# EDGAR Filing Document

**Accession Number:** 0001108134
**File Stem:** 0001108134-25-000017
**Filing Date:** 2025-10
**Character Count:** 104743
**Document Hash:** f07646a0173da6e46cf39474866cde4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001108134-25-000017.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001108134-25-000017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Beacon Financial Corp
- **CENTRAL INDEX KEY:** 0001108134
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 043510455
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15781
- **FILM NUMBER:** 251431014

**BUSINESS ADDRESS:**
- **STREET 1:** 131 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617-641-9206

**MAIL ADDRESS:**
- **STREET 1:** 131 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BERKSHIRE HILLS BANCORP INC
- **DATE OF NAME CHANGE:** 20000229

?xml version='1.0' encoding='ASCII'? bbt-20251029

**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): October 29, 2025

_______________________

**<u>BEACON FINANCIAL CORPORATION</u>**

(Exact name of registrant as specified in its charter)

**&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;Delaware&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;001-15781 &nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;04-3510455&nbsp;&nbsp;&nbsp;&nbsp;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(State or other jurisdiction &nbsp;&nbsp;&nbsp;&nbsp;(Commission File No.)&nbsp;&nbsp;&nbsp;&nbsp; (I.R.S. employer

&nbsp;&nbsp;&nbsp;&nbsp;of incorporation) &nbsp;&nbsp;&nbsp;&nbsp; Identification No.)

**&nbsp;&nbsp;&nbsp;&nbsp;<u>131 Clarendon Street, Boston, Massachusetts</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>02116</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)

**&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;(617) 425-4600&nbsp;&nbsp;&nbsp;&nbsp;</u>**

(Registrant's telephone number, including area code)

**<u>Not applicable</u>**

(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 (see General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark if 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 &nbsp;&nbsp;&nbsp;&nbsp;☐

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 |

---

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. &nbsp;&nbsp;&nbsp;&nbsp;☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

On October 29, 2025, the Board of Directors of Beacon Financial Corporation (the "Company") issued a press release announcing its earnings for the quarter ended September 30, 2025. Additionally, the Company announced the approval by its Board of Directors of a regular quarterly dividend of $0.3225 per share payable on November 24, 2025 to stockholders of record on November 10, 2025. 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 third 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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press release of Beacon Financial Corporation reporting earnings and dividend approval, issued October 29, 2025](brkl-20250930xpressrelease.htm)</u>

99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Investor Presentation of Beacon Financial Corporation, issued October 29, 2025](bbtearningspres20251030.htm)</u>

------

**SIGNATURES**

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.

---

| | | |
|:---|:---|:---|
| Date: October 29, 2025 | **BEACON FINANCIAL CORPORATION** | **BEACON FINANCIAL CORPORATION** |
|  | By:  | /S/ Carl M. Carlson |
|  |  | Carl M. Carlson<br>Chief Financial & Strategy Officer |

---

## Exhibit 99.1

![beacon-fcxrgb.jpg](beacon-fcxrgb.jpg)

**Beacon Financial Corporation Announces Third Quarter Results Reflecting One-Time Costs Associated with the Merger of Equals between <br>Berkshire Hills Bancorp, Inc. and Brookline Bancorp, Inc.**

**Net Loss of $(56.3) million, EPS of $(0.64)** 

**Operating Earnings of $38.5 million, Operating EPS of $0.44**

**Quarterly Dividend of $0.3225**

BOSTON -- October 29, 2025 -- Beacon Financial Corporation (NYSE: BBT) (the "Company") today announced a net loss of $(56.3) million, or $(0.64) per basic share, for the third quarter of 2025, compared to net income of $22.0 million, or $0.25 per basic and diluted share, for the second quarter of 2025, and $20.1 million, or $0.23 per basic and diluted share, for the third quarter of 2024.

Effective September 1, 2025, Berkshire Hills Bancorp, Inc. ("Berkshire") and Brookline Bancorp, Inc. ("Brookline") completed the previously announced merger of equals transaction (the "Merger") to create Beacon Financial Corporation, a premier Northeast financial services company. "The completion of our merger of equals represents a significant milestone as we begin our journey as Beacon Financial Corporation," commented Paul Perrault, the Company's President and Chief Executive Officer. "The expanded scale of our organization provides a solid foundation for improved profitability, increased stockholder returns and sustained growth throughout the Northeast. Our dedicated teams are collaborating on integration efforts that are proceeding as expected and will culminate with our core system conversion and the rollout of the new Beacon Bank brand in early 2026."

Financial results for the third quarter of 2025 reflect pre-tax one-time costs of $129.8 million associated with the Merger. Excluding these one-time costs, operating earnings (non-GAAP) were $38.5 million, or $0.44 per diluted share, for the third quarter of 2025. These one-time costs consist of Merger-related expenses of $51.9 million and an increase to the provision of credit losses expense of $77.9 million, also associated with the Merger. Please refer to "Non-GAAP Financial Information" below for a reconciliation of net income to operating earnings.

**DISCUSSION OF RESULTS**

<u>Presentation of Results - The Merger</u>

The Merger was accounted for as a reverse acquisition using the acquisition method of accounting, with Berkshire treated as the legal acquirer and Brookline treated as the accounting acquirer for financial reporting purposes. The Company recorded the assets and liabilities of Berkshire at their respective fair value as of September 1, 2025. At the time of the Merger, Berkshire contributed, after fair value purchase accounting adjustments, approximately $12.1 billion in assets, $9.1 billion in loans, $1.1 billion in investment securities and $10.3 billion in deposits.

The Company's financial results for any periods ended on or prior to June 30, 2025 reflect Brookline's results only on a standalone basis. As a result of this factor and the below listed adjustments related to the Merger, the Company's financial results for the third quarter of 2025 may not be directly comparable to prior reported periods. The following table outlines the value of the assets acquired and liabilities assumed as of September 1, 2025.

------

---

| | |
|:---|:---|
| | **In Thousands** |
| **Fair value of consideration transferred:** | |
| &nbsp;&nbsp;Value of hypothetical legacy Brookline shares transferred | $1209451 |
| &nbsp;&nbsp;Payment of seller transaction expenses | 6022 |
| &nbsp;&nbsp;Conversion of Company stock options | 1147 |
| &nbsp;&nbsp;Cash paid for fractional shares | 49 |
| **Total purchase consideration** | 1216669 |
| **Fair value of assets acquired:** |  |
| &nbsp;&nbsp;Cash and due from banks | 105440 |
| &nbsp;&nbsp;Short-term investments | 978667 |
| &nbsp;&nbsp;Investment securities available-for-sale | 1102464 |
| &nbsp;&nbsp;Loans held for sale | 3471 |
| &nbsp;&nbsp;Loans held for investment, net of allowance for credit losses | 9078979 |
| &nbsp;&nbsp;Premises and equipment | 73368 |
| &nbsp;&nbsp;Bank owned life insurance | 246979 |
| &nbsp;&nbsp;Accrued interest receivable | 49717 |
| &nbsp;&nbsp;Core deposit intangible asset | 174415 |
| &nbsp;&nbsp;Customer relationships intangible asset | 14000 |
| &nbsp;&nbsp;Other assets | 314956 |
| **Total assets acquired** | 12142456 |
| **Fair value of liabilities assumed:** |  |
| &nbsp;&nbsp;Deposits | 10287573 |
| &nbsp;&nbsp;Borrowings | 559402 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 191060 |
| **Total liabilities assumed** | 11038035 |
| Net assets acquired | 1104421 |
| Goodwill | $112248 |

---

**BALANCE SHEET**

Total assets at September 30, 2025 were $22.8 billion. Assets of $12.1 billion were assumed in the Merger. Excluding the impact of the Merger, total assets decreased $0.9 billion from $11.6 billion at June 30, 2025, and decreased $1.0 billion from September 30, 2024.

Total loans and leases were $18.2 billion at September 30, 2025. Loans and leases of $9.1 billion were assumed in the Merger. Excluding the impact of the Merger, loans and leases decreased $419.4 million from June 30, 2025, and decreased $592.3 million from September 30, 2024. The decrease was primarily driven by the sales of $249.3 million of purchased mortgage loans and the transfer of an additional $83.3 million of purchased mortgage loans to held-for-sale, the sale of which is expected to close in the fourth quarter, all of which were assumed as part of the Merger.

Total investment securities at September 30, 2025, excluding the impact of the Merger, decreased $229.7 million to $1.7 billion from June 30, 2025, and decreased $218.4 million from September 30, 2024. The Company assumed $1.1 billion of investment securities in the Merger. During the third quarter, the Company sold $176.4 million of the legacy Berkshire investment portfolio to align the interest rate risk for the combined balance sheet and reduce wholesale funding.

Total cash and cash equivalents at September 30, 2025 decreased $370.2 million to $1.2 billion from June 30, 2025, and decreased $271.4 million from September 30, 2024, excluding the impact of the Merger. The Company

------

assumed $1.1 billion of cash and cash equivalents in connection with the Merger. As of September 30, 2025, total investment securities and total cash and cash equivalents represented 13.0 percent of total assets as compared to 11.9 percent and 10.8 percent as of June 30, 2025 and September 30, 2024, respectively.

