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Eastern Bankshares, Inc. Reports Third Quarter 2024 Financial Results
~ Company Announces a 9% Increase to Quarterly Dividend ~ BOSTON--(BUSINESS WIRE)-- Eastern Bankshares, Inc. (the “Company”) (NASDAQ: EBC), the holding
About this update from Eastern Bankshares, Inc.
[{"type":"text","content":"\n~ Company Announces a 9% Increase to Quarterly Dividend ~\n\n BOSTON--(BUSINESS WIRE)--\nEastern Bankshares, Inc. (the “Company”) (NASDAQ: EBC), the holding company of Eastern Bank, today announced its 2024 third quarter financial results.\n\nFINANCIAL HIGHLIGHTS\n\n\nNet loss of $6.2 million included the initial provision on non-purchased credit deteriorated (“non-PCD”) loans of $40.9 million and merger-related charges of $30.5 million. Operating net income of $49.7 million, or 0.25 per diluted share.\n\n\nMerger EPS accretion and cost saves on track to exceed original estimates.\n\n\nNet interest margin on a fully tax equivalent (“FTE”) basis of 2.97%, an increase of 0.33%, including net discount accretion from the Cambridge merger of 0.18%.\n\n\nTrust and investment advisory fees increased $8.2 million, or 122%, from the prior quarter to $14.9 million, due primarily to increased assets under management (“AUM”) as a result of the merger.\n\n\nBook value per share and tangible book value per share ended the quarter at $17.09 and $12.17, respectively.\n\n\nNon-performing loans (\"NPLs\") increased by $84.7 million to $124.5 million, or 0.70% of total loans, due primarily to purchased credit deteriorated (“PCD”) loans acquired from Cambridge that were thoroughly assessed by the Credit teams and adequately reserved.\n\n\nThe Board declared a 9% increase in the quarterly cash dividend to $0.12 per share.\n\n\n\n\n \n\n\n\nAs of and for three months ended\n\n\n\n \n\n\n\nLinked quarter Change\n\n\n\n\n\n(Unaudited, $ in thousands, except per share data)\n\n\n\nSep 30, 2024\n\n\n\nJun 30, 2024\n\n\n\n \n\n\n\n△ $\n\n\n\n△ %\n\n\n\n\n\nEarnings\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nNet (loss) income\n\n\n\n$\n\n\n\n(6,188\n\n\n\n)\n\n\n\n$\n\n\n\n26,331\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(32,519\n\n\n\n)\n\n\n\n(124\n\n\n\n)%\n\n\n\n\n\nPer share, diluted\n\n\n\n$\n\n\n\n(0.03\n\n\n\n)\n\n\n\n$\n\n\n\n0.16\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(0.19\n\n\n\n)\n\n\n\n(119\n\n\n\n)%\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nOperating net income*\n\n\n\n$\n\n\n\n49,665\n\n\n\n \n\n\n\n$\n\n\n\n36,519\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n13,146\n\n\n\n \n\n\n\n36\n\n\n\n%\n\n\n\n\n\nPer share, diluted*\n\n\n\n$\n\n\n\n0.25\n\n\n\n \n\n\n\n$\n\n\n\n0.22\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.03\n\n\n\n \n...