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Jun 30, 2023
Eastern Bank Q2 2023 Earnings Report
Strong margin expansion resulted from the prior quarter’s balance sheet repositioning, and cash raised in the securities sale will continue to enhance the company’s financial position.
Key Takeaways
Eastern Bankshares, Inc. reported strong second quarter results with a net income of $48.7 million, or $0.30 per diluted share. The company's net interest margin expanded 14 basis points, and operating revenues increased by $1.5 million.
Total revenue was $195.4 million, with total operating revenue of $196.3 million, up $1.5 million from the prior quarter.
Net income reached $48.7 million, or $0.30 per diluted share, compared to a net loss in the previous quarter.
Total loans increased by $286.6 million, or 2.1%, to $14.0 billion compared to the prior quarter.
The net interest margin expanded 14 basis points to 2.80%.
Revenue by Segment
Forward Guidance
The company is well-positioned to meet customer needs in an uncertain economic environment due to its strong balance sheet and core earnings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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