Eastern Bankshares, Inc. (Form: 10-Q, Received: 08/07/2026 10:55:36)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

FORM 10-Q

_____________________________________________

(Mark one)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-39610

___________________________

Eastern Bankshares, Inc.

(Exact name of the registrant as specified in its charter)

___________________________


Massachusetts						84-4199750
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)

125 High Street, Boston, Massachusetts						02110
(Address of principal executive offices)						(Zip Code)

(800) 327-8376

(Registrant’s telephone number, including area code)

__________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock	EBC	Nasdaq Global Select Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

(Do not check if a smaller reporting company)

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Yes ☐ No

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

228,511,552 shares of the Registrant’s common stock, par value $0.01 per share, were outstanding as of July 31, 2026.

Table of Contents

Index


		PAGE
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Unaudited Consolidated Balance Sheets	4
	Unaudited Consolidated Statements of Income (Loss)	5
	Unaudited Consolidated Statements of Comprehensive Income	6
	Unaudited Consolidated Statements of Changes in Shareholders’ Equity	7
	Unaudited Consolidated Statements of Cash Flows	9
	Notes to Unaudited Consolidated Financial Statements	11

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	56

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	91

Item 4.	Controls and Procedures	91

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	92

Item 1A.	Risk Factors	92

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	92

Item 3.	Defaults Upon Senior Securities	92

Item 4.	Mine Safety Disclosures	92

Item 5.	Other Information	92

Item 6.	Exhibits	93

EXHIBIT INDEX		93

SIGNATURES		94


			Page
Part I Financial Information

Item I. Unaudited Consolidated Financial Statements

Unaudited Consolidated Balance Sheets as of June 30, 2026 and December 31, 202 5			4
Unaudited Consolidated Statements of Income (Loss) for the three and six months ended June 30, 202 6 and 202 5			5
Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 202 6 and 202 5			6
Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 202 6 and 202 5			7
Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 202 6 and 202 5			9
Notes to the Unaudited Consolidated Financial Statements			11

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Unaudited Consolidated Financial Statements

EASTERN BANKSHARES, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS


(In thousands, except per share data)	June 30, 2026		December 31, 2025
ASSETS
Cash and due from banks	$	175,547	$	126,103
Short-term investments	80,616		190,766
Cash and cash equivalents	256,163		316,869
Securities:
Available for sale (amortized cost $4,400,498 and $4,143,163, respectively)	4,047,828		3,825,569
Held to maturity (fair value $740,991 and $575,974, respectively)	764,194		599,557
Total securities	4,812,022		4,425,126
Loans held for sale	42,649		22,761
Total loans	23,713,099		23,574,496
Allowance for loan losses	(325,354)		(331,841)
Unearned discounts and deferred fees, net	(431,698)		(489,431)
Net loans	22,956,047		22,753,224
Federal Home Loan Bank stock, at cost	21,250		13,838
Premises and equipment	118,196		119,984
Bank-owned life insurance	311,387		307,836
Goodwill and other intangibles, net	1,277,643		1,300,930
Deferred income taxes, net	293,659		309,963
Prepaid expenses	255,237		259,929
Other assets	797,702		756,396
Total assets	$	31,141,955	$	30,586,856
LIABILITIES AND EQUITY
Deposits:
Demand	$	6,540,568	$	6,341,205
Interest checking accounts	4,706,543		4,727,219
Savings accounts	2,151,300		2,010,028
Money market investment	8,207,130		7,885,707
Certificates of deposit	4,313,771		4,506,592
Total deposits	25,919,312		25,470,751
Borrowed funds:
Interest rate swap collateral funds	34,181		15,321
Federal Home Loan Bank advances	364,412		199,617
Total borrowed funds	398,593		214,938
Other liabilities	540,836		560,614
Total liabilities	26,858,741		26,246,303
Commitments and contingencies (see Note 10)	—		—
Shareholders’ equity
Common shares, $0.01 par value, 1,000,000,000 shares authorized, 228,858,364 and 235,646,558 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2,289		2,356
Additional paid in capital	2,482,957		2,621,029
Unallocated common shares held by the Employee Stock Ownership Plan	(120,272)		(122,796)
Retained earnings	2,176,037		2,067,327
Accumulated other comprehensive loss, net of tax	(257,797)		(227,363)
Total shareholders’ equity	4,283,214		4,340,553
Total liabilities and shareholders’ equity	$	31,141,955	$	30,586,856

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

EASTERN BANKSHARES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2026		2025		2026		2025
Interest and dividend income:
Interest and fees on loans	$	308,481	$	241,100	$	610,233	$	469,567
Taxable interest and dividends on securities	35,035		34,113		68,238		65,273
Non-taxable interest and dividends on securities	4,619		1,767		8,200		3,209
Interest on federal funds sold and other short-term investments	1,774		2,359		2,784		6,995
Total interest and dividend income	349,909		279,339		689,455		545,044
Interest expense:
Interest on deposits	93,039		76,706		183,474		152,704
Interest on borrowings	4,938		603		9,393		1,411
Total interest expense	97,977		77,309		192,867		154,115
Net interest income	251,932		202,030		496,588		390,929
Provision for allowance for loan losses	6,755		7,600		12,511		14,200
Net interest income after provision for allowance for loan losses	245,177		194,430		484,077		376,729
Noninterest income (loss):
Investment advisory fees	19,693		17,282		38,007		33,719
Service charges on deposit accounts	10,044		8,244		19,971		16,559
Card income	6,038		4,230		11,835		8,150
Interest rate swap income	1,996		978		2,979		1,466
Income from investments for employee retirement benefits	6,958		5,727		5,098		4,470
Mortgage banking income (loss)	3,343		(95)		6,208		(187)
Losses on sales of securities available for sale, net	—		—		—		(269,638)
Miscellaneous income and fees	9,784		5,867		18,819		12,206
Other non-operating (loss) income	(268)		618		(1,772)		(12)
Total noninterest income (loss)	57,588		42,851		101,145		(193,267)
Noninterest expense:
Salaries and employee benefits	97,030		80,696		199,181		160,555
Occupancy and equipment	13,246		11,230		27,357		21,847
Technology and data processing	23,740		18,395		47,583		36,410
Professional services	5,681		3,037		9,095		5,961
Marketing expenses	3,098		2,432		5,794		4,164
FDIC insurance	3,747		3,780		7,115		7,068
Amortization of intangible assets	11,643		7,807		23,287		15,615
Other operating expenses	8,213		7,002		14,849		12,879
Non-operating expenses	1,550		2,582		32,317		2,582
Total noninterest expense	167,948		136,961		366,578		267,081
Income (loss) before income tax expense	134,817		100,320		218,644		(83,619)
Income tax expense	29,604		87		48,169		33,814
Net income (loss)	$	105,213	$	100,233	$	170,475	$	(117,433)
Basic earnings (loss) per share	$	0.48	$	0.50	$	0.77	$	(0.59)
Diluted earnings (loss) per share	$	0.48	$	0.50	$	0.77	$	(0.59)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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EASTERN BANKSHARES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Net income (loss)	$	105,213	$	100,233	$	170,475	$	(117,433)
Other comprehensive (loss) income, net of tax:
Net change in fair value of securities available for sale	(8,596)		19,885		(26,466)		271,203
Net change in fair value of cash flow hedges	231		5,458		(801)		15,825
Net change in other comprehensive income for defined benefit postretirement plans	(1,584)		(1,091)		(3,167)		(2,226)
Total other comprehensive (loss) income	(9,949)		24,252		(30,434)		284,802
Total comprehensive income	$	95,264	$	124,485	$	140,041	$	167,369

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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EASTERN BANKSHARES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three Months Ended June 30, 2026 and 2025


	Shares of Common Stock Outstanding	Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Unallocated Common Stock Held by ESOP		Total
	(In thousands, except share data)
Balance at March 31, 2025	211,560,177	$	2,116	$	2,188,552	$	1,842,607	$	(323,779)	$	(126,562)	$	3,582,934
Dividends to common shareholders (1)	—	—		—		(25,964)		—		—		(25,964)
Issuance of restricted stock awards	54,236	1		(1)								—
Repurchased common stock	(183,053)	(2)		(3,270)		—		—		—		(3,272)
Restricted share awards cancelled (2)	(519)	—		(8)								(8)
Issuance of common shares under share-based compensation arrangements (3)	32,455	—		(402)		—		—		—		(402)
Share-based compensation	—	—		4,245		—		—		—		4,245
Net income	—	—		—		100,233		—		—		100,233
Other comprehensive income, net of tax	—	—		—		—		24,252		—		24,252
ESOP shares committed to be released	—	—		611		—		—		1,262		1,873
Balance at June 30, 2025	211,463,296	$	2,115	$	2,189,727	$	1,916,876	$	(299,527)	$	(125,300)	$	3,683,891

Balance at March 31, 2026	232,292,219	$	2,323	$	2,549,369	$	2,103,663	$	(247,848)	$	(121,527)	$	4,285,980
Dividends to common shareholders (1)	—	—		—		(32,839)		—		—		(32,839)
Issuance of restricted stock awards	58,245	1		(1)		—		—		—		—
Repurchased common stock	(3,629,154)	(36)		(73,664)		—		—		—		(73,700)
Restricted share awards cancelled (2)	(524)	—		(3)		—		—		—		(3)
Issuance of common shares under share-based compensation arrangements (3)	10,186	—		(91)		—		—		—		(91)
Share-based compensation	—	—		4,439		—		—		—		4,439
Stock options exercised	127,392	1		1,703		—		—		—		1,704
Net income	—	—		—		105,213		—		—		105,213
Other comprehensive income, net of tax	—	—		—		—		(9,949)		—		(9,949)
ESOP shares committed to be released	—	—		1,205		—		—		1,255		2,460
Balance at June 30, 2026	228,858,364	$	2,289	$	2,482,957	$	2,176,037	$	(257,797)	$	(120,272)	$	4,283,214

(1)The Company declared quarterly cash dividends of $0.15 and $0.13 per share of common stock during the three months ended June 30, 2026 and 2025, respectively.

(2)Represents restricted stock awards (“RSAs”) cancelled upon vesting for employee payroll tax withholding and upon forfeiture.

(3)Represents shares issued, net of employee tax withheld, upon the vesting of restricted stock units. Refer to Note 9, “Employee Benefits” for additional discussion.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

EASTERN BANKSHARES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Six Months Ended June 30, 2026 and 2025


	Shares of Common Stock Outstanding	Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Unallocated Common Stock Held by ESOP		Total
	(In thousands, except share data)
Balance at December 31, 2024	213,909,472	$	2,141	$	2,237,494	$	2,084,503	$	(584,329)	$	(127,842)	$	3,611,967
Dividends to common shareholders (1)	—	—		—		(50,194)		—		—		(50,194)
Issuance of restricted stock awards	54,236	1		(1)		—		—		—		—
Repurchased common stock	(3,058,583)	(30)		(51,899)		—		—		—		(51,929)
Restricted stock awards cancelled (2)	(10,954)	(2)		(145)								(147)
Issuance of common stock under share-based compensation arrangements (3)	569,125	5		(6,243)		—		—		—		(6,238)
Share-based compensation	—	—		8,997		—		—		—		8,997
Net loss	—	—		—		(117,433)		—		—		(117,433)
Other comprehensive income, net of tax	—	—		—		—		284,802		—		284,802
ESOP shares committed to be released	—	—		1,524		—		—		2,542		4,066
Balance at June 30, 2025	211,463,296	$	2,115	$	2,189,727	$	1,916,876	$	(299,527)	$	(125,300)	$	3,683,891

Balance at December 31, 2025	235,646,558	$	2,356	$	2,621,029	$	2,067,327	$	(227,363)	$	(122,796)	$	4,340,553
Dividends to common shareholders (1)	—	—		—		(61,765)		—		—		(61,765)
Issuance of restricted stock awards	58,245	1		(1)		—		—		—		—
Repurchased common stock	(7,512,620)	(75)		(149,130)		—		—		—		(149,205)
Restricted stock awards cancelled (2)	(6,031)	—		(122)		—		—		—		(122)
Issuance of common stock under share-based compensation arrangements (3)	363,944	4		(4,084)		—		—		—		(4,080)
Share-based compensation	—	—		8,597		—		—		—		8,597
Stock options exercised	308,268	3		4,122		—		—		—		4,125
Net income	—	—		—		170,475		—		—		170,475
Other comprehensive income, net of tax	—	—		—		—		(30,434)		—		(30,434)
ESOP shares committed to be released	—	—		2,546		—		—		2,524		5,070
Balance at June 30, 2026	228,858,364	$	2,289	$	2,482,957	$	2,176,037	$	(257,797)	$	(120,272)	$	4,283,214

(1)The Company declared cumulative cash dividends of $0.28 and $0.25 per share of common stock during the six months ended June 30, 2026 and 2025, respectively.

(2)Represents restricted stock awards (“RSAs”) cancelled upon vesting for employee payroll tax withholding and upon forfeiture.

(3)Represents shares issued, net of employee tax withheld, upon the vesting of restricted stock units. Refer to Note 9, “Employee Benefits” for additional discussion.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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EASTERN BANKSHARES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Six Months Ended June 30,
(In thousands)	2026		2025

Operating activities
Net income (loss)	$	170,475	$	(117,433)
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Provision for allowance for loan losses	12,511		14,200
Depreciation and amortization	31,166		21,408
Accretion of deferred loan fees and premiums, net	(30,396)		(22,976)
Deferred income tax expense (benefit)	23,181		(41,224)
Accretion of investment security premiums and discounts, net	(4,563)		(3,177)
Right-of-use asset amortization	6,642		6,410
Share-based compensation	8,597		8,997
Increase in cash surrender value of bank-owned life insurance	(3,903)		(2,613)
Loss on sale of securities available for sale, net	—		269,638
Loss on lease right-of-use assets, net	2,949		—
Employee Stock Ownership Plan expense	5,070		4,066
Gain on sale of commercial loans held for investment	(5,163)		(477)
Other	1,652		441
Loans held for sale:
Proceeds from sales of loans held for sale	208,583		22,749
Loans originated for sale, net of repayments	(204,590)		(14,884)
(Gain) loss on sale of loans held for sale	(4,652)		99
Change in:
Prepaid pension expense	(3,840)		(2,644)
Other assets	(13,465)		86,493
Other liabilities	(55,129)		(57,875)
Net cash provided by operating activities	145,125		171,198
Investing activities
Proceeds from sales of securities available for sale	—		1,339,345
Proceeds from maturities and principal paydowns of securities available for sale	227,367		219,518
Purchases of securities available for sale	(480,202)		(1,330,852)
Proceeds from maturities and principal paydowns of securities held to maturity	14,058		12,455
Purchases of securities held to maturity	(168,714)		(84,737)
Proceeds from sale of Federal Home Loan Bank stock	74,100		20,971
Purchases of Federal Home Loan Bank stock	(81,512)		(21,360)
Contributions to low income housing tax credit investments	(12,478)		(23,053)
Contributions to other equity investments	(576)		(743)
Distributions from other equity investments	1,163		709
Net increase in outstanding loans	(199,004)		(531,945)
Purchased banking premises and equipment	(7,878)		(6,369)
Proceeds from life insurance policies	487		327
Net cash used in investing activities	(633,189)		(405,734)
Financing activities
Net increase (decrease) in demand, savings, interest checking, and money market investment deposit accounts	641,382		(9,980)
Net decrease in time deposits	(192,821)		(88,580)
Net increase (decrease) in borrowed funds	183,655		(17,991)
Payments for repurchase of common stock	(147,054)		(51,929)
Proceeds from the exercise of stock options	4,125		—
Dividends declared and paid to common shareholders	(61,929)		(50,358)
Net cash provided by (used in) financing activities	427,358		(218,838)
Net decrease in cash, cash equivalents, and restricted cash	(60,706)		(453,374)
Cash, cash equivalents, and restricted cash at beginning of period	316,869		1,006,880
Cash, cash equivalents, and restricted cash at end of period	$	256,163	$	553,506


Supplemental disclosure of cash flow information
Cash paid during the period for:
Interest paid on deposits and borrowings	$	205,580	$	155,976
Income taxes refunded, net	(11,453)		(675)
Non-cash activities
Capital commitments relating to low income housing tax credit projects	$	24,304	$	—
Net increase in operating lease right-of-use assets and operating lease liabilities relating to lease remeasurements/modifications	6,044		2,192

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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EASTERN BANKSHARES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. Corporate Structure and Nature of Operations; Basis of Presentation

Corporate Structure and Nature of Operations

Eastern Bankshares, Inc., a Massachusetts corporation (the “Company”), is a bank holding company. Through its wholly-owned subsidiary, Eastern Bank (the “Bank”), the Company provides a variety of banking services and trust and investment services, through its full-service bank branches, located primarily in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island.

The activities of the Company are subject to the regulatory supervision of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The activities of the Bank are subject to the regulatory supervision of the Massachusetts Commissioner of Banks, the Federal Deposit Insurance Corporation (“FDIC”) and the Consumer Financial Protection Bureau (“CFPB”). The Company and the activities of the Bank and its subsidiaries are also subject to various Massachusetts, New Hampshire and Rhode Island business, banking and trust-related regulations.

Basis of Presentation

The Company’s Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) as set forth by the Financial Accounting Standards Board (“FASB”) and its Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) as well as the rules and interpretive releases of the U.S. Securities and Exchange Commission (“SEC”) under the authority of federal securities laws.

The Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries and entities in which it holds a controlling financial interest through being the primary beneficiary or through holding a majority of the voting interest. All intercompany accounts and transactions have been eliminated in consolidation.

Certain mortgage banking income accounts previously reported in “(losses) gains on mortgage loans held for sale, net” and in “other noninterest income” were reclassified to a new financial statement line item titled “mortgage banking income (loss)” to conform to the current period’s presentation.

The accompanying Consolidated Balance Sheet as of June 30, 2026, the Consolidated Statements of Income and Comprehensive Income and of Changes in Shareholders’ Equity for the three and six months ended June 30, 2026 and 2025 and Statements of Cash Flows for the six months ended June 30, 2026 and 2025 are unaudited. The Consolidated Balance Sheet as of December 31, 2025 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, 2025 (“2025 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, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim period, or any future year or period.

2. Summary of Significant Accounting Policies

The following describes the Company’s use of estimates as well as relevant accounting pronouncements that were recently issued but not yet adopted as of June 30, 2026 and those that were adopted during the six months ended June 30, 2026. For a full discussion of significant accounting policies, refer to the Notes to the Consolidated Financial Statements included within the Company’s 2025 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.

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Recent Accounting Pronouncements

Relevant standards that were recently issued but not yet adopted as of June 30, 2026:

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements–Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). The amendments in this update modify the disclosure or presentation requirements for a variety of topics in the codification. Certain amendments represent clarifications to or technical corrections of the current requirements. The following is a summary of the topics included in the update and which pertain to the Company:

1.Statement of cash flows (Topic 230): Requires an accounting policy disclosure in annual periods of where cash flows associated with derivative instruments and their related gains and loses are presented in the statement of cash flows;

2.Accounting changes and error corrections (Topic 250): Requires that when there has been a change in the reporting entity, the entity disclose any material prior-period adjustment and the effect of the adjustment on retained earnings in interim financial statements;

3.Earnings per share (Topic 260): Requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods, and amends illustrative guidance to illustrate disclosure of the methods used in the diluted earnings per share computation;

4.Commitments (Topic 440): Requires disclosure of assets mortgaged, pledged, or otherwise subject to lien and the obligations collateralized; and

5.Debt (Topic 470): Requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings.

For public business entities, the amendments in ASU 2023-06 are effective on the date which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the codification and will not become effective for any entity. Early adoption is not permitted and the amendments are required to be applied on a prospective basis. The Company does not expect the adoption of this standard will have a material impact on its Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity:

1.Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e).

2.Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements.

3.Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.

4.Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

For public business entities, the amendments in ASU 2024-03 are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update are to be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company expects the adoption of this standard will not have a material impact on its Consolidated Financial Statements.

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In April 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer of a Variable Interest Entity. The amendments in this update are intended to improve the requirements for identifying the accounting acquirer in Topic 805, Business Combinations. The amendments in this update differ from current generally accepted accounting principles because, for certain transactions, they replace the requirement that the primary beneficiary always is the acquirer with an assessment that requires an entity to consider the factors to determine which entity is the accounting acquirer. The amendments in this update enhance the comparability of financial statements across entities engaging in acquisition transactions effected primarily by exchanging equity interests when the legal acquiree meets the definition of a business. Specifically, under the amendments, acquisition transactions in which the legal acquiree is a variable interest entity will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The amendments in this update do not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. For public business entities, the amendments in ASU 2025-03 are effective for annual periods beginning after December 15, 2026 and interim periods within those annual periods. Adoption should be done on a prospective basis. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company does not expect the adoption of this standard will have a material impact on its Consolidated Financial Statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The amendments in this update help clarify and refine hedge accounting requirements, including clarifications to documentation and designation in regards to hedge relationships. The update introduces improvements to hedge accounting to better align financial reporting with the economic results of an entity's risk management activities. Early adoption is permitted. For public business entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. The Company does not expect the adoption of this standard to have a material impact on its Consolidated Financial Statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update clarify interim disclosure requirements and the applicability of Topic 270. The amendments in this update result in a comprehensive list of interim disclosures that are required by GAAP. In developing the list of disclosures required by other Topics, the Board focused on identifying the interim disclosures that are currently required under GAAP. The objective of the amendments is to provide clarity about the current requirements, rather than evaluate whether to expand or reduce interim disclosure requirements. The amendments in this update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The intent of the disclosure principle, which is modeled after a previous SEC disclosure requirement, is to help entities determine whether disclosures not specified in Topic 270 should be provided in interim reporting periods. The amendments in this update also clarify the applicability of Topic 270, the types of interim reporting, and the form and content of interim financial statements in accordance with GAAP. For public business entities, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Adoption can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. Early adoption is permitted. The Company does not expect the adoption of this standard will have a material impact on its Consolidated Financial Statements.

No standards were adopted during the six months ended June 30, 2026.

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3. 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, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	3,043,549	$	7,498	$	(256,210)	$	—	$	2,794,837
Government-sponsored commercial mortgage-backed securities	1,120,536		3,061		(99,087)		—		1,024,510
U.S. Treasury securities	50,015		51		—		—		50,066
State and municipal bonds and obligations	186,398		32		(8,015)		—		178,415
	$	4,400,498	$	10,642	$	(363,312)	$	—	$	4,047,828


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	2,753,311	$	19,846	$	(239,848)	$	—	$	2,533,309
Government-sponsored commercial mortgage-backed securities	1,148,394		9,388		(97,451)		—		1,060,331
U.S. Treasury securities	50,030		320		—		—		50,350
State and municipal bonds and obligations	191,428		55		(9,904)		—		181,579
	$	4,143,163	$	29,609	$	(347,203)	$	—	$	3,825,569

The Company did not record a provision for credit losses on any AFS securities for either the three and six months ended June 30, 2026 or 2025. Accrued interest receivable on AFS securities totaled $12.5 million and $11.9 million as of June 30, 2026 and December 31, 2025, 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, 2026 or 2025. No AFS securities held by the Company were delinquent on contractual payments as of June 30, 2026 or December 31, 2025, 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,
	2026		2025		2026		2025
	(In thousands)
Gross realized gains from sales of AFS securities	$	—	$	—	$	—	$	—
Gross realized losses from sales of AFS securities	—		—		—		(269,638)
Net losses from sales of AFS securities	$	—	$	—	$	—	$	(269,638)

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Information pertaining to AFS securities with gross unrealized losses as of June 30, 2026 and December 31, 2025, 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, 2026
		Less than 12 Months				12 Months or Longer				Total
	# of Holdings	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(Dollars in thousands)
Government-sponsored residential mortgage-backed securities	303	$	7,483	$	575,820	$	248,727	$	1,402,448	$	256,210	$	1,978,268
Government-sponsored commercial mortgage-backed securities	148	267		102,613		98,820		577,654		99,087		680,267
State and municipal bonds and obligations	205	515		50,321		7,500		116,669		8,015		166,990
	656	$	8,265	$	728,754	$	355,047	$	2,096,771	$	363,312	$	2,825,525


	As of December 31, 2025
		Less than 12 Months				12 Months or Longer				Total
	# of Holdings	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
	(Dollars in thousands)
Government-sponsored residential mortgage-backed securities	292	$	317	$	74,415	$	239,531	$	1,511,918	$	239,848	$	1,586,333
Government-sponsored commercial mortgage-backed securities	148	—		—		97,451		608,386		97,451		608,386
State and municipal bonds and obligations	199	8		3,816		9,896		156,973		9,904		160,789
	639	$	325	$	78,231	$	346,878	$	2,277,277	$	347,203	$	2,355,508

The Company does not intend to sell these investments and has determined based upon available evidence that it is not more-likely-than-not that the Company will 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, 2026 or December 31, 2025.

The causes of the impairments listed in the tables above by category are as follows as of June 30, 2026 and December 31, 2025:

•Government-sponsored mortgage-backed 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.

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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, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	199,766	$	—	$	(17,366)	$	—	$	182,400
Government-sponsored commercial mortgage-backed securities	181,682		—		(12,623)		—		169,059
State and municipal bonds and obligations	329,860		5,774		(404)		—		335,230
Corporate bonds	52,886		1,444		(28)		—		54,302
	$	764,194	$	7,218	$	(30,421)	$	—	$	740,991


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Allowance for Credit Losses		Fair Value
	(In thousands)
Debt securities:
Government-sponsored residential mortgage-backed securities	$	210,142	$	—	$	(15,595)	$	—	$	194,547
Government-sponsored commercial mortgage-backed securities	185,185		—		(11,601)		—		173,584
State and municipal bonds and obligations	167,346		2,914		(399)		—		169,861
Corporate bonds	36,884		1,098		—		—		37,982
	$	599,557	$	4,012	$	(27,595)	$	—	$	575,974

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, 2026 or 2025. The accrued interest receivable on HTM securities totaled $5.8 million and $3.6 million as of June 30, 2026 and December 31, 2025, respectively, and is included within other assets on the Consolidated Balance Sheets. The Company did not record any write-offs of accrued interest receivable on HTM securities during either the three and six months ended June 30, 2026 or 2025. No HTM securities held by the Company were delinquent on contractual payments as of either June 30, 2026 or December 31, 2025, nor were any HTM securities placed on non-accrual status during the six and twelve-month periods then ended.

