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Jun 30, 2022
Eastern Bank Q2 2022 Earnings Report
Reported strong financial results, driven by net interest income and loan growth.
Key Takeaways
Eastern Bankshares, Inc. reported a net income of $51.2 million for Q2 2022, or $0.31 per diluted share. The company experienced growth in net interest income and loan growth across major lending categories. The net interest margin expanded, contributing to record quarterly revenue.
Operating net income was $52.5 million, or $0.32 per diluted share, 42% higher than the prior year quarter.
Net interest income was $137.8 million, 8% higher than the prior quarter and 32% higher than the prior year quarter.
Net interest margin on a fully tax equivalent basis was 2.63%, 21 basis points higher than the prior quarter.
Loan growth excluding PPP loans was 10.5% on an annualized basis.
Forward Guidance
The company did not provide specific forward guidance in the provided document.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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