Total deposits as of September 30, 2025, excluding the impact of the Merger, decreased $344.7 million from June 30, 2025. The Company assumed $10.3 billion of deposits in connection with the Merger. The legacy Berkshire deposits include $1.2 billion of payroll deposits and $397.6 million of brokered deposits. Excluding legacy Berkshire deposits, payroll deposits declined $185.4 million and brokered deposits declined $248.1 million, while customer deposits increased $88.8 million from June 30, 2025.

Since September 30, 2024, excluding the impact of the Merger, customer deposits have increased $376.8 million while brokered deposits and payroll deposits declined $307.2 million and $185.4 million, respectively.

Total borrowed funds at September 30, 2025, excluding the impact of the Merger, decreased $633.9 million from June 30, 2025 to $1.1 billion, and decreased $976.4 million from September 30, 2024. The Company assumed $559.4 million in borrowed funds in connection with the Merger

The ratio of stockholders' equity to total assets was 10.58 percent at September 30, 2025. The ratio of tangible stockholders' equity to tangible assets (non-GAAP) was 8.37 percent at September 30, 2025. Tangible book value per common share (non-GAAP) was $22.20 at September 30, 2025.

**INCOME STATEMENT**

The following information for the three months ended September 30, 2025 includes one month of combined Company activity and two months of legacy Brookline standalone results. For the nine months ended September 30, 2025, the information includes one month of combined Company activity and eight months of legacy Brookline standalone results.

**NET INTEREST INCOME**

Net interest income increased $43.9 million to $132.6 million during the third quarter of 2025 from $88.7 million for the quarter ended June 30, 2025. The net interest margin increased 40 basis points to 3.72 percent for the three months ended September 30, 2025 from 3.32 percent for the three months ended June 30, 2025. The increase is primarily driven by higher yields for one month on the marked loan portfolio and lower funding costs driven by declines in borrowed funds.

**NON-INTEREST INCOME** 

Total non-interest income for the quarter ended September 30, 2025 increased $6.3 million to $12.3 million from $6.0 million for the quarter ended June 30, 2025. The increase was primarily driven by the one month of combined Company activity which resulted in increases of $2.5 million in deposit fees, $1.0 million in wealth management fees, and $0.9 million in gain on sales of loans and leases from the Small Business Administration ("SBA") business line.

**PROVISION FOR CREDIT LOSSES**

The Company recorded a provision for credit losses of $87.5 million for the quarter ended September 30, 2025, compared to $7.0 million for the quarter ended June 30, 2025. The increase in provision reflects purchase accounting associated with the Merger of $77.9 million including $69.5 million on funded loans and $8.4 million on unfunded commitments. Excluding Merger related accounting adjustments, the provision was $9.6 million, $2.6 million higher than the prior quarter. This increase was reflective of continued stress in the Boston office sector and additional specific reserves on one large Eastern Funding equipment financing credit.

Total net charge-offs for the third quarter of 2025 were $15.9 million compared to $5.1 million in the second quarter of 2025.The $15.9 million in net charge-offs reflect the charge-off of previously reserved amounts of $5.0 million for a C&I credit in the Boston market and $5.7 million for two large Eastern Funding equipment financing credits, with the remaining charge-offs primarily associated with a larger number of smaller 44 Business Capital SBA loans and Eastern Funding equipment financing loans. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 51 basis points for the third quarter of 2025 from 21 basis points for the second quarter of 2025.

The allowance for loan and lease losses represented 1.39 percent of total loans and leases at September 30, 2025, compared to 1.32 percent at June 30, 2025, and 1.31 percent at September 30, 2024.

------

**ASSET QUALITY**

The ratio of nonperforming loans and leases to total loans and leases was 0.54 percent at September 30, 2025, a decrease of 0.11 percent from 0.65 percent at June 30, 2025. Total nonaccrual loans and leases increased $36.3 million to $98.6 million at September 30, 2025, from $62.3 million at June 30, 2025. The increase included $23.9 million of nonaccrual loans assumed through the Merger. The remaining increase was driven by one large commercial real estate deal put on nonaccrual during the quarter. The ratio of nonperforming assets to total assets was 0.45 percent at September 30, 2025, a decrease from 0.55 percent at June 30, 2025. Total nonperforming assets increased $38.4 million to $102.0 million at September 30, 2025 from $63.6 million at June 30, 2025.

**NON-INTEREST EXPENSE**

Non-interest expense for the quarter ended September 30, 2025 increased $77.3 million to $135.3 million from $58.1 million for the quarter ended June 30, 2025. The increase was primarily driven by one-time Merger and restructuring expenses of $51.9 million. Excluding these one-time charges, non-interest expense increased $23.2 million driven by one month of combined expenses as well as an increase of $2.2 million in amortization of identified intangible assets.

**PROVISION FOR INCOME TAXES**

The effective tax rate was 27.8 percent and 33.7 percent for the three and nine months ended September 30, 2025 compared to 25.6 percent for the three months ended June 30, 2025 and 24.7 percent and 24.6 percent for the three and nine months ended September 30, 2024.

**RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY**

The annualized return on average assets decreased to (1.48) percent during the third quarter of 2025 from 0.77 percent for the second quarter of 2025.

The annualized return on average stockholders' equity was (13.41) percent for the third quarter of 2025. The annualized return on average tangible stockholders' equity (non-GAAP) was (16.98) percent for the third quarter of 2025.

**DIVIDEND DECLARED**

The Company's Board of Directors approved a dividend of $0.3225 per share for the quarter ended September 30, 2025. The dividend will be paid on November 24, 2025 to stockholders of record on November 10, 2025.

**CONFERENCE CALL**

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, October 30, 2025 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 beaconfinancialcorporation.com. To listen to the call and view the Company's Earnings Presentation, please join the call via https://events.q4inc.com/attendee/309414724. 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 that was created on September 1, 2025 through the merger of equals between Berkshire Hills Bancorp, Inc. and Brookline Bancorp, Inc. Headquartered in Boston, the Company has $22.8 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 Bank operates through its banking divisions – Berkshire Bank, Brookline Bank, BankRI, and PCSB Bank. 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.

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**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. We may also make forward-looking statements in other documents we file 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 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: &nbsp;&nbsp;&nbsp;&nbsp;Carl M. Carlson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beacon Financial Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial and Strategy Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(617) 425-5331

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;carl.carlson@brkl.com

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**MEDIA CONTACT:** &nbsp;&nbsp;&nbsp;&nbsp;

Contact:&nbsp;&nbsp;&nbsp;&nbsp;Gary Levante

Beacon Financial Corporation

Chief Marketing Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413) 447-1737

