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DATE

日期

Friday, July 25, 2025, at 1 p.m. ET

-2025年7月25日，东部时间下午 1 点

CALL PARTICIPANTS

参会人员

Chair and CEO — Bob Rivers
Chief Executive Officer — Denis Sheahan
Chief Financial Officer — David Rosato

主席兼首席执行官 — Bob Rivers
首席执行官 — Denis Sheahan
首席财务官 — David Rosato

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TAKEAWAYS

主要内容

Operating Earnings-- Operating earnings were $81.7 million for Q2 2025, up 21% from the first quarter of 2025, demonstrating growth in core profitability.
Net Interest Margin-- Net interest margin was 3.59% for Q2 2025, expanding by 21 basis points from the prior quarter, aided by higher asset yields and reduced liability costs.
Operating Efficiency Ratio-- 50.8% operating efficiency ratio for Q2 2025, improved for the fourth consecutive quarter due to effective expense controls and increased revenue.
Operating Return on Average Assets-- Operating return on average assets was up 21 basis points to 1.3% from the first quarter of 2025, indicating improved asset profitability.
Operating Return on Average Tangible Equity-- 13.6% operating return on average tangible equity for Q2 2025, Increased from 11.7% at the end of the first quarter of 2025 to 13.6%
Total Assets-- $25.5 billion as of Q2 2025 quarter end, a 2% increase in total assets since March 31.
Tangible Book Value Per Share-- Rose 4% to $12.53 in Q2 2025, attributable to capital generation and balance sheet growth.
Loan Growth-- 8% annualized for the quarter, led by broad C&I activity and strategic talent hiring.
Deposit Growth-- 8% annualized, driven by higher municipal balances, with nearly 50% of deposits in checking accounts as of Q2 2025.
Net Interest Income-- Net interest income was $202 million for Q2 2025. ($206.8 million on an FTE basis for Q2 2025), up $13.1 million or 7% from Q1 2025.
Net Discount Accretion-- Net discount accretion was $16.5 million for Q2 2025, representing 29 basis points of margin; driven by early loan payoffs.
Noninterest Income-- Noninterest income was $42.9 million for Q2 2025, rebounding from a noninterest loss of $230.1 million in Q1 2025 which included nonoperating losses from portfolio repositioning.
Operating Noninterest Income-- Operating noninterest income was $42.2 million for Q2 2025, increasing $8 million sequentially, primarily from $7 million in higher rabbi trust investment income.
Wealth Management AUM-- Reached a record $8.7 billion in assets under management for Q2 2025, with related fees of $17.3 million, up $800,000 sequentially.
Noninterest Expense-- $137 million noninterest expense for Q2 2025, up $6.8 million sequentially due to higher operating costs and $2.6 million in merger expenses for the Harbor One transaction.
Provision for Loan Losses-- $7.6 million provision for Q2 2025, up from $6.6 million in Q1 2025, driven primarily by loan growth.
Period-End Deposits-- $21.2 billion period end deposits for Q2 2025, increased $424 million from the prior quarter, with deposit mix favoring stability and low-cost funding.
Commercial Loan Growth-- $385 million sequentially in period end loans for Q2 2025, led by $219 million C&I, $117 million CRE, and $53 million consumer home equity growth.
Investment Securities Yield-- 3.02% portfolio yield for Q2 2025, up 33 basis points from Q1, reflecting the full impact of portfolio repositioning.
Capital Ratios-- CET1 at 14.4% and TCE at 10.8% for Q2 2025, marking continued capital strength.
Share Repurchases-- $3 million repurchased at a $16.36 average price prior to the Harbor One merger announcement in April, all prior to merger announcement; board approved 13¢ dividend for September.
Allowance for Loan Losses-- $232 million, or 127 basis points of loans as of Q2 2025, increased from $224 million and 125 basis points at the end of the first quarter
Credit Quality Metrics-- No net charge-offs; nonperforming loans down $36.9 million to $54.7 million (30 basis points of total loans); criticized/classified loans fell to $460 million or 3.6% of loans.
Total Commercial Real Estate Loans-- $7.3 billion total commercial real estate loans as of Q2 2025; multifamily remains the largest segment at $2.6 billion with no nonperformers or charge-offs.
Investor Office Loan Portfolio-- $828 million (4% of loans) as of Q2 2025, down $48 million sequentially; criticized/classified office loans improved to $118 million (14% of office loans).
Updated Loan Growth Guidance-- Increased to 3%-5% for full year 2025, reflecting stronger-than-anticipated first-half results.
Updated Deposit Growth Guidance-- Lowered to 0%-1% for the year, citing a mix shift from CDs to money market accounts.
Net Interest Income Guidance-- Revised to $810 million-$820 million net interest income for FY2025, described as a modest reduction from prior guidance.
Provision Guidance-- Lowered to $27 million-$32 million for the year, improved from the previous $30 million-$40 million range.
Operating Fee Income Guidance-- Increased to $145 million-$150 million in operating fee income for full year 2025, up from $130 million-$140 million in the prior outlook.
Operating Noninterest Expense Guidance-- Lowered to $530 million-$540 million operating noninterest expense for full year 2025, reflecting improved operational efficiency.
Operating Tax Rate Guidance-- Revised down to 21%-22% for full year 2025 operating tax rate, improved from the prior range of 22%-23%.
Harbor One Merger Update-- All regulatory applications filed; approval and close expected in Q4, with 13 overlapping branches (six Eastern, seven Harbor One) slated for consolidation starting Q1 2026, pending regulatory approval.

