Eastern Bankshares Q1 EPS $0.24; CFO James Fitzgerald to retire
Eastern Bankshares reported first-quarter 2024 net income of $38.6 million, or $0.24 per diluted share, on April 25, 2024. Total revenue was $157.6 million, down from $160.0 million in the prior quarter, while per-share profit from continuing operations rose from $0.19. Chief Financial Officer James Fitzgerald will retire once a successor is appointed, and the company has begun a search, which adds a leadership transition for shareholders to track.
- Net income $38.6 million, or $0.24 per diluted share; operating EPS $0.23 vs. $0.10 in the prior quarter
- Net interest income fell $3.4 million to $129.9 million; noninterest expense fell $19.8 million to $101.2 million
- CFO James Fitzgerald notified the company on April 24, 2024 of his retirement; he will stay until a successor is named
- Quarterly dividend of $0.11 per share payable June 14, 2024; merger with Cambridge Bancorp approved by shareholders on February 28, 2024, expected to close early in Q3 2024 pending regulatory approvals