Form 8-K

8-K — Beacon Financial Corp

Accession: 0001171843-26-005016

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001108134

SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — f8k_072926.htm (Primary)

EX-99.1 — PRESS RELEASE (exh_991.htm)

EX-99.2 — EXHIBIT 99.2 (exh_992.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: f8k_072926.htm · Sequence: 1

Form 8-K

False000110813400011081342026-07-292026-07-29iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2026

_______________________________

BEACON FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

_______________________________

Delaware 001-15781 04-3510455

(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

131 Clarendon Street

Boston, Massachusetts 02116

(Address of Principal Executive Offices) (Zip Code)

(617) 425-4600

(Registrant's telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 29, 2026, the Board of Directors of Beacon Financial Corporation (the “Company”) issued a press release announcing its earnings for the quarter ended June 30, 2026. Additionally, the Company announced the approval by its Board of Directors of a regular quarterly dividend of $0.3225 per share payable on August 28, 2026 to stockholders of record on August 14, 2026. A copy of that press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference herein.

Item 7.01. Regulation FD Disclosure.

In connection with the press release announcing the Company’s second quarter earnings, the Company posted an investor presentation to its website at www.beaconfinancial.com. A copy of the investor presentation is attached hereto as Exhibit 99.2 and is hereby incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

99.1 Press release of Beacon Financial Corporation reporting earnings and dividend approval, issued July 29, 2026

99.2 Investor Presentation of Beacon Financial Corporation, issued July 29, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BEACON FINANCIAL CORPORATION

Date: July 29, 2026 By: /s/ Carl M. Carlson

Carl M. Carlson

Chief Financial & Strategy Officer

EX-99.1 — PRESS RELEASE

EX-99.1

Filename: exh_991.htm · Sequence: 2

EdgarFiling

EXHIBIT 99.1

Beacon Financial Corporation Announces Second Quarter Results

Net Income of $64.4 million, EPS of $0.77

Quarterly Dividend of $0.3225

BOSTON, July 29, 2026 (GLOBE NEWSWIRE) -- Beacon Financial Corporation (NYSE: BBT) (the “Company”) today announced net income of $64.4 million, or $0.77 per basic and diluted share, for the second quarter of 2026, compared to $46.2 million, or $0.55 per basic and diluted share, for the first quarter of 2026, and $22.0 million, or $0.25 per basic and diluted share, for the second quarter of 2025.

“Our results this quarter demonstrate improved operating momentum, disciplined execution, and continued progress following our merger integration,” said Paul Perrault, the Company’s President and Chief Executive Officer.

“We grew total assets, deposits and non-interest income modestly, expanded the net interest margin, and reduced expenses, while maintaining our focus on credit discipline and long-term value creation for our stockholders. While competition is intense and the external environment remains unsettled, we are well positioned to build on this progress in the quarters ahead.”

Presentation of Results - The Merger

The Company’s merger of equals (the “Merger”) with Brookline Bancorp, Inc. (“Brookline”) was accounted for as a reverse acquisition using the acquisition method of accounting, with the Company treated as the legal acquirer and Brookline treated as the accounting acquirer for financial reporting purposes. The Company’s financial results for the period ended June 30, 2025 reflect Brookline’s results only on a standalone basis. As a result, the Company’s financial results for the second quarter of 2026 may not be directly comparable to prior reported periods.

BALANCE SHEET

Total assets increased $23.3 million during the quarter to $22.3 billion at June 30, 2026. Total assets increased $10.7 billion from June 30, 2025, primarily due to the assets assumed in the Merger.

Total loans and leases decreased $101.9 million to $17.8 billion at June 30, 2026 from March 31, 2026, primarily due to a decline in commercial real estate and equipment financing loans, partially offset by an increase in commercial and consumer loans, and increased $8.2 billion from June 30, 2025, primarily due to the loans and leases assumed in the Merger.

Total investment securities at June 30, 2026 increased $42.6 million to $1.8 billion from March 31, 2026, and increased $894.6 million from June 30, 2025, primarily due to investment securities assumed in the Merger.

Total cash and cash equivalents at June 30, 2026 increased $103.2 million to $1.2 billion from March 31, 2026, and increased $709.4 million from June 30, 2025, primarily due to cash and equivalents assumed in the Merger.

Total deposits as of June 30, 2026 increased $193.6 million from March 31, 2026, consisting of a $92.8 million increase in customer deposits and a $102.5 million increase in brokered deposits while payroll deposits remained flat. Total deposits increased $9.5 billion from June 30, 2025, primarily due to the deposits assumed in the Merger.

Total borrowed funds at June 30, 2026 decreased $183.9 million from March 31, 2026, and decreased $266.5 million from June 30, 2025.

The ratio of stockholders’ equity to total assets was 11.41 percent at June 30, 2026, compared to 11.27 percent at March 31, 2026, and 10.84 percent at June 30, 2025. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 9.25 percent at June 30, 2026, compared to 9.07 percent at March 31, 2026, and 8.82 percent at June 30, 2025. Tangible book value per common share (non-GAAP) increased $0.50 from $23.48 at March 31, 2026 to $23.98 at June 30, 2026, and increased $12.78 from $11.20 at June 30, 2025.

NET INTEREST INCOME

Net interest income increased $2.4 million to $193.2 million during the second quarter of 2026 from $190.8 million for the quarter ended March 31, 2026. The net interest margin increased 3 basis points to 3.81 percent for the three months ended June 30, 2026 from 3.78 percent for the three months ended March 31, 2026, primarily driven by a higher yield on loans and leases and lower funding costs offset by lower interest income as a result of a decline in average loan balances.

NON-INTEREST INCOME

Total non-interest income for the quarter ended June 30, 2026 increased $2.0 million to $26.0 million from $23.9 million for the quarter ended March 31, 2026. The increase was primarily driven by increases of $1.2 million in gain on sales of loans and leases, $0.6 million in loan level derivative income, net, and $0.4 million in wealth management fees, partially offset by a $0.6 million decline in bank-owned life insurance (BOLI) income.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $5.0 million for the quarter ended June 30, 2026, compared to $7.9 million for the quarter ended March 31, 2026. The decline in provision quarter over quarter was largely driven by a lower level of outstanding loans and minimal credit deterioration compared to the prior quarter.

Total net charge-offs for the second quarter of 2026 were $14.3 million compared to $13.6 million in the first quarter of 2026. The $14.3 million in net charge-offs were primarily driven by a Boston office loan, a large industrial laundry loan at Eastern Funding, and two rent controlled multi-family properties. These charge-offs were largely specifically reserved for in prior periods. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 32 basis points for the second quarter of 2026 from 30 basis points for the first quarter of 2026.

The allowance for loan and lease losses represented 1.34 percent of total loans and leases at June 30, 2026, compared to 1.36 percent at March 31, 2026, and 1.32 percent at June 30, 2025.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.86 percent at June 30, 2026, an increase of 0.03 percent from 0.83 percent at March 31, 2026. Total nonaccrual loans and leases increased $4.0 million to $152.7 million at June 30, 2026, from $148.6 million at March 31, 2026. The ratio of nonperforming assets to total assets was 0.70 percent at June 30, 2026, an increase from 0.68 percent at March 31, 2026. Total nonperforming assets increased $3.9 million to $155.2 million at June 30, 2026 from $151.2 million at March 31, 2026. The increase in nonperforming assets was largely driven by higher nonaccruals at Eastern Funding.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended June 30, 2026 decreased $13.6 million to $127.3 million from $140.8 million for the quarter ended March 31, 2026, of which included $13.0 million related to merger and restructuring expenses which were completed in the first quarter of 2026. The remaining $0.6 million decrease was primarily driven by decreases of $1.8 million in equipment and data processing expense driven by system consolidation, $1.3 million in occupancy expense, and $1.0 million in FDIC insurance expense, partially offset by an increase of $3.2 million in other non-interest expense primarily due to an increase of $1.1 million in loan workout expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 26.0 percent and 27.7 percent for the three and six months ended June 30, 2026 compared to 29.9 percent for the three months ended March 31, 2026 and 25.6 percent and 25.3 percent for the three and six months ended June 30, 2025.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets increased to 1.17 percent during the second quarter of 2026 from 0.84 percent for the first quarter of 2026.

