Eastern Bankshares Inc (EBC) 2025 Q4 法說會逐字稿

Welcome to the Eastern Bank Shares Inc for quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加東方銀行股份公司2025年季度財報電話會議。（操作說明）

Please note this event is being recorded for relate purposes. In connection with today's call, the company posted a presentation on its investor relations website, investor.easternbank.com which will be referred referenced during the call.

請注意，本次活動將被錄像，用於相關用途。為配合今天的電話會議，該公司在其投資者關係網站 investor.easternbank.com 上發布了一份演示文稿，該文稿將在電話會議中提及。

Today's call will include forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance.

今天的電話會議將包含前瞻性陳述。公司提醒投資者，任何前瞻性聲明都涉及風險和不確定性，並不能保證未來的績效。

Actual results may differ maturely from those expressed or implied in the forward looking statements due to a variety of factors. These factors are described in the company's earnings press release and most recent 10-K filed with the SEC.

由於各種因素，實際結果可能與前瞻性聲明中明示或暗示的結果有顯著差異。這些因素在公司的獲利新聞稿和最近向美國證券交易委員會提交的 10-K 文件中均有描述。

Any forward-looking statements made represent management's views and estimates as of today, and the company undertakes no obligation to update these statements because of new information of future events. The company will also discuss both GAAP and certain non-GAAP financial measures.

任何前瞻性陳述均代表管理階層截至今日的觀點和估計，本公司不承擔因未來事件的新資訊而更新這些陳述的義務。本公司也將討論GAAP財務指標和某些非GAAP財務指標。

For reconciliation, please refer to the company's earnings press release. I would now like to turn the call over to Bob Rivers, Eastern Executive Chair and Chair of the Board of Directors.

如需核對，請參閱本公司發布的獲利新聞稿。現在我謹將電話交給東部執行主席兼董事會主席鮑伯·里弗斯。

Thank you, Julie. Good morning, everyone, and thank you for joining our call. We hope your 2026 is off to a great start. With me today is Eastern CEO, Denis Sheahan and our CFO, David Rosato. As we close out the fourth quarter, I want to take a moment to reflect on another successful year and share my thoughts on the future.

謝謝你，朱莉。各位早安，感謝各位參加我們的電話會議。祝您2026年有個美好的開始。今天陪同我的是 Eastern 的執行長 Denis Sheahan 和我們的財務長 David Rosato。在第四季即將結束之際，我想花點時間回顧一下又一個成功的一年，並分享我對未來的想法。

First, I want to welcome our new colleagues from Harbor One and express my sincere gratitude to all of our employees for their tremendous work throughout the year. It is their efforts that elevate Eastern's brand every day and make us distinctive as Eastern New England's hometown Bank.

首先，我要歡迎來自 Harbor One 的新同事，並衷心感謝所有員工一年來付出的巨大努力。正是他們的努力，才使得 Eastern 的品牌每天都在提升，並使我們成為新英格蘭東部地區獨樹一幟的本土銀行。

2025 was a terrific year for Eastern, highlighted by a 62% increase in operating earnings, strong organic loan growth, and a record level of wealth assets under management. We delivered strong financial metrics, continued to return capital to shareholders, and our share price outperformed the regional banking index.

2025 年對 Eastern 來說是輝煌的一年，其亮點包括營業收入成長 62%，強勁的內生貸款成長，以及創紀錄的財富資產管理規模。我們取得了強勁的財務指標，持續向股東返還資本，我們的股價表現優於區域銀行業指數。

Our results underscore the strength of our company, of our relationship banking model, and enhanced earnings power of the company. The merger with Harbor One was another important milestone in 2025. It strengthens our presence in key markets south of Boston and provides an entrance into Rhode Island at $31 billion in assets and a highly concentrated footprint.

我們的業績凸顯了我們公司的實力、我們以客戶為中心的銀行服務模式以及公司不斷增強的獲利能力。與 Harbor One 的合併是 2025 年的另一個重要里程碑。它鞏固了我們在波士頓以南主要市場的地位，並以 310 億美元的資產和高度集中的業務佈局進入羅德島。

We are the largest independent bank headquartered in Massachusetts and have the fourth largest deposit market share in Greater Boston. Our scale allows us to invest in the franchise and better serve our customers while preserving a nimble, community-focused approach.

我們是總部位於麻薩諸塞州的最大獨立銀行，在大波士頓地區擁有第四大存款市佔率。我們的規模使我們能夠投資特許經營，更好地服務客戶，同時保持靈活、以社區為中心的經營方式。

Looking ahead, we believe Eastern is well positioned for 2026 and beyond. Our foundation is firmly in place, and we have the size and scale to compete effectively. Now is the time for us to realize the full potential of what we have built to deliver organic growth and solid financial returns. As a result, we will not pursue any acquisitions as we are completely focused on organic growth and returning capital to our shareholders for the foreseeable future.

展望未來，我們相信東方航空已為 2026 年及以後的發展做好了充分準備。我們的基礎穩固，我們擁有足夠的規模和實力進行有效競爭。現在正是我們充分發揮自身潛力，實現有機成長和穩健財務回報的時候。因此，在可預見的未來，我們將完全專注於內生成長並向股東返還資本，不會進行任何收購。

We are excited about the organic growth opportunities we see in the market in both our banking and fee-based businesses and expect to continue returning excess capital through share repurchases and prudently growing the dividend.

我們對銀行業務和收費業務在市場上有機成長的機會感到興奮，並期望繼續透過股票回購和謹慎地提高股息來返還多餘的資本。

We believe this approach will deliver meaningful value to our shareholders. Now, I'll turn it over to Denis.

我們相信，這種做法將為我們的股東帶來實際的價值。現在，我把麥克風交給丹尼斯。

Thank you, Bob. I share Bob's comments in thanking the team for a successful 2025. We are well positioned entering 2026 to capture growth opportunities in our larger market, resulting in steady improvement in our profitability metrics.

謝謝你，鮑伯。我贊同鮑伯對團隊在 2025 年取得成功的感謝之情。進入 2026 年，我們已做好充分準備，抓住更大市場中的成長機遇，從而穩步提升獲利能力指標。

Our balance sheet is healthy, well capitalized, highly liquid, and well reserved. We are frequently asked about M&A, and I want to echo Bob's comments. Simply put, we are not focused on M&A. We have plenty of opportunities to organically grow the company's earnings and enhance profitability, and that is our focus.

我們的資產負債表健康，資本充足，流動性強，儲備充足。我們常被問到併購問題，我想附和鮑伯的觀點。簡而言之，我們並不專注於併購。我們有許多機會實現公司收益的有機成長和獲利能力的提升，這也是我們的重點。

We will allocate capital towards organic growth efforts and returning excess capital to shareholders while still maintaining appropriate capital levels. What excites me most is the organic growth opportunity ahead of us in both our legacy and newer markets. We see a significant runway to take share with our commercial banking and wealth management businesses and improve deposit growth.

我們將把資金用於內生成長，並將多餘的資金返還給股東，同時保持適當的資本水準。最令我興奮的是，無論是在我們傳統的市場或新興市場，我們都擁有巨大的有機成長機會。我們看到在商業銀行和財富管理業務方面有很大的市佔率成長空間，並能提高存款成長。

Strategic investments and hiring talent have been an important driver of growth. Eastern is a destination of choice for high caliber talent, particularly those with large bank experience. We offer the size to compete effectively yet are small enough for individuals to apply their expertise, make decisions, and feel a sense of ownership.

策略投資和人才引進一直是推動成長的重要動力。東方銀行是高素質人才的理想去處，尤其是那些擁有大型銀行工作經驗的人才。我們擁有足夠的規模來有效參與競爭，但規模又足夠小，可以讓個人發揮自己的專業知識、做出決策並感受到主人翁意識。

As a result, our lending teams, both new hires and long tenured relationship managers, remain energized. Our commercial lending platform is a key differentiator driven by the strength of our culture and capabilities. We can deliver the products and services expected from much larger banks while retaining the certainty of execution of local decision making and deep understanding of our customers and communities.

