Beacon Financial Corp 8-K, filed Jan 28, 2026

Beacon Financial Corp (BBT)

8-K 2026-01-28 For: 2026-01-28

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Added on April 07, 2026

About this 8-K

Beacon Financial Corp filed this 8-K on January 28, 2026.

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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Delaware	001-15781	04-3510455
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value of $0.01 per share	BBT	New York Stock Exchange

99.1		Press release of Beacon Financial Corporation reporting earnings and dividend approval, issued January 28, 2026
99.2		Investor Presentation of Beacon Financial Corporation, issued January 28, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	BEACON FINANCIAL CORPORATION


Date: January 28, 2026	By:	/s/ Carl M. Carlson
		Carl M. Carlson
		Chief Financial & Strategy Officer

Contact:	Carl M. Carlson Beacon Financial Corporation Chief Financial and Strategy Officer (617) 425-5331 carl.carlson@brkl.com

Contact:	Gary Levante Beacon Financial Corporation Chief Marketing Officer (413) 447-1737 glevante@berkshirebank.com

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)

	At and for the Three Months Ended															At and for the Twelve Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
	(Dollars In Thousands Except per Share Data)
Earnings Data:
Net interest income	$	199,741		$	128,850		$	88,685		$	85,830		$	84,988		$	503,106		$	329,585
Provision for credit losses on loans and unfunded commitments		8,141			20,268			6,997			5,974			4,141			41,380			22,003
Provision (credit) for credit losses on investments		(35	)		32			3			12			(104	)		12			(359	)
Non-interest income		25,918			12,345			5,970			5,660			6,587			49,893			25,615
Non-interest expense		142,366			129,296			58,061			60,022			63,719			389,745			241,865
Income (loss) before provision for income taxes		75,187			(8,401	)		29,594			25,482			23,819			121,862			91,691
Net income (loss)		53,366			(4,221	)		22,026			19,100			17,536			90,271			68,715

Performance Ratios:
Net interest margin (1)		3.82	%		3.62	%		3.32	%		3.22	%		3.12	%		3.56	%		3.06	%
Interest-rate spread (1)		3.15	%		2.94	%		2.57	%		2.38	%		2.35	%		2.82	%		2.24	%
Return on average assets (annualized)		0.94	%		(0.11	)%		0.77	%		0.66	%		0.61	%		0.59	%		0.60	%
Return on average tangible assets (annualized) (non-GAAP)		0.97	%		(0.11	)%		0.79	%		0.68	%		0.62	%		0.61	%		0.61	%
Return on average stockholders' equity (annualized)		8.70	%		(1.01	)%		7.04	%		6.19	%		5.69	%		5.44	%		5.67	%
Return on average tangible stockholders' equity (annualized) (non-GAAP)		11.19	%		(1.27	)%		8.85	%		7.82	%		7.21	%		6.92	%		7.24	%
Efficiency ratio (2)		63.09	%		91.57	%		61.34	%		65.60	%		69.58	%		70.48	%		68.09	%

Per Common Share Data:
Net income (loss) — Basic	$	0.64		$	(0.05	)	$	0.25		$	0.21		$	0.20		$	1.03		$	0.77
Net income (loss) — Diluted		0.64			(0.05	)		0.25			0.21			0.20			1.03			0.77
Cash dividends declared		0.3225			0.3225			0.135			0.135			0.135			0.9150			0.540
Book value per share (end of period)		29.78			29.33			14.08			13.92			13.71			29.78			13.71
Tangible book value per common share (end of period) (non-GAAP)		23.32			22.75			11.20			11.03			10.81			23.32			10.81
Stock price (end of period)		26.37			23.71			10.55			10.90			11.80			26.37			11.80

