Big earnings beat. This didn't reallly surprise me. I'm wondering how the analysts could not have anticipated obvious things, such as seasonally high insurance premium renewals and lower incentive compensation (because after 1 year from the IPO next fall they will obviously be issuing all sorts of incentives).
Earnings for the quarter a very respectable 28 cents.
They had some minor improvements in the efficiency ratio and there is more to come on that, I am sure, as they move from mutual bank culture to public company culture.
Main problem is loan growth (practically none) and the outsized deposit growth. (People love their Eastern Bank.) That cash is a drag on earnngs and various metrics until it can be put to work.
I continue to be very optimistic that we will see continued growth, in the business as well as share price. However, it's not the screaming bargain of a few months ago. Book value per share and tangible book value per share are now at $18.14 and $16.12, respectively.
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