Eastern Bankshares, Inc. (NASDAQ:EBC) Q1 2024 Earnings Conference Call April 26, 2024 9:00 AM ET
Company Participants
Bob Rivers - Chair & Chief Executive Officer
Jim Fitzgerald - Chief Financial & Chief Administrative Officer
Conference Call Participants
Mark Fitzgibbon - Piper Sandler
Damon DelMonte - KBW
Laurie Hunsicker - Seaport Research
Operator
Hello, and welcome to the Eastern Bankshares, Inc., First Quarter 2024 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 can cause actual results or the timing of events to differ materially from the views expressed today.
Before information -- 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 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 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 speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
And now, I would like to turn the call over to Bob Rivers, Chair and CEO. Please go ahead, sir.
Bob Rivers
Thank you, Sylvia. Good morning, everyone, and thank you for joining our first quarter earnings call. With me today is Jim Fitzgerald, our Chief Financial and Chief Administrative Officer, who will go through our financial highlights in a few minutes.
We expected a continued challenging environment as we entered 2024, and we've not been disappointed. Higher for longer interest rates, the inverted yield curve, and normalizing credit costs were all present in the first quarter and we expect them to continue through the rest of the year.
Our plan to meet these challenges has been twofold. The first is to maintain a fortress balance sheet, which we believe will continue to be a competitive advantage over time and allow us to capitalize on opportunities as they become available. Our Q1 balance sheet demonstrates this. Specifically, our capital ratios are robust with a CET-1 ratio of 18.5% and a TCE ratio of 11.6%.