Balance Sheet:
Total assets	$	23,220,372		$	22,867,458		$	11,568,745		$	11,519,869		$	11,905,326		$	23,220,372		$	11,905,326
Total loans and leases	$	18,029,552		$	18,305,379		$	9,582,374		$	9,642,722		$	9,779,288		$	18,029,552		$	9,779,288
Total deposits	$	19,514,657		$	18,904,063		$	8,961,202		$	8,911,452		$	8,901,644		$	19,514,657		$	8,901,644
Total stockholders’ equity	$	2,496,061		$	2,461,015		$	1,254,171		$	1,240,182		$	1,221,939		$	2,496,061		$	1,221,939

Asset Quality:
Nonperforming assets		116,747			101,990			63,596			64,021			70,452			116,747			70,452
Nonperforming assets as a percentage of total assets		0.50	%		0.45	%		0.55	%		0.56	%		0.59	%		0.50	%		0.59	%
Allowance for loan and lease losses		252,839			253,735			126,725			124,145			125,083			252,839			125,083
Allowance for loan and lease losses as a percentage of total loans and leases		1.40	%		1.39	%		1.32	%		1.29	%		1.28	%		1.40	%		1.28	%
Net loan and lease charge-offs		9,019			15,857			5,127			7,597			7,252			37,600			28,228
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.20	%		0.51	%		0.21	%		0.31	%		0.30	%		0.30	%		0.29	%

Capital Ratios:
Stockholders’ equity to total assets		10.75	%		10.76	%		10.84	%		10.77	%		10.26	%		10.75	%		10.26	%
Tangible stockholders’ equity to tangible assets (non-GAAP)		8.62	%		8.56	%		8.82	%		8.73	%		8.27	%		8.62	%		8.27	%

(1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)

	December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025			December 31, 2024
ASSETS	(In Thousands Except Share Data)
Cash and due from banks	$	201,557	$	182,251	$	87,386	$	78,741		$	64,673
Short-term investments	1,840,188		1,038,369		419,362		278,805			478,997
Total cash and cash equivalents	2,041,745		1,220,620		506,748		357,546			543,670
Investment securities available-for-sale	1,688,768		1,739,423		866,684		882,353			895,034
Total investment securities	1,688,768		1,739,423		866,684		882,353			895,034
Allowance for investment security losses	(94)		(129)		(97)		(94)			(82)
Net investment securities	1,688,674		1,739,294		866,587		882,259			894,952
Loans and leases held-for-sale	—		83,330		—		—		—	—
Loans and leases:
Commercial real estate loans	10,012,094		10,247,090		5,485,546		5,580,982			5,716,114
Commercial loans and leases	3,947,363		3,950,693		2,520,347		2,512,912			2,506,664
Consumer loans	4,070,095		4,107,596		1,576,481		1,548,828			1,556,510
Total loans and leases	18,029,552		18,305,379		9,582,374		9,642,722			9,779,288
Allowance for loan and lease losses	(252,839)		(253,735)		(126,725)		(124,145)			(125,083)
Net loans and leases	17,776,713		18,051,644		9,455,649		9,518,577			9,654,205
Restricted equity securities	87,438		99,431		66,481		67,537			83,155
Premises and equipment, net of accumulated depreciation	163,070		158,375		83,963		84,439			86,781
Right-of-use asset operating leases	82,817		84,238		42,415		44,144			43,527
Deferred tax asset	150,504		178,456		52,325		52,176			56,620
Goodwill	351,613		353,471		241,222		241,222			241,222
Identified intangible assets, net of accumulated amortization	189,562		198,339		14,600		16,030			17,461
Other real estate owned and repossessed assets	2,591		3,360		1,288		917			1,103
Cash surrender value of bank-owned life insurance policies	334,442		332,840		85,479		84,959			84,448
Other assets	351,203		364,060		151,988		170,063			198,182
Total assets	$	23,220,372	$	22,867,458	$	11,568,745	$	11,519,869		$	11,905,326
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest-bearing deposits:
Demand checking accounts	$	4,032,529	$	3,905,559	$	1,726,933	$	1,664,629		$	1,692,394
Interest-bearing deposits:
NOW accounts	1,445,894		1,470,808		650,707		625,492			617,246
Savings accounts	2,954,029		2,904,888		1,795,761		1,793,852			1,721,247
Money market accounts	6,515,306		5,589,693		2,153,709		2,183,855			2,116,360
Certificate of deposit accounts	4,156,540		4,127,226		1,877,661		1,878,665			1,885,444
Brokered deposit accounts	410,359		905,889		756,431		764,959			868,953
Total interest-bearing deposits	15,482,128		14,998,504		7,234,269		7,246,823			7,209,250
Total deposits	19,514,657		18,904,063		8,961,202		8,911,452			8,901,644
Borrowed funds:
Advances from the FHLB	555,788		841,044		934,669		957,848			1,355,926
Subordinated debentures and notes	198,572		198,283		84,397		84,362			84,328
Other borrowed funds	34,000		41,189		135,985		113,617			79,592
Total borrowed funds	788,360		1,080,516		1,155,051		1,155,827			1,519,846
Operating lease liabilities	90,713		92,211		43,528		45,330			44,785
Mortgagors’ escrow accounts	15,508		11,179		15,289		15,264			15,875
Reserve for unfunded credits	13,746		13,727		4,586		5,296			5,981
Accrued expenses and other liabilities	301,327		304,747		134,918		146,518			195,256
Total liabilities	20,724,311		20,406,443		10,314,574		10,279,687			10,683,387
Stockholders' equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 89,576,403 shares issued, 89,576,403 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively	896		896		970		970			970
Additional paid-in capital	2,171,885		2,171,912		904,697		903,696			902,584
Retained earnings	485,862		459,598		475,781		465,898			458,943
Accumulated other comprehensive income	(20,002)		(28,905)		(39,378)		(42,498)			(52,882)
Treasury stock, at cost;
5,545,511 shares, 5,449,039 shares, 7,039,136 shares, 7,037,610 shares, and 7,019,384 shares, respectively	(142,580)		(142,486)		(87,899)		(87,884)			(87,676)
Total stockholders' equity	2,496,061		2,461,015		1,254,171		1,240,182			1,221,939
Total liabilities and stockholders' equity	$	23,220,372	$	22,867,458	$	11,568,745	$	11,519,869		$	11,905,326

