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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Eastern Bankshares Inc | NASDAQ:EBC | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.08 | -0.43% | 18.68 | 12.89 | 19.00 | 19.01 | 18.66 | 18.99 | 671,815 | 22:30:00 |
From Nov 2023 to Nov 2024
~ Receipt of Shareholder Approvals for the Merger with Cambridge ~ ~ CFO James Fitzgerald Announces Upcoming Retirement ~
Eastern Bankshares, Inc. (the “Company,” or together with its subsidiaries, “Eastern”) (NASDAQ Global Select Market: EBC), the stock holding company of Eastern Bank, today announced its 2024 first quarter financial results and the declaration of a quarterly cash dividend.
On February 28, 2024, the Company and Cambridge Bancorp (“Cambridge”) each received shareholder approval for the previously announced all-stock merger of Cambridge with and into Eastern (“the merger”). The merger is anticipated to close early in the third quarter of 2024, subject to receipt of regulatory approvals.
“Our first quarter results demonstrated growth in both core deposits and loans, as we continue to deepen our presence in the Boston market,” said Bob Rivers, Chief Executive Officer and Chair of the Board of the Company and Eastern Bank. “Our earnings in the quarter benefited from margin stabilization and well-controlled expenses, and our balance sheet remains healthy with strong capital and liquidity.”
“We remain optimistic about our continued growth as Eastern and Cambridge continue to work closely as we plan for the anticipated merger closing and integration. We are pleased to have received shareholder approvals for the merger and we look forward to receiving regulatory approvals in the near future and combining our two great franchises into Boston’s leading bank,” said Rivers.
CFO JAMES FITZGERALD ANNOUNCES UPCOMING RETIREMENT
The Company also announced today that James Fitzgerald intends to retire from his role as Chief Financial Officer, Chief Administrative Officer and Treasurer of the Company and as Chief Financial Officer, Chief Administrative Officer and Vice Chair of Eastern Bank after 12 years of dedicated service. Fitzgerald will continue to serve in his roles until a successor is appointed, and will then serve in a senior advisory role throughout the planned merger and integration with Cambridge and Cambridge Trust Company and previously announced leadership transitions related to the merger. As part of the search process to help identify the next CFO, Eastern has retained executive search firm Korn Ferry.
“On behalf of everyone at Eastern, it is my honor to recognize and thank Jim for his extraordinary contributions,” said Rivers. “Jim’s outstanding financial acumen, his leadership across many important transactions over the years, and his role as a trusted advisor to our leadership team and mentor to our next generation of executive leaders, position Eastern exceptionally well as we continue to serve our shareholders, customers and workforce. As Jim begins to prepare for retirement, we are deeply grateful for all that he has contributed and for his continued leadership throughout this transition.”
Deborah Jackson, Eastern’s Lead Director, added, “On behalf of the Board, I thank Jim for his tremendous service and dedication to Eastern over the years. Eastern’s track record of solid performance and strong financial and administrative functions are testaments to Jim’s leadership. We look forward to his continued contributions as a successor is appointed and we build upon Jim’s legacy at Eastern.”
“I’ve thoroughly enjoyed my time at Eastern and it’s been a privilege to work with Bob and the Board over the last 12 years,” added Fitzgerald. “It’s also been a privilege working with our highly talented executive team and my colleagues throughout Eastern as we have executed a number of strategic transactions since the IPO that position the Company for future growth. I’ll certainly miss the many relationships at Eastern that have been so meaningful to me and am very committed to seeing the successful completion of the Cambridge integration.”
FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER OF 2024
BALANCE SHEET
Total assets were $21.2 billion at March 31, 2024, representing an increase of $41.5 million, or 0.2% from December 31, 2023.
NET INTEREST INCOME
Net interest income was $129.9 million for the first quarter of 2024, compared to $133.3 million in the prior quarter, representing a decrease of $3.4 million.
NONINTEREST INCOME
Noninterest income was $27.7 million for the first quarter of 2024, compared to $26.7 million for the prior quarter, representing an increase of $1.0 million. Noninterest income on an operating basis* was $23.4 million for the first quarter of 2024, compared to $21.8 million for the prior quarter, representing an increase of $1.6 million.
NONINTEREST EXPENSE
Noninterest expense was $101.2 million for the first quarter of 2024, compared to $121.0 million in the prior quarter, representing a decrease of $19.8 million. Noninterest expense on an operating basis* for the first quarter of 2024 was $97.6 million, compared to $117.4 million in the prior quarter, a decrease of $19.8 million.
ASSET QUALITY
The allowance for loan losses was $149.2 million at March 31, 2024, or 1.06% of total loans, compared to $149.0 million, or 1.07% of total loans, at December 31, 2023. The Company recorded a provision for loan losses totaling $7.5 million in the first quarter of 2024 driven primarily by net charge-off activity in the first quarter.
NPLs totaled $57.2 million at March 31, 2024 compared to $52.6 million at the end of the prior quarter. The increase was primarily driven by the non-accrual designation of one individual credit secured by an investor commercial real estate (“CRE”) office property located in a suburban area. During the first quarter of 2024, the Company recorded total net charge-offs of $7.3 million, or 0.21% of average total loans on an annualized basis, compared to $11.4 million or 0.32% of average total loans in the prior quarter, respectively.
DIVIDENDS AND SHARE REPURCHASES
The Company’s Board of Directors has declared a quarterly cash dividend of $0.11 per common share. The dividend will be payable on June 14, 2024 to shareholders of record as of the close of business on June 3, 2024.
The Company did not repurchase any shares of its common stock during the first quarter of 2024.
CONFERENCE CALL AND PRESENTATION INFORMATION
A conference call and webcast covering Eastern’s first quarter 2024 earnings will be held on Friday, April 26, 2024 at 9:00 a.m. Eastern Time. To join by telephone, participants can call the toll-free dial-in number (800) 549-8228 from within the U.S. and reference conference ID 46521. The conference call will be simultaneously webcast. Participants may join the webcast on the Company’s Investor Relations website at investor.easternbank.com. A presentation providing additional information for the quarter is also available at investor.easternbank.com. A replay of the webcast will be made available on demand on this site.
