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DATE

日期

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

-2025年7月25日，東部時間下午 1 點

CALL PARTICIPANTS

參會人員

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

主席兼首席執行官 — Bob Rivers
首席執行官 — Denis Sheahan
首席財務官 — David Rosato

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TAKEAWAYS

主要內容

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.

營業收入-- 2025 年第二季度營業收入為 8170 萬美元，比 2025 年第一季度增長 21%，顯示出核心盈利能力的增長。
淨利差-- 2025 年第二季度淨利差為 3.59%，比上一季度擴大 21 個基點，得益於資產收益率的提高和負債成本的降低。
營業效率比率-- 2025 年第二季度營業效率比率為 50.8%，連續第四個季度改善，得益於有效的費用控制和收入增加。
平均資產營業回報率-- 2025 年第二季度平均資產營業回報率上升 21 個基點至 1.3%，表明資產盈利能力改善。
平均有形股本營業回報率-- 2025 年第二季度平均有形股本營業回報率為 13.6%，從 2025 年第一季度末的 11.7% 上升至 13.6%。
總資產-- 截至 2025 年第二季度末，總資產為 255 億美元，自 3 月 31 日以來增長 2%。
每股有形賬面價值-- 2025 年第二季度每股有形賬面價值上升 4% 至 12.53 美元，歸因於資本生成和資產負債表增長。
貸款增長-- 本季度年化增長 8%，主要受廣泛的商業和工業活動及戰略性人才招聘的推動。
存款增長-- 年化增長 8%，主要受更高的市政存款餘額推動，截至 2025 年第二季度，近 50% 的存款在支票賬户中。
淨利息收入-- 2025 年第二季度淨利息收入為 2.02 億美元（按全職員工計算為 2.068 億美元），比 2025 年第一季度增加 1310 萬美元或 7%。
淨折扣增值-- 2025 年第二季度淨折扣增值為 1650 萬美元，代表 29 個基點的利差；主要受提前還款的推動。
非利息收入-- 2025 年第二季度非利息收入為 4290 萬美元，較 2025 年第一季度的非利息損失 2301 萬美元反彈，後者包括來自投資組合重組的非經營性損失。
營業非利息收入-- 2025 年第二季度營業非利息收入為 4220 萬美元，環比增加 800 萬美元，主要來自 700 萬美元的更高的 rabbi 信託投資收入。
財富管理資產管理規模-- 2025 年第二季度資產管理規模達到創紀錄的 87 億美元，相關費用為 1730 萬美元，環比增加 80 萬美元。
非利息費用-- 2025 年第二季度非利息費用為 1.37 億美元，環比增加 680 萬美元，主要由於運營成本上升和哈伯一號交易的 260 萬美元併購費用。
貸款損失準備-- 2025 年第二季度貸款損失準備為 760 萬美元，高於 2025 年第一季度的 660 萬美元，主要受貸款增長推動。
期末存款-- 2025 年第二季度期末存款為 212 億美元，較上一季度增加 4.24 億美元，存款結構有利於穩定和低成本融資。
商業貸款增長-- 2025 年第二季度期末貸款環比增加 3.85 億美元，主要由 2.19 億美元的商業和工業貸款、1.17 億美元的商業房地產貸款和 5300 萬美元的消費者房屋淨值貸款推動。
投資證券收益率-- 2025 年第二季度投資組合收益率為 3.02%，比第一季度上升 33 個基點，反映投資組合重組的全面影響。
資本比率-- 2025 年第二季度的 CET1 為 14.4%，TCE 為 10.8%，標誌着持續的資本實力。
股票回購-- 在哈伯一號併購公告前以 16.36 美元的平均價格回購 300 萬美元，所有回購均在併購公告之前；董事會批准 9 月派發 13 美分的股息。
貸款損失準備金-- 截至 2025 年第二季度，貸款損失準備金為 2.32 億美元，或貸款的 127 個基點，較第一季度末的 2.24 億美元和 125 個基點有所增加。
信用質量指標-- 無淨沖銷；不良貸款減少 3690 萬美元至 5470 萬美元（佔總貸款的 30 個基點）；受批評/分類的貸款降至 4.6 億美元，佔貸款的 3.6%。
總商業房地產貸款-- 截至 2025 年第二季度，總商業房地產貸款為 73 億美元；多户住宅仍然是最大的細分市場，達到 26 億美元，沒有不良貸款或沖銷。
投資者辦公室貸款組合-- 截至 2025 年第二季度，投資者辦公室貸款組合為 8.28 億美元（佔貸款的 4%），環比減少 4800 萬美元；受批評/分類的辦公室貸款改善至 1.18 億美元（佔辦公室貸款的 14%）。
更新的貸款增長指導-- 全年 2025 年的貸款增長指導提高至 3%-5%，反映出上半年結果強於預期。
更新的存款增長指導-- 全年存款增長指導下調至 0%-1%，原因是從定期存款轉向貨幣市場賬户的結構變化。
淨利息收入指導-- 修訂為 2025 財年的淨利息收入為 8.1 億至 8.2 億美元，描述為較之前指導的適度減少。
準備金指導-- 全年準備金指導下調至 2700 萬至 3200 萬美元，較之前的 3000 萬至 4000 萬美元範圍有所改善。
營業費用收入指導-- 全年營業費用收入指導提高至 1.45 億至 1.5 億美元，較之前的 1.3 億至 1.4 億美元有所上升。
營業非利息費用指導-- 全年營業非利息費用指導下調至 5.3 億至 5.4 億美元，反映出運營效率的改善。
營業税率指導-- 全年營業税率指導下調至 21%-22%，較之前的 22%-23% 範圍有所改善。
哈伯一號併購更新-- 所有監管申請已提交；預計在第四季度獲得批准並完成，計劃在 2026 年第一季度開始整合 13 個重疊分支（六個東部，七個哈伯一號），待監管批准。