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025		December 31, 2024
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	285,795		$	194,517		$	143,933		$	143,309	$	147,436
Debt securities		16,335			10,984			6,691			6,765		6,421
Restricted equity securities		1,160			1,466			1,062			1,203		1,460
Short-term investments		9,293			5,438			2,386			2,451		2,830
Total interest and dividend income		312,583			212,405			154,072			153,728		158,147
Interest expense:
Deposits		102,439			71,901			52,682			53,478		56,562
Borrowed funds		10,403			11,654			12,705			14,420		16,597
Total interest expense		112,842			83,555			65,387			67,898		73,159
Net interest income		199,741			128,850			88,685			85,830		84,988
Provision for credit losses on loans and unfunded commitments		8,141			20,268			6,997			5,974		4,141
Provision (recovery) of credit losses on investments		(35	)		32			3			12		(104	)
Net interest income after provision for credit losses		191,635			108,550			81,685			79,844		80,951
Non-interest income:
Deposit fees		9,843			5,005			2,472			2,361		2,297
Loan fees		2,189			1,004			472			393		439
Loan level derivative income (loss)		721			635			(4	)		70		1,115
Gain on sales of loans and leases		4,154			1,175			264			24		406
Wealth management fees		4,370			2,466			1,421			1,491		1,608
Other		4,641			2,060			1,345			1,321		722
Total non-interest income		25,918			12,345			5,970			5,660		6,587
Non-interest expense:
Compensation and employee benefits		70,204			49,999			35,147			35,853		37,202
Occupancy		11,877			6,921			5,349			5,721		5,393
Equipment and data processing		19,754			11,110			6,841			7,012		6,780
Professional services		2,778			2,114			1,471			1,726		1,345
FDIC insurance		1,924			1,971			1,880			2,037		2,017
Advertising and marketing		2,157			1,583			1,371			868		1,303
Amortization of identified intangible assets		8,777			3,587			1,431			1,430		1,701
Other		10,471			6,148			4,132			4,404		4,600
Total non-interest operating expense		127,942			83,433			57,622			59,051		60,341
Merger and restructuring expense		14,424			45,863			439			971		3,378
Total non-interest expense		142,366			129,296			58,061			60,022		63,719
Income (loss) before provision for income taxes		75,187			(8,401	)		29,594			25,482		23,819
Provision (benefit) for income taxes		21,821			(4,180	)		7,568			6,382		6,283
Net income (loss)	$	53,366		$	(4,221	)	$	22,026		$	19,100	$	17,536
Earnings per common share:
Basic	$	0.64		$	(0.05	)	$	0.25		$	0.21	$	0.20
Diluted	$	0.64		$	(0.05	)	$	0.25		$	0.21	$	0.20
Weighted average common shares outstanding during the period:
Basic		83,851,381			87,508,517			89,104,605			89,103,510		89,098,443
Diluted		83,878,047			87,832,552			89,612,781			89,567,747		89,483,964
Dividends paid per common share	$	0.3225		$	0.3225		$	0.135		$	0.135	$	0.135