因此，我們的貸款團隊，包括新員工和資深客戶經理，都保持著飽滿的工作熱情。我們的商業貸款平台是一項關鍵的差異化優勢，這得益於我們強大的企業文化和能力。我們能夠提供大型銀行應有的產品和服務，同時保持在地決策執行的確定性，並深入了解我們的客戶和社區。

Our banking model continues to resonate with clients, reinforcing trust, building long-term relationships, and attracting new business. The positive impact of our renewed growth focus and investments in talent was evident in 2025.

我們的銀行服務模式持續受到客戶的認可，鞏固了客戶信任，建立了長期合作關係，並吸引了新的業務。2025年，我們重新聚焦成長和加大人才投入的正面影響已經顯現。

Excluding the merger impact, total loans grew a billion dollars, or 5.6% for the full year on a stand-alone basis, driven primarily by strong commercial lending results. The legacy Eastern commercial portfolio increased 6% from the beginning of the year, and pipelines remain solid heading into 2026.

不計合併的影響，全年貸款總額成長了10億美元，增幅達5.6%，主要得益於強勁的商業貸款業績。今年以來，東部傳統商業資產組合成長了 6%，管線建設在 2026 年依然穩健。

We originated $2.5 billion of commercial loans in 2025, with approximately half in commercial and industrial lending and half in commercial real estate. Wealth management is an important component of our long-term growth strategy, and the wealth demographics of our footprint provide significant opportunities.

2025 年，我們發放了 25 億美元的商業貸款，其中大約一半是商業和工業貸款，一半是商業房地產貸款。財富管理是我們長期成長策略的重要組成部分，而我們業務覆蓋區域的財富人口結構提供了巨大的機會。

We have been pleased with the integration of the Eastern and Cambridge wealth teams and the progress made strengthening alignment between our wealth and banking businesses. Wealth assets reached a record high of $10.1 billion at year end, including $9.6 billion in assets under management, driven by market appreciation and positive net flows.

我們對東部和劍橋財富管理團隊的整合以及在加強財富管理和銀行業務協調方面取得的進展感到滿意。受市場升值和正淨流入的推動，截至年底，財富資產達到創紀錄的 101 億美元，其中包括 96 億美元的管理資產。

Still a lot of work to do, but we are encouraged by the momentum and wealth and optimistic about the growth opportunities in the years ahead. Turning to capital, our ratios remain strong and well positioned to support our organic growth initiatives. At the same time, we recognize that given our profitability, we expect to generate capital in excess of what can be efficiently deployed through organic growth alone.

雖然還有很多工作要做，但我們對目前的勢頭和財富感到鼓舞，並對未來幾年的成長機會持樂觀態度。從資本方面來看，我們的各項比率依然強勁，完全有能力支持我們的內生成長計畫。同時，我們也意識到，鑑於我們的獲利能力，我們預計產生的資本將超過僅靠內生成長能夠有效部署的資本。

This dynamic reinforces our commitment to aggressively return excess capital to shareholders, primarily through share repurchases. That commitment was evident in the fourth quarter. As we repurchased 3.1 million shares for $55.4 million or 26% of the total authorization announced in October.

這種動態強化了我們積極向股東返還超額資本的承諾，主要透過股票回購來實現。第四季度，這種決心顯而易見。我們以 5,540 萬美元的價格回購了 310 萬股股票，佔 10 月宣布的總授權額的 26%。

We are committed to right sizing our capital through organic growth, share repurchases, and quarterly dividends. We ended 2025 with a [CET1] ratio of 13.2%. Assuming we execute the remainder of our existing share repurchase authorization, we estimate the CET1 ratio will decline to approximately 12.7% by June 30, at which point, we anticipate seeking an additional share repurchase authorization subject to regulatory approval.

我們致力於透過內生成長、股票回購和季度分紅來合理調整資本規模。2025 年末，我們的 [CET1] 比率為 13.2%。假設我們執行剩餘的現有股份回購授權，我們估計到 6 月 30 日，CET1 比率將下降至約 12.7%，屆時，我們預計將尋求額外的股份回購授權，但須獲得監管部門的批准。

We expect to continue to generate excess capital, but plan to manage our CET1 ratio towards the median of the KRX, which is currently 12%. We are pleased with our performance in 2025 and feel well positioned for 2026 and beyond. We believe that focusing on meaningful growth, organic growth opportunities we have in front of us, and returning excess capital, not M&A, will deliver meaningful value to shareholders for the foreseeable future. David, I'll hand it over to you to provide a review of our fourth quarter financials.

我們預計將繼續產生超額資本，但計劃將我們的 CET1 比率控制在 KRX 的中位數水平，目前為 12%。我們對2025年的表現感到滿意，並感覺為2026年及以後的發展做好了充分準備。我們相信，專注於有意義的成長、我們面前的內生成長機會以及返還多餘的資本，而不是併購，將在可預見的未來為股東帶來有意義的價值。大衛，接下來交給你來回顧我們第四季的財務狀況。

Thanks, Denis, and good morning everyone. I'll begin on slides 2 and 3 of the presentation. Q4 marked a strong finish to the year as we reported net income of $99.5 million or $0.46 per diluted share. Included in net income is a GAAP tax benefit related to losses from the investment portfolio repositioning completed in Q1 that accrued over the course of 2025 and non-operating merger-related costs in the fourth quarter.

謝謝你，丹尼斯，大家早安。我將從簡報的第2頁和第3頁開始。第四季業績強勁，為全年畫下圓滿句號，淨利達 9,950 萬美元，即每股攤薄收益 0.46 美元。淨收入包含與 2025 年 1 月完成的投資組合重新定位損失相關的 GAAP 稅收優惠，以及第四季度的非經營性併購相關成本。

Operating earnings of $94.7 million increased 28% quarter. On a per diluted share basis, operating earnings increased 19% to $0.44. Results benefited from the partial quarter impact of the merger, which closed on November 1 and reflected continued organic loan growth and return of capital to shareholders.

營業利潤為9,470萬美元，較上季成長28%。以稀釋後每股收益計算，營業利潤成長 19% 至 0.44 美元。業績受益於合併的部分季度影響，該合併於 11 月 1 日完成，反映了持續的內生貸款成長和向股東返還資本。

Looking at slide 4, we are pleased by the strength of quarterly trends across several key financial metrics, including operating ROA and operating return on average tangible common equity, reflecting stronger earnings performance and thoughtful balance sheet management.

從第 4 張投影片可以看出，我們對幾個關鍵財務指標的季度趨勢表現感到滿意，包括營運 ROA 和平均有形普通股營運回報率，這反映了更強勁的獲利表現和周全的資產負債表管理。

Operating ROA of 130 basis points for the fourth quarter is up 24 basis points from a year ago. While return on average tangible common equity of 13.8% increased from 11.3% over the same period. We continue to generate positive operating leverage as evidenced by an operating efficiency ratio of 50.1%, which improved from over 57% in the prior year quarter.

第四季營運資產報酬率為 130 個基點，比去年同期成長 24 個基點。同期，有形普通股平均回報率從 11.3% 成長至 13.8%。我們持續產生正面的經營槓桿效應，經營效率比率達到 50.1%，較上年同期的 57% 以上有所提升。

Moving to the margin on slide 5. Net interest income of $237.4 million $243.4 million dollars on an FTE basis, increased $37.2 million from Q3. The growth was driven by marginal improvement due to higher interest earning asset yields. Included in that interest income was net discount accretion of $22.6 million compared to $10 million in the third quarter, reflecting the Harbor One merger impact.

移至第 5 張投影片的頁邊空白處。淨利息收入為 2.374 億美元，以全職員工人數計算為 2.434 億美元，比第三季增加了 3,720 萬美元。成長主要得益於生息資產收益率提高所帶來的小幅改善。該利息收入中包含淨折價增值 2,260 萬美元，而第三季為 1,000 萬美元，反映了 Harbor One 合併的影響。

The margin of 361 was up 14 basis points from 347. The yield on interest earning assets increased 21 basis points while interest-bearing liability costs were up 4 basis points. That discount accretion contributed 34 basis points to the margin compared to 17 basis points in the prior quarter.