glevante@berkshirebank.com

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** |
| **Selected Financial Highlights (Unaudited)** | **Selected Financial Highlights (Unaudited)** | **Selected Financial Highlights (Unaudited)** | **Selected Financial Highlights (Unaudited)** | **Selected Financial Highlights (Unaudited)** | **Selected Financial Highlights (Unaudited)** |
| | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
|  | (Dollars In Thousands Except per Share Data) | (Dollars In Thousands Except per Share Data) | (Dollars In Thousands Except per Share Data) | (Dollars In Thousands Except per Share Data) | (Dollars In Thousands Except per Share Data) |
| **Earnings Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net interest income | $132606 | $88685 | $85830 | $84988 | $83008 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses on loans | 87496 | 6997 | 5974 | 4141 | 4832 |
| &nbsp;&nbsp;&nbsp;Provision (recovery) of credit losses on investments | 32 | 3 | 12 | (104) | (172) |
| &nbsp;&nbsp;&nbsp;Non-interest income | 12345 | 5970 | 5660 | 6587 | 6348 |
| &nbsp;&nbsp;&nbsp;Non-interest expense | 135318 | 58061 | 60022 | 63719 | 57948 |
| &nbsp;&nbsp;&nbsp;(Loss) Income before provision for income taxes | (77895) | 29594 | 25482 | 23819 | 26748 |
| &nbsp;&nbsp;&nbsp;Net (loss) income | (56262) | 22026 | 19100 | 17536 | 20142 |
| **Performance Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net interest margin (1) | 3.72% | 3.32% | 3.22% | 3.12% | 3.07% |
| &nbsp;&nbsp;&nbsp;Interest-rate spread (1) | 3.04% | 2.57% | 2.38% | 2.35% | 2.26% |
| &nbsp;&nbsp;&nbsp;Return on average assets (annualized) | (1.48)% | 0.77% | 0.66% | 0.61% | 0.70% |
| &nbsp;&nbsp;&nbsp;Return on average tangible assets (annualized) (non-GAAP) | (1.51)% | 0.79% | 0.68% | 0.62% | 0.72% |
| &nbsp;&nbsp;&nbsp;Return on average stockholders' equity (annualized) | (13.41)% | 7.04% | 6.19% | 5.69% | 6.63% |
| &nbsp;&nbsp;&nbsp;Return on average tangible stockholders' equity (annualized) (non-GAAP) | (16.98)% | 8.85% | 7.82% | 7.21% | 8.44% |
| &nbsp;&nbsp;&nbsp;Efficiency ratio (2) | 93.35% | 61.34% | 65.60% | 69.58% | 64.85% |
| **Per Common Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income — Basic | $(0.64) | $0.25 | $0.21 | $0.20 | $0.23 |
| &nbsp;&nbsp;&nbsp;Net (loss) income — Diluted | (0.64) | 0.25 | 0.21 | 0.20 | 0.23 |
| &nbsp;&nbsp;&nbsp;Cash dividends declared | 0.323 | 0.135 | 0.135 | 0.135 | 0.135 |
| &nbsp;&nbsp;&nbsp;Book value per share (end of period) | 28.78 | 14.08 | 13.92 | 13.71 | 13.81 |
| &nbsp;&nbsp;&nbsp;Tangible book value per share (end of period) (non-GAAP) | 22.20 | 11.20 | 11.03 | 10.81 | 10.89 |
| &nbsp;&nbsp;&nbsp;Stock price (end of period) | 23.71 | 10.55 | 10.90 | 11.80 | 10.09 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Balance Sheet:** | | | | | |
| &nbsp;&nbsp;&nbsp;Total assets | $22821439 | $11568745 | $11519869 | $11905326 | $11676721 |
| &nbsp;&nbsp;&nbsp;Total loans and leases | 18241907 | 9582374 | 9642722 | 9779288 | 9755236 |
| &nbsp;&nbsp;&nbsp;Total deposits | 18904063 | 8961202 | 8911452 | 8901644 | 8732271 |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 2414996 | 1254171 | 1240182 | 1221939 | 1230362 |
| **Asset Quality:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonperforming assets | $101990 | $63596 | $64021 | $70452 | $72821 |
| &nbsp;&nbsp;&nbsp;Nonperforming assets as a percentage of total assets | 0.45% | 0.55% | 0.56% | 0.59% | 0.62% |
| &nbsp;&nbsp;&nbsp;Allowance for loan and lease losses | $253735 | $126725 | $124145 | $125083 | $127316 |
| &nbsp;&nbsp;&nbsp;Allowance for loan and lease losses as a percentage of total loans and leases | 1.39% | 1.32% | 1.29% | 1.28% | 1.31% |
| &nbsp;&nbsp;&nbsp;Net loan and lease charge-offs (3) | 15857 | $5127 | $7597 | $7252 | $3808 |
| &nbsp;&nbsp;&nbsp;Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.51% | 0.21% | 0.31% | 0.30% | 0.16% |
| **Capital Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stockholders' equity to total assets | 10.58% | 10.84% | 10.77% | 10.26% | 10.54% |
| &nbsp;&nbsp;&nbsp;Tangible stockholders' equity to tangible assets (non-GAAP) | 8.37% | 8.82% | 8.73% | 8.27% | 8.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;(1) Calculated on a fully tax-equivalent basis. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3) The balance at September 30, 2025 excludes a $15.8 million Merger Day 1 charge-offs write up. |  |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** |
| **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** | **Consolidated Balance Sheets (Unaudited)** |
| | **September 30, 2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30, 2024** |
| ***ASSETS*** | (In Thousands Except Share Data) | (In Thousands Except Share Data) | (In Thousands Except Share Data) | (In Thousands Except Share Data) | (In Thousands Except Share Data) |
| Cash and due from banks | $182251 | $87386 | $78741 | $64673 | $82168 |
| Short-term investments | 1038369 | 419362 | 278805 | 478997 | 325721 |
| &nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 1220620 | 506748 | 357546 | 543670 | 407889 |
| Investment securities available-for-sale | 1739423 | 866684 | 882353 | 895034 | 855391 |
| &nbsp;&nbsp;&nbsp;Total investment securities | 1739423 | 866684 | 882353 | 895034 | 855391 |
| Allowance for investment security losses | (129) | (97) | (94) | (82) | (186) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment securities | 1739294 | 866587 | 882259 | 894952 | 855205 |
| Loans and leases held-for-sale | 83330 |  |  |  |  |
| Loans and leases: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate loans | 10212798 | 5485546 | 5580982 | 5716114 | 5779290 |
| &nbsp;&nbsp;&nbsp;Commercial loans and leases | 3934709 | 2520347 | 2512912 | 2506664 | 2453038 |
| &nbsp;&nbsp;&nbsp;Consumer loans | 4094400 | 1576481 | 1548828 | 1556510 | 1522908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | 18241907 | 9582374 | 9642722 | 9779288 | 9755236 |
| Allowance for loan and lease losses | (253735) | (126725) | (124145) | (125083) | (127316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans and leases | 17988172 | 9455649 | 9518577 | 9654205 | 9627920 |
| Restricted equity securities | 99431 | 66481 | 67537 | 83155 | 82675 |
| Premises and equipment, net of accumulated depreciation | 158375 | 83963 | 84439 | 86781 | 86925 |
| Right-of-use asset operating leases | 90757 | 42415 | 44144 | 43527 | 41934 |
| Deferred tax asset | 178456 | 52325 | 52176 | 56620 | 50827 |
| Goodwill | 353471 | 241222 | 241222 | 241222 | 241222 |
| Identified intangible assets, net of accumulated amortization | 198339 | 14600 | 16030 | 17461 | 19162 |
| Other real estate owned and repossessed assets | 3360 | 1288 | 917 | 1103 | 1579 |
| Cash surrender value of bank-owned life insurance policies | 332840 | 85479 | 84959 | 84448 | 83932 |
| Other assets | 374994 | 151988 | 170063 | 198182 | 177451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $22821439 | $11568745 | $11519869 | $11905326 | $11676721 |
| ***LIABILITIES AND STOCKHOLDERS' EQUITY*** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand checking accounts | $3905559 | $1726933 | $1664629 | $1692394 | $1681858 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | 1470808 | 650707 | 625492 | 617246 | 637374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 2904888 | 1795761 | 1793852 | 1721247 | 1736989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 5589693 | 2153709 | 2183855 | 2116360 | 2041185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificate of deposit accounts | 4127226 | 1877661 | 1878665 | 1885444 | 1819353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposit accounts | 905889 | 756431 | 764959 | 868953 | 815512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 18904063 | 8961202 | 8911452 | 8901644 | 8732271 |
| Borrowed funds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from the FHLB | 841044 | 934669 | 957848 | 1355926 | 1345003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures and notes | 198283 | 84397 | 84362 | 84328 | 84293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 41189 | 135985 | 113617 | 79592 | 68251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowed funds | 1080516 | 1155051 | 1155827 | 1519846 | 1497547 |
| Operating lease liabilities | 92211 | 43528 | 45330 | 44785 | 43266 |
| Mortgagors' escrow accounts | 11179 | 15289 | 15264 | 15875 | 14456 |
| Reserve for unfunded credits | 13727 | 4586 | 5296 | 5981 | 6859 |
| Accrued expenses and other liabilities | 304747 | 134918 | 146518 | 195256 | 151960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 20406443 | 10314574 | 10279687 | 10683387 | 10446359 |
| Stockholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 200,000,000 shares authorized; 89,576,403 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively | 1023 | 970 | 970 | 970 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2177807 | 904697 | 903696 | 902584 | 901562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 407557 | 475781 | 465898 | 458943 | 453555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (28905) | (39378) | (42498) | (52882) | (38081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,449,039, 7,039,136, 7,037,610, 7,019,384, and 7,015,843 shares, respectively | (142486) | (87899) | (87884) | (87676) | (87644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2414996 | 1254171 | 1240182 | 1221939 | 1230362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $22821439 | $11568745 | $11519869 | $11905326 | $11676721 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** |
| **Consolidated Statements of Income (Unaudited)** | **Consolidated Statements of Income (Unaudited)** | **Consolidated Statements of Income (Unaudited)** | **Consolidated Statements of Income (Unaudited)** | **Consolidated Statements of Income (Unaudited)** | **Consolidated Statements of Income (Unaudited)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **March 31, 2025** | **December 31,<br>2024** | **September 30,<br>2024** |
|  | (In Thousands Except Share Data) | (In Thousands Except Share Data) | (In Thousands Except Share Data) | (In Thousands Except Share Data) | (In Thousands Except Share Data) |
| Interest and dividend income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans and leases | $198273 | $143933 | $143309 | $147436 | $149643 |
| &nbsp;&nbsp;&nbsp;Debt securities | 10984 | 6691 | 6765 | 6421 | 6473 |
| &nbsp;&nbsp;&nbsp;Restricted equity securities | 1466 | 1062 | 1203 | 1460 | 1458 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 5438 | 2386 | 2451 | 2830 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 216161 | 154072 | 153728 | 158147 | 159560 |
| Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 71901 | 52682 | 53478 | 56562 | 59796 |
| &nbsp;&nbsp;&nbsp;Borrowed funds | 11654 | 12705 | 14420 | 16597 | 16756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 83555 | 65387 | 67898 | 73159 | 76552 |
| Net interest income | 132606 | 88685 | 85830 | 84988 | 83008 |
| Provision for credit losses on loans | 87496 | 6997 | 5974 | 4141 | 4832 |
| Provision (recovery) of credit losses on investments | 32 | 3 | 12 | (104) | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 45078 | 81685 | 79844 | 80951 | 78348 |
| Non-interest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposit fees | 5005 | 2472 | 2361 | 2297 | 2353 |
| &nbsp;&nbsp;&nbsp;Loan fees | 1004 | 472 | 393 | 439 | 464 |
| &nbsp;&nbsp;&nbsp;Loan level derivative income (loss) | 635 | (4) | 70 | 1115 |  |
| &nbsp;&nbsp;&nbsp;Gain on sales of loans and leases held-for-sale | 1175 | 264 | 24 | 406 | 415 |
| &nbsp;&nbsp;&nbsp;Wealth management fees | 2466 | 1421 | 1491 | 1608 | 1509 |
| &nbsp;&nbsp;&nbsp;Other | 2060 | 1345 | 1321 | 722 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 12345 | 5970 | 5660 | 6587 | 6348 |
| Non-interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and employee benefits | 49999 | 35147 | 35853 | 37202 | 35130 |
| &nbsp;&nbsp;&nbsp;Occupancy | 6921 | 5349 | 5721 | 5393 | 5343 |
| &nbsp;&nbsp;&nbsp;Equipment and data processing | 11110 | 6841 | 7012 | 6780 | 6831 |
| &nbsp;&nbsp;&nbsp;Professional services | 2114 | 1471 | 1726 | 1345 | 2143 |
| &nbsp;&nbsp;&nbsp;FDIC insurance | 1971 | 1880 | 2037 | 2017 | 2118 |
| &nbsp;&nbsp;&nbsp;Advertising and marketing | 1583 | 1371 | 868 | 1303 | 859 |
| &nbsp;&nbsp;&nbsp;Amortization of identified intangible assets | 3587 | 1431 | 1430 | 1701 | 1668 |
| &nbsp;&nbsp;&nbsp;Merger and restructuring expense | 51885 | 439 | 971 | 3378 |  |
| &nbsp;&nbsp;&nbsp;Other | 6148 | 4132 | 4404 | 4600 | 3856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 135318 | 58061 | 60022 | 63719 | 57948 |
| (Loss) income before provision for income taxes | (77895) | 29594 | 25482 | 23819 | 26748 |
| (Benefit) provision for income taxes | (21633) | 7568 | 6382 | 6283 | 6606 |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(56262) | $22026 | $19100 | $17536 | $20142 |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.64) | $0.25 | $0.21 | $0.20 | $0.23 |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.64) | $0.25 | $0.21 | $0.20 | $0.23 |
| Weighted average common shares outstanding during the period: | Weighted average common shares outstanding during the period: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 87508517 | 89104605 | 89103510 | 89098443 | 89033463 |
| &nbsp;&nbsp;&nbsp;Diluted | 87832552 | 89612781 | 89567747 | 89483964 | 89319611 |
| Dividends paid per common share | $0.3225 | $0.135 | $0.135 | $0.135 | $0.135 |

