# EDGAR Filing Document

**Accession Number:** 0001108134
**File Stem:** 0001171843-26-000481
**Filing Date:** 2026-1
**Character Count:** 102660
**Document Hash:** c34aa423d89e6a08dc8f08b89dc17d03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-26-000481.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001171843-26-000481

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20260128

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**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:** 26572696

**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'? Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): January 28, 2026
_______________________________

#### BEACON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

_______________________________

---

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

---

#### 131 Clarendon Street

#### Boston, Massachusetts 02116
(Address of Principal Executive Offices) (Zip Code)

(617) 425-4600

(Registrant's telephone number, including area code)

#### Not applicable
(Former name or former address, if changed since last report)

_______________________________

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

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

**Item 2.02. Results of Operations and Financial Condition.**

On January 28, 2026, the Board of Directors of Beacon Financial Corporation (the "Company") issued a press release announcing its earnings for the quarter ended December 31, 2025. Additionally, the Company announced the approval by its Board of Directors of a regular quarterly dividend of $0.3225 per share payable on February 27, 2026 to stockholders of record on February 13, 2026. A copy of that press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference herein.

**Item 7.01. Regulation FD Disclosure.**

In connection with the press release announcing the Company's 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. Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| [99.1](exh_991.htm) | [Press release of Beacon Financial Corporation reporting earnings and dividend approval, issued January 28, 2026](exh_991.htm) |
| [99.2](exh_992.htm) | [Investor Presentation of Beacon Financial Corporation, issued January 28, 2026](exh_992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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

---

| | | |
|:---|:---|:---|
|  | **BEACON FINANCIAL CORPORATION** | **BEACON FINANCIAL CORPORATION** |
| Date: January 28, 2026 | By: | <u>/s/ Carl M. Carlson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | Carl M. Carlson |
|  |  | Chief Financial & Strategy Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Beacon Financial Corporation Announces Fourth Quarter Results**

* **Net Income of $53.4 million, EPS of $0.64** 

* **Operating Earnings (Non-GAAP) of $66.4 million,** **Operating EPS (Non-GAAP) of $0.79**

BOSTON, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Beacon Financial Corporation (NYSE: BBT) (the "Company") today announced net income of $53.4 million, or $0.64 per basic and diluted share, for the fourth quarter of 2025.

For the year ended December 31, 2025, the Company reported net income of $90.3 million, or $1.03 per basic and diluted share. For the year ended December 31, 2025, excluding $70.1 million of merger-related charges, operating earnings after tax (non-GAAP) was $142.3 million, or $1.63 per basic share and $1.62 per diluted share.

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

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

**BALANCE SHEET**

Total assets at December 31, 2025 increased $352.9 million to $23.2 billion from $22.9 billion at September 30, 2025, and increased $11.3 billion from $11.9 billion at December 31, 2024, primarily due to the assets assumed in the Merger.

At December 31, 2025, total loans and leases were $18.0 billion, representing a decrease of $275.8 million from September 30, 2025, driven by a decline in investment commercial real estate loans of $235.5 million and increased $8.3 billion from December 31, 2024, primarily due to the loans and leases assumed in the Merger.

Total investment securities at December 31, 2025 decreased $50.7 million to $1.69 billion from $1.74 billion at September 30, 2025 due to scheduled repayments and limited purchases during the fourth quarter, and increased $793.7 million from $895.0 million at December 31, 2024 primarily due to investment securities assumed in the Merger, partially offset by the sale of $176.4 million of the legacy Berkshire Hills Bancorp, Inc.'s investment portfolio during the third quarter. Total cash and cash equivalents at December 31, 2025 increased $821.1 million to $2.0 billion from $1.2 billion at September 30, 2025 primarily due to an increase in payroll deposits, and increased $1.5 billion from $543.7 million at December 31, 2024, primarily due to cash and equivalents assumed in the Merger. As of December 31, 2025, total investment securities and total cash and cash equivalents represented 16.07 percent of total assets, compared to 12.94 percent and 12.08 percent as of September 30, 2025 and December 31, 2024, respectively.

Total deposits at December 31, 2025 increased $610.6 million to $19.5 billion from $18.9 billion at September 30, 2025, consisting of a $260.5 million increase in customer deposits and a $845.6 million increase in payroll deposits, partially offset by a $495.5 million decrease in brokered deposits. Total deposits increased $10.6 billion from $8.9 billion at December 31, 2024, primarily due to the deposits assumed in the Merger.

Total borrowed funds at December 31, 2025 decreased $292.2 million to $788.4 million from September 30, 2025, and decreased $731.5 million from $1.5 billion at December 31, 2024 as combined liquidity as a result of the Merger and the increase in deposits allowed for reduction in borrowings.

The ratio of stockholders' equity to total assets was 10.75 percent at December 31, 2025, compared to 10.76 percent at September 30, 2025, and 10.26 percent at December 31, 2024. The ratio of tangible stockholders' equity to tangible assets (non-GAAP) was 8.62 percent at December 31, 2025, compared to 8.56 percent at September 30, 2025, and 8.27 percent at December 31, 2024. Tangible book value per common share (non-GAAP) increased $0.57 from $22.75 at September 30, 2025 to $23.32 at December 31, 2025, and increased $12.51 from $10.81 at December 31, 2024.

**NET INTEREST INCOME**

Net interest income increased $70.9 million to $199.7 million during the fourth quarter of 2025 from $128.9 million for the quarter ended September 30, 2025. The net interest margin increased 20 basis points to 3.82 percent for the three months ended December 31, 2025 from 3.62 percent for the three months ended September 30, 2025.

**NON-INTEREST INCOME**

Total non-interest income for the quarter ended December 31, 2025 increased $13.6 million to $25.9 million from $12.3 million for the quarter ended September 30, 2025. The fourth quarter included three months of combined results compared to one month in the prior quarter.

**PROVISION FOR CREDIT LOSSES**

The Company recorded a provision for credit losses of $8.1 million for the quarter ended December 31, 2025, compared to $20.3 million for the quarter ended September 30, 2025. The $20.3 million provision in the third quarter included provisioning aspects related to the Merger, predominately around the provision for unfunded commitments which was not impacted by the adoption of ASU 2025-08. On a comparable basis, the third quarter provision was $11.1 million. This improvement reflects the steady credit performance of Beacon Bank & Trust in the fourth quarter as risk rating migration improved during the quarter with criticized and classified loans remaining flat quarter over quarter, compared to the deterioration in the third quarter.

Total net charge-offs for the fourth quarter of 2025 were $9.0 million, compared to $15.9 million in the third quarter of 2025. The $9.0 million in net charge-offs were primarily driven by resolutions to a large Boston office loan, a distressed mall loan, and an equipment financing loan. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis decreased to 20 basis points for the fourth quarter of 2025 from 51 basis points for the third quarter of 2025.

The allowance for loan and lease losses represented 1.40 percent of total loans and leases at December 31, 2025, compared to 1.39 percent at September 30, 2025, and 1.28 percent at December 31, 2024. The increase in the ratio during the quarter was largely driven by an increase in specific reserves, predominantly related to several Eastern Funding credits, two rent controlled multi-family properties in New York, and a large asset based lending transaction. These increases in specific reserves were offset by a reduction in outstanding loans during the quarter.

**ASSET QUALITY**

The ratio of total nonperforming loans and leases to total loans and leases was 0.63 percent at December 31, 2025 compared to 0.54 percent at September 30, 2025. Total nonaccrual loans and leases increased $15.5 million to $114.2 million at December 31, 2025 from $98.6 million at September 30, 2025. The ratio of nonperforming assets to total assets was 0.50 percent at December 31, 2025 compared to 0.45 percent at September 30, 2025. Total nonperforming assets increased $14.8 million to $116.7 million at December 31, 2025 from $102.0 million at September 30, 2025. The increase in nonperforming assets was largely driven by a $9 million office loan in Boston with approximately 50 percent specific reserve.

**NON-INTEREST EXPENSE**

Non-interest expense, excluding merger and restructuring expense (Non-GAAP), for the quarter ended December 31, 2025 increased $44.5 million to $127.9 million from $83.4 million for the quarter ended September 30, 2025. The fourth quarter included three months of combined results compared to one month in the prior quarter.

**PROVISION FOR INCOME TAXES**

The effective tax rate was 29.0 percent and 25.9 percent for the three and twelve months ended December 31, 2025.

**RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY**

The annualized return on average assets increased to 0.94 percent during the fourth quarter of 2025, compared to (0.11) percent for the third quarter of 2025; and was 0.59 percent for the year ended December 31, 2025, compared to 0.60 percent for the year ended December 31, 2024.

The annualized return on average tangible stockholders' equity (non-GAAP) increased to 11.19 percent during the fourth quarter of 2025 compared to (1.27) percent for the third quarter of 2025; and was 6.92 percent for the year ended December 31, 2025 compared to 7.24 percent for the year ended December 31, 2024.

