Eastern Bankshares Inc · Q1 2022 earnings

Briefing

Reported strong first quarter results driven by investments and strategic priorities.

Eastern Bankshares, Inc. reported a strong first quarter with net income of $51.5 million, or $0.30 per diluted share. Operating net income was $55.1 million, or $0.32 per diluted share, a 23% increase compared to the same period last year. The company realized benefits from investments made to grow the business and solidify its position as a leading community bank.

• Operating net income of $55.1 million, 23% higher than the prior quarter and 18% higher than the prior year quarter.
• Loan growth excluding PPP loans was 3.1% on an annualized basis, with commercial loan growth excluding PPP loans at 4.4% on an annualized basis.
• The company adopted Accounting Standards Update (ASU) 2016-13, including the CECL methodology, and recorded a net decrease to retained earnings of $20.1 million.
• The Company repurchased 2,866,621 shares of its common stock during the first quarter of 2022 at a weighted average price of $21.12, for an aggregate purchase price of $60.5 million.

Headline financials

Revenue & EPS history

Eastern Bankshares remains focused on delivering on its strategic priorities, which include developing new ways to deliver offerings and services, expanding its role as an employer of choice, and contributing positively to the local community while delivering greater value to its shareholders. The company believes it is well positioned to benefit from higher interest rates in the quarters ahead.