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| | | |
|:---|:---|:---|
| **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** |
| **Consolidated Statements of Income (Unaudited)** | **Consolidated Statements of Income (Unaudited)** | **Consolidated Statements of Income (Unaudited)** |
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
|  | (In Thousands Except Share Data) | (In Thousands Except Share Data) |
| Interest and dividend income: |  |  |
| &nbsp;&nbsp;&nbsp;Loans and leases | $485515 | $440493 |
| &nbsp;&nbsp;&nbsp;Debt securities | 24440 | 19831 |
| &nbsp;&nbsp;&nbsp;Restricted equity securities | 3731 | 4326 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 10275 | 5724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 523961 | 470374 |
| Interest expense: |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 178061 | 176401 |
| &nbsp;&nbsp;&nbsp;Borrowed funds | 38779 | 49376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 216840 | 225777 |
| Net interest income | 307121 | 244597 |
| Provision for credit losses on loans | 100467 | 17862 |
| Provision (recovery) of credit losses on investments | 47 | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 206607 | 226990 |
| Non-interest income: |  |  |
| &nbsp;&nbsp;&nbsp;Deposit fees | 9838 | 8251 |
| &nbsp;&nbsp;&nbsp;Loan fees | 1869 | 1955 |
| &nbsp;&nbsp;&nbsp;Loan level derivative income (loss) | 701 | 543 |
| &nbsp;&nbsp;&nbsp;Gain on sales of loans and leases held-for-sale | 1463 | 545 |
| &nbsp;&nbsp;&nbsp;Wealth management fees | 5378 | 4382 |
| &nbsp;&nbsp;&nbsp;Other | 4726 | 3352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 23975 | 19028 |
| Non-interest expense: |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and employee benefits | 120999 | 106521 |
| &nbsp;&nbsp;&nbsp;Occupancy | 17991 | 16663 |
| &nbsp;&nbsp;&nbsp;Equipment and data processing | 24963 | 20594 |
| &nbsp;&nbsp;&nbsp;Professional services | 5311 | 5788 |
| &nbsp;&nbsp;&nbsp;FDIC insurance | 5888 | 6027 |
| &nbsp;&nbsp;&nbsp;Advertising and marketing | 3822 | 3937 |
| &nbsp;&nbsp;&nbsp;Amortization of identified intangible assets | 6448 | 5045 |
| &nbsp;&nbsp;&nbsp;Merger and restructuring expense | 53295 | 823 |
| &nbsp;&nbsp;&nbsp;Other | 14684 | 12748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 253401 | 178146 |
| (Loss) income before provision for income taxes | (22819) | 67872 |
| (Benefit) provision for income taxes | (7683) | 16693 |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(15136) | $51179 |
| Earnings per common share: |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.17) | $0.58 |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.17) | $0.57 |
| Weighted average common shares outstanding during the period: | Weighted average common shares outstanding during the period: |  |
| &nbsp;&nbsp;&nbsp;Basic | 88566368 | 88944569 |
| &nbsp;&nbsp;&nbsp;Diluted | 88998517 | 89241470 |
| Dividends paid per common share | $0.5925 | $0.405 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** |
| **Asset Quality Analysis (Unaudited)** | **Asset Quality Analysis (Unaudited)** | **Asset Quality Analysis (Unaudited)** | **Asset Quality Analysis (Unaudited)** | **Asset Quality Analysis (Unaudited)** | **Asset Quality Analysis (Unaudited)** |
| | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **March 31, 2025** | **December 31,<br>2024** | **September 30,<br>2024** |
|  | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) |
| **NONPERFORMING ASSETS:** |  |  |  |  |  |
| Loans and leases accounted for on a nonaccrual basis: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial real estate mortgage | $30213 | $987 | $10842 | $11525 | $11595 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 2994 | 1433 | 6576 | 6596 | 1751 |
| &nbsp;&nbsp;&nbsp;Construction | 535 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 33742 | 2420 | 17418 | 18121 | 13346 |
| &nbsp;&nbsp;&nbsp;Commercial | 14035 | 8687 | 7415 | 14676 | 15734 |
| &nbsp;&nbsp;&nbsp;Equipment financing | 41793 | 46067 | 32975 | 31509 | 37223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans and leases | 55828 | 54754 | 40390 | 46185 | 52957 |
| &nbsp;&nbsp;&nbsp;Residential mortgage | 6597 | 3572 | 3962 | 3999 | 3862 |
| &nbsp;&nbsp;&nbsp;Home equity | 2220 | 1561 | 1333 | 1043 | 1076 |
| &nbsp;&nbsp;&nbsp;Other consumer | 243 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 9060 | 5134 | 5296 | 5043 | 4939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonaccrual loans and leases | 98630 | 62308 | 63104 | 69349 | 71242 |
| Other real estate owned | 824 | 700 | 700 | 700 | 780 |
| Other repossessed assets | 2536 | 588 | 217 | 403 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $101990 | $63596 | $64021 | $70452 | $72821 |
| Loans and leases past due greater than 90 days and still accruing | $23570 | $24899 | $3009 | $811 | $16091 |
| Nonperforming loans and leases as a percentage of total loans and leases | 0.54% | 0.65% | 0.65% | 0.71% | 0.73% |
| Nonperforming assets as a percentage of total assets | 0.45% | 0.55% | 0.56% | 0.59% | 0.62% |
| **PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:** | **PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:** | **PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:** |  |  |  |
| Allowance for loan and lease losses at beginning of period | $126725 | $124145 | $125083 | $127316 | $121750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 allowance on non-PCD loans \* | 69487 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 allowance on PCD loans | 64511 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (16661) | (5601) | (9073) | (8414) | (4183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 804 | 474 | 1476 | 1162 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs\*\* | (15857) | (5127) | (7597) | (7252) | (3808) |
| &nbsp;&nbsp;&nbsp;Provision for loan and lease losses excluding unfunded commitments \*\*\* | 8869 | 7707 | 6659 | 5019 | 9374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for loan and lease losses at end of period | $253735 | $126725 | $124145 | $125083 | $127316 |
| Allowance for loan and lease losses as a percentage of total loans and leases | 1.39% | 1.32% | 1.29% | 1.28% | 1.31% |
| **NET CHARGE-OFFS:** |  |  |  |  |  |
| Commercial real estate loans | $819 | $3524 | $— | $— | $— |
| Commercial loans and leases | 15116 | 1640 | 7647 | 7257 | 3797 |
| Consumer loans | (78) | (37) | (50) | (5) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net charge-offs\*\* | $15857 | $5127 | $7597 | $7252 | $3808 |
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.51% | 0.21% | 0.31% | 0.30% | 0.16% |
| \*Excludes the provision of $8.4 million for credit losses on unfunded commitments during the three months ended September 30, 2025. |  |  |  |  |  |
| \*\* 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 $0.7 million, $(0.7 million), $(0.7 million), $(0.9 million), and $(4.5 million) for credit losses on unfunded commitments during the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively. |  |  |  |  |  |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES** |
| **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 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) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) |
| **Assets:** |  |  |  |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities (2) | $1165022 | $11273 | 3.87% | $874212 | $6752 | 3.09% | $853924 | $6516 | 3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted equity securities (2) | 73853 | 1467 | 7.95% | 65724 | 1062 | 6.46% | 75225 | 1459 | 7.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 448044 | 5438 | 4.85% | 215982 | 2386 | 4.42% | 145838 | 1986 | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 1686919 | 18178 | 4.31% | 1155918 | 10200 | 3.53% | 1074987 | 9961 | 3.71% |
| &nbsp;&nbsp;&nbsp;Loans and Leases: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate loans (3) | 7013916 | 107942 | 6.02% | 5533208 | 77136 | 5.51% | 5772456 | 83412 | 5.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial loans (3) | 1818012 | 31033 | 6.68% | 1286908 | 20757 | 6.38% | 1079084 | 18440 | 6.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment financing (3) | 1209797 | 24692 | 8.16% | 1240128 | 25069 | 8.09% | 1353649 | 26884 | 7.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans (3) | 2505760 | 35286 | 5.62% | 1556254 | 21437 | 5.51% | 1505095 | 21123 | 5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | 12547485 | 198953 | 6.34% | 9616498 | 144399 | 6.01% | 9710284 | 149859 | 6.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 14234404 | 217131 | 6.10% | 10772416 | 154599 | 5.74% | 10785271 | 159820 | 5.93% |
| Non-interest-earning assets | 975676 |  |  | 630518 |  |  | 666067 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $15210080 |  |  | $11402934 |  |  | $11451338 |  |  |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | $917794 | 1786 | 0.77% | $637786 | 1034 | 0.65% | $639561 | 1115 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 2201808 | 12867 | 2.32% | 1780838 | 10692 | 2.41% | 1738756 | 12098 | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 3324253 | 23131 | 2.76% | 2189373 | 13990 | 2.56% | 2038048 | 15466 | 3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 2607493 | 24956 | 3.80% | 1879749 | 18437 | 3.93% | 1768026 | 20054 | 4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposit accounts | 823059 | 9161 | 4.42% | 748205 | 8529 | 4.57% | 841067 | 11063 | 5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 9874407 | 71901 | 2.89% | 7235951 | 52682 | 2.92% | 7025458 | 59796 | 3.39% |
| &nbsp;&nbsp;&nbsp;Borrowings |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from the FHLB | 792455 | 8709 | 4.30% | 904399 | 10422 | 4.56% | 1139049 | 14366 | 4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures and notes | 121526 | 2394 | 7.88% | 84380 | 1718 | 8.14% | 84276 | 1378 | 6.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 42303 | 551 | 5.16% | 46086 | 565 | 4.93% | 53102 | 1012 | 7.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 956284 | 11654 | 4.77% | 1034865 | 12705 | 4.86% | 1276427 | 16756 | 5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 10830691 | 83555 | 3.06% | 8270816 | 65387 | 3.17% | 8301885 | 76552 | 3.67% |
| Non-interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand checking accounts | 2414119 |  |  | 1654594 |  |  | 1669092 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-interest-bearing liabilities | 287062 |  |  | 225469 |  |  | 264324 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 13531872 |  |  | 10150879 |  |  | 10235301 |  |  |
| Stockholders' equity | 1678208 |  |  | 1252055 |  |  | 1216037 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $15210080 |  |  | $11402934 |  |  | $11451338 |  |  |
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) |  | 133576 | 3.04% |  | 89212 | 2.57% |  | 83268 | 2.26% |
| Less adjustment of tax-exempt income |  | 970 |  |  | 527 |  |  | 260 |  |
| Net interest income |  | $132606 |  |  | $88685 |  |  | $83008 |  |
| Net interest margin (5) |  |  | 3.72% |  |  | 3.32% |  |  | 3.07% |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (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. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (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. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. |