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Available for Sale and Held to Maturity Securities Contractual Maturity

The amortized cost and estimated fair value of AFS and HTM securities by contractual maturities as of June 30, 2026 and December 31, 2025 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, 2026
	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	$	702	$	698	$	7,047	$	6,933	$	19,708	$	18,467	$	3,016,092	$	2,768,739	$	3,043,549	$	2,794,837
Government-sponsored commercial mortgage-backed securities	97,081		96,503		521,777		517,685		36,120		32,156		465,558		378,166		1,120,536		1,024,510
U.S. Treasury securities	50,015		50,066		—		—		—		—		—		—		50,015		50,066
State and municipal bonds and obligations	7,279		7,242		34,771		34,267		54,139		53,270		90,209		83,636		186,398		178,415
Total available for sale securities	155,077		154,509		563,595		558,885		109,967		103,893		3,571,859		3,230,541		4,400,498		4,047,828
HTM securities
Government-sponsored residential mortgage-backed securities	—		—		—		—		—		—		199,766		182,400		199,766		182,400
Government-sponsored commercial mortgage-backed securities	—		—		128,418		121,697		53,264		47,362		—		—		181,682		169,059
State and municipal bond obligations	—		—		—		—		1,190		1,262		328,670		333,968		329,860		335,230
Corporate bonds	1,006		1,008		—		—		46,880		48,308		5,000		4,986		52,886		54,302
Total held to maturity securities	1,006		1,008		128,418		121,697		101,334		96,932		533,436		521,354		764,194		740,991
Total	$	156,083	$	155,517	$	692,013	$	680,582	$	211,301	$	200,825	$	4,105,295	$	3,751,895	$	5,164,692	$	4,788,819

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	As of December 31, 2025
	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	$	661	$	657	$	10,753	$	10,602	$	22,179	$	21,006	$	2,719,718	$	2,501,044	$	2,753,311	$	2,533,309
Government-sponsored commercial mortgage-backed securities	10,528		10,368		601,026		604,330		48,278		43,673		488,562		401,960		1,148,394		1,060,331
U.S. Treasury securities	50,030		50,350		—		—		—		—		—		—		50,030		50,350
State and municipal bonds and obligations	7,040		7,011		35,647		35,181		52,939		52,451		95,802		86,936		191,428		181,579
Total available for sale securities	68,259		68,386		647,426		650,113		123,396		117,130		3,304,082		2,989,940		4,143,163		3,825,569
HTM securities
Government-sponsored residential mortgage-backed securities	—		—		—		—		—		—		210,142		194,547		210,142		194,547
Government-sponsored commercial mortgage-backed securities	—		—		130,301		124,033		54,884		49,551		—		—		185,185		173,584
State and municipal bonds and obligations	—		—		—		—		—		—		167,346		169,861		167,346		169,861
Corporate bonds	—		—		1,012		1,014		35,872		36,968		—		—		36,884		37,982
Total held to maturity securities	—		—		131,313		125,047		90,756		86,519		377,488		364,408		599,557		575,974
Total	$	68,259	$	68,386	$	778,739	$	775,160	$	214,152	$	203,649	$	3,681,570	$	3,354,348	$	4,742,720	$	4,401,543

Securities Pledged as Collateral

As of June 30, 2026 and December 31, 2025, securities with a carrying value of $957.2 million and $692.9 million, respectively, were pledged to secure public deposits and for other purposes required by law. As of June 30, 2026 and December 31, 2025, deposits with associated pledged collateral included municipal deposit accounts. As of June 30, 2026 and December 31, 2025, securities with a carrying value of $3.0 billion and $0.2 billion, respectively, were pledged as collateral to the FHLBB.

As of June 30, 2026 and December 31, 2025, the Company pledged securities with a carrying value of $387.2 million and $414.2 million, respectively, to the Federal Reserve Discount Window (the “Discount Window”).

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4. Loans and Allowance for Credit Losses

Loans

The following table provides a summary of the Company’s loan portfolio as of the dates indicated:


	June 30, 2026		December 31, 2025
	(In thousands)
Commercial and industrial	$	4,690,914	$	4,324,615
Commercial real estate	9,390,773		9,529,071
Commercial construction	544,546		567,597
Business banking	1,561,530		1,603,489
Residential real estate	5,442,043		5,516,114
Consumer home equity	1,824,835		1,758,099
Other consumer	258,458		275,511
Gross loans before unearned discounts and deferred fees, net	23,713,099		23,574,496
Allowance for loan losses (1)	(325,354)		(331,841)
Unearned discounts and deferred fees, net	(431,698)		(489,431)
Loans after the allowance for loan losses and net unearned discounts and deferred fees	$	22,956,047	$	22,753,224

(1)The balance of accrued interest receivable excluded from amortized cost and the calculation of the allowance for loan losses amounted to $81.1 million and $81.9 million as of June 30, 2026 and December 31, 2025, 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 $5.0 billion at June 30, 2026 and December 31, 2025, respectively. The balance of funds borrowed from the FHLBB were $364.4 million and $199.6 million at June 30, 2026 and December 31, 2025, respectively.

The carrying value of loans pledged to secure advances from the Federal Reserve Bank (“FRB”) were $5.3 billion and $5.0 billion at June 30, 2026 and December 31, 2025, respectively. There were no funds borrowed from the FRB outstanding at either June 30, 2026 or December 31, 2025.

Serviced Loans

At June 30, 2026 and December 31, 2025, mortgage loans partially or wholly-owned by others and serviced by the Company amounted to approximately $3.2 billion and $3.3 billion, respectively.

Allowance for Loan Losses

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The allowance for loan losses is established to provide for management’s estimate of expected lifetime credit losses on loans measured at amortized cost at the balance sheet date through a provision for loan losses charged to net income. Charge-offs, net of recoveries, are charged directly to the allowance for loan losses. Commercial and residential loans are charged-off in the period in which they are deemed uncollectible. Delinquent loans in these product types are subject to ongoing review and analysis to determine if a charge-off in the current period is appropriate. For consumer loans, policies and procedures exist that require charge-off consideration upon a certain triggering event depending on the product type.

The following tables summarize the changes in the allowance for loan losses by loan category for the periods indicated:


	For the Three Months Ended June 30, 2026
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	59,508	$	178,826	$	11,123	$	22,159	$	42,641	$	9,627	$	4,008	$	327,892
Initial reserve on purchased seasoned loans	487		—		—		—		—		—		—		487
Charge-offs	(816)		(9,202)		—		(2,040)		(68)		(3)		(802)		(12,931)
Recoveries	794		946		—		1,213		40		1		157		3,151
Provision (release)	3,236		1,769		1,128		1,839		(2,028)		695		116		6,755
Ending balance	$	63,209	$	172,339	$	12,251	$	23,171	$	40,585	$	10,320	$	3,479	$	325,354


	For the Three Months Ended June 30, 2025
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	46,490	$	106,634	$	8,514	$	20,315	$	31,096	$	6,891	$	4,370	$	224,310
Charge-offs	(82)		(1,790)		—		(999)		—		—		(529)		(3,400)
Recoveries	7		2,368		—		942		36		5		245		3,603
Provision (release)	7,695		(2,122)		812		427		349		184		255		7,600
Ending balance	$	54,110	$	105,090	$	9,326	$	20,685	$	31,481	$	7,080	$	4,341	$	232,113


	For the Six Months Ended June 30, 2026
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	65,768	$	164,376	$	21,058	$	22,921	$	44,177	$	9,171	$	4,370	$	331,841
Initial reserve on purchased seasoned loans	487		—		—		—		—		—		—		487
Charge-offs	(7,316)		(12,790)		—		(4,254)		(68)		(7)		(1,414)		(25,849)
Recoveries	1,588		946		—		3,343		72		64		351		6,364
Provision (release)	2,682		19,807		(8,807)		1,161		(3,596)		1,092		172		12,511
Ending balance	$	63,209	$	172,339	$	12,251	$	23,171	$	40,585	$	10,320	$	3,479	$	325,354

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	For the Six Months Ended June 30, 2025
	Commercial and Industrial		Commercial Real Estate		Commercial Construction		Business Banking		Residential Real Estate		Consumer Home Equity		Other Consumer		Total
	(In thousands)
Allowance for loan losses:
Beginning balance	$	41,090	$	116,175	$	8,462	$	19,899	$	32,291	$	7,472	$	3,563	$	228,952
Charge-offs	(82)		(13,377)		—		(1,341)		—		—		(1,087)		(15,887)
Recoveries	18		3,062		—		1,264		75		5		424		4,848
Provision (release)	13,084		(770)		864		863		(885)		(397)		1,441		14,200
Ending balance	$	54,110	$	105,090	$	9,326	$	20,685	$	31,481	$	7,080	$	4,341	$	232,113

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, 2026 and December 31, 2025, the Company’s reserve for unfunded lending commitments was $17.3 million and $16.4 million, respectively, which is recorded within other liabilities in the Company's Consolidated Balance Sheets.

Portfolio Segmentation

Management uses a methodology to systematically estimate the amount of expected losses in each segment of loans in the Company’s portfolio. Commercial and industrial business banking, investment commercial real estate, and commercial and industrial loans are evaluated based upon loan-level risk characteristics, historical losses and other factors which form the basis for estimating expected losses. Other portfolios, including owner occupied commercial real estate (which includes business banking owner occupied commercial real estate), commercial construction, residential mortgages, home equity and consumer loans, are analyzed as groups taking into account delinquency ratios, and the Company’s and peer banks’ historical loss experience. For the purposes of estimating the allowance for loan losses, management segregates the loan portfolio into loan categories that share similar risk characteristics such as the purpose of the loan, repayment source, and collateral. These characteristics are considered when determining the appropriate level of the allowance for each category. Some examples of these risk characteristics unique to each loan category include:

Commercial Lending

Commercial and industrial: The primary risk associated with commercial and industrial loans is the ability of borrowers to achieve business results consistent with those projected at origination. Collateral frequently consists of a first lien position on business assets including, but not limited to, accounts receivable, inventory, aircraft and equipment. The primary repayment source is operating cash flow and, secondarily, the liquidation of assets. Under its lending guidelines, the Company generally requires a corporate or personal guarantee from any entity or individual that holds a material ownership in the borrowing entity when the loan-to-value of a commercial and industrial loan is in excess of a specified threshold.

Commercial real estate: Collateral values are established by independent third-party appraisals and evaluations. Primary repayment sources include operating income generated by the real estate, permanent debt refinancing, sale of the real estate and, secondarily, liquidation of the collateral. Under its lending guidelines, the Company generally requires a corporate or personal guarantee from individuals that hold material ownership in the borrowing entity when the loan-to-value of a commercial real estate loan is in excess of a specified threshold.

Commercial construction: These loans are generally considered to present a higher degree of risk than other real estate loans and may be affected by a variety of factors, such as adverse changes in interest rates and the borrower’s ability to control costs and adhere to time schedules. Construction loans are underwritten utilizing feasibility studies, independent appraisal reviews, sensitivity analysis of absorption and lease rates and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the completed project. Construction loan repayment is substantially dependent on the ability of the borrower to complete the project and obtain permanent financing.

Business banking: These loans are typically secured by all business assets or commercial real estate. Business banking originations include traditionally underwritten loans as well as partially automated scored loans. Business banking scored loans are determined by utilizing the Company’s proprietary decision matrix that has a number of quantitative factors including, but not limited to, a guarantor’s credit score, industry risk, and time in business. The Company also engages in Small Business Association (“SBA”) lending. The SBA guarantees reduce the Company’s loss due to default and are considered a credit enhancement to the loan structure.

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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. At the end of the ten-year draw period, home equity lines of credit are amortized over the remaining maturity period and monthly payments of principal and interest are required. Home equity loans are term loans that require the monthly payment of principal and interest such that the loan will be fully amortized at maturity. Underwriting considerations are materially consistent with those utilized in residential real estate. Collateral consists of a senior or subordinate lien on owner-occupied residential property.

Other consumer: The Company’s policy and underwriting in this category, which is comprised primarily of home improvement, automobile and aircraft loans, include the following factors, among others: income sources and reliability, credit histories, term of repayment, and collateral value, as applicable. These are typically granted on an unsecured basis, with the exception of aircraft and automobile loans.

Credit Quality

Commercial Lending Credit Quality

The credit quality of the Company’s commercial loan portfolio is actively monitored and supported by a comprehensive credit approval process and all large dollar transactions are sent for approval to a committee of seasoned business line and credit professionals. The Company maintains an independent credit risk review function that reports directly to the Risk Management Committee of the Board of Directors. Credits that demonstrate significant deterioration in credit quality are transferred to a specialized group of experienced officers for individual attention.

The Company monitors credit quality indicators and utilizes portfolio scorecards to assess the risk of its commercial portfolio. Specifically, the Company utilizes a 15-point credit risk-rating system to manage risk and identify potential problem loans. Under this point system, risk-rating assignments are based upon a number of quantitative and qualitative factors that are under continual review. Factors include cash flow, collateral coverage, liquidity, leverage, position within the industry, internal controls and management, financial reporting, and other considerations. Commercial loan risk ratings are (re)evaluated for each loan at least once-per-year. The risk-rating categories under the credit risk-rating system are defined as follows:

0 Risk Rating - Unrated

Certain segments of the portfolios are not rated. These segments include aircraft loans, business banking scored loan products, and other commercial loans managed by exception. Loans within this unrated loan segment are monitored by delinquency status; and for lines of credit greater than $100,000 in exposure, an annual review is conducted which includes the review of the business score and loan and deposit account performance. The Company supplements performance data with current business credit scores for the business banking portfolio on a quarterly basis. Unrated commercial and business banking loans are generally restricted to commercial exposure of less than $1.5 million. Loans included in this category generally are not required to provide regular financial reporting or regular covenant monitoring.

For purposes of estimating the allowance for loan losses, unrated loans are considered in the same manner as “Pass” rated loans. Unrated loans are included with “Pass” rated loans for disclosure purposes.

1-10 Risk Rating – Pass

Loans with a risk rating of 1-10 are classified as “Pass” and are comprised of loans that range from “substantially risk free” which indicates borrowers of unquestioned credit standing, well-established national companies with a very strong financial condition, and loans fully secured by policy conforming cash levels, through “low pass” which indicates acceptable rated loans that may be experiencing weak cash flow, impending lease rollover or minor liquidity concerns.

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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, 2026, and gross charge-offs for the six-month period then ended:


	2026		2025		2024		2023		2022		Prior		Revolving Loans		Revolving Loans Converted to Term Loans (1)		Total
	(In thousands)
Commercial and industrial
Pass	$	685,284	$	684,236	$	266,786	$	256,675	$	385,399	$	1,337,869	$	868,520	$	—	$	4,484,769
Special Mention	—		3,427		2,302		1,024		2,356		2,260		22,803		—		34,172
Substandard	—		3,074		24		38,956		19,439		17,379		71,074		—		149,946
Doubtful	—		—		—		3,128		—		8		—		—		3,136
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	685,284		690,737		269,112		299,783		407,194		1,357,516		962,397		—		4,672,023
Current period gross charge-offs	—		—		—		6,498		818		—		—		—		7,316

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Commercial real estate
Pass	446,367	919,644	596,530	698,678	2,130,242	3,870,418	86,492	2,386	8,750,757
Special Mention	—	—	—	30,538	89,767	147,595	—	—	267,900
Substandard	—	14,197	—	54,695	76,083	71,373	—	—	216,348
Doubtful	—	—	—	3,477	35,250	27,019	—	—	65,746
Loss	—	—	—	—	—	—	—	—	—
Total commercial real estate	446,367	933,841	596,530	787,388	2,331,342	4,116,405	86,492	2,386	9,300,751
Current period gross charge-offs	—	—	—	—	9,290	3,500	—	—	12,790

Commercial construction
Pass	29,661	197,663	202,310	87,990	13,788	—	4,013	—	535,425
Special Mention	—	—	—	—	—	—	—	—	—
Substandard	—	—	—	—	8,133	—	—	—	8,133
Doubtful	—	—	—	—	—	—	—	—	—
Loss	—	—	—	—	—	—	—	—	—
Total commercial construction	29,661	197,663	202,310	87,990	21,921	—	4,013	—	543,558
Current period gross charge-offs	—	—	—	—	—	—	—	—	—

Business banking
Pass	69,635	176,676	164,726	127,261	163,536	686,198	116,496	4,004	1,508,532
Special Mention	—	2,967	4,820	1,050	1,338	5,341	432	1,574	17,522
Substandard	—	1,552	3,448	4,998	3,150	12,731	844	250	26,973
Doubtful	—	—	—	—	—	930	—	—	930
Loss	—	—	—	—	—	—	—	—	—
Total business banking	69,635	181,195	172,994	133,309	168,024	705,200	117,772	5,828	1,553,957
Current period gross charge-offs	—	314	920	684	304	1,888	—	144	4,254

Residential real estate
Current and accruing	187,116	413,205	218,348	356,708	1,196,126	2,750,936	—	—	5,122,439
30-89 days past due and accruing	427	1,984	2,112	1,887	6,367	14,008	—	—	26,785
Loans 90 days or more past due and still accruing	—	—	—	—	—	—	—	—	—
Non-accrual	231	1,195	243	1,050	6,184	13,040	—	—	21,943
Total residential real estate	187,774	416,384	220,703	359,645	1,208,677	2,777,984	—	—	5,171,167
Current period gross charge-offs	—	—	—	—	68	—	—	—	68

Consumer home equity
Current and accruing	1,293	6,888	10,114	21,850	57,452	92,022	1,598,403	13,297	1,801,319
30-89 days past due and accruing	—	—	48	103	386	1,871	11,337	483	14,228
Loans 90 days or more past due and still accruing	—	—	—	—	—	—	—	—	—
Non-accrual	—	—	—	—	47	1,513	4,821	60	6,441
Total consumer home equity	1,293	6,888	10,162	21,953	57,885	95,406	1,614,561	13,840	1,821,988
Current period gross charge-offs	—	—	—	—	—	7	—	—	7

Other consumer
Current and accruing	21,716	33,400	40,186	42,438	16,553	20,136	42,559	119	217,107
30-89 days past due and accruing	54	127	135	188	36	44	98	—	682
Loans 90 days or more past due and still accruing	—	—	—	—	—	—	—	—	—
Non-accrual	20	20	10	31	25	—	62	—	168
Total other consumer	21,790	33,547	40,331	42,657	16,614	20,180	42,719	119	217,957
Current period gross charge-offs	810	101	172	56	78	78	119	—	1,414

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Total	$	1,441,804	$	2,460,255	$	1,512,142	$	1,732,725	$	4,211,657	$	9,072,691	$	2,827,954	$	22,173	$	23,281,401

(1)The amounts presented represent the amortized cost as of June 30, 2026 of revolving loans that were converted to term loans during the six months ended June 30, 2026.

Subsequent to December 31, 2025 and issuance of the 2025 10-K, the Company refined loan origination date information for certain acquired loans following system conversion. This refinement resulted in reclassification among origination year vintages, but did not affect total loans, credit quality classifications, the allowance for credit losses, or results of operations. 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, 2025, and reflects such reclassifications:


	2025		2024		2023		2022		2021		Prior		Revolving Loans		Revolving Loans Converted to Term Loans (1)		Total
	(In thousands)
Commercial and industrial
Pass	$	835,431	$	310,569	$	296,116	$	422,850	$	378,622	$	1,090,152	$	792,359	$	165	$	4,126,264
Special Mention	948		2,399		6,716		133		1,314		2,795		12,990		—		27,295
Substandard	4,093		10,974		31,539		22,819		2,806		4,893		53,495		—		130,619
Doubtful	—		—		9,628		—		—		1,049		847		—		11,524
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	840,472		323,942		343,999		445,802		382,742		1,098,889		859,691		165		4,295,702

Commercial real estate
Pass	903,311		616,073		750,447		2,297,477		1,285,420		2,892,767		102,016		2,747		8,850,258
Special Mention	—		865		30,585		28,104		90,528		73,987		994		—		225,063
Substandard	14,027		—		54,833		85,591		13,408		65,778		—		—		233,637
Doubtful	—		—		20,852		55,698		2,381		26,472		—		—		105,403
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	917,338		616,938		856,717		2,466,870		1,391,737		3,059,004		103,010		2,747		9,414,361

Commercial construction
Pass	134,110		209,193		103,355		65,595		14,263		712		8,117		—		535,345
Special Mention	—		423		—		4,671		—		—		1,033		—		6,127
Substandard	—		—		—		5,646		—		—		—		—		5,646
Doubtful	—		—		—		14,888		—		1,479		—		—		16,367
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction	134,110		209,616		103,355		90,800		14,263		2,191		9,150		—		563,485

Business banking
Pass	182,967		175,785		139,676		180,091		210,893		549,839		114,235		5,762		1,559,248
Special Mention	—		5,505		1,444		820		4,453		3,298		165		264		15,949
Substandard	1,525		3,412		3,482		2,845		1,765		3,769		197		493		17,488
Doubtful	—		—		412		352		28		3		196		18		1,009
Loss	—		—		—		—		—		—		—		—		—
Total business banking	184,492		184,702		145,014		184,108		217,139		556,909		114,793		6,537		1,593,694

Residential real estate
Current and accruing	433,413		239,268		394,753		1,242,550		1,323,273		1,544,328		—		—		5,177,585
30-89 days past due and accruing	1,045		2,625		2,130		6,121		5,801		17,654		—		—		35,376
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	184		—		721		5,686		1,948		10,680		—		—		19,219
Total residential real estate	434,642		241,893		397,604		1,254,357		1,331,022		1,572,662		—		—		5,232,180

Consumer home equity
Current and accruing	32,940		43,175		53,426		104,417		31,698		117,896		1,332,194		20,341		1,736,087
30-89 days past due and accruing	248		58		233		251		—		1,716		8,269		655		11,430
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—

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Non-accrual	—		—		95		—		—		1,126		4,555		317		6,093
Total consumer home equity	33,188		43,233		53,754		104,668		31,698		120,738		1,345,018		21,313		1,753,610

Other consumer
Current and accruing	44,301		46,109		49,860		20,675		11,399		15,976		42,750		117		231,187
30-89 days past due and accruing	10		98		75		52		31		36		62		30		394
Loans 90 days or more past due and still accruing	—		—		—		—		—		—		—		—		—
Non-accrual	48		4		13		30		—		12		84		261		452
Total other consumer	44,359		46,211		49,948		20,757		11,430		16,024		42,896		408		232,033

Total	$	2,588,601	$	1,666,535	$	1,950,391	$	4,567,362	$	3,380,031	$	6,426,417	$	2,474,558	$	31,170	$	23,085,065

(1)The amounts presented represent the amortized cost as of December 31, 2025 of revolving loans that were converted to term loans during the year ended December 31, 2025.

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, 2026
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans
	(In thousands)
Commercial and industrial	$	4,381	$	—	$	3,134	$	7,515	$	4,664,508	$	4,672,023
Commercial real estate	3,572		13,984		3,477		21,033		9,279,718		9,300,751
Commercial construction	—		—		—		—		543,558		543,558
Business banking	8,830		4,268		9,101		22,199		1,531,758		1,553,957
Residential real estate	19,622		7,516		20,291		47,429		5,123,738		5,171,167
Consumer home equity	10,837		3,569		5,816		20,222		1,801,766		1,821,988
Other consumer	471		211		143		825		217,132		217,957
Total	$	47,713	$	29,548	$	41,962	$	119,223	$	23,162,178	$	23,281,401

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	As of December 31, 2025
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total Loans
	(In thousands)
Commercial and industrial	$	5,368	$	164	$	1,591	$	7,123	$	4,288,579	$	4,295,702
Commercial real estate	5,992		994		14,174		21,160		9,393,201		9,414,361
Commercial construction	—		—		1,033		1,033		562,452		563,485
Business banking	16,673		3,530		8,994		29,197		1,564,497		1,593,694
Residential real estate	26,493		10,361		16,543		53,397		5,178,783		5,232,180
Consumer home equity	9,929		2,141		5,321		17,391		1,736,219		1,753,610
Other consumer	284		114		417		815		231,218		232,033
Total	$	64,739	$	17,304	$	48,073	$	130,116	$	22,954,949	$	23,085,065

The following table presents information regarding non-accrual loans as of the dates indicated:


	As of June 30, 2026						As of December 31, 2025
	Non-Accrual Loans With ACL		Non-Accrual Loans Without ACL (1)		Total Non-Accrual Loans		Non-Accrual Loans With ACL		Non-Accrual Loans Without ACL (1)		Total Non-Accrual Loans
	(In thousands)
Commercial and industrial	$	271	$	3,098	$	3,369	$	8,810	$	3,284	$	12,094
Commercial real estate	58,731		7,836		66,567		70,010		35,402		105,412
Commercial construction	—		—		—		17,400		—		17,400
Business banking	10,451		442		10,893		11,319		350		11,669
Residential real estate	21,943		—		21,943		19,219		—		19,219
Consumer home equity	6,441		—		6,441		6,093		—		6,093
Other consumer	168		—		168		452		—		452
Total non-accrual loans	$	98,005	$	11,376	$	109,381	$	133,303	$	39,036	$	172,339

(1)The loans on non-accrual status and without an ACL, as of both June 30, 2026 and December 31, 2025, 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, 2026 and 2025 was not significant. As of both June 30, 2026 and December 31, 2025, 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, 2026 and 2025 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, 2026 and December 31, 2025, the Company had collateral-dependent residential mortgage and home equity loans totaling $3.3 million and $4.4 million, respectively.

For collateral-dependent commercial loans, the amount of the allowance for loan losses is individually assessed based upon the fair value of the collateral. Various types of collateral are used, including real estate, inventory, equipment, accounts receivable, securities and cash, among others. For commercial real estate loans, the Company relies primarily upon third-party valuation information from certified appraisers and values are generally based upon recent appraisals of the underlying collateral, brokers’ opinions based upon recent sales of comparable properties, estimated equipment auction or liquidation values, income capitalization, or a combination of income capitalization and comparable sales. As of June 30, 2026 and December 31, 2025, the Company had collateral-dependent commercial loans totaling $69.4 million and $133.5 million, respectively.

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Appraisals for all loan types are obtained at the time of loan origination as part of the loan approval process and are updated at the time of a loan modification and/or refinance and as considered necessary by management for impairment review purposes. In addition, appraisals are updated as required by regulatory pronouncements.

As of both June 30, 2026 and December 31, 2025, the Company had no residential real estate held in other real estate owned (“OREO”). As of June 30, 2026, there were five residential real estate loans, which had an aggregate balance of $1.6 million, collateralized by residential real estate property for which formal foreclosure proceedings were in-process. As of December 31, 2025, there were twelve residential real estate loans, which had an aggregate balance of $3.0 million, collateralized by residential real estate property for which formal foreclosure proceedings were in-process.

As of June 30, 2026, there was one consumer home equity loan, which had a balance of $0.1 million, collateralized by residential real estate property for which formal foreclosure proceedings were in-process. As of December 31, 2025, there were four consumer home equity loans, which had an aggregate balance of $0.3 million, collateralized by residential real estate property for which formal foreclosure proceedings were in-process.

