Every material Form 8-K Eastern Bankshares filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
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.
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.
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.
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.
Eastern Bankshares completed its merger with Cambridge Bancorp shortly before midnight on July 12, 2024. Cambridge shareholders will receive about 39.2 million shares of Eastern common stock, which increases the number of shares outstanding. The company also named R. David Rosato as Chief Financial Officer, starting August 1, 2024, succeeding James B. Fitzgerald.
Merger completed July 12, 2024; each Cambridge share converted into 4.956 Eastern shares
Cambridge shareholders to receive an aggregate of approximately 39.2 million Eastern shares
R. David Rosato appointed CFO, expected to start August 1, 2024, with $550,000 annual base salary
James B. Fitzgerald transitions out of CFO role and will serve in an advisory capacity for an interim period
Eastern Bankshares' board appointed four directors from Cambridge Bancorp, effective upon closing of their pending merger, which the press release says is expected on or about July 12, 2024. Denis Sheahan, Cambridge's chairman, president and CEO, will become Eastern's CEO at closing, while Bob Rivers will serve as Executive Chair, so the change sets the post-merger leadership and board.
Appointed directors: Leon A. Palandjian, Cathleen A. Schmidt, Denis K. Sheahan and Andargachew S. Zelleke, effective upon the merger closing
Merger expected to close on or about July 12, 2024; the merger agreement is dated September 19, 2023
Sheahan will become Eastern CEO at closing; Bob Rivers will serve as Executive Chair and Chair of the Eastern Boards
Terms: Zelleke until the 2025 annual meeting; Palandjian and Schmidt until 2026; Sheahan until 2027
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
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.
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