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 ...

Eastern Bankshares, Inc. (NASDAQ:EBC) Q2 2024 Earnings Conference Call July 26, 2024 9:00 AM ET Company Participants Bob Rivers - Chair & Chief Executive Officer Denis Sheahan - CEO James Fitzgerald - Chief Financial & Chief Administrative Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Damon DelMonte - KBW Laurie Hunsicker - Seaport Research Operator Hello, and welcome to the Eastern Bankshares, Inc., Second Quarter 2024 Earnings Conference Call. Today's call will include forward-look ...

For the quarter ended June 2024, Eastern Bankshares, Inc. (EBC) reported revenue of $154 million, down 21.2% over the same period last year. EPS came in at $0.22, compared to $0.28 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $157.45 million, representing a surprise of -2.19%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.22. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

SBA Communications' revenues are expected to be $664.54 million, down 2.1% from the year-ago quarter. Eastern Bankshares, Inc. (EBC) came out with quarterly earnings of $0.22 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.28 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-rel ...

~ Company Announces Authorization of Share Repurchase Program ~ FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF 2024 • Cash and equivalents increased $11.8 million from the prior quarter to $750.8 million. • Total securities decreased $196.9 million, or 4.2%, from the prior quarter, to $4.5 billion, due to the sale of approximately $85 million in available for sale securities ("AFS securities") and principal runoff. • Loans totaled $14.1 billion, representing an increase of $56.8 million, or 0.4%, from the p ...

Eastern Bankshares Inc. (EBC) announced the completion of its merger with Cambridge Bancorp. The deal, announced in September 2023 with a 100% stock consideration, aligns with the company's inorganic growth strategy. At the time of announcing the deal, it was noted that the combined company would have approximately $27.1 billion in total assets, $18 billion in total loans, $22.6 billion in deposits and $7.6 billion of assets under management and administration. These efforts indicate the strategic redeploym ...

Financial Performance - Net income from continuing operations for Q1 2024 was $38.6 million, a significant recovery from a net loss of $202.1 million in Q1 2023[240]. - Operating net income for Q1 2024 was $38.1 million, down 28.3% from $53.1 million in Q1 2023, primarily due to decreased net interest income and increased provision for loan losses[242]. - Noninterest income for Q1 2024 was $27.7 million, compared to a loss of $309.9 million in Q1 2023, reflecting a recovery in operational performance[270]. - Total revenue from continuing operations for Q1 2024 was $157.6 million, compared to a loss of $171.5 million in Q1 2023[270]. - Net income for the three months ended March 31, 2024, was $38.6 million, a turnaround from a net loss of $202.1 million in the same period of 2023, reflecting a change of 119.1%[344]. Asset and Loan Portfolio - Total assets increased to $21.2 billion as of March 31, 2024, compared to $21.1 billion at December 31, 2023[238]. - Total commercial and industrial loans reached $3.1 billion as of March 31, 2024, representing 21.9% of total loans, up from $3.0 billion and 21.8% respectively at the end of 2023[245]. - Total commercial real estate loans were $5.5 billion as of March 31, 2024, accounting for 39.3% of total loans, compared to 39.1% at the end of 2023[245]. - Residential real estate loans totaled $2.5 billion as of March 31, 2024, representing 18.1% of total loans, down from $2.6 billion and 18.4% respectively at the end of 2023[248]. - The company's total loans increased by $115.3 million, or 0.8%, to $14.1 billion at March 31, 2024, compared to $14.0 billion at December 31, 2023[290]. Mergers and Acquisitions - The company is in the process of merging with Cambridge Bancorp and Cambridge Trust Company, which may impact future financial results[233]. - The proposed acquisition of Cambridge Bancorp is valued at approximately $528.1 million, with the company expected to issue about 39.4 million shares in the merger[257]. - Merger and acquisition costs related to the Cambridge acquisition totaled $1.8 million for the three months ended March 31, 2024, with no costs incurred in the same period of the previous year[260]. - The company anticipates the merger with Cambridge will close early in the third quarter of 2024, pending regulatory approvals[257]. Interest Income and Expense - Interest and dividend income rose by $13.7 million, or 7.3%, to $202.6 million for the three months ended March 31, 2024, compared to $188.9 million for the same period in 2023[344]. - Interest expense increased by $22.1 million, or 43.8%, to $72.7 million for the three months ended March 31, 2024, from $50.6 million in the same period of 2023[346]. - Net interest income decreased by $8.4 million, or 6.1%, to $129.9 million for the three months ended March 31, 2024, compared to $138.3 million for the same period in 2023[350]. - The net interest margin remained relatively consistent at 2.68% for the three months ended March 31, 2024, compared to 2.66% for the same period in 2023[351]. Loan Losses and Provisions - Provision for allowance for loan losses surged to $7.5 million for the three months ended March 31, 2024, compared to only $25, marking a significant increase of 29,704%[344]. - The allowance for loan losses was $149.2 million as of March 31, 2024, compared to $149.0 million at December 31, 2023[290]. - Non-performing loans (NPLs) increased by $4.6 million, or 8.8%, to $57.2 million at March 31, 2024, from $52.6 million at December 31, 2023[300]. - The total non-accrual loans as a percentage of total loans increased to 0.41% as of March 31, 2024, compared to 0.25% as of March 31, 2023[321]. Capital and Liquidity - The company maintained a total regulatory capital ratio of 19.49% as of March 31, 2024, slightly down from 19.55% as of December 31, 2023, indicating stable capital adequacy[408]. - Common equity Tier 1 capital ratio was 18.51% as of March 31, 2024, compared to 18.55% at the end of 2023, showing a minor decrease in capital strength[408]. - As of March 31, 2024, total liquidity sources amount to $6.2 billion, providing 116% coverage of all customer uninsured and uncollateralized deposits totaling $5.4 billion[403]. - The company has the ability to borrow up to an additional $2.7 billion from the Federal Home Loan Bank and $2.8 billion from the Federal Reserve Bank of Boston[403]. Noninterest Expenses - Total noninterest expense increased by $5.3 million, or 5.5%, to $101.2 million, primarily due to a $4.2 million increase in data processing expenses and a $2.3 million increase in salaries and employee benefits[369]. - Data processing expenses rose by $4.2 million, or 34.2%, primarily due to increased software expenses related to customer relationship management and cybersecurity[370]. - Salaries and employee benefits expenses increased by $2.3 million, or 3.7%, primarily due to cost of living adjustments and the addition of new employees[369][370]. Taxation - The combined federal and state income tax provision increased by $75.7 million to $10.3 million for the three months ended March 31, 2024, from a benefit of $65.4 million in the same period of 2023[372]. - The effective income tax rate decreased to 21.0% for the three months ended March 31, 2024, compared to 24.4% for the same period in 2023[372].

Eastern Bankshares, Inc. (NASDAQ:EBC) Q1 2024 Earnings Conference Call April 26, 2024 9:00 AM ET Company Participants Bob Rivers - Chair & Chief Executive Officer Jim Fitzgerald - Chief Financial & Chief Administrative Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Damon DelMonte - KBW Laurie Hunsicker - Seaport Research Operator Hello, and welcome to the Eastern Bankshares, Inc., First Quarter 2024 Earnings Conference Call. Today's call will include forward-looking statements, includi ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------|-------|-------|-------|---------------|-------|-------------------------------|-------|-------|-----------|-------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------| | Common equity tier 1 ratio \n15.8% | 15.7% | 16.0% | 18.6% | 1 \n 18.5% | 6.5% | Tier 1 capital ratio \n15.8% | 15.7% | ...