**ACCOUNTING ADOPTION**

During the fourth quarter, FASB issued ASU 2025-08, Financial Instruments – Credit Losses – Purchased Loans. This ASU aligns the initial recognition of the allowance for loan losses on purchased loans between PCD and non-PCD assets by applying the gross-up approach previously required only for PCD loans. The Company elected to adopt the ASU, effective January 1, 2025, and applied it to the Merger completed in the third quarter, as permitted under the guidance. The third quarter results presented in this release have been updated to reflect the adoption.

**DIVIDEND DECLARED**

The Company's Board of Directors approved a dividend of $0.3225 per share for the quarter ended December 31, 2025. The dividend will be paid on February 27, 2026 to stockholders of record on February 13, 2026.

**CONFERENCE CALL**

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, January 29, 2026 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company's website, <u>www.beaconfinancialcorporation.com</u>. To listen to the call and view the Company's Earnings Presentation, please join the call via <u>https://events.q4inc.com/attendee/590872928</u>. To listen to the call without access to the slides, please dial 800-715-9871 (United States) or 646-307-1963 (internationally) and ask for the Beacon Financial Corporation conference call (Conference ID: 6567963). A recording 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) 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 $23.2 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.

**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, possible U.S. government shutdowns, 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; the risk that the Company fails to realize the anticipated results of the Merger; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company's Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

**BASIS OF PRESENTATION**

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

**NON-GAAP FINANCIAL MEASURES**

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

**INVESTOR RELATIONS:**

Contact: Carl M. Carlson Beacon Financial CorporationChief Financial and Strategy Officer(617) 425-5331carl.carlson@brkl.com <br>

**MEDIA CONTACT:**

Contact: Gary LevanteBeacon Financial CorporationChief Marketing Officer(413) 447-1737glevante@berkshirebank.com <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Selected Financial Highlights (Unaudited)** | **Selected Financial Highlights (Unaudited)** | **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** | **At and for the Twelve Months Ended** | **At and for the Twelve Months Ended** |
|  | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
|  | (Dollars In Thousands Except per Share Data) | (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) | (Dollars In Thousands Except per Share Data) |
| **Earnings Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net interest income | $199741 | $128850 | $88685 | $85830 | $84988 | $503106 | $329585 |
| &nbsp;&nbsp;Provision for credit losses on loans and unfunded commitments | 8141 | 20268 | 6997 | 5974 | 4141 | 41380 | 22003 |
| &nbsp;&nbsp;Provision (credit) for credit losses on investments | (35) | 32 | 3 | 12 | (104) | 12 | (359) |
| &nbsp;&nbsp;Non-interest income | 25918 | 12345 | 5970 | 5660 | 6587 | 49893 | 25615 |
| &nbsp;&nbsp;Non-interest expense | 142366 | 129296 | 58061 | 60022 | 63719 | 389745 | 241865 |
| &nbsp;&nbsp;Income (loss) before provision for income taxes | 75187 | (8401) | 29594 | 25482 | 23819 | 121862 | 91691 |
| &nbsp;&nbsp;Net income (loss) | 53366 | (4221) | 22026 | 19100 | 17536 | 90271 | 68715 |
| **Performance Ratios:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net interest margin (1) | 3.82% | 3.62% | 3.32% | 3.22% | 3.12% | 3.56% | 3.06% |
| &nbsp;&nbsp;Interest-rate spread (1) | 3.15% | 2.94% | 2.57% | 2.38% | 2.35% | 2.82% | 2.24% |
| &nbsp;&nbsp;Return on average assets (annualized) | 0.94% | (0.11)% | 0.77% | 0.66% | 0.61% | 0.59% | 0.60% |
| &nbsp;&nbsp;Return on average tangible assets (annualized) (non-GAAP) | 0.97% | (0.11)% | 0.79% | 0.68% | 0.62% | 0.61% | 0.61% |
| &nbsp;&nbsp;Return on average stockholders' equity (annualized) | 8.70% | (1.01)% | 7.04% | 6.19% | 5.69% | 5.44% | 5.67% |
| &nbsp;&nbsp;Return on average tangible stockholders' equity (annualized) (non-GAAP) | 11.19% | (1.27)% | 8.85% | 7.82% | 7.21% | 6.92% | 7.24% |
| &nbsp;&nbsp;Efficiency ratio (2) | 63.09% | 91.57% | 61.34% | 65.60% | 69.58% | 70.48% | 68.09% |
| **Per Common Share Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net income (loss) — Basic | $0.64 | $(0.05) | $0.25 | $0.21 | $0.20 | $1.03 | $0.77 |
| &nbsp;&nbsp;Net income (loss) — Diluted | 0.64 | (0.05) | 0.25 | 0.21 | 0.20 | 1.03 | 0.77 |
| &nbsp;&nbsp;Cash dividends declared | 0.3225 | 0.3225 | 0.135 | 0.135 | 0.135 | 0.9150 | 0.540 |
| &nbsp;&nbsp;Book value per share (end of period) | 29.78 | 29.33 | 14.08 | 13.92 | 13.71 | 29.78 | 13.71 |
| &nbsp;&nbsp;Tangible book value per common share (end of period) (non-GAAP) | 23.32 | 22.75 | 11.20 | 11.03 | 10.81 | 23.32 | 10.81 |
| &nbsp;&nbsp;Stock price (end of period) | 26.37 | 23.71 | 10.55 | 10.90 | 11.80 | 26.37 | 11.80 |
| **Balance Sheet:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total assets | $23220372 | $22867458 | $11568745 | $11519869 | $11905326 | $23220372 | $11905326 |
| &nbsp;&nbsp;Total loans and leases | $18029552 | $18305379 | $9582374 | $9642722 | $9779288 | $18029552 | $9779288 |
| &nbsp;&nbsp;Total deposits | $19514657 | $18904063 | $8961202 | $8911452 | $8901644 | $19514657 | $8901644 |
| &nbsp;&nbsp;Total stockholders' equity | $2496061 | $2461015 | $1254171 | $1240182 | $1221939 | $2496061 | $1221939 |
| **Asset Quality:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Nonperforming assets | 116747 | 101990 | 63596 | 64021 | 70452 | 116747 | 70452 |
| &nbsp;&nbsp;Nonperforming assets as a percentage of total assets | 0.50% | 0.45% | 0.55% | 0.56% | 0.59% | 0.50% | 0.59% |
| &nbsp;&nbsp;Allowance for loan and lease losses | 252839 | 253735 | 126725 | 124145 | 125083 | 252839 | 125083 |
| &nbsp;&nbsp;Allowance for loan and lease losses as a percentage of total loans and leases | 1.40% | 1.39% | 1.32% | 1.29% | 1.28% | 1.40% | 1.28% |
| &nbsp;&nbsp;Net loan and lease charge-offs | 9019 | 15857 | 5127 | 7597 | 7252 | 37600 | 28228 |
| &nbsp;&nbsp;Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.20% | 0.51% | 0.21% | 0.31% | 0.30% | 0.30% | 0.29% |
| **Capital Ratios:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Stockholders' equity to total assets | 10.75% | 10.76% | 10.84% | 10.77% | 10.26% | 10.75% | 10.26% |
| &nbsp;&nbsp;Tangible stockholders' equity to tangible assets (non-GAAP) | 8.62% | 8.56% | 8.82% | 8.73% | 8.27% | 8.62% | 8.27% |
| &nbsp;&nbsp;(1) Calculated on a fully tax-equivalent basis. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income. |  |  |  |  |  |  |  |