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|:---|:---|:---|:---|:---|:---|:---|
| **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** |
| **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** | **Average Yields / Costs (Unaudited)** |
| | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| | **Average Balance** | **Interest (1)** | **Average Yield/ Cost** | **Average Balance** | **Interest (1)** | **Average Yield/ Cost** |
|  | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) |
| **Assets:** |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities (2) | $977060 | $24839 | 3.39% | $864501 | $19953 | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted equity securities (2) | 69802 | 3733 | 7.13% | 74422 | 4327 | 7.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 304870 | 10275 | 4.49% | 140156 | 5724 | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 1351732 | 38847 | 3.83% | 1079079 | 30004 | 3.71% |
| &nbsp;&nbsp;&nbsp;Loans and Leases: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate loans (3) | 6071163 | 262321 | 5.70% | 5763065 | 246026 | 5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial loans (3) | 1449490 | 71518 | 6.51% | 1058312 | 53619 | 6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment financing (3) | 1243492 | 75696 | 8.12% | 1367380 | 80034 | 7.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans (3) | 1873834 | 77584 | 5.52% | 1492213 | 61392 | 5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | 10637979 | 487119 | 6.11% | 9680970 | 441071 | 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 11989711 | 525966 | 5.85% | 10760049 | 471075 | 5.84% |
| Non-interest-earning assets | 742502 |  |  | 678235 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12732213 |  |  | $11438284 |  |  |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | $729035 | 3825 | 0.70% | $656879 | 3487 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 1910457 | 33732 | 2.36% | 1721518 | 35324 | 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 2571233 | 50708 | 2.64% | 2047011 | 46940 | 3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 2127184 | 62986 | 3.96% | 1697477 | 55443 | 4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposit accounts | 779717 | 26810 | 4.60% | 898455 | 35207 | 5.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 8117626 | 178061 | 2.93% | 7021340 | 176401 | 3.36% |
| &nbsp;&nbsp;&nbsp;Borrowings |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from the FHLB | 900666 | 30978 | 4.54% | 1117809 | 41893 | 4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures and notes | 96887 | 5813 | 8.00% | 84241 | 4130 | 6.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 53177 | 1988 | 5.00% | 83195 | 3353 | 5.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 1050730 | 38779 | 4.87% | 1285245 | 49376 | 5.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 9168356 | 216840 | 3.16% | 8306585 | 225777 | 3.63% |
| Non-interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand checking accounts | 1919100 |  |  | 1646932 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-interest-bearing liabilities | 254646 |  |  | 280947 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 11342102 |  |  | 10234464 |  |  |
| Stockholders' equity | 1390111 |  |  | 1203820 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $12732213 |  |  | $11438284 |  |  |
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) |  | 309126 | 2.69% |  | 245298 | 2.21% |
| Less adjustment of tax-exempt income |  | 2005 |  |  | 701 |  |
| Net interest income |  | $307121 |  |  | $244597 |  |
| Net interest margin (5) |  |  | 3.45% |  |  | 3.05% |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (3) Loans on nonaccrual status are included in the average balances. | (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. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. | (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. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** |
| **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** |
| | **At and for the Three Months Ended <br> September 30,** | **At and for the Three Months Ended <br> September 30,** | **At and for the Nine Months Ended <br> September 30,** | **At and for the Nine Months Ended <br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation Table - Non-GAAP Financial Information** | (Dollars in Thousands Except Share Data) | (Dollars in Thousands Except Share Data) | (Dollars in Thousands Except Share Data) | (Dollars in Thousands Except Share Data) |
| Reported Pretax (loss) income | $(77895) | $26748 | $(22819) | $67872 |
| &nbsp;&nbsp;&nbsp;Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision | 77902 |  | 77902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expense | 51885 |  | 53295 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Pretax income | $51892 | $26748 | $108378 | $68695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | 25.9% | 24.7% | 25.9% | 24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 13419 | 6606 | 28026 | 16895 |
| **Operating earnings after tax** | $38473 | $20142 | $80352 | $51800 |
| Operating earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.44 | $0.23 | $0.91 | $0.58 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.44 | $0.23 | $0.90 | $0.58 |
| Weighted average common shares outstanding during the period: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 87508517 | 89033463 | 88566368 | 88944569 |
| &nbsp;&nbsp;&nbsp;Diluted | 87832552 | 89319611 | 88998517 | 89241470 |
| Return on average assets \* | (1.48)% | 0.70% | (0.16)% | 0.60% |
| &nbsp;&nbsp;&nbsp;Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | 1.52% | —% | 0.60% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expense (after-tax) \* | 1.01% | —% | 0.41% | 0.01% |
| **Operating return on average assets \*** | 1.05% | 0.70% | 0.85% | 0.61% |
| Return on average tangible assets \* | (1.51)% | 0.72% | (0.16)% | 0.61% |
| &nbsp;&nbsp;&nbsp;Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | 1.56% | —% | 0.62% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expense (after-tax) \* | 1.04% | —% | 0.42% | 0.01% |
| **Operating return on average tangible assets \*** | 1.09% | 0.72% | 0.88% | 0.62% |
| Return on average stockholders' equity \* | (13.41)% | 6.63% | (1.45)% | 5.67% |
| &nbsp;&nbsp;&nbsp;Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | 13.77% | —% | 5.54% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expense (after-tax) \* | 9.17% | —% | 3.79% | 0.07% |
| **Operating return on average stockholders' equity \*** | 9.53% | 6.63% | 7.88% | 5.74% |
| Return on average tangible stockholders' equity \* | (16.98)% | 8.44% | (1.83)% | 7.25% |
| &nbsp;&nbsp;&nbsp;Add: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | 17.44% | —% | 7.00% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expense (after-tax) \* | 11.61% | —% | 4.79% | 0.09% |
| **Operating return on average tangible stockholders' equity \*** | 12.07% | 8.44% | 9.96% | 7.34% |
| \* Ratios at and for the three months and nine months ended are annualized. |  |  |  |  |
|  |  |  |  | (Continued) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** | **BEACON FINANCIAL CORPORATION AND SUBSIDIARIES** |
| **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** |
| | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** | **At and for the Three Months Ended** |
| | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
|  | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) |
| Net (loss) income, as reported | $(56262) | $22026 | $19100 | $17536 | $20142 |
| Average total assets | $15210080 | $11402934 | $11543330 | $11580572 | $11451338 |
| Less: Average goodwill and average identified intangible assets, net | 353189 | 256508 | 257941 | 259496 | 261188 |
| Average tangible assets | $14856891 | $11146426 | $11285389 | $11321076 | $11190150 |
| **Return on average tangible assets (annualized)** | **(1.51)%** | **0.79%** | **0.68%** | **0.62%** | **0.72%** |
| Average total stockholders' equity | $1678208 | $1252055 | $1235201 | $1232527 | $1216037 |
| Less: Average goodwill and average identified intangible assets, net | 353189 | 256508 | 257941 | 259496 | 261188 |
| Average tangible stockholders' equity | $1325019 | $995547 | $977260 | $973031 | $954849 |
| **Return on average tangible stockholders' equity (annualized)** | **(16.98)%** | **8.85%** | **7.82%** | **7.21%** | **8.44%** |
| Total stockholders' equity | $2414996 | $1254171 | $1240182 | $1221939 | $1230362 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 353471 | 241222 | 241222 | 241222 | 241222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identified intangible assets, net | 198339 | 14600 | 16030 | 17461 | 19162 |
| Tangible stockholders' equity | $1863186 | $998349 | $982930 | $963256 | $969978 |
| Total assets | $22821439 | $11568745 | $11519869 | $11905326 | $11676721 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 353471 | 241222 | 241222 | 241222 | 241222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identified intangible assets, net | 198339 | 14600 | 16030 | 17461 | 19162 |
| Tangible assets | $22269629 | $11312923 | $11262617 | $11646643 | $11416337 |
| **Tangible stockholders' equity to tangible assets** | **8.37%** | **8.82%** | **8.73%** | **8.27%** | **8.50%** |
| Tangible stockholders' equity | $1863186 | $998349 | $982930 | $963256 | $969978 |
| Number of common shares issued | 89576403 | 96998075 | 96998075 | 96998075 | 96998075 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | 5449039 | 7039136 | 7037610 | 7019384 | 7015843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unvested restricted shares | 218503 | 854334 | 855860 | 880248 | 883789 |
| Number of common shares outstanding | 83908861 | 89104605 | 89104605 | 89098443 | 89098443 |
| **Tangible book value per common share** | $**22.20** | $**11.20** | $**11.03** | $**10.81** | $**10.89** |

