236 162,112,223 Common stock equivalents 14,439 24,761 Average number of common shares outstanding used to calculate diluted earnings (loss) per common share 162,246,675 162,136,984 Basic earnings (loss) per common share: Earnings (loss) per share from continuing operations $ 0.27 $ (0.98) Earnings per share from discontinued operations 0.03 0.08 Total basic earnings (loss) per share $ 0.30 $ (0.90) Diluted earnings (loss) per common share: Earnings (loss) per share from continuing operations $ 0.27 $ (0.98) Earnings per share from discontinued operations 0.03 0.08 Total diluted earnings (loss) per share $ 0.30 $ (0.90) |
Low Income Housing Tax Credit_2
Low Income Housing Tax Credits and Other Tax Credit Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of of the Company's Investments in Low Income Housing Projects Accounted for Using the Proportional Amortization Method | 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, 2024 As of December 31, 2023 (In thousands) Current recorded investment included in other assets $ 220,864 $ 221,190 Commitments to fund qualified affordable housing projects included in recorded investment noted above 130,783 149,207 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, 2024 2023 2024 2023 (In thousands) Tax credits and benefits recognized $ 4,940 $ 3,305 $ 10,291 $ 6,567 Amortization expense included in income tax expense (benefit) 4,574 2,811 9,162 5,577 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Components of Net Pension Expense | 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, 2024 2023 2024 2023 (In thousands) Components of net periodic benefit cost: Service cost (1) $ 5,588 $ 6,338 $ 11,177 $ 12,677 Interest cost 4,630 4,298 9,260 8,596 Expected return on plan assets (8,451) (7,532) (16,904) (15,064) Prior service credit (2,489) (2,970) (4,977) (5,940) Recognized net actuarial loss 1,775 2,468 3,550 4,936 Net periodic benefit cost $ 1,053 $ 2,602 $ 2,106 $ 5,205 (1) Includes service costs related to employees of our insurance agency business with regard to the three and six months ended June 30, 2023. Such service costs were included in net income from discontinued operations as such costs are no longer incurred by the Company following the sale of the insurance agency business in October 2023. All other costs included in the determination of the benefit obligation for the Defined Benefit Plan and the BEP were included in net income from continuing operations as the Bank assumed the related liability upon dissolution of its Eastern Insurance Group subsidiary. Service costs included in net income from discontinued operations and included in the above table were $1.5 million and $3.0 million for the three and six months ended June 30, 2023, respectively. |
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes the Company’s restricted stock award activity for the periods indicated: For the Six Months Ended June 30, 2024 2023 Restricted Stock Awards Number of Shares Weighted-Average Grant Price Per Share Number of Shares Weighted-Average Grant Price Per Share Non-vested restricted stock as of the beginning of the respective period 420,400 $ 19.15 525,460 $ 20.08 Granted 56,352 13.84 47,820 11.50 Vested (47,820) 11.50 (28,690) 19.17 Forfeited — — — — Non-vested restricted stock as of the end of the respective period (1) 428,932 $ 18.47 544,590 $ 19.37 (1) Includes the effect of modifications to previously awarded and unvested restricted share awards for two plan participants to accelerate vesting. The financial effect of the modifications on total unrecognized compensation expense was not significant. During the six months ended June 30, 2024 and 2023, 47,820 and 28,690 RSA awards vested, respectively. In the aggregate, the amount of RSAs granted each year had a grant date fair value of $0.5 million. The following table summarizes the Company’s restricted stock unit activity for the periods indicated: For the Six Months Ended June 30, 2024 2023 Restricted Stock Units Number of Shares Weighted-Average Grant Price Per Share Number of Shares Weighted-Average Grant Price Per Share Non-vested restricted stock units as of the beginning of the respective period 952,001 $ 19.46 972,325 $ 21.08 Granted 416,276 12.81 318,577 15.63 Vested (1) (303,015) 19.38 (231,407) 21.08 Forfeited (4,980) 14.59 (640) 21.08 Non-vested restricted stock units as of the end of the respective period 1,060,282 $ 16.89 1,058,855 $ 19.44 (1) Includes 98,531 and 74,625 shares withheld upon settlement for employee taxes for the six months ended June 30, 2024 and 2023, respectively . During the six months ended June 30, 2024 and 2023, 303,015 and 231,407 RSU awards vested, respectively. Such awards had a grant date fair value of $5.9 million and $4.9 million, respectively. The following table summarizes the Company’s performance stock unit activity for the periods indicated: For the Six Months Ended June 30, 2024 2023 Performance Stock Units Number of Shares Weighted-Average Grant Price Per Share Number of Shares Weighted-Average Grant Price Per Share Non-vested performance stock units as of the beginning of the respective period 633,034 $ 19.40 533,676 $ 21.12 Granted 234,091 10.82 108,984 10.16 Vested — — — — Forfeited — — — — Non-vested performance stock units as of the end of the respective period 867,125 $ 17.08 642,660 $ 19.26 |
Schedule of Share-based Compensation Expense Under the 2021 Plan and the Related Tax Benefit | 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, 2024 2023 2024 2023 (In millions) Share-based compensation expense $ 4.2 $ 4.7 $ 7.8 $ 7.7 Related tax benefit (1) 1.2 1.3 2.2 2.2 (1) Estimated based upon the Company’s statutory rate for each respective period. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Financial Instruments as of the Dates Indicated | The following table summarizes the above financial instruments as of the dates indicated: As of June 30, 2024 As of December 31, 2023 (In thousands) Commitments to extend credit $ 5,931,039 $ 6,027,356 Standby letters of credit 53,361 58,632 Forward commitments to sell loans 13,702 9,198 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Interest Rate Derivatives | 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, 2024 Weighted Average Rate Notional Weighted Average Current Receive Fixed Fair Value (1) (In thousands) (In Years) (In thousands) Interest rate swaps on loans $ 2,400,000 3.07 5.34 % 3.02 % $ (231) Total $ 2,400,000 $ (231) (1) The fair value included a net accrued interest payable balance of $2.5 million as of June 30, 2024. 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, 2023 Weighted Average Rate Notional Weighted Average Current Receive Fixed Fair Value (1) (In thousands) (In Years) (In thousands) Interest rate swaps on loans $ 2,400,000 3.57 5.35 % 3.02 % $ (883) Total $ 2,400,000 $ (883) (1) The fair value included a net accrued interest payable balance of $2.6 million as of December 31, 2023. 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. |
Schedule of Derivatives Not Designated as Hedging Instruments | 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, 2024 Number of Positions Total Notional (Dollars in thousands) Interest rate swaps 346 $ 2,409,950 Risk participation agreements 78 314,187 Foreign exchange contracts: Matched commercial customer book 328 112,771 Foreign currency loan 8 7,970 December 31, 2023 Number of Positions Total Notional (Dollars in thousands) Interest rate swaps 356 $ 2,405,835 Risk participation agreements 78 323,957 Foreign exchange contracts: Matched commercial customer book 98 87,601 Foreign currency loan 10 10,242 |
Schedule of Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification on the Consolidated Balance Sheets for the periods indicated: Asset Derivatives Liability Derivatives Balance Fair Value at June 30, Fair Value at December 31, Balance Sheet Fair Value at June 30, Fair Value at December 31, (In thousands) Derivatives designated as hedging instruments Interest rate swaps Other assets $ 10 $ 10 Other liabilities $ 241 $ 893 Derivatives not designated as hedging instruments Customer-related positions: Interest rate swaps Other assets $ 19,240 $ 19,535 Other liabilities $ 67,944 $ 61,217 Risk participation agreements Other assets 5 151 Other liabilities 2 106 Foreign currency exchange contracts - matched customer book Other assets 616 760 Other liabilities 626 672 Foreign currency exchange contracts - foreign currency loan Other assets 38 — Other liabilities 14 187 $ 19,899 $ 20,446 $ 68,586 $ 62,182 Total $ 19,909 $ 20,456 $ 68,827 $ 63,075 |
Schedule of Derivative Financial Instruments On The Consolidated Income Statements | 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: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Derivatives designated as hedges: Loss in OCI on derivatives $ (11,996) $ (56,892) $ (51,551) $ (37,146) Loss reclassified from OCI into interest income (effective portion) $ (14,062) $ (11,928) $ (28,103) $ (20,834) 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: Gain (loss) recognized in interest rate swap income $ 373 $ 390 $ 508 $ (140) Gain (loss) recognized in interest rate swap income for risk participation agreements — 8 (42) 29 (Loss) gain recognized in other income for foreign currency exchange contracts: Matched commercial customer book (148) 6 (98) 20 Foreign currency loan (11) (288) 211 (152) Net gain (loss) for derivatives not designated as hedges $ 214 $ 116 $ 579 $ (243) |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Offsetting [Abstract] | |
Schedule of Disclosure Detail Of Balance Sheet Offsetting Of Financial Assets And Liabilities | 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, 2024 Gross Gross Net Gross Amounts Not Offset Net Description Financial Collateral (In thousands) Derivative Assets Interest rate swaps $ 10 $ — $ 10 $ — $ — $ 10 Customer-related positions: Interest rate swaps 19,240 — 19,240 2,998 (11,370) 4,872 Risk participation agreements 5 — 5 — — 5 Foreign currency exchange contracts – matched customer book 616 — 616 — — 616 Foreign currency exchange contracts – foreign currency loan 38 — 38 — — 38 $ 19,909 $ — $ 19,909 $ 2,998 $ (11,370) $ 5,541 Derivative Liabilities Interest rate swaps $ 241 $ — $ 241 $ — $ 241 $ — Customer-related positions: Interest rate swaps 67,944 — 67,944 2,998 — 64,946 Risk participation agreements 2 — 2 — — 2 Foreign currency exchange contracts – matched customer book 626 — 626 — — 626 Foreign currency exchange contracts – foreign currency loan 14 — 14 — — 14 $ 68,827 $ — $ 68,827 $ 2,998 $ 241 $ 65,588 As of December 31, 2023 Gross Gross Net Gross Amounts Not Offset Net Description Financial Collateral (In thousands) Derivative Assets Interest rate swaps $ 10 $ — $ 10 $ — $ — $ 10 Customer-related positions: Interest rate swaps 19,535 — 19,535 4,871 (8,500) 6,164 Risk participation agreements 151 — 151 — — 151 Foreign currency exchange contracts – matched customer book 760 — 760 — — 760 $ 20,456 $ — $ 20,456 $ 4,871 $ (8,500) $ 7,085 Derivative Liabilities Interest rate swaps $ 893 $ — $ 893 $ — $ 893 $ — Customer-related positions: Interest rate swaps 61,217 — 61,217 4,871 1,860 54,486 Risk participation agreements 106 — 106 — — 106 Foreign currency exchange contracts – matched customer book 672 — 672 — — 672 Foreign currency exchange contracts – foreign currency loan 187 — 187 — — 187 $ 63,075 $ — $ 63,075 $ 4,871 $ 2,753 $ 55,451 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of The Balances Of Assets And Liabilities Measured At Fair Value 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, 2024 and December 31, 2023: Fair Value Measurements at Reporting Date Using Balance as of June 30, 2024 Quoted Prices in Significant Significant Description (In thousands) Assets Securities available for sale: Government-sponsored residential mortgage-backed securities $ 2,597,550 $ — $ 2,597,550 $ — Government-sponsored commercial mortgage-backed securities 1,090,894 — 1,090,894 — U.S. Agency bonds 130,238 — 130,238 — U.S. Treasury securities 95,554 95,554 — — State and municipal bonds and obligations 183,606 — 183,606 — Rabbi trust investments 94,424 86,874 7,550 — Loans held for sale 1,308 — 1,308 — Interest rate swap contracts: Cash flow hedges - interest rate positions 10 — 10 — Customer-related positions 19,240 — 19,240 — Risk participation agreements 5 — 5 — Foreign currency forward contracts: Matched customer book 616 — 616 — Foreign currency loan 38 — 38 — Mortgage derivatives 41 — 41 — Total $ 4,213,524 $ 182,428 $ 4,031,096 $ — Liabilities Interest rate swap contracts: Cash flow hedges - interest rate positions $ 241 $ — $ 241 $ — Customer-related positions 67,944 — 67,944 — Risk participation agreements 2 — 2 — Foreign currency forward contracts: Matched customer book 626 — 626 — Foreign currency loan 14 — 14 — Mortgage derivatives 85 — 85 — Total $ 68,912 $ — $ 68,912 $ — Fair Value Measurements at Reporting Date Using Description Balance as of December 31, 2023 Quoted Prices in Significant Significant (In thousands) Assets Securities available for sale: Government-sponsored residential mortgage-backed securities $ 2,780,638 $ — $ 2,780,638 $ — Government-sponsored commercial mortgage-backed securities 1,124,376 — 1,124,376 — U.S. Agency bonds 216,011 — 216,011 — U.S. Treasury securities 95,152 95,152 — — State and municipal bonds and obligations 191,344 — 191,344 — Rabbi trust investments 87,435 81,278 6,157 — Loans held for sale 1,124 — 1,124 — Interest rate swap contracts: Cash flow hedges - interest rate positions 10 — 10 — Customer-related positions 19,535 — 19,535 — Risk participation agreements 151 — 151 — Foreign currency forward contracts: Matched customer book 760 — 760 — Mortgage derivatives 69 — 69 — Total $ 4,516,605 $ 176,430 $ 4,340,175 $ — Liabilities Interest rate swap contracts: Cash flow hedges - interest rate positions $ 893 $ — $ 893 $ — Customer-related positions 61,217 — 61,217 — Risk participation agreements 106 — 106 — Foreign currency forward contracts: Matched customer book 672 — 672 — Foreign currency loan 187 — 187 — Mortgage derivatives 36 — 36 — Total $ 63,111 $ — $ 63,111 $ — |
Schedule of The Fair Value Of Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis | The following tables summarize the fair value of assets and liabilities measured at fair value on a nonrecurring basis, as of June 30, 2024 and December 31, 2023. Fair Value Measurements at Reporting Date Using Description Balance as of June 30, 2024 Quoted Prices Significant Significant (In thousands) Assets Individually assessed collateral-dependent loans whose fair value is based upon appraisals $ 21,276 $ — $ — $ 21,276 Fair Value Measurements at Reporting Date Using Description Balance as of December 31, 2023 Quoted Prices Significant Significant (In thousands) Assets Individually assessed collateral-dependent loans whose fair value is based upon appraisals $ 27,874 $ — $ — $ 27,874 |
