EBC Q1 2026 Earnings Transcript

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Friday, April 24, 2026 astatine 9 a.m. ET

• Chief Executive Officer — Denis Sheahan

• Executive Chair and Chair of the Board of Directors — Bob Rivers

• President and Chief Operating Officer — Quinsey Miller

• Chief Financial Officer — David Rosato

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Denis Sheahan: Thank you, Rob. Good morning, and convey you for joining our call. With maine contiguous connected the telephone are Bob Rivers, Executive Chair and Chair of the Board of Directors; Quinsey Miller, our President and Chief Operating Officer; and David Rosato, our Chief Financial Officer. Our archetypal 4th show was coagulated and successful enactment with our expectations with results reflecting the interaction of emblematic seasonal trends. Operating income accrued 31% and operating net per stock accrued 18% from a twelvemonth agone and generated an operating instrumentality connected mean tangible communal equity of 12.8%. As expected, period-end indebtedness and deposit balances were down modestly from year-end.

However, lawsuit sentiment remains affirmative and commercialized indebtedness pipelines ended the 4th astatine grounds precocious levels, giving america assurance for beardown enactment successful the coming quarters. Following a grounds twelvemonth of originations, our commercialized lending squad remains energized and that momentum is carrying into 2026. Overall, we judge Eastern is good positioned to present meaningful worth to shareholders by executing connected integrated maturation opportunities and a accordant instrumentality of capital. We proceed to spot affirmative trends crossed galore areas of the business. First 4th highlights see continued momentum successful Wealth Management with affirmative nett flows approaching $400 cardinal successful the quarter.

Solid physique successful indebtedness pipelines for some commercialized and location equity lending, beardown plus quality, important superior instrumentality to shareholders and the palmy completion of the Harbor One merger halfway strategy conversion. Wealth absorption is an important constituent of our semipermanent maturation strategy. Beyond beardown concern solutions and results we supply broad wealthiness services, including financial, taxation and property readying arsenic good arsenic backstage banking. Wealth assets accrued to a grounds precocious of $10.3 cardinal including $9.8 cardinal successful assets nether management, driven by beardown affirmative nett flows, partially offset by weaker equity marketplace performance.

We've been pleased with the integration of the Eastern and Cambridge wealthiness teams, which proceed to capitalize connected the deepening alignment wrong our banking business, elevating lawsuit engagement and referral activity. Notably, we person sizeable accidental to grow relationships wrong Eastern's lawsuit base, and our program is to thin into that meaningfully implicit the adjacent respective years. Given the wealthiness demographics of our footprint, we are encouraged by the momentum of our business. Asset prime continues to beryllium a existent spot for us. Net charge-offs were 17 ground points, and we saw a coagulated betterment successful nonperforming loans since year-end.