---

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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)** |
|  | **December 31, <br>2025** | **September 30, <br>2025** | **June 30, <br>2025** | **March 31, <br>2025** | **December 31, <br>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 | $201557 | $182251 | $87386 | $78741 | $64673 |
| Short-term investments | 1840188 | 1038369 | 419362 | 278805 | 478997 |
| &nbsp;&nbsp;Total cash and cash equivalents | 2041745 | 1220620 | 506748 | 357546 | 543670 |
| Investment securities available-for-sale | 1688768 | 1739423 | 866684 | 882353 | 895034 |
| &nbsp;&nbsp;Total investment securities | 1688768 | 1739423 | 866684 | 882353 | 895034 |
| Allowance for investment security losses | (94) | (129) | (97) | (94) | (82) |
| &nbsp;&nbsp;Net investment securities | 1688674 | 1739294 | 866587 | 882259 | 894952 |
| Loans and leases held-for-sale |  | 83330 |  |  |  |
| Loans and leases: |  |  |  |  |  |
| &nbsp;&nbsp;Commercial real estate loans | 10012094 | 10247090 | 5485546 | 5580982 | 5716114 |
| &nbsp;&nbsp;Commercial loans and leases | 3947363 | 3950693 | 2520347 | 2512912 | 2506664 |
| &nbsp;&nbsp;Consumer loans | 4070095 | 4107596 | 1576481 | 1548828 | 1556510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | 18029552 | 18305379 | 9582374 | 9642722 | 9779288 |
| Allowance for loan and lease losses | (252839) | (253735) | (126725) | (124145) | (125083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans and leases | 17776713 | 18051644 | 9455649 | 9518577 | 9654205 |
| Restricted equity securities | 87438 | 99431 | 66481 | 67537 | 83155 |
| Premises and equipment, net of accumulated depreciation | 163070 | 158375 | 83963 | 84439 | 86781 |
| Right-of-use asset operating leases | 82817 | 84238 | 42415 | 44144 | 43527 |
| Deferred tax asset | 150504 | 178456 | 52325 | 52176 | 56620 |
| Goodwill | 351613 | 353471 | 241222 | 241222 | 241222 |
| Identified intangible assets, net of accumulated amortization | 189562 | 198339 | 14600 | 16030 | 17461 |
| Other real estate owned and repossessed assets | 2591 | 3360 | 1288 | 917 | 1103 |
| Cash surrender value of bank-owned life insurance policies | 334442 | 332840 | 85479 | 84959 | 84448 |
| Other assets | 351203 | 364060 | 151988 | 170063 | 198182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $23220372 | $22867458 | $11568745 | $11519869 | $11905326 |
| ***LIABILITIES AND STOCKHOLDERS' EQUITY*** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;Non-interest-bearing deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand checking accounts | $4032529 | $3905559 | $1726933 | $1664629 | $1692394 |
| &nbsp;&nbsp;Interest-bearing deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | 1445894 | 1470808 | 650707 | 625492 | 617246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 2954029 | 2904888 | 1795761 | 1793852 | 1721247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 6515306 | 5589693 | 2153709 | 2183855 | 2116360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificate of deposit accounts | 4156540 | 4127226 | 1877661 | 1878665 | 1885444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposit accounts | 410359 | 905889 | 756431 | 764959 | 868953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 15482128 | 14998504 | 7234269 | 7246823 | 7209250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 19514657 | 18904063 | 8961202 | 8911452 | 8901644 |
| Borrowed funds: |  |  |  |  |  |
| &nbsp;&nbsp;Advances from the FHLB | 555788 | 841044 | 934669 | 957848 | 1355926 |
| &nbsp;&nbsp;Subordinated debentures and notes | 198572 | 198283 | 84397 | 84362 | 84328 |
| &nbsp;&nbsp;Other borrowed funds | 34000 | 41189 | 135985 | 113617 | 79592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowed funds | 788360 | 1080516 | 1155051 | 1155827 | 1519846 |
| Operating lease liabilities | 90713 | 92211 | 43528 | 45330 | 44785 |
| Mortgagors' escrow accounts | 15508 | 11179 | 15289 | 15264 | 15875 |
| Reserve for unfunded credits | 13746 | 13727 | 4586 | 5296 | 5981 |
| Accrued expenses and other liabilities | 301327 | 304747 | 134918 | 146518 | 195256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 20724311 | 20406443 | 10314574 | 10279687 | 10683387 |
| Stockholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 200,000,000 shares authorized; 89,576,403 shares issued, 89,576,403 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively | 896 | 896 | 970 | 970 | 970 |
| &nbsp;&nbsp;Additional paid-in capital | 2171885 | 2171912 | 904697 | 903696 | 902584 |
| &nbsp;&nbsp;Retained earnings | 485862 | 459598 | 475781 | 465898 | 458943 |
| &nbsp;&nbsp;Accumulated other comprehensive income | (20002) | (28905) | (39378) | (42498) | (52882) |
| &nbsp;&nbsp;Treasury stock, at cost; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,545,511 shares, 5,449,039 shares, 7,039,136 shares, 7,037,610 shares, and 7,019,384 shares, respectively | (142580) | (142486) | (87899) | (87884) | (87676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2496061 | 2461015 | 1254171 | 1240182 | 1221939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $23220372 | $22867458 | $11568745 | $11519869 | $11905326 |

---

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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** |
|  | **December 31, <br>2025** | **September 30, <br>2025** | **June 30, <br>2025** | **March 31, <br>2025** | **December 31, <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;Loans and leases | $285795 | $194517 | $143933 | $143309 | $147436 |
| &nbsp;&nbsp;Debt securities | 16335 | 10984 | 6691 | 6765 | 6421 |
| &nbsp;&nbsp;Restricted equity securities | 1160 | 1466 | 1062 | 1203 | 1460 |
| &nbsp;&nbsp;Short-term investments | 9293 | 5438 | 2386 | 2451 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 312583 | 212405 | 154072 | 153728 | 158147 |
| Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;Deposits | 102439 | 71901 | 52682 | 53478 | 56562 |
| &nbsp;&nbsp;Borrowed funds | 10403 | 11654 | 12705 | 14420 | 16597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 112842 | 83555 | 65387 | 67898 | 73159 |
| Net interest income | 199741 | 128850 | 88685 | 85830 | 84988 |
| Provision for credit losses on loans and unfunded commitments | 8141 | 20268 | 6997 | 5974 | 4141 |
| Provision (recovery) of credit losses on investments | (35) | 32 | 3 | 12 | (104) |
| &nbsp;&nbsp;Net interest income after provision for credit losses | 191635 | 108550 | 81685 | 79844 | 80951 |
| Non-interest income: |  |  |  |  |  |
| &nbsp;&nbsp;Deposit fees | 9843 | 5005 | 2472 | 2361 | 2297 |
| &nbsp;&nbsp;Loan fees | 2189 | 1004 | 472 | 393 | 439 |
| &nbsp;&nbsp;Loan level derivative income (loss) | 721 | 635 | (4) | 70 | 1115 |
| &nbsp;&nbsp;Gain on sales of loans and leases | 4154 | 1175 | 264 | 24 | 406 |
| &nbsp;&nbsp;Wealth management fees | 4370 | 2466 | 1421 | 1491 | 1608 |
| &nbsp;&nbsp;Other | 4641 | 2060 | 1345 | 1321 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 25918 | 12345 | 5970 | 5660 | 6587 |
| Non-interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;Compensation and employee benefits | 70204 | 49999 | 35147 | 35853 | 37202 |
| &nbsp;&nbsp;Occupancy | 11877 | 6921 | 5349 | 5721 | 5393 |
| &nbsp;&nbsp;Equipment and data processing | 19754 | 11110 | 6841 | 7012 | 6780 |
| &nbsp;&nbsp;Professional services | 2778 | 2114 | 1471 | 1726 | 1345 |
| &nbsp;&nbsp;FDIC insurance | 1924 | 1971 | 1880 | 2037 | 2017 |
| &nbsp;&nbsp;Advertising and marketing | 2157 | 1583 | 1371 | 868 | 1303 |
| &nbsp;&nbsp;Amortization of identified intangible assets | 8777 | 3587 | 1431 | 1430 | 1701 |
| &nbsp;&nbsp;Other | 10471 | 6148 | 4132 | 4404 | 4600 |
| &nbsp;&nbsp;Total non-interest operating expense | 127942 | 83433 | 57622 | 59051 | 60341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expense | 14424 | 45863 | 439 | 971 | 3378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 142366 | 129296 | 58061 | 60022 | 63719 |
| Income (loss) before provision for income taxes | 75187 | (8401) | 29594 | 25482 | 23819 |
| Provision (benefit) for income taxes | 21821 | (4180) | 7568 | 6382 | 6283 |
| &nbsp;&nbsp;Net income (loss) | $53366 | $(4221) | $22026 | $19100 | $17536 |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;Basic | $0.64 | $(0.05) | $0.25 | $0.21 | $0.20 |
| &nbsp;&nbsp;Diluted | $0.64 | $(0.05) | $0.25 | $0.21 | $0.20 |
| Weighted average common shares outstanding during the period: | Weighted average common shares outstanding during the period: |  |  |  |  |
| &nbsp;&nbsp;Basic | 83851381 | 87508517 | 89104605 | 89103510 | 89098443 |
| &nbsp;&nbsp;Diluted | 83878047 | 87832552 | 89612781 | 89567747 | 89483964 |
| Dividends paid per common share | $0.3225 | $0.3225 | $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)** |
|  | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2025** | **2024** |
|  | (In Thousands Except Share Data) | (In Thousands Except Share Data) |
| Interest and dividend income: |  |  |
| &nbsp;&nbsp;Loans and leases | $767554 | $587929 |
| &nbsp;&nbsp;Debt securities | 40775 | 26252 |
| &nbsp;&nbsp;Restricted equity securities | 4891 | 5786 |
| &nbsp;&nbsp;Short-term investments | 19568 | 8554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 832788 | 628521 |
| Interest expense: |  |  |
| &nbsp;&nbsp;Deposits | 280500 | 232963 |
| &nbsp;&nbsp;Borrowed funds | 49182 | 65973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 329682 | 298936 |
| Net interest income | 503106 | 329585 |
| Provision for credit losses on loans and unfunded commitments | 41380 | 22003 |
| Provision (recovery) of credit losses on investments | 12 | (359) |
| &nbsp;&nbsp;Net interest income after provision for credit losses | 461714 | 307941 |
| Non-interest income: |  |  |
| &nbsp;&nbsp;Deposit fees | 19681 | 10548 |
| &nbsp;&nbsp;Loan fees | 4058 | 2394 |
| &nbsp;&nbsp;Loan level derivative income, net | 1422 | 1658 |
| &nbsp;&nbsp;Gain on sales of loans and leases held-for-sale | 5617 | 951 |
| &nbsp;&nbsp;Wealth management fees | 9748 | 5990 |
| &nbsp;&nbsp;Other | 9367 | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 49893 | 25615 |
| Non-interest expense: |  |  |
| &nbsp;&nbsp;Compensation and employee benefits | 191203 | 143723 |
| &nbsp;&nbsp;Occupancy | 29868 | 22056 |
| &nbsp;&nbsp;Equipment and data processing | 44717 | 27374 |
| &nbsp;&nbsp;Professional services | 8089 | 7133 |
| &nbsp;&nbsp;FDIC insurance | 7812 | 8044 |
| &nbsp;&nbsp;Advertising and marketing | 5979 | 5240 |
| &nbsp;&nbsp;Amortization of identified intangible assets | 15225 | 6746 |
| &nbsp;&nbsp;Other | 25155 | 17348 |
| &nbsp;&nbsp;Total non-interest operating expense | 328048 | 237664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expense | 61697 | 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 389745 | 241865 |
| Income before provision for income taxes | 121862 | 91691 |
| Provision for income taxes | 31591 | 22976 |
| &nbsp;&nbsp;Net income | $90271 | $68715 |
| Earnings per common share: |  |  |
| &nbsp;&nbsp;Basic | $1.03 | $0.77 |
| &nbsp;&nbsp;Diluted | $1.03 | $0.77 |
| Weighted average common shares outstanding during the period: | Weighted average common shares outstanding during the period: |  |
| &nbsp;&nbsp;Basic | 87428572 | 88983248 |
| &nbsp;&nbsp;Diluted | 87752206 | 89302304 |
| Dividends paid per common share | $0.9150 | $0.540 |