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Loan Modifications to Borrowers Experiencing Financial Difficulty

The following table shows the amortized cost balance as of June 30, 2026 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, 2026				Six Months Ended June 30, 2026
	Amortized Cost Balance		% of Total Portfolio		Amortized Cost Balance		% of Total Portfolio
	(Dollars in thousands)
Interest Rate Reduction:
Business banking	$	—	—	%	$	76	0.00	%
Total interest rate reduction	$	—	—	%	$	76	0.00	%
Other-than-Insignificant Delay in Repayment:
Commercial and industrial	$	5,522	0.12	%	$	5,522	0.12	%
Business banking	897		0.06	%	3,416		0.22	%
Residential real estate	470		0.01	%	470		0.01	%
Consumer home equity	—		—	%	150		0.01	%
Total other-than-insignificant delay in repayment	$	6,889	0.03	%	$	9,558	0.04	%
Term Extension:
Commercial and industrial	$	2,203	0.05	%	$	2,203	0.05	%
Commercial real estate	7,077		0.08	%	21,062		0.23	%
Business banking	265		0.02	%	951		0.06	%
Residential real estate	—		—	%	132		0.00	%
Total term extension	$	9,545	0.04	%	$	24,348	0.10	%
Combination—Interest Rate Reduction & Other-than-Insignificant-Delay in Repayment:
Business banking	$	23	0.00	%	$	2,222	0.14	%
Total combination—interest rate reduction & other-than-insignificant delay in repayment	$	23	0.00	%	$	2,222	0.01	%
Combination—Interest Rate Reduction, Term Extension & Other-than-Insignificant Delay in Repayment:
Business banking	$	70	0.00	%	$	70	0.00	%
Total combination—interest rate reduction, term extension & other-than-insignificant delay in repayment	$	70	0.00	%	$	70	0.00	%
Total by portfolio segment
Commercial and industrial	$	7,725	0.17	%	$	7,725	0.17	%
Commercial real estate	7,077		0.08	%	21,062		0.23	%
Business banking	1,255		0.08	%	6,735		0.43	%
Residential real estate	470		0.01	%	602		0.01	%
Consumer home equity	—		—	%	150		0.01	%
Total	$	16,527	0.07	%	$	36,274	0.16	%

Table of Contents

The following table shows the amortized cost balance as of June 30, 2025 of loans modified during the three and six month periods then ended to borrowers experiencing financial difficulty by the type of concession granted:


	Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
	Amortized Cost Balance		% of Total Portfolio		Amortized Cost Balance		% of Total Portfolio
	(Dollars in thousands)
Interest Rate Reduction:
Business banking	$	—	—	%	$	37	0.00	%
Residential real estate	122		0.00	%	122		0.00	%
Consumer home equity	72		0.00	%	152		0.01	%
Total interest rate reduction	$	194	0.00	%	$	311	0.00	%
Other-than-Insignificant Delay in Repayment:
Business banking	$	1,263	0.09	%	$	1,384	0.10	%
Residential real estate	364		0.01	%	364		0.01	%
Consumer home equity	150		0.01	%	150		0.01	%
Total other-than-insignificant delay in repayment	$	1,777	0.01	%	$	1,898	0.01	%
Term Extension:
Commercial and industrial	$	—	—	%	$	2,682	0.07	%
Business banking	3		0.00	%	3		0.00	%
Total term extension	$	3	0.00	%	$	2,685	0.01	%
Combination—Term Extension & Other-than-Insignificant Delay in Repayment:
Commercial real estate	$	9,066	0.13	%	$	9,066	0.13	%
Business Banking	—		—	%	268		0.02	%
Total combination—term extension & other-than-insignificant delay in repayment	$	9,066	0.05	%	$	9,334	0.05	%
Total by portfolio segment
Commercial and industrial	$	—	—	%	$	2,682	0.07	%
Commercial real estate	9,066		0.13	%	9,066		0.13	%
Business banking	1,266		0.09	%	1,692		0.12	%
Residential real estate	486		0.01	%	486		0.01	%
Consumer home equity	222		0.02	%	302		0.02	%
Total	$	11,040	0.06	%	$	14,228	0.08	%

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, 2026

Loan Type

Financial Effect

Interest Rate Reduction

Business banking

Reduced weighted-average contractual interest rate from 12.5% to 7.8%.

Other-than-Insignificant Delay in Repayment

Commercial and industrial

Interest-only period of 6 months for one borrower. Principal deferred to the end of the loan life.

Business banking

Deferred a weighted average of 5 payments. 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 6 principal and interest payments, which were added to the end of the loan life.

Term Extension

Commercial and industrial

Added a weighted-average of 4 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Commercial real estate

Added 4 months to the life of the loan, which reduced monthly payment amount for the borrower.

Business banking

Added a weighted average of 5 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

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Six Months Ended June 30, 2026

Loan Type

Financial Effect

Interest Rate Reduction

Business banking

Reduced weighted-average contractual interest rate from 10.6% to 7.5%.

Other-than-Insignificant Delay in Repayment

Commercial and industrial

Interest-only period of 6 months. Principal deferred to the end of the loan life.

Business banking

Deferred a weighted average of 8 payments. The loans were re-amortized over an extended payment period, resulting in reduced monthly payment amounts for the borrowers.

Residential real estate

Deferred 6 principal and interest payments, which were added to the end of the loan life.

Consumer home equity

Deferred 9 principal and interest payments, which were added to the end of the loan life.

Term Extension

Commercial and industrial

Added a weighted-average of 4 months to the life of the loans, which reduced the monthly payment amounts for the borrowers.

Commercial real estate

Added a weighted-average of 4 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Business banking

Added a weighted average of 4 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Residential real estate

Added 6 months to the life of loan, which reduced the monthly payment amount for the borrower.

Three Months Ended June 30, 2025

Loan Type

Financial Effect

Interest Rate Reduction

Residential real estate

Reduced contractual interest rate from 7.3% to 4.5%

Consumer home equity

Reduced contractual interest rate from 7.0% to 4.0%.

Other-than-Insignificant Delay in Repayment

Commercial real estate

Deferred 12 principal payments. The loan was re-amortized over an extended payment period resulting in reduced monthly payment amount for the borrower.

Business banking

Deferred a weighted average of 5 payments. The loans were re-amortized over extended payment periods resulting in reduced monthly payment amounts for the borrowers.

Residential real estate

Deferred 10 principal and interest payments which were added to the end of the loan life.

Consumer home equity

Deferred 8 principal and interest payments which were added to the end of the loan life.

Term Extension

Commercial real estate

Added 1.0 year to the life of the loan, which reduced the monthly payment amount for the borrower.

Business banking

Added 6 months to the life of loan, which reduced the monthly payment amount for the borrower.

Six Months Ended June 30, 2025

Loan Type

Financial Effect

Interest Rate Reduction

Business banking

Reduced contractual interest rate from 7.8% to 6.0%.

Residential real estate

Reduced contractual interest rate from 7.3% to 4.5%.

Consumer home equity

Reduced weighted-average contractual interest rate from 7.0% to 4.5%.

Other-than-Insignificant Delay in Repayment

Commercial real estate

Deferred 12 principal payments. The loan was re-amortized over an extended payment period resulting in reduced monthly payment amount for the borrower.

Business banking

Deferred a weighted average of 5 payments. The loans were re-amortized over extended payment periods resulting in reduced monthly payment amounts for the borrowers.

Residential real estate

Deferred 10 principal and interest payments which were added to the end of the loan life.

Consumer home equity

Deferred 8 principal and interest payments which were added to the end of the loan life.

Term Extension

Commercial industrial

Added 1.1 years to the life of the loan, which reduced the monthly payment amount for the borrower.

Commercial real estate

Added 1.0 year to the life of the loan, which reduced the monthly payment amount for the borrower.

Business banking

Added a weighted-average of 8 months to the life of loans, which reduced monthly payment amounts for the borrowers.

As of June 30, 2026, loans to borrowers experiencing financial difficulty modified during the twelve month period ended June 30, 2026 and which had a payment default during the three and six months ended June 30, 2026 totaled $0.2

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million. As of June 30, 2025, there were no loans to borrowers experiencing financial difficulty modified during the prior twelve months and which had a payment default during the six months ended June 30, 2025.

Management closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table shows the age analysis of past due loans to borrowers experiencing financial difficulty that were modified during the prior twelve months as of the dates indicated:


	As of June 30, 2026
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
	(In thousands)
Commercial and industrial	$	—	$	—	$	—	$	—	$	8,706	$	8,706
Commercial real estate	—		13,984		—		13,984		40,330		54,314
Business banking	239		—		506		745		7,765		8,510
Residential real estate	—		—		—		—		1,186		1,186
Consumer home equity	—		—		148		148		421		569
Total	$	239	$	13,984	$	654	$	14,877	$	58,408	$	73,285


	As of June 30, 2025
	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Total Past Due		Current		Total
	(In thousands)
Commercial and industrial	$	—	$	—	$	—	$	—	$	3,547	$	3,547
Commercial real estate	—		—		—		—		9,066		9,066
Business banking	196		52		40		288		2,152		2,440
Residential real estate	—		95		450		545		1,131		1,676
Consumer home equity	149		—		—		149		1,057		1,206
Total	$	345	$	147	$	490	$	982	$	16,953	$	17,935

As of June 30, 2026, there were no additional commitments to lend to borrowers experiencing financial difficulty and which were modified during the six months ended June 30, 2026 in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant delay in repayment, or a term extension. As of December 31, 2025, there were no additional commitments to lend to borrowers experiencing financial difficulty and which were modified during year ended December 31, 2025 in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant delay in repayment, or a term extension.

Loan Participations

The Company occasionally purchases commercial loan participations or participates in syndications through the SNC Program. These participations meet the same underwriting, credit and portfolio management standards as the Company’s other loans and are applied against the same criteria to determine the allowance for loan losses as other loans.

The following table summarizes the Company’s loan participations:


	As of and for the Six Months Ended June 30, 2026						As of and for the Year Ended December 31, 2025
	Balance		Non-performing Loan Rate (%)		Gross Charge-offs		Balance		Non-performing Loan Rate (%)		Gross Charge-offs
	(Dollars in thousands)
Commercial and industrial	$	1,829,088	0.17	%	$	6,500	$	1,504,012	0.64	%	$	5,004
Commercial real estate	1,109,079		1.91	%	3,500		1,611,130		1.84	%	5,282
Commercial construction	98,276		0.00	%	—		190,156		8.61	%	—
Business banking	—		—	%	—		1,072		0.00	%	15
Total loan participations	$	3,036,443	0.80	%	$	10,000	$	3,306,370	1.68	%	$	10,301

5. Leases

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The Company leases certain office space and equipment under various non-cancelable operating leases. These leases have original terms ranging from 1 year to 24 years. Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based upon the present value of the future minimum lease payments over the lease term. Operating lease liabilities are recorded within other liabilities and ROU assets are recorded within other assets in the Company’s Consolidated Balance Sheets.

As of the dates indicated, the Company had the following related to operating leases:


	As of June 30, 2026		As of December 31, 2025
	(In thousands)
Right-of-use assets	$	71,084	$	74,094
Lease liabilities	96,917		97,896

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,
	2026		2025		2026		2025
	(In thousands)
Operating lease cost	$	4,160	$	4,025	$	8,473	$	7,993
Finance lease cost	120		119		237		242
Variable lease cost	1,127		657		2,362		1,475
Total lease cost	$	5,407	$	4,801	$	11,072	$	9,710

During the three and six months ended June 30, 2026, the Company made $4.5 million and $9.4 million in cash payments for operating and finance lease payments, respectively. During the three and six months ended June 30, 2025, the Company made $3.8 million and $7.8 million in cash payments for operating and finance lease payments, respectively.

Supplemental balance sheet information related to operating leases are as follows:


	As of June 30, 2026		As of December 31, 2025
Weighted-average remaining lease term (in years)	7.78		7.85
Weighted-average discount rate	4.38	%	4.35	%

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6. Earnings (Loss) Per Share (“EPS”)

Basic EPS represents income/(loss) allocable to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the Company. Diluted EPS is computed by dividing net income/(loss) allocable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents computed using the treasury stock method. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares,” are not deemed outstanding for earnings per share calculations.

The following are the components and results of the Company’s earnings per common share calculations for the periods presented:


	For the Three Months Ended June 30, 2026		For the Six Months Ended June 30, 2026
	(Dollars in thousands, except per share data)
Net income applicable to common shares	$	105,213	$	170,475

Average number of common shares outstanding	230,359,560		232,349,485
Less: Average unallocated ESOP shares	(12,089,937)		(12,152,480)
Average number of common shares outstanding used to calculate basic earnings per common share	218,269,623		220,197,005
Common stock equivalents	974,611		1,187,602
Average number of common shares outstanding used to calculate diluted earnings per common share	219,244,234		221,384,607

Earnings per common share:
Basic	$	0.48	$	0.77
Diluted	$	0.48	$	0.77


	For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2025
	(Dollars in thousands, except per share data)
Net income (loss) applicable to common shares	$	100,233	$	(117,433)

Average number of common shares outstanding	211,124,150		211,931,274
Less: Average unallocated ESOP shares	(12,593,096)		(12,655,838)
Average number of common shares outstanding used to calculate basic earnings (loss) per common share	198,531,054		199,275,436
Common stock equivalents (1)	461,057		—
Average number of common shares outstanding used to calculate diluted earnings (loss) per common share	198,992,111		199,275,436

Earnings (loss) per common share:
Basic	$	0.50	$	(0.59)
Diluted	$	0.50	$	(0.59)

(1)For the six months ended June 30, 2025, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS because to do so would have been anti-dilutive amounted to 819,794.

7. Low Income Housing Tax Credits and Other Tax Credit Investments

The Community Reinvestment Act (“CRA”) encourages banks to meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate income. The Company has primarily invested in separate Low Income Housing Tax Credits (“LIHTC”) projects, also referred to as qualified affordable housing projects, which provide the Company with tax credits and operating loss tax benefits over a period of 15 years. The return on these investments is generally generated through tax credits and tax losses. In addition to LIHTC projects, the Company invests in

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new market tax credit projects that qualify for CRA credits and eligible projects that qualify for renewable energy and historic tax credits.

As of June 30, 2026 and December 31, 2025, the Company had $236.3 million and $225.2 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, 2026		As of December 31, 2025
	(In thousands)
Current recorded investment included in other assets	$	234,872	$	223,698
Commitments to fund qualified affordable housing projects included in recorded investment noted above	65,894		54,263

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,
	2026		2025		2026		2025
	(In thousands)
Tax credits and benefits recognized	$	8,299	$	7,490	$	16,513	$	15,192
Amortization expense included in income tax expense	6,200		5,738		12,935		11,742

The Company accounts for certain other investments in renewable energy projects using the equity method of accounting. These investments in renewable energy projects are included in other assets in the Company’s Consolidated Balance Sheets and totaled $1.4 million and $1.5 million as of June 30, 2026 and December 31, 2025, respectively.

8. Income Taxes

The following table sets forth information regarding the Company’s tax provision and applicable tax rates for the periods indicated:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
	(Dollars in thousands)
Combined federal and state income tax provision	$	29,604		$	87		$	48,169		$	33,814
Effective income tax rate	22.0		%	0.1		%	22.0		%	(40.4)		%

The Company recorded income tax expense of $29.6 million and $48.2 million for the three and six months ended June 30, 2026, respectively, compared to $0.1 million and $33.8 million for the three and six months ended June 30, 2025, respectively.

The increase in income tax expense for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was due to the treatment of the tax benefit associated with the loss on sale of securities incurred in the first quarter of 2025. Such loss was not considered to be a discrete item for tax purposes and, therefore, the associated tax benefit of $71.8 million was recognized ratably over the full year.

Similarly, the increase in income tax expense for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due to the treatment of the tax benefit associated with the loss on sale of securities incurred in the first quarter of 2025.

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9. Employee Benefits

Pension Plans

The Company provides pension benefits for its employees through membership in the Savings Banks Employees’ Retirement Association. The plan through which benefits are provided is a noncontributory, qualified defined benefit plan and is referred to as the Defined Benefit Plan. The Company’s annual contribution to the Defined Benefit Plan is based upon standards established by the Pension Protection Act. The contribution is based on an actuarial method intended to provide not only for benefits attributable to service to date, but also for those expected to be earned in the future. The Defined Benefit Plan has a plan year end of October 31.

The Company has an unfunded Defined Benefit Supplemental Executive Retirement Plan (“DB SERP”) that provides certain Company officers upon their retirement with defined pension benefits in excess of qualified plan limits imposed by U.S. federal tax law. The DB SERP has a plan year end of December 31.

In addition, the Company has an unfunded Benefit Equalization Plan (“BEP”) to provide retirement benefits to certain employees whose retirement benefits under the qualified pension plan are limited per the Internal Revenue Code. The BEP has a plan year end of October 31.

The Company also has an unfunded Outside Directors’ Retainer Continuance Plan (“ODRCP”) that provides pension benefits to outside directors who retire from service. The ODRCP has a plan year end of December 31. Effective December 31, 2020, the Company closed the ODRCP to new participants and froze benefit accruals for active participants.

Components of Net Periodic Benefit Cost

The components of net pension expense for the plans for the periods indicated are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Components of net periodic benefit cost:
Service cost	$	6,217	$	5,733	$	12,434	$	11,466
Interest cost	5,289		5,535		10,577		10,900
Expected return on plan assets	(9,827)		(9,495)		(19,655)		(18,990)
Prior service credit	(2,489)		(2,488)		(4,977)		(4,983)
Recognized net actuarial loss	301		980		602		1,905
Net periodic benefit cost	$	(509)	$	265	$	(1,019)	$	298

Service costs for the Defined Benefit Plan and the BEP are recognized within salaries and employee benefits in the Consolidated Statements of Income. The remaining components of net periodic benefit cost are recognized in other noninterest expense in the Consolidated Statements of Income.

In accordance with the Pension Protection Act, the Company was not required to make any contributions to the Defined Benefit Plan for the plan years beginning November 1, 2025 and 2024. Accordingly, during the three and six months ended June 30, 2026 and 2025, there were no contributions made to the Defined Benefit Plan.

Share-Based Compensation Plan

On November 29, 2021, the shareholders of the Company approved the Eastern Bankshares, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the issuance of up to 26,146,141 shares of common stock pursuant to grants of restricted stock, restricted stock units (“RSUs”), non-qualified stock options and incentive stock options, any or all of which can be granted with performance-based vesting conditions. Under the 2021 Plan, 7,470,326 shares may be issued as restricted stock or RSUs, including those issued as performance shares and performance share units (“PSUs”), and 18,675,815 shares may be issued upon the exercise of stock options. These shares may be awarded from the Company’s authorized but unissued shares. However, the 2021 Plan permits the grant of additional awards of restricted stock or RSUs above the aforementioned limit, provided that, for each additional share of restricted stock or RSU awarded in excess of such limit, the pool of shares available to be issued upon the exercise of stock options will be reduced by three shares. Pursuant to the terms of the 2021 Plan, each of the Company’s non-employee directors were automatically granted awards of restricted stock on November 30, 2021. Such RSAs vest pro-rata on an annual basis over a five-year period. The maximum term for stock options is ten years.

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The following table summarizes the share-based compensation awards for the six months ended June 30, 2026 and 2025:

Time

Type of award

Shares granted

Vesting Period (Approximate from date of grant) (1)

2026

May

RSA

58,245

1 year

March

RSU

445,254

3 years

March

PSU

208,358

2.8 years

2025

May

RSA

54,236

1 year

March

RSU

630,493

3 years

March

PSU

339,503

2.8 years

(1)Vesting of PSU awards is contingent upon the Compensation and Human Capital Management Committee of the Board of Directors' certification, after the conclusion of the period indicated 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, 2026 and December 31, 2025, there were 2,450,344 shares and 3,134,086 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, 2026 and December 31, 2025, 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,
	2026			2025
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	194,968	$	17.75	316,945	$	18.02
Granted	58,245	19.31		54,236	15.58
Vested	(71,106)	15.41		(70,786)	14.18
Forfeited	(2,139)	14.87		(2,983)	14.87
Non-vested restricted stock as of the end of the respective period	179,968	$	19.21	297,412	$	18.52

The following table summarizes the Company’s restricted stock unit activity for the periods indicated:


	For the Six Months Ended June 30,
	2026			2025
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	1,325,982	$	16.87	1,356,522	$	16.55
Granted	445,254	19.72		630,493	17.73
Vested	(469,185)	16.77		(517,801)	17.21
Forfeited	(21,373)	18.91		(15,277)	14.91
Non-vested restricted stock units as of the end of the respective period	1,280,678	$	17.86	1,453,937	$	16.84

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The following table summarizes the Company’s performance stock unit activity for the periods indicated:


	For the Six Months Ended June 30,
	2026			2025
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	617,915	$	13.15	969,739	$	16.63
Granted	208,358	19.06		339,503	18.79
Vested	(103,633)	10.74		(408,629)	20.96
Forfeited	(12,392)	12.31		(277,149)	20.63
Non-vested performance stock units as of the end of the respective period	710,248	$	15.25	623,464	$	13.19

Included in vested RSU, and PSU shares, as shown in the tables above, are shares withheld for employee payroll taxes. The aggregate number of RSU, and PSU shares withheld for payroll taxes during the six months ended June 30, 2026 and 2025 was 208,874 and 357,305, respectively.

The following table shows share-based compensation expense under the 2021 Plan and the related tax benefit for the periods indicated:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In millions)
Share-based compensation expense	$	4.4	$	4.2	$	8.6	$	9.0
Related tax benefit (1)	1.2		1.2		2.4		2.5

(1)Estimated based upon the Company’s statutory rate for each respective period.

As of June 30, 2026 and December 31, 2025, there was $25.6 million and $20.8 million, respectively, of total unrecognized compensation expense related to unvested RSAs, RSUs and PSUs granted and issued under the 2021 Plan, as applicable. As of June 30, 2026, this cost is expected to be recognized over a weighted average remaining period of approximately 1.7 years. As of December 31, 2025, this cost was expected to be recognized over a weighted average remaining period of approximately 1.6 years.

10. Commitments and Contingencies

Financial Instruments with Off-Balance Sheet Risk

In order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates, the Company is party to financial instruments with off-balance sheet risk in the normal course of business. These financial instruments include commitments to extend credit, standby letters of credit, and forward commitments to sell loans, all of which involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in each particular class of financial instruments.

Substantially all of the Company’s commitments to extend credit, which normally have fixed expiration dates or termination clauses, are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. For forward loan sale commitments, the contract or notional amount does not represent exposure to credit loss. The Company generally does not sell loans with recourse.

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The following table summarizes the above financial instruments as of the dates indicated:


	As of June 30, 2026		As of December 31, 2025
	(In thousands)
Commitments to extend credit	$	7,564,903	$	7,302,751
Standby letters of credit	90,021		83,605
Forward commitments to sell loans	26,500		35,861

Other Contingencies

Legal Proceedings

The Company has been named a defendant in various legal proceedings arising in the normal course of business. In the opinion of management, based on the advice of legal counsel, the ultimate resolution of these proceedings is not expected to have a material effect on the Company’s Consolidated Financial Statements.

11. Derivative Financial Instruments

The Company uses derivative financial instruments to manage its interest rate risk resulting from the differences in the amount, timing, and duration of known or expected cash receipts and known or expected cash payments. Additionally, the Company enters into interest rate derivatives and foreign exchange contracts to accommodate the business requirements of its customers (“customer-related positions”) and risk participation agreements entered into as financial guarantees of performance on customer-related interest rate swap derivatives. The Company also enters into residential mortgage loan commitments to fund mortgage loans at specified rates and times in the future and enters into forward sale commitments to sell such residential mortgage loans at specified prices and times in the future, both of which are considered derivative instruments. The Company enters into interest futures to mitigate the impact of changes in interest rates and interest rate volatility on the fair value of its mortgage servicing rights (“MSRs”). Changes in fair value are reflected in current period earnings in mortgage banking income. The interest rate futures are settled to market on a daily basis. 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.

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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, 2026
				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Current Rate Paid		Receive Fixed Swap Rate		Fair Value (1)
	(In thousands)		(In Years)					(In thousands)
Interest rate swaps on loans	$	1,337,500	1.08	3.63	%	3.04	%	$	(54)
Total	$	1,337,500						$	(54)

(1)The fair value included a net accrued interest payable balance of $0.4 million as of June 30, 2026. 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, 2025
				Weighted Average Rate
	Notional Amount		Weighted Average Maturity	Current Rate Paid		Receive Fixed Swap Rate		Fair Value (1)
	(In thousands)		(In Years)					(In thousands)
Interest rate swaps on loans	$	1,937,500	1.58	3.77	%	3.03	%	$	6
Total	$	1,937,500						$	6

(1)The fair value included a net accrued interest payable balance of $0.6 million as of December 31, 2025. 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 1.2 years.

The Company expects approximately $5.9 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, 2026. The reclassification is due to anticipated net payments on the swaps based upon the forward curve as of June 30, 2026.

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

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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, 2026
	Number of Positions	Total Notional
	(Dollars in thousands)
Interest rate swaps	631	$	4,983,165
Risk participation agreements	166	647,135
Foreign exchange contracts:
Matched commercial customer book	190	110,233
Foreign currency loan	3	4,811


	December 31, 2025
	Number of Positions	Total Notional
	(Dollars in thousands)
Interest rate swaps	628	$	4,666,737
Risk participation agreements	169	632,464
Foreign exchange contracts:
Matched commercial customer book	124	85,353
Foreign currency loan	3	3,152

The level of interest rate swaps, risk participation agreements and foreign currency exchange contracts at the end of each period noted above was commensurate with the activity throughout those periods.

The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification on the Consolidated Balance Sheets as of the dates indicated:


	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Fair Value at June 30, 2026		Fair Value at December 31, 2025		Balance Sheet Location	Fair Value at June 30, 2026		Fair Value at December 31, 2025
	(In thousands)
Derivatives designated as hedging instruments
Interest rate swaps	Other assets	$	1	$	30	Other liabilities	$	55	$	24
Derivatives not designated as hedging instruments
Customer-related positions:
Interest rate swaps	Other assets	$	50,426	$	54,561	Other liabilities	$	74,125	$	74,358
Risk participation agreements	Other assets	8		10		Other liabilities	6		7
Foreign currency exchange contracts - matched customer book	Other assets	1,358		434		Other liabilities	1,318		330
Foreign currency exchange contracts - foreign currency loan	Other assets	13		13		Other liabilities	8		—
		$	51,805	$	55,018		$	75,457	$	74,695
Total		$	51,806	$	55,048		$	75,512	$	74,719

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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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Derivatives designated as hedges:
(Loss) gain in OCI on derivatives	$	(1,894)	$	(432)	$	(6,096)	$	5,973
Loss reclassified from OCI into interest income (effective portion)	$	(2,212)	$	(7,981)	$	(4,989)	$	(15,914)
Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness test)
Interest income	$	—	$	—	$	—	$	—
Other income	—		—		—		—
Total	$	—	$	—	$	—	$	—
Derivatives not designated as hedges:
Customer-related positions:
Loss recognized in interest rate swap income	$	(123)	$	(95)	$	(246)	$	(167)
Loss recognized in interest rate swap income for risk participation agreements	—		—		(1)		—
(Loss) gain recognized in other income for foreign currency exchange contracts:
Matched commercial customer book	(61)		270		(64)		214
Foreign currency loan	(3)		(27)		(8)		(113)
Net (loss) gain for derivatives not designated as hedges	$	(187)	$	148	$	(319)	$	(66)

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, 2026 and December 31, 2025, 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 $0.2 million. In addition, at June 30, 2026 and December 31, 2025, the Company had posted initial-margin collateral in the form of U.S. Treasury notes amounting to $40.1 million and $40.3 million, respectively, to CME for these derivatives. The U.S. Treasury notes were considered restricted assets and were included in available for sale securities within the Company’s Consolidated Balance Sheets.

