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.
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