Business
Eastern Bankshares, Inc. Reports Second Quarter 2022 Financial Results
Company Declares Quarterly Cash Dividend BOSTON--(BUSINESS WIRE)-- Eastern Bankshares, Inc. (the “Company,” or together with its affiliates and subsidiaries,
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":"\nCompany Declares Quarterly Cash 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 2022 second quarter financial results and the declaration of a quarterly cash dividend. Net income for the second quarter of 2022 was $51.2 million, or $0.31 per diluted share, compared to net income of $51.5 million, or $0.30 per diluted share, reported for the first quarter of 2022. Operating net income* for the second quarter of 2022 was $52.5 million, or $0.32 per diluted share, compared to $55.1 million, or $0.32 per diluted share, reported for the prior quarter.\n\n“Our financial results for the second quarter were strong, with net interest income benefiting from the combination of the rising rate environment and our asset-sensitive balance sheet,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank. “Our net interest margin expanded by twenty-one basis points from the prior quarter, driving an eight percent increase in net interest income and record quarterly revenue. Loan growth was also strong, as we achieved double-digit annualized growth in each of our major lending categories while maintaining excellent credit quality and underwriting standards. We remain focused on achieving our strategic priorities and are optimistic about the strength and resiliency of our local economy.\"\n\nHIGHLIGHTS FOR THE SECOND QUARTER OF 2022\n\n\nOperating net income* of $52.5 million, or $0.32 per diluted share, for the second quarter of 2022 was 42% higher than the comparable prior year quarter.\n\n\nNet interest income of $137.8 million for the second quarter of 2022 was 8% higher than the prior quarter and 32% higher than the comparable prior year quarter.\n\n\nThe net interest margin on a fully tax equivalent (“FTE”) basis* of 2.63% for the second quarter was 21 basis points higher than the prior quarter.\n\n\nThe cost of deposits was 6 basis points in the second quarter, a decrease of one basis point from the prior quarter.\n\n\nLoan growth excluding Paycheck Protection Program (“PPP”) loans was 10.5% on an annualized basis, and included double-digit annualized growth in commercial (excluding PPP loans), re...