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olivLaw · US equity research

Eastern Bankshares, Inc. EBC

Savings Institution, Federally Chartered · SIC 6035 · Vertical: Savings Institution, Federally Chartered (SIC 6035)

23.31USD+2.69% · 1 dayClose 04 Nov 2026

Eastern Bankshares is the holding company of Eastern Bank, a Boston regional bank offering deposit, lending and wealth management services. After the HarborOne acquisition completed in November 2025, the bank expanded its customer base in Rhode Island and Greater Boston, and third quarter 2026 results show organic growth and capital returned to shareholders. Total assets were 30.6 billion USD at the end of 2025 and 31.7 billion USD at 30 September 2026.

At the close of 04 Nov 2026, Eastern Bankshares, Inc. (EBC) stock was 23.31 USD (+2.69% on the day), with market capitalisation 5.3 bn USD, P/E 13.3 on diluted EPS of 1.75 USD over the last 12 months, dividend yield 2.32%, beta 0.96, 52-week range 17.15–23.65 USD. Latest reported quarter (Q2 2026): revenue of 38.7 m USD (+18.8% YoY), net income of 105.2 m USD (+5.0% YoY), diluted EPS 0.48 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
5.3 bn USD
shares as of 31 Jul 2026
P/E (TTM)
13.3
Diluted EPS TTM 1.75 · TTM to 30 Jun 2026
E/P (TTM)
7.52%
TTM to 30 Jun 2026
Dividend yield
2.32%
DPS 12m 0.54
Beta (2y)
0.96
Volatility (1y) 24%
52-week range
17.1523.65

Price history

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Technical reading

RSI (14)
69.6
strong (55–70)
Bollinger (20, 2)
20.32 – 23.43
in the upper half of the band · %B 0.96 · band width 14.2%
SMA 50 / 200
21.70 / 21.11
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.40 / 0.24
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+9.7%−2.0%+11.7 pp—
3 months+0.5%−2.2%+2.6 pp—
6 months+15.1%+4.3%+10.8 pp—
Year to date+26.5%+10.6%+15.9 pp—
1 year+37.6%+10.5%+27.1 pp+25.7%
3 years+99.6%+73.7%+25.9 pp+63.0%
5 years+7.0%+61.7%−54.8 pp—
Max drawdown (1y)
−15.6%
09 Feb 2026 → 18 Mar 2026
Max drawdown (5y)
−52.8%
29 Mar 2022 → 02 May 2023
Compound annual growth (5y)
+1.4%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
38.7 m USD
+18.8% YoY
Net income
105.2 m USD
+5.0% YoY
Diluted EPS
0.48
−4.0% YoY
net / operating
272.2% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue30.1 m33.2 m31.1 m32.5 m33.0 m37.5 m37.2 m38.7 m
Depreciation & amortisation10.3 m ≈10.0 m10.5 m10.9 m ≈10.8 m ≈14.7 m15.6 m15.6 m ≈
Interest expense96.2 m———————
Pre-tax income-3.4 m72.2 m-183.9 m100.3 m94.0 m89.2 m83.8 m134.8 m
Income tax2.8 m11.4 m33.7 m87.0 k-12.2 m-10.4 m18.6 m29.6 m
Net income-6.2 m60.8 m-217.7 m100.2 m106.1 m99.5 m65.3 m105.2 m
Diluted EPS-0.030.30 ≈-1.080.500.530.45 ≈0.290.48
Operating cash flow108.3 m ≈88.7 m47.3 m123.9 m ≈157.1 m ≈104.1 m-9.5 m154.6 m ≈
Dividends paid22.2 m ≈24.3 m24.1 m26.3 m ≈25.9 m ≈29.5 m28.8 m33.1 m ≈
Share repurchases12.6 m ≈15.1 m46.5 m5.5 m ≈0 ≈54.7 m73.4 m73.7 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 35 percentile of its own 17-quarter history (min 4.8, median 17.9, max 964.5; quarters with earnings only).

