Eastern Bankshares, Inc. (EBC)

CIK: 0001810546. SIC: 6035 Savings Institution, Federally Chartered. Latest 10-K as of: 2026-03-02.

SIC breadcrumb: Finance, Insurance, And Real Estate > Depository Institutions > SIC 6035 Savings Institution, Federally Chartered

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1810546. Latest filing source: 0001628280-26-013126.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001810546.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001810546.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001628280-26-032760.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-05-08. Report date: 2026-03-31.

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 March 31, 2026, and our results of operations for the three months ended March 31, 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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Table of Contents

•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, including COVID-19;

•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 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 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;

•potential risks related to the integration of our completed or pending acquisitions may not materialize or may be more costly to achieve than anticipated and that the combined businesses may not perform as expected;

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

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

•other risks and uncertainties detailed in 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 months ended March 31, 2026.

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Table of Contents

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 $30.6 billion at both March 31, 2026 and December 31, 2025. 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 months ended March 31, 2026 computed in accordance with GAAP was $65.3 million, as compared to a net loss of $217.7 million for the three months ended March 31, 2025. The increase in net income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to losses on sales of available for sale securities during the three months ended March 31, 2025, which did not recur during the three months ended March 31, 2026. Refer to the later sections titled “Results of Operations” within this Item 2 for additional discussion.

Net income for the three months ended March 31, 2026, and net loss for the three months ended March 31, 2025 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 months ended March 31, 2026 was $88.6 million, compared to $67.5 million for the three months ended March 31, 2025, representing an increase of $21.1 million, or 31.3%. This increase was primarily due to higher net interest income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, partially offset by higher noninterest expense on an operating basis for the three months ended March 31, 2026 compared to the three months ended March 31, 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 both March 31, 2026 and December 31, 2025, we had total commercial and industrial loans of $4.3 billion, representing 19.0% and 18.6%, respectively, of our total loans as of each period end. 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.

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Table of Contents

•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 both March 31, 2026 and December 31, 2025, we had total commercial real estate loans of $9.4 billion, representing 40.9% and 40.8%, respectively, of our total loans as of each period end. As of both March 31, 2026 and December 31, 2025, owner occupied loans totaled $1.2 billion, representing 12.8% and 12.9%, respectively, of our commercial real estate loans as of each period end. 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 constru

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high. Filing date: 2026-03-02. Report date: 2025-12-31.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. In addition to historical data, this discussion contains forward-looking statements about our business, results of operations, cash flows, financial condition and prospects based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including, but not limited to, those discussed under Part I, Item 1A, “Risk Factors” appearing elsewhere in this Annual Report on Form 10-K.

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 $30.6 billion and $25.6 billion at December 31, 2025 and 2024, respectively. We are subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks, the New Hampshire Banking Department, the FDIC, the Federal Reserve Board and the Consumer Financial Protection Bureau. Our business consists of a full range of banking, lending (commercial, residential and consumer), savings and small business offerings, including our wealth management and trust operations that we conduct under our “Cambridge Trust Wealth Management, a division of Eastern Bank” brand name (“Cambridge Trust Wealth Management division”).

On November 1, 2025, we completed our previously announced merger with HarborOne. In accordance with the terms of the definitive merger agreement, each share of HarborOne common stock was exchanged for either (i) 0.765 shares of Company common stock and cash in lieu of any fractional share or (ii) $12.00 in cash subject to allocation procedures. We issued 26.9 million shares of our common stock in the exchange and paid aggregate cash consideration of $74.6 million, which resulted in a transaction value of approximately $550.1 million based upon the closing price of our common stock on October 31, 2025 of $17.53 per share.

HarborOne, a Massachusetts corporation, was a federally registered bank holding company headquartered in Brockton, Massachusetts. HarborOne Bank, a Massachusetts-chartered trust company formed in 1917, was a wholly-owned subsidiary of HarborOne that operated through a network of 30 full-service banking offices in Massachusetts and Rhode Island, and commercial lending offices in Boston, Massachusetts and Providence, Rhode Island, with $5.5 billion in total assets and $4.3 billion in deposits as of October 31, 2025.

Net income from continuing operations, computed in accordance with GAAP, was $88.2 million and $119.6 million for the years ended December 31, 2025 and 2024, respectively. The decrease was primarily due to losses on sales of securities during the year ended December 31, 2025 which exceeded losses on sales of securities for the year ended December 31, 2024. Partially offsetting the increase in losses on sales of securities was a decrease in one-time expenses during the year ended December 31, 2025 compared to the year ended December 31, 2024 associated with our mergers with HarborOne and Cambridge. One-time expenses during the year ended December 31, 2024 included the initial allowance for loan losses associated with non-purchased credit deteriorated (“PCD”) loans, which was recorded subsequent to the completion of the merger through earnings and is hereafter referred to as the “non-PCD loan day-2” provision for the allowance for loan losses.

Net income from continuing operations for the year ended December 31, 2025 and 2024, included items that our management considers non-core, which management excludes for purposes of assessing our operating net income, a non-GAAP financial measure. Operating net income for the year ended December 31, 2025 was $318.0 million compared to $196.6 million for the year ended December 31, 2024. This increase was primarily due to increased net interest income and noninterest income on an operating basis for the year ended December 31, 2025 compared to year ended December 31, 2024 partially offset by an increase in noninterest expense on an operating basis over the same period. See “Non-GAAP Financial Measures” and “Results of Operations” below for a reconciliation of operating net income to net income on a GAAP basis and further discussion of noninterest income and noninterest expense.

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The following chart shows our basic earnings per share from continuing operations on a GAAP and operating (non-GAAP) basis over the past four years (refer to the “Non-GAAP Financial Measures” section below for a reconciliation of GAAP earnings to operating earnings):

Earnings per share from continuing operations, on a GAAP basis, decreased from $0.66 for the year ended December 31, 2024 to $0.43 for the year ended December 31, 2025.

Operating earnings per share, on a basic basis, increased from $1.09 for the year ended December 31, 2024 to $1.57 for the year ended December 31, 2025, a 44.2% increase. The increase was primarily due to an increase in net interest income and noninterest income on an operating basis which were partially offset by an increase in noninterest expense on an operating basis. Refer to the“Results of Operations” section below for additional discussion of the changes in net interest income, noninterest income and noninterest expense.

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The following chart shows our efficiency ratio on a GAAP and operating (non-GAAP) basis over the past five years (refer to the “Non-GAAP Financial Measures” section below for additional information on the determination of each measure):

The GAAP efficiency ratio increased during the year ended December 31, 2025 compared to the year ended December 31, 2024, which was primarily due to higher security losses during the year ended December 31, 2025 compared to year ended December 31, 2024. The non-GAAP operating efficiency ratio decreased during the year ended December 31, 2025 compared to the year ended December 31, 2024, which was primarily due to increased net interest income. Refer to the “Results of Operations” section below for additional discussion of the changes in net interest income, noninterest income and noninterest expense.

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, and December 10, 2025, 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 January 28, 2026 the FOMC decided to maintain the target range for the federal funds rate at the range set at its December 10, 2025 meeting and indicated, in considering additional adjustments to the target range for the federal funds rate, it will carefully assess incoming data, the evolving outlook, and the balance of risks. The FOMC further indicated it is strongly committed to supporting maximum employment and reducing the annual inflation rate to its 2 percent objective.

Inevitably, not all of our interest rate-sensitive assets and liabilities will re-price simultaneously and in equal volume in response to changes in the federal funds rate, and therefore the potential for interest rate exposure exists. Management believes that several factors will affect the actual impact of interest rate changes on our balance sheet and operating results, including, but not limited to, actual changes in interest rates or expectations of future changes, the degree of volatility in the securities markets, inflation rates or expectations of inflation, and the slope of the interest rate yield curve. We attempt to manage interest rate risk by identifying, quantifying, and, where appropriate, hedging our exposure. Approximately 32% of the outstanding principal balance of our loans, gross of outstanding interest rate swaps as described further below, as of December 31, 2025 was indexed to a market rate that is expected to reprice with similar magnitude and direction as the federal

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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 $1.9 billion as of December 31, 2025, representing approximately 8% of the outstanding principal balance of our loans at that date. For more detail regarding such hedging financial instruments, refer to Note 19, “Derivative Financial Instruments” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K. Refer to the section titled “Management of Market Risk” within this Item 7 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. Except as otherwise indicated, the information presented for the years ended December 31, 2023, 2022, and 2021 within this section excludes discontinued operations. Refer to Note 24, “Discontinued Operations” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K for further discussion regarding discontinued operations.

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) other real estate owned (“OREO”) gains and losses, (vi) merger and acquisition expenses, and (vii) certain discrete tax items.

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

In the first quarter of 2025, we changed our computation of operating net income to exclude, as an adjustment to net income (loss) in arriving at operating net income, income from investments held in rabbi trust and rabbi trust employee benefit expense. Management believes these changes result in a more meaningful measure of our financial performance and allow for better comparability to peer companies. Prior period results have been recast for comparability purposes.

In the third quarter of 2024, we changed our return on average tangible shareholders’ equity and operating return on average tangible shareholders’ equity computations to utilize tangible net income (loss) from continuing operations and tangible operating net income, respectively, in the numerators of the computations. Tangible net income (loss) from continuing operations excludes the amortization of intangible assets and the related tax effect and tangible operating net income excludes, in addition to the adjustments to derive operating net income, the amortization of intangible assets and related tax effect. In addition, in the third quarter of 2024, we changed the computation of our operating efficiency ratio to exclude, in addition to the adjustments made to operating net income, the amortization of intangible assets. Management believes the changes to such ratios result in a more meaningful measure of our financial performance and such measures are used by management when analyzing corporate performance.

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

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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.

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.

For the Year Ended December 31,

2025

2024

2023

(Dollars in thousands, except per share data)

Net income (loss) from continuing operations (GAAP)

$

88,219 

$

119,561 

$

(62,689)

Non-GAAP adjustments:

Add:

Provision for non-PCD acquired loans (1)

— 

40,899 

— 

Noninterest income components:

Losses on sales of securities available for sale, net

269,638 

16,798 

333,170 

Gain on sale of other equity investment

(1,584)

(9,291)

— 

Losses on sales of other assets

731 

2,620 

3 

Noninterest expense components:

Impairment of lease acquired in a merger

3,469 

— 

— 

Merger and acquisition expenses (2)

35,688 

36,664 

5,495 

Total impact of non-GAAP adjustments

307,942 

87,690 

338,668 

Less net tax benefit associated with non-GAAP adjustment (3)

78,184 

10,631 

108,705 

Non-GAAP adjustments, net of tax

$

229,758 

$

77,059 

$

229,963 

Operating net income (non-GAAP)

$

317,977 

$

196,620 

$

167,274 

Weighted average common shares outstanding during the period:

Basic

203,174,651

181,126,320 

162,293,020 

Diluted

204,335,650

182,181,073 

162,403,097 

Earnings (loss) per share from continuing operations, basic

$

0.43 

$

0.66 

$

(0.39)

Earnings (loss) per share from continuing operations, diluted

$

0.43 

$

0.66 

$

(0.39)

Operating earnings per share, basic (non-GAAP)

$

1.57 

$

1.09 

$

1.03 

Operating earnings per share, diluted (non-GAAP)

$

1.56 

$

1.08 

$

1.03 

(1)The provision for non-PCD acquired loans for the year ended December 31, 2024 was recorded prior to our adoption of ASU 2025-08, Financial Instrument- Credit Losses (Topic 326): Purchased Loans. Refer to Note 2, “Summary of Significant Accounting Policies” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K for further discussion.

(2)Comprised of merger and acquisition expenses incurred related to our acquisitions of HarborOne and Cambridge.

(3)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.

