Eastern Bankshares reports Q3 net loss of $6.2M on merger costs; raises dividend 9% to $0.12

Eastern Bankshares, Inc.

2024-Q3 EPS reported $0.34 revenue$79,423,000

Operating net income of $49.7M ($0.25 diluted EPS); net loss of $6.2M reflects $40.9M initial loan provision and $30.5M merger charges.
Net interest margin (FTE) rose 33 bps to 2.97%, including 18 bps from Cambridge merger discount accretion.
Cambridge merger added $3.7B loans, $3.9B deposits; trust and investment fees surged 122% to $14.9M.
Board declared $0.12 quarterly dividend (payable Dec 16, record Dec 3), a 9% increase from prior quarter.
Non-performing loans jumped to $124.5M (0.70% of total loans) from $39.8M, driven by acquired PCD loans.

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