ABOUT EASTERN BANKSHARES, INC.
Eastern Bankshares, Inc. is the stock holding company for Eastern Bank. Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of March 31, 2024, Eastern Bank had approximately $21 billion in total assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes, and takes pride in its outspoken advocacy and community support that includes $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues, and communities. For investor information, visit investor.easternbank.com.
NON-GAAP FINANCIAL MEASURES
*Denotes a non-GAAP financial measure used in this press release.
A non-GAAP financial measure is defined as a numerical measure of the Company’s historical or future financial performance, financial position or cash flows that excludes (or includes) amounts, or is subject to adjustments that have the effect of excluding (or including) amounts that are included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”) in the Company’s statement of income, balance sheet or statement of cash flows (or equivalent statements).
The Company presents non-GAAP financial measures, which management uses to evaluate the Company’s performance, and which exclude the effects of certain transactions that management believes are unrelated to its core business and are therefore not necessarily indicative of its current performance or financial position. Management believes excluding these items facilitates greater visibility for investors into the Company’s core business as well as underlying trends that may, to some extent, be obscured by inclusion of such items in the corresponding GAAP financial measures. Except as otherwise indicated, these non-GAAP financial measures presented in this press release exclude discontinued operations.
There are items in the Company’s financial statements that impact its financial results, but which management believes are unrelated to the Company’s core business. Accordingly, the Company presents noninterest income on an operating basis, total operating revenue, noninterest expense on an operating basis, operating net income, operating earnings per share, operating return on average assets, operating return on average shareholders’ equity, operating return on average tangible shareholders’ equity (discussed further below), and the operating efficiency ratio. Each of these figures excludes the impact of such applicable items because management believes such exclusion can provide greater visibility into the Company’s core business and underlying trends. Such items that management does not consider to be core to the Company’s business include (i) income and expenses from investments held in rabbi trusts, (ii) gains and losses on sales of securities available for sale, net, (iii) gains and losses on the sale of other assets, (iv) rabbi trust employee benefits, (v) impairment charges on tax credit investments and associated tax credit benefits, (vi) other real estate owned (“OREO”) gains, (vii) merger and acquisition expenses, (viii) the non-cash pension settlement charge recognized related to the Defined Benefit Plan, (ix) certain discrete tax items, and (x) net income from discontinued operations. The Company does not provide an outlook for its total noninterest income and total noninterest expense because each contains income or expense components, as applicable, such as income associated with rabbi trust accounts and rabbi trust employee benefit expense, which are market-driven, and over which the Company cannot exercise control. Accordingly, reconciliations of the Company’s outlook for its noninterest income on an operating basis and its noninterest expense on an operating basis to an outlook for total noninterest income and total noninterest expense, respectively, cannot be made available without unreasonable effort.
Management also presents tangible assets, tangible shareholders’ equity, average tangible shareholders’ equity, tangible book value per share, the ratio of tangible shareholders’ equity to tangible assets including the impact of mark-to-market adjustments on held-to-maturity securities, return on average tangible shareholders’ equity, and operating return on average shareholders’ equity (discussed further above), each of which excludes the impact of goodwill and other intangible assets, as management believes these financial measures provide investors with the ability to further assess the Company’s performance, identify trends in its core business and provide a comparison of its capital adequacy to other companies. The Company included the tangible ratios because management believes that investors may find it useful to have access to the same analytical tools used by management to assess performance and identify trends.
These non-GAAP financial measures presented in this press release should not be considered an alternative or substitute for financial results or measures determined in accordance with GAAP or as an indication of the Company’s cash flows from operating activities, a measure of its liquidity position or an indication of funds available for its cash needs. An item which management considers to be non-core and excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular period. In addition, management’s methodology for calculating non-GAAP financial measures may differ from the methodologies employed by other banking companies to calculate the same or similar performance measures, and accordingly, the Company’s reported non-GAAP financial measures may not be comparable to the same or similar performance measures reported by other banking companies. Please refer to Appendices A-E for reconciliations of the Company's GAAP financial measures to the non-GAAP financial measures in this press release.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. You can identify these statements from the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target”, “outlook” and similar expressions. Forward-looking statements, by their nature, are subject to risks and uncertainties. There are many factors that could cause actual results to differ materially from expected results described in the forward-looking statements.
Certain factors that could cause actual results to differ materially from expected results include; adverse developments in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the allowance for loan losses; increased competitive pressures; changes in interest rates and resulting changes in competitor or customer behavior, mix or costs of sources of funding, and deposit amounts and composition; risks associated with the Company’s completion and/or implementation of the merger with Cambridge, including risks that required regulatory approvals for the merger are not obtained or other closing conditions are not satisfied in a timely manner or at all and that the merger fails to occur in the timeframe anticipated or at all; prior to the completion of the merger or thereafter, Cambridge or the Company may not perform as expected due to transaction-related uncertainty or other factors; and revenue or expense synergies may not fully materialize for the Company in the timeframe expected or at all, or may be more costly to achieve; adverse national or regional economic conditions or conditions within the securities markets or banking sector; legislative and regulatory changes and related compliance costs that could adversely affect the business in which the Company and its subsidiary Eastern Bank are engaged, including the effect of, and changes in, monetary and fiscal policies and laws, such as the interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations, including inflationary or recessionary pressures, interest rate sensitivity, liquidity constraints, increased borrowing and funding costs, and fluctuations due to actual or anticipated changes to federal tax laws; the realizability of deferred tax assets; the Company’s ability to successfully implement its risk mitigation strategies; asset and credit quality deterioration, including adverse developments in local or regional real estate markets that decrease collateral values associated with existing loans; and operational risks such as cybersecurity incidents, natural disasters, and pandemics, including COVID-19. For further discussion of such factors, please see the Company’s most recent Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission (the “SEC”), including the joint proxy statement/prospectus (as defined below), which are available on the SEC’s website at www.sec.gov.