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、利潤率和資產質量方面實現了強勁的環比和同比增長，這得益於強勁的商業貸款增長和有效的費用管理。管理層提高了 2025 年全年貸款增長和運營費用收入的預期，同時下調了成本和準備金的預測，反映出核心業務趨勢的優異表現和信心。強調了存款融資的戰略清晰性、資本管理的持續紀律以及對 Harbor One 合併的準備，包括分支機構整合和合並的具體計劃。領導層提供了信用風險緩和的證據，特別是在商業辦公投資組合中，同時保持保守的準備金水平和嚴格的監控協議。

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.

首席財務官 Rosato 指出：“我們完全依賴存款融資，幾乎沒有批發融資，” 強調了穩定的核心融資來源。
管理層確認，受到批評和分類的商業房地產貸款——尤其是在投資者辦公領域——持續下降，目前沒有投資者辦公貸款被分類為非應計貸款。
戰略更新顯示在羅德島的擴展存在，並計劃在合併後加深在該地區的運營，而首席執行官 Sheahan 表示：“從銀行的角度來看，我們沒有計劃擴展到康涅狄格州。”
指導細節明確基於獨立運營，並排除了待處理的 Harbor One 交易的潛在影響。
確認了對待處理的 Harbor One 合併提前採用 FASB CECL 標準，預計影響被描述為對有形賬面價值或收益增值沒有實質性影響，相對於初始交易預測。

INDUSTRY GLOSSARY

行業術語表

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：一種非合格的遞延補償信託，用於員工福利，其中相關的投資收入和費用影響非利息收入和薪資項目。
增值收入：因以低於面值的價格收購資產而確認的收益，通過確認購買會計調整來提升淨利息利潤率。
受到批評/分類的貸款：根據銀行監管評級顯示出較高風險的貸款組合中的類別，監控可能的損失。
非 PCD（非購買信用惡化）：未在 CECL 下標記為信用減值的收購貸款組合的部分，對收購會計有影響。
FTE 基礎：“完全税收等值” 基礎，調整收入報表項目以提高銀行之間的可比性。

Full Conference Call Transcript

全部電話會議記錄

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：謝謝你，Danny。大家早上好，感謝大家今天早上參加我們的電話會議。今天與我一起的是 Eastern 的首席執行官 Denis Sheahan 和我們的首席財務官 David Rosato。我們相信，我們強勁的第二季度表現突顯了 Eastern 在大波士頓地區的強大特許經營地位。在本季度，我們能夠與 Harbor One 的未來同事花更多時間，我們對我們合併的機會和長期價值創造的信心也更加堅定。我們對這次合作感到非常興奮，並期待歡迎 Harbor One 的客户和員工加入 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.

