NASDAQ$EBC
Eastern Bankshares Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Reported strong organic growth, sound asset quality, and continued commitment to be a source of financial support to businesses.
Eastern Bankshares, Inc. reported a net income of $47.7 million, or $0.28 per share, for the first quarter of 2021, compared to a net loss of $44.1 million, or $0.26 per share, for the fourth quarter of 2020. The company originated $453 million in PPP loans during the quarter and announced a merger with Century Bancorp, Inc.
- Net income was $47.7 million, or $0.28 per share, and operating net income was $46.5 million, or $0.27 per share.
- Total revenue was $155.3 million and total operating revenue was $153.6 million driven by seasonally high insurance revenues of $28.1 million.
- Originated $452.6 million in new PPP loans to approximately 4,700 borrowers.
- Release of loan loss reserves of $0.6 million, with $178.4 million in remaining COVID-19 modified loans.
Headline financials
Revenue & EPS history
Eastern Bank · Revenue · Quarterly
$155M
Revenue by segment
Eastern Bank · $5.41M total across 1 segment · Q1 2021
- Interest rate swap income$5.41M—100.0%
Forward guidance
Eastern expects the merger with Century will create a combined franchise with approximately $22 billion in total assets and solidify Eastern’s leading position in Boston and eastern Massachusetts. The merger is expected to close in the middle of the fourth quarter of 2021.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
-1.0%
Avg return
Earnings day
-1.4%
Avg return
5 days after
+1.9%
Avg return
30 days after
36%
8 / 22 earnings
Positive
+5.6%
Q1 2023
Best reaction
-8.6%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.7% | -3.0% | -3.3% | |
| Q4 2025 | -1.5% | -2.1% | +5.2% | |
| Q3 2025 | -3.8% | -8.9% | -0.8% | |
| Q2 2025 | -2.0% | -1.1% | +8.1% | |
| Q1 2025 | -6.5% | -5.5% | -6.4% | |
| Q3 2024 | -4.6% | +0.8% | +12.9% | |
| Q2 2024 | +4.8% | +2.9% | +3.4% | |
| Q1 2024 | -0.7% | -4.3% | +3.4% | |
| Q4 2023 | -0.2% | +5.9% | -5.6% | |
| Q3 2023 | -2.6% | -4.4% | +4.9% | |
| Q2 2023 | +1.3% | -1.1% | -8.0% | |
| Q1 2023 | +5.6% | -5.0% | +2.5% | |
| Q4 2022 | -8.6% | -7.7% | -9.6% | |
| Q3 2022 | -8.4% | -10.6% | -8.8% | |
| Q2 2022 | +2.4% | +0.9% | +0.8% | |
| Q1 2022 | -2.0% | -2.0% | -0.3% | |
| Q4 2021 | +0.3% | +2.6% | +6.3% | |
| Q3 2021 | +2.6% | +4.5% | -0.9% | |
| Q2 2021 | -1.4% | -1.2% | +7.6% | |
| Q1 2021 | +0.4% | +2.4% | +5.4% | |
| Q4 2020 | -0.4% | +1.3% | +10.1% | |
| Q3 2020 | +5.1% | +5.0% | +15.9% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro