Eastern Bankshares (NASDAQ: EBC), a $22 billion asset bank based in Boston, continues to be one of my favorite mid-cap stocks with excellent fundamentals.

The stock is down more than 18% this year, with the banking sector struggling in general. But that's actually slightly better than the broader market and the SPDR S&P Regional Banking ETF. Bank stocks may continue to struggle in the near term for a couple of reasons: First, interest rates are still rising, and second, the market is factoring in a potential recession next year.

Still, Eastern continues to improve its financial returns and build a franchise that should translate into great long-term value for shareholders. Here's why.

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Source Fool.com