You should not place undue reliance on forward-looking statements, which reflect the Company's expectations only as of the date of this press release. The Company does not undertake any obligation to update forward-looking statements.
EASTERN BANKSHARES, INC. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (1)
Certain information in this press release is presented as reviewed by the Company’s management and includes information derived from the Company’s Consolidated Statements of Income, non-GAAP financial measures, and operational and performance metrics. For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."
As of and for the three months ended
(Unaudited, dollars in thousands, except per-share data)
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Earnings data
Net interest income
$
129,900
$
133,307
$
137,205
$
141,588
$
138,309
Noninterest income (loss)
27,692
26,739
19,157
26,204
(309,853
)
Total revenue
157,592
160,046
156,362
167,792
(171,544
)
Noninterest expense
101,202
121,029
101,748
99,934
95,891
Pre-tax, pre-provision income (loss)
56,390
39,017
54,614
67,858
(267,435
)
Provision for allowance for loan losses
7,451
5,198
7,328
7,501
25
Pre-tax income (loss)
48,939
33,819
47,286
60,357
(267,460
)
Net income (loss) from continuing operations
38,647
31,509
63,464
44,419
(202,081
)
Net income (loss) from discontinued operations
—
286,994
(4,351
)
4,238
7,985
Net income (loss)
38,647
318,503
59,113
48,657
(194,096
)
Operating net income (non-GAAP)
38,081
16,875
52,085
41,092
53,134
Per-share data
Earnings (loss) per share, diluted
$
0.24
$
1.95
$
0.36
$
0.30
$
(1.20
)
Continuing operations
$
0.24
$
0.19
$
0.39
$
0.27
$
(1.25
)
Discontinued operations
$
—
$
1.76
$
(0.03
)
$
0.03
$
0.05
Operating earnings per share, diluted (non-GAAP)
$
0.23
$
0.10
$
0.32
$
0.25
$
0.33
Book value per share
$
16.72
$
16.86
$
13.87
$
14.33
$
14.63
Tangible book value per share (non-GAAP)
$
13.51
$
13.65
$
10.14
$
10.59
$
10.88
Profitability
Return on average assets (2)
0.74
%
0.59
%
1.18
%
0.81
%
(3.64
)%
Operating return on average assets (non-GAAP) (2)
0.72
%
0.31
%
0.97
%
0.75
%
0.95
%
Return on average shareholders' equity (2)
5.23
%
4.66
%
9.91
%
6.85
%
(33.31
)%
Operating return on average shareholders' equity (2)
5.17
%
2.51
%
8.14
%
6.34
%
8.76
%
Return on average tangible shareholders' equity (non-GAAP) (2)
6.46
%
5.99
%
13.38
%
9.19
%
(45.55
)%
Operating return on average tangible shareholders' equity (non-GAAP) (2)
6.36
%
3.20
%
10.99
%
8.50
%
11.98
%
Net interest margin (FTE) (2)
2.68
%
2.69
%
2.77
%
2.80
%
2.66
%
Cost of deposits (2)
1.66
%
1.51
%
1.33
%
1.22
%
0.92
%
Efficiency ratio
64.22
%
75.62
%
65.07
%
59.56
%
(55.90
)%
Operating efficiency ratio (non-GAAP)
61.89
%
73.59
%
60.83
%
58.47
%
57.97
%
Balance Sheet (end of period)
Total assets
$
21,174,804
$
21,133,278
$
21,146,292
$
21,583,493
$
22,720,530
Total loans
14,088,747
13,973,428
13,919,275
13,961,878
13,675,250
Total deposits
17,666,733
17,596,217
17,424,169
18,180,972
18,541,580
Total loans / total deposits
80
%
79
%
80
%
77
%
74
%
Asset quality
Allowance for loan losses ("ALLL")
$
149,190
$
148,993
$
155,146
$
147,955
$
140,938
ALLL / total nonperforming loans ("NPLs")
260.94
%
283.49
%
326.86
%
484.18
%
407.65
%
Total NPLs / total loans
0.41
%
0.38
%
0.34
%
0.22
%
0.25
%
Net charge-offs ("NCOs") / average total loans (2)
0.21
%
0.32
%
0.00
%
0.01
%
0.00
%
Capital adequacy
Shareholders' equity / assets
13.95
%
14.08
%
11.57
%
11.71
%
11.35
%
Tangible shareholders' equity / tangible assets (non-GAAP)
11.58
%
11.71
%
8.73
%
8.93
%
8.70
%
(1) Average assets and average tangible shareholders' equity components for the three months ended Dec 31, 2023 and preceding periods presented in this table include discontinued operations.
(2) Presented on an annualized basis.
