Eastern Bancshares Inc

Latest Results (14.08.2024):

Net Income

Eastern Bancshares Inc. reported a net income of $26.3 million, or $0.16 per diluted share, for the second quarter of 2024. The operating net income was higher at $36.5 million, or $0.22 per diluted share. This demonstrates a solid financial performance for the quarter.

Loan and Deposit Changes

During the second quarter of 2024, Eastern Bancshares Inc. saw an increase in total loans by $56.8 million, or 1.6% on an annualized basis, reaching $14.1 billion. However, deposits declined by $129 million, or 2.9% on an annualized basis, primarily due to the early withdrawal of a $100 million omnibus deposit contract.

Net Interest Income

Net interest income for Eastern Bancshares Inc. was $128.6 million in the second quarter of 2024, a slight decrease from $129.9 million in the prior quarter. The net interest margin on a fully tax equivalent basis declined by 4 basis points to 2.64%, influenced by higher funding costs.

Noninterest Income

Eastern Bancshares Inc. reported noninterest income of $25.3 million for the second quarter of 2024, down from $27.7 million in the previous quarter. However, on an operating basis, noninterest income increased to $31.1 million, driven by a $7.8 million early termination payment from an omnibus deposit early withdrawal.

Dividends and Share Repurchase

The Board of Directors of Eastern Bancshares Inc. declared a quarterly cash dividend of $0.11 per common share, payable on September 16, 2024. Additionally, the Board authorized a share repurchase program of up to 10.8 million shares, representing 5% of the company’s outstanding shares, reflecting a commitment to shareholder value.