Schedule of Fair Value, by Balance Sheet Grouping | 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 Description Carrying Value as of June 30, 2024 Fair Value as of June 30, 2024 Quoted Prices Significant Significant (In thousands) Assets Held to maturity securities: Government-sponsored residential mortgage-backed securities $ 243,919 $ 214,481 $ — $ 214,481 $ — Government-sponsored commercial mortgage-backed securities 192,793 170,917 — 170,917 — Loans, net of allowance for loan losses 13,953,773 13,245,517 — — 13,245,517 FHLB stock 5,879 5,879 — 5,879 — Bank-owned life insurance 166,710 166,710 — 166,710 — Liabilities Deposits $ 17,537,809 $ 17,530,331 $ — $ 17,530,331 $ — FHLB advances 17,415 15,085 — 15,085 — Escrow deposits of borrowers 20,155 20,155 — 20,155 — Interest rate swap collateral funds 11,370 11,370 — 11,370 — Fair Value Measurements at Reporting Date Using Description Carrying Value as of December 31, 2023 Fair Value as of December 31, 2023 Quoted Prices Significant Significant (In thousands) Assets Held to maturity securities: Government-sponsored residential mortgage-backed securities $ 254,752 $ 230,319 $ — $ 230,319 $ — Government-sponsored commercial mortgage-backed securities 194,969 174,503 — 174,503 — Loans, net of allowance for loan losses 13,799,367 13,145,455 — — 13,145,455 FHLB stock 5,904 5,904 — 5,904 — Bank-owned life insurance 164,702 164,702 — 164,702 — Liabilities Deposits $ 17,596,217 $ 17,593,214 $ — $ 17,593,214 $ — FHLB advances 17,738 15,366 — 15,366 — Escrow deposits of borrowers 21,978 21,978 — 21,978 — Interest rate swap collateral funds 8,500 8,500 — 8,500 — |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue from External Customers by Products and Services | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Service charges on deposit accounts $ 7,930 $ 7,242 $ 15,438 $ 13,714 Trust and investment advisory fees 6,711 6,131 13,255 11,901 Debit card processing fees 3,522 3,513 6,769 6,683 Other noninterest income (1) 10,717 2,902 13,843 5,175 Total noninterest income in-scope of ASC 606 28,880 19,788 49,305 37,473 Total noninterest (loss) income out-of-scope of ASC 606 (3,532) 6,416 3,735 (321,122) Total noninterest income (loss) $ 25,348 $ 26,204 $ 53,040 $ (283,649) (1) Includes income of $7.8 million, recognized during the three months ended June 30, 2024, representing a penalty for the early withdrawal of an omnibus deposit contract. No such income was recognized for the three and six months ended June 30, 2023. |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Statement of Other Comprehensive Income [Abstract] | |
Schedule of 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 benefit (expense) allocated to each component of other comprehensive income (loss): Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Pre Tax Tax After Tax Pre Tax Tax After Tax (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 credit 2,489 (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) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Pre Tax Tax After Tax Pre Tax Tax After Tax (In thousands) Unrealized losses on securities available for sale: Change in fair value of securities available for sale $ (78,810) $ 20,324 $ (58,486) $ (36,509) $ 11,514 $ (24,995) Less: reclassification adjustment for losses included in net income — — — (333,170) 74,630 (258,540) Net change in fair value of securities available for sale (78,810) 20,324 (58,486) 296,661 (63,116) 233,545 Unrealized losses on cash flow hedges: Change in fair value of cash flow hedges (56,892) 16,060 (40,832) (37,146) 11,602 (25,544) Less: net cash flow hedge losses reclassified into interest income (11,929) 3,368 (8,561) (20,834) 5,883 (14,951) Net change in fair value of cash flow hedges (44,963) 12,692 (32,271) (16,312) 5,719 (10,593) Defined benefit pension plans: Change in actuarial net loss — — — — — — Less: amortization of actuarial net loss (2,468) 697 (1,771) (4,936) 1,394 (3,542) Less: accretion of prior service credit 2,970 (838) 2,132 5,940 (1,656) 4,284 Net change in other comprehensive income for defined benefit postretirement plans (502) 141 (361) (1,004) 262 (742) Total other comprehensive (loss) income $ (124,275) $ 33,157 $ (91,118) $ 279,345 $ (57,135) $ 222,210 |
Schedule of Accumulated Other Comprehensive Loss | The following table illustrates the changes in the balances of each component of accumulated other comprehensive loss, net of tax: Unrealized Unrealized Defined Benefit Total (In thousands) 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) Beginning Balance: January 1, 2023 $ (880,156) $ (50,159) $ 7,123 $ (923,192) Other comprehensive loss before reclassifications (24,995) (25,544) — (50,539) Less: Amounts reclassified from accumulated other comprehensive loss (258,540) (14,951) 742 (272,749) Net current-period other comprehensive income (loss) 233,545 (10,593) (742) 222,210 Ending Balance: June 30, 2023 $ (646,611) $ (60,752) $ 6,381 $ (700,982) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of the Asset and Liabilities of the Discontinued Insurance Agency Business | The following presents operating results of the discontinued insurance agency business for the three and six months ended June 30, 2023: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Noninterest income: Insurance commissions $ 27,609 $ 59,280 Other noninterest income 18 38 Total noninterest income 27,627 59,318 Noninterest expense: Salaries and employee benefits 17,041 33,336 Office occupancy and equipment 735 1,524 Data processing 1,060 2,203 Professional services 1,031 1,324 Marketing expenses 25 99 Amortization of intangible assets 668 1,337 Other 1,154 2,462 Total noninterest expense 21,714 42,285 Income from discontinued operations before income tax expense 5,913 17,033 Income tax expense 1,675 4,810 Income from discontinued operations, net of taxes (1) $ 4,238 $ 12,223 (1) Represents net income from discontinued operations that is presented in the Consolidated Statements of Income. Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Noninterest income: Income from investments held in rabbi trusts $ 241 $ 580 Other noninterest income (1) 14 28 Total noninterest income 255 608 Noninterest expense: Salaries and employee benefits (2) 245 580 Office occupancy and equipment (3) 117 241 Other (4) 439 994 Total noninterest expense 801 1,815 Loss before income tax expense (546) (1,207) Income tax benefit (153) (339) Net loss $ (393) $ (868) (1) Includes income on Company-owned life insurance policies which were not disposed of and were transferred to the Bank upon dissolution of Eastern Insurance Group. (2) Includes expenses associated with certain employee post-retirement benefit plan expenses. (3) Includes depreciation expense associated with buildings and related improvements and ROU asset amortization related to one lease which were not disposed of and were transferred to the Bank as of January 1, 2024. (4) Includes intercompany expenses and other credits associated with the Defined Benefit Plan and the BEP. Components of net periodic benefit cost associated with the Defined Benefit Plan and the BEP included in other noninterest expense above were a net credit for the period presented. |
Schedule of the Operating Results of the Discontinued Insurance Agency Business | The following presents operating results of the discontinued insurance agency business for the three and six months ended June 30, 2023: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Noninterest income: Insurance commissions $ 27,609 $ 59,280 Other noninterest income 18 38 Total noninterest income 27,627 59,318 Noninterest expense: Salaries and employee benefits 17,041 33,336 Office occupancy and equipment 735 1,524 Data processing 1,060 2,203 Professional services 1,031 1,324 Marketing expenses 25 99 Amortization of intangible assets 668 1,337 Other 1,154 2,462 Total noninterest expense 21,714 42,285 Income from discontinued operations before income tax expense 5,913 17,033 Income tax expense 1,675 4,810 Income from discontinued operations, net of taxes (1) $ 4,238 $ 12,223 (1) Represents net income from discontinued operations that is presented in the Consolidated Statements of Income. Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In thousands) Noninterest income: Income from investments held in rabbi trusts $ 241 $ 580 Other noninterest income (1) 14 28 Total noninterest income 255 608 Noninterest expense: Salaries and employee benefits (2) 245 580 Office occupancy and equipment (3) 117 241 Other (4) 439 994 Total noninterest expense 801 1,815 Loss before income tax expense (546) (1,207) Income tax benefit (153) (339) Net loss $ (393) $ (868) (1) Includes income on Company-owned life insurance policies which were not disposed of and were transferred to the Bank upon dissolution of Eastern Insurance Group. (2) Includes expenses associated with certain employee post-retirement benefit plan expenses. (3) Includes depreciation expense associated with buildings and related improvements and ROU asset amortization related to one lease which were not disposed of and were transferred to the Bank as of January 1, 2024. (4) Includes intercompany expenses and other credits associated with the Defined Benefit Plan and the BEP. Components of net periodic benefit cost associated with the Defined Benefit Plan and the BEP included in other noninterest expense above were a net credit for the period presented. |
Securities - Schedule of Debt S
Securities - Schedule of Debt Securities (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 4,893,056,000 | $ 5,161,904,000 | |
Unrealized Gains | 0 | 172,000 | |
Unrealized Losses | (795,214,000) | (754,555,000) | |
Allowance for Credit Losses | 0 | 0 | $ 0 |
Fair Value | 4,097,842,000 | 4,407,521,000 | |
Government-sponsored residential mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 3,148,711,000 | 3,302,165,000 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (551,161,000) | (521,527,000) | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 2,597,550,000 | 2,780,638,000 | |
Government-sponsored commercial mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 1,302,782,000 | 1,326,029,000 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (211,888,000) | (201,653,000) | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 1,090,894,000 | 1,124,376,000 | |
U.S. Agency bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 144,227,000 | 236,454,000 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (13,989,000) | (20,443,000) | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 130,238,000 | 216,011,000 | |
U.S. Treasury securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 99,667,000 | 99,552,000 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (4,113,000) | (4,400,000) | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 95,554,000 | 95,152,000 | |
State and municipal bonds and obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 197,669,000 | 197,704,000 | |
Unrealized Gains | 0 | 172,000 | |
Unrealized Losses | (14,063,000) | (6,532,000) | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | $ 183,606,000 | $ 191,344,000 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, available-for-sale, allowance for credit loss, excluding accrued interest | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Debt securities, available-for-sale, accrued interest, after allowance for credit loss | 8,700,000 | 8,700,000 | 9,200,000 | ||
Debt securities, available-for-sale, accrued interest writeoff | 0 | 0 | 0 | 0 | |
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest | 0 | 0 | 0 | 0 | 0 |
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss | 900,000 | 900,000 | 900,000 | ||
Debt securities, held-to-maturity, accrued interest, writeoff | 0 | $ 0 | 0 | $ 0 | |
Deposit liabilities, collateral issued, financial instruments | 852,100,000 | 852,100,000 | 615,700,000 | ||
Bank Term Funding Program | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Deposit liabilities, collateral issued, financial instruments | 0 | 0 | 2,400,000,000 | ||
Federal Reserve Discount Window | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Deposit liabilities, collateral issued, financial instruments | $ 1,900,000,000 | $ 1,900,000,000 | $ 168,800,000 |
Securities - Schedule of Realiz
Securities - Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities [Abstract] | ||||
Gross realized gains from sales of AFS securities | $ 0 | $ 0 | $ 0 | $ 0 |
Gross realized losses from sales of AFS securities | (7,557) | 0 | (7,557) | (333,170) |
Net losses from sales of AFS securities | $ (7,557) | $ 0 | $ (7,557) | $ (333,170) |
Securities - Schedule of Govern
Securities - Schedule of Government-Sponsored Residential Mortgage-Backed Securities With Gross Unrealized Losses (Details) $ in Thousands | Jun. 30, 2024 USD ($) holding | Dec. 31, 2023 USD ($) holding |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Number of holdings | holding | 771 | 736 |
Gross Unrealized Losses | ||
Less than 12 Months | $ 1,312 | $ 269 |
12 Months or Longer | 793,902 | 754,286 |
Total | 795,214 | 754,555 |
Fair Value | ||
Less than 12 Months | 32,451 | 27,821 |
12 Months or Longer | 4,065,391 | 4,346,529 |
Total | $ 4,097,842 | $ 4,374,350 |
Government-sponsored residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Number of holdings | holding | 324 | 324 |
Gross Unrealized Losses | ||
Less than 12 Months | $ 0 | $ 0 |
12 Months or Longer | 551,161 | 521,527 |
Total | 551,161 | 521,527 |
Fair Value | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 2,597,550 | 2,780,638 |
Total | $ 2,597,550 | $ 2,780,638 |
Government-sponsored commercial mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Number of holdings | holding | 187 | 187 |
Gross Unrealized Losses | ||
Less than 12 Months | $ 0 | $ 0 |
12 Months or Longer | 211,888 | 201,653 |
Total | 211,888 | 201,653 |
Fair Value | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 1,090,894 | 1,124,376 |
Total | $ 1,090,894 | $ 1,124,376 |
U.S. Agency bonds | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Number of holdings | holding | 14 | 23 |
Gross Unrealized Losses | ||
Less than 12 Months | $ 0 | $ 0 |
12 Months or Longer | 13,989 | 20,443 |
Total | 13,989 | 20,443 |
Fair Value | ||
Less than 12 Months | 0 | 0 |
12 Months or Longer | 130,238 | 216,011 |
Total | $ 130,238 | $ 216,011 |
U.S. Treasury securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Number of holdings | holding | 6 | 6 |
Gross Unrealized Losses | ||
Less than 12 Months | $ 0 | $ 36 |
12 Months or Longer | 4,113 | 4,364 |
Total | 4,113 | 4,400 |
Fair Value | ||
Less than 12 Months | 0 | 4,927 |
12 Months or Longer | 95,554 | 90,225 |
Total | $ 95,554 | $ 95,152 |
State and municipal bonds and obligations | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Number of holdings | holding | 240 | 196 |
Gross Unrealized Losses | ||
Less than 12 Months | $ 1,312 | $ 233 |
12 Months or Longer | 12,751 | 6,299 |
Total | 14,063 | 6,532 |
Fair Value | ||
Less than 12 Months | 32,451 | 22,894 |
12 Months or Longer | 151,155 | 135,279 |
Total | $ 183,606 | $ 158,173 |
Securities - Schedule of Debt_2
Securities - Schedule of Debt Securities, Held-to-maturity (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Held-to-Maturity Securities [Line Items] | |||
Amortized Cost | $ 436,712,000 | $ 449,721,000 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (51,314,000) | (44,899,000) | |
Allowance for Credit Losses | 0 | 0 | $ 0 |
Fair Value | 385,398,000 | 404,822,000 | |
Government-sponsored residential mortgage-backed securities | |||
Schedule of Held-to-Maturity Securities [Line Items] | |||
Amortized Cost | 243,919,000 | 254,752,000 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (29,438,000) | (24,433,000) | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | 214,481,000 | 230,319,000 | |
Government-sponsored commercial mortgage-backed securities | |||
Schedule of Held-to-Maturity Securities [Line Items] | |||
Amortized Cost | 192,793,000 | 194,969,000 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (21,876,000) | (20,466,000) | |
Allowance for Credit Losses | 0 | 0 | |
Fair Value | $ 170,917,000 | $ 174,503,000 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value Of Available For Sale Securities By Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
AFS securities | ||
Due in one year or less, Amortized Cost | $ 33,263 | $ 213 |
Due in one year or less, Fair value | 32,623 | 209 |
Due after one year to five years, Amortized Cost | 678,254 | 651,654 |
Due after one year to five years, Fair value | 619,157 | 603,469 |
Due after five to ten years, Amortized Cost | 287,914 | 446,531 |
Due after five to ten years, Fair value | 247,024 | 391,693 |
Due after ten years, Amortized Cost | 3,893,625 | 4,063,506 |
Due after ten years, Fair value | 3,199,038 | 3,412,150 |
Amortized Cost | 4,893,056 | 5,161,904 |
Fair Value | 4,097,842 | 4,407,521 |
HTM securities | ||
Due in one year or less, Amortized Cost | 0 | 0 |
Due in one year or less, Fair value | 0 | 0 |
