Friday, Meridian Interstate Bancorp, Inc. (EBSB), the holding company for East Boston Savings Bank, reported a wider loss for the fourth quarter, hurt by loan loss provisions.
The East Boston, Massachusetts-based company posted a wider net loss of $1.71 million or $0.08 per share from $22 thousand a year ago.
Total interest and dividend income increased to $13.52 million for the quarter from $12.81 million last year, while non-interest income slipped to $339 thousand from $452 thousand a year ago.
Loan loss provision amounted to $2.9 million in the quarter, compared to $465 thousand in the prior-year period.
Deposits increased by $22.4 million or 2.9% for the year ended December 31, 2008 due mainly to an increase in money market balances of $34.2 million or 24.7%.
For fiscal 2008, the company posted a net loss of $2.1 million, compared to net income of $2.3 million in the previous year.
The 2008 net loss includes a $3.0 million pre-tax contribution of stock to the company's charitable foundation, and pre-tax compensation charges of $1.5 million as a result of the retirement of the bank's president.
Total interest and dividend income for the year increased to $52.9 million from $49.17 million last year.
EBSB is trading down $0.06 or 0.67% at $8.93.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.