在將電話轉交給 Denis 之前，我想感謝 Nancy Huntington Steiger，Eastern Bank Foundation 的總裁兼首席執行官，她在本月初退休，結束了在我們公司的三十年生涯。當 Nancy 在 1995 年加入 Eastern 領導我們的人力資源團隊時，她是第一位擔任我們管理委員會的女性，並自那時以來積極塑造我們的文化。她不僅是我和整個管理團隊、組織以及我們服務的社區的重要合作者和可信賴的合作伙伴。懷着深深的感激和敬意，我祝賀 Nancy 退休，並祝願她在下一個階段一切順利。接下來，我將把時間交給 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：謝謝你，Bob。我們對第二季度的強勁業績感到滿意，如收益報告第二頁所示，許多業務領域的積極趨勢持續。運營收益為 8170 萬美元，比第一季度增長 21%。第二季度的表現包括淨利息利潤率擴大 21 個基點至 3.59%，由於收入增加和有效的費用管理，運營效率比率持續改善至 50.8%。這些結果進一步改善了盈利能力指標。運營平均資產回報率上升 21 個基點至 1.3%，運營平均有形股本回報率從第一季度末的 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，總資產達到 255 億美元，比 3 月 31 日增長 2%。每股有形賬面價值增加 4% 至 12.53 美元，反映出資產負債表的增長和穩健的資本生成。本季度 8% 的年化貸款增長反映了我們對盈利性有機增長的持續關注和在人才招聘方面的戰略投資。我們的規模，加上對我們服務社區的深刻本地知識，是一種競爭優勢，持續建立有意義的關係和新的商業機會。商業貸款管道穩定在約 5 億美元，儘管經濟不確定性，我們的客户依然保持韌性。存款在本季度強勁結束，年化增長 8%。重要的是，成本保持穩定，突顯了我們對定價的嚴格管理和有利的存款組合。

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.

我們財富管理業務在本季度繼續保持勢頭，管理資產達到創紀錄的 87 億美元。信貸趨勢持續向好，反映出我們的承保質量和積極的風險管理方法，能夠審慎快速地應對問題。不良貸款率連續第二個季度改善 30 個基點，並且我們沒有任何淨沖銷。不良貸款和分類資產的水平在去年第二季度達到峯值，並持續改善。整體趨勢是積極的，辦公貸款問題大多已在我們身後。但我們對未來的展望仍然保持謹慎。我們繼續密切關注可能影響客户的經濟形勢和政策變化。

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

David，我把時間交給你來回顧我們的第二季度財務情況。

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: 謝謝你，Denis，大家早上好。我將從第三和第四頁開始。我們報告第二季度淨收入為 1 億零 220 萬美元，或每股稀釋收益 0.50 美元。淨收入中包括與第一季度完成的投資組合重組相關的 GAAP 税收收益，該收益將在 2025 年內逐步確認。在運營基礎上，每股稀釋收益為 0.41 美元，環比增長 21%，同比增長 78%，反映出公司在加入劍橋後增強的盈利能力。結果的亮點是淨利差擴張、手續費收入增長以及效率比率進一步改善。

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.

查看第四頁，我們對多個財務指標的季度趨勢改善感到鼓舞，包括運營資產回報率和運營平均有形普通股權益回報率。

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: 反映出更強的盈利表現和深思熟慮的資產負債表管理。第二季度的運營資產回報率為 130 個基點，比去年同期上升 60 個基點，而平均有形普通股權益回報率為 13.6%，同比增長 6.4%。我們繼續產生積極的運營槓桿，運營效率比率為 50.8%，這是連續第四個季度改善，得益於更高的收入和有效的費用管理。接下來是第五頁的利差。淨利息收入為 2.02 億美元，或在 FTE 基礎上為 2.068 億美元，連續第四個季度增長，較第一季度增長 1310 萬美元，增幅為 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.

