Eastern Bankshares reports $111.03 million net income for Q3 2026

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For the quarterly period ended June September 30, 2026

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228,511,552 224,555,173 shares of the Registrant's common stock, par value $0.01 per share, were outstanding as of July October 31, 2026.

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Financial statements 1 change

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Unaudited Consolidated Statements of Comprehensive (Loss) Income

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Unaudited Consolidated Financial Statements 704 changes

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Net loans 22,956,047 22,753,224

Prepaid expenses 255,237 259,929

Other assets 797,702 756,396

(In thousands, except per share data) June September 30, 2026 December 31, 2025

Cash and due from banks $ 175,547 149,937 $ 126,103

Short-term investments 80,616 397,123 190,766

Cash and cash equivalents 256,163 547,060 316,869

Available for sale (amortized cost $ 4,400,498 4,438,105 and $ 4,143,163 , respectively)

Held to maturity (fair value $ 740,991 761,956 and $ 575,974 , respectively)

Total securities 4,812,022 4,778,472 4,425,126

Loans held for sale 42,649 10,477 22,761

Total loans 23,713,099 23,974,077 23,574,496

Allowance for loan losses ( 325,354 327,181 ) ( 331,841 )

Unearned discounts and deferred fees, net ( 431,698 408,882 ) ( 489,431 )

Net loans 23,238,014 22,753,224

Federal Home Loan Bank stock, at cost 21,250 39,840 13,838

Premises and equipment 118,196 118,051 119,984

Bank-owned life insurance 311,387 313,451 307,836

Goodwill and other intangibles, net 1,277,643 1,265,999 1,300,930

Deferred income taxes, net 293,659 316,861 309,963

Prepaid expenses 250,365 259,929

Other assets 821,497 756,396

Total assets $ 31,141,955 31,700,087 $ 30,586,856

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Total deposits 25,919,312 25,470,751

Other liabilities 540,836 560,614

Total liabilities 26,858,741 26,246,303

Demand $ 6,540,568 6,509,306 $ 6,341,205

Interest checking accounts 4,706,543 4,765,857 4,727,219

Savings accounts 2,151,300 2,102,771 2,010,028

Money market investment 8,207,130 8,501,739 7,885,707

Certificates of deposit 4,313,771 4,137,135 4,506,592

Total deposits 26,016,808 25,470,751

Interest rate swap collateral funds 34,181 82,461 15,321

Federal Home Loan Bank advances 364,412 821,470 199,617

Total borrowed funds 398,593 903,931 214,938

Other liabilities 579,625 560,614

Total liabilities 27,500,364 26,246,303

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Common shares, $ 0.01 par value, 1,000,000,000 shares authorized, 228,858,364 226,336,697 and 235,646,558 shares issued and outstanding at June September 30, 2026 and December 31, 2025, respectively

Additional paid in capital 2,482,957 2,430,991 2,621,029

Unallocated common shares held by the Employee Stock Ownership Plan ( 120,272 119,016 ) ( 122,796 )

Retained earnings 2,176,037 2,254,702 2,067,327

Accumulated other comprehensive loss, net of tax ( 257,797 369,217 ) ( 227,363 )

Total shareholders' equity 4,283,214 4,199,723 4,340,553

Total liabilities and shareholders' equity $ 31,141,955 31,700,087 $ 30,586,856

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Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share data) 2026 2025 2026 2025

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Interest and fees on loans $ 308,481 $ 241,100 $ 610,233 $ 469,567

Taxable interest and dividends on securities 35,035 34,113 68,238 65,273

Non-taxable interest and dividends on securities 4,619 1,767 8,200 3,209

Total interest and dividend income 349,909 279,339 689,455 545,044

Interest on deposits 93,039 76,706 183,474 152,704

Interest on borrowings 4,938 603 9,393 1,411

Total interest expense 97,977 77,309 192,867 154,115

Net interest income 251,932 202,030 496,588 390,929

Interest and fees on loans $ 318,732 $ 244,191 $ 928,965 $ 713,758

Taxable interest and dividends on securities 37,246 33,336 105,484 98,609

Non-taxable interest and dividends on securities 5,274 2,194 13,474 5,403

Interest on federal funds sold and other short-term investments 1,774 2,359 2,784 6,995 2,064 3,295 4,848 10,290

Total interest and dividend income 363,316 283,016 1,052,771 828,060

Interest on deposits 102,809 82,365 286,283 235,069

Interest on borrowings 2,641 403 12,034 1,814

Total interest expense 105,450 82,768 298,317 236,883

Net interest income 257,866 200,248 754,454 591,177

Provision for allowance for loan losses 6,755 7,600 12,511 14,200 6,756 7,100 19,267 21,300