EASTERN BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
Mar 31, 2024 change from
(Unaudited, dollars in thousands)
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Dec 31, 2023
Mar 31, 2023
ASSETS
△ $
△ %
△ $
△ %
Cash and due from banks
$
71,492
$
87,233
$
98,377
$
(15,741
)
(18
)%
$
(26,885
)
(27
)%
Short-term investments
667,526
605,843
2,039,439
61,683
10
%
(1,371,913
)
(67
)%
Cash and cash equivalents
739,018
693,076
2,137,816
45,942
7
%
(1,398,798
)
(65
)%
Available for sale ("AFS") securities
4,287,585
4,407,521
4,700,134
(119,936
)
(3
)%
(412,549
)
(9
)%
Held to maturity ("HTM") securities
443,833
449,721
471,185
(5,888
)
(1
)%
(27,352
)
(6
)%
Total securities
4,731,418
4,857,242
5,171,319
(125,824
)
(3
)%
(439,901
)
(9
)%
Loans held for sale
2,204
1,124
3,068
1,080
96
%
(864
)
(28
)%
Loans:
Commercial and industrial
3,084,580
3,034,068
3,169,438
50,512
2
%
(84,858
)
(3
)%
Commercial real estate
5,519,505
5,457,349
5,201,196
62,156
1
%
318,309
6
%
Commercial construction
388,024
386,999
357,117
1,025
—
%
30,907
9
%
Business banking
1,100,637
1,085,763
1,078,678
14,874
1
%
21,959
2
%
Total commercial loans
10,092,746
9,964,179
9,806,429
128,567
1
%
286,317
3
%
Residential real estate
2,544,462
2,565,485
2,497,491
(21,023
)
(1
)%
46,971
2
%
Consumer home equity
1,217,141
1,208,231
1,180,824
8,910
1
%
36,317
3
%
Other consumer
234,398
235,533
190,506
(1,135
)
—
%
43,892
23
%
Total loans
14,088,747
13,973,428
13,675,250
115,319
1
%
413,497
3
%
Allowance for loan losses
(149,190
)
(148,993
)
(140,938
)
(197
)
—
%
(8,252
)
6
%
Unamortized prem./disc. and def. fees
(32,947
)
(25,068
)
(13,597
)
(7,879
)
31
%
(19,350
)
142
%
Net loans
13,906,610
13,799,367
13,520,715
107,243
1
%
385,895
3
%
Federal Home Loan Bank stock, at cost
5,879
5,904
45,168
(25
)
—
%
(39,289
)
(87
)%
Premises and equipment
59,790
60,133
61,011
(343
)
(1
)%
(1,221
)
(2
)%
Bank-owned life insurance
165,734
164,702
161,755
1,032
1
%
3,979
2
%
Goodwill and other intangibles, net
565,701
566,205
567,718
(504
)
—
%
(2,017
)
—
%
Deferred income taxes, net
272,344
266,185
315,308
6,159
2
%
(42,964
)
(14
)%
Prepaid expenses
187,211
183,073
162,081
4,138
2
%
25,130
16
%
Other assets
538,895
536,267
454,840
2,628
—
%
84,055
18
%
Assets of discontinued operations
—
—
119,731
—
—
%
(119,731
)
(100
)%
Total assets
$
21,174,804
$
21,133,278
$
22,720,530
$
41,526
—
%
$
(1,545,726
)
(7
)%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand
$
4,952,487
$
5,162,218
$
5,564,016
$
(209,731
)
(4
)%
$
(611,529
)
(11
)%
Interest checking accounts
3,739,631
3,737,361
4,240,780
2,270
—
%
(501,149
)
(12
)%
Savings accounts
1,291,260
1,323,126
1,633,790
(31,866
)
(2
)%
(342,530
)
(21
)%
Money market investment
4,770,058
4,664,475
5,135,590
105,583
2
%
(365,532
)
(7
)%
Certificates of deposit
2,913,297
2,709,037
1,967,404
204,260
8
%
945,893
48
%
Total deposits
17,666,733
17,596,217
18,541,580
70,516
—
%
(874,847
)
(5
)%
Borrowed funds:
Federal Home Loan Bank advances
17,576
17,738
1,100,952
(162
)
(1
)%
(1,083,376
)
(98
)%
Escrow deposits of borrowers
24,368
21,978
25,671
2,390
11
%
(1,303
)
(5
)%
Interest rate swap collateral funds
10,810
8,500
11,780
2,310
27
%
(970
)
(8
)%
Total borrowed funds
52,754
48,216
1,138,403
4,538
9
%
(1,085,649
)
(95
)%
Other liabilities
502,486
513,990
431,994
(11,504
)
(2
)%
70,492
16
%
Liabilities of discontinued operations
—
—
29,430
—
—
%
(29,430
)
(100
)%
Total liabilities
18,221,973
18,158,423
20,141,407
63,550
—
%
(1,919,434
)
(10
)%
Shareholders' equity:
Common shares
1,769
1,767
1,764
2
—
%
5
—
%
Additional paid-in capital
1,669,133
1,666,441
1,651,524
2,692
—
%
17,609
1
%
Unallocated common shares held by the employee stock ownership plan ("ESOP")
(131,512
)
(132,755
)
(136,470
)
1,243
(1
)%
4,958
(4
)%
Retained earnings
2,068,315
2,047,754
1,672,169
20,561
1
%
396,146
24
%
Accumulated other comprehensive income ("AOCI"), net of tax
(654,874
)
(608,352
)
(609,864
)
(46,522
)
8
%
(45,010
)
7
%
Total shareholders' equity
2,952,831
2,974,855
2,579,123
(22,024
)
(1
)%
373,708
14
%
Total liabilities and shareholders' equity
$
21,174,804
$
21,133,278
$
22,720,530
$
41,526
—
%
$
(1,545,726
)
(7
)%
EASTERN BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three months ended
Three months ended Mar 31, 2024 change from three months ended
(Unaudited, dollars in thousands, except per-share data)
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
Dec 31, 2023
Mar 31, 2023
Interest and dividend income:
△ $
△ %
△ $
△ %
Interest and fees on loans
$
169,981
$
168,419
$
153,540
$
1,562
1
%
$
16,441
11
%
Taxable interest and dividends on securities
23,373
23,782
28,642
(409
)
(2
)%
(5,269
)
(18
)%
Non-taxable interest and dividends on securities
1,437
1,434
1,434
3
—
%
3
—
%
Interest on federal funds sold and other short-term investments
7,820
10,011
5,264
(2,191
)
(22
)%
2,556
49
%
Total interest and dividend income
202,611
203,646
188,880
(1,035
)
(1
)%
13,731
7
%
Interest expense:
Interest on deposits
72,458
67,389
42,933
5,069
8
%
29,525
69
%
Interest on borrowings
253
2,950
7,638
(2,697
)
(91
)%
(7,385
)
(97
)%
Total interest expense
72,711
70,339
50,571
2,372
3
%
22,140
44
%
Net interest income
129,900
133,307
138,309
(3,407
)
(3
)%
(8,409
)
(6
)%
Provision for allowance for loan losses