Due after one year to five years, Amortized Cost | 135,611 | 80,014 |
Due after one year to five years, Fair value | 121,904 | 72,952 |
Due after five to ten years, Amortized Cost | 57,182 | 114,955 |
Due after five to ten years, Fair value | 49,013 | 101,551 |
Due after ten years, Amortized Cost | 243,919 | 254,752 |
Due after ten years, Fair value | 214,481 | 230,319 |
Amortized Cost | 436,712 | 449,721 |
Fair Value | 385,398 | 404,822 |
Total | ||
Due in one year or less, Amortized Cost | 33,263 | 213 |
Due in one year or less, Fair value | 32,623 | 209 |
Due after one year to five years, Amortized Cost | 813,865 | 731,668 |
Due after one year to five years, Fair value | 741,061 | 676,421 |
Due after five to ten years, Amortized Cost | 345,096 | 561,486 |
Due after five to ten years, Fair value | 296,037 | 493,244 |
Due after ten years, Amortized Cost | 4,137,544 | 4,318,258 |
Due after ten years, Fair value | 3,413,519 | 3,642,469 |
Amortized Cost | 5,329,768 | 5,611,625 |
Fair Value | 4,483,240 | 4,812,343 |
Government-sponsored residential mortgage-backed securities | ||
AFS securities | ||
Due in one year or less, Amortized Cost | 0 | 0 |
Due in one year or less, Fair value | 0 | 0 |
Due after one year to five years, Amortized Cost | 27,804 | 29,288 |
Due after one year to five years, Fair value | 26,680 | 28,188 |
Due after five to ten years, Amortized Cost | 15,471 | 22,735 |
Due after five to ten years, Fair value | 14,222 | 21,235 |
Due after ten years, Amortized Cost | 3,105,436 | 3,250,142 |
Due after ten years, Fair value | 2,556,648 | 2,731,215 |
Amortized Cost | 3,148,711 | 3,302,165 |
Fair Value | 2,597,550 | 2,780,638 |
HTM securities | ||
Due in one year or less, Amortized Cost | 0 | 0 |
Due in one year or less, Fair value | 0 | 0 |
Due after one year to five years, Amortized Cost | 0 | 0 |
Due after one year to five years, Fair value | 0 | 0 |
Due after five to ten years, Amortized Cost | 0 | 0 |
Due after five to ten years, Fair value | 0 | 0 |
Due after ten years, Amortized Cost | 243,919 | 254,752 |
Due after ten years, Fair value | 214,481 | 230,319 |
Amortized Cost | 243,919 | 254,752 |
Fair Value | 214,481 | 230,319 |
Government-sponsored commercial mortgage-backed securities | ||
AFS securities | ||
Due in one year or less, Amortized Cost | 0 | 0 |
Due in one year or less, Fair value | 0 | 0 |
Due after one year to five years, Amortized Cost | 403,508 | 256,229 |
Due after one year to five years, Fair value | 364,695 | 234,725 |
Due after five to ten years, Amortized Cost | 224,736 | 379,749 |
Due after five to ten years, Fair value | 187,823 | 327,198 |
Due after ten years, Amortized Cost | 674,538 | 690,051 |
Due after ten years, Fair value | 538,376 | 562,453 |
Amortized Cost | 1,302,782 | 1,326,029 |
Fair Value | 1,090,894 | 1,124,376 |
HTM securities | ||
Due in one year or less, Amortized Cost | 0 | 0 |
Due in one year or less, Fair value | 0 | 0 |
Due after one year to five years, Amortized Cost | 135,611 | 80,014 |
Due after one year to five years, Fair value | 121,904 | 72,952 |
Due after five to ten years, Amortized Cost | 57,182 | 114,955 |
Due after five to ten years, Fair value | 49,013 | 101,551 |
Due after ten years, Amortized Cost | 0 | 0 |
Due after ten years, Fair value | 0 | 0 |
Amortized Cost | 192,793 | 194,969 |
Fair Value | 170,917 | 174,503 |
U.S. Agency bonds | ||
AFS securities | ||
Due in one year or less, Amortized Cost | 0 | 0 |
Due in one year or less, Fair value | 0 | 0 |
Due after one year to five years, Amortized Cost | 144,227 | 236,454 |
Due after one year to five years, Fair value | 130,238 | 216,011 |
Due after five to ten years, Amortized Cost | 0 | 0 |
Due after five to ten years, Fair value | 0 | 0 |
Due after ten years, Amortized Cost | 0 | 0 |
Due after ten years, Fair value | 0 | 0 |
Amortized Cost | 144,227 | 236,454 |
Fair Value | 130,238 | 216,011 |
U.S. Treasury securities | ||
AFS securities | ||
Due in one year or less, Amortized Cost | 29,964 | 0 |
Due in one year or less, Fair value | 29,383 | 0 |
Due after one year to five years, Amortized Cost | 69,703 | 99,552 |
Due after one year to five years, Fair value | 66,171 | 95,152 |
Due after five to ten years, Amortized Cost | 0 | 0 |
Due after five to ten years, Fair value | 0 | 0 |
Due after ten years, Amortized Cost | 0 | 0 |
Due after ten years, Fair value | 0 | 0 |
Amortized Cost | 99,667 | 99,552 |
Fair Value | 95,554 | 95,152 |
State and municipal bonds and obligations | ||
AFS securities | ||
Due in one year or less, Amortized Cost | 3,299 | 213 |
Due in one year or less, Fair value | 3,240 | 209 |
Due after one year to five years, Amortized Cost | 33,012 | 30,131 |
Due after one year to five years, Fair value | 31,373 | 29,393 |
Due after five to ten years, Amortized Cost | 47,707 | 44,047 |
Due after five to ten years, Fair value | 44,979 | 43,260 |
Due after ten years, Amortized Cost | 113,651 | 123,313 |
Due after ten years, Fair value | 104,014 | 118,482 |
Amortized Cost | 197,669 | 197,704 |
Fair Value | $ 183,606 | $ 191,344 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Schedule of Company's Loan Portfolio as of the Dates Indicated (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Gross loans before unamortized premiums, unearned discounts and deferred fees | $ 14,145,520 | $ 13,973,428 | ||||
Allowance for loan losses | (156,146) | $ (149,190) | (148,993) | $ (147,955) | $ (140,938) | $ (142,211) |
Unamortized premiums, net of unearned discounts and deferred fees | (35,601) | (25,068) | ||||
Loans after the allowance for loan losses, unamortized premiums, unearned discounts and deferred fees | 13,953,773 | 13,799,367 | ||||
Financing receivable, accrued interest, before allowance for credit loss | 55,800 | 53,900 | ||||
Commercial and industrial | Commercial Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Gross loans before unamortized premiums, unearned discounts and deferred fees | 3,084,186 | 3,034,068 | ||||
Allowance for loan losses | (28,916) | (28,863) | (26,959) | (29,535) | (26,929) | (26,859) |
Commercial real estate | Commercial Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Gross loans before unamortized premiums, unearned discounts and deferred fees | 5,440,411 | 5,457,349 | ||||
Allowance for loan losses | (69,079) | (64,629) | (65,475) | (59,524) | (55,193) | (54,730) |
Commercial construction | Commercial Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Gross loans before unamortized premiums, unearned discounts and deferred fees | 447,157 | 386,999 | ||||
Allowance for loan losses | (6,388) | (6,204) | (6,666) | (7,663) | (7,578) | (7,085) |
Business banking | Commercial Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Gross loans before unamortized premiums, unearned discounts and deferred fees | 1,108,163 | 1,085,763 | ||||
Allowance for loan losses | (16,748) | (14,631) | (14,913) | (15,228) | (15,085) | (16,189) |
Residential real estate | Residential Real Estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Gross loans before unamortized premiums, unearned discounts and deferred fees | 2,562,808 | 2,565,485 | ||||
Allowance for loan losses | (25,829) | (25,935) | (25,954) | (27,012) | (27,130) | (28,129) |
Consumer home equity | Consumer Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Gross loans before unamortized premiums, unearned discounts and deferred fees | 1,254,105 | 1,208,231 | ||||
Allowance for loan losses | (5,781) | (5,684) | (5,595) | (6,044) | (6,182) | (6,454) |
Other Consumer | Consumer Portfolio Segment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Gross loans before unamortized premiums, unearned discounts and deferred fees | 248,690 | 235,533 | ||||
Allowance for loan losses | $ (3,405) | $ (3,244) | $ (3,431) | $ (2,949) | $ (2,841) | $ (2,765) |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 USD ($) loan | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) loan | Jun. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) loan | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Loan syndications, amount | $ 100,000,000 | $ 100,000,000 | ||||||
Financing receivable, excluding accrued interest, after allowance for credit loss | 13,953,773,000 | 13,953,773,000 | $ 13,799,367,000 | |||||
Debt, long-term and short-term, combined amount | 48,940,000 | 48,940,000 | 48,216,000 | |||||
Mortgage loans partially or wholly-owned by others and serviced by the Company | 74,300,000 | 74,300,000 | 77,200,000 | |||||
Loan purchases | 0 | $ 32,000,000 | ||||||
Provision for allowance for loan losses | 6,126,000 | $ 7,501,000 | 13,577,000 | 7,526,000 | ||||
Partial charge off | 1,692,000 | 845,000 | 9,707,000 | 1,756,000 | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 156,146,000 | 147,955,000 | $ 156,146,000 | 147,955,000 | $ 149,190,000 | 148,993,000 | $ 140,938,000 | $ 142,211,000 |
Maximum number of days required for special mention | 90 days | |||||||
Loans modified during the prior 12 months which had subsequently defaulted | $ 100,000 | 0 | ||||||
Financing receivable, modified, commitment to lend | 300,000 | 300,000 | 0 | |||||
Federal Home Loan Bank Advances | Asset Pledged as Collateral | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Financing receivable, excluding accrued interest, after allowance for credit loss | 4,400,000,000 | 4,400,000,000 | 4,600,000,000 | |||||
Federal Reserve Bank Advances | Asset Pledged as Collateral | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Financing receivable, excluding accrued interest, after allowance for credit loss | 1,200,000,000 | 1,200,000,000 | 1,100,000,000 | |||||
Residential Real Estate | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Financing receivable, collateral dependent loans | 1,500,000 | 1,500,000 | 800,000 | |||||
Commercial Portfolio Segment | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Financing receivable, collateral dependent loans | 23,300,000 | 23,300,000 | 30,700,000 | |||||
Unfunded Loan Commitment | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Financing receivable, allowance for credit loss, excluding accrued interest | 11,600,000 | 11,600,000 | 14,100,000 | |||||
Residential real estate | Residential Real Estate | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Amortized cost of loans purchased | 377,000,000 | 377,000,000 | 385,500,000 | |||||
Provision for allowance for loan losses | (133,000) | (136,000) | (173,000) | (301,000) | ||||
Partial charge off | 0 | 0 | 10,000 | 0 | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | $ 25,829,000 | 27,012,000 | $ 25,829,000 | 27,012,000 | 25,935,000 | $ 25,954,000 | 27,130,000 | 28,129,000 |
Number of loans in process of foreclosure | loan | 3 | 3 | 2 | |||||
Mortgage loans in process of foreclosure, amount | $ 300,000 | $ 300,000 | $ 200,000 | |||||
Consumer home equity | Consumer Portfolio Segment | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Provision for allowance for loan losses | 38,000 | (138,000) | 129,000 | (203,000) | ||||
Partial charge off | 32,000 | 0 | 34,000 | 7,000 | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | $ 5,781,000 | 6,044,000 | $ 5,781,000 | 6,044,000 | 5,684,000 | $ 5,595,000 | 6,182,000 | 6,454,000 |
Number of loans in process of foreclosure | loan | 10 | 10 | 3 | |||||
Mortgage loans in process of foreclosure, amount | $ 900,000 | $ 900,000 | $ 200,000 | |||||
Commercial and industrial | Commercial Portfolio Segment | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Provision for allowance for loan losses | (3,000) | 2,580,000 | 1,876,000 | 2,464,000 | ||||
Partial charge off | 0 | 0 | 0 | 0 | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 28,916,000 | 29,535,000 | 28,916,000 | 29,535,000 | 28,863,000 | 26,959,000 | 26,929,000 | 26,859,000 |
Commercial real estate | Commercial Portfolio Segment | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Provision for allowance for loan losses | 2,439,000 | 4,329,000 | 8,711,000 | 4,788,000 | ||||
Partial charge off | 0 | 0 | 7,250,000 | 0 | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 69,079,000 | $ 59,524,000 | 69,079,000 | $ 59,524,000 | $ 64,629,000 | 65,475,000 | $ 55,193,000 | $ 54,730,000 |
Federal Home Loan Bank Advances | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Advance from Federal Home Loan Bank | 17,400,000 | 17,400,000 | 17,700,000 | |||||
Federal Reserve Bank Advances | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Debt, long-term and short-term, combined amount | 0 | 0 | $ 0 | |||||
Unrated | Minimum | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Lines of credit, exposure | 100,000 | 100,000 | ||||||
Unrated | Line of Credit | Commercial Portfolio Segment | Maximum | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Lines of credit, exposure | 1,500,000 | 1,500,000 | ||||||
Unrated | Line of Credit | Business Banking | Commercial Portfolio Segment | Maximum | ||||||||
Changes in lines of credit,resrticted to commercial exposure | ||||||||
Lines of credit, exposure | $ 1,500,000 | $ 1,500,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Schedule of Changes in Allowance for Loan Losses by Loan Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 149,190 | $ 140,938 | $ 148,993 | $ 142,211 |
Charge-offs | (1,692) | (845) | (9,707) | (1,756) |
Recoveries | 2,522 | 361 | 3,283 | 1,117 |
Provision (release) | 6,126 | 7,501 | 13,577 | 7,526 |
Ending balance | 156,146 | 147,955 | 156,146 | 147,955 |
Allowance for loan losses | 156,146 | 147,955 | 156,146 | 147,955 |
Cumulative effect accounting adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (1,143) | |||
Allowance for loan losses | ||||
Cumulative effect accounting adjustment | Accounting Standards Update 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (1,100) | |||
Allowance for loan losses | ||||
Commercial and industrial | Commercial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 28,863 | 26,929 | 26,959 | 26,859 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 56 | 26 | 81 | 165 |
Provision (release) | (3) | 2,580 | 1,876 | 2,464 |
Ending balance | 28,916 | 29,535 | 28,916 | 29,535 |
Allowance for loan losses | 28,916 | 29,535 | 28,916 | 29,535 |
Commercial and industrial | Commercial Portfolio Segment | Cumulative effect accounting adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 47 | |||
Allowance for loan losses | ||||
Commercial real estate | Commercial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 64,629 | 55,193 | 65,475 | 54,730 |
Charge-offs | 0 | 0 | (7,250) | 0 |
Recoveries | 2,011 | 2 | 2,143 | 6 |
Provision (release) | 2,439 | 4,329 | 8,711 | 4,788 |
Ending balance | 69,079 | 59,524 | 69,079 | 59,524 |
Allowance for loan losses | 69,079 | 59,524 | 69,079 | 59,524 |
Commercial real estate | Commercial Portfolio Segment | Cumulative effect accounting adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | |||
Allowance for loan losses | ||||
Commercial construction | Commercial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 6,204 | 7,578 | 6,666 | 7,085 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision (release) | 184 | 85 | (278) | 578 |
Ending balance | 6,388 | 7,663 | 6,388 | 7,663 |
Allowance for loan losses | 6,388 | 7,663 | 6,388 | 7,663 |
Commercial construction | Commercial Portfolio Segment | Cumulative effect accounting adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | |||
Allowance for loan losses | ||||
Business banking | Commercial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 14,631 | 15,085 | 14,913 | 16,189 |
Charge-offs | (1,002) | (254) | (1,104) | (597) |
Recoveries | 199 | 204 | 609 | 685 |
Provision (release) | 2,920 | 193 | 2,330 | (909) |
Ending balance | 16,748 | 15,228 | 16,748 | 15,228 |
Allowance for loan losses | 16,748 | 15,228 | 16,748 | 15,228 |
Business banking | Commercial Portfolio Segment | Cumulative effect accounting adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (140) | |||
Allowance for loan losses | ||||