营业收入-- 2025 年第二季度营业收入为 8170 万美元，比 2025 年第一季度增长 21%，显示出核心盈利能力的增长。
净利差-- 2025 年第二季度净利差为 3.59%，比上一季度扩大 21 个基点，得益于资产收益率的提高和负债成本的降低。
营业效率比率-- 2025 年第二季度营业效率比率为 50.8%，连续第四个季度改善，得益于有效的费用控制和收入增加。
平均资产营业回报率-- 2025 年第二季度平均资产营业回报率上升 21 个基点至 1.3%，表明资产盈利能力改善。
平均有形股本营业回报率-- 2025 年第二季度平均有形股本营业回报率为 13.6%，从 2025 年第一季度末的 11.7% 上升至 13.6%。
总资产-- 截至 2025 年第二季度末，总资产为 255 亿美元，自 3 月 31 日以来增长 2%。
每股有形账面价值-- 2025 年第二季度每股有形账面价值上升 4% 至 12.53 美元，归因于资本生成和资产负债表增长。
贷款增长-- 本季度年化增长 8%，主要受广泛的商业和工业活动及战略性人才招聘的推动。
存款增长-- 年化增长 8%，主要受更高的市政存款余额推动，截至 2025 年第二季度，近 50% 的存款在支票账户中。
净利息收入-- 2025 年第二季度净利息收入为 2.02 亿美元（按全职员工计算为 2.068 亿美元），比 2025 年第一季度增加 1310 万美元或 7%。
净折扣增值-- 2025 年第二季度净折扣增值为 1650 万美元，代表 29 个基点的利差；主要受提前还款的推动。
非利息收入-- 2025 年第二季度非利息收入为 4290 万美元，较 2025 年第一季度的非利息损失 2301 万美元反弹，后者包括来自投资组合重组的非经营性损失。
营业非利息收入-- 2025 年第二季度营业非利息收入为 4220 万美元，环比增加 800 万美元，主要来自 700 万美元的更高的 rabbi 信托投资收入。
财富管理资产管理规模-- 2025 年第二季度资产管理规模达到创纪录的 87 亿美元，相关费用为 1730 万美元，环比增加 80 万美元。
非利息费用-- 2025 年第二季度非利息费用为 1.37 亿美元，环比增加 680 万美元，主要由于运营成本上升和哈伯一号交易的 260 万美元并购费用。
贷款损失准备-- 2025 年第二季度贷款损失准备为 760 万美元，高于 2025 年第一季度的 660 万美元，主要受贷款增长推动。
期末存款-- 2025 年第二季度期末存款为 212 亿美元，较上一季度增加 4.24 亿美元，存款结构有利于稳定和低成本融资。
商业贷款增长-- 2025 年第二季度期末贷款环比增加 3.85 亿美元，主要由 2.19 亿美元的商业和工业贷款、1.17 亿美元的商业房地产贷款和 5300 万美元的消费者房屋净值贷款推动。
投资证券收益率-- 2025 年第二季度投资组合收益率为 3.02%，比第一季度上升 33 个基点，反映投资组合重组的全面影响。
资本比率-- 2025 年第二季度的 CET1 为 14.4%，TCE 为 10.8%，标志着持续的资本实力。
股票回购-- 在哈伯一号并购公告前以 16.36 美元的平均价格回购 300 万美元，所有回购均在并购公告之前；董事会批准 9 月派发 13 美分的股息。
贷款损失准备金-- 截至 2025 年第二季度，贷款损失准备金为 2.32 亿美元，或贷款的 127 个基点，较第一季度末的 2.24 亿美元和 125 个基点有所增加。
信用质量指标-- 无净冲销；不良贷款减少 3690 万美元至 5470 万美元（占总贷款的 30 个基点）；受批评/分类的贷款降至 4.6 亿美元，占贷款的 3.6%。
总商业房地产贷款-- 截至 2025 年第二季度，总商业房地产贷款为 73 亿美元；多户住宅仍然是最大的细分市场，达到 26 亿美元，没有不良贷款或冲销。
投资者办公室贷款组合-- 截至 2025 年第二季度，投资者办公室贷款组合为 8.28 亿美元（占贷款的 4%），环比减少 4800 万美元；受批评/分类的办公室贷款改善至 1.18 亿美元（占办公室贷款的 14%）。
更新的贷款增长指导-- 全年 2025 年的贷款增长指导提高至 3%-5%，反映出上半年结果强于预期。
更新的存款增长指导-- 全年存款增长指导下调至 0%-1%，原因是从定期存款转向货币市场账户的结构变化。
净利息收入指导-- 修订为 2025 财年的净利息收入为 8.1 亿至 8.2 亿美元，描述为较之前指导的适度减少。
准备金指导-- 全年准备金指导下调至 2700 万至 3200 万美元，较之前的 3000 万至 4000 万美元范围有所改善。
营业费用收入指导-- 全年营业费用收入指导提高至 1.45 亿至 1.5 亿美元，较之前的 1.3 亿至 1.4 亿美元有所上升。
营业非利息费用指导-- 全年营业非利息费用指导下调至 5.3 亿至 5.4 亿美元，反映出运营效率的改善。
营业税率指导-- 全年营业税率指导下调至 21%-22%，较之前的 22%-23% 范围有所改善。
哈伯一号并购更新-- 所有监管申请已提交；预计在第四季度获得批准并完成，计划在 2026 年第一季度开始整合 13 个重叠分支（六个东部，七个哈伯一号），待监管批准。

SUMMARY

摘要

Eastern Bankshares(EBC 1.30%) delivered robust sequential and year-over-year gains in profitability, margin, and asset quality, supported by strong commercial loan growth and effective expense management. Management increased full-year 2025 loan growth and operating fee income outlooks, while lowering cost and provision forecasts, reflecting outperformance and confidence in core business trends. Strategic clarity on deposit funding, ongoing discipline in capital management, and preparations for the Harbor One merger were emphasized, including specific plans for branch consolidation and integration. Leadership presented evidence of credit risk moderation, notably in commercial office portfolios, while maintaining conservative reserve levels and rigorous monitoring protocols.

Eastern Bankshares（EBC 1.30%）在盈利能力、利润率和资产质量方面实现了强劲的环比和同比增长，这得益于强劲的商业贷款增长和有效的费用管理。管理层提高了 2025 年全年贷款增长和运营费用收入的预期，同时下调了成本和准备金的预测，反映出核心业务趋势的优异表现和信心。强调了存款融资的战略清晰性、资本管理的持续纪律以及对 Harbor One 合并的准备，包括分支机构整合和合并的具体计划。领导层提供了信用风险缓和的证据，特别是在商业办公投资组合中，同时保持保守的准备金水平和严格的监控协议。

Chief Financial Officer Rosato noted, "We remain fully deposit funded with essentially no wholesale funding," highlighting stable core funding sources.
Management confirmed that criticized and classified commercial real estate loans -- especially in investor office -- continued to decline, with no investor office loans currently classified as non-accrual.
Strategic updates show expanded presence in Rhode Island and intent to deepen operations there post-merger, while CEO Sheahan stated, "we don't have plans to extend into Connecticut from a banking perspective."
Guidance details were explicitly based on stand-alone operations and exclude potential impacts from the pending Harbor One transaction.
Early adoption of the FASB CECL standard for the pending Harbor One merger was confirmed, with anticipated effects described as not material to tangible book value or earnings accretion relative to initial deal projections.

首席财务官 Rosato 指出：“我们完全依赖存款融资，几乎没有批发融资，” 强调了稳定的核心融资来源。
管理层确认，受到批评和分类的商业房地产贷款——尤其是在投资者办公领域——持续下降，目前没有投资者办公贷款被分类为非应计贷款。
战略更新显示在罗德岛的扩展存在，并计划在合并后加深在该地区的运营，而首席执行官 Sheahan 表示：“从银行的角度来看，我们没有计划扩展到康涅狄格州。”
指导细节明确基于独立运营，并排除了待处理的 Harbor One 交易的潜在影响。
确认了对待处理的 Harbor One 合并提前采用 FASB CECL 标准，预计影响被描述为对有形账面价值或收益增值没有实质性影响，相对于初始交易预测。

INDUSTRY GLOSSARY

行业术语表

Rabbi Trust: A nonqualified deferred compensation trust for employee benefits, where related investment income and expense impact noninterest income and salaries line items.
Accretion Income: Earnings recognized as a result of acquiring assets below par, boosting net interest margin through recognition of purchase accounting adjustments.
Criticized/Classified Loans: Categories in loan portfolios assigned to credits showing elevated risk per bank regulatory gradings, monitored for possible loss.
Non-PCD (Non-Purchased Credit Deteriorated): Segment of an acquired loan portfolio not previously marked for credit impairment under CECL, with impact on acquisition accounting.
FTE Basis: “Fully Tax Equivalent” basis, adjusting income statement line items for tax-exempt interest to improve comparability among banks.

Rabbi Trust：一种非合格的递延补偿信托，用于员工福利，其中相关的投资收入和费用影响非利息收入和薪资项目。
增值收入：因以低于面值的价格收购资产而确认的收益，通过确认购买会计调整来提升净利息利润率。
受到批评/分类的贷款：根据银行监管评级显示出较高风险的贷款组合中的类别，监控可能的损失。
非 PCD（非购买信用恶化）：未在 CECL 下标记为信用减值的收购贷款组合的部分，对收购会计有影响。
FTE 基础：“完全税收等值” 基础，调整收入报表项目以提高银行之间的可比性。

Full Conference Call Transcript

全部电话会议记录

Bob Rivers: Thank you, Danny. Good morning, everyone, and thank you for joining our call this morning. With me today is Eastern's CEO, Denis Sheahan, and our CFO, David Rosato. We believe our strong second quarter performance underscores the strength of the Eastern franchise in our leading position in the Greater Boston area. During the quarter, we've been able to spend more time with our future colleagues at Harbor One, and our confidence in the opportunities and long-term value creation of our combination provides has only deepened. We are very excited about this partnership and look forward to welcoming Harbor One customers and employees to Eastern.

