If you care about your investment in newly public Eastern Bank Corporation ("EBC"), you ought to read this report filed with the SEC today.
It demonstrates a key reason for my comfort with EBC: they do not make stupid loans.
What's today's lesson about COVID-19?
- Only 4.1% of the loan portfolio is in Covid-19 modification status.
- Only 11.4% of the loan portfolio is invested in at-risk industries, such as hotels, restaurants, and retail. Of that amount, only 10.6% (less than 2% of total loans) are in Covid-19 modification status.
Eastern Bank has a long tradition of not chasing risky loans to make quick premiums. When balanced with the dependable and growing revenues of its insurance subsidiary (property, casualty, and health insurance) it's a sleep well at night investment for me, and still at a great price because it has not yet attracted a full Wall Street following.
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