Eastern Bank Q4 2022 Earnings Report

Eastern Bank reported net income of $42.3 million for Q4 2022, with operating net income at $49.9 million.

Key Takeaways

Eastern Bankshares, Inc. reported a net income of $42.3 million for the fourth quarter of 2022, or $0.26 per diluted share. Operating net income for the same period was $49.9 million, or $0.31 per diluted share. Total assets reached $22.6 billion, marking a 3% increase from the previous quarter.

Net income was $42.3 million, or $0.26 per diluted share, and operating net income was $49.9 million, or $0.31 per diluted share, for Q4 2022.

Net interest income for Q4 2022 was $150.0 million, a 1% decrease compared to the prior quarter.

Core loan growth, excluding residential loans purchased from Embrace Home Loans, was 11.8% annualized, with commercial loan growth at 13.2% annualized.

Asset quality remained strong, with annualized net charge-offs at 0.01% of average total loans and non-performing loans at 0.28% of total loans.