Residential real estate | Residential Real Estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 25,935 | 27,130 | 25,954 | 28,129 |
Charge-offs | 0 | 0 | (10) | 0 |
Recoveries | 27 | 18 | 58 | 33 |
Provision (release) | (133) | (136) | (173) | (301) |
Ending balance | 25,829 | 27,012 | 25,829 | 27,012 |
Allowance for loan losses | 25,829 | 27,012 | 25,829 | 27,012 |
Residential real estate | Residential Real Estate | Cumulative effect accounting adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (849) | |||
Allowance for loan losses | ||||
Consumer home equity | Consumer Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5,684 | 6,182 | 5,595 | 6,454 |
Charge-offs | (32) | 0 | (34) | (7) |
Recoveries | 91 | 0 | 91 | 1 |
Provision (release) | 38 | (138) | 129 | (203) |
Ending balance | 5,781 | 6,044 | 5,781 | 6,044 |
Allowance for loan losses | 5,781 | 6,044 | 5,781 | 6,044 |
Consumer home equity | Consumer Portfolio Segment | Cumulative effect accounting adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (201) | |||
Allowance for loan losses | ||||
Other Consumer | Consumer Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,244 | 2,841 | 3,431 | 2,765 |
Charge-offs | (658) | (591) | (1,309) | (1,152) |
Recoveries | 138 | 111 | 301 | 227 |
Provision (release) | 681 | 588 | 982 | 1,109 |
Ending balance | 3,405 | 2,949 | 3,405 | 2,949 |
Allowance for loan losses | $ 3,405 | 2,949 | $ 3,405 | 2,949 |
Other Consumer | Consumer Portfolio Segment | Cumulative effect accounting adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | |||
Allowance for loan losses | ||||
Other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision (release) | 0 | |||
Ending balance | 0 | 0 | ||
Allowance for loan losses | $ 0 | 0 | ||
Other | Cumulative effect accounting adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 0 | |||
Allowance for loan losses |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Schedule of Internal Risk-rating Categories (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | $ 655,416 | $ 655,416 | $ 1,685,825 | ||
2023 | 1,655,892 | 1,655,892 | 3,116,426 | ||
2022 | 2,995,269 | 2,995,269 | 2,223,220 | ||
2021 | 2,070,434 | 2,070,434 | 1,459,559 | ||
2020 | 1,407,929 | 1,407,929 | 921,574 | ||
Prior | 3,503,099 | 3,503,099 | 2,846,088 | ||
Revolving Loans | 1,798,809 | 1,798,809 | 1,674,790 | ||
Revolving Loans Converted to Term Loans | 23,071 | 23,071 | 20,878 | ||
Total | 14,109,919 | 14,109,919 | 13,948,360 | ||
Current period gross charge-offs | |||||
Total | 1,692 | $ 845 | 9,707 | $ 1,756 | |
Commercial and industrial | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 184,389 | 184,389 | 482,901 | ||
2023 | 430,433 | 430,433 | 480,687 | ||
2022 | 410,348 | 410,348 | 367,551 | ||
2021 | 333,808 | 333,808 | 355,211 | ||
2020 | 341,110 | 341,110 | 140,730 | ||
Prior | 751,710 | 751,710 | 644,484 | ||
Revolving Loans | 618,169 | 618,169 | 544,357 | ||
Revolving Loans Converted to Term Loans | 1,240 | 1,240 | 3,710 | ||
Total | 3,071,207 | 3,071,207 | 3,019,631 | ||
Current period gross charge-offs | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 0 | ||||
Revolving Loans | 0 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 0 | 0 | 0 | 0 | |
Commercial and industrial | Pass | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 173,503 | 173,503 | 477,138 | ||
2023 | 391,758 | 391,758 | 442,896 | ||
2022 | 369,396 | 369,396 | 350,782 | ||
2021 | 266,102 | 266,102 | 341,243 | ||
2020 | 326,612 | 326,612 | 140,641 | ||
Prior | 744,362 | 744,362 | 641,342 | ||
Revolving Loans | 559,005 | 559,005 | 485,448 | ||
Revolving Loans Converted to Term Loans | 501 | 501 | 3,255 | ||
Total | 2,831,239 | 2,831,239 | 2,882,745 | ||
Commercial and industrial | Special Mention | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 10,886 | 10,886 | 4,229 | ||
2023 | 20,156 | 20,156 | 25,796 | ||
2022 | 20,782 | 20,782 | 14,994 | ||
2021 | 67,706 | 67,706 | 13,563 | ||
2020 | 3,978 | 3,978 | 89 | ||
Prior | 6,785 | 6,785 | 553 | ||
Revolving Loans | 35,917 | 35,917 | 51,106 | ||
Revolving Loans Converted to Term Loans | 303 | 303 | 455 | ||
Total | 166,513 | 166,513 | 110,785 | ||
Commercial and industrial | Substandard | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 1,534 | ||
2023 | 18,519 | 18,519 | 11,995 | ||
2022 | 20,170 | 20,170 | 1,775 | ||
2021 | 0 | 0 | 405 | ||
2020 | 10,520 | 10,520 | 0 | ||
Prior | 555 | 555 | 2,581 | ||
Revolving Loans | 23,247 | 23,247 | 7,803 | ||
Revolving Loans Converted to Term Loans | 436 | 436 | 0 | ||
Total | 73,447 | 73,447 | 26,093 | ||
Commercial and industrial | Doubtful | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 8 | 8 | 8 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 8 | 8 | 8 | ||
Commercial and industrial | Loss | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Commercial real estate | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 204,505 | 204,505 | 544,143 | ||
2023 | 560,367 | 560,367 | 1,456,472 | ||
2022 | 1,400,803 | 1,400,803 | 870,251 | ||
2021 | 859,674 | 859,674 | 578,044 | ||
2020 | 566,055 | 566,055 | 552,383 | ||
Prior | 1,786,285 | 1,786,285 | 1,394,411 | ||
Revolving Loans | 51,831 | 51,831 | 55,587 | ||
Revolving Loans Converted to Term Loans | 7,878 | 7,878 | 2,556 | ||
Total | 5,437,398 | 5,437,398 | 5,453,847 | ||
Current period gross charge-offs | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 7,250 | ||||
Revolving Loans | 0 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 0 | 0 | 7,250 | 0 | |
Commercial real estate | Pass | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 194,930 | 194,930 | 498,590 | ||
2023 | 474,588 | 474,588 | 1,435,893 | ||
2022 | 1,380,390 | 1,380,390 | 855,014 | ||
2021 | 804,934 | 804,934 | 573,370 | ||
2020 | 552,530 | 552,530 | 516,689 | ||
Prior | 1,630,590 | 1,630,590 | 1,291,189 | ||
Revolving Loans | 45,966 | 45,966 | 47,581 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 2,556 | ||
Total | 5,083,928 | 5,083,928 | 5,220,882 | ||
Commercial real estate | Special Mention | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 1,256 | 1,256 | 15,200 | ||
2023 | 45,208 | 45,208 | 7,990 | ||
2022 | 7,927 | 7,927 | 0 | ||
2021 | 48,067 | 48,067 | 736 | ||
2020 | 11,234 | 11,234 | 2,281 | ||
Prior | 15,170 | 15,170 | 34,803 | ||
Revolving Loans | 5,863 | 5,863 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 134,725 | 134,725 | 61,010 | ||
Commercial real estate | Substandard | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 8,319 | 8,319 | 19,738 | ||
2023 | 40,571 | 40,571 | 12,589 | ||
2022 | 12,486 | 12,486 | 15,237 | ||
2021 | 6,673 | 6,673 | 3,938 | ||
2020 | 2,291 | 2,291 | 33,413 | ||
Prior | 117,267 | 117,267 | 48,978 | ||
Revolving Loans | 2 | 2 | 8,006 | ||
Revolving Loans Converted to Term Loans | 7,878 | 7,878 | 0 | ||
Total | 195,487 | 195,487 | 141,899 | ||
Commercial real estate | Doubtful | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 10,615 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 23,258 | 23,258 | 19,441 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 23,258 | 23,258 | 30,056 | ||
Commercial real estate | Loss | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Commercial construction | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 41,542 | 41,542 | 133,919 | ||
2023 | 188,150 | 188,150 | 151,957 | ||
2022 | 193,997 | 193,997 | 96,147 | ||
2021 | 21,538 | 21,538 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 2,614 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 445,227 | 445,227 | 384,637 | ||
Current period gross charge-offs | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 0 | ||||
Revolving Loans | 0 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 0 | 0 | 0 | 0 | |
Commercial construction | Pass | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 41,542 | 41,542 | 133,463 | ||
2023 | 164,646 | 164,646 | 151,957 | ||
2022 | 193,997 | 193,997 | 96,147 | ||
2021 | 21,538 | 21,538 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 2,614 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 421,723 | 421,723 | 384,181 | ||
Commercial construction | Special Mention | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 456 | ||
2023 | 485 | 485 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 485 | 485 | 456 | ||
Commercial construction | Substandard | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 23,019 | 23,019 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 23,019 | 23,019 | 0 | ||
Commercial construction | Doubtful | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Commercial construction | Loss | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Business banking | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 88,575 | 88,575 | 142,021 | ||
2023 | 129,725 | 129,725 | 168,396 | ||
2022 | 161,357 | 161,357 | 186,299 | ||
2021 | 176,562 | 176,562 | 152,545 | ||
2020 | 142,661 | 142,661 | 117,301 | ||
Prior | 328,708 | 328,708 | 244,758 | ||
Revolving Loans | 80,195 | 80,195 | 73,671 | ||
Revolving Loans Converted to Term Loans | 3,160 | 3,160 | 4,602 | ||
Total | 1,110,943 | 1,110,943 | 1,089,593 | ||
Current period gross charge-offs | |||||
2024 | 0 | ||||
2023 | 405 | ||||
2022 | 0 | ||||
2021 | 418 | ||||
2020 | 144 | ||||
Prior | 119 | ||||
Revolving Loans | 0 | ||||
Revolving Loans Converted to Term Loans | 18 | ||||
Total | 1,002 | 254 | 1,104 | 597 | |
Business banking | Pass | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 87,499 | 87,499 | 139,237 | ||
2023 | 128,351 | 128,351 | 165,247 | ||
2022 | 158,460 | 158,460 | 182,606 | ||
2021 | 171,739 | 171,739 | 146,180 | ||
2020 | 137,208 | 137,208 | 110,638 | ||
Prior | 314,233 | 314,233 | 229,636 | ||
Revolving Loans | 79,495 | 79,495 | 73,054 | ||
Revolving Loans Converted to Term Loans | 3,055 | 3,055 | 3,996 | ||
Total | 1,080,040 | 1,080,040 | 1,050,594 | ||
Business banking | Special Mention | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 905 | 905 | 1,474 | ||
2023 | 224 | 224 | 2,553 | ||
2022 | 2,332 | 2,332 | 1,009 | ||
2021 | 2,364 | 2,364 | 4,294 | ||
2020 | 2,563 | 2,563 | 4,692 | ||
Prior | 9,380 | 9,380 | 11,479 | ||
Revolving Loans | 111 | 111 | 23 | ||
Revolving Loans Converted to Term Loans | 41 | 41 | 27 | ||
Total | 17,920 | 17,920 | 25,551 | ||
Business banking | Substandard | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 171 | 171 | 1,310 | ||
2023 | 1,150 | 1,150 | 596 | ||
2022 | 565 | 565 | 2,684 | ||
2021 | 2,459 | 2,459 | 2,071 | ||
2020 | 2,890 | 2,890 | 1,464 | ||
Prior | 5,087 | 5,087 | 3,423 | ||
Revolving Loans | 214 | 214 | 594 | ||
Revolving Loans Converted to Term Loans | 64 | 64 | 579 | ||
Total | 12,600 | 12,600 | 12,721 | ||
Business banking | Doubtful | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 507 | ||
Prior | 8 | 8 | 220 | ||
Revolving Loans | 375 | 375 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 383 | 383 | 727 | ||
Business banking | Loss | Commercial Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Residential real estate | Residential Real Estate | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 86,079 | 86,079 | 258,421 | ||
2023 | 249,313 | 249,313 | 737,367 | ||
2022 | 718,042 | 718,042 | 669,681 | ||
2021 | 650,126 | 650,126 | 356,406 | ||
2020 | 343,412 | 343,412 | 95,601 | ||
Prior | 530,793 | 530,793 | 464,989 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 2,577,765 | 2,577,765 | 2,582,465 | ||
Current period gross charge-offs | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 10 | ||||
Revolving Loans | 0 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 0 | 0 | 10 | 0 | |
Residential real estate | Residential Real Estate | Current and accruing | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 86,079 | 86,079 | 257,671 | ||
2023 | 248,027 | 248,027 | 728,997 | ||
2022 | 712,314 | 712,314 | 665,811 | ||
2021 | 644,880 | 644,880 | 354,003 | ||
2020 | 340,910 | 340,910 | 93,817 | ||
Prior | 516,722 | 516,722 | 451,812 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 2,548,932 | 2,548,932 | 2,552,111 | ||
Residential real estate | Residential Real Estate | 30-89 days past due and accruing | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 750 | ||
2023 | 1,286 | 1,286 | 6,615 | ||
2022 | 3,388 | 3,388 | 2,437 | ||
2021 | 4,910 | 4,910 | 2,112 | ||
2020 | 2,502 | 2,502 | 1,496 | ||
Prior | 9,958 | 9,958 | 8,219 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 22,044 | 22,044 | 21,629 | ||
Residential real estate | Residential Real Estate | Loans 90 days or more past due and still accruing | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Residential real estate | Residential Real Estate | Non-accrual | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 1,755 | ||
2022 | 2,340 | 2,340 | 1,433 | ||
2021 | 336 | 336 | 291 | ||
2020 | 0 | 0 | 288 | ||
Prior | 4,113 | 4,113 | 4,958 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 6,789 | 6,789 | 8,725 | ||
Consumer home equity | Consumer Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 3,689 | 3,689 | 30,541 | ||
2023 | 27,211 | 27,211 | 84,614 | ||
2022 | 79,233 | 79,233 | 9,151 | ||
2021 | 8,263 | 8,263 | 4,899 | ||
2020 | 4,604 | 4,604 | 4,166 | ||
Prior | 86,336 | 86,336 | 82,711 | ||
Revolving Loans | 1,036,758 | 1,036,758 | 985,161 | ||
Revolving Loans Converted to Term Loans | 10,716 | 10,716 | 9,925 | ||
Total | 1,256,810 | 1,256,810 | 1,211,168 | ||
Current period gross charge-offs | |||||
2024 | 0 | ||||
2023 | 0 | ||||
2022 | 0 | ||||
2021 | 0 | ||||
2020 | 0 | ||||
Prior | 2 | ||||
Revolving Loans | 32 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 32 | 0 | 34 | 7 | |
Consumer home equity | Consumer Portfolio Segment | Current and accruing | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 3,689 | 3,689 | 30,393 | ||
2023 | 27,147 | 27,147 | 84,065 | ||
2022 | 79,038 | 79,038 | 9,151 | ||
2021 | 8,263 | 8,263 | 4,899 | ||
2020 | 4,604 | 4,604 | 4,166 | ||
Prior | 84,413 | 84,413 | 80,687 | ||
Revolving Loans | 1,023,450 | 1,023,450 | 970,882 | ||
Revolving Loans Converted to Term Loans | 10,413 | 10,413 | 9,472 | ||
Total | 1,241,017 | 1,241,017 | 1,193,715 | ||
Consumer home equity | Consumer Portfolio Segment | 30-89 days past due and accruing | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 148 | ||
2023 | 64 | 64 | 483 | ||
2022 | 143 | 143 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 779 | 779 | 558 | ||
Revolving Loans | 7,871 | 7,871 | 7,509 | ||
Revolving Loans Converted to Term Loans | 221 | 221 | 223 | ||
Total | 9,078 | 9,078 | 8,921 | ||
Consumer home equity | Consumer Portfolio Segment | Loans 90 days or more past due and still accruing | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Consumer home equity | Consumer Portfolio Segment | Non-accrual | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 66 | ||
2022 | 52 | 52 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 1,144 | 1,144 | 1,466 | ||
Revolving Loans | 5,437 | 5,437 | 6,770 | ||
Revolving Loans Converted to Term Loans | 82 | 82 | 230 | ||
Total | 6,715 | 6,715 | 8,532 | ||
Other Consumer | Consumer Portfolio Segment | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 46,637 | 46,637 | 93,879 | ||
2023 | 70,693 | 70,693 | 36,933 | ||
2022 | 31,489 | 31,489 | 24,140 | ||
2021 | 20,463 | 20,463 | 12,454 | ||
2020 | 10,087 | 10,087 | 11,393 | ||
Prior | 19,267 | 19,267 | 14,735 | ||
Revolving Loans | 11,856 | 11,856 | 13,400 | ||
Revolving Loans Converted to Term Loans | 77 | 77 | 85 | ||
Total | 210,569 | 210,569 | 207,019 | ||
Current period gross charge-offs | |||||
2024 | 494 | ||||
2023 | 183 | ||||
2022 | 301 | ||||
2021 | 183 | ||||
2020 | 24 | ||||
Prior | 66 | ||||
Revolving Loans | 58 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 658 | $ 591 | 1,309 | $ 1,152 | |
Other Consumer | Consumer Portfolio Segment | Current and accruing | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 46,608 | 46,608 | 93,659 | ||
2023 | 70,543 | 70,543 | 36,601 | ||
2022 | 31,372 | 31,372 | 23,962 | ||
2021 | 20,407 | 20,407 | 12,427 | ||
2020 | 10,046 | 10,046 | 11,367 | ||
