Eastern Bankshares, Inc. (NASDAQ:EBC) Q4 2022 Earnings Conference Call January 27, 2023 9:00 AM ET
Company Participants
Robert F. Rivers - Chairman and CEO
James B. Fitzgerald - CAO, Treasurer, and CFO
Conference Call Participants
Janet Lee - J.P. Morgan Chase
Mark Fitzgibbon - Piper Sandler
Laurie Hunsicker - Compass Point Research
Damon DelMonte - Keefe, Bruyette, & Woods
Operator
Hello, and welcome to the Eastern Bankshares, Inc. Fourth Quarter 2022 Earnings Conference Call. Today's call will include forward-looking statements, including statements about Eastern's future financial and operating results, outlook, business strategies and plans, as well as other opportunities and potential risks that management foresees. Such forward-looking statements reflect management's current estimates or beliefs and are subject to known and unknown risks and uncertainties that may cause actual results or the timing of events to differ materially from those expressed or implied in such forward-looking statements.
Listeners are referred to the disclosures set forth under the caption forward-looking statements in the earnings press release as well as the risk factors and other disclosures contained in the company's recent filings with the Securities and Exchange Commission for more information about such risks and uncertainties. Any forward-looking statements made during this call represent management's views and estimates only as of today. While the company may elect to update forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so, even if management's views or estimates change, and you should not rely on such statements as representing management's views as of any date subsequent to today.
During the call, the company will also discuss certain non-GAAP financial measures. For a reconciliation of such non-GAAP financial measures to the comparable GAAP figures, please refer to the company's earnings press release, which can be found at investor.easternbank.com. Please note that this event is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks there will a question-and-answer session. [Operator Instructions]. I would now like to turn the call over to Bob Rivers, Chair and CEO. Please go ahead.
Robert F. Rivers
Thank you, Joanna. Good morning, everyone and thank you for joining our fourth quarter earnings call. With me today is Jim Fitzgerald, our Chief Administrative Officer and Chief Financial Officer. We hope your new year is off to a good start, and I'd like to start this morning's call by thanking my 2,100 colleagues at Eastern for all of their good work in making 2022 such a successful year. Together, we posted record net income for 2022 of $199.8 million, 29% higher than our previous record in 2021. As always, this bottom line result is the product of a number of significant achievements, including the completion of the integration of Century Bank, record commercial loan and home equity originations, outstanding asset quality, the acquisition of two insurance agencies, the continued upgrade of our technology platforms as well as many other notable accomplishments. For example, Eastern was once again recognized by the Small Business Administration as The Top Small Business Lender in Massachusetts for the 14th consecutive year and was ranked among the top 10 most charitable companies in our region by the Boston Business Journal for the tenth time. All of this, along with the strength of our underlying franchise is a testament to their hard work and tremendous commitment.