The annualized return on average stockholders' equity increased to 10.15 percent during the second quarter of 2026 from 7.32 percent for the first quarter of 2026. The annualized return on average tangible stockholders’ equity (non-GAAP) increased to 12.84 percent for the second quarter of 2026 from 9.30 percent for the first quarter of 2026.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.3225 per share for the quarter ended June 30, 2026. The dividend will be paid on August 28, 2026 to stockholders of record on August 14, 2026.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, July 30, 2026 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website at www.beaconfinancialcorporation.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/795588966. To listen to the call without access to the slides, interested parties may dial 800-715-9871 (United States) or 646-307-1963 (internationally) and ask for the Beacon Financial Corporation conference call (Access Code: 6567963). A recorded playback of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 800-770-2030 (United States & Canada) or 609-800-9909 (internationally) and entering the passcode: 6567963.

ABOUT BEACON FINANCIAL CORPORATION

Beacon Financial Corporation (NYSE: BBT) is the holding company for Beacon Bank & Trust, commonly known as Beacon Bank, a full-service regional bank serving the Northeast. Headquartered in Boston, the Company has $22.3 billion in assets and more than 145 branches throughout New England and New York. Beacon Bank offers a full suite of tailored banking solutions including commercial, cash management, asset-based lending, retail, consumer and residential products and services. The Company also provides equipment financing through its Eastern Funding subsidiary, SBA lending through its 44 Business Capital division, and private wealth services through Clarendon Private.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements in other documents it files with the Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, changes in interest rates; general economic conditions (including the impact of ongoing armed conflicts, tariffs, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ongoing turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

The Company's consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period's presentation.

NON-GAAP FINANCIAL MEASURES

The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders' equity, operating return on average tangible stockholders' equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders' equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached.

INVESTOR RELATIONS:

Contact: Carl M. Carlson

Beacon Financial Corporation

Chief Financial and Strategy Officer

(617) 425-5331

carl.carlson@beaconbank.com

MEDIA CONTACT:

Contact: Gary Levante

Beacon Financial Corporation

Chief Marketing Officer

(413) 447-1737

gary.levante@beaconbank.com

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Selected Financial Highlights (Unaudited)

At and for the Three Months Ended

June 30,

2026

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

(Dollars In Thousands Except per Share Data)

Earnings Data:

Net interest income $ 193,207 $ 190,774 $ 199,741 $ 128,850 $ 88,685

Provision for credit losses on loans and unfunded commitments 5,007 7,899 8,141 20,268 6,997

Provision (recovery) of credit losses on investments (85 ) 47 (35 ) 32 3

Non-interest income 25,988 23,947 25,918 12,345 5,970

Non-interest expense 127,256 140,822 142,366 129,296 58,061

Income (loss) before provision for income taxes 87,017 65,953 75,187 (8,401 ) 29,594

Net income (loss) 64,426 46,217 53,366 (4,221 ) 22,026

Performance Ratios:

Net interest margin (1) 3.81 % 3.78 % 3.82 % 3.62 % 3.32 %

Interest-rate spread (1) 3.13 % 3.02 % 3.15 % 2.94 % 2.57 %

Return on average assets (annualized) 1.17 % 0.84 % 0.94 % (0.11 )% 0.77 %

Return on average tangible assets (annualized) (non-GAAP) 1.20 % 0.86 % 0.97 % (0.11 )% 0.79 %

Return on average stockholders' equity (annualized) 10.15 % 7.32 % 8.70 % (1.01 )% 7.04 %

Return on average tangible stockholders' equity (annualized) (non-GAAP) 12.84 % 9.30 % 11.19 % (1.27 )% 8.85 %

Efficiency ratio (2) 58.06 % 65.58 % 63.09 % 91.57 % 61.34 %

Core efficiency ratio (3) 54.26 % 55.64 % 52.81 % 56.55 % 59.36 %

Per Common Share Data:

Net income (loss) — Basic $ 0.77 $ 0.55 $ 0.64 $ (0.05 ) $ 0.25

Net income (loss) — Diluted 0.77 0.55 0.64 (0.05 ) 0.25

Cash dividends declared 0.3225 0.3225 0.3225 0.3225 0.135

Book value per share (end of period) 30.30 29.88 29.78 29.33 14.08

Tangible book value per share (end of period) (non-GAAP) 23.98 23.48 23.32 22.75 11.20

Stock price (end of period) 30.45 30.00 26.37 23.71 10.55

Balance Sheet:

Total assets $ 22,250,964 $ 22,227,616 $ 23,220,372 $ 22,867,458 $ 11,568,745

Total loans and leases 17,822,218 17,924,156 18,029,552 18,305,379 9,582,374

Total deposits 18,485,864 18,292,280 19,514,657 18,904,063 8,961,202

Total stockholders’ equity 2,539,796 2,504,781 2,496,061 2,461,015 1,254,171

Asset Quality:

Nonperforming assets $ 155,155 $ 151,239 $ 116,747 $ 101,990 $ 63,596

Nonperforming assets as a percentage of total assets 0.70 % 0.68 % 0.50 % 0.45 % 0.55 %

Allowance for loan and lease losses $ 238,189 $ 244,377 $ 252,839 $ 253,735 $ 126,725

Allowance for loan and lease losses as a percentage of total loans and leases 1.34 % 1.36 % 1.40 % 1.39 % 1.32 %

Net loan and lease charge-offs (4) 14,280 $ 13,551 $ 9,019 $ 15,857 $ 5,127

Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.32 % 0.30 % 0.20 % 0.51 % 0.21 %

Capital Ratios:

Stockholders’ equity to total assets 11.41 % 11.27 % 10.75 % 10.76 % 10.84 %

Tangible stockholders’ equity to tangible assets (non-GAAP) 9.25 % 9.07 % 8.62 % 8.56 % 8.82 %

(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.

(3) Core efficiency ratio excludes amortization of identified intangible assets.

