Eastern Bankshares reports Q2 EPS 30c, consensus 30c

Reports Q2 revenue $195.4M, consensus $140.05M. “Our second quarter results show the tangible benefits of the balance sheet repositioning completed in the first quarter,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank. “As anticipated, our net interest margin expanded 14 basis points in the quarter, and the cash raised from the sale was used to enhance our overall financial positioning. Our wholesale funding was less than 5% of total assets at the end of the quarter and operating revenues were up $1.5 million. Our highest priority is to be available for our customers and meet their banking and borrowing needs. Our strong balance sheet and core earnings position us well to do just that even in an uncertain economic environment.”