Eastern Bankshares, Inc. · NASDAQ:EBC
Eastern Bankshares — Q4 2025 Earnings Presentation
23 slides from Eastern Bankshares's earnings presentation, Jan 23, 2026
Slide 1: Q4 Earnings Presentation
Q4 Earnings Presentation January 22, 2026
Slide 2: Q4 2025 financial highlights
Q4 2025 financial highlights Key Metrics Highlights Income Statement $99.5 million • Net income included a GAAP tax benefit related to losses from the investment portfolio repositioning completed in the first quarter and non-operating merger-related costs Net income • Operating income increased $20.
Slide 3: Income statement
Income statement $ in millions, except per share amounts Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 • Net income included a GAAP tax Net interest income $ 237.4 $ 200.2 $ 202.0 $ 188.9 $ 179.2 benefit related to losses from the Noninterest income (loss) 46.1 41.3 42.9 (236.1) 37.3 investment portfolio
Slide 4: Financial metrics
Financial metrics Operating EPS Operating efficiency ratio1 $0.44 $0.41 $0.37 $0.34 $0.34 57.3% 53.7% 52.8% 50.8% 50.1% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Operating ROA Operating ROATCE1 1.30% 1.30% 13.6% 13.8% 1.16% 11.7% 11.7% 1.06% 1.09% 11.3% Q4 2024
Slide 5: Net interest margin
Net interest margin Earning assets QoQ changes in FTE net interest income* $52.1 $1.9 Q4 2025 Q3 2025 Change $243.4 Avg. Balance Yield1 Avg. Balance Yield1 Avg. Balance Yield1 $205.4 $(15.0) $(1.0) Commercial loans $ 14,842 5.67 % $ 12,858 5.45 % $ 1,984 0.22 % 3.61% 3.47% Residential loans 4,771 4.
Slide 6: Noninterest income
Noninterest income Q4 2025 Q3 2025 Q4 2024 QoQ YoY Investment advisory fees $ 18.6 $ 17.6 $ 18.0 $ 1.1 $ 0.7 • Noninterest income increased $4.8 Service charges on deposit accounts 9.9 8.6 8.4 1.4 1.5 million linked quarter, primarily driven by: Card income 5.9 4.2 4.2 1.8 1.7 • Mortgage banking inc
Slide 7: Wealth management
Wealth management Assets under management (AUM) • Wealth assets reached a record high of $10.1 billion, $9,608 including $9.6 billion of assets under management, $9,233 due to market appreciation and positive net flows $8,718 $8,309 $8,442 • Fees increased approximately $1.1 million or 6% from Q3 20
Slide 8: Noninterest expense
Noninterest expense $189.4 $137.5 $134.0 $130.1 $130.1 $137.0 $134.4 $140.4 $137.2 $156.1 • Noninterest expense increased $49.0 million linked quarter, primarily driven by higher operating noninterest expense and Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 merger-related costs Noninterest expense Operat
Slide 9: Deposits
Deposits Period-end deposit balances $25.5 • Period-end deposits increased $4.4 billion, or 21% linked quarter, due primarily to the addition of $4.3 billion of $21.3 $20.8 $21.2 $21.1 HarborOne deposits • $163 million of HarborOne's brokered deposits matured in Q4. Remaining $85 million to runoff i
Slide 10: Loan portfolio
Loan portfolio Loan trends Commercial loan composition $23,574 $2,034 $18,079 $18,204 $18,590 $18,829 $1,723 $1,767 $5,516 $1,657 $1,665 10% $4,064 $4,039 $4,016 $4,011 4% 27% $16,025 $12,359 $12,501 $12,850 $13,051 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total commercial Residential real estate Tot
Slide 11: Securities portfolio
Securities portfolio Portfolio trends1 Investment composition as of December 31, 20251 $5.2 $4.9 $4.8 $4.7 $4.7 $0.4 1% $0.4 $0.5 $0.5 $0.6 1% 6% $4.8 $4.4 $4.3 $4.2 $4.1 29% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 63% AFS securities HTM securities • High quality portfolio: 93% in US Agency securiti
Slide 12: Capital