Net interest income after provision for allowance for loan losses 245,177 194,430 484,077 376,729 251,110 193,148 735,187 569,877

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Investment advisory fees 19,693 17,282 38,007 33,719

Service charges on deposit accounts 10,044 8,244 19,971 16,559

Card income 6,038 4,230 11,835 8,150

Interest rate swap income 1,996 978 2,979 1,466

Income from investments for employee retirement benefits 6,958 5,727 5,098 4,470

Mortgage banking income (loss) 3,343 ( 95 ) 6,208 ( 187 )

Miscellaneous income and fees 9,784 5,867 18,819 12,206

Other non-operating (loss) income ( 268 ) 618 ( 1,772 ) ( 12 )

Total noninterest income (loss) 57,588 42,851 101,145 ( 193,267 )

Investment advisory fees 19,394 17,553 57,401 51,272

Service charges on deposit accounts 10,146 8,550 30,117 25,109

Card income 6,399 4,177 18,234 12,327

Interest rate swap income 1,700 885 4,679 2,351

Income from investments for employee retirement benefits 620 3,839 5,718 8,309

Mortgage banking income (loss) 3,790 74 9,998 ( 113 )

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and 624 more changes in the filing

Legal proceedings 166 changes

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The Company uses derivative financial instruments to manage its interest rate risk resulting from the differences in the amount, timing, and duration of known or expected cash receipts and known or expected cash payments. Additionally, the Company enters into interest rate derivatives and foreign exchange contracts to accommodate the business requirements of its customers ("customer-related positions") and risk participation agreements entered into as financial guarantees of performance on customer-related interest rate swap derivatives. The Company also enters into residential mortgage loan commitments to fund mortgage loans at specified rates and times in the future and enters into forward sale commitments to sell such residential mortgage loans at specified prices and times in the future, both of which are considered derivative instruments. The Company enters into interest rate futures to mitigate the impact of changes in interest rates and interest rate volatility on the fair value of its mortgage servicing rights ("MSRs"). Changes in fair value are reflected in current period earnings in mortgage banking income. The interest rate futures are settled to market on a daily basis. Derivative instruments are carried at fair value in the Company's Consolidated Financial Statements. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not the instrument qualifies as a hedge for accounting purposes, and further, by the type of hedging relationship.

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As of September 30, 2026

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Interest rate swaps on loans $ 1,337,500 1.08 3.63 % 3.04 % $ ( 54 )

Total $ 1,337,500 $ ( 54 )

Interest rate swaps on loans $ 1,037,500 0.83 3.75 % 3.05 % $ ( 52 )

Total $ 1,037,500 $ ( 52 )

(1) The fair value included a net accrued interest payable balance of $ 0.4 million as of June September 30, 2026. In addition, the fair value includes netting adjustments which represent the amounts recorded to convert derivative assets and liabilities cleared through the Chicago Mercantile Exchange, or CME, from a gross basis to a net basis in accordance with applicable accounting guidance.

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The maximum amount of time over which the Company is currently hedging its exposure to the variability in future cash flows of forecasted transactions related to the receipt of variable interest on existing financial instruments is 1.2 years. 1.0 year.

The Company expects approximately $ 5.9 5.1 million will be reclassified into interest income, as a reduction of such income, from other comprehensive income related to the Company's active cash flow hedges in the next 12 months as of June September 30, 2026. The reclassification is due to anticipated net payments on the swaps based upon the forward curve as of June September 30, 2026.

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Interest rate swaps 631 $ 4,983,165

Interest rate swaps 636 $ 5,345,338

Risk participation agreements 166 647,135 635,591

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Foreign currency loan 3 4,811

Matched commercial customer book 190 110,233 160 89,173

Foreign currency loan 10 5,776

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Location Fair Value at June September 30,

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Location Fair Value at June September 30,

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Interest rate swaps Other assets $ 1 $ 30 Other liabilities $ 55 53 $ 24

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Total $ 51,806 $ 55,048 $ 75,512 $ 74,719

Interest rate swaps Other assets $ 50,426 88,780 $ 54,561 Other liabilities $ 74,125 118,989 $ 74,358

Risk participation agreements Other assets 8 2 10 Other liabilities 6 2 7

Foreign currency exchange contracts - matched customer book Other assets 1,358 1,281 434 Other liabilities 1,318 1,235 330

