Eastern Bankshares Q4 net income $318.5M from $515M insurance sale; operating EPS $0.10

Eastern Bankshares, Inc.

2023-FY EPS reported $1.43 revenue$76,866,000

Net income $318.5M ($1.95 diluted) includes $294.5M after-tax gain from sale of Eastern Insurance for $515M.
Operating net income $16.9M ($0.10) includes $10.8M FDIC special assessment; NIM 2.69% down 8bps.
Core deposits up $516.2M (3.0%) to $17.6B; borrowings & brokered deposits reduced to <1% of assets.
Declares $0.11 quarterly dividend payable March 15, 2024; no share repurchases in Q4.
Pending merger with Cambridge Bancorp expected early Q2 2024; annualized NCOs 0.32% on office CRE.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Eastern Bankshares, Inc. reported Q4 2023 results: net income $318.5 million, or $1.95 per diluted share, EPS $1.95 per diluted share.

Period: Q4 2023
Net income: $318.5 million, or $1.95 per diluted share
EPS: $1.95 per diluted share
Result: reported results

Exact text from the filing

Eastern Bankshares, Inc. Reports Fourth Quarter 2023 Financial Results

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Eastern Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-002241

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