Eastern Bankshares Q2 net income $26.3M; completes Cambridge merger; $200M buyback authorized

Eastern Bankshares, Inc.

2024-Q2 EPS reported $0.40 revenue$49,305,000

Completed merger with Cambridge Bancorp on July 12, adding ~$4.8B AUM/A, 11 branches, and 4 wealth offices.
Net income $26.3M ($0.16 diluted EPS); operating net income $36.5M ($0.22 diluted EPS).
Board authorized share repurchase of up to 10.8M shares ($200M limit) over 12 months; Fed non-objection received.
Quarterly cash dividend of $0.11/share declared, payable Sept 16, 2024 to holders of record Sept 3.
Total loans rose $56.8M; deposits fell $129M due to $100M omnibus deposit early withdrawal with $7.8M termination fee.

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