Eastern Bankshares, Inc. (NASDAQ:EBC) Q2 2023 Earnings Conference Call July 28, 2023 9:00 AM ET

Company Participants

Bob Rivers - Chair of the Board & Chief Executive Officer

Jim Fitzgerald - Chief Administrative Officer, Chief Financial Officer & Treasurer-Eastern Bankshares, Inc.; Vice Chair, Chief Administrative Officer & Chief Financial Officer, Eastern Bank

Conference Call Participants

Damon DelMonte - KBW

Mark Fitzgibbon - Piper Sandler

Janet Lee - JPMorgan

Operator

Hello, and welcome to the Eastern Bankshares, Inc. Second Quarter 2023 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 risks and uncertainties that may cause actual results or the timing of events to differ materially from the views expressed today.

More information about such risks and uncertainties is set forth under the caption forward-looking statements in the earnings press release as well as in the Risk Factors section and other disclosures in the company's periodic filings with the Securities and Exchange Commission. Any forward-looking statements made during this call represent managements views and estimates as of today and the company undertakes no obligation to update these statements as a result of new information or future events.

During the call, the company will also discuss both GAAP and certain non-GAAP financial measures. For a reconciliation of GAAP to the non-GAAP financial measures, please refer to the company's earnings press release which can be found at investor.easternbank.com. Please note this event is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I would now like to turn the conference over to Bob Rivers, Chair and CEO. Please go ahead.

Bob Rivers

Thank you, Joanne. Good morning, everyone and thank you for joining our second quarter earnings call. As always, I'm joined today by Jim Fitzgerald our Chief Administrative Officer and Chief Financial Officer.

Although, the operating environment for banks remains challenging in some respects, we feel very good about our results this quarter. In particular, we demonstrated that our securities repositioning in the first quarter strengthened our balance sheet and improved our earnings outlook, improvements that were immediately impactful and can be seen in our second quarter results.