53

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:

For the Year Ended December 31,

2025

2024

2023

2022

2021

(Dollars in thousands)

Net interest income (GAAP)

$

828,585 

$

607,597 

$

550,409 

$

568,054 

$

429,827 

Add:

Tax-equivalent adjustment (non-GAAP) (1)

20,512 

18,620 

17,181 

12,736 

6,093 

Fully-taxable equivalent net interest income (non-GAAP)

849,097 

626,217 

567,590 

580,790 

435,920 

Noninterest (loss) income (GAAP)

(105,936)

123,917 

(237,753)

76,750 

97,437 

Less:

(Losses) gains on sales of securities available for sale, net

(269,638)

(16,798)

(333,170)

(3,157)

1,166 

Gain on sale of other equity investment

1,584 

9,291 

— 

— 

— 

(Losses) gains on sales of other assets

(731)

(2,620)

(3)

1,365 

26 

Noninterest income on an operating basis (non-GAAP)

162,849 

134,044 

95,420 

78,542 

96,245 

Noninterest expense (GAAP)

$

596,943 

$

508,368 

$

418,602 

$

388,649 

$

360,955 

Less:

(Reversal of) impairment charge on tax credit investments

— 

— 

— 

— 

(170)

Impairment of lease acquired in a merger

3,469 

— 

— 

— 

— 

Merger and acquisition expenses (2)

35,688 

36,664 

5,495 

— 

35,456 

Settlement and expenses for putative consumer class action matters

— 

— 

— 

— 

3,325 

Defined Benefit Plan settlement loss

— 

— 

— 

12,045 

— 

Plus:

Gain on sale of other real estate owned

— 

— 

— 

— 

87 

Noninterest expense on an operating basis (non-GAAP)

557,786 

471,704 

413,107 

376,604 

322,431 

Less: Amortization of intangible assets

34,179 

14,569 

1,804 

1,198 

219 

Noninterest expense for calculation of operating efficiency ratio (non-GAAP)

$

523,607 

$

457,135 

$

411,303 

$

375,406 

$

322,212 

Total revenue from continuing operations (GAAP)

$

722,649 

$

731,514 

$

312,656 

$

644,804 

$

527,264 

Total operating revenue (non-GAAP)

$

1,011,946 

$

760,261 

$

663,010 

$

659,332 

$

532,165 

Ratios

Efficiency ratio (GAAP)

82.60 

%

69.50 

%

133.89 

%

60.27 

%

68.46 

%

Operating efficiency ratio (non-GAAP)

51.74 

%

60.13 

%

62.04 

%

56.94 

%

60.55 

%

(1)Interest income on tax-exempt loans and investment securities has been adjusted to an FTE basis using a marginal tax rate of 22.0% for the year ended December 31, 2025, 21.8% for the year ended December 31, 2024, 21.8% for the year ended December 31, 2023, 21.6% for the year ended December 31, 2022, and 21.0% for the year ended December 31, 2021.

(2)Comprised of merger and acquisition expenses incurred related to our acquisition of HarborOne, Cambridge, and Century. Merger and acquisition expenses previously reported for the years ended December 31, 2022 and 2021 related to acquisitions by Eastern Insurance Group were excluded from the above table as they were reclassified to discontinued operations.

54

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 December 31,

2025

2024

2023

2022

2021

(Dollars in thousands, except per share data)

Tangible shareholders’ equity:

Total shareholders’ equity (GAAP)

$

4,340,553 

$

3,611,967 

$

2,974,855 

$

2,471,790 

$

3,406,352 

Less: Goodwill and other intangibles

1,300,930 

1,050,158 

566,205 

661,126 

649,703 

Tangible shareholders’ equity (non-GAAP)

3,039,623 

2,561,809 

2,408,650 

1,810,664 

2,756,649 

Tangible assets:

Total assets (GAAP)

30,586,856 

25,557,880 

21,133,278 

22,646,858 

23,512,128 

Less: Goodwill and other intangibles

1,300,930 

1,050,158 

566,205 

661,126 

649,703 

Tangible assets (non-GAAP)

$

29,285,926 

$

24,507,722 

$

20,567,073 

$

21,985,732 

$

22,862,425 

Shareholders’ equity to assets ratio (GAAP)

14.2 

%

14.1 

%

14.1 

%

10.9 

%

14.5 

%

Tangible shareholders’ equity to tangible assets ratio (non-GAAP)

10.4 

%

10.5 

%

11.7 

%

8.2 

%

12.1 

%

Book value per share:

Common shares issued and outstanding

235,646,558 

213,909,472 

176,426,993 

176,172,073 

186,305,332 

Book value per share (GAAP)

$

18.42 

$

16.89 

$

16.86 

$

14.03 

$

18.28 

Tangible book value per share (non-GAAP)

$

12.90 

$

11.98 

$

13.65 

$

10.28 

$

14.80 

55

The following table summarizes the calculation of our average tangible shareholders’ equity and ratio of net income (loss) from continuing operations 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:

As of December 31,

2025

2024

2023

2022

2021

(Dollars in thousands)

Net income (loss) from continuing operations (GAAP)

$

88,219 

$

119,561 

$

(62,689)

$

186,511 

$

145,531 

Add: Amortization of intangible assets

34,179 

14,569 

1,804 

1,198 

219 

Less: Tax effect of amortization of intangible assets (2)

9,433 

4,036 

509 

337 

62 

Tangible net income (loss) from continuing operations (non-GAAP)

$

112,965 

$

130,094 

$

(61,394)

$

187,372 

$

145,688 

Operating net income (non-GAAP) (1)

$

317,977 

$

196,620 

$

167,274 

$

195,950 

$

160,589 

Add: Amortization of intangible assets

34,179 

14,569 

1,804 

1,198 

219 

Less: Tax effect of amortization of intangible assets (2)

9,433 

4,036 

509 

337 

62 

Tangible operating net income (non-GAAP)

$

342,723 

$

207,153 

$

168,569 

$

196,811 

$

160,746 

Average tangible shareholders’ equity:

Average total shareholders’ equity (GAAP)

$

3,775,145 

$

3,268,863 

$

2,571,001 

$

2,831,533 

$

3,424,570 

Less: Average goodwill and other intangibles

1,079,099 

791,489 

643,977 

655,653 

414,441 

Average tangible shareholders’ equity (non-GAAP)

$

2,696,046 

$

2,477,374 

$

1,927,024 

$

2,175,880 

$

3,010,129 

Ratios:

Return (loss) on average total shareholders’ equity (GAAP)

2.34 

%

3.66 

%

(2.44)

%

6.59 

%

4.25 

%

Return (loss) on average tangible shareholders’ equity (non-GAAP)

4.19 

%

5.25 

%

(3.19)

%

8.61 

%

4.84 

%

Operating return on average tangible shareholders’ equity (non-GAAP)

12.71 

%

8.36 

%

8.75 

%

9.05 

%

5.34 

%

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

(2)The tax effect of amortization of intangible assets was calculated using our combined statutory tax rate of 27.6% for the year ended December 31, 2025, 27.7% for the year ended December 31, 2024, 28.2% for the year ended December 31, 2023, and 28.1% for the years ended 2022 and 2021.

56

Financial Position

Summary of Financial Position

As of December 31,

Change

2025

2024

Amount ($)

Percentage (%)

(Dollars in thousands)

Cash and cash equivalents

$

316,869 

$

1,006,880 

$

(690,011)

(68.5)

%

Securities available for sale

3,825,569 

4,021,598 

(196,029)

(4.9)

%

Securities held to maturity

599,557 

420,715 

178,842 

42.5 

%

Loans, net of allowance for loan losses

22,753,224 

17,549,402 

5,203,822 

29.7 

%

Federal Home Loan Bank stock

13,838 

5,865 

7,973 

135.9 

%

Goodwill and other intangibles, net

1,300,930 

1,050,158 

250,772 

23.9 

%

Deposits

25,470,751 

21,319,340 

4,151,411 

19.5 

%

Borrowed funds

214,938 

66,179 

148,759 

224.8 

%

Cash and cash equivalents

Total cash and cash equivalents decreased by $690.0 million, or 68.5%, to $0.3 billion at December 31, 2025 from $1.0 billion at December 31, 2024. This decrease was primarily due to an increase in gross loans of $1.0 billion, excluding loans acquired from HarborOne, and a decrease in total deposits of $181.8 million, excluding deposits acquired from HarborOne. Also contributing to the overall decrease were net repayments of FHLB advances of $369.3 million, which includes repayment of advances assumed in connection with our merger with HarborOne. For further discussion of the change in securities, loans, and deposits, refer to the later “Loans,” and “Deposits” sections in this Item 7. For further information regarding our merger with HarborOne, refer to Note 3, “Mergers and Acquisitions” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

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 notes, asset-backed securities and state 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 December 31, 2025, our U.S. government securities consisted of U.S. Treasury securities. As of December 31, 2024, our U.S. government securities consisted of U.S. Agency bonds and U.S. Treasury securities. We maintain these investments, to the extent appropriate, for liquidity purposes, at zero risk weighting for capital purposes, and as collateral for interest rate derivative positions. U.S. Agency bonds include securities issued by Fannie Mae, Freddie Mac, the FHLB, and the Federal Farm Credit Bureau.

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

Investments in residential 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.

57

State and municipal securities: We invest in fixed rate investment grade bonds issued primarily by municipalities in our local communities within Massachusetts and by the Commonwealth of Massachusetts. The market value of these securities may be affected by call options, long dated maturities, general market liquidity and credit factors.

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

Securities Portfolio Composition

As of December 31,

2025

2024

(In thousands)

Available for sale securities, at fair value:

Government-sponsored residential mortgage-backed securities

$

2,533,309 

$

2,561,895 

Government-sponsored commercial mortgage-backed securities

1,060,331 

1,161,111 

U.S. Agency bonds

— 

17,672 

U.S. Treasury securities

50,350 

97,619 

State and municipal bonds and obligations

181,579 

183,301 

Total available for sale securities, at fair value

3,825,569 

4,021,598 

Held to maturity securities, at amortized cost:

Government-sponsored residential mortgage-backed securities

210,142 

231,709 

Government-sponsored commercial mortgage-backed securities

185,185 

189,006 

State and municipal bonds and obligations

167,346 

— 

Corporate bonds

36,884 

— 

Total held to maturity securities, at amortized cost

599,557 

420,715 

Total

$

4,425,126 

$

4,442,313 

Our securities portfolio has remained consistent with a balance of $4.4 billion at December 31, 2025 and 2024. This consistency was due to the offsetting effect of sales of AFS securities of $1.6 billion, AFS and HTM maturities and principal paydowns of $0.5 billion, and purchases of AFS and HTM securities of $1.4 billion. Included in this activity are principal paydowns and proceeds from the sale of securities acquired in connection with our merger with HarborOne of $298.3 million, representing substantially all of the securities acquired at fair value. All acquired securities, with the exception of two corporate bonds, paid down or were sold immediately following the completion of the merger. No gain or loss was recognized upon the sale as the securities were marked to fair value in connection with our purchase accounting based upon quoted sale prices.

We did not have trading investments at December 31, 2025 and 2024.

A portion of our securities portfolio continues to be tax-exempt. Investments in federally tax-exempt securities totaled $348.8 million at December 31, 2025 compared to $183.1 million at December 31, 2024.

Our AFS securities are carried at fair value and are categorized within the fair value hierarchy based on the observability of model inputs. Securities which require inputs that are both significant to the fair value measurement and unobservable are classified as Level 3 within the fair value hierarchy. As of both December 31, 2025 and 2024, we had no securities categorized as Level 3 within the fair value hierarchy.

