secwatch.observer — SEC 8-K summary
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Issuer:     Eastern Bankshares, Inc. (EBC)
CIK:        0001810546
Form:       8-K
Filed at:   2024-07-25T23:59:59+00:00
Accession:  0001628280-24-032992
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1810546/000162828024032992/0001628280-24-032992-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1810546/000162828024032992/ebc-20240725.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-032992

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