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Twelve Months Ended December 31,
	2025			2024
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	767,554	$	587,929
Debt securities		40,775		26,252
Restricted equity securities		4,891		5,786
Short-term investments		19,568		8,554
Total interest and dividend income		832,788		628,521
Interest expense:
Deposits		280,500		232,963
Borrowed funds		49,182		65,973
Total interest expense		329,682		298,936
Net interest income		503,106		329,585
Provision for credit losses on loans and unfunded commitments		41,380		22,003
Provision (recovery) of credit losses on investments		12		(359	)
Net interest income after provision for credit losses		461,714		307,941
Non-interest income:
Deposit fees		19,681		10,548
Loan fees		4,058		2,394
Loan level derivative income, net		1,422		1,658
Gain on sales of loans and leases held-for-sale		5,617		951
Wealth management fees		9,748		5,990
Other		9,367		4,074
Total non-interest income		49,893		25,615
Non-interest expense:
Compensation and employee benefits		191,203		143,723
Occupancy		29,868		22,056
Equipment and data processing		44,717		27,374
Professional services		8,089		7,133
FDIC insurance		7,812		8,044
Advertising and marketing		5,979		5,240
Amortization of identified intangible assets		15,225		6,746
Other		25,155		17,348
Total non-interest operating expense		328,048		237,664
Merger and restructuring expense		61,697		4,201
Total non-interest expense		389,745		241,865
Income before provision for income taxes		121,862		91,691
Provision for income taxes		31,591		22,976
Net income	$	90,271	$	68,715
Earnings per common share:
Basic	$	1.03	$	0.77
Diluted	$	1.03	$	0.77
Weighted average common shares outstanding during the period:
Basic		87,428,572		88,983,248
Diluted		87,752,206		89,302,304
Dividends paid per common share	$	0.9150	$	0.540

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)

	At and for the Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
	(Dollars in Thousands)
NONPERFORMING ASSETS:
Loans and leases accounted for on a nonaccrual basis:
Commercial real estate mortgage	$	41,246		$	30,213		$	987		$	10,842		$	11,525
Multi-family mortgage		4,065			2,994			1,433			6,576			6,596
Construction		—			535			—			—			—
Total commercial real estate loans		45,311			33,742			2,420			17,418			18,121

Commercial		16,716			14,035			8,687			7,415			14,676
Equipment financing		42,718			41,793			46,067			32,975			31,509
Total commercial loans and leases		59,434			55,828			54,754			40,390			46,185

