| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 32.97 | 1.4% | 9.5% |
| Total Income | 32.97 | 1.4% | 9.5% |
| Expenditure | -60.99 | 10.0% | 282.2% |
| PBT | 93.97 | 6.3% | 2905.1% |
| Net Profit | 106.14 | 5.9% | 1814.7% |
| OPM | — | ||
| NPM | 100.00% | 0.00pp | 120.55pp |
| EPS | 0.53 | 6.0% | 1866.7% |
Eastern Bankshares Reports Q3 2025 Net Income of $106.1 Million
04 May 2026 · 4 May, 8:50 am
Summary
Eastern Bankshares, Inc. reported a net income of $106.1 million, or $0.53 per diluted share, for the third quarter of 2025, which included a GAAP tax benefit. Operating net income was $74.1 million, or $0.37 per diluted share. Period-end loans grew by 1.3% linked quarter and 4.1% since year-end, driven by commercial lending. Wealth Management assets under management reached a record high of $9.2 billion. The company also announced a 5% share repurchase program and expects to close the merger with HarborOne Bancorp on November 1, 2025.
Key Highlights
- 1
Eastern Bankshares' net income for Q3 2025 was $106.1 million, or $0.53 per diluted share, including a GAAP tax benefit.
- 2
Operating net income for the third quarter reached $74.1 million, or $0.37 per diluted share.
- 3
The company's return on average assets was 1.66%, or 1.16% on an operating basis, while return on average tangible common equity was 16.4%, or 11.7% on an operating basis.
- 4
Period-end loans experienced growth of 1.3% linked quarter and 4.1% since year-end, driven by strong commercial lending results.
- 5
Wealth Management assets under management achieved a record high of $9.2 billion.
- 6
Book value per share was $17.99 and tangible book value per share was $13.14, up 3% and 5%, respectively, linked quarter.
- 7
The company announced authorization of a 5% share repurchase program and received all necessary regulatory approvals to complete merger with HarborOne Bancorp, expected to close November 1, 2025.
Management Comments
Denis Sheahan
“Eastern has undergone an impressive transformation since our IPO, positioning us well to execute on opportunities to drive organic growth and profitability, and to deliver for our shareholders. The Management team and the Board have built Eastern into a dense and geographically compact franchise with the scale to compete with larger banks, while remaining community-focused so that we can continue to deliver an exceptional customer experience. Our third quarter performance reflects this focus, with robust loan growth, significantly improved year-over-year profitability metrics, and record Wealth Management assets under management. We also received all required regulatory approvals for our merger with HarborOne, creating the leading $30 billion community bank in Greater Boston through a financially compelling transaction that will deliver meaningful earnings accretion for our shareholders.”
David Rosato
“Third quarter operating net income of $74.1 million declined from a very strong second quarter, which benefited from higher-than-expected net discount accretion and fee income. Net interest margin of 3.47% was down 12 basis points from the prior quarter reflecting higher deposit costs, primarily in money market accounts, and lower net discount accretion. As competition for deposits has become heightened in our region, we are thoughtfully balancing the needs of our very strong deposit base with that of the margin. Importantly, we remain fully deposit funded with no wholesale funding. Overall credit trends continue to be positive, with a modest uptick in nonperforming loans to total loans of 7 basis points in the quarter. Our asset quality remains excellent as evidenced by net charge-offs to average total loans of 13 basis points. Tangible book value per share ended the quarter at $13.14, an increase of approximately 10% from year-end. Finally, the Board’s approval of a new share repurchase program underscores the strength of the Company’s balance sheet, commitment to returning capital to shareholders and confidence in our value creation potential over the long-term.”
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