---

## Exhibit 99.2

![](bbtearningspres20251030001.jpg)

3Q 2025 Financial Results October 30, 2025 1

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![](bbtearningspres20251030002.jpg)

Forward Looking Statements Certain statements contained in this presentation 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. We may also make forward-looking statements in other documents we file 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 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. 2

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![](bbtearningspres20251030003.jpg)

3 ($0.64) Quarterly GAAP EPS $0.44 (1) Quarterly Operating EPS $0.3225 Quarterly Dividend Per Share Successfully closed the merger of equals (the "Merger") of Brookline and Berkshire. Total assets of $22.8 billion. Customer deposits increased $88.8 million. Brokered deposits declined $248.1 million. Borrowings declined $633.9 million. Margin improved to 3.72%. 3Q includes pretax, one-time costs of $129.8 million associated with the Merger. Improved Operating Performance excluding full cost savings. Q3 ROA of 1.05% and ROTE of 12.07%(1). Month of Sept: ROA of 1.24%, ROTE of 15.05%(1). Fortress Balance Sheet / Asset Quality Securities and Cash total 13% of assets. Loans to Deposits of 96%. NPA's to total assets of 0.45%. Reserve to Loans coverage of 1.39%. Total Risk Based Capital of 12.4% and Tangible Common Equity (TCE) of 8.4%. (1) Operating EPS of $0.27 for month of September 2025, first full month of combined operations, see page 5 for details.

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![](bbtearningspres20251030004.jpg)

Summary Income Statement 3Q'25 represents 2 months of BRKL stand alone and 1 month of BBT combined operations. Historical performance represents BRKL as the accounting acquirer. 4 $m, except per share amts 3Q25 2Q25 Δ %Δ 3Q24 Δ %Δ Net interest income 132.6$88.7$43.9$49% 83.0$49.6$60% Noninterest income 12.3 6.0 6.3 105% 6.3 6.0 95% Security gains (losses) - - - - - - - Total Revenue 144.9 94.7 50.2 53% 89.3 55.6 62% Noninterest expense 79.8 56.3 23.5 42% 56.2 23.6 42% Amortization of intangibles 3.6 1.4 2.2 157% 1.7 1.9 112% Restructuring/Merger exp. 51.9 0.4 51.5 12875% - 51.9 - Pretax, Preprov. Net Rev. 9.6 36.6 (24.8) -68% 31.4 (19.9) -63% Provision for credit losses 87.5 7.0 80.5 1150% 4.7 82.8 1762% Pretax income (77.9) 29.6 (105.3) -356% 26.7 (102.7) -385% Provision for taxes (21.6) 7.6 (29.2) -385% 6.6 (28.2) -428% Net Income (56.3)$22.0$(76.1)$-346% 20.1$(74.5)$-370% EPS (0.64)$0.25$(0.89)$-356% 0.23$(0.87)$-379% Avg diluted shares (000s) 87,833 89,613 (1,780) -2% 89,320 (1,487) -2% Return on Assets -1.48% 0.77% -2.25% 0.70% -2.18% Return on Tangible Equity -16.98% 8.85% -25.83% 8.44% -25.42% Net Interest Margin 3.72% 3.32% 0.40% 3.07% 0.65% Efficiency Ratio 93.35% 61.34% 32.01% 64.85% 28.50% Linked Quarter (LQ) Year over Year (YoY)

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![](bbtearningspres20251030005.jpg)

Operating Earnings – GAAP versus non-GAAP Q3 Operating Earnings of $0.44 excluding merger charges and Day 1 provision for credit losses. September MTD Operating Earnings of $0.27, representing first month of combined performance excluding September merger charges and Day 1 provision for credit losses. An effective tax rate of 25.9% is expected for the year and used to calculate Operating Earnings. The $77.9 million Day 1 CECL Provision includes $69.5 million for Non-PCD funded loans and $8.4 million for unfunded commitments. 5 $m, except per share amts GAAP Non-Core Operating GAAP Non-Core Operating Net interest income 132.6$-$132.6$71.7$-$71.7$ Noninterest income 12.3 - 12.3 8.5 - 8.5 Security gains (losses) - - - - - - Total Revenue 144.9 - 144.9 80.2 - 80.2 Noninterest expense 79.8 - 79.8 40.6 - 40.6 Amortization of intangibles 3.6 - 3.6 2.7 - 2.7 Merger expense 51.9 (51.9) - 39.7 (39.7) - Pretax, Preprov. Net Rev. 9.6 51.9 61.5 (2.8) 39.7 36.9 Provision for credit losses 87.5 (77.9) 9.6 84.5 (77.9) 6.6 Pretax income (77.9) 129.8 51.9 (87.3) 117.6 30.3 Provision for taxes (21.6) 35.1 13.4 (25.1) 32.9 7.8 Net Income (56.3)$94.7$38.5$(62.2)$84.7$22.5$ EPS (0.64)$1.08$0.44$(0.74)$1.01$0.27$ Avg diluted shares (000s) 87,833 87,833 87,833 83,971 83,971 83,971 Return on Assets -1.48% 1.05% -3.24% 1.29% Return on Tangible Equity -16.98% 12.07% -37.62% 15.05% Net Interest Margin 3.72% 3.72% 4.12% 4.12% Efficiency Ratio 93.35% 57.56% 103.48% 54.01% 3Q25 Month of September

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![](bbtearningspres20251030006.jpg)

