earnings
confidence high
sentiment neutral
materiality 0.75
Eastern Bankshares reports Q3 net loss $6.2M, operating net income $49.7M, dividend raised 9%
Eastern Bankshares, Inc.
2024-Q3 EPS reported
$0.34
revenue$79,423,000
- Net loss of $6.2M ($0.03 diluted EPS); operating net income $49.7M ($0.25 op EPS).
- Net interest margin (FTE) expanded 33bps to 2.97%; NII up $41.2M QoQ to $169.9M.
- Provision for loan losses $47M including $40.9M initial provision on non-PCD Cambridge loans.
- Dividend raised 9% to $0.12/shr; repurchased 836k shares at $15.08 for $12.6M.
- Cambridge merger: annual cost saves ~$40M; TBVPS $12.17; CET1 ratio 15.5%.