At both June 30, 2026 and December 31, 2025, there were no customer-related interest rate swap derivatives with credit-risk contingent features in a net liability position. The Company has minimum collateral posting thresholds with its customer-related interest rate swap derivative correspondent-bank counterparties to the extent that the Company has a liability position with the correspondent-bank counterparties. The Company was not required to post cash collateral for interest rate swaps with correspondent-bank counterparties as of either June 30, 2026 or December 31, 2025. If the Company had breached any of these provisions at June 30, 2026 or December 31, 2025, 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.

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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, 2026 and December 31, 2025, the Company had an outstanding notional balance of residential mortgage loan origination commitments of $32.1 million and $37.8 million, respectively, and forward sale commitments of $26.5 million and $35.9 million, respectively. During the three and six months ended June 30, 2026 and 2025, net gains/losses recorded by the Company related to the change in fair value of commitments to originate and sell mortgage loans were not significant. In addition, as of June 30, 2026, the aggregate fair value of the Company’s mortgage banking derivative asset and liability was $0.4 million and $0.1 million, respectively. As of December 31, 2025, the aggregate fair value of the Company's mortgage banking derivative asset and liability was $0.5 million and $0.1 million, respectively. Mortgage banking derivative assets and liabilities are included in other assets and other liabilities, respectively, on the Consolidated Balance Sheets. Mortgage banking derivatives do not qualify as hedges for accounting purposes. As of June 30, 2026 and December 31, 2025, the Company had interest rate futures with a notional value of $40.5 million and $45.2 million. Such interest rate futures had no fair value recorded on the Company’s Consolidated Balance Sheets as they settle to market daily.

12. Balance Sheet Offsetting

Certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Balance Sheets and/or subject to master netting arrangements or similar agreements. The Company’s derivative transactions with upstream financial institution counterparties are generally executed under International Swaps and Derivative Association master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts. However, the Company does not offset fair value amounts recognized for derivative instruments. The Company nets the amount recognized for the right to reclaim cash collateral against the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. Collateral legally required to be maintained at dealer banks by the Company is monitored and adjusted as necessary. As of June 30, 2026 and December 31, 2025, it was determined that no additional collateral would have to be posted to immediately settle these instruments.

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The following tables present the Company’s asset and liability positions that were eligible for offset and the potential effect of netting arrangements on its Consolidated Balance Sheet, as of the dates indicated:


	As of June 30, 2026
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet				Net Amount
Description							Financial Instruments		Collateral Pledged/ (Received)
	(In thousands)
Derivative Assets
Interest rate swaps	$	1	$	—	$	1	$	—	$	—	$	1
Customer-related positions:
Interest rate swaps	50,426		—		50,426		7,058		(34,181)		9,187
Risk participation agreements	8		—		8		—		—		8
Foreign currency exchange contracts – matched customer book	1,358		—		1,358		—		—		1,358
Foreign currency exchange contracts - foreign currency loan	13		—		13		—		—		13
	$	51,806	$	—	$	51,806	$	7,058	$	(34,181)	$	10,567
Derivative Liabilities
Interest rate swaps	$	55	$	—	$	55	$	—	$	55	$	—
Customer-related positions:
Interest rate swaps	74,125		—		74,125		7,058		—		67,067
Risk participation agreements	6		—		6		—		—		6
Foreign currency exchange contracts – matched customer book	1,318		—		1,318		—		—		1,318
Foreign currency exchange contracts – foreign currency loan	8		—		8		—		—		8
	$	75,512	$	—	$	75,512	$	7,058	$	55	$	68,399

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	As of December 31, 2025
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet				Net Amount
Description							Financial Instruments		Collateral Pledged/ (Received)
	(In thousands)
Derivative Assets
Interest rate swaps	$	30	$	—	$	30	$	—	$	—	$	30
Customer-related positions:
Interest rate swaps	54,561		—		54,561		19,067		(15,321)		20,173
Risk participation agreements	10		—		10		—		—		10
Foreign currency exchange contracts – matched customer book	434		—		434		—		(2)		432
Foreign currency exchange contracts – foreign currency loan	13		—		13		—		—		13
	$	55,048	$	—	$	55,048	$	19,067	$	(15,323)	$	20,658
Derivative Liabilities
Interest rate swaps	$	24	$	—	$	24	$	—	$	24	$	—
Customer-related positions:
Interest rate swaps	74,358		—		74,358		19,067		—		55,291
Risk participation agreements	7		—		7		—		—		7
Foreign currency exchange contracts – matched customer book	330		—		330		—		—		330
Foreign currency exchange contracts – foreign currency loan	—		—		—		—		—		—
	$	74,719	$	—	$	74,719	$	19,067	$	24	$	55,628

13. Fair Value of Assets and Liabilities

ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able and willing to transact. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements), and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 – Prices or valuations that require unobservable inputs that reflect the Company’s own assumptions that are significant to the fair value measurement.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in

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determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Company uses fair value measurements to record adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3.

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no active market exists for a portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment, and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates.

The following methods and assumptions were used by the Company in estimating fair value disclosures:

Cash and Cash Equivalents

For these financial instruments, which have original maturities of 90 days or less, their carrying amounts reported in the Consolidated Balance Sheets approximate fair value.

Securities

Securities consisted of U.S. Treasury securities, U.S. government-sponsored residential and commercial mortgage-backed securities, state and municipal bonds, and corporate bonds as of June 30, 2026 and December 31, 2025. 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. government-sponsored residential and commercial mortgage-backed securities were estimated using either a matrix or benchmarks. The inputs used include benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Therefore, these securities were categorized as Level 2 given the use of observable inputs.

The fair value of state and municipal bonds were estimated using a valuation matrix with inputs including observable bond interest rate tables, recent transactions, and yield relationships. Therefore, these securities were categorized as Level 2 given the use of observable inputs.

The fair value of corporate bonds was estimated based upon reported trades and quoted market prices. Therefore, these securities were categorized as Level 2 given the use of observable inputs.

Fair value was based on the value of one unit without regard to any premium or discount that may result from concentrations of ownership of a financial instrument, possible tax ramifications, or estimated transaction costs.

Loans Held for Sale

The fair value of loans held for sale, whose carrying amounts approximate fair value, was estimated using the anticipated market price based upon pricing indications provided by investor banks. These assets were classified as Level 2 given the use of observable inputs.

Loans

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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 2025 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.

Investments for Employee Retirement Benefits and Deferred Compensation Investments

Investments for employee retirement benefits consisted primarily of cash and cash equivalents, U.S. government agency obligations, equity securities, mutual funds and other exchange-traded funds, and were recorded at fair value and included in other assets. The purpose of these investments is to fund certain executive non-qualified retirement benefits and deferred compensation.

The fair value of other U.S. government agency obligations were estimated using either a matrix or benchmarks. The inputs used include benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. These securities were categorized as Level 2 given the use of observable inputs. The equity securities, mutual funds and other exchange-traded funds were valued based on quoted prices from the market. The equities, mutual funds and exchange-traded funds traded in an active market were categorized as Level 1 as they were valued based upon quoted prices from the market. Mutual funds at net asset value amounted to $53.4 million and $57.1 million at June 30, 2026 and December 31, 2025, respectively. There were no redemption restrictions on these mutual funds at the end of any period presented.

Bank-Owned Life Insurance

The fair value of bank-owned life insurance was based upon quotations received from bank-owned life insurance dealers. These assets were classified as Level 2 given the use of observable inputs.

Mortgage Servicing Rights

MSRs do not trade in an active, open market with readily observable prices. While sales of MSRs do occur, the precise terms and conditions typically are not readily available. Accordingly, the Company estimates the fair value of mortgage servicing rights based on a third-party valuation model that calculates the present value of estimated future net servicing income with certain unobservable inputs such as prepayment speeds and default and loss rates. MSRs were classified as Level 3 given the use of significant unobservable 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.

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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, 2026 and December 31, 2025, the impact of the Level 3 inputs on the overall valuation of the interest rate swaps was deemed insignificant to the overall valuation. As a result, the interest rate swaps were categorized as Level 2 within the fair value hierarchy.

Risk Participations

The fair value of risk participations was determined based upon the total expected exposure of the derivative which considers the present value of cash flows discounted using market-based inputs and were therefore categorized as Level 2 within the fair value hierarchy. The fair value also included a credit valuation adjustment which evaluates the credit risk of the counterparties by considering factors such as the likelihood of default by the counterparties, its net exposures, the remaining contractual life, as well as the amount of collateral securing the position. The change in value of derivative assets and liabilities attributable to credit risk was not significant during the reported periods.

Foreign Currency Forward Contracts

The fair values of foreign currency forward contracts were based upon the remaining expiration period of the contracts and bid quotations received from foreign exchange contract dealers and were categorized as Level 2 within the fair value hierarchy.

Mortgage Derivatives

The fair value of mortgage derivatives is determined based upon current market prices for similar assets in the secondary market and, therefore are classified as Level 2 within the fair value hierarchy.

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Fair Value of Assets and Liabilities Measured on a Recurring Basis

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:


			Fair Value Measurements at Reporting Date Using
	Balance as of June 30, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description
	(In thousands)
Assets
Securities available for sale:
Government-sponsored residential mortgage-backed securities	$	2,794,837	$	—	$	2,794,837	$	—
Government-sponsored commercial mortgage-backed securities	1,024,510		—		1,024,510		—
U.S. Treasury securities	50,066		50,066		—		—
State and municipal bonds and obligations	178,415		—		178,415		—
Investments for employee retirement benefits	110,648		95,488		15,160		—
Deferred compensation investments	2,354		2,354		—		—
Loans held for sale	42,649		—		42,649		—
Mortgage servicing rights	39,642		—		—		39,642
Interest rate swap contracts:
Cash flow hedges - interest rate positions	1		—		1		—
Customer-related positions	50,426		—		50,426		—
Risk participation agreements	8		—		8		—
Foreign currency forward contracts:
Matched customer book	1,358		—		1,358		—
Foreign currency loan	13		—		13		—
Mortgage derivatives	401		—		401		—
Total	$	4,295,328	$	147,908	$	4,107,778	$	39,642
Liabilities
Interest rate swap contracts:
Cash flow hedges - interest rate positions	55		—		55		—
Customer-related positions	74,125		—		74,125		—
Risk participation agreements	6		—		6		—
Foreign currency forward contracts:
Matched customer book	1,318		—		1,318		—
Foreign currency loan	8		—		8		—
Mortgage derivatives	66		—		66		—
Total	$	75,578	$	—	$	75,578	$	—

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			Fair Value Measurements at Reporting Date Using
Description	Balance as of December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Securities available for sale:
Government-sponsored residential mortgage-backed securities	$	2,533,309	$	—	$	2,533,309	$	—
Government-sponsored commercial mortgage-backed securities	1,060,331		—		1,060,331		—
U.S. Treasury securities	50,350		50,350		—		—
State and municipal bonds and obligations	181,579		—		181,579		—
Investments for employee retirement benefits	106,534		94,736		11,798		—
Deferred compensation plan investments	2,384		2,384		—		—
Loans held for sale	22,761		—		22,761		—
Mortgage servicing rights	40,709		—		—		40,709
Interest rate swap contracts:
Cash flow hedges - interest rate positions	30		—		30		—
Customer-related positions	54,561		—		54,561		—
Risk participation agreements	10		—		10		—
Foreign currency forward contracts:
Matched customer book	434		—		434		—
Foreign currency loan	13		—		13		—
Mortgage derivatives	458		—		458		—
Total	$	4,053,463	$	147,470	$	3,865,284	$	40,709
Liabilities
Interest rate swap contracts:
Cash flow hedges - interest rate positions	$	24	$	—	$	24	$	—
Customer-related positions	74,358		—		74,358		—
Risk participation agreements	7		—		7		—
Foreign currency forward contracts:
Matched customer book	330		—		330		—
Mortgage derivatives	100		—		100		—
Total	$	74,819	$	—	$	74,819	$	—

There were no transfers to or from Level 1, 2 and 3 during the six months ended June 30, 2026 or the twelve months ended December 31, 2025.

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, 2026 and December 31, 2025.

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			Fair Value Measurements at Reporting Date Using
Description	Balance as of June 30, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Individually assessed collateral-dependent loans whose fair value is based upon appraisals	$	50,606	$	—	$	—	$	50,606


			Fair Value Measurements at Reporting Date Using
Description	Balance as of December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Individually assessed collateral-dependent loans whose fair value is based upon appraisals	$	96,022	$	—	$	—	$	96,022

For the valuation of the collateral-dependent loans, the Company relies primarily on third-party valuation information from certified appraisers and values are generally based upon recent appraisals of the underlying collateral, brokers’ opinions based upon recent sales of comparable properties, estimated equipment auction or liquidation values, income capitalization, or a combination of income capitalization and comparable sales. Depending on the type of underlying collateral, valuations may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary.

Disclosures about Fair Value of Financial Instruments

The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:


					Fair Value Measurements at Reporting Date Using
Description	Carrying Value as of June 30, 2026		Fair Value as of June 30, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Held to maturity securities:
Government-sponsored residential mortgage-backed securities	$	199,766	$	182,400	$	—	$	182,400	$	—
Government-sponsored commercial mortgage-backed securities	181,682		169,059		—		169,059		—
State and municipal bonds and obligations	329,860		335,230		—		335,230		—
Corporate bonds	52,886		54,302		—		54,302		—
Loans, net of allowance for loan losses	22,956,047		22,668,384		—		—		22,668,384
FHLB stock	21,250		21,250		—		21,250		—
Bank-owned life insurance	311,387		311,387		—		311,387		—
Liabilities
Deposits	$	25,919,312	$	25,916,198	$	—	$	25,916,198	$	—
FHLB advances	364,412		361,145		—		361,145		—
Interest rate swap collateral funds	34,181		34,181		—		34,181		—

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					Fair Value Measurements at Reporting Date Using
Description	Carrying Value as of December 31, 2025		Fair Value as of December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Assets
Held to maturity securities:
Government-sponsored residential mortgage-backed securities	$	210,142	$	194,547	$	—	$	194,547	$	—
Government-sponsored commercial mortgage-backed securities	185,185		173,584		—		173,584		—
State and municipal bonds and obligations	167,346		169,861		—		169,861		—
Corporate bonds	36,884		37,982		—		37,982		—
Loans, net of allowance for loan losses	22,753,224		22,365,428		—		—		22,365,428
FHLB stock	13,838		13,838		—		13,838		—
Bank-owned life insurance	307,836		307,836		—		307,836		—
Liabilities
Deposits	$	25,470,751	$	25,469,630	$	—	$	25,469,630	$	—
FHLB advances	199,617		196,450		—		196,450		—
Interest rate swap collateral funds	15,321		15,321		—		15,321		—

This summary excludes certain financial assets and liabilities for which the carrying value approximates fair value. For financial assets, these may include cash and due from banks, federal funds sold and short-term investments. For financial liabilities, these may include federal funds purchased. These instruments would all be considered to be classified as Level 1 within the fair value hierarchy. Also excluded from the summary are financial instruments measured at fair value on a recurring and nonrecurring basis, as previously described.

14. Revenue from Contracts with Customers

Revenue from contracts with customers within the scope of ASC 606, Revenue from Contracts with Customers (Topic 606) (“ASC 606”) is recognized when control of goods or services is transferred to the customer, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. The Company measures revenue and timing of recognition by applying the following five steps:

1.Identify the contract(s) with the customers

2.Identify the performance obligations

3.Determine the transaction price

4.Allocate the transaction price to the performance obligations

5.Recognize revenue when (or as) the entity satisfies a performance obligation

The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

Performance obligations

The Company’s performance obligations are generally satisfied either at a point in time or over time, as services are rendered. Unsatisfied performance obligations at the report date are not material to the Company’s Consolidated Financial Statements.

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A portion of the Company’s noninterest income/(loss) is derived from contracts with customers within the scope of ASC 606. The Company has disaggregated such revenues by type of service, as presented in the table below. These categories reflect how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Investment advisory fees	$	19,693	$	17,282	$	38,007	$	33,719
Service charges on deposit accounts	10,044		8,244		19,971		16,559
Card income	6,038		4,230		11,835		8,150
Other noninterest income	2,876		2,771		5,992		5,228
Total noninterest income in-scope of ASC 606	38,651		32,527		75,805		63,656
Total noninterest income (loss) out-of-scope of ASC 606	18,937		10,324		25,340		(256,923)
Total noninterest income (loss)	$	57,588	$	42,851	$	101,145	$	(193,267)

Additional information related to each of the revenue streams is further noted below.

Investment Advisory Fees

The Company offers investment management and trust services to individuals, institutions, small businesses and charitable institutions. Each investment management product is governed by its own contract along with a separate identifiable fee schedule unique to that product. The Company also offers additional services, such as estate settlement, financial planning, tax services, and other special services quoted at the customer’s request.

The asset management and/or custody fees are primarily based upon a percentage of the monthly valuation of the principal assets in the customer’s account. Customers are also charged a base fee which is prorated over a twelve-month period. Fees for additional or special services are generally fixed in nature and are charged as services are rendered. All revenue is recognized in correlation to the monthly management fee determinations or as transactional services are provided. Investment advisory fees earned but not yet received amounted to $7.2 million and $6.3 million as of June 30, 2026 and December 31, 2025, respectively.

Deposit Service Charges

The Company offers various deposit account products to its customers governed by specific deposit agreements applicable to either personal customers or business customers. These agreements identify the general conditions and obligations of both parties and include standard information regarding deposit account-related fees.

Deposit account services include providing access to deposit accounts as well as access to the various deposit transactional services of the Company. These transactional services are primarily those that are identified in the standard fee schedule, and include, but are not limited to, services such as overdraft protection, wire transfer, and check collection. The Company may charge monthly fixed service fees associated with the customer having access to the deposit account as well as separate fixed fees associated with and at the time specific transactions are entered into by the customer. As such, the Company considers that its performance obligations are fulfilled when customers are provided deposit account access or when the requested deposit transaction is completed.

Cash management services are a subset of the deposit service charges revenue stream. These services include automated clearing house, or ACH, transaction processing, positive pay, lockbox, and remote deposit services. These services are also governed by separate agreements entered into by the customer. The fee arrangement for these services is structured as a fixed fee per transaction which may be offset by earnings credits. An earnings credit is a discount that a customer receives based upon the investable balance in the applicable covered deposit account(s) for a given month. Earnings credits are only good for the given month. That is, if cash management fees for a given month are less than the month’s earnings credit, the remainder of the credit does not carry over to the following month. Cash management fees are recognized as revenue in the month that the services are provided. Cash management fees earned but not yet received amounted to $1.6 million as of both June 30, 2026 and December 31, 2025, and were included in other assets in the Company’s Consolidated Balance Sheets.

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Card Income

The Company provides debit cards to its customers which are authorized and settled through various card payment networks, and in exchange, the Company earns revenue as determined by each payment network’s interchange program. Regardless of the network that is utilized to authorize and settle the payment, the merchant that provides the product or service to the debit card holder is ultimately responsible for the interchange payment to the Company. Debit card processing fees are recognized as card transactions are settled within each network. In addition, the Company receives income for credit card referrals from third party credit card providers, which it offers to its customers. Card income fees earned but not yet received amounted to $0.9 million and $1.1 million as of June 30, 2026 and December 31, 2025, respectively, and were included in other assets in the Company’s Consolidated Balance Sheets.

Other Noninterest Income

The Company earns various types of other noninterest income that have been aggregated into one general revenue stream in the table noted above. Noninterest income in-scope of ASC 606 includes, but is not limited to, the following types of revenue with customers: safe deposit rent, ATM surcharge fees and customer checkbook fees. Individually, these sources of noninterest income are not material.

15. Other Comprehensive Income

The following tables present a reconciliation of the changes in the components of other comprehensive income for the dates indicated including the amount of income tax (expense) benefit allocated to each component of other comprehensive income:


	Three Months Ended June 30, 2026						Six Months Ended June 30, 2026
	Pre Tax Amount		Tax (Expense) Benefit		After Tax Amount		Pre Tax Amount		Tax (Expense) Benefit		After Tax Amount
	(In thousands)
Unrealized losses on securities available for sale:
Change in fair value of securities available for sale	$	(11,495)	$	2,899	$	(8,596)	$	(35,076)	$	8,610	$	(26,466)
Less: reclassification adjustment for losses included in net income	—		—		—		—		—		—
Net change in fair value of securities available for sale	(11,495)		2,899		(8,596)		(35,076)		8,610		(26,466)
Unrealized gains (losses) on cash flow hedges:
Change in fair value of cash flow hedges	(1,894)		523		(1,371)		(6,096)		1,683		(4,413)
Less: net cash flow hedge losses reclassified into interest income	(2,212)		610		(1,602)		(4,989)		1,377		(3,612)
Net change in fair value of cash flow hedges	318		(87)		231		(1,107)		306		(801)
Defined benefit pension plans:
Change in actuarial net loss	—		—		—		—		—		—
Less: amortization of actuarial net loss	(301)		83		(218)		(602)		166		(436)
Less: accretion of prior service credit	2,489		(687)		1,802		4,977		(1,374)		3,603
Net change in other comprehensive income for defined benefit postretirement plans	(2,188)		604		(1,584)		(4,375)		1,208		(3,167)
Total other comprehensive loss	$	(13,365)	$	3,416	$	(9,949)	$	(40,558)	$	10,124	$	(30,434)

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	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	Pre Tax Amount		Tax Benefit (Expense)		After Tax Amount		Pre Tax Amount		Tax Benefit (Expense)		After Tax Amount
	(In thousands)
Unrealized gains on securities available for sale:
Change in fair value of securities available for sale	$	26,211	$	13,610	$	39,821	$	99,640	$	(90,828)	$	8,812
Less: reclassification adjustment for losses included in net income	—		19,936		19,936		(269,638)		7,247		(262,391)
Net change in fair value of securities available for sale	26,211		(6,326)		19,885		369,278		(98,075)		271,203
Unrealized gains on cash flow hedges:
Change in fair value of cash flow hedges	(432)		120		(312)		5,973		(1,654)		4,319
Less: net cash flow hedge losses reclassified into interest income	(7,981)		2,211		(5,770)		(15,914)		4,408		(11,506)
Net change in fair value of cash flow hedges	7,549		(2,091)		5,458		21,887		(6,062)		15,825
Defined benefit pension plans:
Change in actuarial net loss	—		—		—		—		—		—
Less: amortization of actuarial net loss	(980)		272		(708)		(1,905)		528		(1,377)
Less: accretion of prior service credit	2,488		(689)		1,799		4,983		(1,380)		3,603
Net change in other comprehensive income for defined benefit postretirement plans	(1,508)		417		(1,091)		(3,078)		852		(2,226)
Total other comprehensive income	$	32,252	$	(8,000)	$	24,252	$	388,087	$	(103,285)	$	284,802

The following table illustrates the changes in the balances of each component of accumulated other comprehensive (loss) income, net of tax:


	Unrealized Gains and (Losses) on Available for Sale Securities		Unrealized Gains and (Losses) on Cash Flow Hedges		Defined Benefit Pension Plans		Total
	(In thousands)
Beginning Balance: January 1, 2026	$	(259,361)	$	(2,990)	$	34,988	$	(227,363)
Other comprehensive income before reclassifications	(26,466)		(4,413)		—		(30,879)
Less: Amounts reclassified from accumulated other comprehensive loss	—		(3,612)		3,167		(445)
Net current-period other comprehensive loss	(26,466)		(801)		(3,167)		(30,434)
Ending Balance: June 30, 2026	$	(285,827)	$	(3,791)	$	31,821	$	(257,797)
Beginning Balance: January 1, 2025	$	(583,875)	$	(26,470)	$	26,016	$	(584,329)
Other comprehensive income before reclassifications	8,812		4,319		—		13,131
Less: Amounts reclassified from accumulated other comprehensive loss	(262,391)		(11,506)		2,226		(271,671)
Net current-period other comprehensive income (loss)	271,203		15,825		(2,226)		284,802
Ending Balance: June 30, 2025	$	(312,672)	$	(10,645)	$	23,790	$	(299,527)

16. Segment Reporting

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An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and evaluate performance. The Company has determined that its CODM is its Executive Chair. The Company has one reportable segment: its banking business, which consists of a full range of banking lending, savings, and small business offerings, and its wealth management and trust operations. The CODM makes operating and resource allocation decisions based upon the results of the Company’s core banking business. The core banking business, which is comprised of the commercial group, consumer group, and wealth management components, is managed by the Company’s Executive Chair and resource allocation decisions are made by the CODM as a single operating segment rather than at the individual component level. Each of these components are conducted and financed through banking activities and operations. The core banking business activities are interrelated and viewed by management as a single operating segment.

The accounting policies of the banking business segment are the same as those described in the summary of significant accounting policies in Note 2, “Summary of Significant Accounting Policies” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in the Company’s 2025 10-K. The CODM assesses performance of the banking business segment and decides how to allocate resources based upon net income that is reported on the Consolidated Statements of Income as net income (loss). The measure of segment assets is reported on the Consolidated Balance Sheets as total assets. The CODM uses net income (loss) to evaluate income generated from segment assets in deciding whether to reinvest profits into the banking business segment or into other parts of the Company, such as for acquisitions, to pay dividends, or to repurchase outstanding shares. Net income is used to monitor budget versus actual results. The CODM also uses net income (loss) in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation. The Company does not have intra-entity sales.

