NASDAQ$EBC
Eastern Bankshares Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported growth in core deposits and loans, margin stabilization, and well-controlled expenses.
Eastern Bankshares, Inc. reported a net income of $38.6 million, or $0.24 per diluted share, for the first quarter of 2024. The company saw growth in core deposits and loans, with a stable net interest margin and well-controlled expenses. The merger with Cambridge Bancorp is expected to close early in the third quarter of 2024, pending regulatory approvals.
- Net income was $38.6 million, or $0.24 per diluted share.
- Core deposits increased by $121 million, or 2.8% on an annualized basis.
- Total loans increased by $115.3 million, or 3.3% on an annualized basis, reaching $14.1 billion.
- Net interest margin was stable at 2.68%.
Headline financials
Revenue & EPS history
Eastern Bank · Revenue · Quarterly
$158M
Revenue by segment
Eastern Bank · $8.07M total across 2 segments · Q2 2023
- Service charges on deposit accounts$7.24M—89.8%
- Interest rate swap income$825K—10.2%
Forward guidance
Eastern Bankshares anticipates closing the merger with Cambridge Bancorp early in the third quarter of 2024, subject to regulatory approvals. The company expects continued growth as Eastern and Cambridge plan for integration.
Tailwinds
- Anticipated merger with Cambridge Bancorp expected to close early in the third quarter of 2024.
- Shareholder approvals received for the merger with Cambridge Bancorp.
- Optimistic about continued growth as Eastern and Cambridge plan for integration.
- Balance sheet remains healthy with strong capital and liquidity.
- Quarter benefited from margin stabilization and well-controlled expenses.
Headwinds
- Merger is subject to receipt of regulatory approvals.
- Net interest income decreased by $3.4 million from the prior quarter.
- Shareholders’ equity decreased by $22.0 million from the prior quarter.
- Total securities decreased $125.8 million, or 2.6%, from the prior quarter.
- Modest increase in non-performing loans from $52.6 million to $57.2 million.
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 2024
-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 | — | — | — |
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