Business
Eastern Bankshares, Inc. Reports Second Quarter 2024 Financial Results
~ Company Announces Authorization of Share Repurchase Program ~ BOSTON--(BUSINESS WIRE)-- Eastern Bankshares, Inc. (the “Company,” or together with its
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":"\n~ Company Announces Authorization of Share Repurchase Program ~\n\n\n BOSTON--(BUSINESS WIRE)--\nEastern Bankshares, Inc. (the “Company,” or together with its subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2024 second quarter financial results, the declaration of a quarterly cash dividend, and the authorization of a share repurchase program.\n\n\nOn July 12, 2024, the Company completed its merger (“the merger”) with Cambridge Bancorp (“Cambridge”) and surpassed $25 billion in assets. The merger also added approximately $4.8 billion in assets under management and administration (“AUM/A”), 11 net new branch locations, and 4 net new wealth management offices to the Company. The Company plans to provide an update on the financial impact of the merger with the third quarter earnings release.\n\n\n“I’m very pleased with our second quarter financial results, which demonstrate the continued strength and stability of our franchise,” said Bob Rivers, Executive Chair and Chair of the Board of the Company and Eastern Bank. “Shortly after the close of the second quarter, we joined forces with Cambridge. The complementary strengths of each bank will allow us to better serve our customers with a full suite of commercial and consumer banking products and services, as well as wealth management offerings, supported by strong digital capabilities. This enhanced ability to serve our customers – combined with our financial strength and community focus – will continue to drive value for all our stakeholders and further solidify Eastern as Greater Boston’s leading local bank.”\n\n\nMr. Rivers continued, “Our Board’s approval of a new share repurchase program is a testament to the Company’s strong capital and liquidity position, and our commitment to creating shareholder value.”\n\n\nFINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF 2024\n\n\n\nNet income of $26.3 million, or $0.16 per diluted share. Operating net income* of $36.5 million, or $0.22 per diluted share.\n\n\n\nThe net interest margin on a fully tax equivalent (“FTE”) basis* declined modestly to 2.64% as compared to 2.68% in the prior quarter.\n\n\n\nTotal loans increased $56.8 million, or 1.6% on an annualized basis, from the prior quarter, to $14.1 billion.\n\n\n\nDeposits declined $129 million, or 2.9% on an ann...