EBC

Eastern Bankshares Reports $38.6 Million Net Income for Q1 2024

Eastern Bankshares, Inc. has recently released its 10-Q report, providing insights into the company's financial performance. The company, which operates as the bank holding company for Eastern Bank, offers a range of banking products and services to retail, commercial, and small business customers. As of March 31, 2024, the company had total assets of $21.2 billion.

In the "ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" section of the report, Eastern Bankshares, Inc. discusses its financial performance for the three months ended March 31, 2024. The net income from continuing operations for this period was $38.6 million, a significant improvement compared to the net loss from continuing operations of $202.1 million for the three months ended March 31, 2023. The increase in net income was primarily attributed to the sale of available for sale securities at a loss in connection with the balance sheet repositioning completed in March 2023, which did not recur during the three months ended March 31, 2024.

The report also highlights the company's banking business, which includes commercial, retail, wealth management, and banking services. As of March 31, 2024, Eastern Bankshares, Inc. had total commercial and industrial loans of $3.1 billion, representing 21.9% of its total loans. Additionally, the company's commercial real estate loans totaled $5.5 billion, accounting for 39.3% of its total loans. The report provides detailed breakdowns of the company's lending activities, including commercial and industrial, commercial real estate, commercial construction, and business banking loans.

Today the company's shares have moved 1.7% to a price of $13.64. For the full picture, make sure to review Eastern Bankshares's 10-Q report.

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