Fiscal years

Fiscal year201820192020⚠ 20212022202320242025
Revenue164.1 m156.2 m154.7 m69.4 m77.3 m76.9 m112.6 m134.1 m
Revenue YoYunavailable−4.8%−0.9%—+11.3%−0.6%+46.5%+19.1%
Net income122.7 m135.1 m22.7 m154.7 m199.8 m232.2 m119.6 m88.2 m
Net income YoYunavailable+10.1%−83.2%—+29.2%+16.2%−48.5%−26.2%
Diluted EPS0.000.000.130.901.211.430.660.43
Diluted EPS YoYunavailableunavailableunavailable—+34.4%+18.2%−53.8%−34.8%
net %74.8%86.5%14.7%222.8%258.4%302.1%106.2%65.8%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
316.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
4.3 bn USD
Total assets
30.6 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
2.2%
ROA
0.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Net interest income
2023
550.4 m
2024
607.6 m
2025
828.6 m

SEC (XBRL)· 02 Mar 2026verified

Net fee income
2023
-237.8 m
2024
123.9 m
2025
-105.9 m

SEC (XBRL)· 02 Mar 2026verified

Non-interest expense
2023
418.6 m
2024
508.4 m
2025
596.9 m

SEC (XBRL)· 02 Mar 2026verified

Pre-tax income
2023
-126.0 m
2024
155.8 m
2025
99.5 m

SEC (XBRL)· 02 Mar 2026verified

Net income
2023
232.2 m
2024
119.6 m
2025
88.2 m

SEC (XBRL)· 02 Mar 2026verified

Diluted EPS
2023
1.43
2024
0.66
2025
0.43

SEC (XBRL)· 02 Mar 2026verified

Dividend per share
2023
0.41
2024
0.45
2025
0.51

SEC (XBRL)· 02 Mar 2026verified

Balance sheet · USD

Cash
2023
693.1 m
2024
1.0 bn
2025
316.9 m

SEC (XBRL)· 02 Mar 2026verified

Loans
2023
13.8 bn
2024
17.5 bn
2025
22.8 bn

SEC (XBRL)· 02 Mar 2026verified

Total assets
2023
21.1 bn
2024
25.6 bn
2025
30.6 bn

SEC (XBRL)· 02 Mar 2026verified

Deposits
2023
17.6 bn
2024
21.3 bn
2025
25.5 bn

SEC (XBRL)· 02 Mar 2026verified

Total liabilities
2023
18.2 bn
2024
21.9 bn
2025
26.2 bn

SEC (XBRL)· 02 Mar 2026verified

Equity
2023
3.0 bn †
2024
3.6 bn †
2025
4.3 bn †

SEC (XBRL)· 02 Mar 2026verified

Cash flow · USD

Dividends paid
2023
66.7 m
2024
82.5 m
2025
105.7 m

SEC (XBRL)· 02 Mar 2026verified

Share repurchases
2023
0
2024
27.7 m
2025
106.6 m

SEC (XBRL)· 02 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
19.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
20.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-2.8%
computed by olivLawFY 2020 → FY 2025
Net income growth (YoY)
-26.2%
computed by olivLawFY 2025
Net income CAGR 3Y
-23.8%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
31.1%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-34.8%
computed by olivLawFY 2025
EPS CAGR 3Y
-29.2%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
27.0%
computed by olivLawFY 2020 → FY 2025

Profitability

Net margin
257.2%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
9.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
1.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
30.8%
computed by olivLawTTM to 30 Jun 2026

Market and valuation

Market capitalisation
5.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
14.2x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
13.3x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
7.5%
computed by olivLawTTM to 30 Jun 2026
P/B
1.2x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
36.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
2.3%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
6.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Banking

Net interest margin
3.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cost-to-income
62.0%
computed by olivLawTTM to 30 Jun 2026
Loan-to-deposit
88.6%
computed by olivLawbalance sheet at 30 Jun 2026
NPL ratio
unavailable
input data missing
CET1 ratio
unavailable
input data missing
Cost of risk
unavailable
input data missing

32 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 44 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

23.31 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 5.3 bn USD

Key indicators

Market capitalisation
5.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
13.3x
computed by olivLawTTM to 30 Jun 2026
P/B
1.2x
computed by olivLawbalance sheet at 30 Jun 2026
ROE
9.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
257.2%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
19.1%
computed by olivLawFY 2025
Dividend yield
2.3%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