361的利差比347上升了14個基點。生息資產收益率上升了 21 個基點，而計息負債成本上升了 4 個基點。該折扣累積使利潤率提高了 34 個基點，而上一季為 17 個基點。

Turning the slide 6, non-interest income of $46.1 million, increased $4.8 million from the third quarter. Q4 results were highlighted by Mortgage banking income, which increased $2.9 million to $3 million as we benefited from the addition of Harbor One's mortgage banking operations.

翻到第 6 頁，非利息收入為 4,610 萬美元，比第三季增加了 480 萬美元。第四季業績的亮點是抵押貸款銀行業務收入，由於我們受益於收購 Harbor One 的抵押貸款銀行業務，該業務收入增加了 290 萬美元，達到 300 萬美元。

Investment advisory fees increased $1.1 million to $18.6 million due to higher asset values as wealth assets reached a record high. And interest rate swap income, which increased $500,000 to $1.4 million the highest level since the third quarter of 2023, which benefited from our hiring last year of an experienced leader to head up foreign exchange and derivative sales.

由於財富資產達到歷史新高，資產價值上漲，投資諮詢費增加了 110 萬美元，達到 1,860 萬美元。利率互換收入增加了 50 萬美元，達到 140 萬美元，這是自 2023 年第三季以來的最高水平，這得益於我們去年聘請了一位經驗豐富的領導者來負責外匯和衍生性商品銷售。

Turning to slide 7, we highlight wealth management, our primary fee business. Wealth assets reached a record high of $10.1 billion, including AUM of $9.6 billion, driven by market appreciation and positive net flows. Wealth fees in Q4 accounted for 40% of total operating non-interest income, which was lower than recent quarters. This was due to the addition of Harbor One, which did not have a wealth management business.

接下來請看第 7 張投影片，我們將重點放在財富管理，這是我們的主要收費業務。受市場升值和正淨流入的推動，財富資產達到創紀錄的 101 億美元，其中資產管理規模達 96 億美元。第四季財富管理費佔總營業非利息收入的 40%，低於最近幾季。這是由於收購了 Harbor One，而 Harbor One 本身並沒有財富管理業務。

Moving to slide A, non-interest expense was $189.4 million an increase of $49 million link quarter due to higher operating expenses and merger-related costs. Non-operating expenses of $33.4 million increased $30.2 million link quarter due to a $26.7 million increase in merger-related costs and a $3.5 million dollar lease impairment.

轉至幻燈片 A，非利息支出為 1.894 億美元，比上一季增加了 4,900 萬美元，原因是營運支出和併購相關成本增加。非經營性支出為 3,340 萬美元，比上一季增加了 3,020 萬美元，因為併購相關成本增加了 2,670 萬美元，以及租賃減損損失了 350 萬美元。

On an operating basis, expenses of $156.1 million increased $18.9 million due primarily to the addition of Fiber One. Moving to the balance sheet, starting with deposits on slide 9. Period end deposits totaled $25.5 billion an increase of $4.4 billion or 21% from Q3. Mostly due to the addition of $4.3 billion of Harbor One deposits.

以營運層面來看，支出為 1.561 億美元，增加了 1,890 萬美元，主要原因是新增了 Fiber One 公司。接下來看資產負債表，首先是第 9 頁的存款狀況。期末存款總額為 255 億美元，較第三季增加 44 億美元，增幅達 21%。主要原因是 Harbor One 新增了 43 億美元的存款。

$163 million of Harbor One brokered deposits matured in the quarter, and we anticipate the remaining 85 million to run off in Q1. Excluding the merger impact, deposits increased $20 million. Importantly, while still early, we have not experienced any material drawdowns of Harbor One deposits.

本季 Harbor One 經紀的存款中有 1.63 億美元到期，我們預計剩餘的 8,500 萬美元將在第一季到期。不計合併的影響，存款增加了2000萬美元。重要的是，雖然現在還處於早期階段，但我們尚未經歷 Harbor One 礦藏的任何實質下降。

Total deposit cost of 159 basis points increased modestly from the third quarter, primarily due to a mixed shift from the addition of the Harbor One deposit base, partially offset by pricing actions undertaken in the quarter. We are focused on growing deposits to support our funding strategy and remain disciplined in balancing the needs of our very strong deposit base with that of the margin.

總存款成本較第三季略微上升 159 個基點，主要原因是 Harbor One 存款基礎的增加導致成本出現好壞參半的變化，但部分被本季採取的定價措施所抵銷。我們專注於增加存款以支持我們的融資策略，並保持嚴謹的態度，在滿足我們非常強大的存款基礎的需求和保證金需求之間取得平衡。

Looking ahead, as we thoughtfully integrate the Harbor One deposit base, we anticipate deposit costs to remain slightly elevated. However, we will work deposit costs down and target deposit tatas like our experience during the most recent tightening cycle, or about 45% to 50%.

展望未來，隨著我們認真整合 Harbor One 的存款基礎，我們預計存款成本將保持在略高水準。不過，我們將努力降低存款成本，並將存款比例控制在最近一次緊縮週期中我們所經歷的水平，即 45% 到 50% 左右。

With lags relative to Fed actions. Turning the slide 10, period end loans increased $4.7 billion or 25% link quarter, primarily due to the addition of $4.5 billion of Harbor One loans, excluding the merger impact, loans increased $255 million or 1.4%, primarily due to continued strong commercial lending.

與聯準會的行動存在滯後性。翻到第 10 頁，期末貸款較上一季增加 47 億美元，增幅 25%，主要原因是 Harbor One 新增 45 億美元貸款；若不計合併影響，貸款增加 2.55 億美元，增幅 1.4%，主要原因是商業貸款持續強勁增長。

On a full year basis, organic loan growth was a billion dollars or 5.6%, driven by commercial and steady growth in consumer home equity lines. Heading into 2026, commercial pipelines remain solid. Slide 11 is an overview of our high-quality investment portfolio. The portfolio yield was up one basis point to [304] from Q3.

全年來看，有機貸款成長10億美元，增幅達5.6%，主要得益於商業貸款和消費者房屋淨值貸款的穩定成長。展望2026年，商業管道依然穩固。第 11 頁概述了我們的高品質投資組合。投資組合報酬率較第三季上升1個基點至[304]。

In addition, the AFS unrealized loss position ended the quarter at $259 million after tax compared to $280 million at September 30. In addition, securities acquired from Harbor One totaling $298 million were sold following the completion of the merger and the proceeds used to reduce Harbor One's wholesale funding.

此外，截至本季末，AFS 未實現虧損（稅後）為 2.59 億美元，而截至 9 月 30 日為 2.8 億美元。此外，合併完成後，從 Harbor One 收購的總計 2.98 億美元的證券被出售，所得款項用於減少 Harbor One 的批發融資。

Turning the slide 12. Our capital position remains strong as indicated by CET1 and TCE ratios of 13.2 and 10.4% respectively. As Denis stated earlier, we are committed to right sizing capital through organic growth, share repurchases, and quarterly dividends.

轉動投影片 12。我們的資本狀況依然強勁，CET1 和 TCE 比率分別為 13.2% 和 10.4%。正如丹尼斯之前所說，我們致力於透過內生成長、股票回購和季度分紅來合理調整資本規模。

This commitment was evident in Q4 with the repurchase of 3.1 million shares for $55.4 million for 26% of the authorization announced in October at an average price of [1,779], which was $0.44 below the [VWAp] for the quarter.

這項承諾在第四季度得到了體現，公司以 5,540 萬美元的價格回購了 310 萬股股票，佔 10 月宣布的授權額的 26%，平均價格為 [1,779]，比該季度的 [VWAp] 低 0.44 美元。

Our diluted common shares outstanding were 224.4 million as of the year end. Start 2026, we have repurchased an additional 635,000 shares from yesterday for a total cost of 12.3 million and now have 8.1 million shares remaining in our authorization that runs through the end of October.