Foreign currency exchange contracts - foreign currency loan Other assets 13 72 13 Other liabilities 8 6 —

Total $ 90,136 $ 55,048 $ 120,285 $ 74,719

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June 30, Six Months Ended

September 30, Nine Months Ended

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(Loss) gain in OCI on derivatives $ ( 1,894 ) $ ( 432 ) $ ( 6,096 ) $ 5,973

(Loss) gain in OCI on derivatives $ ( 997 ) $ ( 1,692 ) $ ( 7,093 ) $ 4,281

Loss reclassified from OCI into interest income (effective portion) $ ( 2,212 1,884 ) $ ( 7,981 7,746 ) $ ( 4,989 6,873 ) $ ( 15,914 23,660 )

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Matched commercial customer book ( 61 ) 270 ( 64 ) 214

Foreign currency loan ( 3 ) ( 27 ) ( 8 ) ( 113 )

Loss recognized in interest rate swap income $ ( 123 97 ) $ ( 95 81 ) $ ( 246 343 ) $ ( 167 248 )

(Loss) gain recognized in interest rate swap income for risk participation agreements ( — 2 ) 1 ( 3 ) (Loss) gain recognized in other income for foreign currency exchange contracts: 1

Gain (loss) recognized in other income for foreign currency exchange contracts:

Matched commercial customer book 6 44 ( 58 ) 258

Foreign currency loan 61 20 53 ( 93 )

Net loss gain for derivatives not designated as hedges $ ( 187 32 ) $ 148 ( 16 ) $ ( 319 351 ) $ ( 66 82 )

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Cleared derivative transactions are with the Chicago Mercantile Exchange, or CME, and exposure is settled to market daily, with additional credit exposure related to initial-margin collateral pledged to CME at trade execution. At both June September 30, 2026, the Company did not have exposure to CME for settled variation margin in excess of the customer-related and non-customer-related interest rate swap termination value. At December 31, 2025, the Company had exposure to CME for settled variation margin in excess of the customer-related and non-customer-related interest rate swap termination values value of $ 0.2 million. In addition, at June September 30, 2026 and December 31, 2025, the Company had posted initial-margin collateral in the form of U.S. Treasury notes amounting to $ 40.1 40.0 million and $ 40.3 million, respectively, to CME for these derivatives. The U.S. Treasury notes were considered restricted assets and were included in available for sale securities within the Company's Consolidated Balance Sheets.

At both June September 30, 2026 and December 31, 2025, there were no customer-related interest rate swap derivatives with credit-risk contingent features in a net liability position. The Company has minimum collateral posting thresholds with its customer-related interest rate swap derivative correspondent-bank counterparties to the extent that the Company has a liability position with the correspondent-bank counterparties. The Company was not required to post cash collateral for interest rate swaps with correspondent-bank counterparties as of either June September 30, 2026 or December 31, 2025. If the Company had breached any of these provisions at June September 30, 2026 or December 31, 2025, it would have been required to settle its obligations under the agreements at the termination value. In addition, the Company had cross-default provisions with its commercial customer loan agreements which provide cross-collateralization with the customer loan collateral.

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The Company enters into residential mortgage loan commitments in connection with its consumer mortgage banking activities to fund mortgage loans at specified rates and times in the future. In addition, the Company enters into forward sale commitments to sell such residential mortgage loans at specified prices and times in the future. These commitments are short-term in nature and generally expire in 30 to 60 days. The residential mortgage loan commitments that relate to the origination of mortgage loans that will be held for sale and the related forward sale commitments are considered derivative instruments under ASC Topic 815, "Derivatives and Hedging" and are reported at fair value. Changes in fair value are reported in earnings and included in other non-interest income on the Consolidated Statements of Income. As of June September 30, 2026 and December 31, 2025, the Company had an outstanding notional balance of residential mortgage loan origination commitments of $ 32.1 14.7 million and $ 37.8 million, respectively, and forward sale commitments of $ 26.5 14.0 million and $ 35.9 million, respectively. During the three and six nine months ended June September 30, 2026 and 2025, net gains/losses recorded by the Company related to the change in fair value of commitments to originate and sell mortgage loans were not significant. In addition, as of June September 30, 2026, the aggregate fair value of the Company's mortgage banking derivative asset and liability was $ 0.4 0.6 million and $ 0.1 million, respectively. As of December 31, 2025, the aggregate fair value of the Company's mortgage banking derivative asset and liability was $ 0.5 million and $ 0.1 million, respectively. Mortgage banking derivative assets and liabilities are included in other assets and other liabilities, respectively, on the Consolidated Balance Sheets. Mortgage banking derivatives do not qualify as hedges for accounting purposes. As of June September 30, 2026 and December 31, 2025, the Company had interest rate futures with a notional value of $ 40.5 38.5 million and $ 45.2 million. Such interest rate futures had no fair value recorded on the Company's Consolidated Balance Sheets as they settle to market daily.

