Financial Data and Key Metrics Changes - Operating net income in Q3 2022 was 49% higher than the comparable prior year quarter, driven by a record quarterly revenue increase of 34% year-over-year [7] - Net income for the quarter was $54.8 million or $0.33 per diluted share, while operating net income was $55.7 million or $0.34 per diluted share [15] - Net interest income rose 10% from the prior quarter to $152.2 million, with net interest margin increasing by 24 basis points from 2.63% to 2.87% [21] - Shareholder equity decreased by $303 million due to lower AOCI and share purchases, partially offset by an increase in retained earnings [20] Business Line Data and Key Metrics Changes - Loan outstandings increased by 16% overall on an annualized basis, with commercial loans up 16%, organic residential mortgage growth at 10%, and consumer loans up 6% [9][16] - Non-interest income on an operating basis was $45.3 million, with insurance revenues at $23.8 million, up 8% from the same quarter of 2021 [23] Market Data and Key Metrics Changes - Deposits decreased by $430 million in the quarter, while borrowings increased by $380 million [17] - The securities portfolio decreased by $700 million primarily due to reductions in market value [17] Company Strategy and Development Direction - The company is focused on expanding its commercial lending teams and has seen record commercial loan originations [11] - Significant investments in technology are aimed at enhancing digital capabilities and improving process workflows to reduce expenses [12] - The company plans to discontinue its flow arrangement for residential mortgages due to a challenging liquidity outlook [32] Management's Comments on Operating Environment and Future Outlook - The management expects continued increases in rates to improve net interest income for Q4 and into 2023, projecting net interest income for 2022 in the range of $570 million to $580 million [29] - The company anticipates slower loan growth in 2023 compared to 2022 due to a challenging environment [31] - Management remains confident in the long-term growth potential in Eastern Massachusetts and Southern New Hampshire despite expected challenges in 2023 [42] Other Important Information - The company repurchased 1.5 million shares at an average price of $19.52 during the third quarter [16] - A non-cash charge related to pension settlement accounting is expected in Q4, estimated to be in the range of $10 million to $15 million [39][41] Q&A Session Summary Question: Loan pipeline and mix - Management indicated that the loan pipeline is about the same size as it was at the end of Q2, with expectations for a good quarter for closings in Q4 [45][46] Question: Securities portfolio yield decrease - The decrease was attributed to premium amortization due to payoffs of the securities [48] Question: Termination of relationship with Embrace Home Loans - The decision was based on a change in liquidity outlook, leading to a reduced appetite for the program [53] Question: Margin and credit trends - Management noted that while credit trends remain strong, the provision for loan losses was primarily due to loan growth [58] Question: Expense guidance for 2023 - The primary increase in expenses is expected in salaries and benefits, with modest growth in other categories [60][61] Question: Future share repurchase plans - Future repurchases will depend on market conditions and capital liquidity considerations [64][66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-Q _____________________________________________ (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-39610 ___________________________ Eastern Bankshares, Inc. (Exact name ...

Eastern Bankshares, Inc. (NASDAQ:EBC) Q2 2022 Earnings Conference Call July 29, 2022 9:00 AM ET Company Participants Bob Rivers - Chair and CEO Jim Fitzgerald - Chief Administrative Officer and Chief Financial Officer Conference Call Participants Janet Lee - JPMorgan Mark Fitzgibbon - Piper Sandler Laurie Hunsicker - Compass Point Research Damon DelMonte - KBW Operator Hello, and welcome to the Eastern Bankshares, Inc. Second Quarter 2022 Earnings Call. Today's call will include forward-looking statements, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-Q _____________________________________________ (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-39610 ___________________________ Eastern Bankshares, Inc. (Exact name ...