Residential mortgage		6,465			6,597			3,572			3,962			3,999
Home equity		2,739			2,220			1,561			1,333			1,043
Other consumer		207			243			1			1			1
Total consumer loans		9,411			9,060			5,134			5,296			5,043

Total nonaccrual loans and leases		114,156			98,630			62,308			63,104			69,349

Other real estate owned		—			824			700			700			700
Other repossessed assets		2,591			2,536			588			217			403
Total nonperforming assets	$	116,747		$	101,990		$	63,596		$	64,021		$	70,452

Loans and leases past due greater than 90 days and still accruing	$	37,823		$	23,570		$	24,899		$	3,009		$	811

Nonperforming loans and leases as a percentage of total loans and leases		0.63	%		0.54	%		0.65	%		0.65	%		0.71	%
Nonperforming assets as a percentage of total assets		0.50	%		0.45	%		0.55	%		0.56	%		0.59	%

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
Allowance for loan and lease losses at beginning of period	$	253,735		$	126,725		$	124,145		$	125,083		$	127,316
Merger Day 1 allowance on non-PCD loans *		0			67,229			0			0			0
Merger Day 1 allowance on PCD loans		0			64,511			0			0			0
Charge-offs		(10,917	)		(16,661	)		(5,601	)		(9,073	)		(8,414	)
Recoveries		1,898			804			474			1,476			1,162
Net charge-offs **	$	(9,019	)	$	(15,857	)	$	(5,127	)	$	(7,597	)	$	(7,252	)
Provision for loan and lease losses excluding unfunded commitments ***		8,123			11,127			7,707			6,659			5,019
Allowance for loan and lease losses at end of period	$	252,839		$	253,735		$	126,725		$	124,145		$	125,083

Allowance for loan and lease losses as a percentage of total loans and leases		1.40	%		1.39	%		1.32	%		1.29	%		1.28	%

NET CHARGE-OFFS:
Commercial real estate loans	$	6,598		$	819		$	3,524		$	0		$	0
Commercial loans and leases		2,799			15,116			1,640			7,647			7,257
Consumer loans		(378	)		(78	)		(37	)		(50	)		(5	)
Total net charge-offs **	$	9,019		$	15,857		$	5,127		$	7,597		$	7,252

Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.20	%		0.51	%		0.21	%		0.31	%		0.30	%

*As a result of the adoption of ASU 2025-08, this amount, related to seasoned non-PCD loans, is recorded as part of purchase accounting adjustments, not through the provision.
**Excludes the impact of Merger Day 1 purchase accounting that resulted in $15.8 million of charge-offs during the three months ended September 30, 2025.
***Provision for loan and lease losses does not include (credit) provision of $(0.0 million), $9.1 million of which $8.4 million was related to Merger Day 1, $(0.7 million), $(0.7 million), and $(0.9 million) for credit losses on unfunded commitments during the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Average Yields / Costs (Unaudited)

	Three Months Ended
	December 31, 2025						September 30, 2025						December 31, 2024
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	1,701,105	$	17,028	4.00	%	$	1,165,022	$	11,273	3.87	%	$	856,065	$	6,463	3.02	%
Restricted equity securities (2)		90,227		1,163	5.16	%		73,853		1,467	7.95	%		75,879		1,459	7.69	%
Short-term investments		935,845		9,293	3.97	%		448,044		5,438	4.85	%		236,784		2,830	4.78	%
Total investments		2,727,177		27,484	4.03	%		1,686,919		18,178	4.31	%		1,168,728		10,752	3.68	%
Loans and Leases:
Commercial real estate loans (3)		10,124,749		152,780	5.90	%		7,013,916		105,287	5.87	%		5,752,591		81,195	5.52	%
Commercial loans (3)		2,795,135		47,958	6.72	%		1,818,012		30,115	6.48	%		1,170,295		19,750	6.61	%
Equipment financing (3)		1,182,376		25,206	8.53	%		1,209,797		24,692	8.16	%		1,310,143		26,295	8.03	%
Consumer loans (3)		4,102,433		60,907	5.92	%		2,505,760		35,103	5.59	%		1,529,654		20,881	5.44	%
Total loans and leases		18,204,693		286,851	6.30	%		12,547,485		195,197	6.22	%		9,762,683		148,121	6.07	%
Total interest-earning assets		20,931,870		314,335	6.01	%		14,234,404		213,375	6.00	%		10,931,411		158,873	5.81	%
Non-interest-earning assets		1,712,611						975,676						649,161
Total assets	$	22,644,481					$	15,210,080					$	11,580,572

