Eastern Bankshares Q3 net income $111.0M, EPS $0.51; NPLs fall 22.5% to 0.36% of loans

Eastern Bankshares, Inc.

Net income and operating net income both $111.0M, or $0.51 diluted, up 6.3% from $0.48 in Q2; ROA 1.41%, ROTCE 15.7%, operating efficiency ratio 47.5%.
Net interest income $257.9M (+2.3% QoQ); NIM-FTE fell 4bp to 3.62% as deposit costs rose 8bp to 2.09%, offsetting earning-asset yields of 5.07%.
Noninterest income fell $9.2M to $48.7M on $6.3M lower retirement-benefit investment income and $3.1M less misc income after Q2 loan-sale gains.
NPLs fell $24.6M to $84.8M (0.36% of loans), third straight decline since the HarborOne merger; net charge-offs 0.09% vs 0.17%.
Loans +1.1% to $23,974M; deposits $26,017M; repurchased 2.6M shares at $22.11 avg ($56.7M); $0.15 dividend payable Dec 21, record Dec 7.

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