Capital1 Capital ratios • Strong capital position Capital metrics 12/31/2025 9/30/2025 12/31/2024 • Provides significant support for organic Tier 1 leverage ratio 11.7% 12.3% 12.4% growth and share repurchases Common equity tier 1 ("CET1") capital ratio 13.2% 14.7% 15.7% • Committed to returning cap
Slide 13: Asset quality
Asset quality Non-performing loans $172 • Non-performing loans increased $103 million linked quarter due 0.76% 0.75% 0.51% 0.37% primarily to loans acquired from HarborOne that were 0.30% thoroughly assessed and adequately reserved $94 • Commercial: $146.6 million $136 • Residential: $19.2 million $
Slide 14: CRE exposure
CRE exposure1 Composition % of total Avg. loan % in MA/ • CRE portfolio of $9.5 billion, or 40% of total loans Balance CRE balance NH NPL% Multi-family $ 3,099 33 % $ 5.3 88 % 0.7 % • Non-owner occupied CRE to total risk-based capital Retail 1,259 13 % 3.1 80 % 0.7 % ratio2 of 241% Office 1,246 13 %
Slide 15: CRE investor office exposure
CRE investor office exposure1 Maturity schedule 1Q26 2Q26 3Q26 4Q26 • CRE investor office loans: $1.1 billion, or 5% of total Accruing $ 37 $ 28 $ 22 $ 42 loans Non-accruing 17 — — 8 Total $ 54 $ 28 $ 22 $ 50 • Weighted average LTV: 56% at origination Risk segment and location • Maturities proactive
Slide 16: HarborOne merger financials
HarborOne merger financials Actual Results Announcement Metric & Updated Comments April 2025 Expectations • Total merger consideration based on $17.53 EBC closing price on Deal value $550 $490 10/31/25, versus $15.48 at announcement Consideration • 85% stock consideration, versus 80% stock considera
Slide 17: Purchase accounting adjustments
Purchase accounting adjustments $ in millions Actual or Estimates at Close Estimates at Announcement November 1, 2025 April 24, 2025 Loans $(246) $(234) Fair value marks Real estate 5 (4) Time deposits & borrowings 5 (2) Purchased seasoned loans (43) (42) Credit mark Purchased credit deteriorated lo
Slide 18: HarborOne purchase accounting projections
HarborOne purchase accounting projections1 • Estimated accretion schedule of loan discounts based on anticipated contractual and prepayment cash flows assuming forward curve as of December 31, 2025 Actuals Projected $ in thousands Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Thereafter Accr
Slide 19: 2026 outlook
2026 outlook Full Year 2026 Outlook Loan growth (period-end) +3% - 5% Deposit growth (period-end) +1% - 2% Net interest income $1.02 - $1.05 billion Net interest margin (FTE) 3.65% - 3.75% Provision $30 - $40 million Noninterest income (operating) $190 - $200 million Noninterest expense (operating)
Slide 20: 2026 outlook (continued)
2026 outlook (continued) Significant capital return opportunity • Manage towards peer median CET1 ratio (~12.0%) • Estimate CET1 ratio to decline to ~12.7% by June 30, 2026 as remainder of existing share repurchase authorization is executed • Capital deployment strategies • Organic growth within exi
Slide 21: Non-GAAP financial measures (1)
Non-GAAP financial measures (1) *Denotes a non-GAAP financial measure used in the document. In this presentation, the Company may refer to some non-GAAP financial measures. For a reconciliation of these measures to the most comparable GAAP measures, refer to the press release that the Company has ma
Slide 22: Non-GAAP financial measures (2)
Non-GAAP financial measures (2) Management also presents tangible assets, tangible shareholders’ equity, average tangible shareholders’ equity, tangible book value per share, the ratio of tangible shareholders’ equity to tangible assets, return on average tangible shareholders’ equity, and operating
Slide 23: Forward-looking statements
Forward-looking statements This document contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding anticipated future e