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    Laura Havener Hunsicker • Seaport Research Partners

    Laura Havener Hunsicker's questions to Eastern Bankshares Inc (EBC) leadership

    Laura Havener Hunsicker's questions to Eastern Bankshares Inc (EBC) leadership • Q1 2025

    Question

    Laura Havener Hunsicker of Seaport Research Partners posed several detailed questions regarding the timing of the securities repositioning, the March spot margin, merger accretion income from both Cambridge and HarborOne, future expense and tax rate guidance, details on office loan charge-offs, a normalized charge-off rate, and long-term strategic goals for asset size and the new Rhode Island presence.

    Answer

    CFO R. Rosato provided the March spot margin (3.49%), clarified the Cambridge merger accretion ($45M for 2025) and HarborOne accretion ($36M in 2026), and projected a normalized 2026 tax rate of 21-23%. He noted Q1 expenses were low but not a new run rate and declined to give a normalized charge-off rate due to economic uncertainty. CEO Denis Sheahan stated the bank focuses on profitability over asset size, is excited to grow in Rhode Island, and declined to comment on speculation about other M&A activities.

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    Laura Havener Hunsicker's questions to Eastern Bankshares Inc (EBC) leadership • Q4 2024

    Question

    Laura Havener Hunsicker of Seaport Research Partners covered several topics, asking for the spot net interest margin in December, the exact number of shares repurchased in January, and details on the Q4 office loan charge-offs. She also inquired about the maturity schedule and risk profile of the criticized office loan portfolio, whether merger-related charges are complete, and sought clarity on the bank's M&A appetite given recent deals in its market.

    Answer

    CFO R. Rosato provided a normalized December spot margin of 3.08% and confirmed 761,000 shares were repurchased in January. He stated that nearly all of the $31 million in CRE charge-offs were from the office portfolio. CEO Denis Sheahan and Rosato assured that accruing loans maturing in H1 2025 are not considered problematic. Rosato confirmed Cambridge merger charges are complete. Regarding M&A, Sheahan reiterated a focus on organic growth but stated the bank remains a disciplined and interested potential partner should an appropriate opportunity arise, without ruling out any deal size.

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    Laura Havener Hunsicker's questions to Eastern Bankshares Inc (EBC) leadership • Q3 2024

    Question

    Laura Havener Hunsicker of Seaport Research Partners sought specific details on office non-performers, including their value within non-accruals and maturity schedules for criticized loans. She also asked for clarification on guidance for net interest income, the forward-looking tax rate, and the company's M&A appetite.

    Answer

    CFO David Rosato explained that while a specific breakdown of office non-accruals would not be provided, about one-third of the commercial real estate PCD loans were office and were significantly reserved against. He noted that near-term maturities are manageable and the portfolio was marked with the benefit of recent market data. CEO Denis Sheahan confirmed the Q4 net interest income guidance includes purchase accounting accretion and projected a 22% to 23% tax rate for the upcoming year. Regarding M&A, Sheahan stated the primary focus remains on organic growth, but the company is confident in its ability to handle new opportunities.

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    Laura Havener Hunsicker's questions to Brookline Bancorp Inc (BRKL) leadership

    Laura Havener Hunsicker's questions to Brookline Bancorp Inc (BRKL) leadership • Q1 2025

    Question

    Laura Havener Hunsicker of Seaport Research Partners questioned the specifics of a C&I charge-off, credit quality metrics, the March spot margin, and post-merger capital management strategies, including value creation, buybacks, and the dividend policy.

    Answer

    CEO Paul Perrault identified the large charge-off as a loan to a food manufacturer that underwent a leveraged buyout. CFO Carl Carlson confirmed specialty vehicle charge-offs were minimal and the overall loan book is approximately 95% pass-rated. Regarding the merger, Carlson pointed to operational efficiencies and purchase accounting as value drivers but said it was too early to discuss buybacks. Perrault confirmed the intent to align the combined dividend with Brookline's current rate.

