Eastern Bankshares swings to $6.2 million Q3 net loss on merger charges; dividend up 9%
Eastern Bankshares reported a third-quarter 2024 net loss of $6.2 million, compared with net income of $26.3 million in the second quarter, after a $40.9 million initial provision on non-PCD loans acquired from Cambridge and $30.5 million of merger-related charges. Operating net income rose to $49.7 million, or $0.25 per diluted share, from $0.22, and the Board raised the quarterly cash dividend 9% to $0.12 per share, which matters to shareholders because it reflects both the GAAP loss and the higher core earnings and payout.
Key points
- Net loss of $6.2 million, or $0.03 per diluted share, versus net income of $26.3 million, or $0.16 per diluted share, in the prior quarter.
- Operating net income of $49.7 million, or $0.25 per diluted share, versus $36.5 million, or $0.22, in the prior quarter.
- Total revenue of $203.4 million versus $154.0 million, following the Cambridge Bancorp merger completed July 12, 2024.
- Quarterly cash dividend of $0.12 per share, up $0.01, payable December 16, 2024 to shareholders of record on December 3, 2024.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits 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 October 24, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.