Group 1: Earnings and Revenue Estimates - Eastern Bankshares, Inc. (EBC) is expected to report quarterly earnings of $0.30 per share, reflecting a 200% increase year over year [1] - Analysts forecast revenues of $210.25 million, indicating a 31.4% year-over-year growth [1] - The consensus EPS estimate has remained unchanged over the past 30 days, suggesting analysts' reassessment of projections [1][2] Group 2: Key Financial Metrics - Analysts predict an 'Efficiency ratio (Gaap)' of 62.0%, down from 75.6% in the same quarter last year [4] - 'Total interest-earning assets-Average' is expected to reach $23.58 billion, compared to $20.35 billion in the same quarter last year [4] - Estimated 'Net Interest Income' is projected at $177.24 million, up from $133.31 million in the same quarter last year [5] - 'Total Noninterest Income' is forecasted at $33.71 million, compared to $26.74 million a year ago [5] - 'Trust and investment advisory fees' are expected to be $12.88 million, up from $6.13 million in the same quarter last year [6] - 'Service charges on deposit accounts' are projected at $10.47 million, compared to $7.51 million a year ago [6] - 'Net Interest Income (FTE)' is estimated to reach $180.92 million, compared to $137.79 million in the same quarter last year [7] Group 3: Stock Performance - Shares of Eastern Bankshares have returned +4.2% over the past month, while the Zacks S&P 500 composite has decreased by -2.1% [8] - EBC holds a Zacks Rank 3 (Hold), indicating expected performance in line with the overall market [8]

Financial Performance - Net loss from continuing operations for Q3 2024 was $6.2 million, compared to net income of $63.5 million in Q3 2023, a decrease of 109.8%[229] - Operating net income for Q3 2024 was $49.7 million, down 4.6% from $52.1 million in Q3 2023[229] - Net income from continuing operations for the three months ended September 30, 2024, was $(6,188) thousand, compared to $63,464 thousand for the same period in 2023[245] - Non-GAAP operating net income for the three months ended September 30, 2024, was $49,665 thousand, down from $52,085 thousand in 2023[245] - Total revenue from continuing operations (GAAP) for the three months ended September 30, 2024, was $203,383 thousand, up from $156,362 thousand in 2023, reflecting a 30.1% increase[247] - Net interest income (GAAP) for the three months ended September 30, 2024, increased to $169,855 thousand from $137,205 thousand in 2023, representing a 23.8% increase[247] - Noninterest income (GAAP) for the three months ended September 30, 2024, was $33,528 thousand, compared to $19,157 thousand in 2023, marking a significant increase[247] - The company reported a net loss of $6.2 million for the three months ended September 30, 2024, compared to a net income of $63.5 million for the same period in 2023[288] Assets and Liabilities - Total assets increased to $25.5 billion as of September 30, 2024, up from $21.1 billion at December 31, 2023, representing a growth of 20.8%[228] - Total loans, net of allowance for loan losses, increased by $3,702,695 thousand, or 26.8%, to $17,502,062 thousand as of September 30, 2024, compared to $13,799,367 thousand at December 31, 2023[251] - Total deposits grew by $3,620,637 thousand, or 20.6%, to $21,216,854 thousand as of September 30, 2024, from $17,596,217 thousand at December 31, 2023[251] - Cash and cash equivalents rose by $196.4 million, or 28.3%, to $889.5 million at September 30, 2024, from $693.1 million at December 31, 2023[252] - Total interest-bearing liabilities increased to $15,281,179 thousand, compared to $12,937,529 thousand, reflecting a growth of 18.0%[299] Loan Portfolio - Total gross loans increased by $4.1 billion, or 29.3%, to $18.1 billion as of September 30, 2024, compared to $14.0 billion at December 31, 2023[261] - The delinquency rate of the total loan portfolio rose to 0.54% at September 30, 2024, up from 0.41% at December 31, 2023[263] - Non-performing loans (NPLs) increased by $71.9 million, or 136.9%, to $124.5 million at September 30, 2024, from $52.6 million at December 31, 2023[264] - The percentage of NPLs relative to total loans increased to 0.70% at September 30, 2024, compared to 0.38% at December 31, 2023[264] - The allowance for loan losses increased by $104.8 million, or 70.4%, to $253.8 million, representing 1.43% of total loans as of September 30, 2024, up from 1.07% at December 31, 2023[272] Merger and Acquisition - The merger with Cambridge Bancorp was completed on July 12, 2024, with a transaction value of approximately $580.6 million based on the exchange of 38.9 million shares[228] - The wealth management divisions now operate under the "Cambridge Trust Wealth Management" brand following the merger[228] - The company recorded a "day-2" provision of $40.9 million related to non-PCD loans from the merger with Cambridge, which closed on July 12, 2024[305] - The company recorded an allowance for acquired PCD loans of $55.8 million in connection with the merger with Cambridge[272] Noninterest Expenses - The company experienced higher noninterest expenses for both Q3 and the nine months ended September 30, 2024, compared to the same periods in 2023[229] - Noninterest expense rose by $58.0 million, or 57.0%, to $159.8 million for the three months ended September 30, 2024, compared to $101.7 million for the same period in 2023[288] - Salaries and employee benefits increased by $32.9 million, or 54.0%, primarily due to an increase in the number of employees from the merger with Cambridge[313] - Data processing expenses rose by $6.1 million, or 45.1%, primarily due to increased cybersecurity software expenses[313] Interest Rates and Economic Outlook - The Federal Open Market Committee lowered the federal funds rate target range to 4.50% to 4.75% as of November 7, 2024, down from 5.25% to 5.50% in July 2023[240] - The company anticipates a slight decline in U.S. GDP growth in 2025, with a forecasted unemployment rate increase impacting the allowance for loan losses[306] - The company expects to adjust the allowance for loan losses based on economic conditions, with potential increases or decreases depending on GDP growth scenarios[306] Regulatory Capital and Liquidity - The company maintained a total regulatory capital ratio of 16.58% as of September 30, 2024, down from 19.55% as of December 31, 2023[333] - The common equity Tier 1 capital ratio was 15.52% as of September 30, 2024, compared to 18.55% as of December 31, 2023[333] - As of September 30, 2024, the company had total liquidity sources of $6.2 billion, providing 92% coverage of all customer uninsured and uncollateralized deposits totaling $6.7 billion[329]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $6 million in Q3 2024 due to non-recurring merger items, while operating net income was $49.7 million or $0.25 per share, a 36% increase from the prior quarter [15][16] - The net interest margin increased by 33 basis points to 2.97% during the quarter [15] - Tangible book value per share ended the quarter at $12.17 [15] Business Line Data and Key Metrics Changes - Wealth revenues more than doubled to $14.9 million in Q3 2024, driven by an increase in assets under management from the merger [15][18] - The company added approximately $3.9 billion in loans and $3.7 billion in deposits from the Cambridge merger [19] - Non-interest income totaled $33.5 million in Q3 2024, with a notable increase in wealth management fees [18] Market Data and Key Metrics Changes - The company is positioned as the largest community bank in the Greater Boston area, with the fourth largest deposit market share [7] - The combined wealth management business has over $8 billion in assets under management, making it the largest bank-owned investment adviser in Massachusetts [7] Company Strategy and Development Direction - The merger with Cambridge Trust is seen as a transformational moment, enhancing the company's competitive position in the local market [3][4] - The company aims to focus on organic growth while capitalizing on the integration of the Cambridge merger [53] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the local economy and the potential for growth moving into 2025, despite expecting flat loan balances in Q4 2024 [19][24] - The company anticipates net interest income of $175 million to $180 million for Q4, with a net interest margin between 3% and 3.05% [24] Other Important Information - The company was named the number one SBA lender in Massachusetts for the 16th consecutive year and recognized for its charitable contributions [5] - A 9% dividend increase to $0.12 per share was approved by the Board [10] Q&A Session Summary Question: Can you share the size and composition of the loan pipeline? - The commercial loan pipeline is at $438 million, up from $228 million at the end of June, indicating a positive trend [27] Question: What is the breakdown of non-performing loans? - The increase in non-performing loans was primarily due to office loans from the Cambridge portfolio, with a thorough review conducted on these loans [32] Question: Are there additional opportunities for cost savings? - There may be opportunities for further savings, but clarity will come after the budget cycle is completed [35] Question: What are the thoughts on capital and buybacks? - The company remains active in buybacks and is considering securities restructuring, with discussions ongoing [36] Question: How will cash balances be managed going forward? - Cash balances are expected to be utilized for organic loan growth and potential security purchases [38] Question: What is the outlook for the tax rate next year? - The expected tax rate for next year is projected to be in the range of 22% to 23% [51] Question: What is the company's stance on future M&A? - The primary focus remains on organic growth, but the company is open to future M&A opportunities if they arise [53]

