Home Trending Stocks Here is how Meridian Bancorp Inc (EBSB) stock gained in after-hours session?

Here is how Meridian Bancorp Inc (EBSB) stock gained in after-hours session?

Meridian Bancorp Inc (EBSB) stock ended the normal trading session on Thursday, April 22, 2021, by losing 0.56% but it flipped and gained 16.95% in the after-hours session.

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EBSB shares have gained 71.68% over the last 12 months, and they have moved down by -3.31% in the past week. Over the past three months, the stock has surged 14.45%, while over the past six months, it has risen 50.89%.


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Let’s see what is happening with EBSB stock.

Financial results announcement

On April 22, 2021, Meridian Bancorp, Inc. announced the financial figures for the quarter ended March 31, 2021.

  • Meridian Bancorp announced a net income of $24.3 million, or $0.48 per diluted share, for the quarter ended March 31, 2021, compared to $13.0 million, or $0.25 per diluted share, for the quarter ended March 31, 2020.
  • Non-interest income was $4.9 million for the reported quarter compared to an $831,000 loss for the quarter ended March 31, 2020.
  • Return on average assets was 1.46% for the reported quarter compared to 0.82% for the quarter ended March 31, 2020.
  • Net interest income was $48.4 million for the reported quarter, which is 7.3% more from the quarter ended March 31, 2020.
  • Total assets were $6.504 billion on March 31, 2021.
  • Total deposits were $5.097 billion on March 31, 2021.

Acquisition of East Boston Savings Bank

On April 22, 2021, Meridian Bancorp signed a definitive merger agreement with Independent Bank Corp to acquire Meridian and Rockland Trust to acquire East Boston Savings Bank.

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According to the agreement, the Meridian stockholder will receive 0.2750 of a share of Independent common stock for each share of Meridian Bancorpcommon stock they own.

Approximately 14.2 million shares will be issued by Independent Bank at $79.57 per share totalling the transaction value of approximately $1.15 billion.

Meridian Bancorp facing investigation

On April 22, 2021, global investor rights law firm, Halper Sadeh LLP announced to investigate the sale of Meridian Bancorp to Independent Bank. The firm will investigate whether the sale agreement is fair to Meridian Bancorp shareholders or not.

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Conclusion

Record Quarterly Net Income of $24 Million was the reason behind EBSB turnaround on Thursday. the EBSB stock can go either side on Friday because it has positive news but it also facing several investigations as well.

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