截至年末，我們已發行的稀釋普通股為 2.244 億股。從 2026 年開始，我們已從昨天回購了 635,000 股，總成本為 1230 萬，目前在截至 10 月底的授權期限內，我們還有 810 萬股剩餘。

However, we currently anticipate completing the authorization around mid-year. Additionally, our board approved a $0.13 dividend for the first quarter. As displayed on slide 13, asset quality remains excellent, as evidenced by net charge-offs to average total loans of 18 basis points and reflects the quality of our underwriting and proactive risk management approach addressing issues prudently and quickly.

不過，我們目前預計將在年中左右完成授權。此外，董事會批准了第一季每股0.13美元的股息。如投影片 13 所示，資產品質依然優良，淨沖銷額與平均貸款總額之比為 18 個基點，這反映了我們承銷的品質以及積極主動的風險管理方法，能夠審慎而迅速地解決問題。

Non-performing loans increased as expected by $103 million link quarter, mostly due to $94 million of loans acquired from Harbor One that were thoroughly assessed and adequately reserved. We have very strong reserve coverage of 35% on these loans.

不良貸款如預期般增加了 1.03 億美元，與上一季相比，主要原因是收購了 Harbor One 的 9,400 萬美元貸款，這些貸款經過了徹底評估併計提了充足的準備金。我們為這些貸款配備了非常充足的準備金，覆蓋率高達 35%。

The Harbor One NPLs are largely driven by a handful of [largerre] loans across a mix of property types and one C&I loan. We expect to see resolution of several credits in the first half of 2026. Others may take longer, but we have action plans for each loan, and our managed asset group has strong experience in working through acquired non-accruing loans.

Harbor One 的不良貸款主要由少數幾筆[金額較大]的貸款（涵蓋多種房產類型）和一筆工商業貸款所致。我們預計在 2026 年上半年將解決幾項信貸問題。其他貸款可能需要更長時間，但我們對每筆貸款都有行動計劃，而且我們的資產管理團隊在處理已收購的非應計貸款方面擁有豐富的經驗。

Reserve levels remain strong as demonstrated by an allowance for loan losses of $332 million or 144 basis points of total loans. These metrics are up from 233 million or 126 basis points at the end of Q3 due to the initial allowance established for acquired Harbor One loans.

儲備水準依然強勁，貸款損失準備金為 3.32 億美元，相當於貸款總額的 144 個基點。由於對收購的 Harbor One 貸款提列了初始準備金，這些指標較第三季末的 2.33 億或 126 個基點有所上升。

Criticized and classified loans of 793 million or 5% of total loans increased from 495 or 3.8% of total loans at the end of Q3. The increase is entirely from Harbor One Loans as Eastern Legacy criticized and classified loans decrease $23 million. Finally, we booked a provision of $4.9 million down from $7.1 million in the prior quarter.

受到批評和分類的貸款為 7.93 億筆，佔貸款總額的 5%，而第三季末為 4.95 億筆，佔貸款總額的 3.8%。此次成長完全來自 Harbor One Loans，Eastern Legacy 對此提出批評，並將貸款分類減少了 2,300 萬美元。最後，我們提列了 490 萬美元的準備金，低於上一季的 710 萬美元。

On slides 14 and 15, we provide details on total CRE and CRE investor office exposures. Total commercial real estate loans are $9.5 billion. Our exposure is largely within local markets. That we know well and is diversified by sector. The largest concentration is the multi-family at $3.1 billion, which is a strong asset class in Greater Boston due to ongoing housing shortages.

在第 14 和 15 張幻燈片中，我們提供了有關商業房地產總敞口和商業地產投資者辦公大樓敞口的詳細資訊。商業房地產貸款總額為95億美元。我們的業務主要集中在本地市場。我們對此非常了解，並且業務涵蓋多個領域。其中規模最大的是多戶住宅，價值 31 億美元，由於大波士頓地區持續的住房短缺，多戶住宅是該地區的強勁資產類別。

Within our eastern legacy portfolio, we have had no multi-family non-performing 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 is now $1.1 billion, or 5% of our total loan book, with the addition of Harbor One.

在我們的東部傳統資產組合中，過去十多年來，我們沒有多戶住宅不良貸款，也沒有出現任何核銷。我們仍然專注於投資者辦公大樓貸款。加上 Harbor One，該投資組合目前為 11 億美元，占我們貸款總額的 5%。

Criticized and classified loans of $178 million or about 16% of total investor office loans compared to $138 million or 17% of total investor loans at the end of Q3. In addition, our reserve level of 5% remains conservative. Before discussing our 2026 outlook, I want to briefly review the Harbor One merger financial starting off slide 16.

受到批評和分類的貸款金額為 1.78 億美元，約佔投資者辦公貸款總額的 16%，而第三季末的貸款金額為 1.38 億美元，約佔投資者貸款總額的 17%。此外，我們5%的儲備水準仍然保持保守。在討論我們 2026 年的展望之前，我想先簡單回顧一下 Harbor One 合併的財務狀況，從第 16 張投影片開始。

We are on track to achieve the merger-related financial targets set forth at the time of our announcement last year. Notably, as indicated on our third quarter call, we early adopted the Cecil Accounting Standard ASU 202,508, which marginally reduced accretion and marginally helped tangible book value due to the elimination of the day to credit reserve.

我們正按計畫實現去年宣布合併時設定的與合併相關的財務目標。值得注意的是，正如我們在第三季電話會議上所指出的，我們提前採用了 Cecil 會計準則 ASU 202,508，由於取消了貸方準備金，略微減少了增值，並略微提高了有形賬面價值。

Slide 17 outlines the final purchase accounting adjustments relative to estimates at time of announcement. These came in as expected. The interest rate fair value mark on loans of $246 million was modestly higher than estimated at announcement. The credit mark of $104 million at closing was spot on.

第 17 頁概述了相對於公告發佈時的估計值的最終購買會計調整。這些物品如期送達。2.46億美元貸款的利率公允價值標記略高於公告時的估計值。交易完成時1.04億美元的信用額度完全準確。

Consistent with expectations and the result of a very thorough review of Harbor One of the Harbor One loan portfolio. On slide 18, we provide an estimated schedule of accretion and amortization for the fair value marks that will impact earnings going forward from the Harbor One merger. Most notable is the accretion of the discount on acquired loans. We expect this will create net interest income of approximately $12 million to $13 million each quarter for the next year.

與預期一致，這是對 Harbor One 貸款組合中的 Harbor One 進行非常徹底審查的結果。在第 18 頁，我們提供了 Harbor One 合併後將影響未來收益的公允價值標記的增值和攤銷的估計時間表。最值得注意的是收購貸款的折價不斷累積。我們預計這將使公司在未來一年的每個季度產生約 1,200 萬至 1,300 萬美元的淨利息收入。

For acquisitions prior to Harbor One, we anticipate accretion will provide net interest income of approximately $9 million to $10 million per quarter in 2026. We have modeled the loan accretion schedule based on the best information we have available, but actual accretion recognized is subject to loan prepayments over time.

對於 Harbor One 先前的收購，我們預計到 2026 年，增值將帶來每季約 900 萬至 1,000 萬美元的淨利息收入。我們根據現有最佳資訊建立了貸款增值計劃模型，但實際確認的增值會隨著時間推移而受到貸款提前償還的影響。

We provided a similar schedule following the close of the Cambridge transaction and the actual results have been generally consistent with our projections, which reinforces our confidence in these estimates. Also provided on slide 18 is the expected amortization of the core deposit intangible for harbor one. Which will be reported in non-interest expense. We anticipate this non-cash expense to be approximately $8 million to $9 million per quarter over the next year.