Bob Rivers：谢谢你，Danny。大家早上好，感谢大家今天早上参加我们的电话会议。今天与我一起的是 Eastern 的首席执行官 Denis Sheahan 和我们的首席财务官 David Rosato。我们相信，我们强劲的第二季度表现突显了 Eastern 在大波士顿地区的强大特许经营地位。在本季度，我们能够与 Harbor One 的未来同事花更多时间，我们对我们合并的机会和长期价值创造的信心也更加坚定。我们对这次合作感到非常兴奋，并期待欢迎 Harbor One 的客户和员工加入 Eastern。

Before turning the call over to Denis, I wanted to recognize Nancy Huntington Steiger, President and CEO of the Eastern Bank Foundation, who retired earlier this month after thirty years with our company. When Nancy joined Eastern in 1995 to lead our human resources team, she was the first woman to serve on our management committee and went on to actively shape our culture ever since. She served as a key collaborator and trusted partner not only for me but our entire management team, organization, and in the communities we serve. With much gratitude and appreciation, I congratulate Nancy on her retirement and wish her the best in her next chapter. With that, I'll hand it over to Denis.

在将电话转交给 Denis 之前，我想感谢 Nancy Huntington Steiger，Eastern Bank Foundation 的总裁兼首席执行官，她在本月初退休，结束了在我们公司的三十年生涯。当 Nancy 在 1995 年加入 Eastern 领导我们的人力资源团队时，她是第一位担任我们管理委员会的女性，并自那时以来积极塑造我们的文化。她不仅是我和整个管理团队、组织以及我们服务的社区的重要合作者和可信赖的合作伙伴。怀着深深的感激和敬意，我祝贺 Nancy 退休，并祝愿她在下一个阶段一切顺利。接下来，我将把时间交给 Denis。

Denis Sheahan: Thank you, Bob. We're pleased with our strong second quarter results as highlighted on Page two of the earnings presentation and the continuation of positive trends in many areas of the business. Operating earnings were $81.7 million, an increase of 21% from the first quarter. Second quarter performance included a 21 basis point expansion in the net interest margin to 3.59% and continued improvement in the operating efficiency ratio to 50.8% due to higher revenues and effective expense management. These results generated further improvement in profitability metrics. Operating return on average assets was up 21 basis points to 1.3%, and operating return on average tangible equity increased from 11.7% at the end of the first quarter to 13.6%.

Denis Sheahan：谢谢你，Bob。我们对第二季度的强劲业绩感到满意，如收益报告第二页所示，许多业务领域的积极趋势持续。运营收益为 8170 万美元，比第一季度增长 21%。第二季度的表现包括净利息利润率扩大 21 个基点至 3.59%，由于收入增加和有效的费用管理，运营效率比率持续改善至 50.8%。这些结果进一步改善了盈利能力指标。运营平均资产回报率上升 21 个基点至 1.3%，运营平均有形股本回报率从第一季度末的 11.7% 上升至 13.6%。

As of quarter end, total assets reached $25.5 billion, up 2% from March 31. Tangible book value per share increased 4% to $12.53, reflecting balance sheet growth and solid capital generation. Robust loan growth of 8% annualized this quarter reflects our ongoing focus on profitable organic growth and continued strategic investments in hiring talent. Our scale, combined with deep local knowledge of the communities we serve, is a competitive advantage that consistently builds meaningful relationships and new business opportunities. Commercial loan pipelines are steady at approximately $500 million, and our customers remain resilient despite economic uncertainties. Deposits finished the quarter strong with 8% annualized growth. Importantly, the costs remained stable, highlighting our disciplined approach to pricing and favorable deposit mix.

截至季度末，总资产达到 255 亿美元，比 3 月 31 日增长 2%。每股有形账面价值增加 4% 至 12.53 美元，反映出资产负债表的增长和稳健的资本生成。本季度 8% 的年化贷款增长反映了我们对盈利性有机增长的持续关注和在人才招聘方面的战略投资。我们的规模，加上对我们服务社区的深刻本地知识，是一种竞争优势，持续建立有意义的关系和新的商业机会。商业贷款管道稳定在约 5 亿美元，尽管经济不确定性，我们的客户依然保持韧性。存款在本季度强劲结束，年化增长 8%。重要的是，成本保持稳定，突显了我们对定价的严格管理和有利的存款组合。

Momentum in our wealth management business continued this quarter, with assets under management reaching a record high of $8.7 billion. Credit trends continue to be positive, reflecting the quality of our underwriting and proactive risk management approach addressing issues prudently and quickly. Nonperforming loans of 30 basis points improved for the second consecutive quarter, and we did not have any net charge-offs. The level of nonperforming loans and classified assets peaked in the second quarter of last year and have continued to improve. Overall trends are positive, and office loan problems are mostly behind us. But we remain cautious in our outlook. We continue to closely monitor evolving economic conditions and policies that could impact customers.

我们财富管理业务在本季度继续保持势头，管理资产达到创纪录的 87 亿美元。信贷趋势持续向好，反映出我们的承保质量和积极的风险管理方法，能够审慎快速地应对问题。不良贷款率连续第二个季度改善 30 个基点，并且我们没有任何净冲销。不良贷款和分类资产的水平在去年第二季度达到峰值，并持续改善。整体趋势是积极的，办公贷款问题大多已在我们身后。但我们对未来的展望仍然保持谨慎。我们继续密切关注可能影响客户的经济形势和政策变化。

David, I'll hand it over to you to review our second quarter financials.

David，我把时间交给你来回顾我们的第二季度财务情况。

David Rosato: Thank you, Denis, and good morning, everyone. I'll begin on slides three and four. We reported net income of $100.2 million or $0.50 per diluted share for the second quarter. Included in net income is a GAAP tax benefit related to losses from the investment portfolio repositioning completed in Q1 that accrues over the course of 2025. On an operating basis, earnings of $0.41 per diluted share increased 21% linked quarter and increased 78% from a year ago, reflecting the enhanced earnings power of the company with the addition of Cambridge. The results were highlighted by net interest margin expansion, fee income growth, and further efficiency ratio improvement.

David Rosato: 谢谢你，Denis，大家早上好。我将从第三和第四页开始。我们报告第二季度净收入为 1 亿零 220 万美元，或每股稀释收益 0.50 美元。净收入中包括与第一季度完成的投资组合重组相关的 GAAP 税收收益，该收益将在 2025 年内逐步确认。在运营基础上，每股稀释收益为 0.41 美元，环比增长 21%，同比增长 78%，反映出公司在加入剑桥后增强的盈利能力。结果的亮点是净利差扩张、手续费收入增长以及效率比率进一步改善。

Looking at slide four, we are encouraged by improving quarterly trends across several financial metrics, including operating ROA and operating return on average tangible common equity.

查看第四页，我们对多个财务指标的季度趋势改善感到鼓舞，包括运营资产回报率和运营平均有形普通股权益回报率。

David Rosato: Reflecting stronger earnings performance and thoughtful balance sheet management. Operating ROA of 130 basis points for the second quarter is up 60 basis points from a year ago while return on average tangible common equity of 13.6% increased from 6.4% over the same period. We continue to generate positive operating leverage as evidenced by an operating efficiency ratio of 50.8%, which improved for the fourth consecutive quarter supported by higher revenues and effective expense management. Moving to the margin on slide five. Net interest income of $202 million or $206.8 million on an FTE basis increased for the fourth consecutive quarter and grew $13.1 million or 7% from Q1.

