Eastern Bankshares, Inc.

actual results may differ materially 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. 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 or future events. The company will also discuss both GAAP and certain non-GAAP financial measures. For reconciliations, please refer to the company's earnings press release, which can be found at investor.easternbank.com. I'd now like to turn the call over to Bob Rivers, Eastern Executive Chair and Chair of the Board of Directors. Please go ahead.

Thank you, Dani. Good morning, everyone, and thank you for joining our call this morning. With me today is Eastern CEO Dennis Sheehan and our CFO, David Rosado. We believe our strong second quarter performance underscores the strength of the Eastern franchise and our leading position in the greater Boston area. During the quarter, we've been able to spend more time with our future colleagues at HarborOne, and our confidence in the opportunities and long-term value creation of our combination provides has only deepened. We are very excited about this partnership and look forward to welcoming HarborOne customers and employees to Eastern. Before turning the call over to Dennis, I wanted to recognize Nancy Huntington Stager, President and CEO of the Eastern Bank Foundation, who retired earlier this month after 30 years with our company. When Nancy joined Eastern in 1995 to lead our human resources team, she was the first woman to serve on our management committee and went on to actively shape our culture ever since. She served as a key collaborator and trusted partner, not only for me, but our entire management team, organization, and in the communities we serve. With much gratitude and appreciation, I congratulate Nancy on her retirement and wish her the best in her next chapter. With that, I'll hand it over to Dennis.

Thank you, Bob. We're pleased with our strong second quarter results as highlighted on page two of the earnings presentation and the continuation of positive trends in many areas of the business. Operating earnings were $81.7 million, an increase of 21% from the first quarter. Second quarter performance included a 21 basis point expansion in the net interest margin to 3.59%, and continued improvement in the operating efficiency ratio to 50.8% due to higher revenues and effective expense management. These results generated further improvement in profitability metrics. Operating return on average assets was up 21 basis points to 1.3%, and operating return on average tangible equity increased from 11.7% at the end of the first quarter to 13.6%. As of quarter end, total assets reached $25.5 billion, up 2% from March 31. Tangible book value per share increased 4% to $12.53, reflecting balance sheet growth and solid capital generation. Robust loan growth of 8% annualized this quarter reflects our ongoing focus on profitable organic growth and continued strategic investments in hiring talent. Our scale, combined with deep local knowledge of the communities we serve, is a competitive advantage that consistently builds meaningful relationships and new business opportunities. Commercial loan pipelines are steady at approximately $500 million and our customers remain resilient despite economic uncertainties. Deposits finished the quarter strong with 8% annualized growth. Importantly, Deposit costs remain stable, highlighting our disciplined approach to pricing and favorable deposit mix. Momentum in our wealth management business continued this quarter, with assets under management reaching a record high of $8.7 billion. Credit trends continue to be positive, reflecting the quality of our underwriting and proactive risk management approach, addressing issues prudently and quickly. Non-performing loans of 30 basis points improved for the second consecutive quarter, and we did not have any net charges. The level of non-performing loans and classified assets peaked in the second quarter of last year and have continued to improve. Overall trends are positive, and office loan problems are mostly behind us, but we remain cautious in our outlook. We continue to closely monitor evolving economic conditions and policies that could impact customers. David, I'll hand it over to you to review our second quarter financials.