(4) The balance at September 30, 2025 excludes a $15.8 million Merger Day 1 charge-offs write up.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets (Unaudited)

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

ASSETS (In Thousands Except Share Data)

Cash and due from banks $ 240,680 $ 185,692 $ 201,557 $ 182,251 $ 87,386

Short-term investments 975,423 927,256 1,840,188 1,038,369 419,362

Total cash and cash equivalents 1,216,103 1,112,948 2,041,745 1,220,620 506,748

Investment securities available-for-sale 1,761,297 1,718,710 1,688,768 1,739,423 866,684

Total investment securities 1,761,297 1,718,710 1,688,768 1,739,423 866,684

Allowance for investment security losses (56 ) (141 ) (94 ) (129 ) (97 )

Net investment securities 1,761,241 1,718,569 1,688,674 1,739,294 866,587

Loans and leases held-for-sale — — — 83,330 —

Loans and leases:

Commercial real estate loans 9,884,139 9,957,408 10,012,094 10,247,090 5,485,546

Commercial loans and leases 3,981,803 4,011,974 3,947,363 3,950,693 2,520,347

Consumer loans 3,956,276 3,954,774 4,070,095 4,107,596 1,576,481

Total loans and leases 17,822,218 17,924,156 18,029,552 18,305,379 9,582,374

Allowance for loan and lease losses (238,189 ) (244,377 ) (252,839 ) (253,735 ) (126,725 )

Net loans and leases 17,584,029 17,679,779 17,776,713 18,051,644 9,455,649

Restricted equity securities 90,660 97,441 87,438 99,431 66,481

Premises and equipment, net of accumulated depreciation 161,175 161,141 162,474 158,375 83,963

Right-of-use asset operating leases 82,909 84,851 82,817 84,238 42,415

Deferred tax asset 138,466 142,827 149,487 178,456 52,325

Goodwill 357,358 355,269 351,613 353,471 241,222

Identified intangible assets, net of accumulated amortization 172,906 181,234 189,562 198,339 14,600

Other real estate owned and repossessed assets 2,505 2,623 2,591 3,360 1,288

Cash surrender value of bank-owned life insurance policies 335,523 336,980 334,442 332,840 85,479

Other assets 348,089 353,954 352,816 364,060 151,988

Total assets $ 22,250,964 $ 22,227,616 $ 23,220,372 $ 22,867,458 $ 11,568,745

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:

Demand checking accounts $ 3,910,604 $ 3,861,000 $ 4,032,529 $ 3,905,559 $ 1,726,933

Interest-bearing deposits:

NOW accounts 1,569,862 1,520,600 1,445,894 1,470,808 650,707

Savings accounts 3,035,355 3,088,857 2,954,029 2,904,888 1,795,761

Money market accounts 4,461,990 4,393,607 4,636,548 4,545,231 2,153,709

Payroll deposit accounts 1,212,178 1,213,861 1,878,758 1,044,462 —

Certificate of deposit accounts 4,064,518 4,085,511 4,156,540 4,127,226 1,877,661

Brokered deposit accounts 231,357 128,844 410,359 905,889 756,431

Total interest-bearing deposits 14,575,260 14,431,280 15,482,128 14,998,504 7,234,269

Total deposits 18,485,864 18,292,280 19,514,657 18,904,063 8,961,202

Borrowed funds:

Advances from the FHLB 633,292 822,091 555,788 841,044 934,669

Subordinated debentures and notes 202,278 198,989 198,572 198,283 84,397

Other borrowed funds 53,022 51,423 34,000 41,189 135,985

Total borrowed funds 888,592 1,072,503 788,360 1,080,516 1,155,051

Operating lease liabilities 90,936 92,820 90,713 92,211 43,528

Reserve for unfunded credits 13,470 16,555 13,746 13,727 4,586

Accrued expenses and other liabilities 232,306 248,677 316,835 315,926 150,207

Total liabilities 19,711,168 19,722,835 20,724,311 20,406,443 10,314,574

Stockholders' equity:

Common stock, $0.01 par value; 200,000,000 shares authorized; 89,576,403 shares issued, 89,576,403 shares issued, 89,576,403 shares issued, 89,576,403 shares issued, and 96,998,075 shares issued, respectively 896 896 896 896 970

Additional paid-in capital 2,164,080 2,172,982 2,171,885 2,171,912 904,697

Retained earnings 542,304 504,976 485,862 459,598 475,781

Accumulated other comprehensive income (34,929 ) (31,411 ) (20,002 ) (28,905 ) (39,378 )

Treasury stock, at cost;

5,211,670, 5,548,772, 5,545,511, 5,449,039, and 7,039,136 shares, respectively (132,555 ) (142,662 ) (142,580 ) (142,486 ) (87,899 )

Total stockholders' equity 2,539,796 2,504,781 2,496,061 2,461,015 1,254,171

Total liabilities and stockholders' equity $ 22,250,964 $ 22,227,616 $ 23,220,372 $ 22,867,458 $ 11,568,745

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

(In Thousands Except Share Data)

Interest and dividend income:

Loans and leases $ 265,596 $ 266,935 $ 285,795 $ 194,517 $ 143,933

Debt securities 18,370 16,510 16,335 10,984 6,691

Restricted equity securities 1,506 843 1,160 1,466 1,062

Short-term investments 8,162 8,096 9,293 5,438 2,386

Total interest and dividend income 293,634 292,384 312,583 212,405 154,072

Interest expense:

Deposits 88,959 93,056 102,439 71,901 52,682

Borrowed funds 11,468 8,554 10,403 11,654 12,705

Total interest expense 100,427 101,610 112,842 83,555 65,387

Net interest income 193,207 190,774 199,741 128,850 88,685

Provision for credit losses on loans 5,007 7,899 8,141 20,268 6,997

Provision (recovery) of credit losses on investments (85 ) 47 (35 ) 32 3

Net interest income after provision for credit losses 188,285 182,828 191,635 108,550 81,685

Non-interest income:

Deposit fees 8,510 8,347 9,843 5,005 2,472

Loan fees 2,619 2,366 2,189 1,004 472

Loan level derivative income (loss) 1,391 775 721 635 (4 )

Gain on sales of loans and leases held-for-sale 3,869 2,689 4,154 1,175 264

Wealth management fees 4,860 4,464 4,370 2,466 1,421

Other 4,739 5,306 4,641 2,060 1,345

Total non-interest income 25,988 23,947 25,918 12,345 5,970

Non-interest expense:

Compensation and employee benefits 70,280 69,650 70,204 49,999 35,147

Occupancy 11,791 13,097 11,877 6,921 5,349

Equipment and data processing 18,300 20,127 19,754 11,110 6,841

Professional services 2,769 2,462 2,778 2,114 1,471

FDIC insurance 3,332 4,320 1,924 1,971 1,880

Advertising and marketing 1,152 1,679 2,157 1,583 1,371

Amortization of identified intangible assets 8,328 8,328 8,777 3,587 1,431

Other 11,304 8,134 10,471 6,148 4,132

Total non-interest operating expense 127,256 127,797 127,942 83,433 57,622

Merger and restructuring expense — 13,025 14,424 45,863 439

Total non-interest expense 127,256 140,822 142,366 129,296 58,061

Income (loss) before provision for income taxes 87,017 65,953 75,187 (8,401 ) 29,594

Provision (benefit) for income taxes 22,591 19,736 21,821 (4,180 ) 7,568

Net Income (loss) $ 64,426 $ 46,217 $ 53,366 $ (4,221 ) $ 22,026

Earnings per common share:

Basic $ 0.77 $ 0.55 $ 0.64 $ (0.05 ) $ 0.25

Diluted $ 0.77 $ 0.55 $ 0.64 $ (0.05 ) $ 0.25

Weighted average common shares outstanding during the period:

Basic 83,816,086 83,816,086 83,851,381 87,508,517 89,104,605

Diluted 83,939,430 83,903,440 83,878,047 87,832,552 89,612,781

Dividends paid per common share $ 0.3225 $ 0.3225 $ 0.3225 $ 0.3225 $ 0.135

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

Six Months Ended June 30,

2026

2025

(In Thousands Except Share Data)

Interest and dividend income:

Loans and leases $ 532,531 $ 287,242

Debt securities 34,880 13,456

Restricted equity securities 2,349 2,265

Short-term investments 16,258 4,837

Total interest and dividend income 586,018 307,800

Interest expense:

