Eastern Bankshares Reports Strong Q1 Earnings Despite Merger Costs
Eastern Bankshares reported Q1 operating earnings of $88.6M ($0.40 diluted EPS), up 31% year-over-year, despite $30.8M in non-operating merger costs. The bank saw flat loans and declining deposits, but improved asset quality and a record commercial loan pipeline. Management warned of potential margin pressure from deposit costs.
Tickers: $EBC
Topics: Banking Dividend Earnings Financial Performance Mergers & Acquisitions Stock Buybacks