The CODM uses consolidated profit and loss measures which are presented on the Company’s Consolidated Statements of Income. Therefore, refer to the Consolidated Statements of Income for quantitative information regarding the banking business segment operating results. The segment operating results include certain other segment items which are included in other noninterest expense within the Consolidated Statements of Income. Significant expense items included in the other noninterest expense line include operational losses, which are primarily comprised of debit card and bad check losses, liability insurance expense, and other loan expenses, which are primarily comprised of legal collection fees and certain origination and servicing-related expenses. The CODM reviews such amounts as a whole in their review of segment operating results.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This section is intended to assist in the understanding of the financial performance of the Company and its subsidiaries through a discussion of our financial condition at June 30, 2026, and our results of operations for the three and six months ended June 30, 2026 and 2025. This section should be read in conjunction with the unaudited interim condensed consolidated financial statements and notes thereto of the Company appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q and the Company’s 2025 Form 10-K.

Forward-Looking Statements

When we use the terms “we,” “us,” “our,” and the “Company,” we mean Eastern Bankshares, Inc., a Massachusetts corporation, and its consolidated subsidiaries, taken as a whole, unless the context otherwise indicates.

Certain statements contained in this Quarterly Report on Form 10-Q that are not historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the following factors:

•changes in regional, national or international macroeconomic conditions, including tariffs, governmental shutdowns or changes in inflation, recessionary pressures or interest rates in the United States;

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•the possibility that future credit losses, loan defaults and charge-off rates are higher than expected due to changes in economic assumptions or adverse economic developments;

•general business and economic conditions on a national basis and in the local markets in which we operate, including those impacting credit quality;

•turbulence in the capital and debt markets and within the banking industry;

•decreases in the value of securities and other assets;

•decreases in deposit levels necessitating increased borrowing to fund loans, investments and other needs;

•competitive pressures from other financial institutions;

•operational risks including, but not limited to, cybersecurity incidents, fraud, new technological integration including AI, natural disasters and future pandemics or other public health emergencies;

•a regulatory reform agenda that is significantly different from that of the prior administration, impacting the rulemaking, supervision, examination and enforcement priorities of the federal banking agencies, including risks related to the administration’s increased focus on widespread implementation of stablecoins and other digital assets;

•changes in regulation, regulatory policy, legislation, accounting standards and practices, and fiscal and monetary policy, particularly in light of the shift in presidential administrations and the potential for related shifts in agency policy and leadership;

•the risk that goodwill and intangibles recorded in our financial statements will become impaired;

•risks related to the implementation of acquisitions, dispositions, and restructurings, including our 2025 merger with HarborOne Bancorp and HarborOne Bank, which is further described in Part I, Item 1 of our 2025 Annual Report on Form 10-K under “Recent Acquisitions – Bank Acquisitions”, including that revenue and expense synergies or other expected benefits may not materialize or may not be realized in the time frame originally anticipated, or may be more costly to achieve than anticipated and that the combined businesses may not perform as expected;

•the risk that the integration of our completed or pending acquisitions may be more difficult, time-consuming or costly than anticipated and that the anticipated benefit may not be fully realized;

•the risk that we may not be successful in the implementation of our business strategy;

•changes in assumptions used in making such forward-looking statements; and

•other risks and uncertainties detailed in Part I, Item 1A of our 2025 Form 10-K and as may be further updated in our filings with the SEC from time to time.

Forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations is based upon our condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results could differ from these estimates. Our significant accounting policies are discussed in detail in our 2025 Form 10-K, as updated by the notes to our Unaudited Interim Condensed Consolidated Financial Statements accompanying this Quarterly Report on Form 10-Q.

There have been no other material changes in critical accounting policies during the three and six months ended June 30, 2026.

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Overview

We are a bank holding company, and our principal subsidiary, Eastern Bank, is a Massachusetts-chartered bank that has served the banking needs of our customers since 1818. Our business philosophy is to operate as a diversified financial services enterprise providing a broad array of banking and other financial services primarily to retail, commercial and small business customers. We had total assets of $31.1 billion and $30.6 billion at June 30, 2026 and December 31, 2025, respectively. We are subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks, the New Hampshire Banking Department, the FDIC, the Federal Reserve Board and the Consumer Financial Protection Bureau. Our business consists of a full range of banking, lending (commercial, residential and consumer), savings and small business offerings, including our wealth management and trust operations that we conduct under our “Cambridge Trust Wealth Management, a division of Eastern Bank” brand name (“Cambridge Trust Wealth Management division”).

Net income for the three and six months ended June 30, 2026, respectively, computed in accordance with GAAP was $105.2 million and $170.5 million, respectively, as compared to net income and net loss of $100.2 million and $117.4 million, respectively, for the three and six months ended June 30, 2025, respectively. The increase in net income for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to increased net interest income and noninterest income during the three months ended June 30, 2026. The increase from a net loss for the six months ended June 30, 2025 to net income for the six months ended June 30, 2026 was primarily due to losses on sales of securities recorded during the six months ended June 30, 2025, of which there were none during the six months ended June 30, 2026. Refer to the later sections titled “Results of Operations” within this Item 2 for additional discussion

Net income for the three and six months ended June 30, 2026, respectively, and net income and net loss for the three and six months ended June 30, 2025, respectively, included items that our management considers non-core, which management excludes for purposes of assessing our operating net income, a non-GAAP financial measure. Operating net income for the three and six months ended June 30, 2026 was $106.5 million and $195.2 million, respectively, compared to operating net income for the three and six months ended June 30, 2025 of $81.7 million and $149.2 million, respectively, representing increases of 30.4% and 30.8%, respectively. These increases were primarily due to higher net interest income for both the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, partially offset by higher noninterest expense on an operating basis for both the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. See “Non-GAAP Financial Measures” and “Results of Operations” within this Item 2 for a reconciliation of operating net income to net income/(loss) on a GAAP basis and further discussion of noninterest income/(loss) and noninterest expense.

Banking Business

Our banking business offers a range of commercial, retail, wealth management and banking service, and consists primarily of attracting deposits from the general public, including municipalities, and investing those deposits, together with borrowings and funds generated from operations, to originate loans in a variety of sectors and to invest in securities. Our financial condition and results of operations depend primarily on (i) attracting and retaining relatively low cost, stable deposits, (ii) using those deposits to originate and acquire loans and earn net interest income and (iii) operating expenses incurred.

Lending Activities

We use funds obtained from deposits, as well as funds obtained from the FHLBB advances, primarily to originate loans and to invest in securities. Our lending focuses on the following categories of loans:

Commercial Lending

•Commercial and industrial: Loans in this category consist of revolving and term loans extended to businesses and corporate enterprises for the purpose of financing working capital, facilitating equipment purchases and facilitating acquisitions. As of June 30, 2026 and December 31, 2025, we had total commercial and industrial loans of $4.7 billion and $4.3 billion, respectively, representing 20.1% and 18.6%, respectively, of our total loans. The primary risk associated with commercial and industrial loans is the ability of borrowers to achieve business results consistent with those projected at origination. Our primary focus for commercial and industrial loans is middle-market companies located in the markets we serve. In addition, we participate in the syndicated loan market and the SNC Program. Our commercial and industrial portfolio also includes our Asset Based Lending Portfolio (“ABL Portfolio”) and industrial revenue bonds (“IRBs”) which are municipal bonds issued to finance major capital projects. The majority of our IRB portfolio is in educational and other non-profit sectors.

•Commercial real estate: Loans in this category include mortgage loans and lines of credit on commercial real estate, both investment and owner occupied. Property types financed include office, industrial, multi-family, affordable housing, retail, hotel, and other type properties. As of June 30, 2026 and December 31, 2025, we had

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total commercial real estate loans of $9.3 billion and $9.4 billion, respectively, representing 39.9% and 40.8%, respectively, of our total loans as of each period end. As of both June 30, 2026 and December 31, 2025, owner occupied loans totaled $1.2 billion, representing 12.9% of our commercial real estate loans. Collateral values are established by independent third-party appraisals and evaluations. The primary repayment sources include operating income generated by the real estate, permanent debt refinancing and/or the sale of the real estate. Our commercial real estate loan portfolio also includes loans included in our SNC Program portfolio described above and IRB loans.

•Commercial construction: Loans in this category include construction project financing and are comprised of commercial real estate, business banking and residential loans for the purpose of constructing and developing real estate. As of June 30, 2026 and December 31, 2025, we had total commercial construction loans of $543.6 million and $563.5 million, respectively, representing 2.3% and 2.4%, respectively, of our total loans. Our commercial construction loan portfolio also includes loans included in our SNC Program portfolio described above and IRB loans.

•Business banking: Loans in this category are comprised of loans to small businesses with exposures of under $1.0 million and small investment real estate projects with exposures of under $3.0 million. These loans are separate and distinct from our commercial and industrial and commercial real estate portfolios described above due to the size of the loans. As of both June 30, 2026 and December 31, 2025, we had total business banking loans of $1.6 billion, representing 6.7% and 6.9%, respectively, of our total loans for each period end. In this category, commercial and industrial loans and commercial real estate loans totaled $326.0 million and $1.2 billion, respectively, as of June 30, 2026, and $307.6 million and $1.3 billion, respectively, as of December 31, 2025.

Business banking originations include traditionally underwritten loans as well as partially automated scored loans. Our proprietary decision matrix, which includes a number of quantitative factors including, but not limited to, a guarantor’s credit score, industry risk, and time in business, is used to determine whether to make business banking loans. We also engage in SBA lending. SBA guarantees reduce our risk of loss when default occurs and are considered a credit enhancement to the loan structure

Residential Lending

•Residential real estate: Loans in this category consist of mortgage loans on residential real estate. As of both June 30, 2026 and December 31, 2025, we had total residential real estate loans of $5.2 billion, representing 22.2% and 22.7%, respectively, of our total loans. Underwriting considerations include, among others, income sources and their reliability, willingness to repay as evidenced by credit repayment history, financial resources including cash reserves and the value of the collateral. We maintain policy standards for minimum credit scores and cash reserves and maximum loan-to-value consistent with a “prime” portfolio. Collateral consists of mortgage liens on residential dwellings. We do not originate or purchase sub-prime or other high-risk loans. Residential real estate loans are originated either for sale to investors or to retain in our loan portfolio. Decisions about whether to sell or retain residential real estate loans are made based on the interest rate characteristics, pricing for loans in the secondary mortgage market, competitive factors and our capital needs. Following our merger with HarborOne, which included the acquisition of HarborOne’s mortgage company, a portion of our loans sold on the secondary markets are sold with servicing retained. During the three and six months ended June 30, 2026, residential real estate mortgage loan originations for secondary market sale were $103.0 million and $204.6 million, respectively, compared to $1.7 million and $14.9 million during the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026, residential real estate mortgage loan sales on secondary market were $104.3 million and $203.1 million, respectively, compared to $11.0 million and $23.8 million during the three and six months ended June 30, 2025, respectively.

Consumer Lending

•Consumer home equity: Loans in this category consist of home equity lines of credit and home equity loans. As of both June 30, 2026 and December 31, 2025, we had total consumer home equity loans of $1.8 billion, representing 7.8% and 7.6%, respectively, of our total loans. Home equity lines of credit are granted for ten years with monthly interest-only repayment requirements. Full principal repayment is required at the end of the ten-year draw period. Home equity lines of credit can be converted to term loans that are fully amortized. Underwriting considerations are materially consistent with those utilized in the residential real estate category. Collateral consists of a senior or subordinate lien on owner-occupied residential property.

•Other consumer: Loans in this category consist of unsecured personal lines of credit, overdraft protection, automobile and aircraft loans, home improvement loans and other personal loans. As of June 30, 2026 and December 31, 2025, we had total other consumer loans of $218.0 million and $232.0 million, respectively,

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representing 0.9% and 1.0%, respectively, of our total loans. Our policy and underwriting in this category include the following factors, among others: income sources and reliability, credit histories, term of repayment and collateral value, as applicable.

Other Products and Services

In addition to our lending activities, which are the core part of our banking business, we offer other banking products and services primarily related to (i) other commercial banking products, (ii) other consumer deposit products and (iii) wealth management services.

Other Commercial Banking Products

•We offer a variety of deposit, treasury management, electronic banking, interest rate protection and foreign exchange products to our customers. In addition, we offer cash management services to our corporate and municipal clients. Deposit products include checking products, both interest-bearing and noninterest-bearing, as well as money market deposits, savings deposits and certificates of deposits. Our treasury management products include a variety of cash management and payment products. Our interest rate protection and foreign exchange products include interest rate swaps and currency related transactions.

Other Consumer Deposit Products

•We offer a wide variety of deposit products and services to our consumer customers. We service these customers through our 128 branches located in eastern Massachusetts, New Hampshire, and Rhode Island, through our call center and through our online and mobile banking applications.

Wealth Management Services

•Through our Cambridge Trust Wealth Management division, we provide a wide range of trust services, including (i) managing customer investments, (ii) serving as custodian for customer assets, and (iii) providing other fiduciary services, including serving as the trustee and personal representative of estates. As of June 30, 2026 and December 31, 2025, we held $11.3 billion and $10.1 billion, respectively, of assets in a fiduciary, custodial or agency capacity for customers, which are not our assets and therefore not included on the Consolidated Balance Sheets included in this Quarterly Report on Form 10-Q. For the three and six months ended June 30, 2026, we had noninterest income of $19.7 million and $38.0 million, respectively, from providing these services compared to $17.3 million and $33.7 million for the three and six months ended June 30, 2025, respectively.

Outlook and Trends

Interest Rates

Beginning in March 2022, the Federal Open Market Committee (“FOMC”) voted to increase the federal funds rate multiple times from a range of 0.00% to 0.25% to a range of 5.25% to 5.50% on July 26, 2023, when the FOMC stated that it will continue to assess additional information and its implications for monetary policy. At its meeting on September 18, 2024, the FOMC decided to lower the target range for the federal funds rate by 50 basis points from the range set at its July 26, 2023 meeting to a range of 4.75% to 5.00%. The FOMC further decided to lower the target range for the federal funds rate at each of its meetings held on November 7, 2024, December 18, 2024, September 17, 2025, October 29, 2025, December 10, 2025, and January 28, 2026 with the most recent change reducing the target range for the federal funds rate to a range of 3.50% to 3.75%. At its most recent meeting on July 29, 2026, the FOMC decided to maintain the target range for the federal funds rate at the range set at its January 28, 2026 meeting and indicated, that they are continuing their policy of maintaining ample reserves in the banking system.. The FOMC indicated economic activity is expanding at a solid pace despite elevated uncertainty that is owed, in part, to the conflict in the Middle East. Productivity growth and capital investment were strong while job gains have kept pace with the workforce, and the unemployment rate has changed little. The FOMC reiterated its commitment to achieving inflation of 2 percent and indicated inflation still remains elevated, in part reflecting supply shocks that have driven price increases in certain sectors.

Inevitably, not all of our interest rate-sensitive assets and liabilities will re-price simultaneously and in equal volume in response to changes in the federal funds rate, and therefore the potential for interest rate exposure exists. Management believes that several factors will affect the actual impact of interest rate changes on our balance sheet and operating results, including, but not limited to, actual changes in interest rates or expectations of future changes, the degree of volatility in the securities markets, inflation rates or expectations of inflation, and the slope of the interest rate yield curve. We attempt to manage interest rate risk by identifying, quantifying, and, where appropriate, hedging our exposure. Approximately

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36% of the outstanding principal balance of our loans, gross of outstanding interest rate swaps as described further below, as of June 30, 2026 was indexed to a market rate that is expected to re-price with similar magnitude and direction as the federal funds rate. A portion of these loans have been hedged using interest rate swaps to convert the floating rate interest receipts to a fixed rate. The notional amount of floating rate loans swapped totaled $1.3 billion on June 30, 2026, representing approximately 5.6% of the outstanding principal balance of our loans at that date. For more detail regarding such hedging financial instruments, refer to Note 11, “Derivative Financial Instruments” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q. Refer to the section titled “Management of Market Risk” within this Item 2 for additional discussion including the estimated change to our net interest income under interest rate risk measurement methodologies that use a variety of hypothetical scenarios assuming immediate and parallel changes in interest rates that may not reflect the manner in which actual yields and costs respond to changes in market interest rates.

Non-GAAP Financial Measures

We present certain non-GAAP financial measures, which management uses to evaluate our performance, and which exclude the effects of certain transactions, non-cash items and GAAP adjustments that we believe are unrelated to our core business and are therefore not necessarily indicative of our current performance or financial position. Management believes excluding these items facilitates greater visibility for investors into our core business as well as underlying trends that may, to some extent, be obscured by inclusion of such items in the corresponding GAAP financial measures.

There are items in our financial statements that impact our results but which we believe are unrelated to our core business. Accordingly, we present operating net income, noninterest income on an operating basis, noninterest expense on an operating basis, total operating revenue, operating earnings per share, tangible net income to average tangible shareholders’ equity, tangible operating net income to average tangible shareholders’ equity, tangible book value per share, and the operating efficiency ratio, each of which excludes the impact of such items because we believe such exclusion can provide greater visibility into our core business and underlying trends. Such items that we do not consider to be core to our business include (i) gains and losses on sales of securities available for sale, net, (ii) gains and losses on the sale of other equity investments, (iii) gains and losses on the sale of other assets, (iv) impairment charges on tax credit investments and associated tax credit benefits, (v) OREO gains and losses, (vi) merger and acquisition expenses, (vii) nonrecurring expenses associated with a staffing reorganization, and (viii) certain discrete tax items. There were no expenses indirectly associated with OREO gains or losses, or impairment charges on tax credit investments and associated tax credit benefits during the periods presented in this Quarterly Report on Form 10-Q.

We also present tangible shareholders’ equity, tangible assets, the ratio of tangible shareholders’ equity to tangible assets, average tangible shareholders’ equity, the ratios of tangible net income (loss) and tangible operating net income to average tangible shareholders’ equity and tangible book value per share, each of which excludes the impact of goodwill and other intangible assets, as we believe these financial measures provide investors with the ability to further assess our performance, identify trends in our core business and provide a comparison of our capital adequacy to other companies. We have included the tangible ratios because management believes that investors may find it useful to have access to the same analytical tools used by management to assess performance and identify trends.

Our non-GAAP financial measures should not be considered as an alternative or substitute to GAAP net income (loss), or as an indication of our cash flows from operating activities, a measure of our liquidity or an indication of funds available for our cash needs. An item which we consider to be non-core and exclude when computing these non-GAAP financial measures can be of substantial importance to our results for any particular period. In addition, our methodology for calculating non-GAAP financial measures may differ from the methodologies employed by other companies to calculate the same or similar performance measures and, accordingly, our reported non-GAAP financial measures may not be comparable to the same or similar performance measures reported by other companies.

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The following table summarizes the impact of non-core items recorded for the time periods indicated below and reconciles them to the most directly comparable GAAP financial measure:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(Dollars in thousands, except per share data)
Net income (loss) (GAAP)	$	105,213	$	100,233	$	170,475	$	(117,433)
Non-GAAP adjustments:
Add:
Noninterest income components:
Losses on sales of securities available for sale, net	—		—		—		269,638
Gain on sale of other equity investment	(16)		—		(16)		—
Losses (gains) on sales of other assets	284		(618)		1,788		12
Noninterest expense components:
Expenses associated with staffing reorganization	—		—		2,706		—
Merger and acquisition expenses	1,550		2,582		29,611		2,582
Total impact of non-GAAP adjustments	1,818		1,964		34,089		272,232
Less net tax benefit associated with non-GAAP adjustment (1)	501		20,472		9,408		5,590
Non-GAAP adjustments, net of tax	$	1,317	$	(18,508)	$	24,681	$	266,642
Operating net income (non-GAAP)	$	106,530	$	81,725	$	195,156	$	149,209

Weighted average common shares outstanding during the period:
Basic	218,269,623		198,531,054		220,197,005		199,275,436
Diluted	219,244,234		198,992,111		221,384,607		199,275,436
Diluted for operating earnings per share computation (2)	219,244,234		198,992,111		221,384,607		200,095,230

Earnings (losses) per share, basic	$	0.48	$	0.50	$	0.77	$	(0.59)
Earnings (losses) per share, diluted	$	0.48	$	0.50	$	0.77	$	(0.59)

Operating earnings per share, basic (non-GAAP)	$	0.49	$	0.41	$	0.89	$	0.75
Operating earnings per share, diluted (non-GAAP)	$	0.49	$	0.41	$	0.88	$	0.75

(1)The net tax benefit associated with these items is generally determined by assessing whether each item is included or excluded from net taxable income and applying our combined statutory tax rate only to those items included in net taxable income.

(2)For the six-month period ended June 30, 2025, which ended in a net loss, common stock equivalents are excluded from the calculation of diluted earnings per share for GAAP purposes as inclusion would have had an anti-dilutive effect. Common stock equivalents were included for purposes of computing diluted operating earnings per share.

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The following table summarizes the impact of non-core items with respect to our total revenue, noninterest income (loss), noninterest expense, and the efficiency ratio, which reconciles to the most directly comparable respective GAAP financial measure, for the periods indicated:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(Dollars in thousands)
Net interest income (GAAP)	$	251,932		$	202,030		$	496,588		$	390,929
Add:
Tax-equivalent adjustment (non-GAAP)	6,222			4,805			12,391			9,412
Fully-taxable equivalent net interest income on an operating basis (non-GAAP)	258,154			206,835			508,979			400,341
Noninterest income (loss) (GAAP)	57,588			42,851			101,145			(193,267)
Less:
Losses on sales of securities available for sale, net	—			—			—			(269,638)
Gain on sale of other equity investment	16			—			16			—
(Losses) gains on sales of other assets	(284)			618			(1,788)			(12)
Noninterest income on an operating basis (non-GAAP)	57,856			42,233			102,917			76,383
Noninterest expense (GAAP)	$	167,948		$	136,961		$	366,578		$	267,081
Less:
Expenses associated with staffing reorganization	—			—			2,706			—
Merger and acquisition expenses	1,550			2,582			29,611			2,582
Noninterest expense on an operating basis (non-GAAP)	166,398			134,379			334,261			264,499
Amortization of intangible assets	11,643			7,807			23,287			15,615
Noninterest expense for calculation of operating efficiency ratio (non-GAAP)	$	154,755		$	126,572		$	310,974		$	248,884
Total revenue (GAAP)	$	309,520		$	244,881		$	597,733		$	197,662
Total operating revenue (non-GAAP)	$	316,010		$	249,068		$	611,896		$	476,724
Ratios:
Efficiency ratio (GAAP)	54.26		%	55.93		%	61.33		%	135.12		%
Operating efficiency ratio (non-GAAP)	48.97		%	50.82		%	50.82		%	52.21		%

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The following table summarizes the calculation of our tangible shareholders’ equity, tangible assets, the ratio of tangible shareholders’ equity to tangible assets, and tangible book value per share, which reconciles to the most directly comparable respective GAAP measure, as of the dates indicated:


	As of June 30,			As of December 31,
	2026			2025
	(Dollars in thousands, except per share data)
Tangible shareholders’ equity:
Total shareholders’ equity (GAAP)	$	4,283,214		$	4,340,553
Less: Goodwill and other intangibles	1,277,643			1,300,930
Tangible shareholders’ equity (non-GAAP)	3,005,571			3,039,623
Tangible assets:
Total assets (GAAP)	31,141,955			30,586,856
Less: Goodwill and other intangibles	1,277,643			1,300,930
Tangible assets (non-GAAP)	$	29,864,312		$	29,285,926
Shareholders’ equity to assets ratio (GAAP)	13.8		%	14.2		%
Tangible shareholders’ equity to tangible assets ratio (non-GAAP)	10.1		%	10.4		%
Book value per share:
Common shares issued and outstanding	228,858,364			235,646,558
Book value per share (GAAP)	$	18.72		$	18.42
Tangible book value per share (non-GAAP)	$	13.13		$	12.90

The following table summarizes the calculation of our average tangible shareholders’ equity and ratio of net income (loss) and operating net income to average tangible shareholders’ equity (“operating return on average tangible shareholders’ equity”), which reconciles to the most directly comparable GAAP measure, for the periods indicated:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(Dollars in thousands)
Tangible net income (loss):
Net income (loss) (GAAP)	$	105,213		$	100,233		$	170,475		$	(117,433)
Add: Amortization of intangible assets	11,643			7,807			23,287			15,615
Less: Tax effect of amortization of intangible assets (3)	3,213			2,163			6,427			4,325
Tangible net income (loss) (non-GAAP)	$	113,643		$	105,877		$	187,335		$	(106,143)

Operating net income (non-GAAP) (1)	$	106,530		$	81,725		$	195,156		$	149,209
Add: Amortization of intangible assets	11,643			7,807			23,287			15,615
Less: Tax effect of amortization of intangible assets (3)	3,213			2,163			6,427			4,325
Tangible operating net income (non-GAAP)	$	114,960		$	87,369		$	212,016		$	160,499

Average tangible shareholders’ equity:
Average total shareholders’ equity (GAAP)	$	4,293,362		$	3,623,169		$	4,327,257		$	3,603,341
Less: Average goodwill and other intangibles	1,284,552			1,039,634			1,290,658			1,043,530
Average tangible shareholders’ equity (non-GAAP)	$	3,008,810		$	2,583,535		$	3,036,599		$	2,559,811
Ratios:
Return (loss) on average total shareholders’ equity (GAAP) (2)	9.83		%	11.10		%	7.94		%	(6.57)		%
Return (loss) on average tangible shareholders’ equity (non-GAAP) (2)	15.15		%	16.44		%	12.44		%	(8.36)		%
Operating return on average tangible shareholders’ equity (non-GAAP) (2)	15.33		%	13.56		%	14.08		%	12.64		%

(1)Refer to the table above within this “Non-GAAP Financial Measures” section for a reconciliation of operating net income to net income (loss).

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(2)Presented on an annualized basis.

(3)The tax effect of amortization of intangible assets was calculated for the three and six months ended June 30, 2026 and 2025 using our combined statutory tax rate of 27.6% and 27.7%, respectively.

Financial Position

Summary of Financial Position


	As of June 30, 2026		As of December 31, 2025		Change
					Amount ($)		Percentage (%)
	(Dollars in thousands)
Cash and cash equivalents	$	256,163	$	316,869	$	(60,706)	(19.2)	%
Securities available for sale	4,047,828		3,825,569		222,259		5.8	%
Securities held to maturity	764,194		599,557		164,637		27.5	%
Loans, net of allowance for loan losses	22,956,047		22,753,224		202,823		0.9	%
Federal Home Loan Bank stock	21,250		13,838		7,412		53.6	%
Goodwill and other intangible assets	1,277,643		1,300,930		(23,287)		(1.8)	%
Deposits	25,919,312		25,470,751		448,561		1.8	%
Borrowed funds	398,593		214,938		183,655		85.4	%

Cash and cash equivalents

Total cash and cash equivalents decreased by $60.7 million, or 19.2%, to $256.2 million at June 30, 2026 from $316.9 million at December 31, 2025. This consistency in the balance of our cash and cash equivalents at June 30, 2026, compared to December 31, 2025, was due to the offsetting effect of security purchases, loan originations, a net increase in total deposits and borrowings, and AFS and HTM maturities and principal paydowns. Refer to the Statement of Cash Flows for additional information. For further discussion of the change in deposits and loans, refer to the later “Loans” and “Deposits” sections in this Item 2.