增長主要得益於利差改善，歸因於更高的資產收益率。淨收入中包括淨折扣增值 1650 萬美元，比上一季度增加 430 萬美元，原因是提前還款。利差擴大 21 個基點，達到 3.59%。資產收益率比上一季度增加 21 個基點，主要是由於更高的投資收益，反映出在 2 月初完成的投資組合重組的全面影響。此外，利差還受到貸款收益率提高和利息負債成本適度降低的積極影響。淨折扣增值對利差的貢獻為 29 個基點，而上一季度為 22 個基點。接下來是第六頁。

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.

非利息收入為 4290 萬美元，而第一季度為非利息損失 2.301 億美元。第一季度包括與投資組合重組相關的可供出售資產的税前非經營損失為 2.696 億美元。運營非利息收入為 4220 萬美元，環比增長 800 萬美元，主要是由於員工退休福利的 rabbi 信託投資收入增加 700 萬美元。該增長部分被報告在非利息費用中的 rabbi 信託福利成本增加 320 萬美元所抵消。此外，投資顧問費用和利率互換收入分別增長 80 萬美元和 50 萬美元。接下來是第七頁。我們強調我們的財富管理業務，這是我們長期戰略的重要組成部分。

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.

財富管理費用佔總運營非利息收入的近一半，對利率波動的敏感性較低，有助於多元化我們的收入。財富管理在第二季度表現穩健，管理資產達到創紀錄的 87 億美元，主要得益於市場升值。費用為 1730 萬美元，環比增長 80 萬美元，主要由於季節性税務準備費用。在第八頁，非利息費用為 1.37 億美元，較第一季度增加 680 萬美元，原因是運營非利息費用和併購相關費用增加。與 Harbor One 交易相關的併購費用為 260 萬美元，而上一季度沒有此類費用。

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.

運營非利息費用為 1.344 億美元，環比增長 430 萬美元。增加主要是由於我之前提到的 rabbi 信託福利成本增加 320 萬美元。這些費用在薪資和員工福利項目中報告。正如預期的那樣，在第一季度費用好於預期後，我們在第二季度看到大多數項目的成本略有上升。接下來是資產負債表，從第九頁的存款開始。期末存款總額為 212 億美元，比上一季度增加 4.24 億美元。這一增長主要是由於市政存款餘額增加，我們預計在第三季度會季節性降低。

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.

期末增長的相當大一部分發生在季度末。因此，平均存款與第一季度保持一致。我們繼續受益於有利的存款結構，近 50% 的存款在支票賬户中，提供了穩定且低成本的資金基礎。我們完全依賴存款融資，幾乎沒有批發融資，這進一步增強了我們的資產負債表實力。總存款成本為 148 個基點，與第一季度一致，而利息-bearing 存款的成本下降了一個基點，主要是由於 CD 成本降低。雖然我們仍然專注於增加存款以支持我們的融資策略，並承諾以有序的方式進行。

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.

我們收集存款的方法優先考慮流動性需求與利潤保護之間的平衡。在第 10 頁，期末貸款較上季度增加了 3.85 億美元，主要得益於商業貸款的持續強勁。C&I 活動的增加推動了 2.19 億美元的增長，而 CRE 在 6 月的勢頭加速，導致餘額增加了 1.17 億美元。消費者房屋淨值貸款繼續保持季度增長的穩定軌跡，增加了 5300 萬美元的貸款。商業部門在 2025 年上半年表現強勁，從 2024 年年末增長了近 5 億美元的貸款。該表現反映了我們在成長型人才的機會性招聘、東部品牌的持續強勁以及我們長期任職的客户經理的影響。

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.