在劍橋交易完成後，我們提供了類似的計劃，實際結果基本上與我們的預測一致，這增強了我們對這些預測的信心。第 18 頁也提供了港口一號核心存款無形資產的預期攤銷。這將計入非利息支出。我們預計未來一年內，這項非現金支出每季約為 800 萬至 900 萬美元。

We are focused on merger integration and ensuring a smooth transition for customers and employees while capturing the projected cost savings and other long-term benefits of the transaction. As a reminder, the core system conversion is scheduled for February.

我們專注於合併整合，確保客戶和員工平穩過渡，同時實現交易預計的成本節約和其他長期收益。再次提醒，核心系統轉換計畫於二月進行。

On slide 19, we provide our full year outlook for 2026. Low growth for 2026 is anticipated to be 3% to 5% and deposit growth of 1% to 2%. Based on market forwards as of year end we anticipate net interest income to be in the range of $1.02 billion to $1.05 billion with a full year FTE margin of 3.65% to 3.75%.

第 19 頁，我們提供了 2026 年全年展望。預計 2026 年經濟成長率將保持在 3% 至 5% 的水平，存款成長率將保持在 1% 至 2% 的水平。根據年底的市場預期，我們預計淨利息收入將在 10.2 億美元至 10.5 億美元之間，全年 FTE 利潤率為 3.65% 至 3.75%。

While provision will be based on the evolution of credit trends in 2026, we currently expect $30 million to $40 million of provision expense. Operating non-interest income is expected to be between $190 million and $200 million.

雖然撥備將根據 2026 年信貸趨勢的發展而定，但我們目前預計將撥備支出為 3,000 萬美元至 4,000 萬美元。預計營業非利息收入將在 1.9 億美元至 2 億美元之間。

This assumes no market appreciation impacting our wealth management business. Also, fee income is seasonally weaker in the first quarter and grows in subsequent quarters. Operating non-interest expense should be in the range of $655 million to $675 million.

這假設市場升值不會對我們的財富管理業務產生影響。此外，手續費收入在第一季通常較為疲軟，隨後幾季會逐漸成長。經營性非利息支出應在 6.55 億美元至 6.75 億美元之間。

As a reminder, Q1 expenses are impacted by seasonally higher payroll and benefit costs of approximately $2 million to $3 million. We expect the full year tax rate on an operating basis of approximately 23%. We will maintain a strong capital position as we manage our CET1 ratio towards 12%.

提醒各位，第一季支出受季節性薪資和福利成本增加的影響，約 200 萬至 300 萬美元。我們預計全年營運稅率約為 23%。我們將維持強勁的資本實力，並將一級資本適足率控制在 12% 以內。

Continuing our 2026 outlook on slide 20, we have significant capital return opportunities. We believe focusing on organic growth within our existing footprint, returning capital through share repurchases, and prudently growing the dividend and not pursuing acquisitions will deliver meaningful value to shareholders for the foreseeable future. This concludes our comments, and we will now open up the line for questions.

繼續我們在第 20 頁幻燈片中對 2026 年的展望，我們擁有巨大的資本回報機會。我們相信，在可預見的未來，專注於現有業務範圍內的有機成長，透過股票回購返還資本，謹慎地提高股息，而不是進行收購，將為股東帶來有意義的價值。我們的演講到此結束，現在我們將開放提問環節。

Thank you.

謝謝。

(Operator Instructions) Feddie Strickland, Hovde.

（操作說明）Feddie Strickland，Hovde。

Hey, good morning. Just wanted to drill down on the margin. Appreciate the guide, but is the idea that we maybe see the core margin relatively flat, near term as you focus on growing deposits and holding on to the Harbor one deposits, and then maybe we see more expansion later in the year.

嘿，早安。只是想深入研究一下邊際效應。感謝您的指導，但您的意思是，由於您專注於開發新礦藏並保留 Harbor 一號礦藏，我們可能會看到核心利潤率在短期內相對平穩，然後我們可能會在今年晚些時候看到更大的擴張嗎？

Hey, Fetty, it's David. Yes, that is, that is accurate. Our margin forecast does ramp up. Each marginally each quarter accelerates a little bit in the back half of the year, just as a reminder, we that forecast is based on market forwards of two rate cuts. In June and September, so the impact as if those two cuts come to be, steeper yield curve and margin expansion.

嘿，Fetty，我是David。是的，沒錯。我們的利潤率預測確實有所提高。每年下半年，每季都會略微加速成長。需要提醒的是，我們的預測是基於市場對兩次降息的預期。如果6月和9月這兩次降息真的發生，那麼影響將是殖利率曲線更加陡峭，利潤率擴張。

Great, thanks, David. And just one more if you could talk about pipeline mix today and what percentage of maybe C&I versus owner occupied [Siri], not owner occupied Siri, when heOs we might see, in terms of loan growth over the next couple of quarters.

太好了，謝謝你，大衛。還有一個問題，如果您能談談今天的貸款組合，以及商業和工業貸款與自住房屋（Siri）的百分比，或者非自住房屋（Siri），我們可能會在未來幾個季度看到貸款增長的情況。

Yeah, Fetty, it's Denis here. We, the pipeline remains strong, across our different commercial businesses, whether it's commercial real estate, community development lending, and C&I. It's down somewhat from our peak, which was during the fourth quarter, but we have a good mix. It's.

沒錯，Fetty，我是Denis。我們各個商業業務的管道依然強勁，無論是商業房地產、社區發展貸款或工商業貸款。雖然比第四季的峰值有所下降，但我們的產品組合仍然不錯。它是。

About A little bit more than 50% between CRE and community development lending and the other say 45% is C&I. We had a lot of closings here to end the year, so we would, it's good, we'll expect it to continue to grow, certainly in first and second quarter.

商業房地產和社區發展貸款約佔 50% 多一點，其餘約 45% 為工商業貸款。今年年底我們這裡有很多店鋪關門，所以，這是好事，我們預計它會繼續成長，尤其是在第一季和第二季。

All right, great, thanks. I'll step back in the queue.

好的，太好了，謝謝。我重新排隊。

Thank you. Damon DelMonte, KBW.

謝謝。Damon DelMonte，KBW。

Hey, good morning guys. Hope everybody's doing well today. So just curious on the outlook for the provision of $30 million to $40 million. Just wondering if that's, higher than we saw this year for realized provision. Just kind of curious on your thoughts of the credit landscape and are you sensing there's some softness which is leading you to kind of step that up on a year over year basis?

嘿，各位早安。希望大家今天都過得愉快。所以，我只是好奇3000萬至4000萬美元撥備的前景如何。想知道這個數字是否高於我們今年實際撥備水準。我很好奇您對信貸環境的看法，您是否感覺到信貸市場有些疲軟，因此您決定逐年加大信用力度？

The guidance is similar to what we gave last year and then in '25, we outperformed the guidance. Our thoughts are generally the same. We tend to leave lean a little conservative, and hope to outperform what we have there. But I wouldn't read too much into concerns that we have on the credit front.

去年的業績指引與我們去年給出的指引類似，而2025年我們的業績則超過了指引。我們的想法大致上是一致的。我們傾向於採取稍微保守的策略，並希望能夠超越我們現有的績效。但我認為不必過度解讀我們在信貸方面的擔憂。

Yeah, we're not seeing Damon, Denis here. We're not seeing any material shift in our credit metrics, credit trends in the marketplace. I think as David said, he outlined sort of the rationale for the provision, but but there's nothing underneath it that has us concerned.

是的，我們這裡沒看到達蒙和丹尼斯。我們的信貸指標和市場信貸趨勢都沒有出現任何實質變化。我認為正如大衛所說，他大致闡述了這項規定的理由，但其中並沒有什麼讓我們擔心的地方。

Okay, great. And then just given the timing of the deal closing, during the quarter, David, can you give us a little guidance on what a pro forma average earning asset base would be in the first quarter also considering that you paid off some, brokered CDs and wholesale stuff, from the Harbor One side.