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	1,445,932		2,953	0.81	%	$	917,794		1,786	0.77	%	$	630,408		1,056	0.67	%
Savings accounts		2,939,288		14,770	1.99	%		2,201,808		12,867	2.32	%		1,741,355		10,896	2.49	%
Money market accounts		5,546,257		37,347	2.67	%		3,324,253		23,131	2.76	%		2,083,033		13,856	2.65	%
Certificates of deposit		4,150,590		39,438	3.77	%		2,607,493		24,956	3.80	%		1,857,483		20,691	4.43	%
Brokered deposit accounts		739,874		7,931	4.25	%		823,059		9,161	4.42	%		797,910		10,063	5.02	%
Total interest-bearing deposits		14,821,941		102,439	2.74	%		9,874,407		71,901	2.89	%		7,110,189		56,562	3.16	%
Borrowings:
Advances from the FHLB		607,594		6,533	4.21	%		792,455		8,709	4.30	%		1,144,157		13,958	4.77	%
Subordinated debentures and notes		198,411		3,623	7.30	%		121,526		2,394	7.88	%		84,311		1,944	9.22	%
Other borrowed funds		38,089		247	2.57	%		42,303		551	5.16	%		65,947		695	4.20	%
Total borrowings		844,094		10,403	4.82	%		956,284		11,654	4.77	%		1,294,415		16,597	5.02	%
Total interest-bearing liabilities		15,666,035		112,842	2.86	%		10,830,691		83,555	3.06	%		8,404,604		73,159	3.46	%
Non-interest-bearing liabilities:
Demand checking accounts		3,982,227						2,414,119						1,693,138
Other non-interest-bearing liabilities		542,739						287,062						250,303
Total liabilities		20,191,001						13,531,872						10,348,045
Stockholders’ equity		2,453,480						1,678,208						1,232,527
Total liabilities and equity	$	22,644,481					$	15,210,080					$	11,580,572
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				201,493	3.15	%				129,820	2.94	%				85,714	2.35	%
Less adjustment of tax-exempt income				1,752						970						726
Net interest income			$	199,741					$	128,850					$	84,988
Net interest margin (5)					3.82	%					3.62	%					3.12	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Average Yields / Costs (Unaudited)

	Twelve Months Ended
	December 31, 2025						December 31, 2024
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	1,159,559	$	41,867	3.61	%	$	862,381	$	26,416	3.06	%
Restricted equity securities (2)		74,950		4,896	6.53	%		74,788		5,786	7.74	%
Short-term investments		468,981		19,568	4.17	%		164,445		8,554	5.20	%
Total investments		1,703,490		66,331	3.89	%		1,101,614		40,756	3.70	%
Loans and Leases:
Commercial real estate loans (3)		7,092,889		412,446	5.74	%		5,760,432		327,221	5.59	%
Commercial loans (3)		1,788,703		118,438	6.53	%		1,086,460		73,369	6.65	%
Equipment financing (3)		1,228,050		101,022	8.23	%		1,352,993		106,329	7.86	%
Consumer loans (3)		2,435,721		138,308	5.68	%		1,501,626		82,273	5.47	%
Total loans and leases		12,545,363		770,214	6.14	%		9,701,511		589,192	6.07	%
Total interest-earning assets		14,248,853		836,545	5.87	%		10,803,125		629,948	5.83	%
Non-interest-earning assets		981,795						670,299
Total assets	$	15,230,648					$	11,473,424