15/20 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 1017derived 76

Score by group

  • Valuation42
  • Returns36
  • Quality49
  • Balance sheet29
  • Growth43

Estimated value range

Low
18.39
USD per share
Mid
19.14
USD per share
High
22.43
USD per share
Price: 23.31 USD
The price is above the range
Potential to the central value: -17.9% (value / price − 1)
Margin of safety: -21.8% (1 − price / value)
Agreement between methods: high · 5 methods used · 4 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.70 – 25.77 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Residual income18.39 – 19.23 (Mid 18.80)
  • Justified P/B16.68 – 22.43 (Mid 19.14)
  • Dividend discount (DDM)6.70 – 9.01 (Mid 7.69)
  • Peers: P/E18.95 – 23.10 (Mid 20.99)
    10 companies used · median multiple 12.0x · quartiles 10.8x – 13.2x
    AX, BKU, CFFN, FCAP, HFBL, HTB, KRNY, NRIM, PFS, WNEB
  • Peers: P/B19.02 – 25.77 (Mid 20.76)
    12 companies used · median multiple 1.1x · quartiles 1.0x – 1.4x
    AX, BKU, CFFN, FCAP, FDSB, HFBL, HTB, KFFB, KRNY, NRIM, PFS, WNEB
Multiple comparisons use the SIC vertical: Savings Institution, Federally Chartered (SIC 6035)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 44/100

FactorValueScoreWeight used
ROE · Quality9.4%57 (vs peers)19%
ROA · Quality1.3%66 (on a fixed band)7%
Cost-to-income · Quality62.0%12 (on a fixed band)12%
Net interest margin · Quality3.3%72 (on a fixed band)7%
EPS CAGR 3Y · Growth-29.2%0 (on a fixed band)10%
Revenue CAGR 3Y · Growth20.2%100 (on a fixed band)7%
NPL ratio · Balance sheetunavailableunavailable—
Cost of risk · Balance sheetunavailableunavailable—
Loan-to-deposit · Balance sheet88.6%29 (on a fixed band)5%
P/B · Valuation1.2x38 (vs peers)12%
P/E (TTM) · Valuation13.3x46 (vs peers)12%
Dividend yield · Returns2.3%36 (vs peers)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial29/100 · 1/3 factors with a value
  • Growth43/100 · 2/2 factors with a value
  • Quality49/100 · 4/4 factors with a value
  • Returns36/100 · 1/1 factors with a value
  • Valuation42/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Eastern Bankshares, Inc. (EBC). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: net interest income 828.6 m USD in 2025; YoY growth 19.1%; net margin 257.2%; ROE 9.4%.

The estimated value range is 18.39–22.43 USD per share (median of 5 methods, agreement: high); assumptions are illustrative. Against the central value of 19.14 USD, the price of 23.31 USD leaves a potential of -17.9% (value / price − 1) and a margin of safety of -21.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net interest margin: 3.3%
  • Revenue CAGR 3Y: 20.2%

What contradicts it

  • Cost-to-income: 62.0%
  • EPS CAGR 3Y: -29.2%
  • Loan-to-deposit: 88.6%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): NPL ratio, Cost of risk.