7,451
5,198
25
2,253
43
%
7,426
29704
%
Net interest income after provision for allowance for loan losses
122,449
128,109
138,284
(5,660
)
(4
)%
(15,835
)
(11
)%
Noninterest income:
Service charges on deposit accounts
7,508
7,514
6,472
(6
)
—
%
1,036
16
%
Trust and investment advisory fees
6,544
6,128
5,770
416
7
%
774
13
%
Debit card processing fees
3,247
3,398
3,170
(151
)
(4
)%
77
2
%
Interest rate swap income (losses)
667
(576
)
(408
)
1,243
(216
)%
1,075
(263
)%
Income from investments held in rabbi trusts
4,318
4,969
2,857
(651
)
(13
)%
1,461
51
%
Losses on sales of commercial and industrial loans
—
(87
)
—
87
(100
)%
—
—
%
Losses on sales of mortgage loans held for sale, net
(58
)
(219
)
(74
)
161
(74
)%
16
(22
)%
Losses on sales of securities available for sale, net
—
—
(333,170
)
—
—
%
333,170
(100
)%
Other
5,466
5,612
5,530
(146
)
(3
)%
(64
)
(1
)%
Total noninterest income (loss)
27,692
26,739
(309,853
)
953
4
%
337,545
(109
)%
Noninterest expense:
Salaries and employee benefits
64,471
67,773
62,183
(3,302
)
(5
)%
2,288
4
%
Office occupancy and equipment
9,184
9,195
9,089
(11
)
—
%
95
1
%
Data processing
16,509
16,753
12,298
(244
)
(1
)%
4,211
34
%
Professional services
3,512
4,108
3,127
(596
)
(15
)%
385
12
%
Marketing expenses
1,515
2,693
1,023
(1,178
)
(44
)%
492
48
%
Loan expenses
1,170
1,174
1,095
(4
)
—
%
75
7
%
Federal Deposit Insurance Corporation ("FDIC") insurance
2,285
13,486
2,546
(11,201
)
(83
)%
(261
)
(10
)%
Amortization of intangible assets
504
505
291
(1
)
—
%
213
73
%
Other
2,052
5,342
4,239
(3,290
)
(62
)%
(2,187
)
(52
)%
Total noninterest expense
101,202
121,029
95,891
(19,827
)
(16
)%
5,311
6
%
Income (loss) before income tax expense (benefit)
48,939
33,819
(267,460
)
15,120
45
%
316,399
(118
)%
Income tax expense (benefit)
10,292
2,310
(65,379
)
7,982
346
%
75,671
(116
)%
Net income (loss) from continuing operations
$
38,647
$
31,509
$
(202,081
)
$
7,138
23
%
$
240,728
(119
)%
Net income from discontinued operations
$
—
$
286,994
$
7,985
$
(286,994
)
(100
)%
$
(7,985
)
(100
)%
Net income (loss)
$
38,647
$
318,503
$
(194,096
)
$
(279,856
)
(88
)%
$
232,743
(120
)%
Share data:
Weighted average common shares outstanding, basic
162,863,540
162,571,066
161,991,373
292,474
0
%
872,167
1
%
Weighted average common shares outstanding, diluted
163,188,410
162,724,398
162,059,431
464,012
0
%
1,128,979
1
%
Earnings (loss) per share, basic:
Continuing operations
$
0.24
$
0.19
$
(1.25
)
$
0.05
26
%
$
1.49
(119
)%
Discontinued operations
$
—
$
1.77
$
0.05
$
(1.77
)
(100
)%
$
(0.05
)
(100
)%
Earnings (loss) per share, basic
$
0.24
$
1.96
$
(1.20
)
$
(1.72
)
(88
)%
$
1.44
(120
)%
Earnings (loss) per share, diluted:
Continuing operations
$
0.24
$
0.19
$
(1.25
)
$
0.05
26
%
$
1.49
(119
)%
Discontinued operations
$
—
$
1.76
$
0.05
$
(1.76
)
(100
)%
$
(0.05
)
(100
)%
Earnings (loss) per share, diluted
$
0.24
$
1.95
$
(1.20
)
$
(1.71
)
(88
)%
$
1.44
(120
)%
EASTERN BANKSHARES, INC. AND SUBSIDIARIES
AVERAGE BALANCES, INTEREST EARNED/PAID, & AVERAGE YIELDS
As of and for the three months ended
Mar 31, 2024
Dec 31, 2023
Mar 31, 2023
(Unaudited, dollars in thousands)
Avg. Balance
Interest
Yield / Cost (5)
Avg. Balance
Interest
Yield / Cost (5)
Avg. Balance
Interest
Yield / Cost (5)
Interest-earning assets:
Loans (1):
Commercial
$
10,024,299
$
126,842
5.09
%
$
9,978,154
$
126,128
5.01
%
$
9,765,236
$
115,929
4.81
%
Residential
2,570,803
23,994
3.75
%
2,573,032
23,546
3.63
%
2,513,413
21,614
3.49
%
Consumer
1,420,091
23,237
6.58
%
1,411,374
22,835
6.42
%
1,358,616
20,059
5.99
%
Total loans
14,015,193
174,073
5.00
%
13,962,560
172,509
4.90
%
13,637,265
157,602
4.69
%
Investment securities
5,574,568
25,201
1.82
%
5,670,742
25,609
1.79
%
7,684,665
30,459
1.61
%
Federal funds sold and other short-term investments
576,537
7,820
5.46
%
720,384
10,011
5.51
%
449,543
5,264
4.75
%
Total interest-earning assets
20,166,298
207,094
4.13
%
20,353,686
208,129
4.06
%
21,771,473
193,325
3.60
%
Non-interest-earning assets
950,893
834,391
739,270
Total assets
$
21,117,191
$
21,188,077
$
22,510,743
Interest-bearing liabilities:
Deposits:
Savings
$
1,297,360
$
41
0.01
%
$
1,352,239
$
45
0.01
%
$
1,721,143
$
81
0.02
%
Interest checking
3,744,912
8,187
0.88
%
3,753,352
7,080
0.75
%
4,363,528
4,711
0.44
%
Money market
4,741,990
30,495
2.59
%
4,735,917
29,390
2.46
%
5,040,330
20,305
1.63
%
Time deposits
2,785,130
33,735
4.87
%
2,656,313
30,874
4.61
%
1,931,860
17,836
3.74
%
Total interest-bearing deposits
12,569,392
72,458
2.32
%
12,497,821
67,389
2.14
%
13,056,861
42,933
1.33
%
Borrowings
50,781
253
2.00
%
242,437
2,950
4.83
%
675,056
7,638
4.59
%
Total interest-bearing liabilities
12,620,173
72,711
2.32
%
12,740,258
70,339
2.19
%
13,731,917
50,571
1.49
%
Demand deposit accounts
4,989,245
5,210,185
5,825,269
Other noninterest-bearing liabilities
537,014
555,034
493,387
Total liabilities
18,146,432
18,505,477
20,050,573
Shareholders' equity
2,970,759
2,682,600
2,460,170
Total liabilities and shareholders' equity
$
21,117,191
$
21,188,077
$
22,510,743
Net interest income - FTE
$
134,383
$
137,790
$
142,754
Net interest rate spread (2)
1.81
%
1.87
%
2.11
%
Net interest-earning assets (3)
$
7,546,125
$
7,613,428
$
8,039,556
Net interest margin - FTE (4)
2.68
%
2.69
%
2.66
%
(1) Includes non-accrual loans.