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	909,733		6,778	0.75	%	$	650,225		4,543	0.70	%
Savings accounts		2,169,779		48,502	2.24	%		1,726,504		46,220	2.68	%
Money market accounts		3,321,102		88,055	2.65	%		2,056,066		60,796	2.96	%
Certificates of deposit		2,637,193		102,424	3.88	%		1,737,697		76,134	4.38	%
Brokered deposit accounts		769,674		34,741	4.51	%		873,182		45,270	5.18	%
Total interest-bearing deposits		9,807,481		280,500	2.86	%		7,043,674		232,963	3.31	%
Borrowings:
Advances from the FHLB		826,796		37,511	4.47	%		1,124,432		55,851	4.89	%
Subordinated debentures and notes		122,476		9,436	7.70	%		84,258		6,074	7.21	%
Other borrowed funds		49,374		2,235	4.53	%		78,859		4,048	5.13	%
Total borrowings		998,646		49,182	4.86	%		1,287,549		65,973	5.04	%
Total interest-bearing liabilities		10,806,127		329,682	3.05	%		8,331,223		298,936	3.59	%
Non-interest-bearing liabilities:
Demand checking accounts		2,439,121						1,657,922
Other non-interest-bearing liabilities		327,262						273,243
Total liabilities		13,572,510						10,262,388
Stockholders’ equity		1,658,138						1,211,036
Total liabilities and equity	$	15,230,648					$	11,473,424
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				506,863	2.82	%				331,012	2.24	%
Less adjustment of tax-exempt income				3,757						1,427
Net interest income			$	503,106					$	329,585
Net interest margin (5)					3.56	%					3.06	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)

										At and for the Three Months Ended December 31,						At and for the Twelve Months Ended December 31,
											2025			2024			2025			2024
Reconciliation Table - Non-GAAP Financial Information										(Dollars in Thousands Except Share Data)

Reported Pretax Income										$	75,187		$	23,819		$	121,862		$	91,691
Add:
Merger Day 1 CECL provision on unfunded commitments											—			—			8,415			—
Merger and restructuring expenses											14,424			3,378			61,697			4,201
Operating Pretax income										$	89,611		$	27,197		$	191,974		$	95,892
Effective tax rate											25.9	%		23.9	%		25.9	%		24.5	%
Provision for income tax											23,209			6,511			49,721			23,480
Operating earnings after tax										$	66,402		$	20,686		$	142,253		$	72,412

Operating earnings per common share:
Basic										$	0.79		$	0.23		$	1.63		$	0.81
Diluted										$	0.79		$	0.23		$	1.62		$	0.81

Weighted average common shares outstanding during the period:
Basic											83,851,381			89,098,443			87,428,572			88,983,248
Diluted											83,878,047			89,483,964			87,752,206			89,302,304


Return on average assets *											0.94	%		0.61	%		0.59	%		0.60	%
Add:
Merger Day 1 CECL provision (after-tax) *											—	%		—	%		0.04	%		—	%
Merger and restructuring expenses (after-tax) *											0.19	%		0.09	%		0.30	%		0.03	%
Operating return on average assets *											1.13	%		0.70	%		0.93	%		0.63	%


Return on average tangible assets *											0.97	%		0.62	%		0.61	%		0.61	%
Add:
Merger Day 1 CECL provision (after-tax) *											—	%		—	%		0.04	%		—	%
Merger and restructuring expenses (after-tax) *											0.19	%		0.09	%		0.31	%		0.03	%
Operating return on average tangible assets *											1.16	%		0.71	%		0.96	%		0.64	%


Return on average stockholders' equity *											8.70	%		5.69	%		5.44	%		5.67	%
Add:
Merger Day 1 CECL provision (after-tax) *											—	%		—	%		0.38	%		—	%
Merger and restructuring expenses (after-tax) *											1.74	%		0.83	%		2.76	%		0.26	%
Operating return on average stockholders' equity *											10.44	%		6.52	%		8.58	%		5.93	%


