Eastern Bankshares Raises Quarterly Dividend 15% to $0.15 Per Share
Eastern Bankshares, Inc. (Nasdaq: EBC), the holding company for Eastern Bank, declared a quarterly cash dividend of $0.15 per share, up from $0.13. The dividend is payable June 22 to shareholders of record June 5.
Eastern Bankshares, Inc. (Nasdaq: EBC), the holding company for Eastern Bank, declared a quarterly cash dividend of $0.15 per share, marking a 15% increase from the previous quarterly dividend of $0.13. The announcement came April 23 following board approval. Read more dividend announcements.
The dividend will be paid June 22 to shareholders of record as of the close of business June 5. The company did not announce an ex-dividend date.
| Dividend Details | |
|---|---|
| Amount | $0.15 per share |
| Previous Amount | $0.13 per share |
| Increase | 15% |
| Record Date | June 5, 2026 |
| Payment Date | June 22, 2026 |
| Frequency | Quarterly |
First Quarter Financial Performance
Eastern Bankshares reported net income of $65.3 million, or $0.29 per diluted share, for the first quarter ended March 31, 2026. Operating net income, which excludes non-operating merger-related costs, totaled $88.6 million, or $0.40 per diluted share.
The company's net interest margin on a fully tax-equivalent basis expanded 2 basis points to 3.63%, driven primarily by lower cost of funds. Return on average assets stood at 0.86%, or 1.17% on an operating basis, while return on average tangible common equity reached 9.8%, or 12.8% on an operating basis.
Balance Sheet Metrics
Total assets were $30.6 billion at March 31, up $45.7 million from year-end 2025. Loans totaled $23.4 billion, down $186.5 million or 0.8%, primarily due to paydowns of nonperforming loans and commercial real estate payoffs, partially offset by growth in commercial and industrial balances.
Deposits totaled $25.1 billion, a decrease of $365.5 million or 1.4%, attributed to seasonal outflows and a competitive deposit environment. Book value per share stood at $18.45, while tangible book value per share was $12.90.
Asset Quality
Non-performing loans totaled $137.7 million, or 0.60% of total loans, compared to $172.3 million, or 0.75%, at year-end 2025. Total net charge-offs were $9.7 million, or 0.17% of average total loans, compared to $9.8 million in the prior quarter.
The allowance for loan losses stood at $327.9 million, or 1.43% of total loans, compared to $331.8 million, or 1.44%, at December 31, 2025. Provision for loan losses totaled $5.8 million compared to $4.9 million in the prior quarter.
Share Repurchase Activity
The company repurchased 3.9 million shares of common stock during the first quarter at a weighted average price of $19.33, for an aggregate purchase price of $75.1 million. As of quarter-end, 4.9 million shares remained in the current share repurchase program, which expires October 31, 2026.
Eastern Bankshares operates through Eastern Bank, founded in 1818, and serves communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island through more than 125 branch locations.