(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4) Net interest margin - FTE represents fully-taxable equivalent net interest income* divided by average total interest-earning assets. Please refer to Appendix B to this press release for a reconciliation of fully-taxable equivalent net interest income.
(5) Presented on an annualized basis.
EASTERN BANKSHARES, INC. AND SUBSIDIARIES
ASSET QUALITY - NON-PERFORMING ASSETS (1)
As of
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
(Unaudited, dollars in thousands)
Non-accrual loans:
Commercial
$
40,986
$
35,107
$
31,703
$
14,178
$
17,271
Residential
6,697
8,725
8,075
8,796
9,603
Consumer
9,490
8,725
7,687
7,584
7,699
Total non-accrual loans
57,173
52,557
47,465
30,558
34,573
Total accruing loans past due 90 days or more:
—
—
—
—
—
Total non-performing loans
57,173
52,557
47,465
30,558
34,573
Other real estate owned
—
—
—
—
—
Other non-performing assets:
—
—
—
—
—
Total non-performing assets (1)
$
57,173
$
52,557
$
47,465
$
30,558
$
34,573
Total non-performing loans to total loans
0.41
%
0.38
%
0.34
%
0.22
%
0.25
%
Total non-performing assets to total assets
0.27
%
0.25
%
0.22
%
0.14
%
0.15
%
(1) Non-performing assets are comprised of NPLs, other real estate owned ("OREO"), and non-performing securities. NPLs consist of non-accrual loans and loans that are more than 90 days past due but still accruing interest. OREO consists of real estate properties, which primarily serve as collateral to secure the Company’s loans, that it controls due to foreclosure or acceptance of a deed in lieu of foreclosure.
EASTERN BANKSHARES, INC. AND SUBSIDIARIES
ASSET QUALITY - PROVISION, ALLOWANCE, AND NET CHARGE-OFFS (RECOVERIES)
Three months ended
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
(Unaudited, dollars in thousands)
Average total loans
$
14,013,714
$
13,961,061
$
13,926,194
$
13,803,292
$
13,633,165
Allowance for loan losses, beginning of the period
148,993
155,146
147,955
140,938
142,211
Total cumulative effect of change in accounting principle:
—
—
—
—
(1,143
)
Charged-off loans:
Commercial and industrial
—
2
11
—
—
Commercial real estate
7,250
8,008
—
—
—
Commercial construction
—
—
—
—
—
Business banking
102
3,745
303
254
343
Residential real estate
10
—
—
—
—
Consumer home equity
2
—
—
—
7
Other consumer
651
536
731
591
561
Total charged-off loans
8,015
12,291
1,045
845
911
Recoveries on loans previously charged-off:
Commercial and industrial
25
11
120
26
139
Commercial real estate
132
190
2
2
4
Commercial construction
—
—
—
—
—
Business banking
410
573
609
204
481
Residential real estate
31
34
30
18
15
Consumer home equity
—
1
39
—
1
Other consumer
163
131
108
111
116
Total recoveries
761
940
908
361
756
Net loans charged-off (recoveries):
Commercial and industrial
(25
)
(9
)
(109
)
(26
)
(139
)
Commercial real estate
7,118
7,818
(2
)
(2
)
(4
)
Commercial construction
—
—
—
—
—
Business banking
(308
)
3,172
(306
)
50
(138
)
Residential real estate
(21
)
(34
)
(30
)
(18
)
(15
)
Consumer home equity
2
(1
)
(39
)
—
6
Other consumer
488
405
623
480
445
Total net loans charged-off
7,254
11,351
137
484
155
Provision for allowance for loan losses
7,451
5,198
7,328
7,501
25
Total allowance for loan losses, end of period
$
149,190
$
148,993
$
155,146
$
147,955
$
140,938
Net charge-offs to average total loans outstanding during this period (1)
0.21
%
0.32
%
0.00
%
0.01
%
0.00
%
Allowance for loan losses as a percent of total loans
1.06
%
1.07
%
1.12
%
1.06
%
1.03
%
Allowance for loan losses as a percent of nonperforming loans
260.94
%
283.49
%
326.86
%
484.18
%
407.65
%
(1) Presented on an annualized basis.
APPENDIX A: Reconciliation of Non-GAAP Earnings Metrics (1)
For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."
