Eastern Bankshares Q1 net income $38.6M; CFO to retire; Cambridge merger on track

Eastern Bankshares, Inc.

2024-Q1 EPS reported $0.24 revenue$20,425,000

Q1 net income $38.6M ($0.24 diluted); operating net income $38.1M ($0.23 diluted).
Net interest margin stable at 2.68%; noninterest expense down $19.8M sequentially.
CFO James Fitzgerald to retire after successor appointed; Korn Ferry retained for search.
All-stock merger with Cambridge Bancorp approved by shareholders Feb 28, expected close early Q3 2024 pending regulatory approvals.
Board declared $0.11/share quarterly dividend payable June 14, record June 3.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

James B. Fitzgerald

Chief Financial Officer, Chief Administrative Officer, Treasurer

EBC · Eastern Bankshares, Inc.

Filed: April 25, 2024, 7:59 PM ET

James B. Fitzgerald, the Company’s principal financial officer, notified the Company’s Chief Executive Officer and the Audit Committee of its Board of Directors on April 24, 2024 that he would be retiring from his roles as Chief Financial Officer, Chief Administrative Officer and Treasurer of the Company and as Chief Financial Officer, Chief Administrative Officer and Vice Chair of Eastern Bank once his successor is identified and appointed Chief Financial Officer and begins employment with Eastern.

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 2024 results: net income $38.6 million, EPS $0.24 per diluted share.

Period: first quarter of 2024
Net income: $38.6 million
EPS: $0.24 per diluted share
Result: reported results

Exact text from the filing

Net income of $38.6 million, or $0.24 per diluted share.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

James B. Fitzgerald departed as Chief Financial Officer, Chief Administrative Officer, Treasurer at Eastern Bankshares, Inc..

Action: retiring
Role: Chief Financial Officer, Chief Administrative Officer, Treasurer

Exact text from the filing

James B. Fitzgerald, the Company’s principal financial officer, notified the Company’s Chief Executive Officer and the Audit Committee of its Board of Directors on April 24, 2024 that he would be retiring from his roles as Chief Financial Officer, Chief Administrative Officer and Treasurer of the Company and as Chief Financial Officer, Chief Administrative Officer and Vice Chair of Eastern Bank once his successor is identified and appointed Chief Financial Officer and begins employment with Eastern.

View on SEC.gov

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Eastern Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-018187

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