Eastern found itself in a tricky situation because of high interest rates. The bank had a large securities portfolio and was seeing heavy deposit outflows.

A Painful but Necessary Move: Eastern Bankshares Repositions Its Balance Sheet

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.

Eastern Bankshares, Inc. (EBC) Q1 2023 Earnings Call Transcript

Eastern Bankshares, Inc. (EBC) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.32 per share a year ago.

Eastern Bankshares, Inc. (EBC) Beats Q1 Earnings Estimates

BOSTON--(BUSINESS WIRE)--Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), a Massachusetts corporation and the stock holding company for Eastern Bank, today announced the following details regarding the report of the Company's first quarter 2023 results:

Eastern Bankshares, Inc. Announces First Quarter 2023 Earnings Release Date, Conference Call and Webcast

In response to rising interest rates, all banks are dealing with intense deposit pressure.

Not Even This Strong Bank Is Immune to Deposit Pressure Right Now

Eastern reported earnings for the fourth quarter of the year.

Why Shares of Eastern Bankshares Are Falling Today

Eastern Bankshares, Inc. operates as the bank holding company for Eastern Bank that provides banking products and services primarily to retail, commercial, and small business customers. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and time certificates of deposits, as well as debit and credit cards. It also offers commercial and industrial loans, commercial real estate and construction loans, small business loans, residential real estate loans, home equity, and lines of credit, as well as other consumer loans comprising unsecured personal lines of credit, overdraft protection, automobile loans, home improvement loans, airplane loans, and other personal loans. In addition, the company provides cash reserves, cash management, merchant, escrow express, government banking, international banking, interest on lawyers trust accounts, retirement planning, and business telephone banking services, as well as products and services for not-for-profit and healthcare. Further, it offers trust and investment products and services; community development and asset-based lending services; financial planning, portfolio management, wealth management, private banking, and fiduciary products; online, mobile, and telephone banking services; and automated lock box collection and account reconciliation services, as well as various insurance products. As of December 31, 2021, the company operated 105 branch offices in eastern Massachusetts and southern New Hampshire; and 23 non-branch offices in eastern Massachusetts, one office in New Hampshire, and one office in Rhode Island. Eastern Bankshares, Inc. was founded in 1818 and is headquartered in Boston, Massachusetts.