Return on average tangible stockholders' equity *											11.19	%		7.21	%		6.92	%		7.24	%
Add:
Merger Day 1 CECL provision (after-tax) *											—	%		—	%		0.48	%		—	%
Merger and restructuring expenses (after-tax) *											2.24	%		1.06	%		3.51	%		0.33	%
Operating return on average tangible stockholders' equity *											13.43	%		8.27	%		10.91	%		7.57	%
* Ratios at and for the three months ended are annualized.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)

	At and for the Three Months Ended															At and for the Twelve Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
	(Dollars in Thousands)

Net income (loss), as reported	$	53,366		$	(4,221	)	$	22,026		$	19,100		$	17,536		$	90,271		$	68,715

Average total assets	$	22,644,481		$	15,210,080		$	11,402,934		$	11,543,330		$	11,580,572		$	15,230,648		$	11,473,424
Less: Average goodwill and average identified intangible assets, net		546,276			353,189			256,508			257,941			259,496			354,267			262,011
Average tangible assets	$	22,098,205		$	14,856,891		$	11,146,426		$	11,285,389		$	11,321,076		$	14,876,381		$	11,211,413

Return on average tangible assets (annualized)		0.97	%		(0.11	)%		0.79	%		0.68	%		0.62	%		0.61	%		0.61	%

Average total stockholders’ equity	$	2,453,480		$	1,678,208		$	1,252,055		$	1,235,201		$	1,232,527		$	1,658,138		$	1,211,036
Less: Average goodwill and average identified intangible assets, net		546,276			353,189			256,508			257,941			259,496			354,267			262,011
Average tangible stockholders’ equity	$	1,907,204		$	1,325,019		$	995,547		$	977,260		$	973,031		$	1,303,871		$	949,025

Return on average tangible stockholders’ equity (annualized)		11.19	%		(1.27	)%		8.85	%		7.82	%		7.21	%		6.92	%		7.24	%

Total stockholders’ equity	$	2,496,061		$	2,461,015		$	1,254,171		$	1,240,182		$	1,221,939		$	2,496,061		$	1,221,939
Less:
Goodwill		351,613			353,471			241,222			241,222			241,222			351,613			241,222
Identified intangible assets, net		189,562			198,339			14,600			16,030			17,461			189,562			17,461
Tangible stockholders' equity	$	1,954,886		$	1,909,205		$	998,349		$	982,930		$	963,256		$	1,954,886		$	963,256

Total assets	$	23,220,372		$	22,867,458		$	11,568,745		$	11,519,869		$	11,905,326		$	23,220,372		$	11,905,326
Less:
Goodwill		351,613			353,471			241,222			241,222			241,222			351,613			241,222
Identified intangible assets, net		189,562			198,339			14,600			16,030			17,461			189,562			17,461
Tangible assets	$	22,679,197		$	22,315,648		$	11,312,923		$	11,262,617		$	11,646,643		$	22,679,197		$	11,646,643

Tangible stockholders’ equity to tangible assets		8.62	%		8.56	%		8.82	%		8.73	%		8.27	%		8.62	%		8.27	%

Tangible stockholders' equity	$	1,954,886		$	1,909,205		$	998,349		$	982,930		$	963,256		$	1,954,886		$	963,256

Number of common shares issued		89,576,403			89,576,403			96,998,075			96,998,075			96,998,075			89,576,403			96,998,075
Less:
Treasury shares		5,545,511			5,449,039			7,039,136			7,037,610			7,019,384			5,545,511			7,019,384
Unvested restricted shares		214,806			218,503			854,334			855,860			880,248			214,806			880,248
Number of common shares outstanding		83,816,086			83,908,861			89,104,605			89,104,605			89,098,443			83,816,086			89,098,443

Tangible book value per common share	$	23.32		$	22.75		$	11.20		$	11.03		$	10.81		$	23.32		$	10.81