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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** |
|  | **December 31, <br>2025** | **September 30, <br>2025** | **June 30, <br>2025** | **March 31,<br>2025** | **December 31, <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;Commercial real estate mortgage | $41246 | $30213 | $987 | $10842 | $11525 |
| &nbsp;&nbsp;Multi-family mortgage | 4065 | 2994 | 1433 | 6576 | 6596 |
| &nbsp;&nbsp;Construction |  | 535 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial real estate loans | 45311 | 33742 | 2420 | 17418 | 18121 |
| &nbsp;&nbsp;Commercial | 16716 | 14035 | 8687 | 7415 | 14676 |
| &nbsp;&nbsp;Equipment financing | 42718 | 41793 | 46067 | 32975 | 31509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial loans and leases | 59434 | 55828 | 54754 | 40390 | 46185 |
| &nbsp;&nbsp;Residential mortgage | 6465 | 6597 | 3572 | 3962 | 3999 |
| &nbsp;&nbsp;Home equity | 2739 | 2220 | 1561 | 1333 | 1043 |
| &nbsp;&nbsp;Other consumer | 207 | 243 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consumer loans | 9411 | 9060 | 5134 | 5296 | 5043 |
| &nbsp;&nbsp;Total nonaccrual loans and leases | 114156 | 98630 | 62308 | 63104 | 69349 |
| Other real estate owned |  | 824 | 700 | 700 | 700 |
| Other repossessed assets | 2591 | 2536 | 588 | 217 | 403 |
| &nbsp;&nbsp;Total nonperforming assets | $116747 | $101990 | $63596 | $64021 | $70452 |
| Loans and leases past due greater than 90 days and still accruing | $37823 | $23570 | $24899 | $3009 | $811 |
| Nonperforming loans and leases as a percentage of total loans and leases | 0.63% | 0.54% | 0.65% | 0.65% | 0.71% |
| Nonperforming assets as a percentage of total assets | 0.50% | 0.45% | 0.55% | 0.56% | 0.59% |
| **PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:** | **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 | $253735 | $126725 | $124145 | $125083 | $127316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 allowance on non-PCD loans \* | 0 | 67229 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 allowance on PCD loans | 0 | 64511 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charge-offs | (10917) | (16661) | (5601) | (9073) | (8414) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries | 1898 | 804 | 474 | 1476 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs \*\* | $(9019) | $(15857) | $(5127) | $(7597) | $(7252) |
| &nbsp;&nbsp;Provision for loan and lease losses excluding unfunded commitments \*\*\* | 8123 | 11127 | 7707 | 6659 | 5019 |
| &nbsp;&nbsp;Allowance for loan and lease losses at end of period | $252839 | $253735 | $126725 | $124145 | $125083 |
| Allowance for loan and lease losses as a percentage of total loans and leases | 1.40% | 1.39% | 1.32% | 1.29% | 1.28% |
| **NET CHARGE-OFFS:** |  |  |  |  |  |
| Commercial real estate loans | $6598 | $819 | $3524 | $0 | $0 |
| Commercial loans and leases | 2799 | 15116 | 1640 | 7647 | 7257 |
| Consumer loans | (378) | (78) | (37) | (50) | (5) |
| &nbsp;&nbsp;Total net charge-offs \*\* | $9019 | $15857 | $5127 | $7597 | $7252 |
| Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.20% | 0.51% | 0.21% | 0.31% | 0.30% |
| \*As a result of the adoption of ASU 2025-08, this amount, related to seasoned non-PCD loans, is recorded as part of purchase accounting adjustments, not through the provision. |  |  |  |  |  |
| \*\*Excludes the impact of Merger Day 1 purchase accounting that resulted in $15.8 million of charge-offs during the three months ended September 30, 2025. |  |  |  |  |  |
| \*\*\*Provision for loan and lease losses does not include (credit) provision of $(0.0 million), $9.1 million of which $8.4 million was related to Merger Day 1, $(0.7 million), $(0.7 million), and $(0.9 million) for credit losses on unfunded commitments during the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, respectively. |  |  |  |  |  |

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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** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Average Balance** | **Interest (1)** | **Average Yield/ Cost** | **Average Balance** | **Interest (1)** | **Average Yield/ Cost** | **Average Balance** | **Interest (1)** | **Average Yield/ Cost** |
|  | (Dollars in Thousands) | (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;Investments: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities (2) | $1701105 | $17028 | 4.00% | $1165022 | $11273 | 3.87% | $856065 | $6463 | 3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted equity securities (2) | 90227 | 1163 | 5.16% | 73853 | 1467 | 7.95% | 75879 | 1459 | 7.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 935845 | 9293 | 3.97% | 448044 | 5438 | 4.85% | 236784 | 2830 | 4.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 2727177 | 27484 | 4.03% | 1686919 | 18178 | 4.31% | 1168728 | 10752 | 3.68% |
| &nbsp;&nbsp;Loans and Leases: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate loans (3) | 10124749 | 152780 | 5.90% | 7013916 | 105287 | 5.87% | 5752591 | 81195 | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial loans (3) | 2795135 | 47958 | 6.72% | 1818012 | 30115 | 6.48% | 1170295 | 19750 | 6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment financing (3) | 1182376 | 25206 | 8.53% | 1209797 | 24692 | 8.16% | 1310143 | 26295 | 8.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans (3) | 4102433 | 60907 | 5.92% | 2505760 | 35103 | 5.59% | 1529654 | 20881 | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | 18204693 | 286851 | 6.30% | 12547485 | 195197 | 6.22% | 9762683 | 148121 | 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 20931870 | 314335 | 6.01% | 14234404 | 213375 | 6.00% | 10931411 | 158873 | 5.81% |
| Non-interest-earning assets | 1712611 |  |  | 975676 |  |  | 649161 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $22644481 |  |  | $15210080 |  |  | $11580572 |  |  |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposits: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | $1445932 | 2953 | 0.81% | $917794 | 1786 | 0.77% | $630408 | 1056 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 2939288 | 14770 | 1.99% | 2201808 | 12867 | 2.32% | 1741355 | 10896 | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 5546257 | 37347 | 2.67% | 3324253 | 23131 | 2.76% | 2083033 | 13856 | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 4150590 | 39438 | 3.77% | 2607493 | 24956 | 3.80% | 1857483 | 20691 | 4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposit accounts | 739874 | 7931 | 4.25% | 823059 | 9161 | 4.42% | 797910 | 10063 | 5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 14821941 | 102439 | 2.74% | 9874407 | 71901 | 2.89% | 7110189 | 56562 | 3.16% |
| &nbsp;&nbsp;Borrowings: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from the FHLB | 607594 | 6533 | 4.21% | 792455 | 8709 | 4.30% | 1144157 | 13958 | 4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures and notes | 198411 | 3623 | 7.30% | 121526 | 2394 | 7.88% | 84311 | 1944 | 9.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 38089 | 247 | 2.57% | 42303 | 551 | 5.16% | 65947 | 695 | 4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 844094 | 10403 | 4.82% | 956284 | 11654 | 4.77% | 1294415 | 16597 | 5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 15666035 | 112842 | 2.86% | 10830691 | 83555 | 3.06% | 8404604 | 73159 | 3.46% |
| Non-interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Demand checking accounts | 3982227 |  |  | 2414119 |  |  | 1693138 |  |  |
| &nbsp;&nbsp;Other non-interest-bearing liabilities | 542739 |  |  | 287062 |  |  | 250303 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 20191001 |  |  | 13531872 |  |  | 10348045 |  |  |
| Stockholders' equity | 2453480 |  |  | 1678208 |  |  | 1232527 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $22644481 |  |  | $15210080 |  |  | $11580572 |  |  |
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) |  | 201493 | 3.15% |  | 129820 | 2.94% |  | 85714 | 2.35% |
| Less adjustment of tax-exempt income |  | 1752 |  |  | 970 |  |  | 726 |  |
| Net interest income |  | $199741 |  |  | $128850 |  |  | $84988 |  |
| Net interest margin (5) |  |  | 3.82% |  |  | 3.62% |  |  | 3.12% |
| (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis. | (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. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. |