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

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As of September 30, 2026

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Interest rate swaps 50,426 — 50,426 7,058 ( 34,181 ) 9,187

Interest rate swaps 88,780 — 88,780 705 ( 82,461 ) 5,614

Risk participation agreements 8 2 — 8 2 — — 8 2

Foreign currency exchange contracts – matched customer book 1,358 1,281 — 1,358 1,281 — — 1,358 1,281

Foreign currency exchange contracts - foreign currency loan 13 72 — 13 72 — — 13 72

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Interest rate swaps $ 55 53 $ — $ 55 53 $ — $ 55 53 $ —

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Interest rate swaps 74,125 — 74,125 7,058 — 67,067

Interest rate swaps 118,989 — 118,989 705 96 118,188

Risk participation agreements 6 2 — 6 2 — — 6 2

Foreign currency exchange contracts – matched customer book 1,318 1,235 — 1,318 1,235 — — 1,318 1,235

Foreign currency exchange contracts – foreign currency loan 8 6 — 8 6 — — 8 6

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Securities consisted of U.S. Treasury securities, U.S. government-sponsored residential and commercial mortgage-backed securities, state and municipal bonds, and corporate bonds as of June September 30, 2026 and December 31, 2025. AFS securities are recorded at fair value.

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The fair value of other U.S. government agency obligations were estimated using either a matrix or benchmarks. The inputs used include benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. These securities were categorized as Level 2 given the use of observable inputs. The equity securities, mutual funds and other exchange-traded funds were valued based on quoted prices from the market. The equities, mutual funds and exchange-traded funds traded in an active market were categorized as Level 1 as they were valued based upon quoted prices from the market. Mutual funds at net asset value amounted to $ 53.4 59.8 million and $ 57.1 million at June September 30, 2026 and December 31, 2025, respectively. There were no redemption restrictions on these mutual funds at the end of any period presented.

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The fair value of interest rate swaps was determined using discounted cash flow analysis on the expected cash flows of the interest rate swaps. This analysis reflects the contractual terms of the interest rate swaps, including the period of maturity, and uses observable market-based inputs, including interest rate curves and implied volatility. In addition, for customer-related interest rate swaps, the analysis reflects a credit valuation adjustment to reflect the Company's own non-performance risk and respective counterparty's non-performance risk in the fair value measurements. The majority of inputs used to value the Company's interest rate swaps fall within Level 2 of the fair value hierarchy, but the credit valuation adjustments associated with the interest rate swaps utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, at June September 30, 2026 and December 31, 2025, the impact of the Level 3 inputs on the overall valuation of the interest rate swaps was deemed insignificant to the overall valuation. As a result, the interest rate swaps were categorized as Level 2 within the fair value hierarchy.

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

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Balance as of June September 30, 2026 Quoted Prices in

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Investments for employee retirement benefits 110,648 95,488 15,160 —

Mortgage servicing rights 39,642 — — 39,642

Government-sponsored residential mortgage-backed securities $ 2,794,837 2,760,230 $ — $ 2,794,837 2,760,230 $ —

Government-sponsored commercial mortgage-backed securities 1,024,510 970,217 — 1,024,510 970,217 —

U.S. Treasury securities 50,066 50,066 50,009 50,009 — —

State and municipal bonds and obligations 178,415 158,170 — 178,415 158,170 —

Investments for employee retirement benefits 103,102 80,324 22,778 —

Deferred compensation investments 2,354 2,354 2,170 2,170 — —

Loans held for sale 42,649 10,477 — 42,649 10,477 —

Mortgage servicing rights 41,227 — — 41,227

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Customer-related positions 50,426 — 50,426 —

Customer-related positions 88,780 — 88,780 —

Risk participation agreements 8 2 — 8 2 —

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Mortgage derivatives 401 — 401 —

Total $ 4,295,328 $ 147,908 $ 4,107,778 $ 39,642

Matched customer book 1,358 1,281 — 1,358 1,281 —

Foreign currency loan 13 72 — 13 72 —

Mortgage derivatives 618 — 618 —

Total $ 4,186,356 $ 132,503 $ 4,012,626 $ 41,227

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Customer-related positions 74,125 — 74,125 —