As of and for the Three Months Ended
(Unaudited, dollars in thousands, except per-share data)
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Net income (loss) from continuing operations (GAAP)
$
38,647
$
31,509
$
63,464
$
44,419
$
(202,081
)
Add:
Noninterest income components:
(Income) losses from investments held in rabbi trusts
(4,318
)
(4,969
)
1,523
(3,002
)
(2,857
)
Losses on sales of securities available for sale, net
—
—
—
—
333,170
(Gains) losses on sales of other assets
—
—
(2
)
—
5
Noninterest expense components:
Rabbi trust employee benefit expense (income)
1,746
1,740
(586
)
1,314
1,274
Merger and acquisition expenses
1,816
1,865
3,630
—
—
Total impact of non-GAAP adjustments
(756
)
(1,364
)
4,565
(1,688
)
331,592
Less net tax (expense) benefit associated with non-GAAP adjustments (2)
(190
)
13,270
15,944
1,639
76,377
Non-GAAP adjustments, net of tax
$
(566
)
$
(14,634
)
$
(11,379
)
$
(3,327
)
$
255,215
Operating net income (non-GAAP)
$
38,081
$
16,875
$
52,085
$
41,092
$
53,134
Weighted average common shares outstanding during the period:
Basic
162,863,540
162,571,066
162,370,469
162,232,236
161,991,373
Diluted
163,188,410
162,724,398
162,469,887
162,246,675
162,059,431
Earnings (loss) per share from continuing operations, basic:
$
0.24
$
0.19
$
0.39
$
0.27
$
(1.25
)
Earnings (loss) per share from continuing operations, diluted:
$
0.24
$
0.19
$
0.39
$
0.27
$
(1.25
)
Operating earnings per share, basic (non-GAAP)
$
0.23
$
0.10
$
0.32
$
0.25
$
0.33
Operating earnings per share, diluted (non-GAAP)
$
0.23
$
0.10
$
0.32
$
0.25
$
0.33
Return on average assets (3)
0.74
%
0.59
%
1.18
%
0.81
%
(3.64
)%
Add:
(Income) losses from investments held in rabbi trusts (3)
(0.08
)%
(0.09
)%
0.03
%
(0.05
)%
(0.05
)%
Losses on sales of securities available for sale, net (3)
0.00
%
0.00
%
0.00
%
0.00
%
6.00
%
(Gains) losses on sales of other assets (3)
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
Rabbi trust employee benefit expense (income) (3)
0.03
%
0.03
%
(0.01
)%
0.02
%
0.02
%
Merger and acquisition expenses (3)
0.03
%
0.03
%
0.07
%
0.00
%
0.00
%
Less net tax (expense) benefit associated with non-GAAP adjustments (2) (3)
0.00
%
0.25
%
0.30
%
0.03
%
1.38
%
Operating return on average assets (non-GAAP) (3)
0.72
%
0.31
%
0.97
%
0.75
%
0.95
%
Return on average shareholders' equity (3)
5.23
%
4.66
%
9.91
%
6.85
%
(33.31
)%
Add:
(Income) losses from investments held in rabbi trusts (3)
(0.58
)%
(0.73
)%
0.24
%
(0.46
)%
(0.47
)%
Losses on sales of securities available for sale, net (3)
0.00
%
0.00
%
0.00
%
0.00
%
54.92
%
(Gains) losses on sales of other assets (3)
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
Rabbi trust employee benefit expense (income) (3)
0.24
%
0.26
%
(0.09
)%
0.20
%
0.21
%
Merger and acquisition expenses (3)
0.25
%
0.28
%
0.57
%
0.00
%
0.00
%
Less net tax (expense) benefit associated with non-GAAP adjustments (2) (3)
(0.03
)%
1.96
%
2.49
%
0.25
%
12.59
%
Operating return on average shareholders' equity (non-GAAP) (3)
5.17
%
2.51
%
8.14
%
6.34
%
8.76
%
Average tangible shareholders' equity:
Average total shareholders' equity (GAAP)
$
2,970,759
$
2,682,600
$
2,539,806
$
2,599,325
$
2,460,170
Less: Average goodwill and other intangibles
566,027
597,234
658,591
659,825
660,795
Average tangible shareholders' equity (non-GAAP)
$
2,404,732
$
2,085,366
$
1,881,215
$
1,939,500
$
1,799,375
Return on average tangible shareholders' equity (non-GAAP) (3)
6.46
%
5.99
%
13.38
%
9.19
%
(45.55
)%
Add:
(Income) losses from investments held in rabbi trusts (3)
(0.72
)%
(0.95
)%
0.32
%
(0.62
)%
(0.64
)%
Losses on sales of securities available for sale, net (3)
0.00
%
0.00
%
0.00
%
0.00
%
75.09
%
(Gains) losses on sales of other assets (3)
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
Rabbi trust employee benefit expense (income) (3)
0.29
%
0.33
%
(0.12
)%
0.27
%
0.29
%
Merger and acquisition expenses (3)
0.30
%
0.35
%
0.77
%
0.00
%
0.00
%
Less net tax (expense) benefit associated with non-GAAP adjustments (2) (3)
(0.03
)%
2.52
%
3.36
%
0.34
%
17.21
%
Operating return on average tangible shareholders' equity (non-GAAP) (3)
6.36
%
3.20
%
10.99
%
8.50
%
11.98
%
(1) Average assets, average goodwill and other intangibles, and average tangible shareholders' equity components for the three months ended Dec 31, 2023 and preceding periods presented in this table include discontinued operations.
(2) The net tax benefit (expense) associated with these items is generally determined by assessing whether each item is included or excluded from net taxable income and applying our combined statutory tax rate only to those items included in net taxable income. The net tax benefit for the three months ended December 31, 2023 was primarily due to the tax benefit from state tax strategies associated with the utilization of capital losses as a result of the sale of securities in the first quarter of 2023, described further below. Upon the sale of securities in the first quarter of 2023, we established a valuation allowance of $17.4 million, as it was determined at that time that it was not more-likely-than-not that the entirety of the deferred tax asset related to the loss on such securities would be realized. Included in that $17.4 million was $2.8 million in expected lost state tax benefits. Following the execution of the sale of our insurance agency business in October 2023 and the resulting capital gain, coupled with tax planning strategies, a state tax benefit of $13.6 million was realized on the security sale losses.
(3) Presented on an annualized basis.
APPENDIX B: Reconciliation of Non-GAAP Operating Revenues and Expenses
For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."