我們有意義的規模使我們能夠提供廣泛的產品和服務，深厚的本地專業知識和存在感使我們與眾不同。我們的高質量投資組合，如第 11 頁所示，受益於 2 月初完成的證券重組的完整季度影響。因此，第二季度投資組合收益率上升了 33 個基點，達到 3.02%。轉到第 12 頁。資本水平依然強勁，CET1 和 TCE 比率分別為 14.4% 和 10.8%。與我們向股東返還資本的承諾一致，我們在 4 月合併公告之前以每股平均價格 16.36 美元回購了 300 萬美元的股票。

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，董事會批准了將在 9 月支付的 13 美分股息。查看第 13 頁的整體資產質量，準備金水平依然強勁，貸款損失準備金為 2.32 億美元，佔總貸款的 127 個基點。這些指標較第一季度末的 2.24 億美元或 125 個基點有所上升。信貸趨勢在本季度繼續改善。我們沒有任何淨沖銷，不良貸款減少了 3690 萬美元，降至 5470 萬美元，佔總貸款的 30 個基點。

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.

不良貸款的減少使覆蓋率從第一季度末的 245% 提高至 424%，這是通過我們管理資產組的強勁執行實現的。被批評和分類的貸款為 4.6 億美元，佔總貸款的 3.6%，較第一季度末的 5.96 億美元或佔總貸款的 4.82% 有所改善。最後，我們計提了 760 萬美元的準備金，較上季度的 660 萬美元有所上升，主要是由於貸款增長。在第 14 頁和第 15 頁，提供有關總 CRE 和 CRE 投資者辦公室風險敞口的詳細信息。總商業房地產貸款為 73 億美元。我們的風險敞口主要集中在我們熟悉的本地市場，並按行業進行多元化。

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，金額為 26 億美元，由於持續的住房短缺，這是大波士頓地區的一個強勁資產類別。我們沒有多户住宅的不良貸款，並且在過去十多年中該投資組合沒有發生任何沖銷。我們繼續專注於投資者辦公室貸款。該投資組合為 8.28 億美元，佔總貸款的 4%，較上季度減少了 4800 萬美元。被批評和分類的貸款為 1.18 億美元，約佔總投資者辦公室貸款的 14%，較 3 月 31 日的 1.63 億美元或佔總投資者貸款的 19% 有所改善。此外，我們的準備金水平為 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.

投資者辦公室貸款組合包括我們對實驗室和生命科學領域的相對有限的風險敞口，該領域由四筆貸款組成，總額為 9900 萬美元，佔總貸款的不到 1%。其中兩筆貸款位於劍橋，一筆在波士頓，另一筆在馬薩諸塞州郊區。這些貸款均不是作為投機性建設交易發放的。所有貸款均在計息，我們繼續將這些貸款納入我們對辦公室投資組合的持續審查中。我們繼續採取積極主動的方法來管理投資者辦公室的風險敞口。我們的信貸團隊每季度對投資組合進行徹底評估，並對較大、風險較低的評級信用進行持續的每月審查。

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.

這種深入的知識使我們的信貸團隊能夠及時採取果斷行動，正如本季度的表現所反映的那樣。在第 16 頁，我們提供了更新的 2025 年全年展望。請注意，這一展望是針對獨立的東部，不考慮 Harbor One 合併的影響。我們將全年貸款增長展望上調至 3% 至 5%，高於之前的 2% 至 4% 的指導，反映出前六個月的強勁結果。存款增長預期為 0% 至 1%，低於之前的 1% 至 2% 的範圍。我們繼續預期 CD 向貨幣市場的有利結構轉變。

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.

基於較低的平均存款餘額，我們現在預計淨利息收入將在 8.1 億美元至 8.2 億美元之間。這是對之前指導的適度減少。FTE 利潤率預期保持在 3.45% 至 3.55% 之間。雖然準備金將基於不斷變化的信貸趨勢，但我們目前預計準備金將在年末達到 2700 萬美元至 3200 萬美元，較我們最初的 3000 萬美元至 4000 萬美元的預測有所改善。我們將運營費用收入的預測提高至 1.45 億美元至 1.5 億美元，高於之前的 1.3 億美元至 1.4 億美元。

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.