Prior | 19,196 | 19,196 | 14,609 | ||
Revolving Loans | 11,759 | 11,759 | 13,353 | ||
Revolving Loans Converted to Term Loans | 29 | 29 | 85 | ||
Total | 209,960 | 209,960 | 206,063 | ||
Other Consumer | Consumer Portfolio Segment | 30-89 days past due and accruing | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 29 | 29 | 170 | ||
2023 | 96 | 96 | 271 | ||
2022 | 95 | 95 | 153 | ||
2021 | 49 | 49 | 25 | ||
2020 | 29 | 29 | 12 | ||
Prior | 46 | 46 | 92 | ||
Revolving Loans | 89 | 89 | 40 | ||
Revolving Loans Converted to Term Loans | 48 | 48 | 0 | ||
Total | 481 | 481 | 763 | ||
Other Consumer | Consumer Portfolio Segment | Loans 90 days or more past due and still accruing | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 0 | ||
2023 | 0 | 0 | 0 | ||
2022 | 0 | 0 | 0 | ||
2021 | 0 | 0 | 0 | ||
2020 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Other Consumer | Consumer Portfolio Segment | Non-accrual | |||||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||||
2024 | 0 | 0 | 50 | ||
2023 | 54 | 54 | 61 | ||
2022 | 22 | 22 | 25 | ||
2021 | 7 | 7 | 2 | ||
2020 | 12 | 12 | 14 | ||
Prior | 25 | 25 | 34 | ||
Revolving Loans | 8 | 8 | 7 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | $ 128 | $ 128 | $ 193 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Schedule of Shows the Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 14,109,919 | $ 13,948,360 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 49,230 | 57,130 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 28,477 | 30,936 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,337 | 9,370 |
90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,416 | 16,824 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 14,060,689 | 13,891,230 |
Commercial and industrial | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,071,207 | 3,019,631 |
Commercial and industrial | Total Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9 | 3,781 |
Commercial and industrial | 30-59 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 3,316 |
Commercial and industrial | 60-89 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial and industrial | 90 or More Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9 | 465 |
Commercial and industrial | Current | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,071,198 | 3,015,850 |
Commercial real estate | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,437,398 | 5,453,847 |
Commercial real estate | Total Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial real estate | 30-59 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial real estate | 60-89 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial real estate | 90 or More Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial real estate | Current | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,437,398 | 5,453,847 |
Commercial construction | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 445,227 | 384,637 |
Commercial construction | Total Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial construction | 30-59 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial construction | 60-89 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial construction | 90 or More Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial construction | Current | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 445,227 | 384,637 |
Business banking | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,110,943 | 1,089,593 |
Business banking | Total Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,562 | 6,304 |
Business banking | 30-59 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,499 | 3,455 |
Business banking | 60-89 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 187 | 1,647 |
Business banking | 90 or More Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,876 | 1,202 |
Business banking | Current | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,105,381 | 1,083,289 |
Residential real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,577,765 | 2,582,465 |
Residential real estate | Total Past Due | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 27,522 | 28,768 |
Residential real estate | 30-59 Days Past Due | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 16,801 | 17,116 |
Residential real estate | 60-89 Days Past Due | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,574 | 4,888 |
Residential real estate | 90 or More Days Past Due | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,147 | 6,764 |
Residential real estate | Current | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,550,243 | 2,553,697 |
Consumer home equity | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,256,810 | 1,211,168 |
Consumer home equity | Total Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 15,528 | 17,321 |
Consumer home equity | 30-59 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,880 | 6,517 |
Consumer home equity | 60-89 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,392 | 2,600 |
Consumer home equity | 90 or More Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6,256 | 8,204 |
Consumer home equity | Current | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,241,282 | 1,193,847 |
Other Consumer | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 210,569 | 207,019 |
Other Consumer | Total Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 609 | 956 |
Other Consumer | 30-59 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 297 | 532 |
Other Consumer | 60-89 Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 184 | 235 |
Other Consumer | 90 or More Days Past Due | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 128 | 189 |
Other Consumer | Current | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 209,960 | $ 206,063 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Non-Accrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans With ACL | $ 39,758 | $ 35,995 |
Non-Accrual Loans Without ACL | 13 | 16,562 |
Total Nonaccrual Loans | 39,771 | 52,557 |
Commercial Portfolio Segment | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans With ACL | 4 | 4 |
Non-Accrual Loans Without ACL | 8 | 464 |
Total Nonaccrual Loans | 12 | 468 |
Commercial Portfolio Segment | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans With ACL | 23,258 | 13,969 |
Non-Accrual Loans Without ACL | 0 | 16,087 |
Total Nonaccrual Loans | 23,258 | 30,056 |
Commercial Portfolio Segment | Commercial construction | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans With ACL | 0 | 0 |
Non-Accrual Loans Without ACL | 0 | 0 |
Total Nonaccrual Loans | 0 | 0 |
Commercial Portfolio Segment | Business banking | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans With ACL | 2,864 | 4,572 |
Non-Accrual Loans Without ACL | 5 | 11 |
Total Nonaccrual Loans | 2,869 | 4,583 |
Residential Real Estate | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans With ACL | 6,789 | 8,725 |
Non-Accrual Loans Without ACL | 0 | 0 |
Total Nonaccrual Loans | 6,789 | 8,725 |
Consumer Portfolio Segment | Consumer home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans With ACL | 6,715 | 8,532 |
Non-Accrual Loans Without ACL | 0 | 0 |
Total Nonaccrual Loans | 6,715 | 8,532 |
Consumer Portfolio Segment | Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Non-Accrual Loans With ACL | 128 | 193 |
Non-Accrual Loans Without ACL | 0 | 0 |
Total Nonaccrual Loans | $ 128 | $ 193 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 USD ($) payment | Jun. 30, 2023 USD ($) payment | Jun. 30, 2024 USD ($) payment | Jun. 30, 2023 USD ($) payment | Jun. 30, 2024 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 22,780 | $ 2,377 | $ 23,699 | $ 4,639 | $ 27,830 |
% of Total Portfolio | 0.16% | 0.02% | 0.17% | 0.03% | |
Total Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 278 | 1,502 | |||
30-59 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 93 | 808 | |||
60-89 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 27 | 694 | |||
90 or More Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 158 | 0 | |||
Current | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 4,361 | 26,328 | |||
Interest Rate Reduction | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 487 | $ 740 | $ 1,029 | $ 1,600 | |
% of Total Portfolio | 0% | 0.01% | 0.01% | 0.01% | |
Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 14,358 | $ 965 | $ 14,358 | $ 1,313 | |
% of Total Portfolio | 0.10% | 0.01% | 0.10% | 0.01% | |
Term Extension | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 7,884 | $ 340 | $ 8,135 | $ 340 | |
% of Total Portfolio | 0.06% | 0% | 0.06% | 0% | |
Combination - Interest Rate Reduction & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 0 | $ 33 | $ 126 | $ 269 | |
% of Total Portfolio | 0% | 0% | 0% | 0% | |
Combination - Interest Rate Reduction & Term Extension | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 4 | $ 71 | $ 4 | $ 742 | |
% of Total Portfolio | 0% | 0% | 0% | 0.01% | |
Combination - Term Extension & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 143 | $ 171 | |||
% of Total Portfolio | 0% | 0% | |||
Combination - Interest Rate Reduction, Term Extension & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 47 | $ 85 | $ 47 | $ 204 | |
% of Total Portfolio | 0% | 0% | 0% | 0% | |
Commercial Portfolio Segment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 447 | $ 1,155 | |||
% of Total Portfolio | 0.04% | 0.11% | |||
Commercial Portfolio Segment | Commercial real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 21,340 | $ 21,340 | 21,340 | ||
% of Total Portfolio | 0.39% | 0.39% | |||
Other-than-Insignificant Delay in Repayment | payment | 6 | 6 | |||
Term Extension | 4 years | 4 years | |||
Commercial Portfolio Segment | Commercial real estate | Total Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | ||||
Commercial Portfolio Segment | Commercial real estate | 30-59 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | ||||
Commercial Portfolio Segment | Commercial real estate | 60-89 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | ||||
Commercial Portfolio Segment | Commercial real estate | 90 or More Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | ||||
Commercial Portfolio Segment | Commercial real estate | Current | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 21,340 | ||||
Commercial Portfolio Segment | Commercial real estate | Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 13,462 | $ 13,462 | |||
% of Total Portfolio | 0.25% | 0.25% | |||
Commercial Portfolio Segment | Commercial real estate | Term Extension | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 7,878 | $ 7,878 | |||
% of Total Portfolio | 0.14% | 0.14% | |||
Commercial Portfolio Segment | Business banking | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 122 | $ 154 | $ 1,155 | 379 | |
% of Total Portfolio | 0.01% | 0.01% | |||
Other-than-Insignificant Delay in Repayment | payment | 3 | 1 | 3 | 10 | |
Term Extension | 1 year 1 month 6 days | 4 years 3 months 18 days | 2 years 4 months 24 days | 4 years 3 months 18 days | |
Commercial Portfolio Segment | Business banking | Total Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 278 | 16 | |||
Commercial Portfolio Segment | Business banking | 30-59 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 93 | 16 | |||
Commercial Portfolio Segment | Business banking | 60-89 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 27 | 0 | |||
Commercial Portfolio Segment | Business banking | 90 or More Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 158 | 0 | |||
Commercial Portfolio Segment | Business banking | Current | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 877 | 363 | |||
Commercial Portfolio Segment | Business banking | Maximum | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Interest Rate Reduction | 14% | 11.30% | 14% | 9.70% | |
Commercial Portfolio Segment | Business banking | Minimum | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Interest Rate Reduction | 7.50% | 8.70% | 7.50% | 7.20% | |
Commercial Portfolio Segment | Business banking | Interest Rate Reduction | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 38 | $ 3 | $ 38 | $ 50 | |
% of Total Portfolio | 0% | 0% | 0% | 0% | |
Commercial Portfolio Segment | Business banking | Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 45 | $ 45 | |||
% of Total Portfolio | 0% | 0% | |||
Commercial Portfolio Segment | Business banking | Term Extension | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 0 | $ 340 | $ 32 | $ 340 | |
% of Total Portfolio | 0% | 0.03% | 0% | 0.03% | |
Commercial Portfolio Segment | Business banking | Combination - Interest Rate Reduction & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 33 | $ 94 | |||
% of Total Portfolio | 0% | 0.01% | |||
Commercial Portfolio Segment | Business banking | Combination - Interest Rate Reduction & Term Extension | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 4 | $ 71 | $ 4 | $ 524 | |
% of Total Portfolio | 0% | 0.01% | 0% | 0.05% | |
Commercial Portfolio Segment | Business banking | Combination - Term Extension & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 0 | $ 28 | |||
% of Total Portfolio | 0% | 0% | |||
Commercial Portfolio Segment | Business banking | Combination - Interest Rate Reduction, Term Extension & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 35 | $ 0 | $ 35 | $ 119 | |
% of Total Portfolio | 0% | 0% | 0% | 0.01% | |
Residential Real Estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 926 | $ 1,252 | |||
% of Total Portfolio | 0.04% | 0.05% | |||
Residential Real Estate | Residential real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 117 | $ 336 | $ 1,252 | 2,793 | |
% of Total Portfolio | 0% | 0.01% | |||
Other-than-Insignificant Delay in Repayment | payment | 12 | 11 | 12 | 10 | |
Term Extension | 23 years 8 months 12 days | 2 years | 23 years 8 months 12 days | ||
Residential Real Estate | Residential real estate | Total Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 0 | 674 | |||
Residential Real Estate | Residential real estate | 30-59 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | 272 | |||
Residential Real Estate | Residential real estate | 60-89 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | 402 | |||
Residential Real Estate | Residential real estate | 90 or More Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | 0 | |||
Residential Real Estate | Residential real estate | Current | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 1,252 | 2,119 | |||
Residential Real Estate | Residential real estate | Maximum | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Interest Rate Reduction | 5.40% | 5.40% | |||
Residential Real Estate | Residential real estate | Minimum | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Interest Rate Reduction | 3.60% | 3.60% | |||
Residential Real Estate | Residential real estate | Interest Rate Reduction | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 311 | $ 311 | |||
% of Total Portfolio | 0.01% | 0.01% | |||
Residential Real Estate | Residential real estate | Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 117 | $ 387 | $ 117 | $ 713 | |
% of Total Portfolio | 0% | 0.02% | 0% | 0.03% | |
Residential Real Estate | Residential real estate | Term Extension | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 0 | $ 219 | |||
% of Total Portfolio | 0% | 0.01% | |||
Residential Real Estate | Residential real estate | Combination - Term Extension & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 143 | $ 143 | |||
% of Total Portfolio | 0.01% | 0.01% | |||
Residential Real Estate | Residential real estate | Combination - Interest Rate Reduction, Term Extension & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 85 | $ 85 | |||
% of Total Portfolio | 0% | 0% | |||
Consumer Portfolio Segment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 1,004 | $ 2,232 | |||
% of Total Portfolio | 0.08% | 0.19% | |||