58

The following tables show contractual maturities of our AFS and HTM securities and weighted average yields at and for the years ended December 31, 2025 and 2024. Maturities of our securities portfolio are based on the final contractual payment dates, and do not reflect the effect of scheduled principal repayments, prepayments, or early redemptions that may occur. Weighted average yields in the tables below have been calculated based on the amortized cost of the security:

Securities Portfolio, Weighted-Average Yield

Securities Maturing as of 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 

%

Securities Maturing as of December 31, 2024 (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

2.83 

%

2.37 

%

1.68 

%

1.71 

%

1.72 

%

Government-sponsored commercial mortgage-backed securities

— 

1.96 

2.32 

1.94 

2.02 

U.S. Agency bonds

— 

1.56 

— 

— 

1.56 

U.S. Treasury securities

3.15 

0.78 

— 

— 

1.96 

State and municipal bonds and obligations

2.40 

2.76 

3.59 

4.12 

3.70 

Total available for sale securities

3.07 

%

1.91 

%

2.49 

%

1.82 

%

1.89 

%

Held to maturity securities:

Government-sponsored residential mortgage-backed securities

— 

%

— 

%

— 

%

2.86 

%

2.86 

%

Government-sponsored commercial mortgage-backed securities

— 

2.16 

2.36 

— 

2.22 

Total held to maturity securities

— 

%

2.16 

%

2.36 

%

2.86 

%

2.57 

%

Total

3.07 

%

1.95 

%

2.47 

%

1.88 

%

1.95 

%

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

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

59

Loans

The following table shows the composition of our loan portfolio, by category, as of the dates indicated, and the balance of loans, by category, that were acquired in connection with our merger with HarborOne as of the merger date of November 1, 2025:

As of December 31,

HarborOne Acquired Loan Balances

Organic Change

2025

2024

Change ($)

Amount ($)

Percentage (%)

(Dollars in thousands)

Commercial and industrial

$

4,324,615 

$

3,296,068 

$

1,028,547 

$

457,680 

$

570,867 

17.3 

%

Commercial real estate

9,529,071 

7,119,523 

2,409,548 

2,145,652 

263,896 

3.7 

%

Commercial construction

567,597 

494,842 

72,755 

123,528 

(50,773)

(10.3)

%

Business banking

1,603,489 

1,448,176 

155,313 

217,328 

(62,015)

(4.3)

%

Residential real estate

5,516,114 

4,063,659 

1,452,455 

1,334,072 

118,383 

2.9 

%

Consumer home equity

1,758,099 

1,385,394 

372,705 

200,754 

171,951 

12.4 

%

Other consumer

275,511 

271,422 

4,089 

11,526 

(7,437)

(2.7)

%

Total gross loans

$

23,574,496 

$

18,079,084 

$

5,495,412 

$

4,490,540 

$

1,004,872 

5.6 

%

We consider our loan portfolio to be relatively diversified by borrower and industry. Our loans increased $5.5 billion, or 30.4%, to $23.6 billion at December 31, 2025 from $18.1 billion at December 31, 2024. The increase as of December 31, 2025 was primarily due to loans acquired in connection with our merger with HarborOne. Refer to Note 3, “Mergers and Acquisitions” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K for additional discussion. Excluding the addition of acquired loans, our gross loans increased $1.0 billion, or 5.6%, which was primarily attributable to continued investment in resources targeted to grow our commercial and industrial loan portfolio and an increase in our commercial real estate investment loans driven by steady growth in our multifamily property type segment.

60

We believe that our commercial loan portfolio composition is relatively diversified in terms of industry sectors, property types and various lending specialties. As of December 31, 2025 and 2024, the amortized cost balances of concentrations in our commercial loan portfolios were as follows:

Commercial and Industrial

2025

2024 (1)

Balance

Percentage (%)

Balance

Percentage (%)

(Dollars in thousands)

Education

$

754,918 

17.6 

%

$

694,739 

21.3 

%

Accommodation

557,724 

13.0 

%

266,386 

8.2 

%

Wholesale Trade

535,559 

12.5 

%

279,947 

8.6 

%

Professional and Scientific

377,082 

8.8 

%

326,486 

10.0 

%

Real Estate

347,760 

8.1 

%

342,537 

10.5 

%

Health Care

231,490 

5.4 

%

164,557 

5.0 

%

Finance and Insurance

229,626 

5.3 

%

174,313 

5.3 

%

Utilities

209,697 

4.9 

%

146,716 

4.5 

%

Manufacturing

207,666 

4.8 

%

114,510 

3.5 

%

Transportation

190,886 

4.4 

%

150,465 

4.6 

%

Admin Support

187,896 

4.4 

%

169,153 

5.2 

%

Other industries

465,398 

10.8 

%

436,766 

13.3 

%

Total portfolio

$

4,295,702 

100.0 

%

$

3,266,575 

100.0 

%

(1)Certain loan property types, previously reported separately in our 2024 10-K, were combined to align with our presentation as of December 31, 2025.

Commercial Real Estate

2025

2024 (1)

Balance

Percentage (%)

Balance

Percentage (%)

(Dollars in thousands)

Multifamily

$

3,658,965 

38.9 

%

$

2,897,232 

41.1 

%

Retail

1,246,853 

13.2 

%

963,192 

13.7 

%

Office

1,224,657 

13.0 

%

941,850 

13.4 

%

Industrial

1,179,350 

12.5 

%

746,945 

10.6 

%

Hospitality

625,431 

6.7 

%

ROUND +0.001

259,178 

3.7 

%

Education

394,154 

4.2 

%

336,645 

4.8 

%

Self Storage

265,796 

2.8 

%

236,231 

3.4 

%

Other property types

819,155 

8.7 

%

662,805 

9.3 

%

Total portfolio

$

9,414,361 

100.0 

%

$

7,044,078 

100.0 

%

(1)Certain loan property types, previously reported separately in our 2024 10-K, were combined to align with our presentation as of December 31, 2025.

61

Commercial Construction

2025

2024 (1)

Balance

Percentage (%)

Balance

Percentage (%)

(Dollars in thousands)

Multifamily

$

355,147 

63.0 

%

$

386,932 

78.7 

%

Education

53,929 

9.6 

%

3,602 

0.7 

%

Industrial

45,528 

8.1 

%

14,748 

3.0 

%

For Sale Housing

32,373 

5.7 

%

44,160 

9.0 

%

Office

25,098 

4.5 

%

1,406 

0.3 

%

Assisted Living

13,751 

2.4 

%

334 

0.1 

%

Retail

12,286 

2.2 

%

12,667 

2.6 

%

Other property types

25,373 

4.5 

%

27,800 

5.6 

%

Total portfolio

$

563,485 

100.0 

%

$

491,649 

100.0 

%

(1)Certain loan property types, previously reported separately in our 2024 10-K, were combined to align with our presentation as of December 31, 2025.

We believe that the loan to value ratio (“LTV”) is an important factor in monitoring the risk characteristics of our loans secured by real estate. The following tables show the distribution of loan balances, on an amortized cost basis, by LTV and year of origination for each of our portfolios of loans secured by real estate as of December 31, 2025:

Balance of Commercial Real Estate Loans Originated During the Year Ended December 31,

2025

2024

2023

2022

2021

2020 and Prior

Total

Current LTV (1)

(Dollars in thousands)

Not available (2)

$

5,557 

$

— 

$

— 

$

— 

$

17 

$

5,117 

$

10,691 

50.00% or lower

276,857 

246,476 

356,757 

908,091 

399,026 

1,554,503 

3,741,710 

50.01% - 69.99%

507,527 

167,066 

303,624 

1,074,506 

763,884 

1,209,809 

4,026,416 

70.00% - 79.99%

112,891 

102,106 

128,448 

246,347 

158,349 

172,931 

921,072 

80.00% - 89.99% (3)

7,983 

7,985 

10,464 

92,247 

14,495 

53,017 

186,191 

90.00% or higher (3)

16,126 

100,877 

83,718 

172,120 

61,029 

94,411 

528,281 

Total

$

926,941 

$

624,510 

$

883,011 

$

2,493,311 

$

1,396,800 

$

3,089,788 

$

9,414,361 

Weighted average LTV

55.63 

%

57.62 

%

61.40 

%

56.08 

%

55.46 

%

47.98 

%

53.85 

%

Balance of Residential Real Estate Loans Originated During the Year Ended December 31,

2025

2024

2023

2022

2021

2020 and Prior

Total

Current LTV (1)

(Dollars in thousands)

Not available (2)

$

36,054 

$

— 

$

— 

$

— 

$

81 

$

9,494 

$

45,629 

50.00% or lower

57,894 

34,945 

44,934 

166,634 

341,915 

508,179 

1,154,501 

50.01% - 69.99%

79,079 

41,804 

81,350 

315,508 

545,916 

732,794 

1,796,451 

70.00% - 79.99%

147,791 

91,375 

161,637 

527,751 

366,559 

239,854 

1,534,967 

80.00% - 89.99%

79,745 

43,424 

84,016 

210,841 

73,481 

58,004 

549,511 

90.00% or higher

53,521 

29,490 

25,667 

31,777 

1,939 

8,727 

151,121 

Total

$

454,084 

$

241,038 

$

397,604 

$

1,252,511 

$

1,329,891 

$

1,557,052 

$

5,232,180 

Weighted average LTV

72.58 

%

72.31 

%

71.42 

%

68.53 

%

59.92 

%

55.75 

%

63.10 

%

62

Balance of Consumer Home Equity Loans Originated During the Year Ended December 31,

2025

2024

2023

2022

2021

2020 and Prior

Total

Current LTV (1)

(Dollars in thousands)

Not available (2)

$

282,821 

$

227,902 

$

178,434 

$

269,380 

$

157,527 

$

191,055 

$

1,307,119 

50.00% or lower

5,601 

7,117 

6,692 

10,442 

6,064 

95,322 

131,238 

50.01% - 69.99%

9,286 

9,749 

10,191 

16,728 

6,431 

85,603 

137,988 

70.00% - 79.99%

8,041 

10,340 

8,082 

16,708 

9,589 

67,619 

120,379 

80.00% - 89.99%

5,087 

5,386 

5,777 

9,971 

4,833 

25,608 

56,662 

90.00% or higher

— 

— 

— 

— 

181 

43 

224 

Total

$

310,836 

$

260,494 

$

209,176 

$

323,229 

$

184,625 

$

465,250 

$

1,753,610 

Weighted average LTV

64.23 

%

64.09 

%

63.95 

%

63.95 

%

63.93 

%

56.45 

%

59.38 

%

(1)Current LTV is calculated based upon exposure amount and the most recently available appraisal value as of the reporting period.

(2)Insufficient data available to calculate LTV.

(3)We generally require an LTV of 80% or less on new CRE loan originations. Certain CRE loans with LTVs greater than 80% may have additional collateral pledged which is not included in the computation of the amounts stated.

The maturity distribution of our loan portfolio is one factor used by management to evaluate the risk characteristics of our loan portfolio. The following table shows the maturity distribution of our loans, on a gross basis, as of December 31, 2025:

Scheduled Contractual Loan Maturity

One Year or Less (1)

One to Five Years

Five to Fifteen Years

After Fifteen Years

Total

(In thousands)

Commercial and industrial

$

553,366 

$

1,957,227 

$

968,902 

$

816,207 

$

4,295,702 

Commercial real estate

1,161,538 

4,162,041 

3,687,460 

403,322 

9,414,361 

Commercial construction

131,675 

208,628 

152,007 

71,175 

563,485 

Business banking

214,970 

458,841 

837,018 

82,865 

1,593,694 

Residential real estate

1,041 

30,572 

377,975 

4,822,592 

5,232,180 

Consumer home equity

1,868 

24,652 

245,348 

1,481,742 

1,753,610 

Other consumer

54,988 

103,904 

73,141 

— 

232,033 

Total loans

$

2,119,446 

$

6,945,865 

$

6,341,851 

$

7,677,903 

$

23,085,065 

(1)Includes demand loans, or loans without a stated maturity.