Deposits 182,015 106,160

Borrowed funds 20,022 27,125

Total interest expense 202,037 133,285

Net interest income 383,981 174,515

Provision for credit losses on loans 12,906 12,971

Provision (recovery) of credit losses on investments (38 ) 15

Net interest income after provision for credit losses 371,113 161,529

Non-interest income:

Deposit fees 16,857 4,833

Loan fees 4,985 865

Loan level derivative income (loss) 2,166 66

Gain on sales of loans and leases held-for-sale 6,558 288

Wealth management fees 9,324 2,911

Other 10,045 2,667

Total non-interest income 49,935 11,630

Non-interest expense:

Compensation and employee benefits 139,930 71,000

Occupancy 24,888 11,070

Equipment and data processing 38,427 13,853

Professional services 5,231 3,197

FDIC insurance 7,652 3,917

Advertising and marketing 2,831 2,239

Amortization of identified intangible assets 16,656 2,861

Other 19,438 8,536

Total non-interest operating expense 255,053 116,673

Merger and restructuring expense 13,025 1,410

Total non-interest expense 268,078 118,083

Income before provision for income taxes 152,970 55,076

Provision for income taxes 42,327 13,950

Net income $ 110,643 $ 41,126

Earnings per common share:

Basic $ 1.32 $ 0.46

Diluted $ 1.32 $ 0.46

Weighted average common shares outstanding during the period:

Basic 83,816,086 89,104,060

Diluted 83,921,432 89,590,267

Dividends paid per common share $ 0.6450 $ 0.270

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Asset Quality Analysis (Unaudited)

At and for the Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

(Dollars in Thousands)

NONPERFORMING ASSETS:

Loans and leases accounted for on a nonaccrual basis:

Commercial real estate mortgage $ 67,645 $ 65,127 $ 41,246 $ 30,213 $ 987

Multi-family mortgage 9,484 12,995 4,065 2,994 1,433

Construction — — — 535 —

Total commercial real estate loans 77,129 78,122 45,311 33,742 2,420

Commercial 20,873 22,626 16,716 14,035 8,687

Equipment financing 45,493 38,633 42,718 41,793 46,067

Total commercial loans and leases 66,366 61,259 59,434 55,828 54,754

Residential mortgage 5,991 5,807 6,465 6,597 3,572

Home equity 3,041 3,222 2,739 2,220 1,561

Other consumer 123 206 207 243 1

Total consumer loans 9,155 9,235 9,411 9,060 5,134

Total nonaccrual loans and leases 152,650 148,616 114,156 98,630 62,308

Other real estate owned 70 — — 824 700

Other repossessed assets 2,435 2,623 2,591 2,536 588

Total nonperforming assets $ 155,155 $ 151,239 $ 116,747 $ 101,990 $ 63,596

Loans and leases past due greater than 90 days and still accruing $ 7,785 $ 5,834 $ 37,823 $ 23,570 $ 24,899

Nonperforming loans and leases as a percentage of total loans and leases 0.86 % 0.83 % 0.63 % 0.54 % 0.65 %

Nonperforming assets as a percentage of total assets 0.70 % 0.68 % 0.50 % 0.45 % 0.55 %

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:

Allowance for loan and lease losses at beginning of period $ 244,377 $ 252,839 $ 253,735 $ 126,725 $ 124,145

Merger Day 1 allowance on non-PCD loans* — — — 67,229 —

Merger Day 1 allowance on PCD loans — — — 64,511 —

Charge-offs (15,353 ) (15,880 ) (10,917 ) (16,661 ) (5,601 )

Recoveries 1,073 2,329 1,898 804 474

Net charge-offs** (14,280 ) (13,551 ) (9,019 ) (15,857 ) (5,127 )

Provision for loan and lease losses excluding unfunded commitments*** 8,092 5,089 8,123 11,127 7,707

Allowance for loan and lease losses at end of period $ 238,189 $ 244,377 $ 252,839 $ 253,735 $ 126,725

Allowance for loan and lease losses as a percentage of total loans and leases 1.34 % 1.36 % 1.40 % 1.39 % 1.32 %

NET CHARGE-OFFS:

Commercial real estate loans $ 7,416 $ 6,997 $ 6,598 $ 819 $ 3,524

Commercial loans and leases 6,897 6,611 2,799 15,116 1,640

Consumer loans (33 ) (57 ) (378 ) (78 ) (37 )

Total net charge-offs** $ 14,280 $ 13,551 $ 9,019 $ 15,857 $ 5,127

Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.32 % 0.30 % 0.20 % 0.51 % 0.21 %

*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 provision (credit) of $(3.1 million), $2.8 million, $(0.0 million), $9.1 million of which $8.4 million was related to Merger Day 1, and $(0.7 million) for credit losses on unfunded commitments during the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES

Average Yields / Costs (Unaudited)

Three Months Ended

June 30, 2026 March 31, 2026 June 30, 2025

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) $ 1,750,455 $ 19,013 4.35 % $ 1,684,382 $ 17,153 4.07 % $ 874,212 $ 6,752 3.09 %

Restricted equity securities (2) 95,840 1,507 6.29 % 84,281 845 4.01 % 65,724 1,062 6.46 %

Short-term investments 860,874 8,162 3.79 % 879,562 8,096 3.68 % 215,982 2,386 4.42 %

Total investments 2,707,169 28,682 4.24 % 2,648,225 26,094 3.94 % 1,155,918 10,200 3.53 %

Loans and Leases:

Commercial real estate loans (3) 9,865,901 142,453 5.71 % 9,974,029 143,162 5.74 % 5,533,208 77,136 5.51 %

Commercial loans (3) 2,952,686 46,038 6.17 % 2,877,031 44,646 6.21 % 1,286,908 20,757 6.38 %

Equipment financing (3) 1,052,189 21,675 8.24 % 1,117,336 23,545 8.43 % 1,240,128 25,069 8.09 %

Consumer loans (3) 3,935,888 56,399 5.73 % 4,006,808 56,561 5.66 % 1,556,254 21,437 5.51 %

Total loans and leases 17,806,664 266,565 5.99 % 17,975,204 267,914 5.96 % 9,616,498 144,399 6.01 %

Total interest-earning assets 20,513,833 295,247 5.76 % 20,623,429 294,008 5.70 % 10,772,416 154,599 5.74 %

Non-interest-earning assets 1,526,851 1,512,428 630,518

Total assets $ 22,040,684 $ 22,135,857 $ 11,402,934

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:

Deposits:

NOW accounts $ 1,535,148 3,622 0.95 % $ 1,494,773 3,526 0.96 % $ 637,786 1,034 0.65 %

Savings accounts 3,057,585 14,045 1.84 % 3,032,997 13,612 1.82 % 1,780,838 10,692 2.41 %

Money market accounts 5,523,884 34,815 2.53 % 5,709,490 35,969 2.55 % 2,189,373 13,990 2.56 %

Certificates of deposit 4,051,332 34,862 3.45 % 4,136,313 36,870 3.62 % 1,879,749 18,437 3.93 %

Brokered deposit accounts 174,146 1,615 3.72 % 307,179 3,079 4.06 % 748,205 8,529 4.57 %

Total interest-bearing deposits 14,342,095 88,959 2.49 % 14,680,752 93,056 2.57 % 7,235,951 52,682 2.92 %

Borrowings

Advances from the FHLB 742,763 7,169 3.82 % 476,434 4,678 3.93 % 904,399 10,422 4.56 %

Subordinated debentures and notes 199,243 3,693 7.41 % 198,755 3,588 7.22 % 84,380 1,718 8.14 %

