Eastern Bankshares Q1 FY26 swings to net income of $65.3 million from loss

Eastern Bankshares, Inc

Eastern Bankshares, Inc

EBC

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  • Eastern Bankshares returned to profit in Q1, posting net income of $65.26 million after a net loss of $217.67 million a year earlier.
  • Revenue rose 29.5% to $288.21 million, driven by net interest income up 29.5% to $244.66 million.
  • Net interest margin widened 26 basis points to 3.63%.
  • Noninterest income swung to $43.56 million from a loss of $236.12 million, reflecting no sales of available-for-sale securities versus $269.64 million of losses a year earlier.
  • Noninterest expense climbed 52.7% to $198.63 million, including $28.06 million of merger and acquisition expenses tied to the HarborOne deal.


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