The interest rate risk of our loan portfolio is an important element in the management of net interest margin. We attempt to manage the relationship between the interest rate sensitivity of our assets and liabilities to produce an effective interest differential that is not significantly impacted by changes in the level of interest rates. The following table shows the interest rate risk of our loans, on a gross basis, due one year after December 31, 2025:

Loan Interest Rate Risk

Due after December 31, 2026

Fixed

Adjustable

Total

(In thousands)

Commercial and industrial

$

1,224,146 

$

2,518,190 

$

3,742,336 

Commercial real estate

4,433,539 

3,819,284 

8,252,823 

Commercial construction

247,384 

184,426 

431,810 

Business banking

510,859 

867,865 

1,378,724 

Residential real estate

3,897,103 

1,334,036 

5,231,139 

Consumer home equity

343,163 

1,408,579 

1,751,742 

Other consumer

174,382 

2,663 

177,045 

Total loans

$

10,830,576 

$

10,135,043 

$

20,965,619 

63

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 5.0% and 4.9% of total commercial loans outstanding at December 31, 2025 and 2024, respectively.

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

For the retail portfolio, which includes residential real estate, consumer home equity, and other consumer portfolios, we monitor credit quality using the borrower’s FICO score. As of December 31, 2025, 72.8% of retail borrowers, based on amortized cost balances, have a FICO score of 740 or greater. The following table shows the balances by borrowers’ current FICO scores as of the dates indicated:

As of December 31, 2025

As of December 31, 2024

Residential

Real Estate

Consumer

Home Equity

Other

Consumer

Residential

Real Estate

Consumer

Home Equity

Other

Consumer

Current FICO (1)

(Dollars in thousands)

Not available (2)

$

56,429 

$

24,608 

$

17,455 

$

35,784 

$

26,906 

$

18,024 

640 or lower

154,600 

82,198 

6,677 

118,720 

65,538 

3,656 

641 – 699

353,379 

198,398 

11,468 

314,204 

154,184 

13,882 

700 – 739

702,495 

329,713 

22,350 

521,330 

257,035 

23,199 

740 or higher

3,965,277 

1,118,693 

174,083 

2,938,344 

881,625 

168,418 

Total

$

5,232,180 

$

1,753,610 

$

232,033 

$

3,928,382 

$

1,385,288 

$

227,179 

Average FICO

769.4

755.0

783.0

770.9

755.4

783.0

(1)Borrower FICO scores are updated on a semi-annual basis, and the most recent update occurred in December 2025. Borrower FICO scores related to loans acquired in connection with our merger with HarborOne were not updated in 2025, and are scheduled to be updated in the second quarter of 2026, as part of the annual process.

(2)Insufficient data available to report.

The delinquency rate of our total loan portfolio decreased to 0.56% at December 31, 2025 from 0.62% at December 31, 2024.

64

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

Loan Delinquency Rates

Delinquency Rate as of December 31,

2025

2024

Commercial and industrial

0.17 

%

0.00 

%

Commercial real estate

0.22 

%

0.46 

%

Commercial construction

0.18 

%

— 

%

Business banking

1.83 

%

1.19 

%

Residential real estate

1.02 

%

1.04 

%

Consumer home equity

0.99 

%

1.29 

%

Other consumer

0.35 

%

0.62 

%

Total

0.56 

%

0.62 

%

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

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

NPLs increased $36.5 million, or 27%, to $172.3 million at December 31, 2025 from $135.8 million at December 31, 2024. NPLs as a percentage of total loans decreased to 0.75% at December 31, 2025 from 0.76% at December 31, 2024. Refer to the later “Allowance for Credit Losses” section in this Item 7 for a discussion of the change in non-accrual loans which comprise our NPLs as of December 31, 2025 and 2024.

The total amount of interest recorded on NPLs during both the years ended December 31, 2025 and 2024 was not significant. The gross interest income that would have been recorded under the original terms of those loans if they had been performing amounted to $7.9 million and $8.8 million for the years ended December 31, 2025 and 2024, respectively.

In the course of resolving NPLs, we may choose to restructure the contractual terms of certain loans. We attempt to work-out alternative payment schedules with the borrowers in order to avoid foreclosure actions. The aggregate amortized cost balance as of December 31, 2025 of loans modified during the year ended December 31, 2025 which were determined to be modifications to borrowers experiencing financial difficulty was $67.1 million. Included in such modifications were four commercial real estate loans collateralized by properties in our office risk segment. The aggregate amortized cost balance as of December 31, 2024 of loans modified during the year ended December 31, 2024 which were determined to be modifications to borrowers experiencing financial difficulty was $30.7 million.

As of December 31, 2025, there were two loans with an aggregate balance of $0.3 million that had been modified to borrowers experiencing financial difficulty during the during the twelve-month period then ended which had subsequently defaulted during the year ended December 31, 2025. As of December 31, 2024, there were three loans with an aggregate balance of $0.5 million that had been modified to borrowers experiencing financial difficulty during the twelve-month period then ended which had subsequently defaulted during the year ended December 31, 2024.

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

Purchased credit deteriorated (“PCD”) loans are loans that we acquired that have shown evidence of deterioration of credit quality since origination and, therefore, it was deemed unlikely that all contractually required payments would be collected upon the merger date. We consider factors such as payment history, collateral values and accrual status when determining whether there was evidence of deterioration at the merger date. As of December 31, 2025 and 2024, the carrying

65

amount of PCD loans was $659.7 million and $331.4 million, respectively. The increase in PCD loans was due to our acquisition of PCD loans in the fourth quarter of 2025 in connection with our merger with HarborOne which was completed on November 1, 2025 and which added $514.6 million in PCD loans on a gross amortized cost basis, including the day-1 gross-up adjustment of the allowance for loan losses and loan amortized cost balance.

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 $1.7 million, or 0.4%, to $413.7 million at December 31, 2025 from $412.0 million at December 31, 2024. These loans as a percentage of total loans decreased to 1.8% at December 31, 2025 from 2.3% at December 31, 2024.

Commercial Real Estate Office Exposure. Our total office-related commercial real estate (“CRE”) loans (which is comprised of loans within our commercial real estate and construction portfolios that are secured by office space, medical office space, mixed-use, and laboratory/life sciences office properties where rental income is primarily from office space) totaled $1.3 billion and $1.0 billion as of December 31, 2025 and 2024, respectively. Included in this total as of December 31, 2025, were loans with a balance of $323.9 million which were acquired during year ended December 31, 2025 in connection with our merger with HarborOne. As of December 31, 2025, our office-related CRE loans are primarily concentrated in Massachusetts, where approximately 87.5% of the total recorded investment balance of office-related CRE loans are located, and approximately 19.6% 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 December 31, 2025, four of our office-related CRE loans, which had a total recorded investment balance of $36.7 million, were on non-accrual status of which $9.7 million were acquired during year ended December 31, 2025 in connection with our merger with HarborOne. As of December 31, 2024, twelve of our office-related CRE loans were on non-accrual status and had a total recorded investment balance of $87.0 million.

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

As of December 31,

2025

2024

(In thousands)

Commercial real estate

Pass

$

1,065,028 

$

848,526 

Special mention

38,503 

30,409 

Substandard

105,824 

71,088 

Doubtful

36,772 

87,012 

Total commercial real estate

$

1,246,127 

$

1,037,035 

Commercial construction

Pass

$

25,021 

$

— 

Special mention

— 

621 

Substandard

— 

779 

Doubtful

— 

— 

Total commercial construction

$

25,021 

$

1,400 

Total

$

1,271,148 

$

1,038,435 

66

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:

As of December 31,

2025

2024

(In thousands)

Commercial real estate

Office

$

562,157 

$

540,219 

Medical office

135,003 

55,333 

Mixed-use

425,529 

337,966 

Laboratory/life science (1)

123,438 

103,517 

Total commercial real estate

$

1,246,127 

$

1,037,035 

Commercial construction

Office

$

489 

$

1,400 

Medical office

5,324 

— 

Mixed-use

19,208 

— 

Laboratory/life science

— 

— 

Total commercial construction

$

25,021 

$

1,400 

Total

$

1,271,148 

$

1,038,435 

(1)In the second quarter of 2025, we refined the presentation of CRE office risk segments resulting in the addition of the “laboratory/life science” risk segment. Loans in this risk segment were reported in other risk segments as of December 31, 2024 and were reclassified above for comparative purposes.

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

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

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

•known increases in concentrations within each category;

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

•historical loan loss experience within each category;

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

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

•volume and trends in delinquencies and non-accruals;

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

•corporate goals and objectives;

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

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

67

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 increased by $102.9 million, or 44.9%, to $331.8 million, or 1.44% of total loans, at December 31, 2025 from $229.0 million, or 1.29% of total loans at December 31, 2024. The increase in the allowance for loan losses was primarily due to our merger with HarborOne, which was completed on November 1, 2025. In connection with the merger, we recorded an allowance for loan losses related to acquired loans of $103.7 million, as a gross-up of the corresponding loan balance. Excluding these amounts, the allowance for loan losses decreased by $0.8 million from December 31, 2024 to December 31, 2025. For further discussion of the change in the allowance for loan losses and the provision for allowance for loans losses, refer to Note 6, “Loans and Allowance for Credit Losses” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

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 increased by $3.3 million, or 25%, to $16.4 million at December 31, 2025 from $13.1 million at December 31, 2024.

The following table summarizes credit ratios for the periods presented:

Credit Ratios

68

For the Year Ended December 31,

2025

2024

2023

2022

2021

(Dollars in thousands)

Net loan charge-offs (recoveries):

Commercial and industrial

$

9,905

$

(59)

$

(283)

$

(1,053)

$

623

Commercial real estate

15,603

40,349

7,810

(91)

243

Commercial construction

(1,242)

—

—

—

—

Business banking

1,322

1,309

2,778

223

3,567

Residential real estate

(41)

(177)

(97)

(94)

(87)

Consumer home equity

85

(77)

(34)

(23)

(161)

Other consumer

1,409

1,906

1,953

1,625

1,373

Total net loan charge-offs

$

27,041

$

43,251

$

12,127

$

587

$

5,558

Average loans:

Commercial and industrial

$

3,656,829

$

3,198,008

$

3,197,668

$

2,944,064

$

2,015,665

Commercial real estate

7,640,566

6,287,261

5,377,304

4,886,951

3,960,818

Commercial construction

482,922

453,372

357,499

294,805

191,771

Business banking

1,360,475

1,149,337

981,496

1,021,720

1,241,770

Residential real estate

4,111,073

3,213,200

2,536,374

2,063,193

1,508,796

Consumer home equity

1,494,421

1,292,616

1,193,270

1,129,757

869,110

Other consumer

221,257

216,900

188,476

197,659

233,932

Average total loans (1)

$

18,967,543

$

15,810,694

$

13,832,087

$

12,538,149

$

10,021,862

Total net charge-offs (recoveries) to average total loans outstanding during the period

Commercial and industrial

0.27 

%

0.00 

%

(0.01)

%

(0.04)

%

0.03 

%

Commercial real estate

0.20 

0.64 

0.15 

0.00 

0.01 

Commercial construction

(0.26)

— 

— 

— 

— 

Business banking

0.10 

0.11 

0.28 

0.02 

0.29 

Residential real estate

0.00 

(0.01)

0.00 

0.00 

(0.01)

Consumer home equity

0.01 

(0.01)

0.00 

0.00 

(0.02)

