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Why Shares of Eastern Bankshares Are Falling Today

Why Shares of Eastern Bankshares Are Falling Today

Shares of Eastern Bankshares (NASDAQ: EBC) traded roughly 11% lower as of 12:07 p.m. ET today after the bank reported earnings results for the fourth quarter of 2022. Eastern reported diluted earnings per share of $0.26 on total revenue of $194.5 million, both numbers that missed earnings estimates for the quarter. The culprit for the sell-off, however, looks to be more broadly tied to increased funding costs that Eastern, as well as much of the industry, has been dealing with.