Eastern Bank Q1 2024 Earnings Report
Key Takeaways
Eastern Bankshares, Inc. reported a net income of $38.6 million, or $0.24 per diluted share, for the first quarter of 2024. The company saw growth in core deposits and loans, with a stable net interest margin and well-controlled expenses. The merger with Cambridge Bancorp is expected to close early in the third quarter of 2024, pending regulatory approvals.
Net income was $38.6 million, or $0.24 per diluted share.
Core deposits increased by $121 million, or 2.8% on an annualized basis.
Total loans increased by $115.3 million, or 3.3% on an annualized basis, reaching $14.1 billion.
Net interest margin was stable at 2.68%.
Eastern Bank
Eastern Bank
Forward Guidance
Eastern Bankshares anticipates closing the merger with Cambridge Bancorp early in the third quarter of 2024, subject to regulatory approvals. The company expects continued growth as Eastern and Cambridge plan for integration.
Positive Outlook
- Anticipated merger with Cambridge Bancorp expected to close early in the third quarter of 2024.
- Shareholder approvals received for the merger with Cambridge Bancorp.
- Optimistic about continued growth as Eastern and Cambridge plan for integration.
- Balance sheet remains healthy with strong capital and liquidity.
- Quarter benefited from margin stabilization and well-controlled expenses.
Challenges Ahead
- Merger is subject to receipt of regulatory approvals.
- Net interest income decreased by $3.4 million from the prior quarter.
- Shareholders’ equity decreased by $22.0 million from the prior quarter.
- Total securities decreased $125.8 million, or 2.6%, from the prior quarter.
- Modest increase in non-performing loans from $52.6 million to $57.2 million.