David Rosato: 反映出更强的盈利表现和深思熟虑的资产负债表管理。第二季度的运营资产回报率为 130 个基点，比去年同期上升 60 个基点，而平均有形普通股权益回报率为 13.6%，同比增长 6.4%。我们继续产生积极的运营杠杆，运营效率比率为 50.8%，这是连续第四个季度改善，得益于更高的收入和有效的费用管理。接下来是第五页的利差。净利息收入为 2.02 亿美元，或在 FTE 基础上为 2.068 亿美元，连续第四个季度增长，较第一季度增长 1310 万美元，增幅为 7%。

The growth was driven by margin improvement, attributable to higher asset yields. Net income included net discount accretion of $16.5 million, up $4.3 million from the prior quarter due to early loan payoffs. The margin expanded 21 basis points to 3.59. Asset yields increased 21 basis points from the prior quarter primarily driven by higher investment yields, reflecting a full quarter impact of the investment portfolio repositioning completed in early February. In addition, the margin was favorably impacted by higher loan yields at a modest reduction in interest-bearing liability costs. Net discount accretion contributed 29 basis points to the margin compared to 22 basis points in the prior quarter. Turning to slide six.

增长主要得益于利差改善，归因于更高的资产收益率。净收入中包括净折扣增值 1650 万美元，比上一季度增加 430 万美元，原因是提前还款。利差扩大 21 个基点，达到 3.59%。资产收益率比上一季度增加 21 个基点，主要是由于更高的投资收益，反映出在 2 月初完成的投资组合重组的全面影响。此外，利差还受到贷款收益率提高和利息负债成本适度降低的积极影响。净折扣增值对利差的贡献为 29 个基点，而上一季度为 22 个基点。接下来是第六页。

Noninterest income was $42.9 million, compared to a noninterest loss of $230.1 million in Q1. The first quarter included pretax nonoperating losses on the sale of available for sale of $269.6 million related to the investment portfolio repositioning. Operating noninterest income was $42.2 million, up $8 million linked quarter. Primarily driven by $7 million increase in higher income from investments held in rabbi trust for employee retirement benefits. The increase was partially offset by $3.2 million in higher rabbi trust benefit costs reported in noninterest expense. In addition, investment advisory fees and interest rate swap income grew $800,000 and $500,000 respectively. Turning to slide seven. We highlight our wealth management business, which is an important component of our long-term strategy.

非利息收入为 4290 万美元，而第一季度为非利息损失 2.301 亿美元。第一季度包括与投资组合重组相关的可供出售资产的税前非经营损失为 2.696 亿美元。运营非利息收入为 4220 万美元，环比增长 800 万美元，主要是由于员工退休福利的 rabbi 信托投资收入增加 700 万美元。该增长部分被报告在非利息费用中的 rabbi 信托福利成本增加 320 万美元所抵消。此外，投资顾问费用和利率互换收入分别增长 80 万美元和 50 万美元。接下来是第七页。我们强调我们的财富管理业务，这是我们长期战略的重要组成部分。

Wealth management fees, which account for nearly half of total operating noninterest income, are less sensitive to interest rate fluctuations, helping to diversify our earnings. Wealth management posted a solid performance in the second quarter, with assets under management reaching a record high of $8.7 billion, driven by market appreciation. Fees of $17.3 million were up $800,000 linked quarter, primarily due to seasonal tax preparation fees. On slide eight, noninterest expense of $137 million increased $6.8 million from the first quarter due to higher operating noninterest expense and merger-related costs. Merger-related costs related to the Harbor One transaction were $2.6 million compared to no such expenses in the previous quarter.

财富管理费用占总运营非利息收入的近一半，对利率波动的敏感性较低，有助于多元化我们的收入。财富管理在第二季度表现稳健，管理资产达到创纪录的 87 亿美元，主要得益于市场升值。费用为 1730 万美元，环比增长 80 万美元，主要由于季节性税务准备费用。在第八页，非利息费用为 1.37 亿美元，较第一季度增加 680 万美元，原因是运营非利息费用和并购相关费用增加。与 Harbor One 交易相关的并购费用为 260 万美元，而上一季度没有此类费用。

Operating noninterest expense was $134.4 million, up $4.3 million linked quarter. The increase was primarily driven by $3.2 million in higher rabbi trust benefit costs I mentioned earlier. These expenses are reported in the salaries and employee benefits line. As anticipated, following better than expected Q1 expenses, we saw a modest uptick in costs across most line items in the second quarter. Moving to the balance sheet, starting with deposits on slide nine. Period end deposits totaled $21.2 billion, an increase of $424 million from the prior quarter. This growth was primarily driven by higher municipal balances which we expect to be seasonally lower in the third quarter.

运营非利息费用为 1.344 亿美元，环比增长 430 万美元。增加主要是由于我之前提到的 rabbi 信托福利成本增加 320 万美元。这些费用在薪资和员工福利项目中报告。正如预期的那样，在第一季度费用好于预期后，我们在第二季度看到大多数项目的成本略有上升。接下来是资产负债表，从第九页的存款开始。期末存款总额为 212 亿美元，比上一季度增加 4.24 亿美元。这一增长主要是由于市政存款余额增加，我们预计在第三季度会季节性降低。

A sizable portion of the period end growth occurred late in the quarter. As a result, average deposits were consistent with Q1. We continue to benefit from a favorable deposit mix, with nearly 50% of deposits in checking accounts, providing a stable and low-cost funding base. We remain fully deposit funded with essentially no wholesale funding, which further enhances our balance sheet strength. Total deposit cost of 148 basis points were consistent with the first quarter while the cost of interest-bearing deposits decreased one basis point, driven by lower CD costs. While we remain focused on growing deposits to support our funding strategy, and we are committed to doing so in a disciplined manner.

期末增长的相当大一部分发生在季度末。因此，平均存款与第一季度保持一致。我们继续受益于有利的存款结构，近 50% 的存款在支票账户中，提供了稳定且低成本的资金基础。我们完全依赖存款融资，几乎没有批发融资，这进一步增强了我们的资产负债表实力。总存款成本为 148 个基点，与第一季度一致，而利息-bearing 存款的成本下降了一个基点，主要是由于 CD 成本降低。虽然我们仍然专注于增加存款以支持我们的融资策略，并承诺以有序的方式进行。

Our approach to gathering deposits prioritizes balancing liquidity needs with margin protection. On slide 10, period end loans increased $385 million linked quarter led by continued strength in commercial lending. Increased C&I activity drove $219 million of growth while momentum in CRE accelerated in June, resulting in a higher balance of $117 million. Consumer home equity lines continued its steady trajectory of quarterly growth, adding $53 million of loans. Commercial delivered a strong first half of 2025, with nearly $500 million of loan growth from year end 2024. The performance reflects the impact of our opportunistic hiring of growth-oriented talent, continued strength of the Eastern brand, and our long-tenured relationship managers.

我们收集存款的方法优先考虑流动性需求与利润保护之间的平衡。在第 10 页，期末贷款较上季度增加了 3.85 亿美元，主要得益于商业贷款的持续强劲。C&I 活动的增加推动了 2.19 亿美元的增长，而 CRE 在 6 月的势头加速，导致余额增加了 1.17 亿美元。消费者房屋净值贷款继续保持季度增长的稳定轨迹，增加了 5300 万美元的贷款。商业部门在 2025 年上半年表现强劲，从 2024 年年末增长了近 5 亿美元的贷款。该表现反映了我们在成长型人才的机会性招聘、东部品牌的持续强劲以及我们长期任职的客户经理的影响。

Our combination of meaningful scale which allows us to offer a broad suite of products and services, deep local expertise and presence differentiates us. Our high-quality investment portfolio, as shown on slide 11, benefited from a full quarter impact of the securities repositioning completed in early February. As a result, the second quarter portfolio yield was up 33 basis points to 3.02. Turning to slide 12. Capital levels remain robust, as evidenced by CET1 and TCE ratios of 14.4% and 10.8%, respectively. Consistent with our commitment of returning capital to shareholders, we repurchased $3 million worth of shares at an average price of $16.36 prior to our merger announcement in April.