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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)** |
|  | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 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;Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt securities (2) | $1159559 | $41867 | 3.61% | $862381 | $26416 | 3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted equity securities (2) | 74950 | 4896 | 6.53% | 74788 | 5786 | 7.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 468981 | 19568 | 4.17% | 164445 | 8554 | 5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 1703490 | 66331 | 3.89% | 1101614 | 40756 | 3.70% |
| &nbsp;&nbsp;Loans and Leases: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate loans (3) | 7092889 | 412446 | 5.74% | 5760432 | 327221 | 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial loans (3) | 1788703 | 118438 | 6.53% | 1086460 | 73369 | 6.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment financing (3) | 1228050 | 101022 | 8.23% | 1352993 | 106329 | 7.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer loans (3) | 2435721 | 138308 | 5.68% | 1501626 | 82273 | 5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans and leases | 12545363 | 770214 | 6.14% | 9701511 | 589192 | 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 14248853 | 836545 | 5.87% | 10803125 | 629948 | 5.83% |
| Non-interest-earning assets | 981795 |  |  | 670299 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $15230648 |  |  | $11473424 |  |  |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NOW accounts | $909733 | 6778 | 0.75% | $650225 | 4543 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings accounts | 2169779 | 48502 | 2.24% | 1726504 | 46220 | 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market accounts | 3321102 | 88055 | 2.65% | 2056066 | 60796 | 2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 2637193 | 102424 | 3.88% | 1737697 | 76134 | 4.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokered deposit accounts | 769674 | 34741 | 4.51% | 873182 | 45270 | 5.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 9807481 | 280500 | 2.86% | 7043674 | 232963 | 3.31% |
| &nbsp;&nbsp;Borrowings: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from the FHLB | 826796 | 37511 | 4.47% | 1124432 | 55851 | 4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debentures and notes | 122476 | 9436 | 7.70% | 84258 | 6074 | 7.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowed funds | 49374 | 2235 | 4.53% | 78859 | 4048 | 5.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings | 998646 | 49182 | 4.86% | 1287549 | 65973 | 5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 10806127 | 329682 | 3.05% | 8331223 | 298936 | 3.59% |
| Non-interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Demand checking accounts | 2439121 |  |  | 1657922 |  |  |
| &nbsp;&nbsp;Other non-interest-bearing liabilities | 327262 |  |  | 273243 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 13572510 |  |  | 10262388 |  |  |
| Stockholders' equity | 1658138 |  |  | 1211036 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $15230648 |  |  | $11473424 |  |  |
| Net interest income (tax-equivalent basis) /Interest-rate spread (4) |  | 506863 | 2.82% |  | 331012 | 2.24% |
| Less adjustment of tax-exempt income |  | 3757 |  |  | 1427 |  |
| Net interest income |  | $503106 |  |  | $329585 |  |
| Net interest margin (5) |  |  | 3.56% |  |  | 3.06% |
| (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis. | (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. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. | (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets. |

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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** |
| **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)** | **Non-GAAP Financial Information (Unaudited)** | **Non-GAAP Financial Information (Unaudited)** |
|  | | | | **At and for the <br>Three Months Ended <br>December 31,** | **At and for the <br>Three Months Ended <br>December 31,** | **At and for the <br>Twelve Months Ended <br>December 31,** | **At and for the <br>Twelve Months Ended <br>December 31,** |
|  |  |  |  | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation Table - Non-GAAP Financial Information** | **Reconciliation Table - Non-GAAP Financial Information** | **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 Income | Reported Pretax Income |  |  | $75187 | $23819 | $121862 | $91691 |
| &nbsp;&nbsp;Add: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision on unfunded commitments | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision on unfunded commitments | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision on unfunded commitments |  |  |  | 8415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses |  | 14424 | 3378 | 61697 | 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Pretax income | &nbsp;&nbsp;&nbsp;&nbsp;Operating Pretax income | &nbsp;&nbsp;&nbsp;&nbsp;Operating Pretax income |  | $89611 | $27197 | $191974 | $95892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate |  | 25.9% | 23.9% | 25.9% | 24.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income tax | &nbsp;&nbsp;&nbsp;&nbsp;Provision for income tax | &nbsp;&nbsp;&nbsp;&nbsp;Provision for income tax |  | 23209 | 6511 | 49721 | 23480 |
| **Operating earnings after tax** |  |  |  | $66402 | $20686 | $142253 | $72412 |
| Operating earnings per common share: | Operating earnings per common share: |  |  |  |  |  |  |
| &nbsp;&nbsp;Basic |  |  |  | $0.79 | $0.23 | $1.63 | $0.81 |
| &nbsp;&nbsp;Diluted |  |  |  | $0.79 | $0.23 | $1.62 | $0.81 |
| Weighted average common shares outstanding during the period: | Weighted average common shares outstanding during the period: | Weighted average common shares outstanding during the period: |  |  |  |  |  |
| &nbsp;&nbsp;Basic |  |  |  | 83851381 | 89098443 | 87428572 | 88983248 |
| &nbsp;&nbsp;Diluted |  |  |  | 83878047 | 89483964 | 87752206 | 89302304 |
| Return on average assets \* | Return on average assets \* |  |  | 0.94% | 0.61% | 0.59% | 0.60% |
| &nbsp;&nbsp;Add: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* |  | —% | —% | 0.04% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* |  | 0.19% | 0.09% | 0.30% | 0.03% |
| **Operating return on average assets \*** | **Operating return on average assets \*** |  |  | 1.13% | 0.70% | 0.93% | 0.63% |
| Return on average tangible assets \* | Return on average tangible assets \* |  |  | 0.97% | 0.62% | 0.61% | 0.61% |
| &nbsp;&nbsp;Add: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* |  | —% | —% | 0.04% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* |  | 0.19% | 0.09% | 0.31% | 0.03% |
| **Operating return on average tangible assets \*** | **Operating return on average tangible assets \*** |  |  | 1.16% | 0.71% | 0.96% | 0.64% |
| Return on average stockholders' equity \* | Return on average stockholders' equity \* |  |  | 8.70% | 5.69% | 5.44% | 5.67% |
| &nbsp;&nbsp;Add: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* |  | —% | —% | 0.38% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* |  | 1.74% | 0.83% | 2.76% | 0.26% |
| **Operating return on average stockholders' equity \*** | **Operating return on average stockholders' equity \*** | **Operating return on average stockholders' equity \*** |  | 10.44% | 6.52% | 8.58% | 5.93% |
| Return on average tangible stockholders' equity \* | Return on average tangible stockholders' equity \* | Return on average tangible stockholders' equity \* |  | 11.19% | 7.21% | 6.92% | 7.24% |
| &nbsp;&nbsp;Add: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger Day 1 CECL provision (after-tax) \* |  | —% | —% | 0.48% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* | &nbsp;&nbsp;&nbsp;&nbsp;Merger and restructuring expenses (after-tax) \* |  | 2.24% | 1.06% | 3.51% | 0.33% |
| **Operating return on average tangible stockholders' equity \*** | **Operating return on average tangible stockholders' equity \*** | **Operating return on average tangible stockholders' equity \*** |  | 13.43% | 8.27% | 10.91% | 7.57% |
| \* Ratios at and for the three months ended are annualized. | \* Ratios at and for the three months ended are annualized. | \* Ratios at and for the three months ended are annualized. |  |  |  |  |  |
| **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** |
| **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)** | **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** | **At and for the Twelve Months Ended** | **At and for the Twelve Months Ended** |
|  | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
|  | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) |
| Net income (loss), as reported | $53366 | $(4221) | $22026 | $19100 | $17536 | $90271 | $68715 |
| Average total assets | $22644481 | $15210080 | $11402934 | $11543330 | $11580572 | $15230648 | $11473424 |
| Less: Average goodwill and average identified intangible assets, net | 546276 | 353189 | 256508 | 257941 | 259496 | 354267 | 262011 |
| Average tangible assets | $22098205 | $14856891 | $11146426 | $11285389 | $11321076 | $14876381 | $11211413 |
| **Return on average tangible assets (annualized)** | **0.97%** | **(0.11)%** | **0.79%** | **0.68%** | **0.62%** | **0.61%** | **0.61%** |
| Average total stockholders' equity | $2453480 | $1678208 | $1252055 | $1235201 | $1232527 | $1658138 | $1211036 |
| Less: Average goodwill and average identified intangible assets, net | 546276 | 353189 | 256508 | 257941 | 259496 | 354267 | 262011 |
| Average tangible stockholders' equity | $1907204 | $1325019 | $995547 | $977260 | $973031 | $1303871 | $949025 |
| **Return on average tangible stockholders' equity (annualized)** | **11.19%** | **(1.27)%** | **8.85%** | **7.82%** | **7.21%** | **6.92%** | **7.24%** |
| Total stockholders' equity | $2496061 | $2461015 | $1254171 | $1240182 | $1221939 | $2496061 | $1221939 |
| &nbsp;&nbsp;Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 351613 | 353471 | 241222 | 241222 | 241222 | 351613 | 241222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identified intangible assets, net | 189562 | 198339 | 14600 | 16030 | 17461 | 189562 | 17461 |
| Tangible stockholders' equity | $1954886 | $1909205 | $998349 | $982930 | $963256 | $1954886 | $963256 |
| Total assets | $23220372 | $22867458 | $11568745 | $11519869 | $11905326 | $23220372 | $11905326 |
| &nbsp;&nbsp;Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 351613 | 353471 | 241222 | 241222 | 241222 | 351613 | 241222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identified intangible assets, net | 189562 | 198339 | 14600 | 16030 | 17461 | 189562 | 17461 |
| Tangible assets | $22679197 | $22315648 | $11312923 | $11262617 | $11646643 | $22679197 | $11646643 |
| **Tangible stockholders' equity to tangible assets** | **8.62%** | **8.56%** | **8.82%** | **8.73%** | **8.27%** | **8.62%** | **8.27%** |
| Tangible stockholders' equity | $1954886 | $1909205 | $998349 | $982930 | $963256 | $1954886 | $963256 |
| Number of common shares issued | 89576403 | 89576403 | 96998075 | 96998075 | 96998075 | 89576403 | 96998075 |
| &nbsp;&nbsp;Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | 5545511 | 5449039 | 7039136 | 7037610 | 7019384 | 5545511 | 7019384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unvested restricted shares | 214806 | 218503 | 854334 | 855860 | 880248 | 214806 | 880248 |
| Number of common shares outstanding | 83816086 | 83908861 | 89104605 | 89104605 | 89098443 | 83816086 | 89098443 |
| **Tangible book value per common share** | $**23.32** | $**22.75** | $**11.20** | $**11.03** | $**10.81** | $**23.32** | $**10.81** |