預計運營非利息支出將在年末達到 5.3 億至 5.4 億美元，較我們之前的 5.35 億至 5.55 億美元的範圍有所改善。我們預計的全年運營税率已修訂為 21% 至 22%，低於之前的 22% 至 23%。最後，我們當前的回購授權本月到期，我們計劃在 Harbor One 交易完成後尋求監管批准以進行進一步的股票回購。我們致力於通過適時回購股票將多餘資本返還給股東。在開始提問之前，我想花一點時間更新一下我們待定的合併情況。

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，我們已提交了與 Harbor One 合併的所有監管申請，並與監管機構密切合作以獲得必要的批准。我們仍然預計將在第四季度獲得批准並完成交易。我們還提交了與合併相關的分支機構整合計劃。鑑於兩個分支網絡之間的顯著重疊，我們計劃整合 13 個地點，其中包括 6 個 Eastern 分支和 7 個 Harbor One 分支。待監管批准後，我們預計將在 2026 年第一季度開始整合過程。整合規劃正在順利進行，我們對進展感到非常滿意。我們將繼續專注於為我們的客户、社區合作伙伴和員工提供無縫的過渡。這是我們評論的結束。

We will now open up the line for questions.

現在我們將開放提問環節。

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.

操作員： 此時，如果您想提問，請按井號鍵。您的第一個問題來自 Mark Fitzgibbon，Piper Sandler。您的線路已開啓。

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： 我第一個問題可能是問你，David，未來幾個季度我們是否可能會看到更多的證券投資組合重組？排除與 Harbor One 交易相關的任何事情？

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： 可能會，Mark。當我們考慮資本的使用時，我們會考慮有機增長、股票回購，顯然還會考慮資產負債表管理，這包括投資組合的重新定位。我會説，在事件的順序中，獲得批准並重新進入市場回購股票是第一步。話雖如此，根據利率，我們確實有資本去追求另一次重組，但由於合併以及我們當前的授權在月底到期，這個計劃目前有點擱置。

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，關於你們本季度不良貸款 (NPL) 的大幅下降，幾乎減少了 4000 萬美元。是否有任何貸款出售，還是僅僅是還款或其他原因？

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： 我想説的是，這要歸功於我們的管理資產團隊。我們在本季度處理並解決了五筆信貸，而不是出售它們。這是主要原因。

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。然後我的問題更具戰略性。我不知道是問 Bob 還是 Denis，或者兩者都問，但在 Harbor One 交易完成後，你們將擁有這個新的羅德島特許經營權。我很好奇，是否計劃將其作為跳板向南擴展到南羅德島、康涅狄格州，甚至最終到紐約？因為我知道你們歷史上更專注於東馬薩諸塞州並集中在那裏。但你們是否願意將業務擴展到一些新市場？

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，這是 Denis。我們當然歡迎在羅德島市場參與的機會，我們將尋求在該市場擴展我們的商業、消費業務和財富管理業務。但我們沒有計劃從銀行的角度擴展到康涅狄格州。正如你所知，我們在財富管理方面已經在康涅狄格州有了業務。我們對此非常滿意。但除此之外，我們目前沒有計劃將銀行服務擴展到康涅狄格州或向紐約擴展。當然，我不會説絕對不可能，但目前這並不是我們戰略上的考慮。

Mark Fitzgibbon: Great. Thank you.

Mark Fitzgibbon： 太好了。謝謝。

David Rosato: Sure.

David Rosato： 沒問題。

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

操作員： 您的下一個問題來自 Damon DelMonte，KBW。您的線路已開啓。

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，謝謝你們接受我的提問。我想談談本季度強勁的 C&I 增長。你能否簡單説明一下是什麼推動了這種增長，可能是哪些類型的客户在增加信貸？這些是新客户，還是更多是對現有額度的利用？

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，這是一種兩者結合的情況。我想説的是，儘管仍然對經濟波動、關税和貿易政策等方面存在一些擔憂，但我們看到客户基礎和市場整體的信心在增加。當然，這取決於華盛頓的動態。但顯然，這種增長的部分動力是我們在過去一年中不斷增加商業貸款部門的人才。我們對此感到非常高興。你知道，我們向商業部門和客户傳達的信息是，我們開放業務，準備增長。

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.