我们有意义的规模使我们能够提供广泛的产品和服务，深厚的本地专业知识和存在感使我们与众不同。我们的高质量投资组合，如第 11 页所示，受益于 2 月初完成的证券重组的完整季度影响。因此，第二季度投资组合收益率上升了 33 个基点，达到 3.02%。转到第 12 页。资本水平依然强劲，CET1 和 TCE 比率分别为 14.4% 和 10.8%。与我们向股东返还资本的承诺一致，我们在 4 月合并公告之前以每股平均价格 16.36 美元回购了 300 万美元的股票。

In addition, the board approved a 13¢ dividend to be paid in September. Looking at overall asset quality on slide 13, reserve levels remain strong, as evidenced by an allowance for loan losses of $232 million or 127 basis points of total loans. These metrics are up from $224 million or 125 basis points at the end of Q1. Credit trends continued to improve during the quarter. We did not have any net charge-offs and nonperforming loans decreased $36.9 million to $54.7 million or 30 basis points of total loans.

此外，董事会批准了将在 9 月支付的 13 美分股息。查看第 13 页的整体资产质量，准备金水平依然强劲，贷款损失准备金为 2.32 亿美元，占总贷款的 127 个基点。这些指标较第一季度末的 2.24 亿美元或 125 个基点有所上升。信贷趋势在本季度继续改善。我们没有任何净冲销，不良贷款减少了 3690 万美元，降至 5470 万美元，占总贷款的 30 个基点。

The reduction in NPLs which increased the coverage ratio to 424% from 245% at the end of Q1 was driven by payoffs achieved through strong execution of our managed asset group. Criticized and classified loans, $460 million or 3.6% of total loans, improved from $596 million or 4.82% of total loans at the end of Q1. Finally, we booked a provision of $7.6 million up from $6.6 million in the prior quarter, driven primarily by loan growth. On slides fourteen and fifteen, provide details on total CRE and CRE investor office exposures. Total commercial real estate loans are $7.3 billion. Our exposure is largely within local markets we know well and is diversified by sector.

不良贷款的减少使覆盖率从第一季度末的 245% 提高至 424%，这是通过我们管理资产组的强劲执行实现的。被批评和分类的贷款为 4.6 亿美元，占总贷款的 3.6%，较第一季度末的 5.96 亿美元或占总贷款的 4.82% 有所改善。最后，我们计提了 760 万美元的准备金，较上季度的 660 万美元有所上升，主要是由于贷款增长。在第 14 页和第 15 页，提供有关总 CRE 和 CRE 投资者办公室风险敞口的详细信息。总商业房地产贷款为 73 亿美元。我们的风险敞口主要集中在我们熟悉的本地市场，并按行业进行多元化。

The largest concentration is the multifamily at $2.6 billion, which is a strong asset class in Greater Boston due to the ongoing housing shortages. We have no multifamily nonperforming loans, and have had no charge-offs in this portfolio for well over the past decade. We remain focused on investor office loans. The portfolio of $828 million or 4% of the total loan book decreased $48 million linked quarter. Criticized and classified loans of $118 million or about 14% of total investor office loans improved from $163 million or 19% total investor loans as of March 31. In addition, our reserve level of 4.9% remains very conservative.

最大的集中在多户住宅，金额为 26 亿美元，由于持续的住房短缺，这是大波士顿地区的一个强劲资产类别。我们没有多户住宅的不良贷款，并且在过去十多年中该投资组合没有发生任何冲销。我们继续专注于投资者办公室贷款。该投资组合为 8.28 亿美元，占总贷款的 4%，较上季度减少了 4800 万美元。被批评和分类的贷款为 1.18 亿美元，约占总投资者办公室贷款的 14%，较 3 月 31 日的 1.63 亿美元或占总投资者贷款的 19% 有所改善。此外，我们的准备金水平为 4.9%，仍然非常保守。

The investor office loan portfolio includes our relatively limited exposure to the lab and life science sector, which consists of four loans totaling $99 million or less than 1% of total loans. Two of the loans are in Cambridge, one in Boston, and the other in Suburban Mass. None of these loans were originated as speculative construction transactions. All loans are accruing, and we continue to monitor these loans as part of our ongoing review of the office portfolio. We continue to take a proactive approach in managing investor office exposures. Our credit teams perform thorough assessments of the portfolio on a quarterly basis and on larger, lower risk, rated credits we conduct ongoing monthly reviews.

投资者办公室贷款组合包括我们对实验室和生命科学领域的相对有限的风险敞口，该领域由四笔贷款组成，总额为 9900 万美元，占总贷款的不到 1%。其中两笔贷款位于剑桥，一笔在波士顿，另一笔在马萨诸塞州郊区。这些贷款均不是作为投机性建设交易发放的。所有贷款均在计息，我们继续将这些贷款纳入我们对办公室投资组合的持续审查中。我们继续采取积极主动的方法来管理投资者办公室的风险敞口。我们的信贷团队每季度对投资组合进行彻底评估，并对较大、风险较低的评级信用进行持续的每月审查。

This in-depth knowledge enables our credit team to take timely and decisive actions as reflected in this quarter's performance. On slide 16, we provide our updated full year 2025 outlook. Please note this outlook is for stand-alone Eastern and does not contemplate the impact of the Harbor One merger. We are raising our full year loan growth outlook to 3% to 5%, up from our previous guidance of 2% to 4%, reflecting strong results through the first six months. Deposit growth expectation of 0% to 1% is lower than the previous range of 1% to 2%. We continue to anticipate a favorable mix shift from CDs to money markets.

这种深入的知识使我们的信贷团队能够及时采取果断行动，正如本季度的表现所反映的那样。在第 16 页，我们提供了更新的 2025 年全年展望。请注意，这一展望是针对独立的东部，不考虑 Harbor One 合并的影响。我们将全年贷款增长展望上调至 3% 至 5%，高于之前的 2% 至 4% 的指导，反映出前六个月的强劲结果。存款增长预期为 0% 至 1%，低于之前的 1% 至 2% 的范围。我们继续预期 CD 向货币市场的有利结构转变。

Based on lower average deposit balances, we now expect net interest income to be in the range of $810 million to $820 million. A modest reduction from previous guidance. With FTE margin expectations remaining at 3.45% to 3.55%. While provision will be based on evolving credit trends, we currently anticipate the provision will end the year between $27 million and $32 million, an improvement from our original projection of $30 million to $40 million. We increased our forecast for operating fee income to $145 million to $150 million, up from $130 million to $140 million.

基于较低的平均存款余额，我们现在预计净利息收入将在 8.1 亿美元至 8.2 亿美元之间。这是对之前指导的适度减少。FTE 利润率预期保持在 3.45% 至 3.55% 之间。虽然准备金将基于不断变化的信贷趋势，但我们目前预计准备金将在年末达到 2700 万美元至 3200 万美元，较我们最初的 3000 万美元至 4000 万美元的预测有所改善。我们将运营费用收入的预测提高至 1.45 亿美元至 1.5 亿美元，高于之前的 1.3 亿美元至 1.4 亿美元。

Operating noninterest expense is now expected to end the year between $530 million and $540 million, an improvement from our previous range of $535 million to $555 million. Our expected full year operating tax rate has been revised to 21% to 22%, down from 22% to 23%. Finally, our current buyback authorization expires this month and we plan to seek regulatory approval for further share repurchases post the Harbor One close. We are committed to returning excess capital to shareholders through opportunistically repurchasing shares. Before opening up the call for questions, I'd like to take a moment and provide an update on our pending merger.