---

PDF available: http://ml.globenewswire.com/Resource/Download/1b9cf463-67b5-4391-8f76-dd2ee48cd68e

## Exhibit 99.2

**Exhibit 99.2**

![](exh992_01.jpg)

4Q 2025 Financial Results 1 January 29, 2026

![](exh992_02.jpg)

Forward Looking Statements 2 Certain statements contained in this presentation that are not historical facts may constitute forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 . 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 .

![](exh992_03.jpg)

$0.64 Quarterly GAAP EPS $0.79 (1) Quarterly Operating EPS $0.3225 Quarterly Dividend Per Share Total assets of $23.2 billion. Customer deposits increased $261 million. Brokered deposits declined $496 million. Borrowings declined $293 million. Margin improved to 3.82%. 4Q includes pretax, one - time costs of $14.4 million associated with the Merger. Improved Operating Performance excluding full cost savings. 4Q ROA of 1.13% and ROTE of 13.43% (1). Systems conversion on target for February 2026. Fortress Balance Sheet / Asset Quality Securities and Cash total 16% of assets. Loans to Deposits of 92%. NPA's to total assets of 0.50%. Reserve to Loans coverage of 1.40%. Total Risk Based Capital of 13.1% and Tangible Common Equity (TCE) of 8.6%. (1) See page 5 and our Press Release for details. 3

![](exh992_04.jpg)

Summary Income Statement 4Q25 and 3Q25 reflect the early adoption of ASU 2025 - 08 which excludes the initial provision expense ("CECL double - count") and future amortization of the credit mark on purchased loans. 3Q25 represents 2 months of BRKL stand alone and 1 Historical performance represents BRKL as the accounting acquirer. . month of BBT combined 216% 51.4 23.8 - 995% 83.6 (8.4) 75.2 Pretax income operations. 246% 15.5 6.3 - 619% 26.0 (4.2) 21.8 Provision for taxes 205% $35.9 $17.5 - 1371% $57.6 $(4.2) $53.4 Net Income 220% $0.44 $0.20 - 1380% $0.69 $(0.05) $0.64 EPS - 6% (5,606) 89,484 - 5% (3,955) 87,833 83,878 Avg diluted shares (000s) Year over Year (YoY) Linked Quarter (LQ) %Δ 4Q24 Δ %Δ Δ 4Q25 3Q25 $m, except per share amts 135% $85.0 $114.7 55% $70.8 $199.7 $128.9 Net interest income 292% 6.6 19.3 111% 13.6 25.9 12.3 Noninterest income - - - - - - Security gains (losses) - 146% 134.0 91.6 60% 84.4 141.2 Total Revenue 225.6 103% 60.5 58.6 49% 39.3 79.8 Noninterest expense 119.1 418% 7.1 1.7 144% 5.2 3.6 8.8 Amortization of intangibles 324% 11.0 3.4 - 69% (31.5) 45.9 14.4 Restructuring/Merger exp. 199% 55.4 27.9 600% 71.4 11.9 83.3 Pretax, Preprov. Net Rev 98% 4.0 4.1 - 60% (12.2) 20.3 8.1 Provision for credit losses 0.33% 0.61% 1.05% - 0.11% 0.94% Return on Assets 3.98% 7.21% 12.46% - 1.27% 11.19% Return on Tangible Equity 0.70% 3.12% 0.20% 3.62% 3.82% Net Interest Margin - 6.49% 69.58% - 28.48% 91.57% 63.09% Efficiency Ratio 4

![](exh992_05.jpg)

Operating Earnings – GAAP versus non - GAAP 5 Q4 Operating Earnings of $0.79 excluding merger charges. The full year tax rate of 25.9% was used to calculated Q4 and full year Operating Earnings. Non - core taxes represents year end includes approximate true - up of taxes on merger related items. Operating Non - Core GAAP $m, except per share amts $199.7 $199.7 $- Net interest income 25.9 25.9 - Noninterest income - - - Security gains (losses) 225.6 225.6 - Total Revenue 119.1 119.1 - Noninterest expense 8.8 8.8 - Amortization of intangibles - 14.4 (14.4) Merger expense 97.7 14.4 83.3 Pretax, Preprov. Net Rev. 8.1 8.1 - Provision for credit losses 89.6 14.4 75.2 Pretax income 23.2 1.4 21.8 Provision for taxes $66.4 $13.0 $53.4 Net Income $0.79 EPS $0.64 $0.15 83,878 Avg diluted shares (000s) 83,878 83,878 1.13% 0.94% Return on Assets 13.43% 11.19% Return on Tangible Equity 3.82% 3.82% Net Interest Margin 56.69% 63.09% Efficiency Ratio 4Q25

![](exh992_06.jpg)