Consumer Portfolio Segment | Consumer home equity | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 1,201 | $ 1,869 | $ 2,232 | 3,318 | |
% of Total Portfolio | 0.10% | 0.15% | |||
Other-than-Insignificant Delay in Repayment | payment | 6 | 11 | 6 | 10 | |
Term Extension | 7 years 2 months 12 days | 7 years 2 months 12 days | 17 years 2 months 12 days | ||
Consumer Portfolio Segment | Consumer home equity | Total Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 0 | 812 | |||
Consumer Portfolio Segment | Consumer home equity | 30-59 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | 520 | |||
Consumer Portfolio Segment | Consumer home equity | 60-89 Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | 292 | |||
Consumer Portfolio Segment | Consumer home equity | 90 or More Days Past Due | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | 0 | 0 | |||
Consumer Portfolio Segment | Consumer home equity | Current | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 2,232 | $ 2,506 | |||
Consumer Portfolio Segment | Consumer home equity | Maximum | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Interest Rate Reduction | 8% | 7.50% | 8% | 7.10% | |
Consumer Portfolio Segment | Consumer home equity | Minimum | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Interest Rate Reduction | 5% | 4% | 4.60% | 4.30% | |
Consumer Portfolio Segment | Consumer home equity | Interest Rate Reduction | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 449 | $ 426 | $ 991 | $ 1,239 | |
% of Total Portfolio | 0.04% | 0.04% | 0.08% | 0.10% | |
Consumer Portfolio Segment | Consumer home equity | Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 734 | $ 578 | $ 734 | $ 600 | |
% of Total Portfolio | 0.06% | 0.05% | 0.06% | 0.05% | |
Consumer Portfolio Segment | Consumer home equity | Term Extension | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 6 | $ 6 | |||
% of Total Portfolio | 0% | 0% | |||
Consumer Portfolio Segment | Consumer home equity | Combination - Interest Rate Reduction & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 0 | $ 0 | $ 126 | $ 175 | |
% of Total Portfolio | 0% | 0% | 0.01% | 0.01% | |
Consumer Portfolio Segment | Consumer home equity | Combination - Interest Rate Reduction & Term Extension | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 0 | $ 218 | |||
% of Total Portfolio | 0% | 0.02% | |||
Consumer Portfolio Segment | Consumer home equity | Combination - Interest Rate Reduction, Term Extension & Other-than-Insignificant Delay in Repayment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Amortized Cost Balance | $ 12 | $ 12 | |||
% of Total Portfolio | 0% | 0% |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of the Company's Loan participations (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | $ 1,593,471 | $ 1,579,059 |
Non-performing Loan Rate (%) | 0% | 0% |
Gross Charge-offs | $ 22 | $ 22 |
Commercial and industrial | Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | $ 938,897 | $ 985,394 |
Non-performing Loan Rate (%) | 0% | 0% |
Gross Charge-offs | $ 0 | $ 0 |
Commercial real estate | Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | $ 515,477 | $ 447,550 |
Non-performing Loan Rate (%) | 0% | 0% |
Gross Charge-offs | $ 0 | $ 0 |
Commercial construction | Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | $ 139,040 | $ 146,043 |
Non-performing Loan Rate (%) | 0% | 0% |
Gross Charge-offs | $ 0 | $ 0 |
Business banking | Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance | $ 57 | $ 72 |
Non-performing Loan Rate (%) | 0% | 0% |
Gross Charge-offs | $ 22 | $ 22 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of Leases [Line Items] | ||||
Payment of lease payments | $ 3.2 | $ 3.2 | $ 6.7 | $ 6.5 |
Minimum | ||||
Disclosure of Leases [Line Items] | ||||
Operating lease remaining lease term | 2 years | 2 years | ||
Maximum | ||||
Disclosure of Leases [Line Items] | ||||
Operating lease remaining lease term | 24 years | 24 years |
Leases - Schedule of Informatio
Leases - Schedule of Information Relating to Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Right-of-use assets | $ 48,020 | $ 50,641 |
Lease liabilities | $ 52,709 | $ 55,617 |
Leases - Schedule of Net Lease
Leases - Schedule of Net Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,758 | $ 2,929 | $ 5,858 | $ 5,955 |
Finance lease cost | 112 | 81 | 224 | 159 |
Variable lease cost | 620 | 683 | 1,420 | 1,338 |
Total lease cost | $ 3,490 | $ 3,693 | $ 7,502 | $ 7,452 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Details) | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Weighted-average remaining lease term (in years) | 8 years 5 months 4 days | 8 years 3 months 3 days |
Weighted-average discount rate | 3.84% | 3.76% |
Earnings (Loss) Per Share ("E_3
Earnings (Loss) Per Share ("EPS") - Additional Information (Details) shares in Millions | Jul. 12, 2024 shares |
Cambridge Bancorp | Subsequent Event | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Common stock issued (in shares) | 38.9 |
Earnings (Loss) Per Share ("E_4
Earnings (Loss) Per Share ("EPS") - Schedule of Earnings (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations | $ 26,331 | $ 44,419 | $ 64,978 | $ (157,662) |
Net income from discontinued operations | 0 | 4,238 | 0 | 12,223 |
Net income (loss) | $ 26,331 | $ 48,657 | $ 64,978 | $ (145,439) |
Average number of common shares outstanding (in shares) | 176,235,507 | 175,817,284 | 176,155,197 | 175,758,658 |
Less: Average unallocated ESOP shares (in shares) | (13,090,252) | (13,585,048) | (13,151,104) | (13,646,435) |
Average number of common shares outstanding used to calculate basic earnings (loss) per common share (in shares) | 163,145,255 | 162,232,236 | 163,004,093 | 162,112,223 |
Common stock equivalents (in shares) | 354,041 | 14,439 | 386,328 | 24,761 |
Average number of common shares outstanding used to calculate diluted earnings (loss) per common share (in shares) | 163,499,296 | 162,246,675 | 163,390,421 | 162,136,984 |
Basic earnings (loss) per common share: | ||||
Earnings (loss) per share from continuing operations (in dollars per share) | $ 0.16 | $ 0.27 | $ 0.40 | $ (0.98) |
Earnings per share from discontinued operations (in dollars per share) | 0 | 0.03 | 0 | 0.08 |
Basic earnings (loss) per share (in dollars per share) | 0.16 | 0.30 | 0.40 | (0.90) |
Diluted earnings (loss) per common share: | ||||
Earnings (loss) per share from continuing operations (in dollars per share) | 0.16 | 0.27 | 0.40 | (0.98) |
Earnings per share from discontinued operations (in dollars per share) | 0 | 0.03 | 0 | 0.08 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.16 | $ 0.30 | $ 0.40 | $ (0.90) |
Low Income Housing Tax Credit_3
Low Income Housing Tax Credits and Other Tax Credit Investments - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Investments In Affordable Housing Projects [Line Items] | ||
Tax credit investment | $ 222,900,000 | $ 223,400,000 |
Renewable Energy Program | ||
Investments In Affordable Housing Projects [Line Items] | ||
Equity investments | 2,100,000 | 2,200,000 |
Outstanding investment commitments | $ 0 | $ 0 |
Low income housing tax credit and other tax credit investments | ||
Investments In Affordable Housing Projects [Line Items] | ||
Tax credit period of benefits | 15 years | |
Operating loss tax benefits period | 15 years |
Low Income Housing Tax Credit_4
Low Income Housing Tax Credits and Other Tax Credit Investments - Schedule of the Company's Investments in Low Income Housing Projects Accounted for Using the Proportional Amortization Method (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |||||
Current recorded investment included in other assets | $ 220,864 | $ 220,864 | $ 221,190 | ||
Commitments to fund qualified affordable housing projects included in recorded investment noted above | 130,783 | 130,783 | $ 149,207 | ||
Tax credits and benefits recognized | 4,940 | $ 3,305 | 10,291 | $ 6,567 | |
Amortization expense included in income tax expense (benefit) | $ 4,574 | $ 2,811 | $ 9,162 | $ 5,577 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Service cost | $ 5,588 | $ 6,338 | $ 11,177 | $ 12,677 |
Interest cost | 4,630 | 4,298 | 9,260 | 8,596 |
Expected return on plan assets | (8,451) | (7,532) | (16,904) | (15,064) |
Prior service credit | (2,489) | (2,970) | (4,977) | (5,940) |
Recognized net actuarial loss | 1,775 | 2,468 | 3,550 | 4,936 |
Net periodic benefit cost | $ 1,053 | 2,602 | $ 2,106 | 5,205 |
Discontinued Operations, Held-for-Sale | Insurance Agency Business | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Service cost | $ 1,500 | $ 3,000 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 25 Months Ended | 31 Months Ended | ||||||
Nov. 29, 2021 | May 31, 2024 | Mar. 31, 2024 | May 31, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Jun. 30, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Discretionary employer contributions to defined benefit plans | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Reduction of shares available to be issued upon exercise of stock options with each additional restricted stock grant | 3 | |||||||||||
Restricted Stock Units (RSUs) | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Grants in period (in shares) | 318,577 | 416,276 | 318,577 | |||||||||
Equity instruments other than options vested in period (in shares) | 303,015 | 231,407 | ||||||||||
Restricted Stock | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Grants in period (in shares) | 56,352 | 47,820 | ||||||||||
Equity instruments other than options vested in period (in shares) | 47,820 | 28,690 | ||||||||||
Performance Shares | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Award vesting period | 3 years | |||||||||||
Grants in period (in shares) | 108,984 | 234,091 | 108,984 | |||||||||
Equity instruments other than options vested in period (in shares) | 0 | 0 | ||||||||||
Eastern Bankshares, Inc. 2021 Equity Incentive Plan | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of shares authorized (in shares) | 26,146,141 | |||||||||||
Options granted in period (in shares) | 0 | 0 | ||||||||||
Unrecognized compensation expense related to unvested awards | $ 27,200,000 | $ 27,200,000 | $ 26,800,000 | $ 26,800,000 | $ 27,200,000 | |||||||
Period for recognition for unrecognized compensation expense related to unvested awards | 1 year 10 months 24 days | 2 years 2 months 12 days | ||||||||||
Eastern Bankshares, Inc. 2021 Equity Incentive Plan | Restricted Stock Units (RSUs) | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of shares authorized (in shares) | 7,470,326 | |||||||||||
Award vesting period | 3 years | 3 years | ||||||||||
Grants in period (in shares) | 416,276 | |||||||||||
Number of shares available for grant (in shares) | 4,170,755 | 4,170,755 | 4,872,494 | 4,872,494 | 4,170,755 | |||||||
Equity instruments other than options vested in period (in shares) | 303,015,000,000 | 231,407,000,000 | ||||||||||
Shares withheld for tax withholding obligation (in shares) | $ 5,900,000 | $ 4,900,000 | ||||||||||
Eastern Bankshares, Inc. 2021 Equity Incentive Plan | Share-based Payment Arrangement, Option | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Number of shares authorized (in shares) | 18,675,815 | |||||||||||
Award expiration period | 10 years | |||||||||||
Number of shares available for grant (in shares) | 18,675,815 | 18,675,815 | 18,675,815 | 18,675,815 | 18,675,815 | |||||||
Eastern Bankshares, Inc. 2021 Equity Incentive Plan | Restricted Stock | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Award vesting period | 5 years | 1 year | 1 year | |||||||||
Grants in period (in shares) | 56,352 | 47,820 | ||||||||||
Equity instruments other than options vested in period (in shares) | 47,820,000,000 | 28,690,000,000 | ||||||||||
Shares withheld for tax withholding obligation (in shares) | $ 500,000 | $ 500,000 | ||||||||||
Eastern Bankshares, Inc. 2021 Equity Incentive Plan | Performance Shares | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||||
Award vesting period | 2 years 9 months 18 days | |||||||||||
Grants in period (in shares) | 234,091 | |||||||||||
Equity instruments other than options vested in period (in shares) | 0 | 0 |
Employee Benefits - Schedule _2
Employee Benefits - Schedule of Share-based Payment Arrangement, Restricted Stock, Restricted Stock Unit, and Performance Stock Unit, Activity (Details) - $ / shares | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restricted Stock | |||
Number of Shares | |||
Non-vested stock at beginning of year (in shares) | 420,400 | 525,460 | |
Granted (in shares) | 56,352 | 47,820 | |
Vested (in shares) | (47,820) | (28,690) | |
Forfeited (in shares) | 0 | 0 | |
Non-vested stock at end of year (in shares) | 428,932 | 544,590 | |
Weighted-Average Grant Price Per Share | |||
Non-vested stock at beginning of year (in dollars per share) | $ 19.15 | $ 20.08 | |
Granted (in dollars per share) | 13.84 | 11.50 | |
Vested (in dollars per share) | 11.50 | 19.17 | |
Forfeited (in dollars per share) | 0 | 0 | |
Non-vested stock at end of year (in dollars per share) | $ 18.47 | $ 19.37 | |
Restricted Stock Units (RSUs) | |||
Number of Shares | |||
Non-vested stock at beginning of year (in shares) | 952,001 | 972,325 | |
Granted (in shares) | 318,577 | 416,276 | 318,577 |
Vested (in shares) | (303,015) | (231,407) | |
Forfeited (in shares) | (4,980) | (640) | |
Non-vested stock at end of year (in shares) | 1,060,282 | 1,058,855 | |
Weighted-Average Grant Price Per Share | |||
Non-vested stock at beginning of year (in dollars per share) | $ 19.46 | $ 21.08 | |
Granted (in dollars per share) | 12.81 | 15.63 | |
Vested (in dollars per share) | 19.38 | 21.08 | |
Forfeited (in dollars per share) | 14.59 | 21.08 | |
Non-vested stock at end of year (in dollars per share) | $ 16.89 | $ 19.44 | |
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares) | 98,531 | 74,625,000,000 | |
Performance Shares | |||
Number of Shares | |||
Non-vested stock at beginning of year (in shares) | 633,034 | 533,676 | |
Granted (in shares) | 108,984 | 234,091 | 108,984 |
Vested (in shares) | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | |
Non-vested stock at end of year (in shares) | 867,125 | 642,660 | |
Weighted-Average Grant Price Per Share | |||
Non-vested stock at beginning of year (in dollars per share) | $ 19.40 | $ 21.12 | |
Granted (in dollars per share) | 10.82 | 10.16 | |
Vested (in dollars per share) | 0 | 0 | |
Forfeited (in dollars per share) | 0 | 0 | |
Non-vested stock at end of year (in dollars per share) | $ 17.08 | $ 19.26 |
Employee Benefits - Schedule _3
Employee Benefits - Schedule of Share-based Compensation Expense Under the 2021 Plan and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 7,831 | $ 7,712 | ||
Eastern Bankshares, Inc. 2021 Equity Incentive Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 4,200 | $ 4,700 | 7,800 | 7,700 |
Related tax benefit | $ 1,200 | $ 1,300 | $ 2,200 | $ 2,200 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Financial Instruments as of the Dates Indicated (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments to extend credit | ||
Disclosure Of Financial Instruments Indicated [Line Items] | ||
Contractual obligation | $ 5,931,039 | $ 6,027,356 |
Standby letters of credit | ||
Disclosure Of Financial Instruments Indicated [Line Items] | ||
Contractual obligation | 53,361 | 58,632 |
Forward commitments to sell loans | ||
Disclosure Of Financial Instruments Indicated [Line Items] | ||
Contractual obligation | $ 13,702 | $ 9,198 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Disclosure Of Customer Related Derivatives Not Designated As Hedging [Line Items] | ||
Notional Amount | $ 2,400,000 | $ 2,400,000 |
Fair Value | (231) | (883) |
Interest rate swaps | Designated as Hedging Instrument | ||
Disclosure Of Customer Related Derivatives Not Designated As Hedging [Line Items] | ||
Notional Amount | $ 2,400,000 | $ 2,400,000 |
Weighted Average Maturity | 3 years 25 days | 3 years 6 months 25 days |