预计运营非利息支出将在年末达到 5.3 亿至 5.4 亿美元，较我们之前的 5.35 亿至 5.55 亿美元的范围有所改善。我们预计的全年运营税率已修订为 21% 至 22%，低于之前的 22% 至 23%。最后，我们当前的回购授权本月到期，我们计划在 Harbor One 交易完成后寻求监管批准以进行进一步的股票回购。我们致力于通过适时回购股票将多余资本返还给股东。在开始提问之前，我想花一点时间更新一下我们待定的合并情况。

In June, we filed all regulatory applications for our merger with Harbor One, and are working closely with regulators to obtain the necessary approvals. We continue to expect to receive approval and close the transaction in the fourth quarter. We also submitted our branch consolidation plans in connection with the merger. Given significant overlap between the two branch networks, we plan to consolidate 13 locations which includes six Eastern branches and seven from Harbor One. Pending regulatory approval, we anticipate beginning the consolidation process in Q1 2026. Integration planning is well underway. And we are very pleased with our progress. We remain focused on delivering a seamless transition for our customers, community partners, and employees. This concludes our comments.

在 6 月，我们已提交了与 Harbor One 合并的所有监管申请，并与监管机构密切合作以获得必要的批准。我们仍然预计将在第四季度获得批准并完成交易。我们还提交了与合并相关的分支机构整合计划。鉴于两个分支网络之间的显著重叠，我们计划整合 13 个地点，其中包括 6 个 Eastern 分支和 7 个 Harbor One 分支。待监管批准后，我们预计将在 2026 年第一季度开始整合过程。整合规划正在顺利进行，我们对进展感到非常满意。我们将继续专注于为我们的客户、社区合作伙伴和员工提供无缝的过渡。这是我们评论的结束。

We will now open up the line for questions.

现在我们将开放提问环节。

Operator: At this time, if you would like to ask a question, press the pound key. Your first question comes from the line of Mark Fitzgibbon, Piper Sandler. Your line is open.

操作员： 此时，如果您想提问，请按井号键。您的第一个问题来自 Mark Fitzgibbon，Piper Sandler。您的线路已开启。

Mark Fitzgibbon: Hey, guys. Good morning.

Mark Fitzgibbon： 嗨，大家好。早上好。

Bob Rivers: Good morning, Mark. Hey, Mark.

Bob Rivers： 早上好，Mark。嗨，Mark。

Mark Fitzgibbon: First question I had, maybe for you, David, is it likely that we'll see more securities portfolio restructurings in coming quarters? Sort of excluding the, you know, any things that you do related to the Harbor One deal?

Mark Fitzgibbon： 我第一个问题可能是问你，David，未来几个季度我们是否可能会看到更多的证券投资组合重组？排除与 Harbor One 交易相关的任何事情？

David Rosato: Possibly, Mark. When we think about the use of capital, we think about organic growth. We think about share buybacks. And we obviously think about balance sheet management, which would include the portfolio repositioning. I would say in the sequence of events, getting approval and getting back into the market to buy stock back comes first. With that said and based on interest rates, we do have the capital to pursue another restructuring but it's a little bit on the back burner right now just because of the merger and the fact that our current authorization expires at the end of the month.

David Rosato： 可能会，Mark。当我们考虑资本的使用时，我们会考虑有机增长、股票回购，显然还会考虑资产负债表管理，这包括投资组合的重新定位。我会说，在事件的顺序中，获得批准并重新进入市场回购股票是第一步。话虽如此，根据利率，我们确实有资本去追求另一次重组，但由于合并以及我们当前的授权在月底到期，这个计划目前有点搁置。

Mark Fitzgibbon: Okay. And then secondly, on the big drop you had in the NPLs this quarter was almost $40 million. Were there any loan sales, or those were just payoffs or something else?

Mark Fitzgibbon： 好的。其次，关于你们本季度不良贷款 (NPL) 的大幅下降，几乎减少了 4000 万美元。是否有任何贷款出售，还是仅仅是还款或其他原因？

David Rosato: What I say is credit to our managed asset group. We worked through and did not sell, but worked through and resolved five credits in the quarter. And that was the driver.

David Rosato： 我想说的是，这要归功于我们的管理资产团队。我们在本季度处理并解决了五笔信贷，而不是出售它们。这是主要原因。

Mark Fitzgibbon: Okay. And then question is sort of more strategic. I don't know for Bob or Denis or both, but following the completion of the Harbor One deal, you'll have this new Rhode Island franchise. And I guess I'm curious, is the plan to potentially use that as a springboard to move south into places like Southern Rhode Island or Connecticut or maybe even eventually New York? Because I know historically, you've been a little more focused in sort of Eastern Massachusetts and concentrated there. But would you be open to sort of expanding the footprint to some new markets?

Mark Fitzgibbon： 好的。然后我的问题更具战略性。我不知道是问 Bob 还是 Denis，或者两者都问，但在 Harbor One 交易完成后，你们将拥有这个新的罗德岛特许经营权。我很好奇，是否计划将其作为跳板向南扩展到南罗德岛、康涅狄格州，甚至最终到纽约？因为我知道你们历史上更专注于东马萨诸塞州并集中在那里。但你们是否愿意将业务扩展到一些新市场？

Denis Sheahan: So, Mark, this is Denis. We certainly are welcoming the opportunity to engage in the Rhode Island market, and we will look to build out in that market both in terms of our commercial, our consumer businesses and our wealth management business. But we don't have plans to extend into Connecticut from a banking perspective. As you know, we already have a presence in Connecticut from a wealth management perspective. We're very happy with that. But beyond that, we don't currently have plans to expand banking services into Connecticut or down into New York. Certainly, would never say never, but it's not something that we're thinking about strategically at all at this point.

Denis Sheahan： 所以，Mark，这是 Denis。我们当然欢迎在罗德岛市场参与的机会，我们将寻求在该市场扩展我们的商业、消费业务和财富管理业务。但我们没有计划从银行的角度扩展到康涅狄格州。正如你所知，我们在财富管理方面已经在康涅狄格州有了业务。我们对此非常满意。但除此之外，我们目前没有计划将银行服务扩展到康涅狄格州或向纽约扩展。当然，我不会说绝对不可能，但目前这并不是我们战略上的考虑。

Mark Fitzgibbon: Great. Thank you.

Mark Fitzgibbon： 太好了。谢谢。

David Rosato: Sure.

David Rosato： 没问题。

Operator: Your next question comes from the line of Damon DelMonte, KBW. Your line is open.

操作员： 您的下一个问题来自 Damon DelMonte，KBW。您的线路已开启。

Damon DelMonte: Well, today, thanks for taking my question. Just wanted to talk a little bit about the strong C&I growth this quarter. Can you just give a little color as to what drove that kind of maybe what type of customers were taking on more credit? And, you know, were these new customers, or are these more of a utilization of lines that are currently in place?

Damon DelMonte： 今天好，谢谢你们接受我的提问。我想谈谈本季度强劲的 C&I 增长。你能否简单说明一下是什么推动了这种增长，可能是哪些类型的客户在增加信贷？这些是新客户，还是更多是对现有额度的利用？

Denis Sheahan: Damon, so it's a combination of both, and what I would say is seeing, you know, while there still is some concern about economic volatility with tariffs and trade policy, etcetera, we're seeing increasing confidence from our customer base and in the market broadly. That, of course, is subject to change depending on what comes out of Washington. But certainly, part of the impetus for this growth is we have been adding talent consistently over the past year in our commercial lending division. We're very happy to do that. You know, the message that we've been delivering, both to our commercial division and to our customers is we are open for business. We are ready to grow.