Other borrowed funds 54,565 606 4.46 % 26,974 288 4.33 % 46,086 565 4.93 %

Total borrowings 996,571 11,468 4.55 % 702,163 8,554 4.87 % 1,034,865 12,705 4.86 %

Total interest-bearing liabilities 15,338,666 100,427 2.63 % 15,382,915 101,610 2.68 % 8,270,816 65,387 3.17 %

Non-interest-bearing liabilities:

Demand checking accounts 3,813,559 3,866,588 1,654,594

Other non-interest-bearing liabilities 348,856 362,368 225,469

Total liabilities 19,501,081 19,611,871 10,150,879

Stockholders’ equity 2,539,603 2,523,986 1,252,055

Total liabilities and equity $ 22,040,684 $ 22,135,857 $ 11,402,934

Net interest income (tax-equivalent basis) /Interest-rate spread (4) 194,820 3.13 % 192,398 3.02 % 89,212 2.57 %

Less adjustment of tax-exempt income 1,613 1,624 527

Net interest income $ 193,207 $ 190,774 $ 88,685

Net interest margin (5) 3.81 % 3.78 % 3.32 %

(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 on an actual/actual basis.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Average Yields / Costs (Unaudited)

Six Months Ended

June 30, 2026 June 30, 2025

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) $ 1,717,601 $ 36,166 4.21 % $ 881,522 $ 13,566 3.08 %

Restricted equity securities (2) 90,092 2,352 5.22 % 67,743 2,266 6.69 %

Short-term investments 843,590 16,258 3.85 % 209,503 4,837 4.62 %

Total investments 2,651,283 54,776 4.13 % 1,158,768 20,669 3.57 %

Loans and Leases:

Commercial real estate loans (3) 9,919,667 285,512 5.72 % 5,591,973 154,379 5.49 %

Commercial loans (3) 2,915,067 90,684 6.19 % 1,262,130 40,455 6.38 %

Equipment financing (3) 1,084,583 45,220 8.34 % 1,260,663 51,034 8.10 %

Consumer loans (3) 3,971,151 113,063 5.70 % 1,552,633 42,298 5.46 %

Total loans and leases 17,890,468 534,479 5.98 % 9,667,399 288,166 5.96 %

Total interest-earning assets 20,541,751 589,255 5.74 % 10,826,167 308,835 5.71 %

Non-interest-earning assets 1,546,257 646,577

Total assets $ 22,088,008 $ 11,472,744

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:

Deposits:

NOW accounts $ 1,515,072 7,152 0.95 % $ 633,092 2,039 0.65 %

Savings accounts 3,045,359 27,657 1.83 % 1,762,366 20,865 2.39 %

Money market accounts 5,616,174 70,780 2.54 % 2,188,482 27,577 2.54 %

Certificates of deposit 4,093,588 71,732 3.53 % 1,883,049 38,030 4.07 %

Brokered deposit accounts 240,295 4,694 3.94 % 757,687 17,649 4.70 %

Total interest-bearing deposits 14,510,488 182,015 2.53 % 7,224,676 106,160 2.96 %

Borrowings

Advances from the FHLB 610,334 11,847 3.86 % 955,669 22,269 4.63 %

Subordinated debentures and notes 199,001 7,281 7.32 % 84,363 3,419 8.11 %

Other borrowed funds 40,846 894 4.41 % 58,704 1,437 4.94 %

Total borrowings 850,181 20,022 4.68 % 1,098,736 27,125 4.91 %

Total interest-bearing liabilities 15,360,669 202,037 2.65 % 8,323,412 133,285 3.23 %

Non-interest-bearing liabilities:

Demand checking accounts 3,839,927 1,667,489

Other non-interest-bearing liabilities 355,574 238,169

Total liabilities 19,556,170 10,229,070

Stockholders’ equity 2,531,838 1,243,674

Total liabilities and equity $ 22,088,008 $ 11,472,744

Net interest income (tax-equivalent basis) /Interest-rate spread (4) 387,218 3.09 % 175,550 2.48 %

Less adjustment of tax-exempt income 3,237 1,035

Net interest income $ 383,981 $ 174,515

Net interest margin (5) 3.80 % 3.27 %

(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 on an actual/actual basis.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Non-GAAP Financial Information (Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Reconciliation Table - Non-GAAP Financial Information

Reported Pretax Income $ 87,017 $ 29,594 $ 152,970 $ 55,076

Add:

Merger and restructuring expense — 439 13,025 1,410

Operating Pretax income $ 87,017 $ 30,033 $ 165,995 $ 56,486

Effective tax rate 26.0 % 25.3 % 25.8 % 24.8 %

Provision for income taxes 22,591 7,590 42,827 14,008

Operating earnings after tax $ 64,426 $ 22,443 $ 123,168 $ 42,478

Operating earnings per common share:

Basic $ 0.77 $ 0.25 $ 1.47 $ 0.48

Diluted $ 0.77 $ 0.25 $ 1.47 $ 0.47

Weighted average common shares outstanding during the period:

Basic 83,816,086 89,104,605 83,816,086 89,104,060

Diluted 83,939,430 89,612,781 83,921,432 89,590,267

Return on average assets * 1.17 % 0.77 % 1.00 % 0.72 %

Add:

Merger and restructuring expense (after-tax) * — % 0.01 % 0.09 % 0.02 %

Operating return on average assets * 1.17 % 0.78 % 1.09 % 0.74 %

Return on average tangible assets * 1.20 % 0.79 % 1.03 % 0.73 %

Add:

Merger and restructuring expense (after-tax) * — % 0.01 % 0.09 % 0.02 %

Operating return on average tangible assets * 1.20 % 0.80 % 1.12 % 0.75 %

Return on average stockholders' equity * 10.15 % 7.04 % 8.74 % 6.61 %

Add:

Merger and restructuring expense (after-tax) * — % 0.10 % 0.76 % 0.17 %

Operating return on average stockholders' equity * 10.15 % 7.14 % 9.50 % 6.78 %

Return on average tangible stockholders' equity * 12.84 % 8.85 % 11.08 % 8.34 %

Add:

Merger and restructuring expense (after-tax) * — % 0.13 % 0.97 % 0.21 %

Operating return on average tangible stockholders' equity * 12.84 % 8.98 % 12.05 % 8.55 %

* Ratios at and for the three months and six months ended are annualized.

At and for the Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

(Dollars in Thousands)

Net income (loss), as reported $ 64,426 $ 46,217 $ 53,366 $ (4,221 ) $ 22,026

Average total assets $ 22,040,684 $ 22,135,857 $ 22,644,481 $ 15,210,080 $ 11,402,934

Less: Average goodwill and average identified intangible assets, net 532,255 536,900 546,276 353,189 256,508

Average tangible assets $ 21,508,429 $ 21,598,957 $ 22,098,205 $ 14,856,891 $ 11,146,426

Return on average tangible assets (annualized) 1.20 % 0.86 % 0.97 % (0.11 )% 0.79 %

Average total stockholders’ equity $ 2,539,603 $ 2,523,986 $ 2,453,480 $ 1,678,208 $ 1,252,055

Less: Average goodwill and average identified intangible assets, net 532,255 536,900 546,276 353,189 256,508

Average tangible stockholders’ equity $ 2,007,348 $ 1,987,086 $ 1,907,204 $ 1,325,019 $ 995,547

Return on average tangible stockholders’ equity (annualized) 12.84 % 9.30 % 11.19 % (1.27 )% 8.85 %

Total stockholders’ equity $ 2,539,796 $ 2,504,781 $ 2,496,061 2,461,015 1,254,171

Less:

