Eastern Bankshares, Inc. (NASDAQ:EBC) Q3 2023 Earnings Call Transcript

Laura Hunsicker: And then just any — I don’t know. Do you have a rate on where the next were? Maybe that’s the better way to ask it?

Jim Fitzgerald: I don’t have it as I’m sitting here now, we can think about that and they were just — the one thing I can say is they were variable loans priced over [Indiscernible] variable loan price over sopher.

Laura Hunsicker: And then last question on CATC on their office. Can you provide us with any update on their book, I think it’s around $285 million. if you have any new update or just any other color you could add on their office book and how you’re thinking about it.

Jim Fitzgerald: So sure. I think I’ll probably repeat some of the things that we’ve said in the past, we’re at point in the process where Cambridge is still a very independent company. So I don’t feel like we can say too much more than we’ve said. But when we did extensive due diligence on the — on all their loans but also the office portfolio. In many ways, it’s similar to Easterns meaning it’s concentrated in our markets. It does have some exposure to Boston, but it’s got exposure outside of Boston as well. And in many ways, it looks a lot like the Eastern portfolio. I will say, we carefully reviewed it in due diligence, talked about at the time of the announcement, not just our due diligence process but also some of the purchase accounting that we assumed there, which included an evaluation of the office portfolio.

I think one of your questions as we get closer to closing, we’ll be giving updates generally and be happy to include more on that subject as we get closer.

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

Bob Rivers: Great. So thanks, everyone, for your interest and your questions today, and best wishes for the remainder of the year. Happy holidays.

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