Other consumer

0.64 

0.88 

1.04 

0.82 

0.59 

Total net charge-offs to average total loans outstanding during the period

0.14 

%

0.27 

%

0.09 

%

0.00 

%

0.06 

%

Total loans

$

23,085,065

$

17,778,354

$

13,948,360

$

13,562,528

$

12,255,068

Total non-accrual loans

$

172,339

$

135,820

$

52,557

$

38,604

$

32,993

Allowance for loan losses

$

331,841

$

228,952

$

148,993

$

142,211

$

97,787

Allowance for loan losses as a percent of total loans

1.44 

%

1.29 

%

1.07 

%

1.05 

%

0.80 

%

Non-accrual loans as a percent of total loans

0.75 

%

0.76 

%

0.38 

%

0.28 

%

0.27 

%

Allowance for loan losses as a percent of non-accrual loans

192.55 

%

168.57 

%

283.49 

%

368.38 

%

296.39 

%

(1)Average loan balances exclude loans held for sale

Non-accrual loans increased $36.5 million, or 27%, to $172.3 million at December 31, 2025 from $135.8 million at December 31, 2024, primarily due to loans acquired from HarborOne and which were already on non-accrual or were transferred to non-accrual following the completion of the merger. As of December 31, 2025, the amount of loans on non-accrual which were acquired from HarborOne was $89.9 million. For additional information regarding the credit quality of our loans, see Note 6, “Loans and Allowance for Credit Losses” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

69

The following tables set forth the allocation of the allowance for loan losses by loan categories listed in loan portfolio composition and the related loan balances as a percentage of total loans as of the dates indicated:

Summary of Allocation of Allowance for Loan Losses

As of December 31,

2025

2024

Allowance for Loan Losses

Percent of Allowance in Category to Total Allowance

Percent of Loans in Category

to Total 

Loans

Allowance for Loan Losses

Percent of Allowance in Category to Total Allowance

Percent of Loans in Category

to Total 

Loans

(Dollars in thousands)

Commercial and industrial

$

65,768 

19.82 

%

18.34 

%

$

41,090 

17.95 

%

18.24 

%

Commercial real estate

164,376 

49.53 

%

40.42 

%

116,175 

50.74 

%

39.37 

%

Commercial construction

21,058 

6.35 

%

2.41 

%

8,462 

3.70 

%

2.74 

%

Business banking

22,921 

6.91 

%

6.80 

%

19,899 

8.69 

%

8.01 

%

Residential real estate

44,177 

13.31 

%

23.40 

%

32,291 

14.10 

%

22.48 

%

Consumer home equity

9,171 

2.76 

%

7.46 

%

7,472 

3.26 

%

7.66 

%

Other consumer

4,370 

1.32 

%

1.17 

%

3,563 

1.56 

%

1.50 

%

Total

$

331,841 

100.00 

%

100.00 

%

$

228,952 

100.00 

%

100.00 

%

As of December 31,

2023

2022

2021

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

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

$

26,959 

18.09 

%

21.71 

%

$

26,859 

18.89 

%

23.21 

%

$

18,018 

18.43 

%

24.10 

%

Commercial real estate

65,475 

43.95 

%

39.05 

%

54,730 

38.49 

%

37.97 

%

52,373 

53.56 

%

36.82 

%

Commercial construction

6,666 

4.47 

%

2.77 

%

7,085 

4.98 

%

2.48 

%

2,585 

2.64 

%

1.81 

%

Business banking

14,913 

10.01 

%

7.77 

%

16,189 

11.38 

%

8.03 

%

10,983 

11.23 

%

10.87 

%

Residential real estate

25,954 

17.42 

%

18.36 

%

28,129 

19.78 

%

18.13 

%

6,556 

6.70 

%

15.69 

%

Consumer home equity

5,595 

3.76 

%

8.65 

%

6,454 

4.54 

%

8.75 

%

3,722 

3.81 

%

8.96 

%

Other consumer

3,431 

2.30 

%

1.69 

%

2,765 

1.94 

%

1.43 

%

3,308 

3.38 

%

1.75 

%

Other

— 

— 

%

— 

%

— 

— 

%

— 

%

242 

0.25 

%

— 

%

Total

$

148,993 

100.00 

%

100.00 

%

$

142,211 

100.00 

%

100.00 

%

$

97,787 

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 6, “Loans and Allowance for Credit Losses” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

70

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 $13.8 million and $5.9 million at December 31, 2025 and 2024, respectively. The amount of stock we are required to purchase is in proportional to our FHLB borrowings and level of total assets.

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:

As of December 31,

2025

2024

(In thousands)

Balances not subject to amortization

Goodwill

$

1,117,148 

$

914,957 

Balances subject to amortization

Core deposit intangibles

164,280 

111,296 

Customer list intangible

18,711 

22,841 

Trade name intangible

791 

1,064 

Total balances subject to amortization

183,782 

135,201 

Total goodwill and other intangible assets

$

1,300,930 

$

1,050,158 

The balance of our goodwill and other intangible assets was $1.3 billion and $1.1 billion at December 31, 2025 and 2024, respectively. The increase in goodwill and other intangible assets at December 31, 2025 from 2024 was due to our merger with HarborOne during the fourth quarter of 2025. Refer to Note 3, “Mergers and Acquisitions” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K for additional discussion. We did not record any impairment to our goodwill or other intangible assets during the years ended December 31, 2025 and 2024. For discussion of the impairment testing performed, refer to Note 9, “Goodwill and Other Intangible Assets” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

Deposits and other interest-bearing liabilities

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.

71

The following table presents our deposits as of the dates indicated, and the balance of deposits, by category, that were acquired in connection with our merger with HarborOne as of the merger date of November 1, 2025:

Components of Deposits

As of December 31,

HarborOne Acquired Deposit Balances

Organic Change

2025

2024

Change

Amount ($)

Percentage (%)

(Dollars in thousands)

Demand

$

6,341,205 

$

5,992,082 

$

349,123 

$

829,583 

$

(480,460)

(8.0)

%

Interest checking

4,727,219 

4,606,250 

120,969 

213,992 

(93,023)

(2.0)

%

Savings

2,010,028 

1,648,323 

361,705 

426,449 

(64,744)

(3.9)

%

Money market investments

7,885,707 

5,736,362 

2,149,345 

1,500,765 

648,580 

11.3 

%

Certificate of deposits

4,506,592 

3,336,323 

1,170,269 

1,362,373 

(192,104)

(5.8)

%

Total deposits

$

25,470,751 

$

21,319,340 

$

4,151,411 

$

4,333,162 

$

(181,751)

(0.9)

%

Deposits increased by $4.2 billion, or 19.5%, to $25.5 billion at December 31, 2025 from $21.3 billion at December 31, 2024. This increase was primarily due to the addition of deposits acquired in connection with our merger with HarborOne, which was completed on November 1, 2025. Excluding the acquired deposit balances, deposits decreased $181.8 million, or 0.9%, at December 31, 2025 from December 31, 2024. This decrease was primarily driven by regular deposit outflows during the year ended December 31, 2025.

The Bank’s estimate of total uninsured deposits was $10.2 billion and $9.0 billion at December 31, 2025 and 2024, 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 $8.1 billion and $6.9 billion at December 31, 2025 and 2024, respectively.

The following table presents the classification of deposits on an average basis for the years indicated:

Classification of Deposits on an Average Basis

For the Year Ended December 31,

2025

2024

2023

Average

Amount

Average

Rate

Average

Amount

Average

Rate

Average

Amount

Average

Rate

(Dollars in thousands)

Demand

$

5,803,876 

— 

%

$

5,348,124 

— 

%

$

5,404,208 

— 

%

Interest checking

4,482,914 

0.94 

%

4,167,043 

1.04 

%

4,070,585 

0.60 

%

Savings (1)

1,683,451 

0.30 

%

1,487,842 

0.21 

%

1,535,578 

0.01 

%

Money market investments

6,309,936 

2.35 

%

5,283,231 

2.66 

%

4,918,343 

2.11 

%

Certificates of deposit

3,487,640 

3.93 

%

3,146,139 

4.78 

%

2,303,520 

4.24 

%

Total deposits

$

21,767,817 

1.53 

%

$

19,432,379 

1.74 

%

$

18,232,234 

1.24 

%

(1)Includes the reclassification of the escrow deposits of borrowers to deposit savings accounts recorded in the first quarter of 2025 for comparability purposes.

72

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:

Maturities of Time Certificates of Deposit $250,000 and Over

As of December 31,

2025

2024

Maturing in

(In thousands)

Three months or less

$

734,723 

$

416,015 

Over three months through six months

467,873 

544,598 

Over six months through twelve months

202,541 

156,565 

Over twelve months

8,465 

5,161 

Total

$

1,413,602 

$

1,122,339 

Borrowings

Our borrowings may 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 information concerning balances on our borrowings as of the dates indicated:

Borrowings by Category

As of December 31,

Change

2025

2024

Amount ($)

Percentage (%)

(In thousands)

Interest rate swap collateral funds

$

15,321 

$

48,590 

$

(33,269)

(68.5)

%

Federal Home Loan Bank advances

199,617 

17,589 

182,028 

1034.9 

%

Total

$

214,938 

$

66,179 

$

148,759 

224.8 

%

Our total borrowings increased by $148.8 million to $214.9 million at December 31, 2025 compared to $66.2 million at December 31, 2024. The increase was primarily due to increased balances of FHLB advances which increased due to FHLB borrowings assumed in connection with our merger with HarborOne. Refer to the later “Liquidity, Capital Resources, Contractual Obligations, Commitments and Contingencies” section in this Item 7 for additional discussion of our liquidity position.

73

Results of Operations

Summary of Results of Operations

For the Year Ended December 31,

Change

2025

2024

Amount ($)

Percentage (%)

(Dollars in thousands)

Interest and dividend income

$

1,164,234 

$

946,766 

$

217,468 

23.0 

%

Interest expense

335,649 

339,169 

(3,520)

(1.0)

%

Net interest income

828,585 

607,597 

220,988 

36.4 

%

Provision for allowance for loan losses

26,200 

67,380 

(41,180)

(61.1)

%

Noninterest (loss) income

(105,936)

123,917 

(229,853)

(185.5)

%

Noninterest expense

596,943 

508,368 

88,575 

17.4 

%

Income tax expense

11,287 

36,205 

(24,918)

(68.8)

%

Net income

$

88,219 

$

119,561 

$

(31,342)

(26.2)

%

Comparison of the Years Ended December 31, 2025 and 2024

Interest and Dividend Income

Interest and dividend income increased by $217.5 million, or 23.0%, to $1.2 billion during the year ended December 31, 2025 from $946.8 million during the year ended December 31, 2024. The increase was due to an increase in both the average balance and yields of our loan portfolio. Our yields on loans and securities are generally presented on an FTE basis where the embedded tax benefit on loans and securities are calculated and added to the yield. Management believes that this presentation allows for better comparability between institutions with different tax structures.

•Interest income on loans increased $201.3 million, or 24.9%, to $1.0 billion during the year ended December 31, 2025 from $808.0 million during the year ended December 31, 2024. The increase in interest income on our loans was primarily due to an increase in the average balance of our loans and an increase in the yield on our loans. The average balance of our loan portfolio increased $3.2 billion, or 20.0%, to $19.0 billion during the year ended December 31, 2025 from $15.8 billion during the year ended December 31, 2024. This increase was primarily due to loans acquired in connection with our 2025 merger with HarborOne, which was completed in November 2025, and our 2024 merger with Cambridge, which was completed in July 2024. The overall yield on our loans increased 20 basis points during the year ended December 31, 2025 in comparison to the year ended December 31, 2024, which was primarily due to accretion of the discounts recorded related to loans acquired in our mergers with HarborOne and Cambridge.