我們有資本來增長。我們有專業知識。並且這開始顯現成果。你會注意到，我在評論中提到，第二季度末的貸款管道與第一季度末一樣良好。夏季通常會稍微安靜一些，但在進入這些夏季月份時，我們對這個管道感到非常樂觀。因此，這是一種客户信心的結合，以及我們在商業部門內對增長的更多投資。

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.

大衞·羅薩託： 達蒙，我是大衞。我想補充的是，這次增長是廣泛的。在第一季度，我們確實提到特許經營是增長的驅動因素。但在第二季度，這種增長出現在我們所稱的所有 C&I 垂直領域，這一點非常好。

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?

達蒙·德爾蒙特： 明白了。太好了。感謝你的補充。其次，關於利潤率和前景，感謝你重申的指導。大衞，當我們考慮核心利潤率時，這個季度，如果去掉公允價值增值，利潤率大約上升了 13 個基點。你認為在接下來的幾個季度中，進入下半年的節奏會是怎樣的？也許會有幾個基點的緩慢上升，這樣説是否合理？

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.

大衞·羅薩託： 是的。我認為下半年的利潤率實際上會保持相對平穩。我認為這在很大程度上取決於我們核心存款的增長能力。對吧？除此之外，我們在一月份就提到了證券重組。現在我們已經完全感受到這一點的利潤率影響。這是一個順風因素，已經發生。我們有一個 20 億到 25 億美元的掉期賬簿，這將在下半年開始攤銷。影響相對較小。因此，當我考慮第三季度的影響時，大約是 30 萬美元，税前。第四季度會更多一些。

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.

最後，存款的競爭市場比我們最初的想法要熱絡一些。因此，我們在 CD 賬簿中經歷了今年最大的降價。我們在下半年對現有 CD 與市場利率的看法更加中立。所以把這些因素結合起來，固定利率商業貸款將發揮積極作用。住宅抵押貸款也將發揮積極作用。但我確實認為利潤率大致保持平穩，而不是我想在這一點上預示每個季度的連續增長。唯一的例外是，我們在這個季度受益於難以預測的增值收入。

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

我們在六月有兩筆大額貸款償還，這提升了我們這個季度的利潤率。

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?

達蒙·德爾蒙特： 明白了。好的。這很有幫助。然後從建模的角度來看，是否有任何方式可以提供關於拉比信託收入的指導？我想，實際上，我應該問一下。全年費用收入的指導是基於你們已經實現的拉比信託收入和費用，對吧？那麼我們是否可以推斷，這些是零，並且它們相互抵消？當我們看全年時？

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.

大衞·羅薩託： 是的。從宏觀角度來看，積極的股市會導致積極的拉比信託收入。這意味着負債方是相對固定的。我們在資產方面有部分對沖。而且大部分是基於股權的。因此，我們在第二季度的股市回報表現強勁，這導致拉比信託收入的積極變化。這不是一個完美的對沖，你知道嗎？一方面是費用。我們在薪酬方面有抵消。但如果市場保持穩定，在下半年，拉比信託的收入和費用不會對結果產生太大影響。但當股市上漲或下跌時，上漲會產生積極影響。

Down is a negative impact.

下跌則會產生負面影響。

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

達蒙·德爾蒙特： 明白了。這很有幫助。好的，我就這些。非常感謝。

David Rosato: Thanks, Damon.

大衞·羅薩託： 謝謝你，達蒙。

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

操作員： 下一個提問來自 Seaport Research Partners 的勞裏·亨西克。您的線路已開啓。

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?

勞裏·亨西克： 嗨。謝謝。早上好，丹尼斯和大衞。我想回到達蒙提到的地方。那麼關於利潤率，你有六月份的即時利潤率嗎？

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.

大衞·羅薩託： 我有六月份的即時利潤率，勞裏。我想告訴你的是，我想給你一個標準化的六月份即時利潤率，因為正如我對達蒙所説的，我們所有的增值收入並不是全部，但與上個季度相比的正差異是在六月出現的。因此，如果你將其標準化，六月份的即時利潤率是 3.55。這比季度平均水平高出 4 個基點。

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?