Versus the vertical median

Savings Institution, Federally Chartered (SIC 6035) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
13.3x
vertical median 12.5x
above median (+6.3%)
EV/EBITDA
—
vertical median —
P/S
36.4x
vertical median 53.2x
below median (−31.5%)
P/B
1.2x
vertical median 1.1x
above median (+9.6%)
ROE
9.4%
vertical median 8.6%
above median (+9.8%)
Net margin
257.2%
vertical median 364.5%
below median (−29.4%)
EBIT margin
—
vertical median —
Revenue YoY
19.1%
vertical median 7.1%
above median (+170.1%)
Net debt/EBITDA
—
vertical median —
Dividend yield
2.3%
vertical median 2.7%
below median (−12.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXAxos Financial, Inc.5.4 bn10.716.7%624.8%+23.5%+15% / +147%
EBCEastern Bankshares, Inc.5.3 bn13.39.4%257.2%+19.1%+38% / +100%
TFSLTfs Financial Corporation4.7 bn46.05.3%—unavailable+17% / +26%
BKUBankUnited, Inc.3.2 bn12.39.2%1,154.5%+7.4%+4% / +63%
PFSProvident Financial Services Inc3.1 bn9.811.1%411.6%+7.1%+23% / +55%
CFFNCapitol Federal Financial, Inc.1.1 bn13.48.0%508.2%+6.5%+33% / +63%
HTBHomeTrust Bancshares, Inc.798.6 m12.511.0%—−1.9%+17% / +107%
KRNYKearny Financial Corp.605.1 m16.44.8%—+36.0%+36% / +18%
NRIMNorthrim Bancorp, Inc.545.0 m9.916.6%21.8%+30.4%−0% / +99%
WNEBWestern New England Bancorp, Inc.281.6 m16.76.9%—−34.3%+15% / +79%
FCAPFirst Capital, Inc.215.3 m11.613.9%252.8%+1.6%+29% / +145%
FDSBFifth District Bancorp, Inc.92.5 m52.41.3%273.6%−2.3%+29% / unavailable
HFBLHome Federal Bancorp, Inc. of Louisiana67.7 m11.110.8%364.5%+30.0%+40% / +72%
KFFBKentucky First Federal Bancorp44.4 m32.02.9%—−11.8%+31% / +18%
BYFCBroadway Financial Corporation——-7.6%-11,027.1%+18.7%+86% / +54%

1- and 3-year price returns: for EBC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
14.31
Total return -37% · Per year -37%
25.18
Total return 11% · Per year 11%
37.77
Total return 65% · Per year 65%
3 years
16.97
Total return -21% · Per year -8%
33.30
Total return 52% · Per year 15%
54.38
Total return 144% · Per year 35%
5 years
20.13
Total return -2% · Per year -0%
44.03
Total return 106% · Per year 16%
78.31
Total return 258% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 8.32
  • Net margin± 5.83
  • Annual revenue growth± 4.35
  • Annual dilution± 0.49

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Eastern Bankshares is the holding company of Eastern Bank, a Boston regional bank offering deposit, lending and wealth management services. After the HarborOne acquisition completed in November 2025, the bank expanded its customer base in Rhode Island and Greater Boston, and third quarter 2026 results show organic growth and capital returned to shareholders. Total assets were 30.6 billion USD at the end of 2025 and 31.7 billion USD at 30 September 2026 13.

SWOT

Strengths

  • The deposit base is diversified and anchored in a high-income market, and the HarborOne merger enlarged the franchise 13.
  • Asset quality has improved over recent quarters, with low net charge-offs 3.
  • The wealth management division has a growing client base and an integrated service model that can support stable fee income 3.

Weaknesses

  • The net interest margin declined in the third quarter of 2026 as deposit costs rose 3.
  • GAAP results trailed operating results in recent years because of securities losses and integration costs 1.
  • The loan portfolio is geographically concentrated, which exposes the bank to regional economic downturns 1.

Opportunities

  • Organic growth in commercial lending and wealth management could continue if borrower demand holds 3.
  • Technology investment could reduce operating costs and improve long-term returns 1.
  • Consolidation in regional banking could create acquisition opportunities if attractive targets emerge 1.

Threats

  • Competition for deposits and loans could compress margins and limit growth 13.
  • Changes in interest rates could affect interest income and the value of the securities portfolio 1.
  • Cyber attacks and operational failures could compromise customer data and business continuity 1.

Risks

  • Interest rate riskhigh

    Rapid rate changes could affect interest income, the value of the securities portfolio and depositor behaviour 1.

  • Commercial credit riskhigh

    Commercial and commercial real estate loans are generally riskier, and losses could rise if the regional economy weakens 1.

  • HarborOne integrationmedium

    The company may not realise the full benefits of the merger if integration takes longer or costs more than expected 1.

  • Cybersecurity riskmedium

    Systems holding customer data could be compromised, and safeguards may not be fully effective 1.

  • Regulatory risklow

    The bank is subject to extensive regulation, and violations could lead to fines, restrictions or delays in acquisition approvals 1.