•Interest income on securities and other short-term investments increased by $16.2 million, or 11.7%, to $154.9 million during the year ended December 31, 2025 from $138.7 million during the year ended December 31, 2024. The increase was primarily due to an increase in our combined yield on our securities and other short-term investments, which increased 76 basis points during the year ended December 31, 2025 in comparison to the year ended December 31, 2024 due to sales of AFS securities and the purchase of new securities with higher yields. Partially offsetting this increase was a decrease in the average balance of our securities and other short-term investments during the year ended December 31, 2025, which resulted from sales and maturities and principal paydowns of AFS and HTM securities.

Interest Expense

During the year ended December 31, 2025 interest expense decreased by $3.5 million to $335.6 million from $339.2 million during the year ended December 31, 2024. This decrease was primarily due to deposit interest expense which decreased during the year ended December 31, 2025 by $5.0 million to $332.4 million from $337.4 million. This decrease was due to a decrease in rates paid on deposits.

Net Interest Income

Net interest income increased by $221.0 million, or 36.4%, to $828.6 million during the year ended December 31, 2025 from $607.6 million during the year ended December 31, 2024. Net interest income increased due to an increase in our net interest margin of 67 basis points, to 3.51%. Also contributing to the increase was an increase in the balance of average total interest-earning assets of $2.2 billion, or 9.8%, to $24.2 billion during the year ended December 31, 2025 from $22.0 billion during the year ended December 31, 2024.

74

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

Net interest margin is determined by dividing FTE net interest income by average-earning assets. For purposes of the following discussion, income from tax-exempt loans and investment securities has been adjusted to an FTE basis, using a marginal tax rate of 22.0%, 21.8%, and 21.8% for the years ended December 31, 2025, 2024, and 2023, respectively.

Net interest margin increased 67 basis points basis points to 3.51% during the year ended December 31, 2025, from 2.85% during the year ended December 31, 2024. The increase in net interest margin for the year ended December 31, 2025 from the year ended December 31, 2024 was primarily due to an increase in the average balance and yield on interest-earning assets. Also contributing to the increase was a decrease in the cost of our interest-bearing liabilities.

75

The following tables set forth average balance sheet items, 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, and discounts and premiums that are amortized or accreted to interest income or expense. Average asset and liability balances included in discontinued operations are included in non-interest-earnings assets and liabilities, respectively.

Average Balances, Interest Earned/Paid, & Average Yields/Costs

As of and for the Year Ended December 31,

2025

2024

2023

Average

Outstanding

Balance

Interest

Average

Yield /Cost

Average

Outstanding

Balance

Interest

Average

Yield /Cost

Average

Outstanding

Balance

Interest

Average

Yield /Cost

(Dollars in thousands)

Interest-earning assets:

Loans (1):

Commercial

$

13,140,791 

$

727,071 

5.53 

%

$

11,087,978 

$

591,885 

5.34 

%

$

9,913,968 

$

491,427 

4.96 

%

Residential

4,118,369 

185,818 

4.51 

%

3,214,769 

131,648 

4.10 

%

2,538,588 

90,139 

3.55 

%

Consumer

1,715,678 

114,715 

6.69 

%

1,509,516 

101,552 

6.73 

%

1,381,745 

86,167 

6.24 

%

Total loans

18,974,838 

1,027,604 

5.42 

%

15,812,263 

825,085 

5.22 

%

13,834,301 

667,733 

4.83 

%

Non-taxable investment securities

252,675 

10,302 

4.08 

%

197,391 

7,342 

3.72 

%

197,682 

7,279 

3.68 

%

Taxable investment securities

4,554,448 

131,272 

2.88 

%

5,176,736 

90,582 

1.75 

%

6,050,024 

101,233 

1.67 

%

Other short-term investments

379,641 

15,568 

4.10 

%

810,670 

42,377 

5.23 

%

720,864 

37,395 

5.19 

%

Total interest-earning assets

24,161,602 

1,184,746 

4.90 

%

21,997,060 

965,386 

4.39 

%

20,802,871 

813,640 

3.91 

%

Non-interest-earning assets

1,996,930 

1,296,780 

921,622 

Total assets

$

26,158,532 

$

23,293,840 

$

21,724,493 

Interest-bearing liabilities:

Deposits:

Savings accounts

$

1,683,451 

$

5,054 

0.30 

%

$

1,487,842 

$

3,172 

0.21 

%

$

1,535,578 

$

223 

0.01 

%

Interest checking accounts

4,482,914 

42,133 

0.94 

%

4,167,043 

43,187 

1.04 

%

4,070,585 

24,235 

0.60 

%

Money market investments

6,309,936 

148,287 

2.35 

%

5,283,231 

140,695 

2.66 

%

4,918,343 

104,002 

2.11 

%

Time accounts

3,487,640 

136,930 

3.93 

%

3,146,139 

150,349 

4.78 

%

2,303,520 

97,621 

4.24 

%

Total interest-bearing deposits

15,963,941 

332,404 

2.08 

%

14,084,255 

337,403 

2.40 

%

12,828,026 

226,081 

1.76 

%

Borrowings

90,506 

3,245 

3.59 

%

47,307 

1,766 

3.73 

%

399,019 

19,969 

5.00 

%

Total interest-bearing liabilities

16,054,447 

335,649 

2.09 

%

14,131,562 

339,169 

2.40 

%

13,227,045 

246,050 

1.86 

%

Demand accounts

5,803,876 

5,348,124 

5,404,208 

Other noninterest-bearing liabilities

525,064 

545,291 

522,239 

Total liabilities

22,383,387 

20,024,977 

19,153,492 

Shareholders’ equity

3,775,145 

3,268,863 

2,571,001 

Total liabilities and shareholders’ equity

$

26,158,532 

$

23,293,840 

$

21,724,493 

Net interest income - FTE

$

849,097 

$

626,217 

$

567,590 

Net interest rate spread (2)

2.81 

%

1.99 

%

2.05 

%

Net interest-earning assets (3)

$

8,107,155 

$

7,865,498 

$

7,575,826 

Net interest margin - FTE (4)

3.51 

%

2.85 

%

2.73 

%

Average interest-earning assets to interest-bearing liabilities

150.50 

%

155.66 

%

157.28 

%

Return on average assets (5)

0.34 

%

0.51 

%

1.07 

%

Return on average equity (6)

2.34 

%

3.66 

%

9.03 

%

Noninterest expenses to average assets (7)

2.28 

%

2.18 

%

2.35 

%

(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.

76

(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 7 for additional information.

(5)Represents net income, including net income from discontinued operations in the case of the year ended December 31, 2023, divided by average total assets.

(6)Represents net income, including net income from discontinued operations in the case of the year ended December 31, 2023, divided by average equity.

(7)Includes noninterest expenses included in results of discontinued operations in the case of the year ended December 31, 2023. Refer to Note 24, “Discontinued Operations” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

The following table presents, on a tax equivalent basis, the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume.

Rate and Volume Analysis

For the Year Ended December 31, 2025 vs. 2024

For the Year Ended December 31, 2024 vs. 2023

Increase (Decrease) Due to

Total

Increase (Decrease)

Increase (Decrease) Due to

Total

Increase (Decrease)

Rate

Volume

Rate

Volume

(In thousands)

Interest-earning assets:

Loans

Commercial

$

22,264 

$

112,922 

$

135,186 

$

39,550 

$

60,908 

$

100,458 

Residential

14,402 

39,768 

54,170 

15,163 

26,346 

41,509 

Consumer

(625)

13,788 

13,163 

7,078 

8,307 

15,385 

Total loans

36,041 

166,478 

202,519 

61,791 

95,561 

157,352 

Non-taxable investment securities

757 

2,203 

2,960 

74 

(11)

63 

Taxable investment securities

52,683 

(11,993)

40,690 

4,469 

(15,120)

(10,651)

Other short-term investments

(7,733)

(19,076)

(26,809)

290 

4,692 

4,982 

Total interest-earning assets

$

81,748 

$

137,612 

$

219,360 

$

66,624 

$

85,122 

$

151,746 

Interest-bearing liabilities:

Deposits:

Savings accounts

$

1,424 

$

458 

$

1,882 

$

2,956 

$

(7)

$

2,949 

Interest checking accounts

(4,191)

3,137 

(1,054)

18,365 

587 

18,952 

Money market investments

(17,747)

25,339 

7,592 

28,532 

8,161 

36,693 

Time accounts

(28,637)

15,218 

(13,419)

13,640 

39,088 

52,728 

Total interest-bearing deposits

(49,151)

44,152 

(4,999)

63,493 

47,829 

111,322 

Borrowings

(73)

1,552 

1,479 

(4,071)

(14,132)

(18,203)

Total interest-bearing liabilities

(49,224)

45,704 

(3,520)

59,422 

33,697 

93,119 

Change in net interest income

$

130,972 

$

91,908 

$

222,880 

$

7,202 

$

51,425 

$

58,627 

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

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 a provision for allowance for loan losses of $26.2 million for the year ended December 31, 2025, compared to a provision of $67.4 million for the year ended December 31, 2024. For information regarding the change in the allowance for loan loss, including factors leading to the provision for allowance for loan loss recorded during the year ended December 31, 2025, see Note 6, “Loans and Allowance for Credit Losses” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

Management’s estimate of our allowance for loan losses as of December 31, 2025 and the provision for loan losses for the year ended December 31, 2025, was supported, in part, by Oxford Economics’ December 2025 Baseline forecast (“the forecast”) which was used to develop management’s estimate of the effect of expected future economic conditions on the allowance for loan losses. The forecast assumed U.S. economic growth in 2026 will be larger than 2025 growth as U.S. gross domestic product (“GDP”) will grow by 2.5%. This forecast reflects the impact of steady consumer spending along with a decrease in effective tariff rates, but a slight increase in the unemployment rate and and increase in the duration of a higher unemployment rate. Primary macroeconomic assumptions included in management’s evaluation of the adequacy of the allowance for loan losses included a rise in the unemployment rate. Further, the forecast assumed that the FOMC will decrease federal funds rates multiple times in 2026. Refer to the section titled “Outlook and Trends” within this Item 7 for additional discussion. For additional discussion of our allowance for credit losses measurement methodology, see Note 6, “Loans and Allowance for Credit Losses” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

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 a slight growth in GDP in 2025 of 0.2%. Use of the downside scenario would have resulted in an incremental increase in the allowance for loan losses of approximately $19.9 million as of December 31, 2025. The upside scenario assumed GDP growth of 3.4% in 2025 along with sustained recovery. Use of the upside scenario would have resulted in an incremental decrease in the allowance for loan losses of approximately $8.8 million as of December 31, 2025.

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

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Noninterest Income

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

Noninterest (Loss) Income

For the Year Ended December 31,

Change

2025

2024

Amount

%

(Dollars in thousands)

Investment advisory fees

$

69,921 

$

46,126 

$

23,795 

51.6 

%

Service charges on deposit accounts

35,035 

32,004 

3,031 

9.5 

%

Card income

18,260 

16,612 

1,648 

9.9 

%

Interest rate swap income

3,755 

2,819 

936 

33.2 

%

Income from investments held in rabbi trusts

9,963 

9,675 

288 

3.0 

%

Mortgage banking income (loss)

2,877 

(887)

3,764 

(424.4)

%

Losses on sales of securities available for sale, net

(269,638)

(16,798)

(252,840)

1,505.2 

%

Miscellaneous income and fees

23,038 

27,695 

(4,657)

(16.8)

%

Non-operating income

853 

6,671 

(5,818)

(87.2)

%

Total noninterest (loss) income

$

(105,936)

$

123,917 

$

(229,853)

(185.5)

%

Noninterest income decreased by $229.9 million, or 185.5%, to a loss of $105.9 million for the year ended December 31, 2025, from $123.9 million for the year ended December 31, 2024. This decrease was primarily due to a $252.8 million increase in losses on sales of securities available for sale, a $5.8 million decrease in other non-operating income and a $4.7 million decrease in miscellaneous income and fees. These items were partially offset by a $23.8 million increase in investment advisory fees.

