Eastern Bankshares Inc

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

About this filing

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.

Sep 30, 2024 · Filed Nov 7, 2024

EBC$23.10-1.1%Stored close · as of Nov 10, 2026

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Contents

Unaudited Consolidated Statements of (Loss) Income

	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands, except per share data)	2024	2023	2024	2023
Interest and dividend income:
Interest and fees on loans	$230,824	$169,274	$573,319	$483,676
Taxable interest and dividends on securities	22,421	24,191	68,518	77,451
Non-taxable interest and dividends on securities	1,444	1,434	4,320	4,302
Interest on federal funds sold and other short-term investments	11,329	7,269	29,848	27,384
Total interest and dividend income	266,018	202,168	676,005	592,813
Interest expense:
Interest on deposits	95,334	59,607	246,265	158,686
Interest on borrowings	829	5,356	1,336	17,025
Total interest expense	96,163	64,963	247,601	175,711
Net interest income	169,855	137,205	428,404	417,102
Provision for allowance for loan losses	46,983	7,328	60,560	14,854
Net interest income after provision for allowance for loan losses	122,872	129,877	367,844	402,248
Noninterest income (loss):
Trust and investment advisory fees	14,909	6,235	28,164	18,136
Service charges on deposit accounts	8,140	7,403	23,578	21,117
Debit card processing fees	3,806	3,388	10,575	10,071
Interest rate swap income	565	1,695	1,650	2,112
Income (losses) from investments held in rabbi trusts	3,591	(1,523)	9,670	4,336
Losses on sales of commercial and industrial loans	—	(2,651)	—	(2,651)
Losses on sales of mortgage loans held for sale, net	(385)	(164)	(595)	(288)
Losses on sales of securities available for sale, net	—	—	(7,557)	(333,170)
Other	2,902	4,774	21,083	15,845
Total noninterest income (loss)	33,528	19,157	86,568	(264,492)
Noninterest expense:
Salaries and employee benefits	93,759	60,898	223,448	185,264
Office occupancy and equipment	14,470	8,641	33,763	26,797
Data processing	19,504	13,443	54,003	38,555
Professional services	8,982	7,125	16,744	13,277
Marketing expenses	1,576	1,765	5,001	4,899
FDIC insurance	3,200	2,808	9,993	8,388
Amortization of intangible assets	6,210	504	7,218	1,299
Other	12,052	6,564	20,654	19,094
Total noninterest expense	159,753	101,748	370,824	297,573
(Loss) income from continuing operations before income tax expense (benefit)	(3,353)	47,286	83,588	(159,817)
Income tax expense (benefit)	2,835	(16,178)	24,798	(65,619)
Net (loss) income from continuing operations	$(6,188)	$63,464	$58,790	$(94,198)
Net (loss) income from discontinued operations	—	(4,351)	—	7,872
Net (loss) income	$(6,188)	$59,113	$58,790	$(86,326)
Basic (loss) earnings per share:
Basic (loss) earnings per share from continuing operations	$(0.03)	$0.39	$0.34	$(0.58)
Basic (loss) earnings per share from discontinued operations	—	(0.03)	—	0.05
Basic (loss) earnings per share	$(0.03)	$0.36	$0.34	$(0.53)
Diluted (loss) earnings per share:
Diluted (loss) earnings per share from continuing operations	$(0.03)	$0.39	$0.34	$(0.58)
Diluted (loss) earnings per share from discontinued operations	—	(0.03)	—	0.05
Diluted (loss) earnings per share	$(0.03)	$0.36	$0.34	$(0.53)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.