Denis Sheahan： Damon，这是一种两者结合的情况。我想说的是，尽管仍然对经济波动、关税和贸易政策等方面存在一些担忧，但我们看到客户基础和市场整体的信心在增加。当然，这取决于华盛顿的动态。但显然，这种增长的部分动力是我们在过去一年中不断增加商业贷款部门的人才。我们对此感到非常高兴。你知道，我们向商业部门和客户传达的信息是，我们开放业务，准备增长。

We have the capital to grow. We have the expertise. And it's beginning to bear fruit. You'll note, I think I said in my comments that the loan pipeline at the end of the second quarter is just as good as it was at the end of the first quarter. Summer is typically a little quieter, but heading into these summer months, we feel very good about that pipeline. So it's a combination of customer confidence and that we are investing more in growth within our commercial division.

我们有资本来增长。我们有专业知识。并且这开始显现成果。你会注意到，我在评论中提到，第二季度末的贷款管道与第一季度末一样良好。夏季通常会稍微安静一些，但在进入这些夏季月份时，我们对这个管道感到非常乐观。因此，这是一种客户信心的结合，以及我们在商业部门内对增长的更多投资。

David Rosato: Damon, it's David. The only thing I would add to that was it was broad-based. In the first quarter, we did call out franchise as being a driver of growth. But in the second quarter, it was across what we would call all of our verticals within C&I, which was great to see.

大卫·罗萨托： 达蒙，我是大卫。我想补充的是，这次增长是广泛的。在第一季度，我们确实提到特许经营是增长的驱动因素。但在第二季度，这种增长出现在我们所称的所有 C&I 垂直领域，这一点非常好。

Damon DelMonte: Got it. Great. Appreciate that color. And then secondly, on the margin and the outlook, appreciate the reaffirmed guidance there. David, when we think about the core margin, so this quarter, you know, if you take out the fair value accretion, it was up about 13 basis points. You know, kind of what do you think about from a cadence standpoint going into the back half of the year over the next couple quarters? Maybe a few basis points of kind of grinding higher. Is that fair?

达蒙·德尔蒙特： 明白了。太好了。感谢你的补充。其次，关于利润率和前景，感谢你重申的指导。大卫，当我们考虑核心利润率时，这个季度，如果去掉公允价值增值，利润率大约上升了 13 个基点。你认为在接下来的几个季度中，进入下半年的节奏会是怎样的？也许会有几个基点的缓慢上升，这样说是否合理？

David Rosato: Yeah. I think the margin honestly is gonna be kind of flattish in the back half of the year. I think about a lot of it is gonna be dependent on our ability on core deposit growth. Right? But away from that, we called out all the way back in January the securities repositioning. That's we now have a full margin impact of that. So that is tailwind. It has occurred. We do have a $2 to $2.5 billion swap book. That is just gonna start amortizing in the back half of the year. Relatively muted impact. So when I think about the third quarter impact of that, it's about $300,000. Pre-tax. It'll be more in the fourth quarter.

大卫·罗萨托： 是的。我认为下半年的利润率实际上会保持相对平稳。我认为这在很大程度上取决于我们核心存款的增长能力。对吧？除此之外，我们在一月份就提到了证券重组。现在我们已经完全感受到这一点的利润率影响。这是一个顺风因素，已经发生。我们有一个 20 亿到 25 亿美元的掉期账簿，这将在下半年开始摊销。影响相对较小。因此，当我考虑第三季度的影响时，大约是 30 万美元，税前。第四季度会更多一些。

And then lastly, the deposit the competitive market for deposits is heated up a bit from our original thinking. So we've experienced probably the most repricing down in our CD book that we'll see for the year. We're more neutral in the back half of the year from existing CDs versus market rates. So you put all that together and fixed rate commercial lending will have a positive role. Residential mortgage will have a positive role. But I do think the margin is roughly flattish rather than I don't wanna telegraph, you know, sequential increases each quarter at this point. The only caveat, and we benefited this quarter, was what's so hard to predict as accretion income.

最后，存款的竞争市场比我们最初的想法要热络一些。因此，我们在 CD 账簿中经历了今年最大的降价。我们在下半年对现有 CD 与市场利率的看法更加中立。所以把这些因素结合起来，固定利率商业贷款将发挥积极作用。住宅抵押贷款也将发挥积极作用。但我确实认为利润率大致保持平稳，而不是我想在这一点上预示每个季度的连续增长。唯一的例外是，我们在这个季度受益于难以预测的增值收入。

We had two large loans that paid off in June, and it juiced our margin in the quarter.

我们在六月有两笔大额贷款偿还，这提升了我们这个季度的利润率。

Damon DelMonte: Got it. Okay. That's helpful. Thanks. And then just from, like, a modeling standpoint, is there any way we can any guidance on how to think about the rabbi trust income? And I guess, actually, I should ask. The guidance for the full year for fee income and expenses. That's based off of what you've already realized in Rabbi Trust income and expenses. Right? So would we imply, like, those are zero and they kinda net each other out? When we look at, like, the full year?

达蒙·德尔蒙特： 明白了。好的。这很有帮助。然后从建模的角度来看，是否有任何方式可以提供关于拉比信托收入的指导？我想，实际上，我应该问一下。全年费用收入的指导是基于你们已经实现的拉比信托收入和费用，对吧？那么我们是否可以推断，这些是零，并且它们相互抵消？当我们看全年时？

David Rosato: Yeah. So from a macro perspective, positive equity markets lead to positive rabbi trust income. Meaning the liability side is more fixed. The asset size we have partial hedge on. And it's and most of that is equity-based. So we had a strong Q2 for equity market returns, and that led to positive change for rabbi trust income. Not a perfect hedge, you know? One goes through fees. We have the offset in the comp line. But if markets remain steady, for the back half of the year, the Rabbi Trust income and expense isn't that much of a needle mover either way. But when you have equities up or down, up is a positive impact.

大卫·罗萨托： 是的。从宏观角度来看，积极的股市会导致积极的拉比信托收入。这意味着负债方是相对固定的。我们在资产方面有部分对冲。而且大部分是基于股权的。因此，我们在第二季度的股市回报表现强劲，这导致拉比信托收入的积极变化。这不是一个完美的对冲，你知道吗？一方面是费用。我们在薪酬方面有抵消。但如果市场保持稳定，在下半年，拉比信托的收入和费用不会对结果产生太大影响。但当股市上涨或下跌时，上涨会产生积极影响。

Down is a negative impact.

下跌则会产生负面影响。

Damon DelMonte: Got it. That's helpful. Okay. That's all that I had. Thank you very much.

达蒙·德尔蒙特： 明白了。这很有帮助。好的，我就这些。非常感谢。

David Rosato: Thanks, Damon.

大卫·罗萨托： 谢谢你，达蒙。

Operator: Your next question comes from the line of Laurie Hunsicker, Seaport Research Partners. Your line is open.

操作员： 下一个提问来自 Seaport Research Partners 的劳里·亨西克。您的线路已开启。

Laurie Hunsicker: Hi. Thanks. Good morning, Denis and David. Just wanted to go back to where Damon was. So on margin, do you have a June spot margin?

劳里·亨西克： 嗨。谢谢。早上好，丹尼斯和大卫。我想回到达蒙提到的地方。那么关于利润率，你有六月份的即时利润率吗？

David Rosato: I have a June spot margin for you, Laurie. What I would say is what I wanna give you is a normalized June spot margin because as I said to Damon, we had two all the accretion income not all of it, but the positive differential linked quarter in accretion came in June. So if you normalize that for the quarter, the spot margin in June is 3.55. So that's four bps above the quarter average.

