Eastern Bank Q3 2022 Earnings Report

Reported strong financial results with loan growth and net interest margin expansion.

Key Takeaways

Eastern Bankshares, Inc. reported a strong third quarter in 2022, with net income of $54.8 million, or $0.33 per diluted share, compared to $51.2 million, or $0.31 per diluted share, in the previous quarter. The company experienced significant loan growth and an expansion of the net interest margin, driving a 10% increase in net interest income.

Operating net income of $55.7 million, or $0.34 per diluted share, was 49% higher than the prior year quarter.

Net interest income increased by 10% compared to the prior quarter, reaching $152.2 million.

Net interest margin on a fully tax equivalent basis was 2.87%, 24 basis points higher than the prior quarter.

Loan growth was 16% on an annualized basis, driven by double-digit annualized growth in commercial and residential lending.