Securities

Our current investment policy authorizes us to invest in various types of investment securities and liquid assets, including U.S. Treasury obligations, securities of government-sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate debt obligations, asset-backed securities and municipal securities. The Risk Management Committee of our Board of Directors is responsible for approving and overseeing our investment policy, which it reviews at least annually. This policy dictates that investment decisions be made based on the safety of the investment, liquidity requirements, potential returns and market risk considerations. We do not engage in any investment hedging activities or trading activities, nor do we purchase any high-risk investment products. We typically invest in the following types of securities:

U.S. government securities: As of June 30, 2026 and December 31, 2025 our U.S. government securities consisted of U.S. Treasury securities. We maintain these investments, to the extent appropriate, for liquidity purposes, at zero risk weighting for capital purposes, and as collateral for interest rate derivative positions.

Mortgage-backed securities: We invest in residential and commercial mortgage-backed securities insured or guaranteed by Freddie Mac, Ginnie Mae or Fannie Mae, including collateralized mortgage obligations. We have not purchased any privately-issued mortgage-backed securities. We invest in mortgage-backed securities to achieve a positive interest rate spread with minimal administrative expense, and to lower our credit risk as a result of the guarantees provided by Freddie Mac, Ginnie Mae or Fannie Mae.

Investments in mortgage-backed securities involve a risk that actual payments will be greater or less than the prepayment rate estimated at the time of purchase, which may require adjustments to the amortization of any premium or accretion of any discount relating to such interests, thereby affecting the net yield on our securities. We periodically review current prepayment speeds to determine whether prepayment estimates require modification that could cause amortization or accretion adjustments. There is also reinvestment risk associated with the cash flows from such securities. In addition, the market value of such securities may be adversely affected by changes in interest rates.

State and municipal securities: We invest in fixed rate investment grade bonds issued by select states and municipalities for portfolio diversification and beneficial tax treatment. The market value of these securities may be affected by call options, long dated maturities, general market liquidity and credit factors.

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The following table shows the fair value of our securities by investment category as of the dates indicated:

Securities Portfolio Composition


	As of June 30, 2026		As of December 31, 2025
	(In thousands)
Available for sale securities, at fair value:
Government-sponsored residential mortgage-backed securities	$	2,794,837	$	2,533,309
Government-sponsored commercial mortgage-backed securities	1,024,510		1,060,331
U.S. Treasury securities	50,066		50,350
State and municipal bonds and obligations	178,415		181,579
Total available for sale securities, at fair value	4,047,828		3,825,569
Held to maturity securities, at amortized cost:
Government-sponsored residential mortgage-backed securities	199,766		210,142
Government-sponsored commercial mortgage-backed securities	181,682		185,185
State and municipal bonds and obligations	329,860		167,346
Corporate bonds	52,886		36,884
Total held to maturity securities, at amortized cost	764,194		599,557
Total	$	4,812,022	$	4,425,126

Our securities portfolio increased $0.4 billion, or 8.7%, to $4.8 billion at June 30, 2026 from $4.4 billion at December 31, 2025. This increase was primarily due to purchases of AFS and HTM securities of $0.6 billion, partially offset by by AFS and HTM maturities and principal paydowns of $0.2 billion.

We did not have trading investments at June 30, 2026 or December 31, 2025.

A portion of our securities portfolio continues to be tax-exempt. Investments in federally tax-exempt securities totaled $513.5 million at June 30, 2026 compared to $348.8 million at December 31, 2025.

Our AFS securities are carried at fair value and are categorized within the fair value hierarchy based on the observability of model inputs. Securities which require inputs that are both significant to the fair value measurement and unobservable are classified as Level 3 within the fair value hierarchy. As of both June 30, 2026 and December 31, 2025, we had no securities categorized as Level 3 within the fair value hierarchy.

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The following tables show contractual maturities of our AFS and HTM securities and weighted average yields at and for the periods ended June 30, 2026 and December 31, 2025. Maturities of our securities portfolio are based on the final contractual payment dates, and do not reflect the effect of scheduled principal repayments, prepayments, or early redemptions that may occur. Weighted average yields in the tables below have been calculated based on the amortized cost of the security:

Securities Portfolio, Weighted Average Yield


	Securities Maturing as of June 30, 2026 (1)
	Within One Year		After One Year But Within Five Years		After Five Years But Within Ten Years		After Ten Years		Total
Available for sale securities:
Government-sponsored residential mortgage-backed securities	2.36	%	2.46	%	2.22	%	3.12	%	3.11	%
Government-sponsored commercial mortgage-backed securities	3.05		3.97		1.96		2.05		3.03
U.S. Treasury securities	4.19		—		—		—		4.19
State and municipal bonds and obligations	2.64		3.08		3.79		4.17		3.80
Total available for sale securities	3.40	%	3.90	%	2.91	%	3.01	%	3.13	%
Held to maturity securities:
Government-sponsored residential mortgage-backed securities	—	%	—	%	—	%	2.85	%	2.85	%
Government-sponsored commercial mortgage-backed securities	—		2.15		2.35		—		2.21
State and municipal bonds and obligations	—		—		5.18		5.59		5.59
Corporate bonds	7.35		—		6.86		6.25		6.81
Total held to maturity securities	7.35	%	2.15	%	4.47	%	4.57	%	4.16	%
Total	3.42	%	3.57	%	3.66	%	3.21	%	3.28	%


	Securities Maturing as of December 31, 2025 (1)
	Within One Year		After One Year But Within Five Years		After Five Years But Within Ten Years		After Ten Years		Total
Available for sale securities:
Government-sponsored residential mortgage-backed securities	2.54	%	2.43	%	2.21	%	2.92	%	2.91	%
Government-sponsored commercial mortgage-backed securities	2.10		3.94		1.98		2.02		3.02
U.S. Treasury securities	4.19		—		—		—		4.19
State and municipal bonds and obligations	2.52		2.93		3.74		4.15		3.75
Total available for sale securities	3.68	%	3.86	%	2.78	%	2.83	%	3.00	%
Held to maturity securities:
Government-sponsored residential mortgage-backed securities	—	%	—	%	—	%	2.87	%	2.87	%
Government-sponsored commercial mortgage-backed securities	—		2.16		2.35		—		2.21
State and municipal bonds and obligations	—	%	—	%	—	%	5.54	%	5.54	%
Corporate bonds	—		7.35		7.10		—		7.11
Total held to maturity securities	—	%	2.20	%	4.23	%	4.05	%	3.67	%
Total	3.68	%	3.58	%	3.39	%	2.95	%	3.08	%

(1)Investment security weighted-average yields were calculated on a level-yield basis by weighting the tax equivalent yield for each security type by the book value of each maturity category.

The yield on tax-exempt obligations of states and political subdivisions has been adjusted to a fully-taxable equivalent (“FTE”) basis by adjusting tax-exempt income upward by an amount equivalent to the prevailing federal income taxes that would have been paid if the income had been fully taxable.

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Loans

The following table shows the composition of our loan portfolio, by category, as of the dates indicated:

Loan Portfolio Composition


					Change
	As of June 30, 2026		As of December 31, 2025		Amount ($)		Percentage (%)
	(Dollars in thousands)
Commercial and industrial	$	4,690,914	$	4,324,615	$	366,299	8.5	%
Commercial real estate	9,390,773		9,529,071		(138,298)		(1.5)	%
Commercial construction	544,546		567,597		(23,051)		(4.1)	%
Business banking	1,561,530		1,603,489		(41,959)		(2.6)	%
Residential real estate	5,442,043		5,516,114		(74,071)		(1.3)	%
Consumer home equity	1,824,835		1,758,099		66,736		3.8	%
Other consumer	258,458		275,511		(17,053)		(6.2)	%
Total gross loans	$	23,713,099	$	23,574,496	$	138,603	0.6	%

We consider our loan portfolio to be relatively diversified by borrower and industry. Our gross loans increased $0.1 billion, or 0.6%, to $23.7 billion at June 30, 2026 from $23.6 billion at December 31, 2025. The increase was primarily due to continued investment in resources targeted to grow our commercial and industrial loan portfolio and ongoing promotion of our consumer home equity products, partially offset by net paydowns in our other portfolios.

We believe that our commercial loan portfolio composition is relatively diversified in terms of industry sectors, property types and various lending specialties, and it is concentrated in the New England geographical area, with 85.5% of our commercial loans in Massachusetts, New Hampshire, or Rhode Island as of June 30, 2026.

Asset quality. We continually monitor the asset quality of our loan portfolio utilizing portfolio scorecards and various credit quality indicators. Based on this process, loans meeting certain criteria are categorized as delinquent or non-performing and further assessed to determine if non-accrual status is appropriate.

For the commercial portfolio, which includes our commercial and industrial, commercial real estate, commercial construction and business banking loans, we monitor credit quality using a risk rating scale, which assigns a risk-grade to each borrower based on a number of quantitative and qualitative factors associated with a commercial loan transaction. Management utilizes a loan risk rating methodology based on a 15-point scale with the assistance of risk rating scorecard tools. Pass grades are 0-10 and non-pass categories, which align with regulatory guidelines, are: special mention (11), substandard (12), doubtful (13) and loss (14).

Risk rating assignment is determined using one of 15 separate scorecards developed for distinctive portfolio segments based on common attributes. Key factors include: industry and market conditions, position within the industry, earnings trends, operating cash flow, asset/liability values, debt capacity, guarantor strength, management and controls, financial reporting, collateral and other considerations.

Special mention, substandard and doubtful loans totaled 4.9% and 5.0% of total commercial loans outstanding at June 30, 2026 and December 31, 2025, respectively.

Our philosophy toward managing our loan portfolios is predicated upon careful monitoring, which stresses early detection and response to delinquent and default situations. We seek to make arrangements to resolve any delinquent or default situation over the shortest possible time frame.

The delinquency rate of our total loan portfolio decreased to 0.51% at June 30, 2026, compared to 0.56% at December 31, 2025.

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The following table provides details regarding our delinquency rates as of the dates indicated:

Loan Delinquency Rates


	Delinquency Rate as of
	June 30, 2026		December 31, 2025
Portfolio
Commercial and industrial	0.16	%	0.17	%
Commercial real estate	0.23	%	0.22	%
Commercial construction	—	%	0.18	%
Business banking	1.43	%	1.83	%
Residential real estate	0.92	%	1.02	%
Consumer home equity	1.11	%	0.99	%
Other consumer	0.38	%	0.35	%
Total	0.51	%	0.56	%

As a general rule, loans more than 90 days past due with respect to principal or interest are classified as non-accrual loans. However, based on our assessment of collateral and/or payment prospects, certain loans that are more than 90 days past due may be kept on an accruing status. Income accruals are suspended on all non-accrual loans and all previously accrued and uncollected interest is reversed against current income. A loan is expected to remain on non-accrual status until it becomes current with respect to principal and interest, the loan is liquidated, or the loan is determined to be uncollectible and is charged-off against the allowance for loan losses.

Non-performing assets (“NPAs”) are comprised of non-performing loans (“NPLs”), OREO and non-performing securities. NPLs consist of non-accrual loans and loans that are more than 90 days past due but still accruing interest. OREO consists of real estate properties, which primarily serve as collateral to secure our loans, that we control due to foreclosure. These properties are recorded at the fair value less estimated costs to sell on the date we obtain control. Any write-downs to the cost of the related asset upon transfer to OREO to reflect the asset at fair value less estimated costs to sell is recorded through the allowance for loan losses.

NPLs decreased $63.0 million, or 36.5%, to $109.4 million at June 30, 2026 from $172.3 million at December 31, 2025. NPLs as a percentage of total loans decreased to 0.47% at June 30, 2026 from 0.75% at December 31, 2025. The decrease was primarily due to commercial loan payoffs during the six months ended June 30, 2026. Also driving this decline is continued efforts to work with borrowers to either exit certain relationships through sales or otherwise alleviate non-performance through regular payoffs.

The total amount of interest recorded on NPLs during both the six months ended June 30, 2026 and 2025 was not significant. The gross interest income that would have been recorded under the original terms of those loans if they had been performing amounted to $3.6 million and $2.8 million for the six months ended June 30, 2026 and 2025, respectively.

In the course of resolving NPLs, we may choose to restructure the contractual terms of certain loans. We attempt to work-out alternative payment schedules with the borrowers in order to avoid foreclosure actions. The aggregate amortized cost balance as of June 30, 2026 of loans modified during the three and six months ended June 30, 2026 which were determined to be modifications to borrowers experiencing financial difficulty was $16.5 million and $36.3 million, respectively. The aggregate amortized cost balance as of June 30, 2025 of loans modified during the three and six months ended June 30, 2025 which were determined to be modifications to borrowers experiencing financial difficulty was $11.0 million and $14.2 million, respectively.

As of June 30, 2026 there was one loan with a balance of $0.2 million that had been modified to a borrower experiencing financial difficulty during the during the twelve-month period then ended and which had subsequently defaulted during the six months ended June 30, 2026. As of June 30, 2025 there were no loans that had been modified to borrowers experiencing financial difficulty during the during the twelve-month period then ended which had subsequently defaulted during the six months ended June 30, 2025.

Our policy is that any restructured loan, which is on non-accrual status prior to being modified, remain on non-accrual status for approximately six months subsequent to being modified before we consider its return to accrual status. If the restructured loan is on accrual status prior to being modified, we review it to determine if the modified loan should remain on accrual status.

Purchased credit deteriorated (“PCD”) loans are loans that we acquired that have shown evidence of deterioration of credit quality since origination and, therefore, it was deemed unlikely that all contractually required payments would be collected upon the merger date. We consider factors such as payment history, collateral values and accrual status when

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determining whether there was evidence of deterioration at the merger date. As of June 30, 2026 and December 31, 2025, the carrying amount of PCD loans was $548.1 million and $659.7 million, respectively.

Potential Problem Loans. In the normal course of business, we become aware of possible credit problems in which borrowers exhibit the potential to be unable to comply in the future with the contractual terms of their loans, but which currently do not yet meet the criteria for classification as NPLs. These loans are neither delinquent nor on non-accrual status. Our potential problem loans, or loans with potential weaknesses that were not included in the non-accrual loans or in the loans 90 or more past due categories, increased by $117.6 million, or 28.4%, to $531.3 million at June 30, 2026 from $413.7 million at December 31, 2025. These loans as a percentage of total loans increased to 2.3% at June 30, 2026 from 1.8% at December 31, 2025.

Commercial Real Estate Office Exposure. As of June 30, 2026 and December 31, 2025 our total office-related commercial real estate (“CRE”) loans (which is comprised of loans within our commercial real estate and construction portfolios that are secured by office space, medical office space, mixed-use, and laboratory/life sciences office properties where rental income is primarily from office space) totaled $1.2 billion and $1.3 billion, respectively. As of June 30, 2026, our office-related CRE loans are primarily concentrated in Massachusetts, where approximately 87.1% of the total recorded investment balance of office-related CRE loans are located, and approximately 15.4% of the total recorded investment balance of office-related CRE loans are located in the City of Boston.

Given prevailing market conditions such as reduced occupancy as a result of the increase in hybrid and fully remote work arrangements post-COVID and lower commercial real estate valuations, we are carefully monitoring these loans for signs of deterioration in credit quality. Such monitoring includes incremental risk management strategies undertaken by management including monthly internal CRE office exposure portfolio reporting, more frequent portfolio reviews, ongoing monitoring of market conditions, and additional portfolio analysis such as maturity risk analysis and rent rollover risk analysis. As of June 30, 2026, eight of these loans, which had an aggregate recorded investment balance of $7.2 million, were on non-accrual status. As of December 31, 2025, four of these loans were on non-accrual status and had an aggregate recorded investment balance of $36.7 million.

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The following table sets forth the unpaid principal balance of office-related CRE loans by loan segment and credit quality indicator as of the dates indicated:


	June 30, 2026		December 31, 2025
	(In thousands)
Commercial real estate
Pass	$	986,378	$	1,065,028
Special mention	24,625		38,503
Substandard	124,740		105,824
Doubtful	7,235		36,772
Total commercial real estate	$	1,142,978	$	1,246,127
Commercial construction
Pass	$	12,501	$	25,021
Special mention	—		—
Substandard	—		—
Doubtful	—		—
Total commercial construction	$	12,501	$	25,021
Total	$	1,155,479	$	1,271,148

The following table sets forth the unpaid principal balance of office-related CRE loans by loan segment and collateral use type as of the dates indicated:


	June 30, 2026		December 31, 2025
	(In thousands)
Commercial real estate
Office	$	552,545	$	562,157
Medical office	100,142		135,003
Mixed-use	388,615		425,529
Laboratory/life science	101,676		123,438
Total commercial real estate	$	1,142,978	$	1,246,127
Commercial construction
Office	$	—	$	489
Medical office	12,501		5,324
Mixed-use	—		19,208
Laboratory/life science	—		—
Total commercial construction	$	12,501	$	25,021
Total	$	1,155,479	$	1,271,148

Allowance for credit losses. For the purpose of estimating our allowance for loan losses, we segregate the loan portfolio into loan categories, for loans that share similar risk characteristics, that possess unique risk characteristics such as loan purpose, repayment source, and collateral that are considered when determining the appropriate level of the allowance for loan losses for each category. Loans that do not share similar risk characteristics with other loans are evaluated individually.

While we use available information to recognize losses on loans, future additions or subtractions to/from the allowance for loan losses may be necessary based on changes in NPLs, changes in economic conditions, or other reasons. Additionally, various regulatory agencies, as an integral part of our examination process, periodically assess the adequacy of the allowance for loan losses to assess whether the allowance for loan losses was determined in accordance with GAAP and applicable guidance.

We perform an evaluation of our allowance for loan losses on a regular basis (at least quarterly), and establish the allowance for loan losses based upon an evaluation of our loan categories, as each possesses unique risk characteristics that are considered when determining the appropriate level of allowance for loan losses, including:

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•known increases in concentrations within each category;

•certain higher risk classes of loans, or pledged collateral;

•historical loan loss experience within each category;

•results of any independent review and evaluation of the category’s credit quality;

•trends in volume, maturity and composition of each category;

•volume and trends in delinquencies and non-accruals;

•national and local economic conditions and downturns in specific local industries;

•corporate goals and objectives;

•lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices; and

•current and forecasted banking industry conditions, as well as the regulatory and competitive environment.

Loans are evaluated on a regular basis by management. Expected lifetime losses are estimated on a collective basis for loans sharing similar risk characteristics and are determined using a quantitative model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. For commercial and industrial, commercial real estate, commercial construction and business banking portfolios, the quantitative model uses a loan rating system which is comprised of management’s determination of probability of default, or PD, loss given default, or LGD, and exposure at default, or EAD, which are derived from historical loss experience and other factors. For residential real estate, consumer home equity and other consumer portfolios, our quantitative model uses historical loss experience.

The allowance for loan losses is allocated to loan categories using both a formula-based approach and an analysis of certain individual loans for impairment. We use a methodology to systematically estimate the amount of expected credit loss in the loan portfolio. Under our current methodology, the allowance for loan losses contains reserves related to loans for which the related allowance for loan losses is determined on an individual loan basis and on a collective basis, and other qualitative components.

The allowance for loan losses decreased by $6.5 million, or 2.0%, to $325.4 million, or 1.40% of total loans, at June 30, 2026 from $331.8 million, or 1.44% of total loans at December 31, 2025. The decrease in the allowance for loan losses for the six months ended June 30, 2026 was primarily due to charge-offs of loans that were previously reserved for on a specific reserve basis.

In the ordinary course of business, we enter into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the reserving method for loans receivable previously described. The reserve for unfunded lending commitments is included in other liabilities in the Consolidated Balance Sheets. Our reserve for unfunded lending commitments remained consistent at $17.3 million at June 30, 2026 compared to $16.4 million at December 31, 2025.

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The following table summarizes credit ratios for the periods presented:

Credit Ratios


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(Dollars in thousands)
Net loan (recoveries) charge-offs:
Commercial and industrial	$	22		$	75		$	5,728		$	64
Commercial real estate	8,256			(578)			11,844			10,315
Commercial construction	—			—			—			—
Business banking	827			57			911			77
Residential real estate	28			(36)			(4)			(75)
Consumer home equity	2			(5)			(57)			(5)
Other consumer	645			284			1,063			663
Total net loan charge-offs (recoveries)	$	9,780		$	(203)		$	19,485		$	11,039
Average loans:
Commercial and industrial	$	4,454,865		$	3,525,189		$	4,388,766		$	3,433,109
Commercial real estate	9,363,853			7,255,875			9,423,315			7,240,123
Commercial construction	519,980			468,953			513,724			460,614
Business banking	1,517,501			1,283,430			1,525,410			1,285,984
Residential real estate	5,163,289			3,887,402			5,183,567			3,899,823
Consumer home equity	1,792,051			1,437,043			1,774,249			1,415,780
Other consumer	219,389			217,281			221,877			219,675
Average total loans (1)	$	23,030,928		$	18,075,173		$	23,030,908		$	17,955,108
Net charge-offs (recoveries) to average loans outstanding during the period:
Commercial and industrial	0.00		%	0.00		%	0.13		%	0.00		%
Commercial real estate	0.09			(0.01)			0.13			0.14
Commercial construction	—			—			—			—
Business banking	0.05			0.00			0.06			0.01
Residential real estate	0.00			(0.00)			(0.00)			(0.00)
Consumer home equity	0.00			(0.00)			(0.00)			(0.00)
Other consumer	0.29			0.13			0.48			0.30
Total net charge-offs (recoveries) to average loans outstanding during the period:	0.04		%	0.00		%	0.08		%	0.06		%
Total loans	$	23,281,401		$	18,315,123		$	23,281,401		$	18,315,123
Total non-accrual loans	$	109,381		$	54,712		$	109,381		$	54,712
Allowance for loan losses	$	325,354		$	232,113		$	325,354		$	232,113
Allowance for loan losses as a percent of total loans	1.40		%	1.27		%	1.40		%	1.27		%
Non-accrual loans as a percent of total loans	0.47		%	0.30		%	0.47		%	0.30		%
Allowance for loan losses as a percent of non-accrual loans	297.45		%	424.25		%	297.45		%	424.25		%

(1)Average loan balances exclude loans held for sale

Non-accrual loans increased $54.7 million, or 99.9%, to $109.4 million at June 30, 2026 from $54.7 million at June 30, 2025, primarily due to loans acquired from HarborOne in the fourth quarter of 2025, and which were already on non-accrual or were transferred to non-accrual following the completion of the merger. For additional information regarding the credit quality of our loans, see Note 4, “Loans and Allowance for Credit Losses” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.

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The following table sets forth the allocation of the allowance for loan losses by loan categories listed in loan portfolio composition as of the dates indicated:

Summary of Allocation of Allowance for Loan Losses


	As of June 30, 2026						As of December 31, 2025
	Allowance for Loan Losses		Percent of Allowance in Category to Total Allocated Allowance		Percent of Loans in Category to Total Loans		Allowance for Loan Losses		Percent of Allowance in Category to Total Allocated Allowance		Percent of Loans in Category to Total Loans
	(Dollars in thousands)
Commercial and industrial	$	63,209	19.43	%	20.07	%	$	65,768	19.82	%	18.34	%
Commercial real estate	172,339		52.97	%	39.95	%	164,376		49.53	%	40.42	%
Commercial construction	12,251		3.77	%	2.33	%	21,058		6.35	%	2.41	%
Business banking	23,171		7.12	%	6.67	%	22,921		6.91	%	6.80	%
Residential real estate	40,585		12.47	%	22.21	%	44,177		13.31	%	23.40	%
Consumer home equity	10,320		3.17	%	7.83	%	9,171		2.76	%	7.46	%
Other consumer	3,479		1.07	%	0.94	%	4,370		1.32	%	1.17	%
Total	$	325,354	100.00	%	100.00	%	$	331,841	100.00	%	100.00	%

To determine if a loan should be charged-off, all possible sources of repayment are analyzed. Possible sources of repayment include the potential for future cash flows, liquidation of the collateral and the strength of co-makers or guarantors. When available information confirms that specific loans or portions thereof are uncollectible, these amounts are promptly charged-off against the allowance for loan losses and any recoveries of such previously charged-off amounts are credited to the allowance for loan losses.

Regardless of whether a loan is unsecured or collateralized, we charge off the amount of any confirmed loan loss in the period when the loans, or portions of loans, are deemed uncollectible. For troubled, collateral-dependent loans, loss confirming events may include an appraisal or other valuation that reflects a shortfall between the value of the collateral and the carrying value of the loan or receivable, or a deficiency balance following the sale of the collateral.

For additional information regarding our allowance for loan losses, see Note 4, “Loans and Allowance for Credit Losses” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.

Federal Home Loan Bank stock

The FHLBB is a cooperative that provides services to its member banking institutions. The primary reason for our membership in the FHLBB is to gain access to a reliable source of wholesale funding and as a tool to manage interest rate risk. The purchase of stock in the FHLB is a requirement for a member to gain access to funding. We purchase and/or are subject to redemption of FHLBB stock proportional to the volume of funding received and view the holdings as a necessary long-term investment for the purpose of balance sheet liquidity and not for investment return.

We held an investment in the FHLBB of $21.3 million and $13.8 million at June 30, 2026 and December 31, 2025, respectively. The amount of stock we are required to purchase is proportional to our FHLB advances and level of total assets. Accordingly, our FHLB stock increased due to an increase in our FHLB advances during the six months ended June 30, 2026.

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Goodwill and other intangible assets

The table below sets forth the carrying amount of goodwill and other intangible assets, net of accumulated amortization, as of the dates indicated below:


	June 30, 2026		December 31, 2025
	(In thousands)
Balances not subject to amortization
Goodwill	$	1,117,148	$	1,117,148
Balances subject to amortization
Core deposit intangibles	142,863		164,280
Customer list intangible	16,966		18,711
Trade name intangible	666		791
Total balances subject to amortization	160,495		183,782
Total goodwill and other intangible assets	$	1,277,643	$	1,300,930

The balance of our goodwill and other intangible assets was $1.3 billion at both June 30, 2026 and December 31, 2025. We did not record any impairment to our goodwill or other intangible assets during the six months ended June 30, 2026.

Deposits

Deposits originating within the markets we serve continue to be our primary source of funding our earning assets. Historically, we have been able to compete effectively for deposits in our primary market areas. The distribution and market share of deposits by type of deposit and type of depositor are important considerations in our assessment of the stability of our funding sources and our access to additional funds. Furthermore, we shift the mix and maturity of the deposits depending on economic conditions and loan and investment policies in an attempt, within set policies, to minimize cost and maximize net interest margin.

