Eastern Bankshares Inc
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
EBC$23.10-1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Consolidated Statements of Income (Loss)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (In thousands, except per share data) | 2024 | 2023 | 2024 | 2023 |
| Interest and dividend income: | ||||
| Interest and fees on loans | $172,514 | $160,862 | $342,495 | $314,402 |
| Taxable interest and dividends on securities | 22,724 | 24,618 | 46,097 | 53,260 |
| Non-taxable interest and dividends on securities | 1,439 | 1,434 | 2,876 | 2,868 |
| Interest on federal funds sold and other short-term investments | 10,699 | 14,851 | 18,519 | 20,115 |
| Total interest and dividend income | 207,376 | 201,765 | 409,987 | 390,645 |
| Interest expense: | ||||
| Interest on deposits | 78,473 | 56,146 | 150,931 | 99,079 |
| Interest on borrowings | 254 | 4,031 | 507 | 11,669 |
| Total interest expense | 78,727 | 60,177 | 151,438 | 110,748 |
| Net interest income | 128,649 | 141,588 | 258,549 | 279,897 |
| Provision for allowance for loan losses | 6,126 | 7,501 | 13,577 | 7,526 |
| Net interest income after provision for allowance for loan losses | 122,523 | 134,087 | 244,972 | 272,371 |
| Noninterest income (loss): | ||||
| Service charges on deposit accounts | 7,930 | 7,242 | 15,438 | 13,714 |
| Trust and investment advisory fees | 6,711 | 6,131 | 13,255 | 11,901 |
| Debit card processing fees | 3,522 | 3,513 | 6,769 | 6,683 |
| Interest rate swap income | 418 | 825 | 1,085 | 417 |
| Income from investments held in rabbi trusts | 1,761 | 3,002 | 6,079 | 5,859 |
| Losses on sales of mortgage loans held for sale, net | (152) | (50) | (210) | (124) |
| Losses on sales of securities available for sale, net | (7,557) | — | (7,557) | (333,170) |
| Other | 12,715 | 5,541 | 18,181 | 11,071 |
| Total noninterest income (loss) | 25,348 | 26,204 | 53,040 | (283,649) |
| Noninterest expense: | ||||
| Salaries and employee benefits | 65,218 | 62,183 | 129,689 | 124,366 |
| Office occupancy and equipment | 10,109 | 9,067 | 19,293 | 18,156 |
| Data processing | 17,990 | 12,814 | 34,499 | 25,112 |
| Professional services | 4,250 | 3,025 | 7,762 | 6,152 |
| Marketing expenses | 1,910 | 2,111 | 3,425 | 3,134 |
| FDIC insurance | 4,508 | 3,034 | 6,793 | 5,580 |
| Amortization of intangible assets | 504 | 504 | 1,008 | 795 |
| Other | 5,380 | 7,196 | 8,602 | 12,530 |
| Total noninterest expense | 109,869 | 99,934 | 211,071 | 195,825 |
| Income (loss) from continuing operations before income tax expense (benefit) | 38,002 | 60,357 | 86,941 | (207,103) |
| Income tax expense (benefit) | 11,671 | 15,938 | 21,963 | (49,441) |
| Net income (loss) from continuing operations | $26,331 | $44,419 | $64,978 | $(157,662) |
| Net income from discontinued operations | — | 4,238 | — | 12,223 |
| Net income (loss) | $26,331 | $48,657 | $64,978 | $(145,439) |
| Basic earnings (loss) per share: | ||||
| Basic earnings (loss) per share from continuing operations | $0.16 | $0.27 | $0.40 | $(0.98) |
| Basic earnings per share from discontinued operations | — | 0.03 | — | 0.08 |
| Basic earnings (loss) per share | $0.16 | $0.30 | $0.40 | $(0.90) |
| Diluted earnings (loss) per share: | ||||
| Diluted earnings (loss) per share from continuing operations | $0.16 | $0.27 | $0.40 | $(0.98) |
| Diluted earnings per share from discontinued operations | — | 0.03 | — | 0.08 |
| Diluted earnings (loss) per share | $0.16 | $0.30 | $0.40 | $(0.90) |
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