Goodwill 357,358 355,269 351,613 353,471 241,222

Identified intangible assets, net 172,906 181,234 189,562 198,339 14,600

Tangible stockholders' equity $ 2,009,532 $ 1,968,278 $ 1,954,886 $ 1,909,205 $ 998,349

Total assets $ 22,250,964 $ 22,227,616 $ 23,220,372 $ 22,867,458 $ 11,568,745

Less:

Goodwill 357,358 355,269 351,613 353,471 241,222

Identified intangible assets, net 172,906 181,234 189,562 198,339 14,600

Tangible assets $ 21,720,700 $ 21,691,113 $ 22,679,197 $ 22,315,648 $ 11,312,923

Tangible stockholders’ equity to tangible assets 9.25 % 9.07 % 8.62 % 8.56 % 8.82 %

Tangible stockholders' equity $ 2,009,532 $ 1,968,278 $ 1,954,886 $ 1,909,205 $ 998,349

Number of common shares issued 89,576,403 89,576,403 89,576,403 89,576,403 96,998,075

Less:

Treasury shares 5,211,670 5,548,772 5,545,511 5,449,039 7,039,136

Unvested restricted shares 548,647 211,545 214,806 218,503 854,334

Number of common shares outstanding 83,816,086 83,816,086 83,816,086 83,908,861 89,104,605

Tangible book value per common share $ 23.98 $ 23.48 $ 23.32 $ 22.75 $ 11.20

Non-interest expense $ 127,256 $ 140,822 $ 142,366 $ 129,296 $ 58,061

Less:

Merger and restructuring expense — 13,025 14,424 45,863 439

Total non-interest operating expense $ 127,256 $ 127,797 $ 127,942 $ 83,433 $ 57,622

Less:

Amortization of identified intangible assets 8,328 8,328 8,777 3,587 1,431

Non-interest expense for operating efficiency ratio $ 118,928 $ 119,469 $ 119,165 $ 79,846 $ 56,191

Efficiency ratio 58.06 % 65.58 % 63.09 % 91.57 % 61.34 %

Core efficiency ratio 54.26 % 55.64 % 52.81 % 56.55 % 59.36 %

A PDF accompanying this announcement is available at:

http://ml.globenewswire.com/Resource/Download/b1336b6a-057e-4b7a-9e33-2e200eedffbf

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: exh_992.htm · Sequence: 3

EdgarFiling

Exhibit 99.2

2Q 2026 Financial Results 1 July 30, 2026

Forward Looking Statements 2 Certain statements contained in this presentation that are not historical facts may constitute forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 . The Company may also make forward - looking statements in other documents it files with the Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees . You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations . Forward - looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control . These include, but are not limited to, changes in interest rates ; general economic conditions (including the impact of ongoing armed conflicts, tariffs, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates ; turbulence in the capital and debt markets ; competitive pressures from other financial institutions ; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives ; changes in the value of securities and other assets in the Company’s investment portfolio ; increases in loan and lease default and charge - off rates ; the adequacy of allowances for loan and lease losses ; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments ; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics ; changes in regulation ; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments ; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired ; and changes in assumptions used in making such forward - looking statements . Forward - looking statements involve risks and uncertainties which are difficult to predict . The Company’s actual results could differ materially from those projected in the forward - looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10 - K, as updated by its Quarterly Reports on Form 10 - Q and other filings submitted to the SEC . The Company does not undertake any obligation to update any forward - looking statement to reflect circumstances or events that occur after the date the forward - looking statements are made . Non - GAAP In addition to financial measures presented in accordance with U . S . generally accepted accounting principles (“GAAP”), this presentation contains certain non - GAAP financial measures, including, without limitation, operating earnings, and the ratios of tangible common equity to tangible assets . The presentation of non - GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP . Please see the Earnings Release for certain Non - GAAP reconciliations .

$0.77 Quarterly GAAP EPS $0.3225 Quarterly Dividend Per Share Highlights Total assets of $22.3 billion. Total loans of $17.8 billion. Total deposits of $18.5 billion. Margin of 3.81%. Noninterest income up 9% quarter over quarter. No merger expense incurred during the quarter, as expected. ROA of 1.17% and ROTE of 12.84%. Core efficiency ratio of 54.26%. Fortress Balance Sheet / Asset Quality Loans to Deposits of 96%. NPAs to total assets of 0.70%. Reserve to Loans coverage of 1.34%. Total Risk Based Capital of 13.6% and Tangible Common Equity (TCE) of 9.3%. 3 $0.77 Quarterly Operating EPS

Summary Income Statement Net Income of $64.4 million or $0.77 per share. Net interest income increased $2.4 million from prior quarter reflecting higher margin and one additional day in Q2. Noninterest income increased $2.0 million from prior quarter primarily driven by increases of $1.2 million in gain on loan sales and $0.6 million in loan level derivative income. Total operating expense decreased $0.5 million. Year over Year (YoY) Linked Quarter (LQ) %Δ 2Q25 Δ %Δ Δ 2Q26 1Q26 $m, except per share amts 118% $ 88.7 $ 104.5 1% $ 2.4 $ 193.2 $ 190.8 Net interest income 333% 6.0 20.0 9% 2.0 26.0 23.9 Noninterest income 131% 124.5 94.7 2% 4.5 214.7 219.2 Total Revenue 111% 62.6 56.3 0% (0.5) 119.5 118.9 Noninterest expense 495% 6.9 1.4 0% - 8.3 8.3 Amortization of intangibles - 100% (0.4) 0.4 - 100% (13.0) 13.0 - Restructuring/Merger exp. 151% 55.3 36.6 24% 18.0 73.9 91.9 Pretax, Preprov. Net Rev. - 30% (2.1) 7.0 - 38% (3.0) 7.9 4.9 Provision for credit losses 194% 57.4 29.6 32% 21.1 66.0 87.0 Pretax income 197% 15.0 7.6 14% 2.9 19.7 22.6 Provision for taxes 193% $ 42.4 $ 22.0 39% $ 18.2 $ 46.2 $ 64.4 Net Income 208% $ 0.52 $ 0.25 40% $ 0.22 $ 0.55 $ 0.77 EPS - 6% (5,674) 89,613 0% 36 83,903 83,939 Avg diluted shares (000s) 0.38% 0.79% 0.33% 0.84% 1.17% Return on Assets 3.99% 8.85% 3.53% 9.30% 12.84% Return on Tangible Equity 0.49% 3.32% 0.03% 3.78% 3.81% Net Interest Margin - 5.10% 59.36% - 1.38% 55.64% 54.26% Core Efficiency Ratio 4