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    Laura Havener Hunsicker's questions to Brookline Bancorp Inc (BRKL) leadership • Q3 2024

    Question

    Laura Havener Hunsicker asked for detailed credit metrics, including the breakdown of nonperforming loans and charge-offs in the equipment finance and specialty vehicle portfolios, reserve levels for various loan books, the timing and impact of expense savings, clarification on the expense growth guide, details on office CRE non-accruals and reserves, and the company's stance on stock buybacks and M&A.

    Answer

    CFO Carl M. Carlson provided specific figures, noting that $4.6 million of equipment NPLs and $2.1 million of charge-offs were from specialty vehicles. He detailed reserve levels, including 224 basis points for specialty vehicles and 2% for office CRE. He confirmed the full $800,000 quarterly expense benefit would be seen in Q4 and the 3-3.5% expense growth guide for 2025 is off the Q4 run rate. Regarding capital allocation, he indicated that with improving conditions, stock buybacks would be a topic for Board discussion. CEO Paul A. Perrault added that the M&A environment remains quiet but should improve as interest rates normalize.

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    Laura Havener Hunsicker's questions to Washington Trust Bancorp Inc (WASH) leadership

    Laura Havener Hunsicker's questions to Washington Trust Bancorp Inc (WASH) leadership • Q1 2025

    Question

    Laura Havener Hunsicker of Seaport Research Partners questioned the specifics of operating expenses, including the timing of a sale-leaseback, sought the spot net interest margin for March, requested detailed updates on specific nonaccrual commercial real estate loans, and asked about the company's current stance on share buybacks.

    Answer

    CFO Ronald Ohsberg provided a March spot NIM of 2.31% and confirmed expense guidance remains intact. Chief Risk Officer William Wray gave updates on CRE loans, noting a charge-off on one property and positive leasing momentum on another. Regarding capital return, CFO Ohsberg and CEO Ned Handy stated that while a share buyback is under consideration, no plan is currently in place.

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    Laura Havener Hunsicker's questions to Washington Trust Bancorp Inc (WASH) leadership • Q4 2024

    Question

    Laura Havener Hunsicker of Seaport Research Partners inquired about Washington Trust's net interest margin (NIM) outlook, seeking quantification of the balance sheet repositioning's impact, a December spot margin, and details on funding strategies. She also asked for clarification on a future swap expiration, dividend policy, and specific credit quality details regarding office loan resolutions and reserves.

    Answer

    CFO Ronald Ohsberg provided detailed NIM guidance, projecting a Q1 2025 range of 2.30-2.35%, rising to 2.45-2.50% by Q4, and stated the December spot margin was 2.07%. He clarified a key swap expiration is in May 2026. Both Ohsberg and CEO Edward Handy confirmed no plans to change the dividend, noting improved coverage. Chief Risk Officer William Wray addressed credit, stating a recent nonaccrual resolution accounted for about half of the quarter's charge-offs and that the overall CRE loan segment is adequately reserved.

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    Laura Havener Hunsicker's questions to Washington Trust Bancorp Inc (WASH) leadership • Q3 2024

    Question

    Laura Havener Hunsicker requested the spot net interest margin for September and sought detailed information on the office loan portfolio, including vacancy rates for Class B properties, the status of a large lab space loan, specific reserves, and the maturity schedule for the next two years.

    Answer

    CFO Ronald Ohsberg provided a normalized September margin of 1.85%. Chief Risk Officer William Wray detailed the office portfolio, noting a Boston property is set for resolution, two Connecticut properties are current, and a large lab space loan has seen leasing momentum improve to 52% from 0%. He also outlined the maturity schedule, with $20 million due in Q4 2024 and $53 million in 2025.

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    Laura Havener Hunsicker's questions to Independent Bank Corp (Massachusetts) (INDB) leadership

    Laura Havener Hunsicker's questions to Independent Bank Corp (Massachusetts) (INDB) leadership • Q1 2025

    Question

    Laura Havener Hunsicker asked a series of detailed questions on credit, including the charge-off basis for specific loans (A, B, C, E), the possibility of an early close for the Enterprise Bancorp acquisition, the timing of the sub-debt issuance, potential M&A appetite, and expenses related to the core systems upgrade.

