Eastern Bankshares, Inc. Stock Price, News & Analysis

EBC has announced a financing deal of $3 million with Done Right Building Services, Inc. (DRB Facility Services) to enhance its daily operations and support future business planning. The funding will include a revolving line of credit, equipment financing, and acquisition financing. DRB Facility Services, which has been a cleaning services partner of Eastern Bank, aims to expand its industry role following revenue growth and workforce increase since 2019. This collaboration is part of Eastern Bank's broader commitment to support businesses of color through initiatives like the Business Equity Initiative.

Eastern Bankshares, Inc. will release its fourth quarter 2022 earnings on January 26, 2023 after the market close. A subsequent conference call is scheduled for January 27, 2023 at 9:00 AM Eastern Time, accessible via telephone at (888) 396-8049 using the Conference ID: 15857557. The call will also be webcast, with a replay available on their Investor Relations website. Eastern Bank, established in 1818, boasts over 120 locations and approximately $22 billion in total assets.

Eastern Bank has been recognized as the top lender to small businesses in Massachusetts for the 14th consecutive year by the U.S. Small Business Administration (SBA). For the fiscal year ending September 30, the bank originated 251 SBA 7(a) loans totaling approximately $35.7 million and was also the leading 504 lender with 19 loans amounting to around $27.1 million. This recognition underscores Eastern Bank's commitment to supporting local businesses with essential financial solutions.

Eastern Bank Foundation has appointed Jerry Rubin as a Foundation Fellow, focusing on workforce development and economic mobility in New England. Rubin, with decades of leadership in workforce training and adult education, aims to address systemic disparities affecting workers, particularly around wage gaps. He previously led Jewish Vocational Service in Greater Boston, tripling its budget and expanding its outreach. The Foundation emphasizes enhancing employment opportunities and worker protections, with efforts aimed at supporting local communities to overcome employment barriers.

The Foundation for Business Equity has successfully merged with Mill Cities Community Investments after completing its spin-off from Eastern Bank. This merger aims to enhance their capacity to support small businesses of color, with a significant emphasis on addressing racial wealth inequities. FBE has raised over $13 million and generated $120 million in new revenue for local businesses. The combined entity will offer new low-interest loan products and expand capital access to Black and Latino entrepreneurs across Massachusetts, reinforcing their shared mission.

Eastern Bank has partnered with The Forsyth Institute to provide commercial banking and insurance services. Forsyth, based in Cambridge, focuses on the relationship between oral health and overall well-being. Eastern Bank will offer a revolving line of credit to support Forsyth’s ongoing needs. Additionally, Eastern Insurance Group will assist in developing a customized risk management program. This collaboration aims to enhance Forsyth's financial growth and address public health demands.

Eastern Bankshares, Inc. (EBC) reported a robust third quarter for 2022, showing a net income of $54.8 million, equating to $0.33 per diluted share, compared to $51.2 million the previous quarter. Operating net income rose to $55.7 million, reflecting significant loan growth of 16% on an annualized basis. The net interest margin expanded by 24 basis points, leading to a 10% increase in net interest income, reaching $152.2 million. The company has declared a quarterly cash dividend of $0.10 per share, payable on December 15, 2022. Total assets stood at $22.0 billion, with total loans increasing to $12.9 billion.

Eastern Bank has announced a new partnership with Crime Prevention Security Systems, LLC (CPSS), providing $8.5 Million in working capital financing. This financial support will enable CPSS, a leader in security and fire alarm systems based in Gainesville, Florida, to continue its growth. Eastern Bank aims to bolster cash flow and operational efficiency, supporting numerous industries with its diverse financing solutions. Founded in 1818, Eastern Bank serves communities in Massachusetts, New Hampshire, and Rhode Island, boasting approximately $22 billion in total assets.

EBC announced its third quarter 2022 earnings release scheduled for October 27, 2022, after market close. A conference call will follow on October 28, 2022, at 9:00 AM Eastern Time. Interested investors can join via toll-free dial-in at (888) 396-8049 using conference ID 09796048. Participants can also access the call through a webcast on investor.easternbank.com. The company, based in Boston, has over $22 billion in total assets and more than 120 locations in Massachusetts, New Hampshire, and Rhode Island.