Eastern Bankshares(US:EBC)2025-01-24 15:34Financial Performance - The company's net income for Q4 2024 was $60.8 million, or $0.30 per diluted share[2, 4, 5] - Operating net income for Q4 2024 reached $68.3 million, translating to $0.34 per diluted share[2, 4, 5] - Net interest income increased to $179.2 million in Q4 2024, a $9.3 million increase compared to the previous quarter[5, 7] - Noninterest income totaled $37.3 million for the quarter[5, 7] - Noninterest expense amounted to $137.5 million[5, 6] Strategic Initiatives and Capital Management - The company announced a $1.2 billion investment portfolio repositioning planned for Q1 2025, expected to increase 2025 operating EPS by approximately $0.13[4] - The company repurchased $15.8 million worth of shares at an average price of $17.41 during the quarter[44] Asset Quality and Loan Portfolio - Non-performing loans (NPLs) increased to $136 million, representing 0.76% of total loans[47] - Net charge-offs (NCOs) were 0.71% of average total loans, primarily due to purchased credit deteriorated loans acquired from Cambridge Trust[2, 4] - Commercial real estate (CRE) portfolio totaled $7.1 billion, accounting for 39% of total loans[53, 57] - CRE investor office loans amounted to $914 million, or 5% of total loans[61, 63] Deposits and Funding - Total deposit cost decreased by 13 basis points to 1.69%[2, 29] - Checking accounts represented 50% of the company's deposit base, an increase from 49% in the previous quarter[25, 29]