•Losses on sales of securities available for sale were $269.6 million for the year ended December 31, 2025 compared to $16.8 million for the year ended December 31, 2024. This increase in losses was due to sales of securities with an aggregate book value of $1.9 billion during the year ended December 31, 2025 compared to $1.1 billion of sales during the year ended December 31, 2024. Included in these total book value amounts are securities we acquired in our mergers with HarborOne and Cambridge that were sold immediately following the closing of mergers at no gain or loss.

•Other non-operating income decreased primarily as a result of a gain on the sale of an other equity investment recognized during the year ended December 31, 2024 which exceeded the gain on sale of another other equity investment recognized during the year ended December 31, 2025.

•Miscellaneous income and fees decreased primarily as a result of non-recurring fee income received during the year ended December 31, 2024 as a result of the early withdrawal of an omnibus deposit contract which did not recur during year ended December 31, 2025.

•Investment advisory fees increased due to an increase in our assets under management, which increased due to our merger with Cambridge through which we acquired $5.0 billion in assets held in a fiduciary, custodial or agency capacity for customers. Our merger with Cambridge was completed in July 2024, and therefore contributed to increased trust and investment advisory fee income for a partial year in 2024 compared to a full year in 2025.

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Noninterest Expense

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

Noninterest Expense

For the Year Ended December 31,

Change

2025

2024

Amount

%

(Dollars in thousands)

Salaries and employee benefits

$

336,040 

$

287,626 

$

48,414 

16.8 

%

Office occupancy and equipment

45,553 

41,932 

3,621 

8.6 

%

Data processing

78,619 

70,464 

8,155 

11.6 

%

Professional services

14,641 

12,753 

1,888 

14.8 

%

Marketing

9,626 

7,754 

1,872 

24.1 

%

FDIC insurance

14,642 

13,866 

776 

5.6 

%

Amortization of other intangible assets

34,179 

14,569 

19,610 

134.6 

%

Other operating expenses

24,486 

22,740 

1,746 

7.7 

%

Non-operating expense

39,157 

36,664 

2,493 

6.8 

%

Total noninterest expense

$

596,943 

$

508,368 

$

88,575 

17.4 

%

Noninterest expense increased by $88.6 million, or 17.4%, to $596.9 million during the year ended December 31, 2025 from $508.4 million during the year ended December 31, 2024. This increase was primarily due to a $48.4 million increase in salaries and employee benefits expense, a $19.6 million increase in amortization of intangible assets, and a $8.2 million increase in data processing expense.

•Salaries and employee benefits expenses increased primarily due to an increase in salaries and wages expense, an increase in incentives, and an increase in health insurance expense.

◦Salaries and wages expense increased $34.6 million primarily due to an increase in the number of employees as a result of our mergers with HarborOne and Cambridge, in addition to regular employee wage increases.

◦Incentives increased $8.7 million primarily due to an increase in the number employees participating in our incentive compensation plans which was primarily the result of our mergers with HarborOne and Cambridge.

◦Health insurance expense increased $5.8 million primarily due to an increase in the number of employees, which was primarily driven by our mergers with HarborOne and Cambridge.

•Amortization of intangible assets increased primarily due to an increase in intangible assets in connection with our mergers with HarborOne and Cambridge, resulting in a corresponding increase in amortization expense.

•Data processing expense increased primarily due to increases in volume expenses, such as debit card processing expense and core data processing expense, in connection with our mergers with HarborOne and Cambridge. Also contributing to this increase was an increase in investment in key technology platforms.

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 included in continuing operations and applicable tax rates for the periods indicated:

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Tax Provision and Applicable Tax Rates

For the Year Ended December 31,

2025

2024

(Dollars in thousands)

Combined federal and state income tax provisions

$

11,287 

$

36,205 

Effective income tax rates

11.3 

%

23.2 

%

Blended statutory tax rate

27.6 

%

27.7 

%

Income tax expense decreased by $24.9 million to $11.3 million for the year ended December 31, 2025 from $36.2 million for the year ended December 31, 2024. The decrease was primarily due to lower pre-tax income for the year ended December 31, 2025 from the year ended December 31, 2024 and due to losses generated during the year ended December 31, 2024 for which a state tax benefit could not be realized.

For additional information related to our income taxes see Note 14, “Income Taxes” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations is based upon our 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.

While our significant accounting policies are discussed in detail in Note 2, “Summary of Significant Accounting Policies” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K, we believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our financial statements.

Allowance for Loan Losses. The allowance for credit losses, or ACL, is established to provide for our current estimate of expected lifetime credit losses on loans measured at amortized cost and unfunded lending commitments at the balance sheet date and is established through a provision for credit losses charged to net income.

Management uses a methodology to systematically estimate the amount of expected lifetime losses in the portfolio. 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 a financial asset’s probability of default (“PD”), loss given default (“LGD”) and exposure at default (“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 quantitative model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts, one of the most significant judgments influencing the ACL, are incorporated into the estimate over a reasonable and supportable forecast period of eight quarters, beyond which is a reversion to our historical loss average which occurs over a period of four quarters.

For further discussion of management’s economic forecast assumptions and our sensitivity analysis of the allowance for loan losses as of December 31, 2025, refer to the earlier “Provision for Loan Losses” discussion within the “Results of Operations” within this Item 7. For additional information on our allowance for loan losses, refer to Note 6, “Loans and Allowance for Credit Losses” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

Goodwill. Acquisitions of businesses are accounted for using the acquisition method of accounting whereby goodwill represents the excess of purchase price over the fair value of net assets acquired.

We evaluate goodwill for impairment at least annually, which we performed as of November 30, 2025, using a quantitative impairment approach. An assessment is also performed to the extent relevant events and/or circumstances occur which may indicate it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. The quantitative impairment test compares the book value to the fair value of each reporting unit. If the book value exceeds the fair

81

value, an impairment is charged to net income. As of December 31, 2025, management identified one reporting unit for purposes of testing goodwill for impairment: the banking business.

We performed our annual assessment of impairment for the banking business as of November 30, 2025. The assessment included a comparison of the banking reporting unit’s carrying value of equity to estimated fair value of equity using the market capitalization method of the market approach. We evaluated conditions as of the assessment date and how a market participant would evaluate a control premium for the banking reporting unit. The implied control premium was estimated using the discounted cash flow method of the income approach by evaluating the present value of market participant cost savings and synergies. Based upon the assessment, we determined there was no impairment of our goodwill as of November 30, 2025.

Significant management judgment is necessary in the determination of the fair value of a reporting unit as the estimated fair value of equity and of the implied control premium requires estimation of future cash flows and the evaluation of the present value of market participant cost savings and synergies. The determination of fair value is a highly subjective process, and actual future cash flows may differ from forecasted results.

Our discount rate was based upon the estimated cost of equity under the Capital Asset Pricing Model, which considers the risk-free interest rate, market risk premium, size premium, company specific premium and beta specific to a particular reporting unit.

For additional information on our goodwill and other intangibles, refer to Note 9, “Goodwill and Other Intangible Assets” within the Notes to the Consolidated Financial Statements included in Item 8 in this Annual Report on Form 10-K.

Business Combinations. As indicated above, acquisitions of businesses are accounted for using the acquisition method of accounting. In accordance with applicable accounting guidance, we recognize assets acquired and liabilities assumed at their respective fair values as of the date of acquisition, with the related transaction costs expensed in the period incurred. We use third party valuation specialists to assist in the determination of fair value of certain assets and liabilities at the merger date, including loans, core deposit intangibles, and time deposits. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed on the acquisition date, the estimates are inherently uncertain. For further discussion of our methodology for estimating the fair value of acquired assets and assumed liabilities in connection with our merger with HarborOne, see Note 3, “Mergers and Acquisitions” within the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

The allowance for credit losses on acquired loans is recognized within business combination accounting. For further discussion of our accounting policies for estimating credit losses on acquired loans, see Note 2, “Summary of Significant Accounting Policies” within the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

Income Taxes. We account for income taxes by establishing deferred tax assets and liabilities for the temporary differences between the accounting basis and the tax basis of our assets and liabilities at enacted tax rates. We make significant judgments regarding the amount and timing of recognition of deferred tax assets and liabilities. This requires subjective projections of future taxable income resulting from interest on loans and securities, as well as noninterest income. A valuation allowance is established if it is considered more-likely-than-not that all or a portion of the deferred tax assets will not be realized. Interest and penalties paid on the underpayment of income taxes are classified as income tax expense.

We periodically evaluate the potential uncertainty of our tax positions as to whether it is more-likely-than-not its position would be upheld upon examination by the appropriate taxing authority. The tax position is measured at the largest amount of benefit that we believe is greater than 50% likely of being realized upon settlement.

For additional information on our income taxes, refer to Note 14, “Income Taxes” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

Pension and other Post Retirement Benefit Plans. For information regarding our pension and other postretirement benefit plans including our pension contributions, investment strategies, assumptions, the change in benefit obligation and related plan assets, pension funding requirements and future net benefit payments, refer to Note 2, “Summary of Significant Accounting Policies” and Note 16, “Employee Benefits” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

Our defined benefit pension plans are accounted for on an actuarial basis, which requires the selection of various assumptions, including an expected long-term rate of return on plan assets for our Qualified Defined Benefit Pension Plan (“Defined Benefit Plan”), a discount rate, lump sum conversion rates, compensation and benefit limitation increase assumptions, mortality rates of participants and expectation of mortality improvement. The expected long-term rate of return on plan assets that is utilized in determining Defined Benefit Plan pension expense is derived from periodic studies, which include a review of asset allocation strategies, investment policy, amount and types of expenses that will be paid from the Defined

82

Benefit Plan, and the expected long-term return for the Defined Benefit Plan using recent forward looking capital market assumptions published by leading financial organizations. While the studies give appropriate consideration to recent plan performance and historical returns, the assumptions are primarily long-term, prospective rates of return.

In November 2025, an investment policy study was completed for the Defined Benefit Plan. As a result of the study, it was determined that the weighted-average long-term rate of return on assets of 7.00% was reasonable as of December 31, 2025.

Another key assumption in determining net pension expense is the assumed discount rate used to discount plan obligations. We estimate the assumed discount rate for all pension plans using a cash flow matching approach, which uses projected cash flows matched to spot rates along the Financial Times Stock Exchange (“FTSE”) above-median yield curve to determine the weighted-average discount rate for the calculation of the present value of cash flows. We apply the individual annual yield curve rates instead of the assumed discount rate to determine the service cost and interest cost, which more specifically links the cash flows related to service cost and interest cost to bonds maturing in their year of payment.

For our Defined Benefit Plan and the Non-Qualified Benefit Equalization Plan, the interest rates used to convert annuities to the actuarial equivalent lump sum amounts were selected based on the applicable segment rates under Internal Revenue Code Section 417(e) (November 2025, released in December 2025) and rounded to the nearest 25 basis points.

The Society of Actuaries (“SOA”) most recently issued mortality improvement tables during the year ended December 31, 2021. We reviewed our recent mortality experience and we determined our current mortality assumptions were appropriate to measure our pension plan obligations as of December 31, 2025.

Significant differences in actual experience or significant changes in assumptions may materially affect the pension obligations. The effects of actual results differing from assumptions and the changing of assumptions are included in unamortized net actuarial gains and losses that are subject to amortization to pension expense over future periods. The unamortized pre-tax actuarial loss on all of our pension plans was $11.7 million and $34.1 million at December 31, 2025 and December 31, 2024, respectively. The year-over-year change was primarily due to an increase in plan assets, partially offset by a decrease in discount rates.

