Business
Eastern Bankshares, Inc. Reports Fourth Quarter 2021 Financial Results
Company Announces a 25% Increase to Quarterly Dividend BOSTON--(BUSINESS WIRE)-- Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":"\nCompany Announces a 25% Increase to Quarterly Dividend\n\n BOSTON--(BUSINESS WIRE)--\nEastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2021 fourth quarter financial results and the declaration of a quarterly cash dividend. Net income for the fourth quarter of 2021 was $35.1 million, or $0.20 per diluted share, compared to net income of $37.1 million, or $0.22 per diluted share, reported for the third quarter of 2021. Operating net income* for the fourth quarter of 2021 was $44.9 million, or $0.26 per diluted share, compared to $37.4 million, or $0.22 per diluted share, reported for the prior quarter.\n\n“Eastern finished 2021 with record financial results, capping off another milestone year for the Company,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank. “At Eastern, 2021 will be most remembered for the acquisition of Century Bancorp, by far our largest acquisition to date, which added approximately $7 billion in assets and 12 net new branch locations, and brought us approximately 56,000 new customers and 250 new colleagues. The successful integration of our two companies represented yet another landmark achievement amidst the ongoing COVID-19 pandemic, and we are tremendously grateful and thankful to all of our employees for their commitment to our customers, colleagues and communities we serve. As we look forward to 2022 and beyond, we expect the continued growth and success of our Company will open up new ways to deliver our offerings and services to our customers, expand our role as an employer of choice, and contribute positively to our local community, while delivering greater value to our shareholders.”\n\nThe Company also announced the declaration of a quarterly cash dividend of $0.10 per share, representing a $0.02, or 25%, increase from past quarterly dividends.\n\nRivers continued, “Our Board’s approval of a 25% increase to the quarterly dividend reflects our increased earnings capacity with the integration of Century. We remain committed to and confident in our ability to continue to drive earnings growth and effectively deploy capital while creating shareholder value.”\n\nHIGHLIGHTS FOR THE FOURTH QUART...