勞裏·亨西克： 好的。太好了。然後回到信貸方面，你的信貸在這個季度表現得非常好，尤其是辦公領域。你知道，辦公不良貸款從 4200 萬美元降到 1000 萬美元，而你們的受批評辦公貸款從 1.63 億美元降到 1.18 億美元。我在第 15 頁查看你們的到期情況。在接下來的四個季度中，你們顯示的到期時間表中，有沒有 1180 萬美元的受批評辦公貸款到期？

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.

大衞·羅薩託： 是的。根據我的記憶，我相信有一筆受批評的貸款將在下一年內到期。雖然有一些問題，但它確實在其中。這就是我想提到的，當你查看該時間表時，這是我們展示以來第一次沒有不良貸款或未計息貸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?

勞裏·亨西克： 是的。這令人興奮。好的。幹得好。好的。然後也許如果你能更廣泛地幫助我們思考 FASB 提出的關於 CECL 雙重計數的 ASU，能否提醒我們，關於有形賬面價值的提升會是什麼樣子，CECL 雙重計數在過去的交易、當前交易、待處理交易等方面的情況，以及非 PCP 的消除將對收益產生什麼影響？我們該如何看待這一切？當然，你們會是早期採用者，對嗎？

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.

大衞·羅薩託： 這是我們的計劃。你知道，這一切都取決於最終確定。如果在年底之前最終確定，我們計劃提前採用。這僅適用於 Harbor One。對吧？它不適用於之前的收購。

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

勞裏·亨西克： 好的。感謝你的澄清。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.

大衞·羅薩託： 關於 Harbor One 與我們最初宣佈的交易相比，增值大約減少了 1% 到 1.5%。這意味着有 1% 的有形賬面價值稀釋減少。從回報的角度來看，大約需要兩個月的時間。因此，實際上並沒有那麼重要。對於我們來説，Harbor One 的非 PCD 資產大約是 4200 萬美元。這是我們在最初交易公告中的數據。

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

勞裏·亨西克： 4200 萬美元，好的。抱歉。那 4200 萬美元是税後數字嗎？

David Rosato: That's the pretax number.

大衞·羅薩託： 那是税前數字。

Laurie Hunsicker: Pretax.

勞裏·亨西克： 税前。

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

大衞·羅薩託： 好的。我們在交易公告中假設了五年。

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?

勞裏·亨西克： 五年。明白了。這非常有幫助。好的。明白了。然後最後一個問題，丹尼斯，回到你這裏，回到馬克提到的地方。探索一下你能幫助我們考慮的潛在地理位置，你對像新罕布什爾州或緬因州這樣的地方的興趣如何？這會在你的考慮範圍內嗎？

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·希漢： 謝謝。好吧，勞裏，我們已經在新罕布什爾州了。那是一個對我們來説非常好的市場，無論是銀行業務還是財富管理。我們在新罕布什爾州有相當大的業務。因此，毫無疑問，這是一個我們期待在其中發展的市場。目前我們在緬因州沒有任何業務。我們在緬因州做一些財富管理業務，僅僅是因為我們的辦公室離波特蘭地區非常近，但我們目前沒有戰略計劃擴展到緬因州。

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?

勞裏·亨西克： 好的。但我想問的是，如果機會出現，你會考慮在那裏進行收購嗎？在不久的中期內，緬因州會是一個感興趣的市場嗎，還是不太可能？

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·希漢： 目前不考慮。你知道，我們再次強調，從戰略上講，我們並不計劃擴展到緬因州。

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

勞裏·亨西克： 好的。感謝你回答我的問題。

Denis Sheahan: You're welcome.

丹尼斯·希漢： 不客氣。

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

操作員： 目前沒有其他問題。我現在將電話交給鮑勃·裏弗斯進行結束語。

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.

鮑勃·裏弗斯： 好吧，感謝大家今天早上的時間和關注，以及你們的問題。祝大家夏天愉快。

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

操作員： 今天的電話會議到此結束。您現在可以斷開連接。

Eastern Bankshares (EBC) 2025 年第二季度財報電話會議記錄