Eastern Bankshares stock drops 13% as higher interest expense hits earnings, outlook

Economic crisis of 2022 has affected all possible spheres.

Galeanu Mihai

Eastern Bankshares (NASDAQ:EBC) stock tumbled 13.3% to an over two-year low on Friday as the bank reported disappointing Q4 results, hurt by higher interest expense, and provided downbeat guidance for the year.

The company projected further declines in NIM

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