Financial Data and Key Metrics Changes - Operating earnings in Q1 2022 were $55.1 million or $0.32 per share, representing a 23% increase compared to the prior quarter and an 18% increase compared to Q1 2021 [11][15] - GAAP earnings for Q1 were $51.5 million or $0.30 per share [11] - Net interest income for the period was $130.4 million, up from $124.6 million in the prior quarter and $101.4 million in Q1 2021 [15] - Total assets decreased to $22.8 billion from $23.5 billion at the end of the previous year [13] - Shareholders' equity decreased by $400 million due to lower comprehensive income and share repurchases [13] Business Line Data and Key Metrics Changes - Organic commercial loan growth was 4.4% annualized, while overall loan growth was 3.1% annualized, indicating slower growth compared to previous quarters [11] - The company added a half-dozen relationship managers in various lending sectors during Q1 [8] - Insurance brokerage business continued to grow, with the acquisition of Michals Insurance Agency marking the 35th acquisition since 2002 [8] Market Data and Key Metrics Changes - The securities portfolio decreased by $200 million primarily due to lower market values and paydowns [14] - The net interest margin on a fully tax equivalent basis was 2.42%, down 12 basis points from the prior quarter [15] - The company expects net interest income to be between $530 million and $550 million in 2022, an increase from previous guidance [27] Company Strategy and Development Direction - The company aims to leverage its strong deposit base as a competitive advantage as interest rates rise [21][28] - Focus remains on organic growth and enhancing the commercial loan book, with readiness for future M&A opportunities [58] - The company plans to implement changes in overdraft practices, which are expected to reduce fees by $2.5 million to $3 million in 2022 [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about commercial loan growth in the mid-to-high single digits for 2022, despite slower growth in Q1 [29] - The company anticipates that the impact of interest rate increases will be more significant in 2023 than in 2022 [27] - Management noted that asset quality remains excellent, with non-performing loans at a low level [24] Other Important Information - The company repurchased 2.9 million shares in Q1 at an average price of $21.12 [12] - The allowance for loan losses increased by $27 million due to the adoption of CECL [11] - The company transferred approximately $300 million in cannabis and money service business deposits to Needham Bank [8] Q&A Session Summary Question: Insights on commercial loan growth and market conditions - Management acknowledged slower growth in business banking but expressed confidence in the pipeline and activity levels, expecting mid-to-high single-digit growth [34][35] Question: Deposit trajectory and normalization - Management indicated that deposit growth would be challenging moving forward but remains confident in their market position [38] Question: Swap income expectations for Q2 - Management noted that swap income may be lighter in Q2 due to fair value adjustments [43] Question: M&A environment in the insurance agency business - Management confirmed an active pipeline for smaller deals in the insurance sector, expecting to acquire a few agencies this year [46] Question: Details on new relationship bankers - Management clarified that the new hires were individual bankers across various commercial banking lines, enhancing growth prospects [48] Question: Overdraft policy changes and fee impacts - Management confirmed that the new overdraft policy would take effect in the second half of 2022, with an expected annualized fee reduction of $5 million to $6 million [50][52]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-K _____________________________________________ (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-39610 ___________________________ Eastern Bankshares, Inc. (Exact name of t ...

Eastern Bankshares Inc. (NASDAQ:EBC) Q4 2021 Earnings Conference Call January 28, 2022 9:00 AM ET Company Participants Bob Rivers - Chief Executive Officer Jim Fitzgerald - Chief Financial Officer Conference Call Participants David Bishop - Seaport Research Damon DelMonte - KBW Laurie Hunsicker - Compass Point Janet Lee - JP Morgan Operator Hello and welcome to Eastern Bankshares Inc. fourth quarter 2021 earnings conference call. Today’s call will include forward-looking statements, including statements ab ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-Q _____________________________________________ (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-39610 ___________________________ Eastern Bankshares, Inc. (Exact ...

Eastern Bankshares, Inc. (NASDAQ:EBC) Q3 2021 Earnings Conference Call October 29, 2021 9:00 AM ET Company Participants Bob Rivers - CEO and Chairman Jim Fitzgerald - Chief Administrative Officer, CFO and Treasurer Conference Call Participants Damon DelMonte - KBW Laurie Hunsicker - Compass Point David Bishop - Seaport Research Operator Hello, and welcome to the Eastern Bankshares, Inc. Third Quarter 2021 Earnings Conference Call. Today's call will include forward-looking statements, including statements ab ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-Q _____________________________________________ (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-39610 ___________________________ Eastern Bankshares, Inc. (Exact name ...