Margin – Yields and Costs Yield Interest Avg Bal $ millions 6.30% $286.9 $18,205 Loans 4.03% 27.4 2,727 Investments & earning cash 6.01% $314.3 $20,932 Interest Earning Assets 2.74% $102.4 14,822 Interest bearing deposits 4.82% 10.4 844 Borrowings 2.86% $112.8 $15,666 Interest Bearing Liabilities 3.15% Net interest spread Yield Interest Avg Bal 6.22% $195.2 $12,547 4.31% 18.2 1,687 6.00% $213.4 $14,234 2.89% $71.9 9,875 4.77% 11.7 956 3.06% 2.94% $83.6 $10,831 Yield Interest Avg Bal 0.08% $91.7 $5,658 - 0.28% 9.2 1,040 0.01% $100.9 $6,698 - 0.15% $30.5 $4,947 0.05% (1.3) (112) - 0.20% 0.21% $29.2 $4,835 Purchase Accounting\* Yield Interest 0.27% $12.4 0.48% 3.3 0.30% $15.7 0.04% $1.5 0.19% 0.4 0.05% 0.25% $1.9 0.26% $13.8 - $13.8 \* quarterly accretion / amortization of interest rate marks. 4Q25 Prior Quarter LQΔ Net interest income, TEB / Margin $201.5 3.82% $129.8 3.62% $71.7 0.20% LESS: Tax Equivalent Basis (TEB) Adj. 1.8 Net Interest Income $199.7 0.9 0.9 128.9 $70.8 $ YoY Chg LQ Chg 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Rate Environment - 0.75% - 0.50% 3.75% 4.25% 4.50% 4.50% 4.50% Fed Funds (upper) - 0.62% - 0.37% 3.87% 4.24% 4.45% 4.41% 4.49% SOFR - 0.78% - 0.13% 3.47% 3.60% 3.72% 3.89% 4.25% 2Y Treasury - 0.65% - 0.01% 3.73% 3.74% 3.79% 3.96% 4.38% 5Y Treasury - 0.40% 0.02% 4.18% 4.16% 4.24% 4.23% 4.58% 10Y Treasury 6

![](exh992_07.jpg)

Summary Balance Sheet Asset growth since the merger due to higher cash and equivalents driven by growth in payroll deposits. purchased residential mortgage pools reduced Total loans declined in the 89% 793 895 (51) 1,739 1,688 Securities quarter driven by 275% 1,498 544 821 1,221 2,042 Cash & equivalents prepayments in Commercial 110% 283 258 (10) 551 541 Intangibles Real Estate Loans. Settlement of sales of 112% 95% 618 11,315 (133) 554 353 $11,905 $1,305 22,867 $1,172 $23,220 $ Other assets & Loans, HFS Total Assets of market as of Sep.1, 2025. Historical performance represents Brookline as the accounting acquirer. %Δ Δ 4Q24 Δ 3Q25 4Q25 $m, except per share amts 84% $8,251 $9,779 $(275) $18,305 $18,030 Gross Loans, investment 102% (128) (125) 1 (254) (253) Allowance for loan losses 84% 8,123 9,654 (274) 18,051 17,777 Net Loans 119% $10,613 $8,902 $611 $18,904 $19,515 Deposits - 48% (732) 1,520 (293) 1,081 788 Borrowings Other Assets for the quarter. 133% 8 6 - 14 14 Reserve for unfunded loans Continued reduction of 60% 152 255 - 407 407 Other Liabilities Total Liabilities Stockholders' Equity wholesale funding during 94% 10,041 10,683 318 20,406 20,724 the quarter. 104% 1,274 1,222 35 2,461 2,496 95% $11,315 $11,905 $353 $22,867 $23,220 The assets and liabilities Berkshire were marked to 116% $12.51 $10.81 $0.57 $22.75 $23.32 Total Liabilities & Equity TBV per share - 6% (5,282) 89,098 (93) 83,909 83,816 Actual shares outstanding (000) 0.35% 8.27% 0.06% 8.56% 8.62% Tang. Equity / Tang. Assets - 17.46% 109.85% - 4.44% 96.83% 92.39% Loans / Deposits 0.12% 1.28% 0.01% 1.39% 1.40% ALLL / Gross Loans Linked Quarter (LQ) Year over Year (YoY) 7

![](exh992_08.jpg)

Loans and Deposits 56% 15% 6% 23% Loans CRE C&I Equipment Deposits Consumer 21% 7% 15% 24% 21% 10% 2% NOW CDs Savings Payroll DDA MM Brokered Δ 3Q25 4Q25 $ millions $(235) $10,247 $10,012 CRE 38 2,747 2,785 Commercial NS (41) 1,204 1,163 Equipment Finance O A (37) 4,107 4,070 Consumer L $(275) $18,305 $18,030 Total Loans $127 $3,905 $4,032 Demand deposits (25) 1,471 1,446 NOW 49 2,905 2,954 Savings 81 4,545 4,626 Money market 30 4,127 4,157 CDs 845 1,045 1,890 Payroll deposits (496) 906 410 Brokered deposits Total Deposits $19,515 $18,904 $611 Customer deposits\* $17,215 $16,953 $\*\*Excludes Payroll and Brokered deposits 262 Linked Quarter (LQ) DEPOSITS 8

![](exh992_09.jpg)

Capital Strength 9 preliminary estimates\* Capital in Excess of "Well Capitalized" Beacon Board Policy Limits Regulatory BASEL III Requirements Regulatory Capital Buffer $ Regulatory Capital Buffer % Operating Targets Policy Minimums "Well Capitalized" Minimum Dec - 25 $ millions $821.8 4.5% ≥ 8.0% ≥ 7.5% ≥ 6.5% ≥ 4.5% 11.0% Tier 1 Common / RWA $575.3 3.1% ≥ 9.5% ≥ 9.0% ≥ 8.0% ≥ 6.0% 11.1% Tier 1 / RWA $554.9 3.0% ≥ 11.5% ≥ 11.0% ≥ 10.0% ≥ 8.0% 13.0% Total Risk Based Capital $942.5 4.2% ≥ 6.5% ≥ 6.0% ≥ 5.0% ≥ 5.0% 9.2% Leverage Ratio \* Regulatory capital ratios are preliminary estimates and may differ from numbers calculated in final Regulatory filings. $0.3225 Quarterly Dividend Per Share 41% payout based on 4Q'26 Operating EPS 4.55% Current Dividend Yield\*\* \*\* Based on annual dividend of $1.29 and stock price of $28.375 (close 01/27/26) 333% ICRE / Total RBC The Board of Directors announced a dividend of $0.3225 per share payable February 27, 2026 to stockholders of record on February 13, 2026. 25% Construction / Total RBC

![](exh992_10.jpg)

Outlook 10 Our current Base Case does not factor potential rate cuts in 2026. The regional economy continues to perform well. Management will continue to explore opportunities to optimize the capital structure over the next few quarters. FORWARD LOOKING Mid to lower single digit loan growth. Strong C&I lending, lower ICRE growth rate and runoff of selected equipment finance portfolios. Loans The net interest margin is expected to expand (3.85 – 3.95) as rates decline and the curve steepens. Accretion from the purchase accounting marks (range of $15 million per quarter) will fluctuate due to prepayment activity. Margin Credit costs are expected to trend lower and range from $5 - 9 million per qtr. Credit Modest fee income growth in the mid - single digits is anticipated. Fees 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 2Q26. Merger related charges will be recognized through 1Q26. Expenses The effective tax rate is currently estimated in the range of 26% for 2026 excluding the impact of merger and restructuring charges. Taxes 6 After tax\* COST SYNERGIES AT ANNOUNCEMENT: 202 (12/16/24 merger presentation: page 29) Pretax $410.1 $546.8 Combined Operating Expense (51.7) (68.9) Cost Savings @ 12.6% 0.8 1.1 Branding costs $10.8 / 10y deprec. $359.2 $479.0 Proforma Operating Expense $89.8 $119.8 Quarterly run rate - 2Q 2026 \* Effective tax rate 25%.