Margin – Yields and Costs Yield Interest Avg Bal $ millions 5.99% $ 266.6 $ 17,807 Loans 4.24% 28.7 2,707 Investments & earning cash 5.76% $ 295.2 $ 20,514 Interest Earning Assets 2.49% $ 89.0 14,342 Interest bearing deposits 4.55% 11.5 997 Borrowings 2.63% $ 100.4 $ 15,339 Interest Bearing Liabilities 3.13% Net interest spread Yield Interest Avg Bal 5.96% $ 267.9 $ 17,975 3.94% 26.1 2,648 5.70% $ 294.0 $ 20,623 2.57% $ 93.1 14,681 4.87% 8.6 702 2.68% 3.02% $ 101.6 $ 15,383 Yield Interest Avg Bal 0.03% $ (1.3) $ (168) 0.30% 2.6 59 0.06% $ 1.3 $ (109) - 0.08% $ (4.1) $ (339) - 0.32% 2.9 295 - 0.05% 0.11% $ (1.1) $ (44) Purchase Accounting* Yield Interest 0.19% $ 8.3 0.71% 4.8 0.26% $ 13.1 0.02% $ 0.6 0.12% 0.3 0.02% 0.23% $ 0.9 2Q26 Prior Quarter LQΔ Net interest income, TEB / Margin $ 194.8 3.81% $ 192.4 3.78% $ 2.4 0.03% $ 12.2 0.24% - $ 12.2 * quarterly accretion / amortization of interest rate marks. LESS: Tax Equivalent Basis (TEB) Adj. 1.6 Net Interest Income $ 193.2 1.6 - 190.8 $ 2.4 $ YoY Chg LQ Chg 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Rate Environment - 0.75% 0.00% 3.75% 3.75% 3.75% 4.25% 4.50% Fed Funds (upper) - 0.77% 0.00% 3.68% 3.68% 3.87% 4.24% 4.45% SOFR 0.42% 0.35% 4.14% 3.79% 3.47% 3.60% 3.72% 2Y Treasury 0.40% 0.27% 4.19% 3.92% 3.73% 3.74% 3.79% 5Y Treasury 0.20% 0.14% 4.44% 4.30% 4.18% 4.16% 4.24% 10Y Treasury 5

Summary Balance Sheet %Δ Δ 2Q25 Δ 1Q26 2Q26 $m, except per share amts 86% $ 8,240 $ 9,582 $ (102) $ 17,924 $ 17,822 Gross Loans, investment 88% (111) (127) 6 (244) (238) Allowance for loan losses 86% 8,129 9,455 (96) 17,680 17,584 Net Loans 1,761 1,216 530 1,159 1,719 1,113 537 1,180 43 103 (6) (21) 867 507 256 484 894 709 274 675 103% 140% 107% 140% Securities Cash & equivalents Intangibles Other assets & Loans, HFS Total Assets On the balance sheet, total assets increased $23 million to $22.3 billion, driven by higher total deposits impacting cash equivalents. Loans declined $102 million, or 0.6%, reflecting CRE and Equipment 92% Financing runoff. Deposits increased 1.1%, driven primarily by higher customer deposits across DDA, NOW and Money Market as well as an increase in Brokered. $ 22,251 $ 22,228 $ 23 $ 11,569 $ 10,682 106% $ 9,525 $ 8,961 $ 194 $ 18,292 $ 18,486 Deposits - 23% (266) 1,155 (184) 1,073 889 Borrowings 169% 8 5 (3) 17 13 Reserve for unfunded loans 67% 129 194 (18) 341 323 Other Liabilities 91% 9,396 10,315 (12) 19,723 19,711 Total Liabilities 103% 1,286 1,254 35 2,505 2,540 Stockholders' Equity 92% $ 10,682 $ 11,569 $ 23 $ 22,228 $ 22,251 Total Liabilities & Equity 114% $ 12.78 $ 11.20 $ 0.50 $ 23.48 $ 23.98 TBV per share - 6% (5,289) 89,105 - 83,816 83,816 Actual shares outstanding (000) 0.43% 8.82% 0.18% 9.07% 9.25% Tang. Equity / Tang. Assets - 10.52% 106.93% - 1.58% 97.99% 96.41% Loans / Deposits 0.02% 1.32% - 0.03% 1.36% 1.34% ALLL / Gross Loans Linked Quarter (LQ) Year over Year (YoY) 6

Loans and Deposits 55% 17% 6% 22% Loans Consumer 21% 9% 16% 24% 22% 7% CRE C&I Equipment Deposits 1% NOW CDs Savings Payroll DDA MM Brokered $ millions 2Q26 1Q26 Δ $ 9,884 2,950 1,031 3,956 $ 9,957 $ 2,938 1,074 3,955 (73) 12 (43) 1 CRE Commercial Equipment Finance Consumer Total Loans $ 17,822 $ 17,924 $ (102) Demand deposits NOW Savings Money market CDs Payroll deposits Brokered deposits Total Deposits $ 3,911 1,570 3,035 4,462 4,065 1,212 231 $ 3,861 $ 1,521 3,089 4,393 4,086 1,214 129 50 49 (54) 69 (21) (2) 102 $ 18,486 $ 18,292 $ 194 Customer deposits* $ 17,042 *Excludes Payroll and Brokered deposits $ 16,949 $ 94 Linked Quarter (LQ) LOANS DEPOSITS 7

Capital Strength 8 preliminary estimates* Capital in Excess of "Well Capitalized" Beacon Board Policy Limits Regulatory BASEL III Requirements Regulatory Capital Buffer $ Regulatory Capital Buffer % Operating Targets Policy Minimums "Well Capitalized" Minimum Jun - 26 $ millions $ 917.4 5.1% ≥ 8.0% ≥ 7.5% ≥ 6.5% ≥ 4.5% 11.6% Tier 1 Common / RWA $ 676.4 3.7% ≥ 9.5% ≥ 9.0% ≥ 8.0% ≥ 6.0% 11.7% Tier 1 / RWA $ 654.2 3.6% ≥ 11.5% ≥ 11.0% ≥ 10.0% ≥ 8.0% 13.6% Total Risk Based Capital $ 1,040.9 4.8% ≥ 6.5% ≥ 6.0% ≥ 5.0% ≥ 5.0% 9.8% Leverage Ratio * Regulatory capital ratios are preliminary estimates and may differ from numbers calculated in final Regulatory filings. $0.3225 Quarterly Dividend Per Share 42% payout based on 2Q’26 EPS 4.2% Current Dividend Yield** ** Based on annual dividend of $1.29 and stock price of $30.45 (close 06/30/26) 317% ICRE / Total RBC The Board of Directors announced a dividend of $0.3225 per share payable August 28, 2026 to stockholders of record on August 14, 2026. 24% Construction / Total RBC

Outlook 9 Our current Base Case does not anticipate changes to the Fed Fund Target Rate for the remainder of 2026. The regional economy continues to perform well however, the conflict in Iran continues to create greater uncertainty, elevated volatility, and higher longer - term interest rates which are impacting investment activity. FORWARD LOOKING Expect loan growth to be in the low single digits for the remainder of the year driven by strong C&I lending. Dependent on economic activity. Loans The net interest margin is expected in the range of 3.80% - 3.85%. Accretion from purchase accounting will be in the range of $12 million per quarter and will fluctuate due to prepayment activity. Margin Credit costs are expected in the range of $5 - 9 million per qtr. Credit Modest fee income growth in the mid - single digits is anticipated. Fees No further merger charges are anticipated. Targeted cost synergies announced in December 2024 have been executed on and realized. Expenses The effective tax rate is currently estimated in the range of 26% for the remainder of 2026. Taxes

APPENDIX NYSE: BBT 10

Non Performing Assets and Net Charge Offs 11 The $14.3 million in net charge - offs were primarily driven by a Boston office loan, a large industrial laundry loan at Eastern Funding, and two rent controlled multi - family properties. These charge - offs were largely specifically reserved for in prior periods. Δ 2Q25 Δ 1Q26 2Q26 Non Performing Assets (NPAs), in millions $ 74.7 $ 2.4 $ (1.0) $ 78.1 $ 77.1 CRE 11.6 54.8 5.1 61.3 66.4 C&I 4.1 5.1 - 9.2 9.2 Consumer 90.4 62.3 4.1 148.6 152.7 Total Non Performing Loans (NPLs) (0.6) 0.7 0.1 - 0.1 Other real estate owned 1.8 0.6 2.4 2.6 (0.2) Other repossessed assets $ 91.6 $ 63.6 $ 4.0 $ 151.2 $ 155.2 Total NPAs 0.21% 0.65% 0.03% 0.83% 0.86% NPLs / Total Loans 0.15% 0.55% 0.02% 0.68% 0.70% NPAs / Total Assets Net Charge Offs (NCOs), in millions $ 3.9 $ 3.5 $ 0.4 $ 7.0 $ 7.4 CRE loans 5.3 1.6 0.3 6.6 6.9 C&I loans - - 0.1 (0.1) Consumer loans - $ 9.2 $ 5.1 $ 0.8 $ 13.5 Total Net Charge Offs $ 14.3 0.11% 0.21% 0.02% 0.30% 0.32% NCOs / Avg. Loans (annualized) Linked Quarter (LQ) Year over Year (YoY) Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented.