好的，太好了。鑑於交易完成的時間點，也就是本季度，David，你能否給我們一些指導，說明第一季的預期平均獲利資產基礎是多少？同時也要考慮到你償還了 Harbor One 的一些經紀 CD 和批發業務的款項。

Sure, Damon, I, the That there was very modest deleveraging, as in the securities portfolio it was $298 million. So I would take the period and balance sheet and the 1,231 and then the growth numbers that we've laid out for loans and deposits. The only thing I'd add to that would be.

當然，達蒙，我，確實存在著非常溫和的去槓桿化，證券投資組合的去槓桿化規模為 2.98 億美元。因此，我將參考期間和資產負債表，以及 1,231，然後參考我們列出的貸款和存款成長數字。我唯一要補充的是：

A slight uptick, maybe 1% of total assets in the securities portfolio, but that'll be throughout the year. We haven't been reinvesting in bonds for a while, so, we're going to, we're targeting about 15% of total assets and securities, so a little growth there.

證券投資組合可能會略有成長，大概佔總資產的 1%，但這會在全年持續成長。我們已經有一段時間沒有再投資債券了，所以我們打算將債券投資額提高到總資產和證券的 15% 左右，以實現小幅成長。

Got it. Okay, great, that's all I have for now. Thank you.

知道了。好的，太好了，我目前只有這些。謝謝。

And Damon, just one other thought is similar to this year, residential mortgage balances will be basically flat. So the growth will come as Denis said in commercial and then key locks consistent with 2025.

達蒙，還有一點想法，與今年類似，房屋抵押貸款餘額將基本保持不變。因此，正如丹尼斯所說，成長將出現在商業領域，然後是與 2025 年一致的關鍵鎖具。

Got it. Thank you.

知道了。謝謝。

Gregory Zingone, Piper Sandler.

格雷戈里·津戈內，派珀·桑德勒。

Good morning, guys. Sorry that Mark couldn't be on the call this morning. I first question, nice quarter on the AUM growth. Would you be able to break out the growth between market appreciation and the net flows?

各位早安。很抱歉馬克今天早上沒能參加電話會議。我首先要問的是，本季資產管理規模成長不錯。您能否將市場升值和淨流入之間的成長分開分析？

Yeah, we had about $200 million of net flows in the fourth quarter, really strong, good momentum building in terms of the integration of the business here at Eastern, referrals from our colleagues across the bank, whether it be from the commercial banking division, or the retail division into wealth management or building nicely. So we're very pleased with the progress there and, hopefully that will continue into 2026.

是的，我們在第四季度淨流入約 2 億美元，非常強勁，在 Eastern 的業務整合方面勢頭良好，來自全行同事的推薦，無論是來自商業銀行部門還是零售部門，都很好地推動了財富管理業務的發展。因此，我們對這方面的進展非常滿意，希望這種勢頭能延續到 2026 年。

Awesome, and then pivoting back to credit for a second, would you be able to give us a little more color on those non-performing credits, maybe including whether or not, these loans were located in downtown Boston?

太棒了！接下來我們再回到信貸的話題，您能否詳細介紹一下這些不良信貸的情況，例如這些貸款是否位於波士頓市中心？

Sure, it they First of all, they're not located in downtown Boston. The NPLs were completely driven by Harbor One. And what I would point you to, it, it's they're mostly Creed, there's one C&I loan in there. There's no surprises in there whatsoever to us. We followed these loans from the beginning of due diligence all the way through to today.

當然，首先，它們並不位於波士頓市中心。這些不良貸款完全是由Harbor One推動的。我想指出的是，它們大部分是Creed的貸款，只有一筆是商業和工業貸款。對我們來說，這裡面沒有任何意外。我們從盡職調查之初就一直跟踪這些貸款，直到今天。

We have plans, resolution plans for each one of those. Some will actually be resolved, this quarter. And I point you to the originally telegraphed credit mark and the final credit mark, which is exactly the same. So there was no surprise whatsoever. In that book.

針對這些問題，我們都有相應的計劃和解決方案。有些問題本季就能解決。我向你們指出最初發布的版權標記和最終的版權標記，它們完全相同。所以，這完全在意料之中。在那本書裡。

And at what point in your workout phase would you guys entertain a larger size loan sale for any of these portfolios whether they're nonperforming or criticized?

在你們的重組階段，你們會在什麼情況下考慮對這些投資組合進行更大規模的貸款出售，無論這些投資組合是不良的還是受到批評的？

We don't see, we don't see that as necessary here. We certainly, in terms of resolving the loans, you might look at individual loan sales, but we don't think that this is significant enough to entertain sort of a blanket portfolio sale.

我們認為，在這裡沒有必要這樣做。當然，就解決貸款問題而言，我們可以考慮單獨出售貸款，但我們認為這個問題還不夠嚴重，不值得考慮進行整體資產組合出售。

Again, as David said, we have these well identified through the merger process, the merger evaluation. So these loans are being closely monitored by Harbor One. They may not have been non-accruing, but there's some deterioration that we expected, and that's why we had a significant credit mark in those, and that was part of our overall evaluation, of the firm and of the merger. So we, we're confident in our ability to resolve these here relatively quickly, and we don't think we need to do any kind of a bulk portfolio sale.

正如大衛所說，我們已經透過合併過程和合併評估很好地確定了這些問題。因此，Harbor One 正在密切監控這些貸款。它們可能並非完全不計息，但出現了一些我們預料之中的惡化情況，這就是為什麼我們對這些貸款計提了較高的信用評級，這也是我們對該公司和此次合併進行整體評估的一部分。因此，我們有信心能夠相對迅速地解決這些問題，我們認為不需要任何形式的大宗資產組合出售。

Awesome, that's all for me thanks guys.

太棒了，我的情況就這些了，謝謝大家。

Thanks, Greg. Thanks, Greg.

謝謝你，格雷格。謝謝你，格雷格。

(Operator Instructions) Laurie Hunsicker, Seaport Research.

（操作說明）Laurie Hunsicker，Seaport Research。

Yeah, hi, good morning, Denis and David and Bob. So David, if I could just come back to you on, margin, just a couple of things here. When in the quarter did you guys do the whole investment portfolio repositioning on H1?

是的，嗨，早安，丹尼斯、大衛和鮑勃。所以大衛，我可以再跟你確認一下利潤率方面的一些問題嗎？你們是在上半年的哪個季度進行了整個投資組合的重新調整？

Right out of the shoot, so the first couple of days of November.

剛開拍不久，也就是11月的前幾天。

Perfect. Okay, cool. And then do you have a spot margin for December?

完美的。好的，明白了。那麼，你們12月份有現貨利潤空間嗎？

I do, similar to, I think two quarters ago. Let me give you an adjusted spot margin because there was a bunch of accretion that came through in December. I think the most representative number would be 364 for December.

是的，和大約兩個季度前的情況類似。讓我給你一個調整後的現貨利差，因為12月份出現了大量的增發。我認為12月最具代表性的數字是364。

So the facts, yeah, I, no, so what I was going to say is just the basis point below the lower end of our margin guidance, and together with the comments I said that the margin will incrementally creep up over the course of the year.

所以事實是，是的，我，不，所以我本來想說的是，比我們利潤率預期下限低一個基點，結合我之前的評論，利潤率將在今年逐步上升。

Got you. Okay. And then just looking at slide 18, love this slide, really appreciate you including it. So your actual accretion impact, the [11.4], that's 17 basis points on margin, and I looked for 4, first quarter, so it looks like that's going to be about 20 basis points or so. Kind of that's the run rate 19 basis points to 20 basis points of a Christian income on margin, is that correct? So, just thinking about your guide of[ 365 to 375], that's obviously inclusive of that just making double sure here.

抓到你了。好的。然後我看了第 18 張投影片，很喜歡這張投影片，非常感謝你把它放進來。所以，實際的加值影響是 [11.4]，也就是利潤率的 17 個基點，我查了一下第一季的 4，所以看起來大概是 20 個基點左右。基督徒的利潤率大概是 19 到 20 個基點，是這樣嗎？所以，我剛才想到了你的指南[365 到 375]，這顯然包括了這一點，我再確認一下。

Yes, the guide includes the numbers you see on slide 18. Again, I just want to caution everyone, there's variability quarter to quarter. If you go back to third quarter, second quarter, and third quarter of last year, we had a $6.5 million dollar swing, late quarter. So this is our best estimate, based on, a lot of analytical work and what happened.