Cash flow hedges - interest rate positions 55 53 — 55 53 —

Customer-related positions 118,989 — 118,989 —

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MD&A 1 change

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

Forward-looking statements 555 changes

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• operational risks including, but not limited to, increasingly sophisticated cybersecurity incidents, threats, including those enabled by artificial intelligence, fraud, new technological integration including AI, natural disasters and future pandemics or other public health emergencies;

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

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

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

We are a bank holding company, and our principal subsidiary, Eastern Bank, is a Massachusetts-chartered bank that has served the banking needs of our customers since 1818. Our business philosophy is to operate as a diversified financial services enterprise providing a broad array of banking and other financial services primarily to retail, commercial and small business customers. We had total assets of $31.1 $31.7 billion and $30.6 billion at June September 30, 2026 and December 31, 2025, respectively. We are subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks, the New Hampshire Banking Department, the FDIC, the Federal Reserve Board and the Consumer Financial Protection Bureau. Our business consists of a full range of banking, lending (commercial, residential and consumer), savings and small business offerings, including our wealth management and trust operations that we conduct under our "Cambridge Trust Wealth Management, a division of Eastern Bank" brand name ("Cambridge Trust Wealth Management division").

Net income for the three and six nine months ended June September 30, 2026, respectively, computed in accordance with GAAP was $105.2 $111.0 million and $170.5 $281.5 million, respectively, as compared to net income and net loss of $100.2 $106.1 million and $117.4 $11.3 million, respectively, for the three and six nine months ended June September 30, 2025, respectively. The increase in net income for the three months ended June September 30, 2026 compared to the three months ended June September 30, 2025 was primarily due to increased net interest income and noninterest income during the three months ended June September 30, 2026. The increase from a net loss for the six nine months ended June September 30, 2025 to net income for the six nine months ended June September 30, 2026 was primarily due to losses on sales of securities recorded during the six nine months ended June September 30, 2025 of which there were none during and increased net interest income for the six nine months ended June September 30, 2026. Refer to the later sections titled "Results of Operations" within this Item 2 for additional discussion.

Net income for the three and six nine months ended June September 30, 2026, respectively, and net income and net loss for the three and six nine months ended June September 30, 2025, respectively, included items that our management considers non-core, which management excludes for purposes of assessing our operating net income, a non-GAAP financial measure. Operating net income for the three and six nine months ended June September 30, 2026 was $106.5 $111.0 million and $195.2 $306.2 million, respectively, compared to operating net income for the three and six nine months ended June September 30, 2025 of $81.7 $74.1 million and $149.2 $223.3 million, respectively, representing increases of 30.4% 49.9% and 30.8%, 37.1%, respectively. These increases were primarily due to higher net interest income for both the three and six nine months ended June September 30, 2026 compared to the three and six nine months ended June September 30, 2025, partially offset by higher noninterest expense on an operating basis for both the three and six nine months ended June September 30, 2026 compared to the three and six nine months ended June September 30, 2025. See "Non-GAAP Financial Measures" and "Results of Operations" within this Item 2 for a reconciliation of operating net income to net income/(loss) on a GAAP basis and further discussion of noninterest income/(loss) and noninterest expense.

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• Commercial and industrial : Loans in this category consist of revolving and term loans extended to businesses and corporate enterprises for the purpose of financing working capital, facilitating equipment purchases and facilitating acquisitions. As of June September 30, 2026 and December 31, 2025, we had total commercial and industrial loans of $4.7 $4.8 billion and $4.3 billion, respectively, representing 20.1% 20.2% and 18.6%, respectively, of our total loans. The primary risk associated with commercial and industrial loans is the ability of borrowers to achieve business results consistent with those projected at origination. Our primary focus for commercial and industrial loans is middle-market companies located in the markets we serve. In addition, we participate in the syndicated loan market and the SNC Program. Our commercial and industrial portfolio also includes our Asset Based Lending Portfolio ("ABL Portfolio") and industrial revenue bonds ("IRBs") which are municipal bonds issued to finance major capital projects. The majority of our IRB portfolio is in educational and other non-profit sectors.