The following table presents our deposits as of the dates presented:

Components of Deposits


					Change
	As of June 30, 2026		As of December 31, 2025		Amount ($)		Percentage (%)
	(Dollars in thousands)
Demand	$	6,540,568	$	6,341,205	$	199,363	3.1	%
Interest checking	4,706,543		4,727,219		(20,676)		(0.4)	%
Savings	2,151,300		2,010,028		141,272		7.0	%
Money market investments	8,207,130		7,885,707		321,423		4.1	%
Certificate of deposits	4,313,771		4,506,592		(192,821)		(4.3)	%
Total deposits	$	25,919,312	$	25,470,751	$	448,561	1.8	%

Deposits increased by $0.4 billion, or 1.8%, to $25.9 billion at June 30, 2026 from $25.5 billion at December 31, 2025. This increase was driven by regular deposit inflows primarily comprised of seasonal inflows of municipal deposits during the six months ended June 30, 2026 and increased utilization of brokered certificates of deposit.

The Bank’s estimate of total uninsured deposits was $10.9 billion and $10.2 billion at June 30, 2026 and December 31, 2025, respectively. In accordance with the FDIC’s Call Report instructions, these estimates include accounts of wholly-owned subsidiaries, the holding company, and internal operating deposit accounts (together referred to as “internal deposit accounts”). In addition, these estimates include municipal deposit accounts for which securities were pledged by us to secure such deposits (“collateralized deposits”). For liquidity monitoring purposes, we exclude internal deposit accounts and collateralized deposits from our estimate of uninsured deposits. Our estimate of uninsured deposits, excluding internal deposit accounts and collateralized deposits, was $8.0 billion and $8.1 billion at June 30, 2026 and December 31, 2025, respectively.

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The following table presents the classification of deposits on an average basis for the periods below:

Classification of Deposits on an Average Basis


	For the Six Months Ended June 30, 2026				For the Year Ended December 31, 2025
	Average Amount		Average Rate		Average Amount		Average Rate
	(Dollars in thousands)
Demand	$	6,382,893	—	%	$	5,803,876	—	%
Interest checking	4,673,276		0.85	%	4,482,914		0.94	%
Savings	2,090,384		0.37	%	1,683,451		0.30	%
Money market investments	7,950,445		2.20	%	6,309,936		2.35	%
Certificate of deposits	4,231,066		3.50	%	3,487,640		3.93	%
Total deposits	$	25,328,064	1.46	%	$	21,767,817	1.53	%

Other time deposits in excess of the FDIC insurance limit of $250,000, including certificates of deposits as of the dates indicated, had maturities as follows:


	As of June 30, 2026		As of December 31, 2025
Maturing in	(In thousands)
Three months or less	$	885,184	$	734,723
Over three months through six months	380,869		467,873
Over six months through 12 months	66,284		202,541
Over 12 months	15,089		8,465
Total	$	1,347,426	$	1,413,602

Borrowings

Our borrowings consist of both short-term and long-term borrowings and provide us with sources of funding. Maintaining available borrowing capacity provides us with a contingent source of liquidity. The following table sets forth the balances on our borrowings as of the dates and for the periods indicated:

Borrowings by Category


					Change
	As of June 30, 2026		As of December 31, 2025		Amount ($)		Percentage (%)
	(Dollars in thousands)
Interest rate swap collateral funds	$	34,181	$	15,321	$	18,860	123.1	%
FHLB advances	364,412		199,617		164,795		82.6	%
Total	$	398,593	$	214,938	$	183,655	85.4	%

Our total borrowings increased by $183.7 million to $398.6 million at June 30, 2026 compared to $214.9 million at December 31, 2025. The increase was primarily due to increased utilization of FHLB advances which were used to fund interest-earning asset growth during the six months ended June 30, 2026. Refer to the later “Liquidity, Capital Resources, Contractual Obligations, Commitments and Contingencies” section in this Item 2 for additional discussion of our liquidity position.

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Results of Operations

Summary of Results of Operations


	Three Months Ended June 30,								Six Months Ended June 30,
					Change								Change
	2026		2025		Amount ($)		Percentage		2026		2025		Amount ($)		Percentage
	(Dollars in thousands)
Interest and dividend income	$	349,909	$	279,339	$	70,570	25.3	%	$	689,455	$	545,044	$	144,411	26.5	%
Interest expense	97,977		77,309		20,668		26.7	%	192,867		154,115		38,752		25.1	%
Net interest income	251,932		202,030		49,902		24.7	%	496,588		390,929		105,659		27.0	%
Provision for allowance for loan losses	6,755		7,600		(845)		(11.1)	%	12,511		14,200		(1,689)		(11.9)	%
Noninterest income (loss)	57,588		42,851		14,737		34.4	%	101,145		(193,267)		294,412		152.3	%
Noninterest expense	167,948		136,961		30,987		22.6	%	366,578		267,081		99,497		37.3	%
Income tax expense	29,604		87		29,517		33,927.6	%	48,169		33,814		14,355		42.5	%
Net income (loss)	105,213		100,233		4,980		5.0	%	170,475		(117,433)		287,908		(245.2)	%

Comparison of the three and six months ended June 30, 2026 and 2025

Interest and Dividend Income

Interest and dividend income increased by $70.6 million, or 25.3%, to $349.9 million during the three months ended June 30, 2026 from $279.3 million during the three months ended June 30, 2025. The increase was primarily due to an increase in the average balance of our loan portfolio and an increase in yields in our securities portfolio. Our yields on loans and securities are generally presented on an FTE basis where the embedded tax benefit on loans and securities are calculated and added to the yield. Management believes that this presentation allows for better comparability between institutions with different tax structures.

•Interest income on loans increased $67.4 million, or 27.9%, to $308.5 million during the three months ended June 30, 2026 from $241.1 million during the three months ended June 30, 2025. The increase in interest income on our loans was due to an increase in the average balance on our loans, which increased $5.0 billion, or 27.6%, to $23.1 billion during the three months ended June 30, 2026 from $18.1 billion during the three months ended June 30, 2025. This increase was primarily due to loans acquired in connection with our merger with HarborOne, which was completed in November 2025.

•Interest income on securities and other short-term investments increased by $3.2 million, or 8.3%, to $41.4 million during the three months ended June 30, 2026 from $38.2 million during the three months ended June 30, 2025. The increase was primarily due to an increase in our combined yield on our securities and other short-term investments, which increased 18 basis points during the three months ended June 30, 2026 in comparison to the three months ended June 30, 2025 due to the purchase of new securities with higher yields.

Interest and dividend income increased by $144.4 million, or 26.5%, to $689.5 million during the six months ended June 30, 2026 from $545.0 million during the six months ended June 30, 2025. The increase was primarily due to an increase in both the average balance of our loan portfolio and yields on our loan and securities portfolios.

•Interest income on loans increased $140.7 million, or 30.0%, to $610.2 million during the six months ended June 30, 2026 from $469.6 million during the six months ended June 30, 2025. The increase in interest income on our loans was due to an increase in the average balance and an increase in the yield on our loans. The average balance of our loan portfolio increased $5.1 billion, or 28.4%, to $23.1 billion during the six months ended June 30, 2026 from $18.0 billion during the six months ended June 30, 2025. This increase was primarily due to loans acquired in connection with our merger with HarborOne, which was completed in November 2025. The overall yield on our loans increased 6 basis points during the six months ended June 30, 2026 in comparison to the six months ended June 30, 2025, which was primarily due to accretion of the discounts, on a net basis, recorded related to loans acquired in our merger with HarborOne.

•Interest income on securities and other short-term investments increased by $3.7 million, or 5.0%, to $79.2 million during the six months ended June 30, 2026 from $75.5 million during the six months ended June 30, 2025. The increase was primarily due to an increase in our combined yield on our securities and other short-term investments, which increased 27 basis points during the six months ended June 30, 2026 in comparison to the six

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months ended June 30, 2025 due to the purchase of new securities with higher yields. Partially offsetting this increase was a decrease in the average balance of our securities and other short-term investments during the six months ended June 30, 2026, which primarily resulted from maturities and principal paydowns of AFS and HTM securities.

Interest Expense

Interest expense increased by $20.7 million to $98.0 million during the three months ended June 30, 2026 from $77.3 million during the three months ended June 30, 2025. This increase was primarily due to both an increase in deposit interest expense and an increase in borrowings interest expense.

Interest expense on our interest-bearing deposits increased $16.3 million to $93.0 million during the three months ended June 30, 2026 from $76.7 million during the three months ended June 30, 2025. This increase was due to an increase in the average balance of our interest-bearing deposits. Average interest-bearing deposits increased by $3.9 billion, or 25.5%, to $19.0 billion during the three months ended June 30, 2026 from $15.2 billion during the three months ended June 30, 2025, which was primarily due to our merger with HarborOne, which added approximately $3.5 billion in interest-bearing deposits.

Interest expense related to our borrowings increased by $4.3 million to $4.9 million during the three months ended June 30, 2026 from $0.6 million during the three months ended June 30, 2025. The increase in borrowings interest expense during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to an increase in our total borrowings due to higher utilization of FHLB advances to fund loan growth.

Interest expense increased by $38.8 million to $192.9 million during the six months ended June 30, 2026 from $154.1 million during the six months ended June 30, 2025. This increase was primarily due to an increase in deposit interest expense and an increase in borrowings interest expense.

Interest expense on our interest-bearing deposits increased $30.8 million to $183.5 million during the six months ended June 30, 2026 from $152.7 million during the six months ended June 30, 2025. This increase was due to an increase in the average balance of our interest-bearing deposits. Average interest-bearing deposits increased by $3.8 billion, or 25.3%, to $18.9 billion during the six months ended June 30, 2026 from $15.1 billion during the six months ended June 30, 2025, which was primarily due to our merger with HarborOne, which added approximately $3.5 billion in interest-bearing deposits.

Interest expense related to our borrowings increased by $8.0 million to $9.4 million during the six months ended June 30, 2026 from $1.4 million during the six months ended June 30, 2025. The increase in borrowings interest expense during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to an increase in our total borrowings due to higher utilization of FHLB advances to fund interest-earnings assets growth.

Net Interest Income

Net interest income increased by $49.9 million, or 24.7%, to $251.9 million during the three months ended June 30, 2026 from $202.0 million for the three months ended June 30, 2025. Net interest income increased due to an increase in our net interest margin of 7 basis points, to 3.66% during the three months ended June 30, 2026 from 3.59% during the three months ended June 30, 2025.

Net interest income increased by $105.7 million, or 27.0%, to $496.6 million during the six months ended June 30, 2026 from $390.9 million during the six months ended June 30, 2025. Net interest income increased due to an increase in our net interest margin of 17 basis points, to 3.65% during the six months ended June 30, 2026 from 3.48% during the six months ended June 30, 2025.

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The following chart shows our net interest margin over the past five quarters:

Net interest margin is determined by dividing FTE net interest income by average total interest-earning assets. For purposes of the following discussion, income from tax-exempt loans and investment securities has been adjusted to an FTE basis, using marginal tax rates of 21.1% and 21.5% for the three and six months ended June 30, 2026, respectively, compared to 21.8% for both the three and six months ended June 30, 2025.

Net interest margin increased 7 basis points during the three months ended June 30, 2026 to 3.66% from 3.59% during the three months ended June 30, 2025. The increase in net interest margin for the three months ended June 30, 2026 from the three months ended June 30, 2025 was primarily due to an increase in our average balance and yield on interest-earning assets which exceeded the increase in our average balance of interest-bearing liabilities.

Net interest margin increased 17 basis points to 3.65% during the six months ended June 30, 2026 from 3.48% during the six months ended June 30, 2025. The increase in net interest margin for the six months ended June 30, 2026 from the six months ended June 30, 2025 was primarily due to an increase in our average balance and yield on interest-earning assets which exceeded the increase in our average balance of interest-bearing liabilities.

The following tables set forth average balance sheet items, annualized average yields and costs, and certain other information for the periods indicated. All average balances in the table reflect daily average balances. Non-accrual loans were included in the computation of average balances but have been reflected in the table as loans carrying a zero yield. The yields set forth below include the effect of deferred fees and costs, discounts and premiums that are accreted or amortized to interest income or expense.

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Average Balances, Interest Earned/Paid, & Average Yields


	As of and for the three months ended June 30,
	2026							2025
	Average Outstanding Balance			Interest		Average Yield/Cost (5)		Average Outstanding Balance			Interest		Average Yield /Cost (5)
	(Dollars in thousands)
Interest-earning assets:
Loans (1)
Commercial	$	15,856,199		$	216,722	5.48	%	$	12,533,447		$	174,639	5.59	%
Residential	5,189,232			63,779		4.93	%	3,888,885			43,235		4.46	%
Consumer	2,011,440			32,973		6.58	%	1,654,324			27,542		6.68	%
Total loans	23,056,871			313,474		5.45	%	18,076,656			245,416		5.45	%
Non-taxable investment securities	486,926			5,848		4.82	%	234,708			2,256		3.86	%
Taxable investment securities	4,556,244			35,035		3.08	%	4,597,007			34,113		2.98	%
Other short-term investments	200,359			1,774		3.55	%	228,803			2,359		4.14	%
Total interest-earning assets	$	28,300,400		$	356,131	5.05	%	$	23,137,174		$	284,144	4.93	%
Non-interest-earning assets	2,531,564							1,921,592
Total assets	$	30,831,964						$	25,058,766
Interest-bearing liabilities:
Deposits:
Savings account	$	2,123,940		$	2,066	0.39	%	$	1,632,098		$	1,212	0.30	%
Interest checking account	4,677,313			9,987		0.86	%	4,410,100			10,169		0.92	%
Money market investment	8,039,037			44,835		2.24	%	5,893,593			33,651		2.29	%
Time account	4,184,757			36,151		3.46	%	3,228,372			31,674		3.94	%
Total interest-bearing deposits	19,025,047			93,039		1.96	%	15,164,163			76,706		2.03	%
Borrowings	534,791			4,938		3.70	%	65,821			603		3.67	%
Total interest-bearing liabilities	$	19,559,838		$	97,977	2.01	%	$	15,229,984		$	77,309	2.04	%
Demand accounts	6,435,385							5,662,108
Other noninterest-bearing liabilities	543,379							543,505
Total liabilities	26,538,602							21,435,597
Shareholders’ equity	4,293,362							3,623,169
Total liabilities and shareholders’ equity	$	30,831,964						$	25,058,766
Net interest income – FTE				$	258,154						$	206,835
Net interest rate spread (2)						3.04	%						2.89	%
Net interest-earning assets (3)	$	8,740,562						$	7,907,190
Net interest margin – FTE (4)						3.66	%						3.59	%
Average interest-earning assets to interest-bearing liabilities	144.69		%					151.92		%
Return on average assets (5)(6)	1.37		%					1.60		%
Return on average equity (5)(7)	9.83		%					11.10		%
Noninterest expense to average assets	2.18		%					2.19		%

(1)Non-accrual loans are included in loans.

(2)Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4)Net interest margin - FTE represents fully-taxable equivalent net interest income divided by average total interest-earning assets. Refer to the earlier “Non-GAAP Financial Measures” section within this Item 2 for additional information.

(5)Presented on an annualized basis.

(6)Represents net income divided by average total assets.

(7)Represents net income divided by average equity.

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	As of and for the six months ended June 30,
	2026							2025
	Average Outstanding Balance			Interest		Average Yield /Cost (5)		Average Outstanding Balance			Interest		Average Yield/Cost (5)
	(Dollars in thousands)
Interest-earning assets:
Loans (1)
Commercial	$	15,851,215		$	430,931	5.48	%	$	12,419,830		$	338,476	5.50	%
Residential	5,208,445			124,481		4.82	%	3,901,270			85,904		4.44	%
Consumer	1,996,126			64,967		6.56	%	1,635,456			53,716		6.62	%
Total loans	23,055,786			620,379		5.43	%	17,956,556			478,096		5.37	%
Non-taxable investment securities	440,305			10,445		4.78	%	216,302			4,092		3.81	%
Taxable investment securities	4,495,295			68,238		3.06	%	4,682,692			65,273		2.81	%
Other short-term investments	163,390			2,784		3.44	%	333,038			6,995		4.24	%
Total interest-earning assets	$	28,154,776		$	701,846	5.03	%	$	23,188,588		$	554,456	4.82	%
Non-interest-earning assets	2,568,390							1,874,913
Total assets	$	30,723,166						$	25,063,501
Interest-bearing liabilities:
Deposits:
Savings account	$	2,090,384		$	3,852	0.37	%	$	1,640,121		$	2,403	0.30	%
Interest checking account	4,673,276			19,640		0.85	%	4,451,261			20,219		0.92	%
Money market investment	7,950,445			86,554		2.20	%	5,814,024			65,358		2.27	%
Time account	4,231,066			73,428		3.50	%	3,219,873			64,724		4.05	%
Total interest-bearing deposits	18,945,171			183,474		1.95	%	15,125,279			152,704		2.04	%
Borrowings	511,282			9,393		3.70	%	75,745			1,411		3.76	%
Total interest-bearing liabilities	$	19,456,453		$	192,867	2.00	%	$	15,201,024		$	154,115	2.04	%
Demand accounts	6,382,893							5,701,899
Other noninterest-bearing liabilities	556,563							557,237
Total liabilities	26,395,909							21,460,160
Shareholders’ equity	4,327,257							3,603,341
Total liabilities and shareholders’ equity	$	30,723,166						$	25,063,501
Net interest income – FTE				$	508,979						$	400,341
Net interest rate spread (2)						3.03	%						2.78	%
Net interest-earning assets (3)	$	8,698,323						$	7,987,564
Net interest margin – FTE (4)						3.65	%						3.48	%
Average interest-earning assets to interest-bearing liabilities	144.71		%					152.55		%
Return (loss) on average assets (5)(6)	1.12		%					(0.94)		%
Return (loss) on average equity (5)(7)	7.94		%					(6.57)		%
Noninterest expense to average assets	2.41		%					2.15		%

(1)Non-accrual loans are included in loans.

(2)Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(5)Presented on an annualized basis.

(6)Represents net income (loss) divided by average total assets.

(7)Represents net income (loss) divided by average equity.

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The following chart shows the composition of our quarterly average interest-earning assets for the past five quarters:

Provision for Loan Losses

The provision for loan losses represents the charge to expense that is required to maintain an appropriate level of allowance for loan losses.

We recorded provisions for allowance for loan losses of $6.8 million and $7.6 million for the three months ended June 30, 2026 and 2025, respectively, and provisions of $12.5 million and $14.2 million for the six months ended June 30, 2026 and 2025, respectively. The slight decline in provisions for allowance for loan losses despite increased charge-offs is primarily due to loans charged-off which had specific reserves that were established in prior periods, which represented the majority of our charge-offs during the six months ended June 30, 2026.

Our periodic evaluation of the appropriate allowance for loan losses considers the risk characteristics of the loan portfolio, current economic conditions, and trends in loan delinquencies and charge-offs.

Management’s estimate of our allowance for loan losses as of June 30, 2026 and the provision for allowance for loan losses for the three and six months ended June 30, 2026, was supported, in part, by Oxford Economics’ June 2026 Baseline forecast (“the forecast”) which was used to develop management’s estimate of the effect of expected future economic conditions on the allowance for loan losses. The forecast assumed the U.S. economy will grow slightly in 2026, however with recent uncertainty around the United States’ conflict in Iran, the growth forecast has been downgraded slightly. The forecast also assumed a decrease to unemployment rates, which is expected to offset the projected impact of increase in oil prices. Further, the forecast assumed that the FOMC will decrease federal funds rates in December 2026 as inflation is projected to fall. Refer to the section titled “Outlook and Trends” within this Item 2 for additional discussion. For additional discussion of our allowance for credit losses measurement methodology, see Note 4, “Loans and Allowance for Credit Losses” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.

To illustrate the sensitivity of the modeled result to the impact of a hypothetical change in the economic forecast, management calculated the allowance for loan losses assuming the downside economic forecast scenario and, separately, the upside economic forecast scenario. The downside scenario assumed the U.S. economy will experience growth of GDP on an annual basis in 2026 of 1.3%. Use of the downside scenario would have resulted in an incremental increase in the allowance for loan losses of approximately $20.2 million as of June 30, 2026. The upside scenario assumed GDP growth on an annual basis of 2.5%, with slight growth in 2026. Use of the upside scenario would have resulted in an incremental decrease in the allowance for loan losses of approximately $10.9 million as of June 30, 2026.

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Noninterest Income

The following table sets forth information regarding noninterest income for the periods shown:

Noninterest Income


	Three Months Ended June 30,								Six Months Ended June 30,
					Change								Change
	2026		2025		Amount		%		2026		2025		Amount		%
	(Dollars in thousands)
Investment advisory fees	$	19,693	$	17,282	$	2,411	14.0	%	$	38,007	$	33,719	$	4,288	12.7	%
Service charges on deposit accounts	10,044		8,244		1,800		21.8	%	19,971		16,559		3,412		20.6	%
Card income	6,038		4,230		1,808		42.7	%	11,835		8,150		3,685		45.2	%
Interest rate swap income	1,996		978		1,018		104.1	%	2,979		1,466		1,513		103.2	%
Income from investments for employee retirement benefits	6,958		5,727		1,231		21.5	%	5,098		4,470		628		14.0	%
Mortgage banking income (loss)	3,343		(95)		3,438		(3,618.9)	%	6,208		(187)		6,395		(3,419.8)	%
Losses on sales of securities available for sale, net	—		—		—		—	%	—		(269,638)		269,638		(100.0)	%
Miscellaneous income and fees	9,784		5,867		3,917		66.8	%	18,819		12,206		6,613		54.2	%
Other non-operating (loss) income	(268)		618		(886)		(143.4)	%	(1,772)		(12)		(1,760)		14,666.7	%
Total noninterest income (loss)	$	57,588	$	42,851	$	14,737	34.4	%	$	101,145	$	(193,267)	$	294,412	(152.3)	%

Noninterest income increased by $14.7 million, or 34.4%, to $57.6 million during the three months ended June 30, 2026 from $42.9 million during the three months ended June 30, 2025. This increase was primarily due to a $3.9 million increase in miscellaneous income and fees, a $3.4 million increase in mortgage banking income, and a $2.4 million increase in investment advisory fees.

•Miscellaneous income and fees increased primarily due to a $3.5 million gain on sale of commercial loans held for investment during the three months ended June 30, 2026. There were no sales of commercial loans during the three months ended June 30, 2025.

•Mortgage banking income increased primarily due to the merger with HarborOne, which included a mortgage company subsidiary that was liquidated into the Bank during the first quarter of 2026. The activities of the subsidiary, in which the Bank is now engaged, included originating residential real estate mortgage loans principally for sale on the secondary market. As a result, the merger lead to a greater volume of secondary market sales during the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Noninterest income increased by $294.4 million to $101.1 million for the six months ended June 30, 2026 from a net loss of $193.3 million for the six months ended June 30, 2025. This increase was primarily due to a $269.6 million decrease in losses on sales of securities available for sale, a $6.6 million increase in miscellaneous income and fees, and a $6.4 million increase in mortgage banking income.

•There were no sales of available for sale securities during the six months ended June 30, 2026. Losses on sales of securities available for sale were $269.6 million for the six months ended June 30, 2025, due to an investment portfolio repositioning, which included the decision by management to sell certain available for sale securities.

•Miscellaneous income and fees increased primarily due to a $4.7 million increase in gains on sales of commercial loans during the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

•Mortgage banking income increased primarily due to the merger with HarborOne as stated above.

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Noninterest Expense

The following table sets forth information regarding noninterest expense for the periods shown:

Noninterest Expense


	Three Months Ended June 30,								Six Months Ended June 30,
					Change								Change
	2026		2025		Amount		%		2026		2025		Amount		%
	(Dollars in thousands)								(Dollars in thousands)
Salaries and employee benefits	$	97,030	$	80,696	$	16,334	20.2	%	$	199,181	$	160,555	$	38,626	24.1	%
Occupancy and equipment	13,246		11,230		2,016		18.0	%	27,357		21,847		5,510		25.2	%
Technology and data processing	23,740		18,395		5,345		29.1	%	47,583		36,410		11,173		30.7	%
Professional services	5,681		3,037		2,644		87.1	%	9,095		5,961		3,134		52.6	%
Marketing expenses	3,098		2,432		666		27.4	%	5,794		4,164		1,630		39.1	%
FDIC insurance	3,747		3,780		(33)		(0.9)	%	7,115		7,068		47		0.7	%
Amortization of intangible assets	11,643		7,807		3,836		49.1	%	23,287		15,615		7,672		49.1	%
Other operating expenses	8,213		7,002		1,211		17.3	%	14,849		12,879		1,970		15.3	%
Non-operating expenses	1,550		2,582		(1,032)		(40.0)	%	32,317		2,582		29,735		1,151.6	%
Total noninterest expense	$	167,948	$	136,961	$	30,987	22.6	%	$	366,578	$	267,081	$	99,497	37.3	%

Noninterest expense increased by $31.0 million, or 22.6%, to $167.9 million during the three months ended June 30, 2026 from $137.0 million during the three months ended June 30, 2025. The increase was primarily due to a $16.3 million increase in salaries and employee benefits expense, a $5.3 million increase in technology and data processing expense, and a $3.8 million increase in amortization of intangible assets

•Salaries and employee benefits increased primarily due to increases in salary and wages expenses and incentives, which were primarily due to an increase in the number of employees as a result of our merger with HarborOne in addition to regular employee wage increases.

•Technology and data processing expenses increased primarily due to an increase in software expenses, which were primarily driven by an increase in cybersecurity software expenses. The increase in these expenses was driven by an increase in the number of our employees and efforts to improve our cybersecurity technology to better protect against potential cybersecurity threats. Also contributing to this increase, was an increase in core data processing expenses, which was primarily driven by an increase in the number of accounts following our merger with HarborOne.

•Amortization of intangible assets increased due to an increase in intangible assets in connection with our merger with HarborOne, which resulted in an increase in amortization expense.

Noninterest expense increased by $99.5 million, or 37.3%, to $366.6 million during the six months ended June 30, 2026 from $267.1 million during the six months ended June 30, 2025. This increase was primarily due to a $38.6 million increase in salaries and employee benefits expense, an increase of $29.7 million in non-operating expenses, a $11.2 million increase in technology and data processing expenses, and a $7.7 million increase in amortization of intangible assets.

•Salaries and employee benefits expenses increased primarily due to increases in salary and wages expenses and health insurance expenses, which were primarily due to an increase in the number of employees as a result of our merger with HarborOne in addition to regular employee wage increases.