是的，指南中包含了您在第 18 頁投影片上看到的數字。我再次提醒大家，每季都會有波動。如果回顧去年第三季、第二季和第三季度，我們會發現季末出現了 650 萬美元的波動。所以，這是我們根據大量的分析工作和實際發生的事情所做的最佳估計。

So there's variability quarter to quarter in Cambridge Trust, Life of the deal, we're basically spot on. That's the good news. But it will bounce around each quarter.

所以劍橋信託基金每季都會有波動，但在交易的整個生命週期內，我們的預測基本上是準確的。這是個好消息。但每季都會有波動。

And to be clear Laurie, this is what you see in the schedule is the accretion for Harbor One, as David indicated in his comments, there's an additional $9 to $10 million of accretion from former mergers, that being mostly Cambridge but also Century.

勞裡，需要說明的是，你在表格中看到的是 Harbor One 的增值，正如大衛在他的評論中指出的那樣，還有來自先前合併的 900 萬至 1000 萬美元的額外增值，其中大部分是 Cambridge，但也包括 Century。

Yeah, thank you, Denis and large, just make sure you read the footnotes everyone read the footnotes because we've laid out the remaining accretion and amortization expense for each deal.

是的，謝謝 Denis 和 Large，請務必閱讀腳註，因為我們已經列出了每筆交易的剩餘增值和攤銷費用。

Okay, sorry, where is that?

好的，不好意思，那在哪裡？

It's just the footnotes, the bottom of page 18.

只是第 18 頁底部的註腳。

Oh right, okay, got you. Okay, and then just going back over to credit, I just want to make sure I got right, so looking at the increase in the commercial non-performers from $51 million to $147 million, $96 million, $94 million came from H1y, and that's 35% reserved.

哦，好的，明白了。好的，然後我們再回到信貸方面，我想確認一下我理解得是否正確，商業不良貸款從 5100 萬美元增加到 1.47 億美元，其中 9600 萬美元和 9400 萬美元來自上半年，佔 35%。

Yes.

是的。

Okay, and then as we look throughout the year, you said you'd reduce it. Can you just help us think about, when is that $94 million gone?

好的，然後隨著我們全年的觀察，你說過你會減少它。你能幫我們想想，這9400萬美元是什麼時候消失的嗎？

It's, that's difficult to answer. I know it's a handful of loans. I know there will be some resolutions in the 1 and second quarter. Yeah, I can't be more specific than that. We were, we, I would point you back to our experience with Cambridge Trust. We had an initial jump up in NPLs and we worked those down quite quickly. It took a couple quarters, but.

這個問題很難回答。我知道只是幾筆貸款。我知道第一季和第二季會有一些決議出台。是的，我不能提供更具體的資訊了。我們當時的情況是，我會建議您回顧我們與劍橋信託基金的經驗。初期不良貸款數量有所上升，但我們很快就將其降至較低水平。雖然花了幾個季度，但是。

A year after that deal, all that stuff had been worked through, and I would expect similar experience here, maybe even a little faster.

一年後，所有那些事情都已解決，我預計在這裡也會有類似的經歷，甚至可能更快。

Perfect. And then NDFI exposure, do you have an update there?

完美的。關於非存款類金融機構（NDFI）的風險敞口，您有最新的情況說明嗎？

Yeah, I mean, it's, Laurie, it's still, it's in the same ballpark, a little over $500 million. And again, for us, a big chunk of this is affordable housing, it's lending to organizations that provide affordable housing in the state.

是的，我的意思是，勞裡，它仍然，它還在同一個範圍內，略高於 5 億美元。再次強調，對我們來說，這其中很大一部分是經濟適用房，是向州內提供經濟適用房的組織提供貸款。

That's about $120 million of that half a billion dollars. There's another $250 million is to REITs that, lend in our market. These are direct loans that we look at and we underwrite, right alongside the REIT. It's in a multi-family space, largely.

那大約是五億美元中的一億二百萬美元。還有另外 2.5 億美元將流向在我們市場放款的房地產投資信託基金 (REITs)。這些是我們與房地產投資信託基金一起審核和承銷的直接貸款。它主要位於多戶住宅區內。

And then there's about $100 million of asset-based lending. That are fully followed asset-based, credits. So, it's not a particularly large segment for us and that constitutes the composition of the portfolio.

此外，還有約 1 億美元的資產抵押貸款。這些都是完全遵循的基於資產的信貸。因此，這部分業務對我們來說並不特別大，這也構成了我們投資組合的組成。

Right, okay, and then just shifting over here, the $3.5 million lease impairment, where is that showing up exactly? Is that a credit against your other and non-interest income or is that sort of separate sale of other assets category where you, where is that line?

好的，那麼接下來我們來看看這邊，350萬美元的租賃減值，它具體體現在哪裡呢？這是抵扣你的其他非利息收入，還是屬於其他資產出售的單獨類別？這條界線在哪裡？

Runs through the non-operating expense line. So it was Yeah, it was a building.

計入非經營性費用。是的，那是一棟建築物。

But on the income statement, it's through the non-operating expense, yes.

但在損益表中，它是透過非經營費用體現出來的，是的。

Okay. Okay, it's in that other, okay, and then can you just talk a little about you had a, you had a drop in that sort of the, within sort of other broken out at the end, the sale of other assets, the loss of 700,000, what's that relative to it was 1.5 last quarter? Yeah.

好的。好的，它在另一個部分，好的，然後你能稍微談談你們的情況嗎？你們在那方面有所下降，在最後單獨列出，出售其他資產，損失了 70 萬美元，這相對於上個季度的 1.5 萬美元來說是多少？是的。

That was just the associated leasehold improvements in that building that had the operated that had the lease. So, there's two components.

那隻是該建築物內相關的租賃改良費用，該建築物由承租人經營。所以，它包含兩個部分。

Okay. And how should we think about that running?

好的。我們該如何看待這種跑步行為？

One time event.

一次性事件。

Okay, so that line should run zero-ish.

好的，那一行應該接近零。

Yeah, okay. Okay. And then last question, Denis, to you, Can you just share a little bit about, and this maybe kind of circles back to Holco. I realized you're not probably going to come, but again, your outlook. Page 20, last bullet, not pursuing acquisitions, all in bold.

好的。好的。最後一個問題，丹尼斯，可以簡單介紹一下嗎？這可能又和霍爾科有點關係。我知道你可能不會來，但是，你的想法真好。第 20 頁，最後一點，不進行收購，全部以粗體顯示。

I mean, I think that's great. It's certainly more definitive than we were last quarter, so directionally, you've gotten stronger on that. Can you just share a little bit about your thinking around that and how you've come to be and certainly we love that you're leaning more into buybacks, but just can you share a little bit about how you came to this position?

我覺得這很棒。這肯定比我們上個季度的情況更加明確，所以從方向上看，你們在這方面已經變得更強了。您能否簡單分享一下您在這方面的想法，以及您是如何形成這種觀點的？我們當然很高興您越來越傾向於股票回購，但您能否簡單分享一下您是如何形成這種觀點的？

Well, we, we've outlined, Laurie, just look, we're not pursuing acquisitions. We're entirely focused on the growth of this company, the organic growth. We're excited about the potential in each of our businesses.

嗯，我們已經說過了，勞裡，你看，我們不打算進行收購。我們完全專注於公司本身的成長，即有機成長。我們對旗下各業務的潛力都感到非常興奮。

That's what we're leaning into. We recognize, returning capital to our shareholders is the best use in terms of that excess capital. And so we're leaning heavily into buybacks, as I said in my comments, we think we'll manage our CET. Ratio down over time towards 12%, which is pretty significant decline from where it is today, and we still think it leaves us with very comfortable and safe capital levels, so we're going to lean into buybacks, we're going to do all the blocking and tackling of growing this business one customer at a time, and that's what we're looking forward to and we're just, we're not pursuing acquisitions.