• Commercial real estate : Loans in this category include mortgage loans and lines of credit on commercial real estate, both investment and owner occupied. Property types financed include office, industrial, multi-family, affordable housing, retail, hotel, and other type properties. As of June September 30, 2026 and December 31, 2025, we had total commercial real estate loans of $9.3 $9.5 billion and $9.4 billion, respectively, representing 39.9% 40.5% and 40.8%, respectively, of our total loans as of each period end. As of both June September 30, 2026 and December 31, 2025, owner occupied loans totaled $1.2 billion, representing 12.6% and 12.9% of our commercial real estate loans at September 30, 2026 and December 31, 2025, respectively. Collateral values are established by independent third-party appraisals and evaluations. The primary repayment sources include operating income generated by the real estate, permanent debt refinancing and/or the sale of the real estate. Our commercial real estate loan portfolio also includes loans included in our SNC Program portfolio described above and IRB loans.

• Commercial construction : Loans in this category include construction project financing and are comprised of commercial real estate, business banking and residential loans for the purpose of constructing and developing real estate. As of June September 30, 2026 and December 31, 2025, we had total commercial construction loans of $543.6 $450.5 million and $563.5 million, respectively, representing 2.3% 1.9% and 2.4%, respectively, of our total loans. Our commercial construction loan portfolio also includes loans included in our SNC Program portfolio described above and IRB loans.

• Business banking : Loans in this category are comprised of loans to small businesses with exposures of under $1.0 million and small investment real estate projects with exposures of under $3.0 million. These loans are separate and distinct from our commercial and industrial and commercial real estate portfolios described above due to the size of the loans. As of both June September 30, 2026 and December 31, 2025, we had total business banking loans of $1.5 billion and $1.6 billion, representing 6.7% 6.4% and 6.9%, respectively, of our total loans for each period end. In this category, commercial and industrial loans and commercial real estate loans totaled $326.0 $304.7 million and $1.2 billion, respectively, as of June September 30, 2026, and $307.6 million and $1.3 billion, respectively, as of December 31, 2025.

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• Residential real estate : Loans in this category consist of mortgage loans on residential real estate. As of both June September 30, 2026 and December 31, 2025, we had total residential real estate loans of $5.2 billion, representing 22.2% 22.1% and 22.7%, respectively, of our total loans. Underwriting considerations include, among others, income sources and their reliability, willingness to repay as evidenced by credit repayment history, financial resources including cash reserves and the value of the collateral. We maintain policy standards for minimum credit scores and cash reserves and maximum loan-to-value consistent with a "prime" portfolio. Collateral consists of mortgage liens on residential dwellings. We do not originate or purchase sub-prime or other high-risk loans. Residential real estate loans are originated either for sale to investors or to retain in our loan portfolio. Decisions about whether to sell or retain residential real estate loans are made based on the interest rate characteristics, pricing for loans in the secondary mortgage market, competitive factors and our capital needs. Following our merger with HarborOne, which included the acquisition of HarborOne's mortgage company, a portion of our loans sold on the secondary markets are sold with servicing retained. During the three and six nine months ended June September 30, 2026, residential real estate mortgage loan originations for secondary market sale were $103.0 $88.6 million and $204.6 $293.2 million, respectively, compared to $1.7 $9.6 million and $14.9 $24.5 million during the three and six nine months ended June September 30, 2025, respectively. During the three and six nine months ended June September 30, 2026, residential real estate mortgage loan sales on secondary market were $104.3 $101.2 million and $203.1 $305.5 million, respectively, compared to $11.0 $9.2 million and $23.8 $33.0 million during the three and six nine months ended June September 30, 2025, respectively.

• Consumer home equity : Loans in this category consist of home equity lines of credit and home equity loans. As of both June September 30, 2026 and December 31, 2025, we had total consumer home equity loans of $1.9 billion and $1.8 billion, representing 7.8% 7.9% and 7.6%, respectively, of our total loans. Home equity lines of credit are granted for ten years with monthly interest-only repayment requirements. Full principal repayment is required at the end of the ten-year draw period. Home equity lines of credit can be converted to term loans that are fully amortized. Underwriting considerations are materially consistent with those utilized in the residential real estate category. Collateral consists of a senior or subordinate lien on owner-occupied residential property.

• Other consumer : Loans in this category consist of unsecured personal lines of credit, overdraft protection, automobile and aircraft loans, home improvement loans and other personal loans. As of June September 30, 2026 and December 31, 2025, we had total other consumer loans of $218.0 $224.1 million and $232.0 million, respectively, representing 0.9% and 1.0% respectively, of our total loans at both September 30, 2026 and December 31, 2025. Our policy and underwriting in this category include the following factors, among others: income sources and reliability, credit histories, term of repayment and collateral value, as applicable.