The overfunded status of all of our pension plans improved during the year ended December 31, 2025 to $130.4 million from $110.9 million primarily due to: (i) actual pension plan investment returns greater than expected of $31.7 million; partially offset by (ii) changes in other actuarial assumptions and demographic data updates; and (iii) the unfavorable effect of a decrease in discount rates of $8.0 million.

The following table illustrates the sensitivity to a change in certain assumptions for the pension plans, holding all other assumptions constant:

Effect on 2025 Pension Expense

Effect on December 31, 2025 Pension Benefit Obligation

(in thousands)

25 basis point decrease in discount rate

$

845 

$

9,692 

25 basis point increase in discount rate

(809)

(9,304)

25 basis point decrease in expected rate of return on plan assets

1,311 

N/A

25 basis point increase in expected rate of return on plan assets

(1,311)

N/A

25 basis point decrease in lump sum conversion rates

454 

2,625 

25 basis point increase in lump sum conversion rates

(436)

(2,522)

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Recent Accounting Pronouncements

Relevant standards that we adopted during the year ended December 31, 2025:

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update are intended to improve income tax disclosure requirements, primarily through enhanced disclosures related to the existing requirements to disclose a rate reconciliation, income taxes paid and certain other required disclosures. Specifically, the amendments in this update:

1.Require that a public entity disclose, on an annual basis: (1) specific categories in the rate reconciliation and (2) additional information for reconciling items that meet a quantitative threshold. The update requires disclosure of such reconciling items according to requirements indicated in the update.

2.Require that all entities disclose certain disaggregated information regarding income taxes paid.

3.Require that all entities disclose certain disaggregated information regarding income tax expense.

4.Eliminate the requirement to: (1) disclose the nature and estimate of the range of reasonably possible changes in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot be made.

5.Remove the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures.

For public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Adoption should be done on a prospective basis and retrospective application is permitted. The adoption of this standard did not have a material impact on our Consolidated Financial Statements.

In August 2025, the FASB issued ASU 2025-05, Financial Instrument- Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide for the following when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers:

1.In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset.

2.An entity other than a public business entity that elects the practical expedient is permitted to make an accounting policy election to consider collection activity after the balance sheet date when estimating expected credit losses.

The adoption of this standard did not have a material impact on our Consolidated Financial Statements.

In November 2025, the FASB issued ASU 2025-08, Financial Instrument- Credit Losses (Topic 326): Purchased Loans. The amendments in this update expand the population of acquired financial assets subject to the gross-up approach in Topic 326, Financial Instrument- Credit Losses. In accordance with the amendments in this update, loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” (defined below) are purchased seasoned loans and accounted for using the gross-up approach at acquisition. Specifically, after an entity determines that a loan is a non-PCD asset based on its assessment of credit deterioration experienced since origination, the entity should apply the guidance described in the amendments to determine whether the loan is seasoned and, therefore, should be accounted for using the gross-up approach.

All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. We elected to early-adopt this ASU and applied the amendments to loans acquired in our merger with HarborOne. Refer to Note 3, “Mergers and Acquisitions” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K for further information including the initial allowance for loan losses recognized on purchased seasoned loans acquired in the merger.

Relevant standards that were recently issued but which we had not yet adopted as of December 31, 2025:

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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 and 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. We expect the adoption of this standard will not have a material impact on our 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.

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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. We do not expect the adoption of this standard will have a material impact on our 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. We do not expect the adoption of this standard to have a material impact on our 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. We do not expect the adoption of this standard will have a material impact on our Consolidated Financial Statements.

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;

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•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

•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 December 31, 2025 and 2024, the modeled changes in our net interest income on an FTE basis that would result from the designated immediate changes in market interest rates:

Interest Rate Sensitivity

As of December 31, 2025

Change in

Interest Rates

(basis points) (1)

Year 1

Change from

Level

Policy Limit

400

(1.7)

%

(20)

%

200

(0.6)

%

(12)

%

100

(0.2)

%

(10)

%

Flat

— 

%

— 

%

(100)

(0.1)

%

(10)

%

(200)

0.0 

%

(12)

%

(400)

1.4 

%

(20)

%

As of December 31, 2024

Change in

Interest Rates

(basis points) (1)

Year 1

Change from

Level

Policy Limit

400

(2.1)

%

(20)

%

200

(0.9)

%

(12)

%

100

(0.4)

%

(10)

%

Flat

— 

%

— 

%

(100)

0.2 

%

(10)

%

(200)

0.3 

%

(12)

%

(400)

2.4 

%

(20)

%

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

As of December 31, 2025, our model, as indicated above, shows modest changes in net interest income in rising and falling rate scenarios. In the rising rate scenarios, modeled funding costs are expected to outpace the growth in earning asset income. In the falling rate scenarios, net interest income is essentially unchanged, except for the shock down 400 basis point scenario, where funding costs are modeled to fall faster than interest earning asset yields. This represents a modest increase in asset sensitivity from December 31, 2024, driven by a modest decrease in asset duration, due in part to the reduced impact of the cash flow hedge portfolio. The simulation results are within policy limits and management therefore does not expect a material change to our current strategy over the near term. The rate scenarios that we model at each period end are dependent upon market conditions, which is why the rate scenarios that we model may differ from period-to-period.

Management may use techniques such as investment strategy, loan and deposit pricing, non-core funding strategies, and interest rate derivative financial instruments, within internal policy guidelines, to manage interest rate risk as part of our asset/liability strategy. Hedging strategies such as, for example, receive-fixed and pay-fixed swaps, interest rate caps, floors, or collars, may be used to protect against benchmark interest rates either rising or falling. The type of derivatives we primarily use to hedge market risk are interest rate swap agreements designated as cash flow hedging instruments. When the Federal Reserve began raising interest rates in March of 2022 from very low levels, management began evaluating a derivative strategy designed to limit our exposure to downward rate scenarios. In 2022, management executed receive-fixed interest rate swap agreements on floating-rate loans which have a total notional value of $1.9 billion as of December 31, 2025. 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 19, “Derivative Financial Instruments” within the Notes to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.

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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 December 31, 2025 and 2024. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates.

Our earnings are not directly or materially impacted by movements in foreign currency rates or commodity prices. Movements in equity prices may have a modest impact on earnings by affecting the volume of activity or the amount of fees from investment-related business lines and by affecting the amount of unrealized gains and losses from securities held in rabbi trusts, the latter of which are partially offset by a corresponding but opposite impact to the amount of employee benefit expense associated with the change in value of plan assets.

EVE Interest Rate Sensitivity (2)

Change in Interest Rates (basis points) (1)

As of December 31, 2025

EVE as a

Percentage of

Total Assets (3)

Estimated Increase (Decrease) in EVE from Level

Percent

Policy Limit

400

(3.0)

%

(30)

%

22.17 

%

200

(0.6)

%

(20)

%

21.81 

%

100

(0.3)

%

N/A

21.43 

%

Flat

— 

— 

21.02 

%

(100)

(0.9)

%

N/A

20.38 

%

(200)

(3.4)

%

(20)

%

19.46 

%

(400)

(15.1)

%

(30)

%

16.45 

%

Change in Interest Rates (basis points) (1)

As of December 31, 2024

EVE as a

Percentage of

Total Assets (3)

Estimated Increase (Decrease) in EVE from Level

Percent (%)

Policy Limit

400

(10.8)

%

(30)

%

22.34 

%

200

(5.7)

%

(20)

%

22.50 

%

100

(3.0)

%

N/A

22.56 

%

Flat

— 

— 

22.65 

%

(100)

3.2 

%

N/A

22.73 

%

(200)

5.6 

%

(20)

%

22.63 

%

(400)

8.8 

%

(30)

%

22.06 

%

(1)Assumes an immediate uniform change in 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 future 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. As of both December 31, 2025 and 2024, we had no one-way sell deposits. At December 31, 2025 and 2024, we had repurchased $2.3 billion and $2.1 billion, respectively, of previously sold 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 December 31, 2025, we had $198.1 million in outstanding advances and the ability to borrow up to an additional $3.0 billion. We also have the ability to borrow from the Federal Reserve Bank of Boston. At December 31, 2025, we had the ability to borrow up to $3.9 billion from the Federal Reserve Bank of Boston Discount Window. At December 31, 2025, cash and cash equivalents were $316.9 million and secured borrowing capacity at the Federal Reserve Bank and Federal Home Loan Bank totaled $7.0 billion, providing total liquidity sources of $7.3 billion. These liquidity sources provided 90% coverage of all customer uninsured and uncollateralized deposits, which totaled $8.1 billion, or 32% of total deposits, as of December 31, 2025. For further discussion of uninsured deposits, refer to the “Deposits” discussion within the “Financial Position” within this Item 7.

Sources of Liquidity

As of December 31,

2025

2024

Outstanding

Additional

Capacity

Outstanding

Additional

Capacity

(In thousands)

Brokered deposits (1)

$

84,703 

$

— 

$

— 

$

— 

Reciprocal deposits

2,267,539 

— 

2,063,135 

— 

Federal Home Loan Bank (2)

198,058 

3,049,296 

17,589 

2,375,565 

Federal Reserve Bank of Boston—Discount Window (3)

— 

3,902,128 

— 

2,825,634 

Total

$

2,550,300 

$

6,951,424 

$

2,080,724 

$

5,201,199 

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

(2)As of December 31, 2025 and 2024, loans with a carrying value of $5.0 billion and $2.3 billion, respectively, and securities with a carrying value of $157.6 million and $1.0 billion, respectively, were pledged to the FHLBB resulting in this additional unused borrowing capacity. The outstanding balance of FHLB borrowings as of December 31, 2025 shown above excludes the remaining premium related to borrowings assumed in connection with our merger with HarborOne of $1.6 million.

(3)As of December 31, 2025 and 2024, loans with a carrying value of $5.0 billion and $3.1 billion, respectively, and securities with a carrying value of $414.2 million and $794.8 million, respectively, were pledged to the Discount Window, resulting in this additional borrowing capacity.

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

Capital Resources. We are subject to various regulatory capital requirements administered by the Massachusetts Commissioner of Banks, the FDIC and the Federal Reserve (with respect to our consolidated capital requirements). At December 31, 2025 and 2024, we exceeded all applicable regulatory capital requirements, and were considered “well capitalized” under regulatory guidelines. For additional information regarding our regulatory capital requirements, refer to Note 15, “Minimum Regulatory Capital Requirements” within the Notes to the Consolidated Financial Statements included in Item 8 in this Annual Report on Form 10-K.

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. The amounts below assume the contractual obligations and commitments will run through the end of the applicable term and, as such, do not include early termination fees or penalties where applicable.

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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. 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.

The following table summarizes our short-term (e.g. maturity of one year or less) and long-term (e.g. maturity of greater than one year) contractual obligations, other commitments and contingencies at December 31, 2025.

One Year or Less

After One Year

Total

(In thousands)

Commitments to extend credit (1)

$

1,599,684 

$

5,703,067 

$

7,302,751 

Standby letters of credit

80,914 

2,691 

83,605 

Operating lease obligations

17,696 

84,829 

102,525 

FHLB advances

46,531 

153,086 

199,617 

Forward commitments to sell loans

35,861 

— 

35,861 

Total

$

1,780,686 

$

5,943,673 

$

7,724,359 

(1)Unused commitments that are deemed to be unconditionally cancellable are included in the less than one year category in the above table. Commitments to extend credit was comprised of $4.2 billion of commitments under commercial loans and lines of credit (including $658.0 million of unadvanced portions of construction loans), $2.6 billion of commitments under home equity loans and lines of credit, $226.0 million in overdraft coverage commitments, $44.5 million of unfunded commitments related to residential real estate loans and $154.4 million in other consumer loans and lines of credit as of December 31, 2025.