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Dec 31, 2020
Eastern Bank Q4 2020 Earnings Report
Eastern Bank reported a net loss due to a one-time stock donation to its charitable foundation, while operating net income remained strong and a quarterly cash dividend was initiated.
Key Takeaways
Eastern Bankshares, Inc. reported a net loss of $44.1 million for Q4 2020 due to a one-time donation of stock to the Eastern Bank Charitable Foundation. However, operating net income was $31.6 million, and the company initiated a quarterly cash dividend of $0.06 per share.
Net loss was $44.1 million, or $0.26 per share, for the fourth quarter due to the stock contribution to the EBCF.
Operating net income was $31.6 million, or $0.18 per share, for the fourth quarter.
Total assets were $16.0 billion at December 31, 2020, representing an increase of $503.6 million or 3% from September 30, 2020.
The Company's Board of Directors declared a quarterly cash dividend of $0.06 per common share.
Eastern Bank
Eastern Bank
Forward Guidance
The company expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of the Company’s Board of Directors.