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Mar 31, 2021
Eastern Bank Q1 2021 Earnings Report
Reported strong organic growth, sound asset quality, and continued commitment to be a source of financial support to businesses.
Key Takeaways
Eastern Bankshares, Inc. reported a net income of $47.7 million, or $0.28 per share, for the first quarter of 2021, compared to a net loss of $44.1 million, or $0.26 per share, for the fourth quarter of 2020. The company originated $453 million in PPP loans during the quarter and announced a merger with Century Bancorp, Inc.
Net income was $47.7 million, or $0.28 per share, and operating net income was $46.5 million, or $0.27 per share.
Total revenue was $155.3 million and total operating revenue was $153.6 million driven by seasonally high insurance revenues of $28.1 million.
Originated $452.6 million in new PPP loans to approximately 4,700 borrowers.
Release of loan loss reserves of $0.6 million, with $178.4 million in remaining COVID-19 modified loans.
Eastern Bank
Eastern Bank
Eastern Bank Revenue by Segment
Revenue by Segment
Trust & Investment Fees Revenue
CapyFin.comInterest Rate Swap Income Revenue
CapyFin.com Forward Guidance
Eastern expects the merger with Century will create a combined franchise with approximately $22 billion in total assets and solidify Eastern’s leading position in Boston and eastern Massachusetts. The merger is expected to close in the middle of the fourth quarter of 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income