Eastern Bankshares, Inc. (EBC) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Eastern Bank Shares, Inc. second quarter 2026 earnings conference call. Currently, all participant lines are in a listen-only mode. Following the prepared remarks, there will be a question and answer session. Please note, this event is being recorded for replay purposes. In connection with today's call, the company posted a presentation on its investor relations website, investor.easternbank.com. Thank you for joining us. The company will also discuss both GAAP and certain non-GAAP financial measures. For reconciliations, please refer to the company's earnings press release and SEC filings. I'd now like to turn the call over to Denis Sheahan, Eastern Chief Executive Officer. Thank you. Good morning and thank you for joining us. On the call with me today are Executive Chair and Chair of the Board of Directors Bob Rivers, President and Chief Operating Officer Quincy Miller, and Chief Financial Officer David Rosato. We are pleased with our strong second quarter performance, which reflects the enhanced earning power of the franchise and further reinforces Eastern's position as a premier bank in Greater Boston, one of the nation's largest and most affluent banking markets. Record operating net income increased 20% then quarter and 30% from a year ago, driving an operating return on average tangible common equity of 15.3%. Our results are a reflection of the priorities we have consistently communicated to investors, organically growing both banking and fee-based businesses and returning capital to shareholders. During the quarter, we grew loan balances and built healthy pipelines generated meaningful deposit growth, increased wealth management assets to another record level, and produced positive operating leverage. Combined with the return of a significant ...