Current Rate Paid | 5.34% | 5.35% |
Receive Fixed Swap Rate | 3.02% | 3.02% |
Fair Value | $ (231) | $ (883) |
Accrued interest payable | $ 2,500 | $ 2,600 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||||
Maximum length of time hedged in cash flow hedge | 3 years 2 months 12 days | ||||
Credit exposure to settled variation margin in excess of customer related interest rate swap | $ 400,000 | $ 400,000 | $ 400,000 | ||
Notional Amount | 2,400,000,000 | 2,400,000,000 | 2,400,000,000 | ||
Derivative, gain (loss) on derivative, net (less than during the three months ended June 30, 2024) | (100,000) | $ (100,000) | (100,000) | $ (100,000) | |
Derivative asset (less than as of June 30, 2024) | 19,909,000 | 19,909,000 | 20,456,000 | ||
Derivative liability (less than as of December 31, 2023) | 68,827,000 | 68,827,000 | 63,075,000 | ||
Loan Origination Commitments | |||||
Derivative [Line Items] | |||||
Notional Amount | 19,900,000 | 19,900,000 | 10,500,000 | ||
Derivative asset (less than as of June 30, 2024) | 100,000 | 100,000 | 100,000 | ||
Derivative liability (less than as of December 31, 2023) | 100,000 | 100,000 | 100,000 | ||
Forward Contracts | |||||
Derivative [Line Items] | |||||
Notional Amount | 13,700,000 | 13,700,000 | 9,200,000 | ||
Non Cleared Derivative Transactions | Customer Related Interest Rate Swap Derivatives | |||||
Derivative [Line Items] | |||||
Additional collateral posted | 2,200,000 | 2,200,000 | 3,000,000 | ||
Fair value of interest rate swap liabilities that are net in a net liability position | 0 | 0 | 1,900,000 | ||
Restricted Assets | Cleared Derivative Transaction | |||||
Derivative [Line Items] | |||||
Additional collateral posted | 86,300,000 | 86,300,000 | $ 85,900,000 | ||
Interest Income | Active Cash Flow Hedges | |||||
Derivative [Line Items] | |||||
Interest rate swap cash flow hedges amount expected to reclassified from other comprehensive income to income statement in the next twelve months | $ 44,800,000 | $ 44,800,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Customer-related derivative positions (Details) $ in Thousands | Jun. 30, 2024 USD ($) position | Dec. 31, 2023 USD ($) position |
Disclosure Of Customer Related Derivatives Not Designated As Hedging [Line Items] | ||
Total Notional | $ 2,400,000 | $ 2,400,000 |
Interest rate swaps | Not Designated as Hedging Instrument | ||
Disclosure Of Customer Related Derivatives Not Designated As Hedging [Line Items] | ||
Number of Positions | position | 346 | 356 |
Total Notional | $ 2,409,950 | $ 2,405,835 |
Risk participation agreements | Not Designated as Hedging Instrument | ||
Disclosure Of Customer Related Derivatives Not Designated As Hedging [Line Items] | ||
Number of Positions | position | 78 | 78 |
Total Notional | $ 314,187 | $ 323,957 |
Matched commercial customer book | Not Designated as Hedging Instrument | ||
Disclosure Of Customer Related Derivatives Not Designated As Hedging [Line Items] | ||
Number of Positions | position | 328 | 98 |
Total Notional | $ 112,771 | $ 87,601 |
Foreign currency loan | Not Designated as Hedging Instrument | ||
Disclosure Of Customer Related Derivatives Not Designated As Hedging [Line Items] | ||
Number of Positions | position | 8 | 10 |
Total Notional | $ 7,970 | $ 10,242 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Classification on the balance sheet for the periods indicated (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Assets | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Asset | $ 19,909 | $ 20,456 |
Derivative Liabilities | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Net Amount | $ 68,827 | $ 63,075 |
Asset Derivatives | ||
Derivative Assets | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 10 | 10 |
Derivatives not designated as hedging instruments, Interest rate swaps, Other assets | 19,240 | 19,535 |
Derivatives not designated as hedging instruments, Other assets | 19,899 | 20,446 |
Asset Derivatives | Risk participation agreements | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments, Other assets | 5 | 151 |
Asset Derivatives | Foreign currency exchange contracts - matched customer book | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments, Other assets | 616 | 760 |
Asset Derivatives | Foreign currency exchange contracts - foreign currency loan | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments, Other assets | 38 | 0 |
Liability Derivatives | ||
Derivative Liabilities | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 241 | 893 |
Derivative not designated as hedging instruments, Interest rate swaps, Other liabilities | 67,944 | 61,217 |
Derivatives not designated as hedging instruments, Other liabilities | 68,586 | 62,182 |
Liability Derivatives | Risk participation agreements | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments, Other liabilities | 2 | 106 |
Liability Derivatives | Foreign currency exchange contracts - matched customer book | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments, Other liabilities | 626 | 672 |
Liability Derivatives | Foreign currency exchange contracts - foreign currency loan | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments, Other liabilities | $ 14 | $ 187 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Schedule of Company's derivative financial instruments included in OCI as follows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss in OCI on derivatives | $ (11,996) | $ (56,892) | $ (51,551) | $ (37,146) |
Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness test) | 0 | 0 | 0 | 0 |
(Loss) gain recognized in other income for foreign currency exchange contracts: | 214 | 116 | 579 | (243) |
Interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss reclassified from OCI into interest income (effective portion) | (14,062) | (11,928) | (28,103) | (20,834) |
Interest Income | Net Investment Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness test) | 0 | 0 | 0 | 0 |
Interest Income | Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Customer-related positions: | 373 | 390 | 508 | (140) |
Interest Income | Risk participation agreements | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Customer-related positions: | 0 | 8 | (42) | 29 |
Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness test) | 0 | 0 | 0 | 0 |
Other Income | Foreign currency exchange contracts - matched customer book | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) gain recognized in other income for foreign currency exchange contracts: | (148) | 6 | (98) | 20 |
Other Income | Foreign currency exchange contracts - foreign currency loan | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
(Loss) gain recognized in other income for foreign currency exchange contracts: | $ (11) | $ (288) | $ 211 | $ (152) |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Liabilities | ||
Net Amount | $ 68,827 | $ 63,075 |
Customer-related positions | ||
Derivative Assets | ||
Gross Amounts Recognized | 19,909 | 20,456 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 19,909 | 20,456 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2,998 | 4,871 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | (11,370) | (8,500) |
Net Amount | 5,541 | 7,085 |
Derivative Liabilities | ||
Gross Amounts Recognized | 68,827 | 63,075 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 68,827 | 63,075 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2,998 | 4,871 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 241 | 2,753 |
Net Amount | 65,588 | 55,451 |
Interest rate swaps | ||
Derivative Assets | ||
Gross Amounts Recognized | 10 | 10 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 10 | 10 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 0 | 0 |
Net Amount | 10 | 10 |
Derivative Liabilities | ||
Gross Amounts Recognized | 241 | 893 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 241 | 893 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 241 | 893 |
Net Amount | 0 | 0 |
Interest rate swaps | Customer-related positions | ||
Derivative Assets | ||
Gross Amounts Recognized | 19,240 | 19,535 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 19,240 | 19,535 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2,998 | 4,871 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | (11,370) | (8,500) |
Net Amount | 4,872 | 6,164 |
Derivative Liabilities | ||
Gross Amounts Recognized | 67,944 | 61,217 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 67,944 | 61,217 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2,998 | 4,871 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 0 | 1,860 |
Net Amount | 64,946 | 54,486 |
Risk participation agreements | Customer-related positions | ||
Derivative Assets | ||
Gross Amounts Recognized | 5 | 151 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 5 | 151 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 0 | 0 |
Net Amount | 5 | 151 |
Derivative Liabilities | ||
Gross Amounts Recognized | 2 | 106 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 2 | 106 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 0 | 0 |
Net Amount | 2 | 106 |
Foreign currency exchange contracts - matched customer book | Customer-related positions | ||
Derivative Assets | ||
Gross Amounts Recognized | 616 | 760 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 616 | 760 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 0 | 0 |
Net Amount | 616 | 760 |
Derivative Liabilities | ||
Gross Amounts Recognized | 626 | 672 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 626 | 672 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 0 | 0 |
Net Amount | 626 | 672 |
Foreign currency exchange contracts - foreign currency loan | Customer-related positions | ||
Derivative Assets | ||
Gross Amounts Recognized | 38 | |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | |
Net Amounts Presented in the Consolidated Balance Sheet | 38 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 0 | |
Net Amount | 38 | |
Derivative Liabilities | ||
Gross Amounts Recognized | 14 | 187 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts Presented in the Consolidated Balance Sheet | 14 | 187 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Collateral Pledged (Received) | 0 | 0 |
Net Amount | $ 14 | $ 187 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Additional information (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 USD ($) loan | Dec. 31, 2023 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Number of properties transferred to held-for-sale | loan | 1 | |
Properties transferred to held for sale, amount | $ 10.7 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment in mutual funds | $ 48.6 | $ 48.9 |
Reported Value Measurement | Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial instruments original maturity | 90 days |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Schedule of The Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Securities available for sale: | $ 4,097,842 | $ 4,407,521 |
Government-sponsored residential mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 2,597,550 | 2,780,638 |
Government-sponsored commercial mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 1,090,894 | 1,124,376 |
U.S. Agency bonds | ||
Assets | ||
Securities available for sale: | 130,238 | 216,011 |
U.S. Treasury securities | ||
Assets | ||
Securities available for sale: | 95,554 | 95,152 |
Fair Value, Recurring | ||
Assets | ||
Rabbi trust investments | 94,424 | 87,435 |
Loans held for sale | 1,308 | 1,124 |
Risk participation agreements | 5 | 151 |
Matched customer book | 616 | 760 |
Foreign currency loan | 38 | |
Mortgage derivatives | 41 | 69 |
Total | 4,213,524 | 4,516,605 |
Liabilities | ||
Risk participation agreements | 2 | 106 |
Matched customer book | 626 | 672 |
Foreign currency loan | 14 | 187 |
Mortgage derivatives | 85 | 36 |
Total | 68,912 | 63,111 |
Fair Value, Recurring | Designated as Hedging Instrument | ||
Assets | ||
Interest rate swap contracts: | 10 | 10 |
Liabilities | ||
Interest rate swap contracts: | 241 | 893 |
Fair Value, Recurring | Not Designated as Hedging Instrument | ||
Assets | ||
Interest rate swap contracts: | 19,240 | 19,535 |
Liabilities | ||
Interest rate swap contracts: | 67,944 | 61,217 |
Fair Value, Recurring | Government-sponsored residential mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 2,597,550 | 2,780,638 |
Fair Value, Recurring | Government-sponsored commercial mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 1,090,894 | 1,124,376 |
Fair Value, Recurring | U.S. Agency bonds | ||
Assets | ||
Securities available for sale: | 130,238 | 216,011 |
Fair Value, Recurring | U.S. Treasury securities | ||
Assets | ||
Securities available for sale: | 95,554 | 95,152 |
Fair Value, Recurring | State and municipal bonds and obligations | ||
Assets | ||
Securities available for sale: | 183,606 | 191,344 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Rabbi trust investments | 86,874 | 81,278 |
Loans held for sale | 0 | 0 |
Risk participation agreements | 0 | 0 |
Matched customer book | 0 | 0 |
Foreign currency loan | 0 | |
Mortgage derivatives | 0 | 0 |
Total | 182,428 | 176,430 |
Liabilities | ||
Risk participation agreements | 0 | 0 |
Matched customer book | 0 | 0 |
Foreign currency loan | 0 | 0 |
Mortgage derivatives | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Designated as Hedging Instrument | ||
Assets | ||
Interest rate swap contracts: | 0 | 0 |
Liabilities | ||
Interest rate swap contracts: | 0 | 0 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Not Designated as Hedging Instrument | ||
Assets | ||
Interest rate swap contracts: | 0 | 0 |
Liabilities | ||
Interest rate swap contracts: | 0 | 0 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government-sponsored residential mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 0 | 0 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government-sponsored commercial mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 0 | 0 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Agency bonds | ||
Assets | ||
Securities available for sale: | 0 | 0 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities | ||
Assets | ||
Securities available for sale: | 95,554 | 95,152 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | State and municipal bonds and obligations | ||
Assets | ||
Securities available for sale: | 0 | 0 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Rabbi trust investments | 7,550 | 6,157 |
Loans held for sale | 1,308 | 1,124 |
Risk participation agreements | 5 | 151 |
Matched customer book | 616 | 760 |
Foreign currency loan | 38 | |
Mortgage derivatives | 41 | 69 |
Total | 4,031,096 | 4,340,175 |
Liabilities | ||
Risk participation agreements | 2 | 106 |
Matched customer book | 626 | 672 |
Foreign currency loan | 14 | 187 |
Mortgage derivatives | 85 | 36 |
Total | 68,912 | 63,111 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Designated as Hedging Instrument | ||
Assets | ||
Interest rate swap contracts: | 10 | 10 |
Liabilities | ||
Interest rate swap contracts: | 241 | 893 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Not Designated as Hedging Instrument | ||
Assets | ||
Interest rate swap contracts: | 19,240 | 19,535 |
Liabilities | ||
Interest rate swap contracts: | 67,944 | 61,217 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Government-sponsored residential mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 2,597,550 | 2,780,638 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Government-sponsored commercial mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 1,090,894 | 1,124,376 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Agency bonds | ||
Assets | ||
Securities available for sale: | 130,238 | 216,011 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | ||
Assets | ||
Securities available for sale: | 0 | 0 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | State and municipal bonds and obligations | ||