$7,798 $3,784 $2,284 $3,956 Investment CRE 44% Commercial Core 21% Specialty Lending 13% Retail 22% Perm Constr Total % Naics Total % Vertical Total % Call Code Total % 79% $ 3,138 Resi 1st Mtg 35% $ 788 ABL 16% $ 600 RE Agent / Broker 31% $ 2,400 $ 160 $ 2,240 Multifamily 1% 26 Resi Jr Mtg 40% 924 EF Core 15% 552 Food & Lodging 17% 1,324 3 1,321 Retail 17% 659 Resi Heloc 13% 287 44BC 11% 418 Health and Social 14% 1,084 22 1,062 Industrial Consumer 133 3% 1% 12 Firestone 11% 406 Professional 14% 1,065 30 1,035 Office 100% $ 3,956 Total 6% 145 EF Vehicle 10% 386 Manufacturing 7% 521 1 520 Hospitality EF Macrolease 128 5% 9% 324 Retail 6% 455 20 435 Healthcare Total $ 2,284 100% 8% 305 Finance and Ins 2% 199 17 182 Lab 6% 217 Arts, Entertainment 1% 136 - 136 Restaurant 5% 213 Wholesale Trade 8% 614 113 501 Other Total Loans Outstanding: $17,822 5% 202 Other Services 100% $ 7,798 $ 366 Total $ 7,432 3% 134 Construction 1% 27 Trans / Warehouse Total $ 3,784 100% Owner Occupied CRE included in Commercial and Equipment Finance Balances shown are loan book balances, net of acquisition marks. Major Loan Segments with Industry Breakdown 2Q26 EF Vehicle, EF Macrolease, and Firestone have discontinued new originations. 12

2Q26 Non - Owner Occupied CRE and Multifamily Exposures at June 30, 2026 39% 51% 7% 3% 13 Investment CRE Loan to Value (LTV)

49% 11% 14% 16% 10% Investment CRE by Maturity 2Q26 Non - Owner Occupied CRE and Multifamily Exposures at June 30, 2026 14

● Office CRE portfolio totals ~$1.2B or 6.6% of Total Loans. ● Continue to manage the risk of the portfolio with NPLs of ~3.7% and NCOs of ~$3.7MM in 2Q26, which was fully reserved. Ɣ Ɣ Ɣ Ɣ ● No meaningful exposure to any major metropolitan areas other than Boston, which represents ~17% of the portfolio, roughly half of which would be considered CBD (Commercial Business District) or CBD adjacent. Majority of portfolio (~54%) is Class B Office space. Weighted Average Loan - to - Value is ~55%. Weighted Average Debt Service Coverage is ~1.5x. Top 20 loans are ~38% of the total CRE Office portfolio Office Portfolio & Asset Quality Office Portfolio Metrics Suburban, 63% Urban, 29% Rural, 8% 2026, 21% 2027, 12% 2028, 13% Maturity 2029 & Schedule After, 54% ~98% of portfolio is within footprint and 63% is Suburban Majority of portfolio (~67%) matures after 2027 Office Portfolio, includes Construction 2Q26 ($ in millions) 15 2Q26 1Q26 $ % $ % Non - Accrual $ Criticized $ ortfolio Avg Size 2Q26 P $ ($ in millions) $ 4.9 $ 71.4 $ 6.8 $ 458.0 Class A 4% $ 43.0 3% $ 30.4 CRE Office: Construction $ 36.9 $ 125.8 $ 1.7 $ 626.2 Class B 9% $ 108.3 9% $ 103.4 CRE Office: Owner Occupied $ 0.9 $ 1.0 $ 2.2 $ 84.6 Class C 87% $1,006.1 88% $1,035.0 CRE Office: Non - Owner Occupied $ 42.7 $ 198.3 $ 2.5 $ 1,168.8 100% $1,157.5 100% $1,168.8 Total CRE Office

● $2.9B of the $7.3B portfolio will mature or reprice within 24 months. ● Well balanced maturity / repricing profile and rate type profile. ● 3Q 2026 maturities or reprices represents $411MM of maturities, and $80MM in repricing; of which ~4% are Criticized due to one Office credit. The allowance for this loan is based upon current market valuations. Rate Type Fixed, 32% Fixed via Swap, 26% Floating, 21% Fixed to Floating, 21% 2026, 9% 2027, 17% 2028, 20% 2029 & After, 54% Maturity / Repricing Investment CRE Maturity and Repricing excludes Construction 2Q26 16

Securities Portfolio 2Q26 UST 20% 17 Agency 11% Corp 1% MBS 18% CMO 37% Municipals 13% Duration Book Yield Unreal. G/L Fair Value Book Value Current Par $ in millions 2.3 2.75% $ (15) $ 359 $ 374 $ 375 U.S. Treasuries 2.9 2.67% (13) 186 199 196 Agency Debentures 0.8 6.69% 1 25 25 26 Corp Bonds 5.3 3.83% (12) 310 323 356 Agency MBS 5.3 4.37% (14) 653 667 750 Agency CMO 6.2 5.41% 7 228 221 245 Municipals/Other 4.5 3.91% $ (47) $ 1,761 $ 1,809 $ 1,948 Total Highly liquid, risk averse securities portfolio with prudent duration and minimal extension risk. The entire investment portfolio is classified as Available for Sale. The after tax, mark to market on the portfolio is included in Accumulated Other Comprehensive Income in Stockholders’ Equity.

Interest Rate Risk 2Q26 Float (< 3 m) 74 % Adj. 13% Fixed 13% Loan Originations, $850 million, 6.31% coupon Total Loan Portfolio Mix – Duration 1.5 0.14% - 0.13% - 0.42% 0.89% 1.08% 1.29% 1.37% 0.10% 0.62% 1.12% 1.59% - 0.79% 1Q27 Cumulative Net Interest Income Change by Quarter 6/30/2026 Flat Balance Sheet , simulations reflect a product weighted beta of ~60% on total interest bearing deposits. Excludes impact of purchase accounting. - 100bps Ramp Forward - Implied Rates +200bps Ramp Float (< 3 m) 41 % 18 Adj. 24% Fixed 35% 3Q26 4Q26 2Q26 Accretion related to loan purchase accounting is held constant in each scenario. The impact of changes in loan prepayments on accretion is not reflected at this time. Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented.

Wealth Management %Δ Δ 1Q26 2Q26 $ thousands 3% $ 116 $ 4,061 $ 4,177 Asset based revenue Other revenue: 21% 72 344 416 Insurance commission revenue 4% 188 $ 4,405 $ 4,593 Total reported revenue Linked Quarter (LQ) $3,352 19 $3,347 $3,338 $3,413 3Q 2025 4Q 2025 1Q 2026 2Q 2026 $ in Millions Assets Under Management

NYSE: BBT 20

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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