    Answer

    CFO Mark Ruggiero and Executive Jeffrey Tengel provided specifics on problem loans, confirming charge-offs were based on updated appraisals and negotiated sale prices, and expressed high confidence in a Q2 resolution for the largest NPL. Tengel acknowledged a potential early close for the Enterprise deal, citing 'benign' regulatory interactions. Ruggiero explained the sub-debt was raised early to capitalize on a favorable market window. Tengel downplayed the likelihood of another M&A deal, citing the focus on the Enterprise integration and a major core conversion scheduled for May 2026. Ruggiero clarified that core conversion expenses of $3-4 million are expected in 2025 but were not incurred in Q1.

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    Laura Havener Hunsicker's questions to Independent Bank Corp (Massachusetts) (INDB) leadership • Q3 2024

    Question

    Laura Havener Hunsicker of Seaport Research Partners sought details on several office loans, including the occupancy change for the $30 million credit, the lead bank on that syndicate, and the precise provision for the $54.6 million loan. She also asked for an update on 2025 office maturities, the status of a different $20 million adversely rated loan, the bank's total lab space exposure, and the spot net interest margin for September.

    Answer

    Executive Jeffrey Tengel stated the $30 million loan's occupancy fell to 77% and identified Morgan Stanley as the lead bank. CFO Mark Ruggiero clarified the effective quarterly provision for the $54.6 million loan was in the $19-$21 million range, as some reserves had been built indirectly in prior periods. Ruggiero provided a positive update on a separate $20 million loan, which was extended with new leasing progress, but also disclosed a new $15 million criticized loan maturing in late 2025. He estimated lab exposure at around $88 million and provided the September spot margin as 3.30%.

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    Laura Havener Hunsicker's questions to Webster Financial Corp (WBS) leadership

    Laura Havener Hunsicker's questions to Webster Financial Corp (WBS) leadership • Q4 2024

    Question

    Laura Havener Hunsicker from Seaport Research Partners requested a breakdown of the Q4 commercial charge-offs between office and healthcare, the drivers for the office portfolio's decline, the spot NIM for December, and the timing of the securities restructure.

    Answer

    CEO John Ciulla specified that of the ~$60M in charge-offs, ~$15M were office-related and ~$20M were from healthcare services, with the office portfolio reduction driven by payoffs and paydowns, not loan sales. CFO William Holland stated the December spot margin was 3.45% and the securities repositioning occurred mid-quarter, contributing $1.8M in Q4.

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    Laura Havener Hunsicker's questions to Webster Financial Corp (WBS) leadership • Q3 2024

    Question

    Laura Havener Hunsicker of Seaport Research Partners requested specific details on the office portfolio, including the provision allocation, occupancy and reserve levels for two new non-performing loans, and clarification on a property appraisal change. She also asked about the timing of the securities restructuring and the spot NIM for September.

    Answer

    CEO John Ciulla could not provide a specific provision amount for office due to CECL methodology but noted 55% of Q3 charge-offs were from office. He did not have specific loan-level operating details available. CFO William Holland reported the September spot NIM was 3.31% but expressed confidence the Q4 average would be higher. He added the securities restructuring was weighted towards the middle of the quarter.

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    Laura Havener Hunsicker's questions to Berkshire Hills Bancorp Inc (BHLB) leadership

    Laura Havener Hunsicker's questions to Berkshire Hills Bancorp Inc (BHLB) leadership • Q3 2024

    Question

    Laura Havener Hunsicker of Seaport Research Partners asked for clarification on Q4 expense guidance, details on the criticized office loan portfolio, and specifics of the Upstart loan sale, including pricing, timing, and related charge-offs.

    Answer

    CFO Brett Brbovic projected Q4 operating expenses to be approximately $71 million. Chief Risk Officer Gregory Lindenmuth detailed the criticized office loans, noting no specific reserves were warranted and estimating a 1.5% reserve on the total office book. He also explained the Upstart sale closed mid-October at 96% of book value for loans with a weighted average FICO of 711.

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