Margin – Yields and Costs 6 3Q25 Prior Quarter LQΔ Purchase Accounting\* $ millions Avg Bal Interest Yield Avg Bal Interest Yield Avg Bal Interest Yield Interest Yield Loans 12,547$199.0$6.34% 9,616$144.4$6.01% 2,931$54.6$0.33% 9.0$0.29% Investments & earning cash 1,687 18.2 4.31% 1,156 10.2 3.53% 531 8.0 0.78% 2.2 0.53% Interest Earning Assets 14,234$217.2$6.10% 10,772$154.6$5.74% 3,462$62.6$0.36% 11.2$0.32% Interest bearing deposits 9,875 71.9$2.89% 7,236 52.7$2.92% 2,639$19.2$-0.03% 0.5$0.02% Borrowings 956 11.7 4.77% 1,035 12.7 4.86% (79) (1.0) -0.09% 0.1 0.01% Interest Bearing Liabilities 10,831$83.6$3.06% 8,271$65.4$3.17% 2,560$18.2$-0.11% 0.5$0.02% Net interest spread 3.04% 2.57% 0.47% 0.30% Net interest income, TEB / Margin 133.6$3.72% 89.2$3.32% 44.4$0.40% 10.7$0.30% LESS: Tax Equivalent Basis (TEB) Adj. 1.0 0.5 0.5 - Net Interest Income 132.6$88.7$43.9$10.7$\* one month interest impact and quarterly yield impact Rate Environment 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 LQ Chg YoY Chg Fed Funds (upper) 5.00% 4.50% 4.50% 4.50% 4.25% -0.25% -0.75% SOFR 4.96% 4.49% 4.41% 4.45% 4.24% -0.21% -0.72% 2Y Treasury 3.64% 4.25% 3.89% 3.72% 3.60% -0.12% -0.04% 5Y Treasury 3.56% 4.38% 3.96% 3.79% 3.74% -0.05% 0.18% 10Y Treasury 3.78% 4.58% 4.23% 4.24% 4.16% -0.08% 0.38%

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![](bbtearningspres20251030007.jpg)

Summary Balance Sheet The close of the Merger drove growth in the quarter. Historical performance represents Brookline as the accounting acquirer. The assets and liabilities of Berkshire were marked to market as of Sep. 1, 2025. Sale of $426 million in assets: • $249.3m Resid. Mtg. • $176.4m Securities. Moved $83.3m Resid. Mtg. to Loans Held for Sale. Reduce wholesale funding. Loans to Deposits of 96.5%. 7 $m, except per share amts 3Q25 2Q25 Δ 3Q24 Δ %Δ Gross Loans, investment 18,242$9,582$8,660$9,755$8,487$87% Allowance for loan losses (254) (127) (127) (127) (127) 100% Net Loans 17,988 9,455 8,533 9,628 8,360 87% Securities 1,739 867 872 855 884 103% Cash & equivalents 1,221 507 714 408 813 199% Intangibles 552 256 296 260 292 112% Other assets & Loans, HFS 1,322 484 838 526 796 151% Total Assets 22,821$11,569$11,252$11,677$11,144$95% Deposits 18,904$8,961$9,943$8,732$10,172$116% Borrowings 1,081 1,155 (74) 1,498 (417) -28% Reserve for unfunded loans 14 5 9 7 7 100% Other Liabilities 407 194 213 209 198 95% Total Liabilities 20,406 10,315 10,091 10,446 9,960 95% Stockholders' Equity 2,415 1,254 1,161 1,231 1,184 96% Total Liabilities & Equity 22,821$11,569$11,252$11,677$11,144$95% TBV per share 22.20$11.20$11.00$10.89$11.31$104% Actual shares outstanding (000) 83,909 89,105 (5,196) 89,098 (5,189) -6% Tang. Equity / Tang. Assets 8.36% 8.82% -0.46% 8.50% -0.14% Loans / Deposits 96.50% 106.93% -10.43% 111.72% -15.22% ALLL / Gross Loans 1.39% 1.32% 0.07% 1.31% 0.08% Linked Quarter (LQ) Year over Year (YoY)

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![](bbtearningspres20251030008.jpg)

Fair Value of Assets Acquired 8 $ millions 09/01/2025 Cash and due from banks 105.4 Short term investments 978.7 Investments, AFS 1,102.5 Loans held for sale 3.5 Loans held for investment, net 9,079.0 Premises and equipment 73.4 BOLI 247.0 Accrued interest receivable 49.7 Identifiable intangibles 188.4 Other assets 314.9 Total Assets Acquired 12,142.5$ Deposits 10,287.6 Borrowings 559.4 Accrued expenses and other liab. 191.1 Total Liabilities Assumed 11,038.0$ Net assets acquired 1,104.4$ Purchase consideration 1,216.7 Goodwill 112.2$ Selected Fair Value Marks / Purchase Accounting $ in millions, except per share amounts Estimated at Announcement 12/16/2024 At Closing 09/01/2025 Interest Rate (203.9)$(310.2)$ Credit: PCD (48.9) (64.5)$ Credit: Non-PCD (94.5) (68.9)$ Held to Maturity (61.1) (65.5) Available for Sale\* (118.5) (113.1) Deposits - 4.8 FHLB - 1.2 Sub Debt 12.2 4.3 TruPS 4.6 2.0 Intangible assets 221.8 188.4 Tangible Book Value 21.69$22.28$(Dilution %) -16.7% -14.7% \* AFS Sec. already reflected on an after tax basis in OCI as part of equity. 69.5 Day 1 CECL Reserve (funded loans) Loans Securities Debt 94.5

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![](bbtearningspres20251030009.jpg)

Loans and Deposits 9 56% 15% 7% 22% Loans CRE C&I Equipment Consumer 21% 8% 15% 24% 22% 5% 5% Deposits DDA NOW Savings MM CDs Payroll Brokered $ millions 3Q25 2Q25 Δ Day 1 Purch Acct\* Growth CRE 10,213$5,486$4,727$4,934$(60)$(147)$ Commercial 2,731 1,303 1,428 1,474 (27) (19) Equipment Finance 1,204 1,217 (13) 25 (0) (38) Consumer 4,094 1,576 2,518 3,072 (274) (280) Total Loans 18,242$9,582$8,660$9,505$(362)$(484)$ Demand deposits 3,904$1,727$2,177$2,343$-$(166)$ NOW 1,471 650 821 814 - 7 Savings 2,905 1,796 1,109 1,125 - (16) Money market 4,548 2,154 2,394 2,173 - 221 CDs 4,127 1,878 2,249 2,211 (5) 44 Payroll deposits 1,044 - 1,044 1,230 - (186) Brokered deposits 905 756 149 397 1 (249) Total Deposits 18,904$8,961$9,943$10,292$(5)$(345)$ Customer deposits\*\* 16,955$8,205$8,750$8,665$(5)$90$\*Purchase accounting excludes credit mark on PCD loans \*\*Excludes Payroll and Brokered deposits Linked Quarter (LQ) Quarter Change Breakdown LO A N S D EP O SI TS

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![](bbtearningspres20251030010.jpg)

10 Capital Strength preliminary estimates\* $ millions Sep-25 Minimum "Well Capitalized" Policy Minimums Operating Targets Regulatory Capital Buffer % Regulatory Capital Buffer $ Tier 1 Common / RWA 10.4% ≥ 4.5% ≥ 6.5% ≥ 7.5% ≥ 8.0% 3.9% 732.1$ Tier 1 / RWA 10.6% ≥ 6.0% ≥ 8.0% ≥ 9.0% ≥ 9.5% 2.6% 483.3$ Total Risk Based Capital 12.4% ≥ 8.0% ≥ 10.0% ≥ 11.0% ≥ 11.5% 2.4% 454.7$ Leverage Ratio 13.3% ≥ 5.0% ≥ 5.0% ≥ 6.0% ≥ 6.5% 8.3% 1,231.3$\* Regulatory capital ratios are preliminary estimates and may differ from numbers calculated in final Regulatory filings. Leverage ratio calculated on quarterly average assets. Requirements Policy Limits "Well Capitalized" Regulatory BASEL III Beacon Board Capital in Excess of $0.3225 Quarterly Dividend Per Share\* \* Estimated 35% payout based on 2Q'26 Consensus EPS 5.40% Current Dividend Yield\*\* \*\* Based on annual dividend of $1.29 and current stock price of $23.91 (10/28/25) 355% ICRE / Total RBC The Board of Directors announced a dividend of $0.3225 per share payable November 24, 2025 to stockholders of record on November 10, 2025. 33% Construction / Total RBC

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![](bbtearningspres20251030011.jpg)

Outlook 11 The FRB reduced the Fed Funds rate 25 bps in Sept. and is expected to reduce rates again in Oct. and Dec. Our current Base Case does not factor potential rate cuts in 2026. The economy continues to perform well, however many businesses remain tentative due to tariffs and the general level of uncertainty, particularly with regard to the predictability of construction costs. Management will continue to explore opportunities to optimize the balance sheet and capital structure over the next few quarters. FORWARD LOOKING Loans Mid to lower single digit loan growth. Strong C&I lending, lower ICRE growth rate and runoff of Specialty Vehicle and Fitness Equipment portfolios. Margin The net interest margin is expected to expand as rates decline and the curve steepens (3.90-4.00%). Accretion from the purchase accounting marks ($15- $20 million per quarter) will fluctuate due to prepayment activity. FASB rule change anticipated in 4Q'25 will allow the early adoption and effective reversal of the $69.5 million pretax credit mark on Non-PCD loans through equity and would no longer be accreted in interest income. Credit Credit costs are expected to trend lower and range from $5-9 million per qtr. Fees Modest fee income growth in the mid-single digits is anticipated. Expenses As previously announced, the core system conversion will occur in February 2026 which delayed recognition of synergies as originally announced. Management is on target to meet original operating expense targets in 2Q'26. Merger related charges will be recognized through 1Q'26. Taxes The effective tax rate is currently estimated at 26% for 2026 excluding the impact of merger and restructuring charges. COST SYNERGIES AT ANNOUNCEMENT (p.29): Pretax After tax\* Combined Operating Expense 546.8$410.1$ Cost Savings @ 12.6% (68.9) (51.7) Branding costs $10.8 / 10y deprec. 1.1 0.8 Proforma Operating Expense 479.0$359.2$ Quarterly run rate - 2Q 2026 119.8$89.8$\* Effective tax rate 25%. 2026