Three Months Ended
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
(Unaudited, dollars in thousands)
Net interest income (GAAP)
$
129,900
$
133,307
$
137,205
$
141,588
$
138,309
Add:
Tax-equivalent adjustment (non-GAAP) (1)
4,483
4,483
4,376
3,877
4,445
Fully-taxable equivalent net interest income (non-GAAP)
$
134,383
$
137,790
$
141,581
$
145,465
$
142,754
Noninterest income (loss) (GAAP)
$
27,692
$
26,739
$
19,157
$
26,204
$
(309,853
)
Less:
Income (losses) from investments held in rabbi trusts
4,318
4,969
(1,523
)
3,002
2,857
Losses on sales of securities available for sale, net
—
—
—
—
(333,170
)
Gains (losses) on sales of other assets
—
—
2
—
(5
)
Noninterest income on an operating basis (non-GAAP)
$
23,374
$
21,770
$
20,678
$
23,202
$
20,465
Noninterest expense (GAAP)
$
101,202
$
121,029
$
101,748
$
99,934
$
95,891
Less:
Rabbi trust employee benefit expense (income)
1,746
1,740
(586
)
1,314
1,274
Merger and acquisition expenses
1,816
1,865
3,630
—
—
Noninterest expense on an operating basis (non-GAAP)
$
97,640
$
117,424
$
98,704
$
98,620
$
94,617
Total revenue (loss) (GAAP)
$
157,592
$
160,046
$
156,362
$
167,792
$
(171,544
)
Total operating revenue (non-GAAP)
$
157,757
$
159,560
$
162,259
$
168,667
$
163,219
Efficiency ratio (GAAP)
64.22
%
75.62
%
65.07
%
59.56
%
(55.90
)%
Operating efficiency ratio (non-GAAP)
61.89
%
73.59
%
60.83
%
58.47
%
57.97
%
(1) Interest income on tax-exempt loans and investment securities has been adjusted to a FTE basis using a marginal tax rate of 21.7%, 21.9%, 21.7%, 21.8%, and 21.7% for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively.
APPENDIX C: Reconciliation of Non-GAAP Capital Metrics
For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."
As of
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
(Unaudited, dollars in thousands, except per-share data)
Tangible shareholders' equity:
Total shareholders' equity (GAAP)
$
2,952,831
$
2,974,855
$
2,446,553
$
2,526,772
$
2,579,123
Less: Goodwill and other intangibles (1)
565,701
566,205
657,824
658,993
660,165
Tangible shareholders' equity (non-GAAP)
2,387,130
2,408,650
1,788,729
1,867,779
1,918,958
Tangible assets:
Total assets (GAAP)
21,174,804
21,133,278
21,146,292
21,583,493
22,720,530
Less: Goodwill and other intangibles (1)
565,701
566,205
657,824
658,993
660,165
Tangible assets (non-GAAP)
$
20,609,103
$
20,567,073
$
20,488,468
$
20,924,500
$
22,060,365
Shareholders' equity to assets ratio (GAAP)
13.95
%
14.08
%
11.57
%
11.71
%
11.35
%
Tangible shareholders' equity to tangible assets ratio (non-GAAP)
11.58
%
11.71
%
8.73
%
8.93
%
8.70
%
Common shares outstanding
176,631,477
176,426,993
176,376,675
176,376,675
176,328,426
Book value per share (GAAP)
$
16.72
$
16.86
$
13.87
$
14.33
$
14.63
Tangible book value per share (non-GAAP)
$
13.51
$
13.65
$
10.14
$
10.59
$
10.88
(1) Includes goodwill and other intangible assets of discontinued operations as of September 30, 2023 and preceding periods.
APPENDIX D: Tangible Shareholders’ Equity Roll Forward Analysis
For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures."
As of
Change from
Mar 31, 2024
Dec 31, 2023
Dec 31, 2023
(Unaudited, dollars in thousands, except per-share data)
Common stock
$
1,769
$
1,767
$
2
Additional paid in capital
1,669,133
1,666,441
2,692
Unallocated ESOP common stock
(131,512
)
(132,755
)
1,243
Retained earnings
2,068,315
2,047,754
20,561
AOCI, net of tax - available for sale securities
(611,802
)
(584,243
)
(27,559
)
AOCI, net of tax - pension
6,946
7,462
(516
)
AOCI, net of tax - cash flow hedge
(50,018
)
(31,571
)
(18,447
)
Total shareholders' equity:
$
2,952,831
$
2,974,855
$
(22,024
)
Less: Goodwill and other intangibles
565,701
566,205
(504
)
Tangible shareholders' equity (non-GAAP)
$
2,387,130
$
2,408,650
$
(21,520
)
Common shares outstanding
176,631,477
176,426,993
204,484
Per share:
Common stock
$
0.01
$
0.01
$
—
Additional paid in capital
9.45
9.45
—
Unallocated ESOP common stock
(0.74
)
(0.75
)
0.01
Retained earnings
11.71
11.61
0.10
AOCI, net of tax - available for sale securities
(3.46
)
(3.31
)
(0.15
)
AOCI, net of tax - pension
0.04
0.04
—
AOCI, net of tax - cash flow hedge
(0.28
)
(0.18
)
(0.10
)
Total shareholders' equity:
$
16.72
$
16.86
$
(0.14
)
Less: Goodwill and other intangibles
3.20
3.21
(0.01
)
Tangible shareholders' equity (non-GAAP)
$
13.51
$
13.65
$
(0.14
)
APPENDIX E: M&A Expense
As of and for the Three Months Ended
(Unaudited, dollars in thousands)
Mar 31, 2024
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Salaries and employee benefits
$
3
$
5
$
—
$
—
$
—
Office occupancy and equipment
6
2
—
—
—
Data processing
865
1,357
—
—
—
Professional services
787
450
3,630
—
—
Other
155
51
—
—
—
Total
$
1,816
$
1,865
$
3,630
$
—
$
—
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425242704/en/
Investor Contact Jillian Belliveau Eastern Bankshares, Inc. InvestorRelations@easternbank.com 781-598-7920 Media Contact Andrea Goodman Eastern Bank a.goodman@easternbank.com 781-598-7847
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