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AI brief of an SEC Form 8-K · Eastern Bankshares (EBC)

Eastern Bankshares Q2 net income falls to $26.3 million; authorizes $200 million buyback

Negative Impact 4 of 5 earnings Written later

Eastern Bankshares reported second quarter 2024 net income of $26.3 million, or $0.16 per diluted share, down from $38.6 million, or $0.24 per diluted share, in the first quarter of 2024. The company also approved a $0.11 quarterly dividend and a share repurchase program of up to $200 million over 12 months, after completing its merger with Cambridge Bancorp on July 12, 2024.

Key points

  • Net income was $26.3 million, or $0.16 per diluted share, versus $38.6 million, or $0.24, in the prior quarter; operating net income was $36.5 million, or $0.22 per diluted share.
  • Total revenue was $154.0 million, down from $157.6 million in the prior quarter; noninterest expense rose to $109.9 million from $101.2 million.
  • Board approved a quarterly cash dividend of $0.11 per share, payable September 16, 2024 to holders of record on September 3, 2024.
  • Share repurchase program covers up to 10.8 million shares (5% of outstanding), capped at $200 million through July 31, 2025; purchases are not expected to begin before early August 2024.

The filing

CompanyEastern Bankshares (EBC)
Form8-K, current report
Filed with the SECJul 25, 2024, 4:17 PM ET
Accession number0001628280-24-032992

Items reported: 2.02 Results of Operations7.01 Regulation FD Disclosure8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:05 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 25, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.