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![](bbtearningspres20251030012.jpg)

APPENDIX 12 NYSE: BBT

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![](bbtearningspres20251030013.jpg)

Non Performing Assets and Net Charge Offs NPL's were $36.4 million higher than 2Q, largely driven by the Merger, plus one Boston office loan. Charge-offs centered on a C&I loan and two large Equipment Finance loans specifically reserved for in prior periods. 13 Linked Quarter (LQ) Year over Year (YoY) 3Q25 2Q25 Δ 3Q24 Δ Non Performing Assets (NPAs), in millions CRE 33.7$2.4$31.3$13.3$20.4$ C&I 55.8 54.8 1.0 53.0 2.8 Consumer 9.1 5.1 4.0 4.9 4.2 Total Non Performing Loans (NPLs) 98.6 62.3 36.3 71.2 27.4 Other real estate owned 0.8 0.7 0.1 0.8 - Other repossessed assets 2.5 0.6 1.9 0.8 1.7 Total NPAs 101.9$63.6$38.3$72.8$29.1$ NPLs / Total Loans 0.54% 0.65% -0.11% 0.73% -0.19% NPAs / Total Assets 0.45% 0.55% -0.10% 0.62% -0.17% Net Charge Offs (NCOs), in millions CRE loans 0.8$3.5$(2.7)$-$0.8$ C&I loans 15.1 1.6 13.5 3.8 11.3 Consumer loans (0.1) - (0.1) - (0.1) Total Net Charge Offs 15.9$5.1$10.8$3.8$12.1$ NCOs / Avg. Loans (annualized) 0.51% 0.21% 0.30% 0.16% 0.35% \* 3Q25 excludes acquired loans previously charged-off which required gross up and charge-off as part of day 1 purchase accounting. Amounts as presented may differ slightly from the Company's Earnings Release due to rounding to foot schedules presented.

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![](bbtearningspres20251030014.jpg)

Major Loan Segments with Industry Breakdown 3Q25 14 $8,220 $3,562 $2,362 $4,098 45% 20% 13% 22% Perm Constr Total % Naics Total % Segment Total % Call Code Total % MultiFamily 2,129$325$2,454$30% Wholesale Trade 490$14% ABL 740$31% Resi Sr Mtg 3,288$80% Retail Trade 1,397 6 1,403$17% Finance and Ins 489 14% EF Core 948 40% Resi Jr Mtg 30 1% Office 920 19 939$11% Manufacturing 426 12% EF Vehicle 211 9% Resi Heloc 632 15% Industrial 679 77 756$9% Food & Lodging 394 11% EF Macrolease 176 7% Consumer 148 4% Hospitality 514 22 537$7% RE Agent / Broker 350 10% 44BC 256 11% Total 4,098$100% Healthcare 450 80 530$6% Health & Social 327 9% Firestone 23 1% Manufacturing 272 - 272$3% Retail 311 9% Aircraft 7 0% Trans / Warehouse 223 29 252$3% Professional 215 6% Total 2,362$100% Restaurants 162 4 166$2% Arts, Entertainment 208 6% Other 713 198 911 11% Other Services 198 6% Total 7,460$760$8,220$100% Construction 119 3% Trans / Warehouse 36 1% Total 3,562$100% Total Loans Outstanding: Investment CRE Commercial Core Specialty Lending Retail 18,242$ Owner Occupied CRE included in Commercial and Equipment Finance Balances shown are loan book balances, net of acquisition marks. EF Vehicle and EF Macrolease have discontinued new originations.

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![](bbtearningspres20251030015.jpg)

Investment CRE Loan to Value (LTV) 37% 53% 2% 7% Non Owner Occupied CRE and Multifamily Exposures at Sept 30, 2025. 3Q25 15 Total

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![](bbtearningspres20251030016.jpg)

6% Investment CRE by Vintage 13% Non Owner Occupied CRE and Multifamily Exposures at Sept 30, 2025. 15% 13% 53% 3Q25 16 Total

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![](bbtearningspres20251030017.jpg)

Office Portfolio, excludes Construction ● Office CRE portfolio totals ~$1.02B or 5.6% of Total Loans. ● Continue to manage the risk of the portfolio with NPLs of ~2.2% and no NCOs in Q3 2025. ● No meaningful exposure to any major metropolitan areas other than Boston, which represents ~19% of the portfolio, roughly half of which would be considered Commercial Business District or adjacent. ● Majority of portfolio (~54%) is Class B Office space. ● Weighted Average Loan-to-Value is ~57%. ● Weighted Average Debt Service Coverage is ~1.4x. ● Minimal refinancing risk for upcoming 2025 and 2026 performing maturities. ● Top 20 loans are ~40% of the total CRE Office portfolio. Office Portfolio & Asset Quality Office Portfolio Metrics Suburban, 57%Urban, 32% Rural, 11% 2025, 6% 2026, 23% 2027, 14% 2028 & After, 57% Maturity Schedule ~93% of portfolio is within footprint and 57% is Suburban Majority of portfolio (~71%) matures after 2026 3Q25 ($ in millions) $% CRE Office: Owner Occupied 96.3$9% CRE Office: Non-Owner Occupied 922.3$91% Total CRE Office 1,018.7$100% 3Q25 Portfolio Criticized Non-Accrual ($ in millions) $ Avg Size %1 %1 Class A 435.6$6.3$3.0% 0.0% Class B 545.2$1.7$10.1% 2.2% Class C 37.8$1.4$0.1% 0.0% 1,018.7$2.4$13.2% 2.2% Note: 1 Represents Criticized and Non-Accruals as a % of Total CRE Office Loans 3Q25 17

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![](bbtearningspres20251030018.jpg)

Investment CRE Maturity and Repricing, excludes Construction ● Majority of repricing risk is centered within the Fixed to Floating repricing schedule. Potential refinance risk may be experienced at maturity. ● $2.0B of the $7.5B portfolio will mature or reprice within 24 months. ● Well balanced maturity / repricing profile and rate type profile. ● 2025 Q4 maturities or reprices represents $361MM of maturities, and $53MM in repricing; of which 12% are Criticized. Over half the Criticized are due to two significant Office credits. The allowance for these loans are based upon current market valuations. Rate Type Fixed, 34% Fixed via Swap, 24% Floating, 27% Fixed to Floating, 15% 2025, 7% 2026, 13% 2027, 16% 2028, 17% 2029 & After, 47% Maturity / Repricing 3Q25 18

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Consumer Loans LTV / FICO 700+ 89% 650-699 6% 599- 1% N/A 3% 50% or less 24% 50%-69% 38% 70%-80% 34% 80%+ 4% 700+ 84% 650-699 6% N/A 7% 50% or less 48% 50%-69% 25% 70%-80% 26% 80%+ 1% Resid. 1-4 58% LTV Resid. 1-4 FICO Home Equity FICO Home Equity 56% LTV 3Q25 19

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Securities Portfolio UST 26% Agency 10% Corp 3%MBS 19% CMO 28% Municipals 14% $ in millions Current Par Book Value Fair Value Unreal. G/L Book Yield Duration U.S. Treasuries $470 $469 $455 (14)$2.80% 2.1 Agency Debentures 185 189 176 (13) 2.55% 3.1 Corp Bonds 45 43 43 0 6.77% 0.8 Agency MBS 386 350 338 (12) 4.11% 5.1 Agency CMO 582 491 486 (5) 4.85% 4.1 Municipals/Other 262 236 241 5 5.02% 6.2 Total 1,930$1,778$1,739$(39)$3.99% 3.9 3Q25 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. Total OCI represents a reduction in stockholders' equity of 1.2%. 20

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Interest Rate Risk Float (<3m) 35% Adj. 43% Fixed 22% Loan Originations, $576 million, 6.99% coupon Total Loan Portfolio Mix – Duration 1.7-0.36% -0.72% -1.06% -1.46% 0.35% -0.29% -0.59% -0.87% 0.80% 1.52% 2.17% 2.89% Cumulative Net Interest Income Change by Quarter 09/30/2025 Flat Balance Sheet, simulations reflect a product weighted down beta of ~57% on total interest bearing deposits. Excludes impact of purchase accounting. -100bps Ramp Forward-Implied Rates +200bps Ramp Float (<3m) 35% Adj. 28% Fixed 37% 1Q'26 2Q'26 3Q'264Q'25 Amounts as presented may differ slightly from the Company's Earnings Release due to rounding to foot schedules presented. 3Q25 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. 21

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22 NYSE: BBT

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