這就是我們努力的方向。我們認識到，將資本返還給股東是利用盈餘資本的最佳方式。因此，正如我在評論中所說，我們正在大力進行股票回購，我們認為我們可以控制我們的CET（中央等效期）。隨著時間的推移，該比率下降至 12%，與目前的水平相比，這是一個相當大的降幅，我們仍然認為這使我們擁有非常舒適和安全的資本水平，因此我們將傾向於股票回購，我們將腳踏實地，一步一個腳印地發展這項業務，贏得每一個客戶，這就是我們所期待的，我們只是不尋求收購。

Great, thanks for the details.

太好了，謝謝你提供的詳細資訊。

Sure.

當然。

Janet Lee, TD Cowen.

Janet Lee，TD Cowen。

Good morning.

早安.

Morning. Morning, Shannon.

早晨。早上好，香農。

For, I don't know if this is talked about yet, for your fee income, could there be, where do you see better upside as in, did you also talk about what you would do with Harbor One's mortgage banking business? Would you be beneficiary of, if mortgage?

我不知道這個問題之前有沒有人討論過，就您的費用收入而言，您認為哪裡有更大的發展空間？您之前有沒有討論過如何處理 Harbor One 的房貸銀行業務？如果抵押貸款，您會是受益人嗎？

Comes back more fully if the rates were to go down a little more, and what's sort of your outlook for other fee income line for the investment advisory business fees or others that could be that could potentially surprise to the upside versus where you have on your guide.

如果利率再下降一些，收益將會更加豐厚。您對投資諮詢業務費用或其他可能超出預期、帶來驚喜的收入來源有何展望？

Sure, Janet. So I caught out in my comments that the guy was assuming no market appreciation in the wealth management business. So you can make a judgment of expected Returns of the S&P 500 and if it's up, there's additional fee income that'll be derived there. So I wanted to make sure we're clear about that. The, I think.

當然可以，珍妮特。所以，我在評論中指出，這個人認為財富管理業不會有市場升值空間。因此，您可以對標普 500 指數的預期收益做出判斷，如果它上漲，就會產生額外的費用收入。所以我想確保我們對這一點理解清楚。我想是這樣的。

Over time, the income from Harbor One's mortgage business will probably be 8% to 10% of. Total fee income, we will. You're right, we would be a large beneficiary if there's a drop in rates. There's an increase in refi activity or even purchase activity. We're not counting on that, we're that we're not, we're time will tell if that's true. It's a highly efficient, well-oiled business that they run. We're still in the process of integrating that, in, into Legacy Eastern.

隨著時間的推移，Harbor One 抵押貸款業務的收入可能會占到總收入的 8% 到 10%。總費用收入，我們將…你說得對，如果利率下降，我們將是最大的受益者。再融資活動甚至購屋活動都有增加。我們並不指望這一點，我們確實沒有，時間會證明是否如此。他們經營的是一家高效率運作、組織嚴密的企業。我們仍在將其整合到 Legacy Eastern 的過程中。

They, that business will be part of the system conversion next month. But it gives us an option on fee income and it also gives us an option on the ability to feed our balance sheet with residential mortgage if we ever choose to do so. That's not, as I said, our ex to Damon, our expectation is we're going to keep our residential mortgage portfolio flat. In 2026, just as we did in 2025, and favor [HELOC] and commercial loan growth.

該業務將於下個月進行系統轉換。但這為我們提供了手續費收入的選擇，也為我們提供了在將來選擇透過房屋抵押貸款來充實資產負債表的能力。正如我所說，這不是我們和達蒙的前任，我們預計我們將保持房屋抵押貸款組合不變。2026 年，我們將像 2025 年一樣，支持 [房屋淨值信用額度] 和商業貸款的成長。

Got it. Thank you. And just one follow-up. I really appreciate the comment around how you're staying focused on organic and probably there's more opportunities for buyback. You talked about 12 getting that CT1 down to 12.7% by June, by the June quarter. When you say managing towards that 12%, is there sort of a timeline around when you want to get down to that tier level beyond that June, guidance that you gave?

知道了。謝謝。還有一個後續問題。我非常同意你關於專注於有機產品以及可能還有更多回購機會的觀點。你曾說過，到六月，也就是到六月的季度，要把 CT1 降到 12.7%。您說要努力將感染率降至 12%，那麼在您給出的 6 月份的指導意見之後，您是否有一個時間表，說明您希望何時將感染率降至該水平？

Well, Janet, it's Denis, I think, assuming there's a lot of assumptions in there, the first one being that we're, we finish and we believe we will, let's see the existing buyback authorization by about mid-year, and at that point we would look to request approval for another buyback and thinking about, the profitability of the company, the amount of excess capital we believe we will generate. Because organic growth will not absorb that excess capital, so it'll give us room to continue to execute and do buybacks. We will continue to manage down that.

嗯，珍妮特，我想是丹尼斯，假設這裡面有很多假設，第一個假設是我們，我們完成，並且我們相信我們會，讓我們看看現有的回購授權在年中左右，屆時我們將考慮申請另一次回購的批准，並考慮公司的盈利能力，以及我們認為我們將產生的超額資本金額。因為內生成長無法吸收多餘的資本，所以這將給我們留出空間繼續執行計畫和進行股票回購。我們將繼續努力降低這一比例。

Pro forma, say 12.7% to a lower level and towards 12% as we execute that additional buyback. So, we don't have a precise point in time, but our intent is to continue to manage it. It's of course subject to where stock price, etc. We want to be disciplined and responsible as we execute the buyback, but nonetheless, that is our intent. Thank you.

依備考數據，假設成長率從 12.7% 降至較低水平，並在我們執行額外回購計畫後趨近於 12%。所以，我們目前還沒有一個確切的時間點，但我們的目標是繼續管理它。當然，這取決於股價等因素。我們希望在執行股票回購時保持嚴謹負責的態度，但無論如何，這就是我們的意圖。謝謝。

Freddie Strickland, Hovde.

Freddie Strickland，Hovde。

Hey, just had a quick follow-up on loan growth. Is there any seasonality or a particular slower, or faster quarter, in terms of loan growth just as we think about the guide within the course of the year?

嗨，我只是想快速跟進一下貸款增長。就貸款成長而言，是否存在季節性因素，或者是否存在某個季度成長較慢或較快的情況？就像我們在一年中考慮指導原則一樣。

Yeah, it's a little bit like a frozen tundra here in the first quarter, so it would build more through, throughout the year, Feddie, pipelines build into the first quarter, but certainly as you get late Q1 into Q2 and Q3, that's, typically when, most of our production happens. And round off the end of the year nicely as we did this year, but typically Q1 is a little slower. Do you agree, David?

是的，第一季這裡有點像冰凍苔原，所以隨著全年的推進，管道建設會逐漸增加，第一季也會有所改善，但通常來說，到了第一季末到第二季和第三季度，我們的大部分產量才會達到高峰。像今年一樣，我們以一個漂亮的收尾結束了這一年，但通常第一季會稍微慢一些。你同意嗎，大衛？

Yes,100%.

是的，百分之百。

All right, great, thanks, that's all I have.

好的，太好了，謝謝，我只有這些了。

And there are no further questions at this time, I will turn the call back over to Bob Rivers for closing remarks.

目前沒有其他問題了，我將把電話交還給鮑伯·里弗斯，請他做總結發言。

Well, thanks again, folks for joining our call this morning. So we hope you fare well during the winter and look forward to talking with you again in the spring.

再次感謝各位今天上午參加我們的電話會議。所以我們希望您冬季一切順利，並期待在春天再次與您交談。

This concludes today's conference call. You may now disconnect. Thank you.

今天的電話會議到此結束。您現在可以斷開連線了。謝謝。