Eastern Bankshares beats Q4 profit estimates

Reuters
01/23
Eastern Bankshares beats Q4 profit estimates

Overview

  • Bank's Q4 revenue beat analyst expectations

  • Adjusted EPS for Q4 beat analyst expectations

  • Company repurchased 3.1 mln shares for $55.4 mln

Outlook

  • Eastern Bank is focused on merger integration and achieving cost savings

Result Drivers

  • MERGER IMPACT - The merger with HarborOne added $4.5 bln in loans and $4.3 bln in deposits, significantly boosting overall loan and deposit figures

  • ORGANIC LOAN GROWTH - Excluding the merger, legacy Eastern loans grew $255 mln, driven by strong commercial lending

  • NONINTEREST INCOME - Increase driven by higher mortgage banking, card income, and investment advisory fees

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q4 Revenue

Beat

$283.50 mln

$249.39 mln (5 Analysts)

Q4 Adjusted EPS

Beat

$0.44

$0.41 (6 Analysts)

Q4 Net Income

$99.50 mln

Q4 Net Interest Income

$237.40 mln

Press Release: ID:nBw2Xcgxsa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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