•Non-operating expenses increased primarily as a result of the timing and extent of merger and acquisition costs incurred in association with our merger with HarborOne during the six months ended June 30, 2026 in comparison to the costs related to our merger with HarborOne incurred during the six months ended June 30, 2025.

•Amortization of intangible assets increased due to an increase in intangible assets in connection with our merger with HarborOne, which resulted in an increase in amortization expense.

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Income Taxes

We recognize the tax effect of all income and expense transactions in each year’s Consolidated Statements of Income, regardless of the year in which the transactions are reported for income tax purposes. The following table sets forth information regarding our tax provision and applicable tax rates for the periods indicated:

Tax Provision and Applicable Tax Rates


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(Dollars in thousands)
Combined federal and state income tax provision	$	29,604		$	87		$	48,169		$	33,814
Effective income tax rate	22.0		%	0.1		%	22.0		%	(40.4)		%
Blended statutory tax rate	27.6		%	27.7		%	27.6		%	27.7		%

Income tax expense for the three and six months ended was $29.6 million and $48.2 million, respectively, compared to $0.1 million and $33.8 million for the three and six months ended June 30, 2025.

The increase in income tax expense for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was due to the treatment of the tax benefit associated with the loss on sale of securities incurred during the first quarter of 2025. Such loss is not considered to be a discrete item for tax purposes and, therefore, the associated tax benefit of $71.8 million was recognized ratably over the full year.

Similarly, the increase in income tax expense for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was primarily due to the treatment of pre-tax losses resulting from sales on securities available for sale in the first quarter of 2025.

Refer to Note 8, “Income Taxes” for further discussion regarding income taxes.

Management of Market Risk

General. Market risk is the sensitivity of the net present value of assets and liabilities and/or income to changes in interest rates, foreign exchange rates, commodity prices and other market-driven rates or prices. Interest rate sensitivity is the most significant market risk to which we are exposed. Interest rate risk is the sensitivity of the net present value of assets and liabilities and income to changes in interest rates. Changes in interest rates, as well as fluctuations in the level and duration of assets and liabilities, affect net interest income, our primary source of income. Interest rate risk arises directly from our core banking activities. In addition to directly impacting net interest income, changes in the level of interest rates can also affect the amount of loans originated, the timing of cash flows on loans and securities, and the fair value of assets and liabilities, as well as other aspects of our business.

Governance. The primary goal of interest rate risk management is to attempt to control this risk within policy limits approved by the Risk Management Committee of our Board of Directors (“RMC”), and within the Risk Appetite Statement formally adopted by the Board of Directors and described further below.

These limits reflect our tolerance for interest rate risk over both short-term and long-term horizons, are designed to encompass market rate shocks that would take place with both gradual and immediate effect and cover a range of scenarios from mild to extreme market shocks. More specifically, and as further described below, our policy limits govern:

•The maximum amount of acceptable earnings loss due to market risk in year one of a two-year earnings simulation, determined by net interest income analysis;

•The maximum amount of acceptable earnings loss due to market risk in year two of a two-year earnings simulation, determined by net interest income analysis;

•The maximum amount of acceptable decline in the present value of equity due to market risk, determined by economic value of equity analysis;

•The maximum acceptable size of the investment portfolio relative to total assets;

•Concentration limits on investment asset types to ensure appropriate portfolio diversification;

•Maximum maturity and weighted average life per security at time of purchase in both a base case and a shocked rate scenario to measure extension risk;

•The maximum acceptable duration of the investment and hedging derivatives portfolio; and

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•Guidelines on accounting classification of securities including held for trading, available for sale and held to maturity.

Policy limits are tested quarterly, and the results are reported to the Asset Liability Committee (“ALCO”), which is a subcommittee of management’s Enterprise Risk Management Committee (“ERMC”), and to RMC. RMC advises the Board of Directors with respect to the adequacy of capital allocated based on the level of risk as well as risk issues that could impact liquidity and/or capital adequacy. From time to time, we expect we will exceed policy limits, in which case we may seek corrective action after considering, among other things, market conditions, customer reaction, and the estimated impact on profitability. A remediation plan will be presented to ALCO, ERMC and RMC that carefully outlines the proposed corrective action.

We attempt to manage interest rate risk by identifying, quantifying, and where appropriate, hedging our exposure to market risk. If assets and liabilities do not re-price simultaneously and in equal volume, the potential for interest rate exposure exists. Our objective is to maintain stability in the growth of net interest income through the maintenance of an appropriate mix of interest-earning assets and interest-bearing liabilities and, when necessary and within limits that management determines to be prudent, through the use of off-balance sheet hedging instruments including, but not limited to, interest rate swaps, floors and caps.

Our asset-liability management strategy is devised and monitored by our ALCO in accordance with policies approved by RMC. ALCO operates under a charter developed and approved by ERMC. ALCO meets monthly, or more frequently as needed, to review, among other things, our sensitivity to interest rate changes, loan pricing and activity, investment activity and strategy, hedging strategies, deposit pricing and funding strategies with respect to overall balance sheet composition, as well as earnings simulations over multiple years. ALCO may meet more frequently if there are changes in the economic environment, such as rapid increases or decreases in interest rates due to or as a result of exogenous or unknown factors so that ALCO can make any necessary strategic adjustments to better manage interest rate risk. ALCO’s membership is comprised of executive management of the Company, and representatives from various lines of business are in regular attendance, including representation from Enterprise Risk Management (“ERM”). ALCO reports regularly to RMC on these risks and objectives with independent oversight and reporting from our Financial and Model Risk Management group within ERM.

As a company offering banking and other financial services, certain elements of risk are inherent in our transactions and operations and are present in the business decisions we make. We, therefore, encounter risk as part of the normal course of our business, and we design risk management processes to help manage these risks. In its oversight of our risk management framework, the Board of Directors has adopted a formal Risk Appetite Statement (“RAS”) which defines the aggregate level of risk and the types of risk the Company is willing to assume to achieve its corporate strategy and objectives. The Board of Directors regularly assesses whether the approved policy limits, as described further above, conform to stated risk appetite. The Board of Directors monitors, on at least a quarterly basis, a set of key risk metrics, including those, but not limited to those, pertaining to market risk. Monitoring these metrics can help to identify trends in risk profile or emerging risks over time, and where applicable, determine where adjustments may be required to business strategy or tactics. Within our risk management framework, the functional responsibilities of risk management are divided into a tiered model, involving three lines of defense:

1.The Finance Department to which primary market risk ownership belongs including monitoring and tracking of risk, model development and maintenance, and execution of strategy and tactics to mitigate market risk;

2.The ERM Department which conducts independent risk and controls assessments to ensure appropriate risk identification, management, and reporting. The Model Risk Management group (“MRM”) within ERM is responsible for independent oversight of models used to measure market risk, including model and assumption implementation, development, and conceptual soundness; and

3.The Internal Audit Department which independently assesses the operating effectiveness of the first- and second-line processes and controls.

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Comments on Recent Developments. During the past several years, the U.S. economy has experienced both sharp increases and decreases in interest rates. Refer to the earlier section titled “Outlook and Trends” within this Item 7, for a description of recent actions by the Federal Open Market Committee (“FOMC”) regarding changes to the range of the federal funds rate. Our market risk management framework is designed for the potential for such rapid changes in interest rates, by establishing policy limits on such rapid shocks and periodically back-testing modeled to actual results. Back-testing of top-line results as well as key assumptions is performed against established thresholds as part of our ongoing monitoring governance of our models, and results are reported to ALCO and MRM. Should back-testing results exceed established performance thresholds, the model and underlying assumptions will be reviewed for recalibration.

Net Interest Income Analysis. We analyze our sensitivity to changes in interest rates through a net interest income (“NII”) model. We model our NII over a 12-month and 24-month period assuming no changes in interest rates and a static balance sheet, where cash flows from financial assets and liabilities are replaced with new business of similar terms at current rates. The impact of our interest rate derivatives designated as hedging instruments are included in the model results. We then model NII for the same period under the assumption that market rates increase and decrease instantaneously by certain basis point increments, which vary by period depending upon market conditions, with changes in interest rates representing immediate, permanent, and parallel shifts in the yield curve. A basis point equals one-hundredth of one percent, and 100 basis points equals one percent. An increase in interest rates from 3% to 4% would mean, for example, a 100 basis point increase in the “Changes in Interest Rates” column in the table below.

Many assumptions are made in the modeling process for both NII and economic value of equity (“EVE”, discussed further below), including but not limited to the repricing and maturity characteristics of existing and new business, loan and security prepayments, administered deposit rate betas, duration of deposits without stated maturity dates, and other option risks. Management believes these assumptions to be reasonable for the various interest rate environments modeled. However, differences in actual results from these assumptions could change our exposure to interest rate risk. The models assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assume that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Additionally, the model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates. We do not model negative interest rate scenarios.

Because of the limitations inherent in any modeling approach used to measure market risk, including NII and EVE sensitivity analysis, and because, in the event of changes in interest rates, management would take active steps to manage interest rate risk exposure among its financial assets and liabilities, modeling results, including those discussed in “Interest Rate Sensitivity” and “EVE Interest Rate Sensitivity” below, should not be relied upon as a forecast of actual NII or EVE, nor should they be interpreted as management’s expectations of actual results in the event of such interest rate fluctuations. The tables provide an indication of our interest rate risk exposure at a particular point in time, and actual results may differ.

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The tables below set forth, as of June 30, 2026 and December 31, 2025, the modeled changes in our net interest income on an FTE basis that would result from the designated immediate changes in market interest rates:

Interest Rate Sensitivity


		As of June 30, 2026
Change in Interest Rates (basis points) (1)		Year 1 Change from Level		Policy Limit

400		2.8	%	(20.0)	%
200		1.6	%	(12.0)	%
100		0.8	%	(10.0)	%
Flat		—	%	—	%
(100)		(1.0)	%	(10.0)	%
(200)		(1.8)	%	(12.0)	%
(400)		2.0	%	(20.0)	%

	As of December 31, 2025
Change in Interest Rates (basis points) (1)		Year 1 Change from Level		Policy Limit

400		(1.7)	%	(20.0)	%
200		(0.6)	%	(12.0)	%
100		(0.2)	%	(10.0)	%
Flat		—	%	—	%
(100)		(0.1)	%	(10.0)	%
(200)		0.0	%	(12.0)	%
(400)		1.4	%	(20.0)	%

(1)Assumes an immediate uniform change in market interest rates at all maturities.

As of June 30, 2026, our model, as indicated above, shows modest changes in net interest income in rising and falling rate scenarios. In the rising rate scenarios, modeled interest income growth is expected to outpace the growth in funding costs. In the falling rate scenarios, except for the shock down 400 basis point scenario, interest income is modeled to fall faster than funding costs. This represents a modest increase in asset sensitivity from December 31, 2025, driven by a modest decrease in asset duration, due in part to the reduced impact of the cash flow hedge portfolio. The simulation results are within policy limits and management therefore does not expect a material change to our current strategy over the near term. The rate scenarios that we model at each period end are dependent upon market conditions, which is why the rate scenarios that we model may differ from period-to-period.

Management may use techniques such as investment strategy, loan and deposit pricing, non-core funding strategies, and interest rate derivative financial instruments, within internal policy guidelines, to manage interest rate risk as part of our asset/liability strategy. Hedging strategies such as, for example, receive-fixed and pay-fixed swaps, interest rate caps, floors, or collars, may be used to protect against benchmark interest rates either rising or falling. The type of derivatives we primarily use to hedge market risk are interest rate swap agreements designated as cash flow hedging instruments. When the Federal Reserve began raising interest rates in March of 2022 from very low levels, management began evaluating a derivative strategy designed to limit our exposure to downward rate scenarios. In 2022, management executed receive-fixed interest rate swap agreements on floating-rate loans which have a total notional value of $1.3 billion as of June 30, 2026. These swaps are designated as cash flow hedges and management believes these derivatives provide significant protection against falling interest rates, as they have the effect of converting floating rate loan exposure to fixed rates. These receive-fixed swaps constitute the entirety of our current hedge portfolio. Management may, from time to time, due to actual or projected changes in market rates or our risk exposure, evaluate other hedging strategies, although we believe our current Net Interest Income and Economic Value of Equity simulation analyses support maintaining the current derivatives strategy. For additional information related to our interest rate derivative financial instruments, see Note 11, “Derivative Financial Instruments” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.

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Economic Value of Equity Analysis. We also analyze the sensitivity of our financial condition to changes in interest rates through our EVE model. This analysis calculates the difference between the present value of expected cash flows from assets and liabilities assuming various changes in current interest rates.

The tables below represent an analysis of our interest rate risk as measured by the estimated changes in our EVE, resulting from an instantaneous and sustained parallel shift in the yield curve (+100, +200, +400 basis points and -100, -200, and -400 basis points) at both June 30, 2026 and December 31, 2025. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates.

Our earnings are not directly or materially impacted by movements in foreign currency rates or commodity prices. Movements in equity prices may have a material impact on earnings by affecting the volume of activity or the amount of wealth management revenue and by affecting the amount of unrealized gains and losses from investments for employee retirement benefits, which are partially offset by corresponding and opposite changes in employee benefit expense driven by fluctuations in plan asset values.

EVE Interest Rate Sensitivity


Change in Interest Rates (basis points) (1)	As of June 30, 2026
	Estimated Increase (Decrease) in EVE from Level (2)				EVE as a Percentage of Total Assets (3)
	Percent		Policy Limit

400	(3.7)	%	(40.0)	%	22.49	%
200	(1.4)	%	(20.0)	%	22.13	%
100	(0.4)	%	N/A		21.86	%
Flat	—		—	%	21.48	%
(100)	(0.7)	%	N/A		20.87	%
(200)	(3.5)	%	(20.0)	%	19.91	%
(400)	(15.7)	%	(40.0)	%	16.73	%


Change in Interest Rates (basis points) (1)	As of December 31, 2025
	Estimated Increase (Decrease) in EVE from Level (2)				EVE as a Percentage of Total Assets (3)
	Percent		Policy Limit

400	(3.0)	%	(30.0)	%	22.17	%
200	(0.6)	%	(20.0)	%	21.81	%
100	(0.3)	%	N/A		21.43	%
Flat	—		—	%	21.02	%
(100)	(0.9)	%	N/A		20.38	%
(200)	(3.4)	%	(20.0)	%	19.46	%
(400)	(15.1)	%	(30.0)	%	16.45	%

(1)Assumes an immediate uniform change in market interest rates at all maturities.

(2)EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

(3)Total assets is the net present value of expected cash flows.

Liquidity, Capital Resources, Contractual Obligations, Commitments and Contingencies

Liquidity. Liquidity describes our ability to meet the financial obligations that arise in the normal course of business. Liquidity is primarily needed to meet deposit withdrawals and anticipated loan fundings, as well as current and planned expenditures. We seek to maintain sources of liquidity that are reliable and diversified and that may be used during the normal course of business as well as on a contingency basis.

Our primary sources of funds are deposits, principal and interest payments on loans and securities, and proceeds from calls, maturities and sales of securities, subject to market conditions. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan and securities prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are unencumbered cash and cash equivalents and securities classified as available for sale, which could be liquidated, subject to market conditions. In the future,

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our liquidity position will continue to be affected by the level of customer deposits and payments, loan originations and repayments, as well as any acquisitions, dividends, and share repurchases in which we may engage. For the next twelve months, we believe that our existing resources, including our capacity to use brokered deposits and wholesale borrowings, will be sufficient to meet the liquidity and capital requirements of our operations. We may elect to raise additional capital through the sale of additional equity or debt financing to fund business activities such as strategic acquisitions, share repurchases, or other purposes beyond the next twelve months.

We participate in a reciprocal deposit network, which allows us to provide access to FDIC deposit insurance protection on customer deposits for consumers, businesses and public entities that exceed same-bank FDIC insurance thresholds. We can elect to sell or repurchase this funding as reciprocal deposits from other banks in the same network depending on our funding needs. At both June 30, 2026 and December 31, 2025, we had no one-way sell deposits. At both June 30, 2026 and December 31, 2025, we had repurchased $2.3 billion, of reciprocal deposits.

Although customer deposits remain our preferred source of funds, maintaining additional sources of liquidity is part of our prudent liquidity risk management practices. We have the ability to borrow from the FHLBB. At June 30, 2026, we had $363.3 million in outstanding advances and the ability to borrow up to an additional $5.2 billion. We also have the ability to borrow from the Federal Reserve Bank of Boston. At June 30, 2026, we had the ability to borrow up to $4.1 billion from the Federal Reserve Bank of Boston Discount Window. At June 30, 2026, cash and cash equivalents were $256.2 million and secured borrowing capacity at the Federal Reserve Bank and Federal Home Loan Bank totaled $9.3 billion, providing total liquidity sources of $9.6 billion. These liquidity sources provided 120% coverage of all customer uninsured and uncollateralized deposits, which totaled $8.0 billion, or 31% of total deposits, as of June 30, 2026. For further discussion of uninsured deposits, refer to the “Deposits” discussion within the “Financial Position” section within this Item 2.

Sources of Liquidity


	As of June 30, 2026				As of December 31, 2025
	Outstanding		Additional Capacity		Outstanding		Additional Capacity
			(In thousands)
Brokered deposits (1)	$	113,025	$	—	$	84,703	$	—
Reciprocal deposits	2,297,168		—		2,267,539		—
Federal Home Loan Bank (2)	363,349		5,157,042		198,058		3,049,296
Federal Reserve Bank of Boston- Discount Window (3)	—		4,095,483		—		3,902,128
Total	$	2,773,542	$	9,252,525	$	2,550,300	$	6,951,424

(1)Additional borrowing capacity has not been assessed in this category.

(2)As of June 30, 2026 and December 31, 2025, loans with a carrying value of $4.4 billion and $5.0 billion, respectively, and securities with a carrying value of $3.0 billion and $0.2 billion, respectively, were pledged to the FHLBB resulting in this additional unused borrowing capacity. The outstanding balance of FHLB borrowings as of June 30, 2026 and December 31, 2025 shown above excludes the remaining premium related to borrowings assumed in connection with our merger with HarborOne of $1.1 million and $1.6 million, respectively.

(3)As of June 30, 2026 and December 31, 2025, loans with a carrying value of $5.3 billion and $5.0 billion, respectively, and securities with a carrying value of $387.2 million and $414.2 million, respectively, were pledged to the Discount Window, resulting in this additional borrowing capacity.

We believe that advanced preparation, early detection, and prompt responses can avoid, minimize, or shorten potential liquidity constraints. Our Board of Directors and management’s ALCO oversee the assessment and monitoring of risk levels, as well as potential responses during unanticipated stress events. As part of our risk management framework, we perform periodic liquidity stress testing to assess our need for liquid assets as well as backup sources of liquidity.

Capital Resources. We are subject to various regulatory capital requirements administered by the Massachusetts Commissioner of Banks, the FDIC and the Federal Reserve (with respect to our consolidated capital requirements). At June 30, 2026 and December 31, 2025, we exceeded all applicable regulatory capital requirements, and were considered “well capitalized” under regulatory guidelines. To be categorized as well-capitalized, the Company must maintain (1) a minimum of total risk-based capital ratio of 10.0%; (2) a minimum of common equity Tier 1 capital ratio of 6.5%; (3) a minimum of Tier 1 capital ratio of 8.0%; and (4) a minimum of Tier 1 leverage ratio of 5.0%. Management believes that the Company met all capital adequacy requirements to which it is subject as of June 30, 2026 and December 31, 2025. There have been no conditions or events that management believes would cause a change in the Company’s categorization.

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The Company’s actual capital ratios are presented in the following table:


	As of June 30, 2026		As of December 31, 2025
Capital Ratios:
Average equity to average assets (1)	13.93	%	14.43	%
Total regulatory capital (to risk-weighted assets)	14.00	%	14.32	%
Common equity Tier 1 capital (to risk-weighted assets)	13.00	%	13.19	%
Tier 1 capital (to risk-weighted assets)	13.00	%	13.19	%
Tier 1 capital (to average assets) leverage	10.94	%	11.65	%

(1)The ratio presented as of June 30, 2026 represents quarter-to-date average equity as a percentage of quarter-to-date average total assets.

Contractual Obligations, Commitments and Contingencies. In the ordinary course of our operations, we enter into certain contractual obligations. Such obligations include data processing services, operating leases for premises and equipment, agreements with respect to borrowed funds and deposit liabilities. At June 30, 2026, there were no material changes in our contractual obligations, other commitments and contingencies from those disclosed in our 2025 Form 10-K.

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. The financial instruments include commitments to originate loans, unused lines of credit, unadvanced portions of construction loans and standby letters of credit, all of which involve elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. Our exposure to credit loss is represented by the contractual amount of the instruments. We use the same credit policies in making commitments as we do for on-balance sheet instruments.

At June 30, 2026, we had $7.6 billion of commitments to originate loans, comprised of $4.3 billion of commitments under commercial loans and lines of credit (including $750.2 million of unadvanced portions of construction loans), $2.8 billion of commitments under home equity loans and lines of credit, $272.0 million in standard overdraft coverage commitments, $62.1 million of unfunded commitments related to residential real estate loans and $160.8 million in other consumer loans and lines of credit. In addition, at June 30, 2026, we had $90.0 million in standby letters of credit outstanding. We also had $26.5 million in forward commitments to sell loans.

Commitments to originate loans are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments are expected to expire without being drawn upon, the total commitments do not necessarily represent future cash requirements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES

The information required by this Item is included in Part I, Item 2 of this Quarterly Report on Form 10-Q under the heading “Management of Market Risk.”

ITEM 4. CONTROLS AND PROCEDURES

Effectiveness of Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Executive Chair (the Company’s principal executive officer) along with the Company’s Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as such term is defined under Rules 13a-15(e) and 15d-15(c) promulgated under the Exchange Act of 1934. Based upon that evaluation, the Company’s Executive Chair along with the Company’s Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2026, the end of the period covered by this Quarterly Report on Form 10-Q.

Changes to Internal Controls over Financial Reporting

There were no changes in the Company’s internal controls over financial reporting that occurred during the quarter ended June 30, 2026 that have materially affected or are reasonably likely to materially affect the Company’s internal controls over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We operate in a legal and regulatory environment that exposes us to potentially significant risks. For more information regarding the Company’s exposure generally to legal and regulatory risks, see “Business—Legal and Regulatory Proceedings” in Part I, Item 1 of the 2025 Form 10-K.

As of the date of this Quarterly Report on Form 10-Q, we are not involved in any pending legal proceeding as a plaintiff or a defendant the outcome of which we believe would be material to our financial condition or results of operations. For additional information related to the Company’s ongoing legal proceedings see Note 10, “Commitments and Contingencies” within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q.

ITEM 1A. RISK FACTORS

For information regarding the Company’s risk factors, see Part I, Item 1A “Risk Factors” in our 2025 Form 10-K. As of the date of this Quarterly Report on Form 10-Q, the risk factors of the Company have not changed materially from those disclosed in our 2025 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth information regarding the Company’s repurchases of its common stock during the six months ended June 30, 2026:


Period	Total Number of Shares	Average Price Paid per Share		Total Number of Shares Purchased as Part of the Publicly Announced Share Repurchase Programs	Maximum Number of Shares That May Yet Be Purchased Under the Share Repurchase Programs (1)
January 1, 2026 – January 31, 2026	926,218	$	19.62	4,039,419	7,860,581
February 1, 2026 – February 28, 2026	395,502	20.42		4,434,921	7,465,079
March 1, 2026 – March 31, 2026	2,561,746	19.06		6,996,667	4,903,333
April 1, 2026 – April 30, 2026	1,284,974	20.19		8,281,641	3,618,359
May 1, 2026 – May 31, 2026	1,166,739	19.69		9,448,380	2,451,620
June 1, 2026 – June 30, 2026	1,177,441	20.22		10,625,821	1,274,179
Total	7,512,620	$	19.67

(1)On October 23, 2025, the Company announced its Board of Directors had authorized a new share repurchase program. The program, which authorized the purchase of up to 11,900,000 shares over a 12-month period, expires on October 31, 2026.

(2)On July 23, 2026, the Company announced its Board of Directors had authorized a new share repurchase program. The program, which authorized the purchase of up to 11,350,000 shares over a 18-month period, expires on December 31, 2027.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Director Joseph Casey adopted a trading arrangement intended to satisfy the affirmative defense conditions of the SEC's Rule 10b5-1(c) on May 19, 2026. Mr. Casey's plan provides for the sale of 50,000 shares of Company common stock beginning on August 19, 2026 and continues through August 18, 2027.

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ITEM 6. EXHIBITS

The exhibits listed in the Exhibit Index (following the signatures section of this report) are included in, or incorporated by reference into, this Quarterly Report on Form 10-Q.

EXHIBIT INDEX

The following exhibits are included in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (and are numbered in accordance with Item 601 of Regulation S-K):


Exhibit No.						Description

31.1*						Certification of Principal Executive Officer Required by Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act

31.2*						Certification of Principal Financial Officer Required by Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act

32.1+						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2+						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101*						Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Unaudited Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, (ii) the Unaudited Consolidated Statements of Income for the three and six months ended June 30, 2026 and 2025 (iii) the Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025, (iv) the Unaudited Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2026 and 2025, (v) the Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025, and (vi) the Notes to the Unaudited Consolidated Financial Statements.

104						Cover page interactive data file (formatted as inline XBRL with applicable taxonomy extension information) contained in Exhibit 101 to this report+

†Management contract or compensatory plan, contract or arrangement

*Filed herewith

+ Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	EASTERN BANKSHARES, INC.

Date: August 7, 2026	/s/ Robert F. Rivers
	By:	Robert F. Rivers
		Executive Chair and Chair of the Board
		(Principal Executive Officer)

Date: August 7, 2026	/s/ R. David Rosato
	By:	R. David Rosato
		Chief Financial Officer
		(Principal Financial Officer)

Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert F. Rivers, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Eastern Bankshares, Inc.;

2.Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

3.Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for the periods presented in this Report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

(d)Disclosed in this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the Audit Committee of the registrant’s Board of Directors:

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely impact the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 7, 2026
			/s/ Robert F. Rivers
			Robert F. Rivers Executive Chair (Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, R. David Rosato, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Eastern Bankshares, Inc.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: August 7, 2026
			/s/ R. David Rosato
			R. David Rosato Chief Financial Officer (Principal Financial Officer)

Exhibit 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Eastern Bankshares, Inc. (the “Company”) for the period ending June 30, 2026 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the undersigned’s best knowledge and belief:

(a)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”); and

(b)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 7, 2026
			Eastern Bankshares, Inc.
			(“Company”)

			/s/ Robert F. Rivers
			Robert F. Rivers Executive Chair (Principal Executive Officer)

This certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company.

Exhibit 32.2

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

(a)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”); and

(b)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 7, 2026
			Eastern Bankshares, Inc.
			(“Company”)

			/s/ R. David Rosato
			R. David Rosato Chief Financial Officer (Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company.