Eastern Bankshares Q1 net loss $194.1M on $280M AFS sale loss; operating EPS $0.38

Eastern Bankshares, Inc.

2023-Q1 EPS reported -$1.20 revenue$49,202,000

GAAP net loss $194.1M ($1.20/diluted share) vs. Q4 2022 net income $42.3M ($0.26).
Operating net income (non-GAAP) record $61.1M ($0.38/diluted), up from $49.9M Q4.
Sold $1.9B lower-yielding AFS securities taking $280M after-tax loss to boost liquidity.
Liquidity $7.1B covers 107% of uninsured/uncollateralized deposits ($6.7B).
Quarterly dividend $0.10/share payable June 15, record June 2; no share repurchases in Q1.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Eastern Bankshares, Inc. reported first quarter of 2023 results: net income Net loss of $194.1 million, EPS $1.20 per diluted share.

Period: first quarter of 2023
Net income: Net loss of $194.1 million
EPS: $1.20 per diluted share
Result: reported results

Exact text from the filing

On April 27, 2023, Eastern Bankshares, Inc., a Massachusetts corporation (the “Company”) and the stock holding company for Eastern Bank, issued a press release in which it announced its earnings for the quarter ended March 31, 2023.

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Eastern Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-013613

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