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APPENDIX NYSE: BBT 11

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Adoption of ASU 2025 - 08 12 The Financial Accounting Standards Board (FASB) officially released its final rule on Nov. 16, 2025 eliminating the Current Expected Credit Loss (CECL) "Double Count" impact on purchased Non - PCD (Non - Purchased Credit Deteriorated) loans. This change marks a significant development for institutions managing purchased loan portfolios under CECL guidelines. BBT chose to early adopt ASU 2025 - 08. This proactive approach positions BBT to realize the benefits immediately, strengthening our financial standing and aligning our practices with the latest regulatory standards. Benefit New Rule Impact Previous Approach Aspect Improved equity, reduced accretion Eliminated Included for Non - PCD loans CECL Day 1 Provision Exp Stronger financial position Immediate improvement Potential understatement Common Equity Streamlined accounting Eliminated Higher due to double count Credit - Related Accretion Enhanced stakeholder confidence Simplified, more consistent Complex, less transparent Financial Reporting Financial Impact Beacon Impact $67.2 million reduction Provision Expense 3Q25 $48.7 million increase Capital $0.55 Tangible Book Value per share ($10.4 - $13.2) million Annual Est. Credit Accretion (after tax) ($0.13 - $0.16) Annualized Estimated EPS Impact

![](exh992_13.jpg)

Non Performing Assets and Net Charge Offs 13 Non - accrual loans increased by $15.5MM, largely driven by a $9MM office loan in Boston with approximately 50% specific reserve, as well as a number of smaller EF and 44 Business Capital loans. Net Charge - offs declined to $9 . 0 MM, largely driven by lower charge - offs at both core C&I and Eastern Funding . CRE NCO's driven by the resolution of two loans in the quarter ; a Boston office loan and a Albany retail loan . Δ 4Q24 Δ 3Q25 4Q25 Non Performing Assets (NPAs), in millions $27.2 $18.1 $11.6 $33.7 $45.3 CRE 13.2 46.2 3.6 55.8 59.4 C&I 4.4 5.0 0.3 9.1 9.4 Consumer 44.8 69.3 15.5 98.6 114.1 Total Non Performing Loans (NPLs) (0.7) 0.7 - 0.8 (0.8) Other real estate owned 2.2 0.4 2.6 2.5 0.1 Other repossessed assets $46.3 $70.4 $14.8 $101.9 $116.7 Total NPAs - 0.08% 0.71% 0.09% 0.54% 0.63% NPLs / Total Loans - 0.09% 0.59% 0.05% 0.45% 0.50% NPAs / Total Assets Net Charge Offs (NCOs), in millions $6.6 $- $5.8 $0.8 $6.6 CRE loans (4.5) 7.3 (12.3) 15.1 2.8 C&I loans (0.4) - (0.3) (0.1) (0.4) Consumer loans $1.7 $7.3 $(6.9) $15.9 $9.0 Total Net Charge Offs - 0.10% 0.30% - 0.31% 0.51% 0.20% NCOs / Avg. Loans (annualized) Linked Quarter (LQ) Year over Year (YoY) Amounts as presented may differ slightly from the Company's Earnings Release due to rounding to foot schedules presented.

![](exh992_14.jpg)

Balances shown are loan book balances, net of acquisition marks. $4,070 $2,374 $3,597 $7,989 23% Retail 13% Specialty Lending 20% Commercial Core 44% Investment CRE Call Code Total % Vertical Total % Naics Total % Total % Constr Perm Resi 1st Mtg $3,270 80% ABL $774 33% 14% RE Agent / Broker $493 31% $2,450 $293 $2,157 MultiFamily Resi Jr Mtg $29 1% EF Core 964 41% 14% Food & Lodging 483 17% 1,367 $8 $1,359 Retail Resi Heloc $631 16% EF Vehicle 187 8% 12% Health and Social 422 14% 1,143 $35 $1,108 Industrial Consumer $140 3% EF Macrolease 154 6% 11% Manufacturing 404 13% 1,055 $42 $1,013 Office Total $4,070 100% 44BC 269 11% 11% Professional 393 7% 544 $22 $522 Hospitality Firestone 19 1% 9% Retail 329 6% 458 $49 $409 Healthcare Aircraft 7 0% 7% Other Services 246 2% 195 $15 $180 Lab Total $2,374 100% 6% Finance and Ins 229 2% 147 $- $147 Restaurant 6% Arts, Entertainment 226 8% 630 $141 $489 Other Wholesale Trade 219 6% $7,989 100% Total $7,384 $605 Owner Occupied CRE included in Commercial and Equipment Finance Total Loans Outstanding: Construction 121 3% EF Vehicle and EF Macrolease have discontinued new Trans / Warehouse 32 1% Total $3,597 100% originations. $18,030 Major Loan Segments with Industry Breakdown 4Q25 14

![](exh992_15.jpg)

4Q25 Non Owner Occupied CRE and Multifamily Exposures at December 31, 2025. 39% 53% 6% 15 2% Investment CRE Loan to Value (LTV)

![](exh992_16.jpg)

16% 16 16% 13% Investment CRE by Vintage 4Q25 Non Owner Occupied CRE and Multifamily Exposures at December 31, 2025. 11% 44%

![](exh992_17.jpg)

Office Portfolio, excludes Construction ● Office CRE portfolio totals ~$1.2B or 6.5% of Total Loans. ● Continue to manage the risk of the portfolio with NPLs of ~2.8% and NCOs of ~$4.6MM in 4Q25, which was fully reserved. ● No meaningful exposure to major metropolitan areas other than Boston, which represents ~19% of the portfolio, roughly half of which would be considered CBD (Commercial Business District) or CBD adjacent. ● Majority of portfolio (~56%) is Class B Office space. ● Weighted Average Loan - to - Value is ~57%. ● Weighted Average Debt Service Coverage is ~1.5x. ● Top 20 loans are ~37% of the total CRE Office portfolio. Office Portfolio & Asset Quality Office Portfolio Metrics Suburban, 59% Urban, 31% Rural, 10% 2026, 27% 2027, 11% 2028, 13% 2029 & After, 49% Maturity Schedule ~98% of portfolio is within footprint and 59% is Suburban Majority of portfolio (~62%) matures after 2027 Non - Accrual $ Criticized $ ortfolio Avg Size 4Q25 P $($ in millions) $8.7 $29.2 $6.4 $444.2 Class A $23.2 $106.6 $1.8 $649.1 Class B $0.9 $1.0 $1.7 $71.4 Class C $32.8 $136.8 $2.4 $1,164.8 4Q25 3Q25 $% $% ($ in millions) 0% $- 4% $41.9 CRE Office: Construction 9% $96.3 9% $109.8 CRE Office: Owner Occupied 91% 922.3 $87% $1,013.1 CRE Office: Non - Owner Occupied Total CRE Office $1,164.8 100% $1,018.7 100% 17 4Q25

![](exh992_18.jpg)

● Majority of repricing risk is centered within the Fixed to Floating repricing schedule . Potential refinance risk may be experienced at maturity . ● $2.8B of the $7.3B portfolio will mature or reprice within 24 months. ● Well balanced maturity / repricing profile and rate type profile. ● 1Q26 maturities or loans repricing represents $239MM maturing, and $53MM repricing; of which ~2% are Criticized due to one Office credit. The allowance for this loan is based upon current market valuations. Rate Type Fixed, 32% Fixed via Swap, 26% Floating, 21% Fixed to Floating, 22% 2026, 20% 2027, 19% 2028, 18% 2029 & After, 43% Maturity / Repricing Investment CRE Maturity and Repricing excludes Construction 4Q25 18

![](exh992_19.jpg)

Consumer Loans LTV / FICO 700+ 82% 19 650 - 699 6% 599 - 1% N/A 9% 50% or less 24% 50% - 69% 35% 70% - 80% 31% 80%+ 10% 700+ 81% 650 - 699 11% N/A 5% 50% or less 54% 50% - 69% 21% 70% - 80% 24% 80%+ 1% Resid. 1 - 4 60% LTV Resid. 1 - 4 FICO Home Equity FICO Home Equity 48% LTV 4Q25

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Securities Portfolio 4Q25 UST 24% 20 Agency 10% Corp 2% MBS 20% CMO 30% Municipals 14% Duration Book Yield Unreal. G/L Fair Value Book Value Current Par $ in millions 2.1 2.77% $(13) $402 $415 $415 U.S. Treasuries 2.9 2.51% (11) 174 185 182 Agency Debentures 0.7 6.38% 1 40 39 41 Corp Bonds 5.4 3.80% (9) 331 340 376 Agency MBS 5.8 4.26% (4) 501 505 593 Agency CMO 5.5 5.14% 8 240 232 258 Municipals/Other 4.4 3.79% $(28) $1,688 $1,716 $1,865 Total Highly liquid, risk averse securities portfolio with prudent duration and minimal extension risk. The entire investment portfolio is classified as Available for Sale. The after tax, mark to market on the portfolio is included in Accumulated Other Comprehensive Income in Stockholders' Equity. Total OCI represents a reduction in stockholders' equity of 0.8%.

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Interest Rate Risk 4Q25 Float (< 3 m) 49 % Adj. 22% Fixed 29% Loan Originations, $1.01 billion, 6.31% coupon Total Loan Portfolio Mix – Duration 1.7 - 0.31% - 0.79% - 1.26% - 1.74% 0.97% 0.88% 0.74% 0.57% 0.70% 1.68% 2.58% 3.53% Cumulative Net Interest Income Change by Quarter 12/31/2025 Flat Balance Sheet , simulations reflect a product weighted down beta of ~58% on total interest bearing deposits. Excludes impact of purchase accounting. - 100bps Ramp Forward - Implied Rates +200bps Ramp Float (< 3 m) 36 % 21 Adj. 29% Fixed 35% 2Q26 3Q26 4Q26 1Q26 Accretion related to loan purchase accounting is held constant in each scenario. The impact of changes in loan prepayments on accretion is not reflected at this time. Amounts as presented may differ slightly from the Company's Earnings Release due to rounding to foot schedules presented.

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NYSE: BBT 22