Eastern Bankshares, Inc. Reports Fourth Quarter 2024 Net Income of $60.8 Million, or $0.30 per Diluted Share

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[{"type":"text","content":"\n~ Company Announces 2025 Investment Portfolio Repositioning ~\n\n\n\nOperating net income* of $68.3 million, or $0.34 per diluted share.\n\n\n\n$1.2 billion investment portfolio repositioning in Q1 2025 anticipated to add approximately $0.13 to 2025 operating EPS.\n\n\n\nNet interest margin on a fully tax equivalent basis* expanded 8 basis points to 3.05%, primarily due to lower cost of funds.\n\n\n\nAnnualized net charge-offs of 0.71% of average total loans primarily driven by purchased credit deteriorated loans acquired from Cambridge Trust.\n\n\n\nStrong balance sheet with robust capital and reserve levels. Year-end CET1 ratio of 15.73%(1) and allowance coverage of total loans of 1.29%.\n\n\n\n BOSTON--(BUSINESS WIRE)--\nEastern Bankshares, Inc. (the “Company”) (NASDAQ: EBC), the holding company of Eastern Bank, today announced its fourth quarter 2024 financial results.\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\n\n \n\n\n\n\n\n\nAs of and for three months ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nLinked quarter Change\n\n\n\n\n\n\n\n\n(Unaudited, $ in millions, except per share data)\n\n\n\n\n\n\nDec 31, 2024\n\n\n\n\n\n\nSep 30, 2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n△ $\n\n\n\n\n\n\n△ %\n\n\n\n\n\n\n\n\nEarnings\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet income (loss)\n\n\n\n\n\n\n$\n\n\n\n\n\n\n60.8\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(6.2\n\n\n\n\n\n\n)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n67.0\n\n\n\n\n\n\n \n\n\n\n\n\n\nNM\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nPer share, diluted\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.30\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n(0.03\n\n\n\n\n\n\n)\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.33\n\n\n\n\n\n\n \n\n\n\n\n\n\nNM\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nOperating net income*\n\n\n\n\n\n\n$\n\n\n\n\n\n\n68.3\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n49.7\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n18.6\n\n\n\n\n\n\n \n\n\n\n\n\n\n37\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nPer share, diluted*\n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.34\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.25\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n0.09\n\n\n\n\n\n\n \n\n\n\n\n\n\n36\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n ...

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