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

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

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

• Through our Cambridge Trust Wealth Management division, we provide a wide range of trust services, including (i) managing customer investments, (ii) serving as custodian for customer assets, and (iii) providing other fiduciary services, including serving as the trustee and personal representative of estates. As of June September 30, 2026 and December 31, 2025, we held $11.3 $11.5 billion and $10.1 billion, respectively, of assets in a fiduciary, custodial or agency capacity for customers, which are not our assets and therefore not included on the Consolidated Balance Sheets included in this Quarterly Report on Form 10-Q. For the three and six nine months ended June September 30, 2026, we had noninterest income of $19.7 $19.4 million and $38.0 $57.4 million, respectively, from providing these services compared to $17.3 $17.6 million and $33.7 $51.3 million for the three and six nine months ended June September 30, 2025, respectively.

The interest rate environment remains an important driver of our earnings, balance sheet performance, and risk profile. During the third quarter of 2026, the Federal Open Market Committee increased the federal funds target range by 25 basis points to 3.75% to 4.00%. While the future path of monetary policy remains uncertain, market participants generally expect interest rates to remain elevated in the near term, with the potential for additional policy tightening should inflationary pressures persist.

Management continues to actively manage interest rate risk through balance sheet positioning and pricing strategies. While changes in interest rates may affect asset yields, funding costs, and the value of certain financial instruments, we believe our balance sheet remains well positioned to manage interest rate volatility. For further detail regarding interest rate risk management refer to Note 11, "Derivative Financial Instruments" within the Notes to the Unaudited Consolidated Financial Statements included in Part I, Item 1 in this Quarterly Report on Form 10-Q and "Management of Market Risk" within this Item 2.

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Three Months Ended June 30, Six Months Ended June 30,

Net income (loss) (GAAP) $ 105,213 $ 100,233 $ 170,475 $ (117,433)

Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands, except per share data)

Net income (loss) (GAAP) $ 111,034 $ 106,144 $ 281,509 $ (11,289)

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Losses (gains) on sales of other assets 284 (618) 1,788 12

Losses on sales of securities available for sale, net — — 796 — 796 269,638

Gain on sale of other equity investment (16) — (16) — (54) (1,584) (70) (1,584)

(Gains) losses on sales of other assets (742) 60 1,046 72

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Merger and acquisition expenses 1,550 2,582 29,611 2,582

Merger and acquisition expenses — 3,218 29,611 5,800

Total impact of non-GAAP adjustments 1,818 1,964 — 1,694 34,089 272,232 273,926

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Operating net income (non-GAAP) $ 106,530 $ 81,725 $ 195,156 $ 149,209

Non-GAAP adjustments, net of tax $ 1,317 — $ (18,508) (32,085) $ 24,681 $ 266,642 234,557

Operating net income (non-GAAP) $ 111,034 $ 74,059 $ 306,190 $ 223,268

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Basic 218,269,623 198,531,054 220,197,005 199,275,436

Diluted 219,244,234 198,992,111 221,384,607 199,275,436

Basic 215,924,694 198,726,113 218,759,622 199,091,321

Diluted 217,164,817 199,478,940 220,016,315 199,091,321

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

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

Earnings (losses) per share, basic $ 0.51 $ 0.53 $ 1.29 $ (0.06)

Earnings (losses) per share, diluted $ 0.51 $ 0.53 $ 1.28 $ (0.06)

Operating earnings per share, basic (non-GAAP) $ 0.49 0.51 $ 0.41 0.37 $ 0.89 1.40 $ 0.75 1.12

Operating earnings per share, diluted (non-GAAP) $ 0.49 0.51 $ 0.41 0.37 $ 0.88 1.39 $ 0.75 1.12 (1) The net tax benefit associated with these items is generally determined by assessing whether each item is included or excluded from net taxable income and applying our combined statutory tax rate only to those items included in net taxable income.

