Eastern Bankshares Down 11% As Q4 Earnings Fell Shy Of Estimates

Shares of Eastern Bankshares, Inc. (EBC) are falling more than 11% Friday morning after the company’s fourth-quarter earnings missed analysts’ view.

Net income for the fourth quarter of 2022 was $42.3 million, or $0.26 per diluted share compared with $35.1 million or $0.20 per share a year ago.

Operating earnings per share was $0.31 per share, that missed te average estimate of analysts polled by Thomson Reuters of $0.34 per share

Net interest income was $150.0 million for the fourth quarter compared with $122.4 million last year.

Revenue for the quarter increased to $194.51 million from $171.4 million a year ago.

EBC is at $15.66 currently. It has traded in the range of $15.25-$22.35 in the last 1 year.