大卫·罗萨托： 我有六月份的即时利润率，劳里。我想告诉你的是，我想给你一个标准化的六月份即时利润率，因为正如我对达蒙所说的，我们所有的增值收入并不是全部，但与上个季度相比的正差异是在六月出现的。因此，如果你将其标准化，六月份的即时利润率是 3.55。这比季度平均水平高出 4 个基点。

Laurie Hunsicker: Okay. Great. Okay. And then going back to credit, in your credit, this was so, so good this quarter and office. You know, the drop in office nonperformers $42 million down to 10 and your criticized office going from $163 million down to $118 million. I'm looking on page 15 at your maturities. Are any of the $118 million in criticized office maturing in those next four quarters that you show on the maturity schedule?

劳里·亨西克： 好的。太好了。然后回到信贷方面，你的信贷在这个季度表现得非常好，尤其是办公领域。你知道，办公不良贷款从 4200 万美元降到 1000 万美元，而你们的受批评办公贷款从 1.63 亿美元降到 1.18 亿美元。我在第 15 页查看你们的到期情况。在接下来的四个季度中，你们显示的到期时间表中，有没有 1180 万美元的受批评办公贷款到期？

David Rosato: Yes. Like so we have I believe, if I'm going from memory here, one criticized loan, with that's in the neck has a maturity within the next year. Secrewing, but it's obviously it's office. There's some issues around it. So it is in there. That's why I was gonna call out when you look at that schedule, this is the first time since we've been showing that there's no NPLs. In or non-accruing loans in that next year of maturities.

大卫·罗萨托： 是的。根据我的记忆，我相信有一笔受批评的贷款将在下一年内到期。虽然有一些问题，但它确实在其中。这就是我想提到的，当你查看该时间表时，这是我们展示以来第一次没有不良贷款或未计息贷款在下一年的到期中。

Laurie Hunsicker: Yeah. It's exciting. Okay. Great work. Okay. And then maybe just if you can sort of more broadly help us think about the FASB's proposed ASU with respect to the CECL double count, if you can just remind us in terms of, you know, what the tangible book pickup will look like, you know, just what the CECL double count is for past deal, current deal, pending, etcetera, and then what the earnings drop will be from the elimination of the non-PCB? Just how to think about all of that. Sure. And then just you're gonna be an early adopter. Is that correct?

劳里·亨西克： 是的。这令人兴奋。好的。干得好。好的。然后也许如果你能更广泛地帮助我们思考 FASB 提出的关于 CECL 双重计数的 ASU，能否提醒我们，关于有形账面价值的提升会是什么样子，CECL 双重计数在过去的交易、当前交易、待处理交易等方面的情况，以及非 PCP 的消除将对收益产生什么影响？我们该如何看待这一切？当然，你们会是早期采用者，对吗？

David Rosato: That would be our plan. You know, this whole thing is subject to being finalized. So if it is finalized before the year's over, we would plan to early adopt. And that would just to be clear, that only applies to Harbor One. Right? It's not retroactive to prior acquisitions.

大卫·罗萨托： 这是我们的计划。你知道，这一切都取决于最终确定。如果在年底之前最终确定，我们计划提前采用。这仅适用于 Harbor One。对吧？它不适用于之前的收购。

Laurie Hunsicker: Okay. Thank you for that clarification. Okay.

劳里·亨西克： 好的。感谢你的澄清。好的。

David Rosato: So, for Harbor One versus what we originally announced around the deal, it's between one and one and a half percent less accretive. It's 1% reduction in tangible book value dilution. And from an earn-back perspective, it's about two-tenths of a year. So, really, not that material. For us on Harbor One, that non-PCD bark is about $42 million. That's what we was in the original deal announcement.

大卫·罗萨托： 关于 Harbor One 与我们最初宣布的交易相比，增值大约减少了 1% 到 1.5%。这意味着有 1% 的有形账面价值稀释减少。从回报的角度来看，大约需要两个月的时间。因此，实际上并没有那么重要。对于我们来说，Harbor One 的非 PCD 资产大约是 4200 万美元。这是我们在最初交易公告中的数据。

Laurie Hunsicker: 42 okay. And sorry. That $42 million, that's an after-tax number?

劳里·亨西克： 4200 万美元，好的。抱歉。那 4200 万美元是税后数字吗？

David Rosato: That's the pretax number.

大卫·罗萨托： 那是税前数字。

Laurie Hunsicker: Pretax.

劳里·亨西克： 税前。

David Rosato: Okay. And we, you know, again, deal announcement, we assumed five years.

大卫·罗萨托： 好的。我们在交易公告中假设了五年。

Laurie Hunsicker: Five years. Gotcha. That's super helpful. Okay. Gotcha. And then one last one last question, Denis, going back to you, kinda back to where Mark was. Exploring what potential geography can you help us think about what your appetite would be for something like a New or a Maine? Would that would that be on the radar?

劳里·亨西克： 五年。明白了。这非常有帮助。好的。明白了。然后最后一个问题，丹尼斯，回到你这里，回到马克提到的地方。探索一下你能帮助我们考虑的潜在地理位置，你对像新罕布什尔州或缅因州这样的地方的兴趣如何？这会在你的考虑范围内吗？

Denis Sheahan: Thanks. Well, we already are in New Hampshire, Laurie. That's a terrific market for us both banking and wealth management. We have sizable operations in New Hampshire. So certainly, it's a market that we're looking forward to growing in. We do not have any operations in Maine at this point. We do some wealth management business in Maine just because our offices are so close, particularly to the Portland area, but we don't have strategically plans to expand into Maine at this point.

丹尼斯·希汉： 谢谢。好吧，劳里，我们已经在新罕布什尔州了。那是一个对我们来说非常好的市场，无论是银行业务还是财富管理。我们在新罕布什尔州有相当大的业务。因此，毫无疑问，这是一个我们期待在其中发展的市场。目前我们在缅因州没有任何业务。我们在缅因州做一些财富管理业务，仅仅是因为我们的办公室离波特兰地区非常近，但我们目前没有战略计划扩展到缅因州。

Laurie Hunsicker: Okay. But would you I guess the question, would you consider an acquisition there? At some point in the near medium term if the opportunity presented would Maine be a market of interest or not so much?

劳里·亨西克： 好的。但我想问的是，如果机会出现，你会考虑在那里进行收购吗？在不久的中期内，缅因州会是一个感兴趣的市场吗，还是不太可能？

Denis Sheahan: So not at this point. You know, we again, you know, strategically, we're not planning to expand into Maine.

丹尼斯·希汉： 目前不考虑。你知道，我们再次强调，从战略上讲，我们并不计划扩展到缅因州。

Laurie Hunsicker: Okay. Great. For taking my questions.

劳里·亨西克： 好的。感谢你回答我的问题。

Denis Sheahan: You're welcome.

丹尼斯·希汉： 不客气。

Operator: There are no further questions at this time. I will now turn the call over to Bob Rivers for closing remarks.

操作员： 目前没有其他问题。我现在将电话交给鲍勃·里弗斯进行结束语。

Bob Rivers: Well, thank you everyone for your time and your interest this morning. And for your questions. Best wishes for a great rest of summer.

鲍勃·里弗斯： 好吧，感谢大家今天早上的时间和关注，以及你们的问题。祝大家夏天愉快。

Operator: This concludes today's conference call. You may now disconnect.

操作员： 今天的电话会议到此结束。您现在可以断开连接。

Eastern Bankshares (EBC) 2025 年第二季度财报电话会议记录