Eastern Bankshares, Inc. (NASDAQ:EBC) Q1 2023 Earnings Conference Call April 28, 2023 9:00 AM ET
Company Participants
Robert F. Rivers - Chairman and CEO
James B. Fitzgerald - CAO, Treasurer, and CFO
Conference Call Participants
Damon DelMonte - Keefe, Bruyette, & Woods
Janet Lee - J.P. Morgan Chase
Operator
Hello, and welcome to the Eastern Bankshares, Inc. First 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 known and unknown 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 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 management's 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 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 be a question-and-answer session. [Operator Instructions] Thank you.
I would now like to turn the call over to Bob Rivers, Chair and CEO. Please go ahead.
Robert F. Rivers
Great. Thanks, Joanna. Good morning, everyone and thank you for joining our first quarter earnings call. With me today is Jim Fitzgerald, our Chief Administrative Officer and Chief Financial Officer.
Throughout our history, Eastern's balance sheet has been a great strength of the company with very strong capital, liquidity and asset quality. This has served us well throughout challenging times in various economic cycles. In Q1, we took multiple steps to bolster our fortress balance sheet as we prepare for the future. As Jim will detail, we made the decision to sell 25% of our securities portfolio to enhance our liquidity and improve the earnings power of the company going forward.