Q3 Earnings Presentation October 24, 2024 Complementary Color Palette Body text 074 / 075 / 076030 / 152 / 213 DO NOT REFRESH On the call | --- | --- | --- | |-----------|--------------------------------------|------------------| | Presenter | | Topic | | | Bob Rivers | | | | Executive Chair & Chair of the Board | Opening Remarks | | | Denis Sheahan | | | | Chief Executive Officer | Company Overview | | | David Rosato | | | | Chief Financial Officer & Treasurer | Financials | 2 Complementary Color Palette B ...

For the quarter ended September 2024, Eastern Bankshares, Inc. (EBC) reported revenue of $203.38 million, up 30.1% over the same period last year. EPS came in at $0.25, compared to $0.32 in the year-ago quarter.The reported revenue represents a surprise of -5.81% over the Zacks Consensus Estimate of $215.92 million. With the consensus EPS estimate being $0.33, the EPS surprise was -24.24%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

Eastern Bankshares, Inc. (EBC) came out with quarterly earnings of $0.25 per share, missing the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -24.24%. A quarter ago, it was expected that this company would post earnings of $0.22 per share when it actually produced earnings of $0.22, delivering no surprise.Over the last four quarters, the company ...

Exhibit 99.1 Eastern Bankshares, Inc. Reports Third Quarter 2024 Financial Results ~ Company Announces a 9% Increase to Quarterly Dividend ~ BOSTON, October 24, 2024 (BUSINESS WIRE) — Eastern Bankshares, Inc. (the "Company") (NASDAQ: EBC), the holding company of Eastern Bank, today announced its 2024 third quarter financial results. FINANCIAL HIGHLIGHTS • Net 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 ...

Wall Street analysts forecast that Eastern Bankshares, Inc. (EBC) will report quarterly earnings of $0.33 per share in its upcoming release, pointing to a year-over-year increase of 3.1%. It is anticipated that revenues will amount to $215.92 million, exhibiting an increase of 38.1% compared to the year-ago quarter.The consensus EPS estimate for the quarter has been revised 3.2% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated ...

The market expects Eastern Bankshares, Inc. (EBC) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expecte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-Q _____________________________________________ (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-39610 ___________________________ Eastern Bankshares, Inc. (Exact name ...