Investment thesis

What would need to be true (bull case)

  • If organic growth in loans and deposits continues, operating margins could remain solid and support shareholder returns 3.
  • Asset quality has improved steadily, which could ease pressure on loan loss provisions if the trend holds 3.
  • The wealth management division could become a larger source of non-interest income as its client base grows 3.

What would break the thesis

  • Higher deposit costs could keep compressing net interest margin, especially if competition stays intense 3.
  • GAAP results have trailed operating results, and integrating HarborOne could bring unexpected costs 1.
  • The commercial real estate book could generate losses if the Boston property market cools 1.

What to watch

  • Trend in net interest margin and deposit costsQ4 2026
  • Pace of commercial loan growth and CRE repaymentsQ1 2027
  • Non-performing loans and net charge-offs2027
  • Progress of the share repurchase programme, which expires at the end of 2027next 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Eastern Bankshares, Inc. is a bank holding company based in Boston, Massachusetts, that wholly owns Eastern Bank, a bank founded in 1818 1. Its core activities cover deposits, commercial loans, residential and home equity lending, and wealth management through the Cambridge Trust Wealth Management division 1. At 31 December 2025 the company held 25.5 billion USD of deposits and 23.6 billion USD of gross loans 1.

The stated strategy rests on building customer relationships, investing in technology and data analytics, and keeping a conservative credit culture 1. The company says it is not currently pursuing new acquisitions but recognises that market consolidation may create opportunities 1. The HarborOne acquisition, completed on 1 November 2025, was valued at approximately 550.1 million USD 1.

Segments

Commercial real estate lending

Commercial real estate loans made up the largest share of the loan book at 40.8% of total loans at the end of 2025 1. The bank said it intends to keep growing this book prudently, although repayments remained a headwind in the third quarter of 2026 13.

Wealth management

The Cambridge Trust Wealth Management division provides wealth and trust services, and assets under management reached 10.8 billion USD at 30 September 2026 3. Management views this business as a source of long-term growth, though it is still in the early stages of realising its potential 3.

Market context

The bank's primary market is the Boston–Worcester–Providence combined statistical area, with an estimated population of 8.5 million, high household incomes and a knowledge-based economy 1. Its weighted average deposit share was 7.2% across seven banking markets as of 30 June 2025, and 4.4% in the Boston market, where it ranked fifth 1.

Competition for deposits and loans is intense, coming from large banks, non-bank lenders and digital platforms that can offer higher deposit rates 1. The company expects competition to increase, driven by technological change and consolidation in financial services 1.

Trends

  • Interest rate cyclemixed

    The Federal Reserve lowered the federal funds target range to 3.50%–3.75% in December 2025, and the company says the effect on interest income depends on how quickly assets and liabilities reprice 1. If rates stay high, deposit costs could keep rising, which was already visible in the third quarter of 2026 3.

  • Organic loan growthtailwind

    Period-end loans rose 1.1% linked quarter to 30 September 2026, supported by CRE and C&I lending, and management describes borrower demand as resilient 3. If the pace of loan closings stays slower than expected, growth could moderate 3.

  • Asset qualitymixed

    Non-performing loans fell for a third consecutive quarter after the HarborOne merger, to 0.36% of total loans, and net charge-offs were 0.09% 3. If the economy weakens, these indicators could reverse, given continued exposure to commercial real estate 1.

Competitive position

Eastern competes with large regional banks, community banks, credit unions, brokerage firms and non-bank credit providers, and the larger competitors have a growing presence in its market 1. The company says it differentiates through customer service, long-standing relationships and a broad product range 1.

In deposits the company describes competitive pressure as elevated, and attracting core deposits is a priority to support growth 3. Digital platforms may force traditional banks to offer higher rates to keep depositors 1.

  • Large regional banks

    Compete for quality commercial loans and deposits with broader product sets and a growing presence in the Massachusetts market 1.

  • Community banks and credit unions

    Compete for local depositors with personalised service and community-focused terms 1.

  • Brokerage and asset management firms

    Compete for deposits and wealth management clients, particularly in investment services 1.

  • Non-bank lenders and digital payment providers

    Can attract deposits and offer credit without a physical presence, often at a lower cost base 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Eastern Bankshares, Inc. · 02 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Eastern Bankshares, Inc. · 07 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Eastern Bankshares, Inc. · 22 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.