Eastern Bankshares, Inc. Stock Price, News & Analysis

Eastern Bankshares, Inc. (NASDAQ: EBC) will release its first quarter 2023 results on April 27, 2023, after market close. A conference call is scheduled for April 28, 2023, at 9:00 AM ET. Investors can join the call via toll-free dial-in at (888) 886-7786 using conference ID 83330813. The call will also be webcast on the Company's investor relations website, with a replay available post-event. Eastern Bank, founded in 1818, serves eastern Massachusetts, New Hampshire, and Rhode Island, boasting approximately $23 billion in total assets as of December 31, 2022, and over 120 locations. The bank employs around 2,100 professionals and has committed $240 million to charitable giving since 1994.

Eastern Bank has launched the Equity Alliance for Business, aimed at supporting underrepresented business owners, particularly women and people of color. This initiative seeks to offer specialized credit solutions and access to resources designed to foster economic inclusion. Credit products include term loans up to $250,000. Eastern Bank is recognized as the #1 SBA lender in Massachusetts and focuses on addressing racial disparities in wealth. This program reflects their commitment to dismantling systemic inequities and empowering diverse entrepreneurs through mentoring, networking, and tailored financial tools.

Eastern Bankshares reported its fourth quarter 2022 financial results, showing a net income of $42.3 million, or $0.26 per diluted share, down from $54.8 million in the previous quarter. The operating net income was $49.9 million, or $0.31 per diluted share. The company achieved a record annual net income of $199.8 million for 2022, a 29% increase year-over-year. Total assets grew by 3% to $22.6 billion, while total loans increased by 5% to $13.6 billion. A quarterly cash dividend of $0.10 per share has been declared, payable on March 15, 2023. Asset quality remained robust with minimal charge-offs.

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.