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Freddie Strickland

Director in Equity Research at Hovde

Feddie Strickland is a Director in Equity Research at Hovde Group, specializing in coverage of the US bank sector with a focus on mid-Atlantic/Northeast and Southeast banks. He covers companies such as First Northwest Bancorp (FNWB), delivering equity research for institutional investors, and has been quoted in major publications including the New York Times, Wall Street Journal, Bloomberg, Bank Director Magazine, and American Banker for his industry analysis. Strickland joined Hovde Group in July 2024 after six and a half years as a Senior Analyst at Janney Montgomery Scott and FIG Partners covering small and mid-cap banks, preceded by four years at the Federal Home Loan Bank of Atlanta as a credit risk and securities collateral analyst. He holds a BSc in Economics from the College of Charleston and an MBA in Finance and International Business from Georgia Tech.

Freddie Strickland's questions to Eastern Bankshares (EBC) leadership

Question · Q4 2025

Freddie Strickland asked about the near-term outlook for the core margin, including factors like deposit growth and the integration of HarborOne deposits, and later inquired about the current pipeline mix between commercial and industrial (C&I) lending, commercial real estate (CRE), and home equity lines of credit (HELOCs). He also followed up on the seasonality of loan growth throughout the year.

Answer

CFO David Rosato confirmed expectations for a relatively flat core margin near-term, with anticipated expansion in the latter half of the year, contingent on market forward rate cut projections. CEO Denis Sheahan detailed the commercial pipeline mix, noting it's currently over 50% CRE and community development lending, with the remainder in C&I, and expects continued growth after a strong Q4. Regarding seasonality, CEO Denis Sheahan explained that the first quarter is typically slower for loan growth, with production generally accelerating in late Q1, Q2, and Q3, a point CFO David Rosato concurred with.

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Question · Q4 2025

Freddie Strickland asked about the near-term margin outlook, specifically if the core margin would remain relatively flat while focusing on deposit growth and retaining HarborOne deposits, with potential expansion later in the year. He also inquired about the current pipeline mix for loan growth, distinguishing between C&I, CRE, and HELOCs.

Answer

CFO David Rosato confirmed the margin forecast, noting it ramps up marginally each quarter, accelerating in the back half of the year, based on market forwards of two rate cuts in June and September. CEO Denis Sheahan added that the pipeline remains strong across commercial businesses, with slightly more than 50% in CRE (including community development lending) and about 45% in C&I, expecting continued growth in Q1 and Q2.

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