Eastern Bankshares, Inc. Announces Net Charge-Offs for the First Quarter Ended March 31, 2024
April 25, 2024 at 04:15 pm EDT
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Eastern Bankshares, Inc. announced net charge-offs for the first quarter ended March 31, 2024. For the quarter, the company recorded total net charge-offs of $7.3 million, or 0.21% of average total loans on an annualized basis, compared to $11.4 million or 0.32% of average total loans in the prior quarter, respectively. Net charge-offs for the quarter ended March 31, 2023 were $155,000.
Eastern Bankshares, Inc. is the stock holding company for Eastern Bank (The Bank). Through the Bank, it provides a variety of banking and trust and investment services. Its diversified products and services include lending, deposit, and wealth management. It offers a range of demand deposit accounts, interest checking accounts, money market accounts, savings accounts, and time certificates of deposit accounts. Its banking business consists of a full range of banking, lending (commercial, residential and consumer), savings and small business offerings, including its wealth management and trust operations that it conducts through its Eastern Wealth Management division. It offers automated lock box collection services, cash management services and account reconciliation services to its corporate and institutional customers, as well as cash management services to its municipal clients. Its securities portfolio consists of government-sponsored residential mortgage-backed securities.
EASTERN BANKSHARES, INC. 