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

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Three Months Ended June 30, Six Months Ended June 30,

(Dollars in thousands)

Net interest income (GAAP) $ 251,932 $ 202,030 $ 496,588 $ 390,929

Tax-equivalent adjustment (non-GAAP) 6,222 4,805 12,391 9,412

Noninterest income (loss) (GAAP) 57,588 42,851 101,145 (193,267)

(Losses) gains on sales of other assets (284) 618 (1,788) (12)

Noninterest expense (GAAP) $ 167,948 $ 136,961 $ 366,578 $ 267,081

Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands)

Net interest income (GAAP) $ 257,866 $ 200,248 $ 754,454 $ 591,177

Tax-equivalent adjustment (non-GAAP) 5,127 5,136 17,518 14,548

Fully-taxable equivalent net interest income on an operating basis (non-GAAP) 258,154 206,835 508,979 400,341 262,993 205,384 771,972 605,725

Noninterest income (loss) (GAAP) 48,696 41,252 149,841 (152,015)

Losses on sales of securities available for sale, net — — (796) — (796) (269,638)

Gain on sale of other equity investment 16 — 16 — 54 1,584 70 1,584

Gains (losses) on sales of other assets 742 (60) (1,046) (72)

Noninterest income on an operating basis (non-GAAP) 57,856 42,233 102,917 76,383 48,696 39,728 151,613 116,111

Noninterest expense (GAAP) $ 159,686 $ 140,433 $ 526,264 $ 407,514

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Merger and acquisition expenses 1,550 2,582 29,611 2,582

Amortization of intangible assets 11,643 7,807 23,287 15,615

Total revenue (GAAP) $ 309,520 $ 244,881 $ 597,733 $ 197,662

Total operating revenue (non-GAAP) $ 316,010 $ 249,068 $ 611,896 $ 476,724

Efficiency ratio (GAAP) 54.26 % 55.93 % 61.33 % 135.12 %

Operating efficiency ratio (non-GAAP) 48.97 % 50.82 % 50.82 % 52.21 %

Merger and acquisition expenses — 3,218 29,611 5,800

Noninterest expense on an operating basis (non-GAAP) 166,398 134,379 334,261 264,499 159,686 137,215 493,947 401,714

Amortization of intangible assets 11,644 7,808 34,931 23,423

Noninterest expense for calculation of operating efficiency ratio (non-GAAP) $ 154,755 148,042 $ 126,572 129,407 $ 310,974 459,016 $ 248,884 378,291

Total revenue (GAAP) $ 306,562 $ 241,500 $ 904,295 $ 439,162

Total operating revenue (non-GAAP) $ 311,689 $ 245,112 $ 923,585 $ 721,836

Efficiency ratio (GAAP) 52.09 % 58.15 % 58.20 % 92.79 %

Operating efficiency ratio (non-GAAP) 47.50 % 52.80 % 49.70 % 52.41 %

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As of June September 30, As of December 31,

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Total shareholders' equity (GAAP) $ 4,283,214 4,199,723 $ 4,340,553

Less: Goodwill and other intangibles 1,277,643 1,265,999 1,300,930

Tangible shareholders' equity (non-GAAP) 3,005,571 2,933,724 3,039,623

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and 475 more changes in the filing

Controls and procedures 2 changes

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

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

Unregistered sales of stock 6 changes

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

Period Total Number of Shares Average Price Paid per Share Total Number of Shares Purchased as Part of the Publicly Announced Share Repurchase Programs Maximum Number of Shares That May Yet Be Purchased Under the Share Repurchase Programs (1) (1)(2)

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June 1, 2026 – June 30, 2026 1,177,441 20.22 10,625,821 1,274,179

July 1, 2026 – July 31, 2026 348,741 23.14 10,974,562 12,275,438

August 1, 2026 – August 31, 2026 685,175 22.88 11,659,737 11,590,263

June September 1, 2026 – June September 30, 2026 1,177,441 20.22 10,625,821 1,274,179 1,529,774 21.53 13,189,511 10,060,489 (1) On October 23, 2025, the Company announced its Board of Directors had authorized a new share repurchase program. The program, which authorized the purchase of up to 11,900,000 shares over a 12-month period, expires expired on October 31, 2026.

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Other information 2 changes

On September 1, 2026 , Director Joseph Casey terminated a trading arrangement intended to satisfy the affirmative defense conditions of the SEC's Rule 10b5-1(c), which was adopted on May 19, 2026 and disclosed in Part II, Item 5 in our Q2 Form 10-Q as of and for the period ended June 30, 2026.

Director Joseph Mr. Casey then adopted a trading arrangement intended to satisfy the affirmative defense conditions of the SEC's Rule 10b5-1(c) on May 19, September 9, 2026 . Mr. Casey's plan provides for the sale of 50,000 76,852 shares of Company common stock beginning on August 19, December 8, 2026 and continues through August 18, September 1, 2027 .

Exhibits 4 changes

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

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

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Date: August 7, November 6, 2026 /s/ Robert F. Rivers

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Date: August 7, November 6, 2026 /s/ R. David Rosato

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