Eastern Bankshares, Inc. (NASDAQ:EBC) Q4 2022 Earnings Call Transcript

Robert F. Rivers: Yes. So just as a quick history, right, we — at the end of the second quarter, we described what we were trying to do. The goal at that time was about $400 million of residential mortgages. At the end of the third quarter, really for a few reasons, but in particular, because of the changing liquidity landscape we didn’t severe it, but we stopped — discontinued it. The pipeline had built up, and that’s what we closed primarily in the fourth quarter. There was a little bit of a straggler into early Q1 here, but the relation — there’s no origination and the growth will be very, very modest in Q1.

Damon DelMonte: Got it. Okay. And then just lastly, can you just provide an update as to what your exposure is with regard to office space and commercial real estate in the greater Boston area?

Robert F. Rivers: Sure. So in total — and we — this is consistent with, I think, prior calls on this question. If you look at our total office portfolio and strip out the things that have either owner occupied for commercial customers and/or have a retail component to it, which I think the risks are different, portfolio is a little bit less than $700 million. There is a little bit of exposure, but not much in Boston itself. Most of it is outside of the city. We’re obviously watching the portfolio very carefully, but as I said in some of my remarks, all of our early warning signals don’t cause us to see any significant issues at this point.

Damon DelMonte: Got it, okay. Well thanks, that’s all I had, everything else has been asked and answered. Thank you.

Robert F. Rivers: Great, thank you.

Operator: Thank you. There are no further questions at this time. I will now turn the call back over to Bob Rivers for closing remarks.

Robert F. Rivers: Great. Well, thank you for your interest and your questions this morning. We look forward to talking with you again at the end of April when we’ll report our first quarter results.

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