Assets | ||
Securities available for sale: | 183,606 | 191,344 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Rabbi trust investments | 0 | 0 |
Loans held for sale | 0 | 0 |
Risk participation agreements | 0 | 0 |
Matched customer book | 0 | 0 |
Foreign currency loan | 0 | |
Mortgage derivatives | 0 | 0 |
Total | 0 | 0 |
Liabilities | ||
Risk participation agreements | 0 | 0 |
Matched customer book | 0 | 0 |
Foreign currency loan | 0 | 0 |
Mortgage derivatives | 0 | 0 |
Total | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Designated as Hedging Instrument | ||
Assets | ||
Interest rate swap contracts: | 0 | 0 |
Liabilities | ||
Interest rate swap contracts: | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Not Designated as Hedging Instrument | ||
Assets | ||
Interest rate swap contracts: | 0 | 0 |
Liabilities | ||
Interest rate swap contracts: | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Government-sponsored residential mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Government-sponsored commercial mortgage-backed securities | ||
Assets | ||
Securities available for sale: | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Agency bonds | ||
Assets | ||
Securities available for sale: | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities | ||
Assets | ||
Securities available for sale: | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | State and municipal bonds and obligations | ||
Assets | ||
Securities available for sale: | $ 0 | $ 0 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Schedule of The Fair Value Of Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Individually assessed collateral-dependent loans whose fair value is based upon appraisals | $ 21,276 | $ 27,874 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Individually assessed collateral-dependent loans whose fair value is based upon appraisals | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Individually assessed collateral-dependent loans whose fair value is based upon appraisals | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Individually assessed collateral-dependent loans whose fair value is based upon appraisals | $ 21,276 | $ 27,874 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | $ 436,712 | $ 449,721 |
FHLB stock | 5,879 | 5,904 |
Bank-owned life insurance | 166,710 | 164,702 |
Deposits | 17,537,809 | 17,596,217 |
FHLB advances | 17,415 | 17,738 |
Escrow deposits of borrowers | 20,155 | 21,978 |
Interest rate swap collateral funds | 11,370 | 8,500 |
Government-sponsored residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 243,919 | 254,752 |
Government-sponsored commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 192,793 | 194,969 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Loans, net of allowance for loan losses | 0 | 0 |
FHLB stock | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Escrow deposits of borrowers | 0 | 0 |
Interest rate swap collateral funds | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government-sponsored residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government-sponsored commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Loans, net of allowance for loan losses | 0 | 0 |
FHLB stock | 5,879 | 5,904 |
Bank-owned life insurance | 166,710 | 164,702 |
Deposits | 17,530,331 | 17,593,214 |
FHLB advances | 15,085 | 15,366 |
Escrow deposits of borrowers | 20,155 | 21,978 |
Interest rate swap collateral funds | 11,370 | 8,500 |
Significant Other Observable Inputs (Level 2) | Government-sponsored residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 214,481 | 230,319 |
Significant Other Observable Inputs (Level 2) | Government-sponsored commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 170,917 | 174,503 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Loans, net of allowance for loan losses | 13,245,517 | 13,145,455 |
FHLB stock | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Escrow deposits of borrowers | 0 | 0 |
Interest rate swap collateral funds | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Government-sponsored residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Government-sponsored commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 0 | 0 |
Carrying Value | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Loans, net of allowance for loan losses | 13,953,773 | 13,799,367 |
FHLB stock | 5,879 | 5,904 |
Bank-owned life insurance | 166,710 | 164,702 |
Deposits | 17,537,809 | 17,596,217 |
FHLB advances | 17,415 | 17,738 |
Escrow deposits of borrowers | 20,155 | 21,978 |
Interest rate swap collateral funds | 11,370 | 8,500 |
Carrying Value | Government-sponsored residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 243,919 | 254,752 |
Carrying Value | Government-sponsored commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 192,793 | 194,969 |
Estimate of Fair Value Measurement | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Loans, net of allowance for loan losses | 13,245,517 | 13,145,455 |
FHLB stock | 5,879 | 5,904 |
Bank-owned life insurance | 166,710 | 164,702 |
Deposits | 17,530,331 | 17,593,214 |
FHLB advances | 15,085 | 15,366 |
Escrow deposits of borrowers | 20,155 | 21,978 |
Interest rate swap collateral funds | 11,370 | 8,500 |
Estimate of Fair Value Measurement | Government-sponsored residential mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | 214,481 | 230,319 |
Estimate of Fair Value Measurement | Government-sponsored commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Held to maturity securities: | $ 170,917 | $ 174,503 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Schedule of Revenue from External Customers by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from External Customer [Line Items] | ||||
Total noninterest income in-scope of ASC 606 | $ 28,880 | $ 19,788 | $ 49,305 | $ 37,473 |
Total noninterest (loss) income out-of-scope of ASC 606 | (3,532) | 6,416 | 3,735 | (321,122) |
Total noninterest income (loss) | 25,348 | 26,204 | 53,040 | (283,649) |
Service charges on deposit accounts | ||||
Revenue from External Customer [Line Items] | ||||
Total noninterest income in-scope of ASC 606 | 7,930 | 7,242 | 15,438 | 13,714 |
Trust and investment advisory fees | ||||
Revenue from External Customer [Line Items] | ||||
Total noninterest income in-scope of ASC 606 | 6,711 | 6,131 | 13,255 | 11,901 |
Debit card processing fees | ||||
Revenue from External Customer [Line Items] | ||||
Total noninterest income in-scope of ASC 606 | 3,522 | 3,513 | 6,769 | 6,683 |
Other noninterest income | ||||
Revenue from External Customer [Line Items] | ||||
Total noninterest income in-scope of ASC 606 | 10,717 | 2,902 | $ 13,843 | 5,175 |
Early Withdrawal Penalty | ||||
Revenue from External Customer [Line Items] | ||||
Total noninterest income in-scope of ASC 606 | $ 7,800 | $ 0 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional information (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Cash Management Fees | ||
Disaggregation of Revenue [Line Items] | ||
Fess earned but not yet received | $ 1.6 | $ 1.6 |
Debit Card | ||
Disaggregation of Revenue [Line Items] | ||
Fess earned but not yet received | $ 0.4 | $ 0.4 |
Other Comprehensive Income - Sc
Other Comprehensive Income - Schedule of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pre Tax Amount | ||||
Total other comprehensive income (loss) | $ (2,394) | $ (124,275) | $ (65,706) | $ 279,345 |
Tax Benefit (Expense) | ||||
Total other comprehensive income (loss) | 2,978 | 33,157 | 19,768 | (57,135) |
After Tax Amount | ||||
Before reclassifications | (70,688) | (50,539) | ||
Less: reclassification adjustments | (24,750) | (272,749) | ||
Total other comprehensive income (loss) | 584 | (91,118) | (45,938) | 222,210 |
Unrealized losses on securities available for sale: | ||||
Pre Tax Amount | ||||
Before reclassifications | (11,303) | (78,810) | (48,388) | (36,509) |
Less: reclassification adjustments | (7,557) | 0 | (7,557) | (333,170) |
Total other comprehensive income (loss) | (3,746) | (78,810) | (40,831) | 296,661 |
Tax Benefit (Expense) | ||||
Before reclassifications | 5,446 | 20,324 | 14,972 | 11,514 |
Less: reclassification adjustments | 2,094 | 0 | 2,094 | 74,630 |
Total other comprehensive income (loss) | 3,352 | 20,324 | 12,878 | (63,116) |
After Tax Amount | ||||
Before reclassifications | (5,857) | (58,486) | (33,416) | (24,995) |
Less: reclassification adjustments | (5,463) | 0 | (5,463) | (258,540) |
Total other comprehensive income (loss) | (394) | (58,486) | (27,953) | 233,545 |
Unrealized losses on cash flow hedges: | ||||
Pre Tax Amount | ||||
Before reclassifications | (11,996) | (56,892) | (51,551) | (37,146) |
Less: reclassification adjustments | (14,062) | (11,929) | (28,103) | (20,834) |
Total other comprehensive income (loss) | 2,066 | (44,963) | (23,448) | (16,312) |
Tax Benefit (Expense) | ||||
Before reclassifications | 3,323 | 16,060 | 14,279 | 11,602 |
Less: reclassification adjustments | 3,895 | 3,368 | 7,784 | 5,883 |
Total other comprehensive income (loss) | (572) | 12,692 | 6,495 | 5,719 |
After Tax Amount | ||||
Before reclassifications | (8,673) | (40,832) | (37,272) | (25,544) |
Less: reclassification adjustments | (10,167) | (8,561) | (20,319) | (14,951) |
Total other comprehensive income (loss) | 1,494 | (32,271) | (16,953) | (10,593) |
Defined benefit pension plans: | ||||
Pre Tax Amount | ||||
Total other comprehensive income (loss) | (714) | (502) | (1,427) | (1,004) |
Tax Benefit (Expense) | ||||
Total other comprehensive income (loss) | 198 | 141 | 395 | 262 |
After Tax Amount | ||||
Before reclassifications | 0 | 0 | ||
Less: reclassification adjustments | 1,032 | 742 | ||
Total other comprehensive income (loss) | (516) | (361) | (1,032) | (742) |
Change in actuarial net loss | ||||
Pre Tax Amount | ||||
Before reclassifications | 0 | 0 | 0 | 0 |
Tax Benefit (Expense) | ||||
Before reclassifications | 0 | 0 | 0 | 0 |
After Tax Amount | ||||
Before reclassifications | 0 | 0 | 0 | 0 |
Less: amortization of actuarial net loss | ||||
Pre Tax Amount | ||||
Less: reclassification adjustments | (1,775) | (2,468) | (3,550) | (4,936) |
Tax Benefit (Expense) | ||||
Less: reclassification adjustments | 492 | 697 | 984 | 1,394 |
After Tax Amount | ||||
Less: reclassification adjustments | (1,283) | (1,771) | (2,566) | (3,542) |
Less: accretion of prior service credit | ||||
Pre Tax Amount | ||||
Less: reclassification adjustments | 2,489 | 2,970 | 4,977 | 5,940 |
Tax Benefit (Expense) | ||||
Less: reclassification adjustments | (690) | (838) | (1,379) | (1,656) |
After Tax Amount | ||||
Less: reclassification adjustments | $ 1,799 | $ 2,132 | $ 3,598 | $ 4,284 |
Other Comprehensive Income - _2
Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 2,952,831 | $ 2,579,123 | $ 2,974,855 | $ 2,471,790 |
Other comprehensive loss before reclassifications | (70,688) | (50,539) | ||
Less: Amounts reclassified from accumulated other comprehensive loss | (24,750) | (272,749) | ||
Net current-period other comprehensive loss | (45,938) | 222,210 | ||
Ending balance | 2,967,473 | 2,526,772 | 2,967,473 | 2,526,772 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (654,874) | (609,864) | (608,352) | (923,192) |
Ending balance | (654,290) | (700,982) | (654,290) | (700,982) |
Unrealized Gains and (Losses) on Available for Sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (584,243) | (880,156) | ||
Other comprehensive loss before reclassifications | (5,857) | (58,486) | (33,416) | (24,995) |
Less: Amounts reclassified from accumulated other comprehensive loss | (5,463) | 0 | (5,463) | (258,540) |
Net current-period other comprehensive loss | (27,953) | 233,545 | ||
Ending balance | (612,196) | (646,611) | (612,196) | (646,611) |
Unrealized Gains and (Losses) on Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (31,571) | (50,159) | ||
Other comprehensive loss before reclassifications | (8,673) | (40,832) | (37,272) | (25,544) |
Less: Amounts reclassified from accumulated other comprehensive loss | (10,167) | (8,561) | (20,319) | (14,951) |
Net current-period other comprehensive loss | (16,953) | (10,593) | ||
Ending balance | (48,524) | (60,752) | (48,524) | (60,752) |
Defined Benefit Pension Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 7,462 | 7,123 | ||
Other comprehensive loss before reclassifications | 0 | 0 | ||
Less: Amounts reclassified from accumulated other comprehensive loss | 1,032 | 742 | ||
Net current-period other comprehensive loss | (1,032) | (742) | ||
Ending balance | $ 6,430 | $ 6,381 | $ 6,430 | $ 6,381 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Oct. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 19, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Total noninterest expense | $ 109,869 | $ 99,934 | $ 211,071 | $ 195,825 | ||
Discontinued Operations, Held-for-Sale | Insurance Agency Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gross cash consideration | $ 515,000 | |||||
Net cash consideration | $ 498,100 | |||||
Working capital adjustment | 4,200 | |||||
Transaction expenses | 17,000 | |||||
Post-retirement liabilities | 4,100 | |||||
Fiduciary cash transferred | 7,400 | |||||
Gain on disposition of assets | 408,600 | |||||
Total noninterest expense | $ 22,300 | |||||
Disposal Group, Not Discontinued Operations, Transferrable Upon Sale to Entity | Insurance Agency Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Transitional services period | 6 months |
Discontinued Operations - Sched
Discontinued Operations - Schedule of the Operating Results of the Discontinued Insurance Agency Business (Details) - Insurance Agency Business - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Discontinued Operations, Held-for-Sale | ||
Noninterest income: | ||
Insurance commissions | $ 27,609 | $ 59,280 |
Other noninterest income | 18 | 38 |
Total noninterest income | 27,627 | 59,318 |
Noninterest expense: | ||
Salaries and employee benefits | 17,041 | 33,336 |
Office occupancy and equipment | 735 | 1,524 |
Data processing | 1,060 | 2,203 |
Professional services | 1,031 | 1,324 |
Marketing expenses | 25 | 99 |
Amortization of intangible assets | 668 | 1,337 |
Other | 1,154 | 2,462 |
Total noninterest expense | 21,714 | 42,285 |
Income from discontinued operations before income tax expense | 5,913 | 17,033 |
Income tax expense | 1,675 | 4,810 |
Income from discontinued operations, net of taxes | 4,238 | 12,223 |
Disposal Group, Not Discontinued Operations, Transferrable Upon Sale to Entity | ||
Noninterest income: | ||
Income from investments held in rabbi trusts | 241 | 580 |
Other noninterest income | 14 | 28 |
Total noninterest income | 255 | 608 |
Noninterest expense: | ||
Salaries and employee benefits | 245 | 580 |
Office occupancy and equipment | 117 | 241 |
Other | 439 | 994 |
Total noninterest expense | 801 | 1,815 |
Income from discontinued operations before income tax expense | (546) | (1,207) |
Income tax expense | (153) | (339) |
Income from discontinued operations, net of taxes | $ (393) | $ (868) |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Jul. 12, 2024 USD ($) office $ / shares shares | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Subsequent Event [Line Items] | |||
Total assets | $ 21,044,169 | $ 21,133,278 | |
Deposits | $ 17,537,809 | $ 17,596,217 | |
Subsequent Event | Cambridge Bancorp | |||
Subsequent Event [Line Items] | |||
Common stock exchanged (in shares) | shares | 4.956 | ||
Common stock issued (in shares) | shares | 38,900,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 14.87 | ||
Common stock | $ 580,600 | ||
Total assets | 5,000,000 | ||
Securities sold | 900,000 | ||
Gain (loss) on sale of investments | $ 0 | ||
Subsequent Event | Cambridge Trust | |||
Subsequent Event [Line Items] | |||
Number of full service banking offices | office | 19 | ||
Total assets | $ 5,300,000 | ||
Deposits | $ 3,900,000 |
Uncategorized Items - ebc-20240
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |