Net Income of $64.4 million, EPS of $0.77

Quarterly Dividend of $0.3225

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

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

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

Presentation of Results - The Merger

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

BALANCE SHEET

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

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

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

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

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

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

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

NET INTEREST INCOME

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

NON-INTEREST INCOME

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

PROVISION FOR CREDIT LOSSES

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

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

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

ASSET QUALITY

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

NON-INTEREST EXPENSE

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

PROVISION FOR INCOME TAXES

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

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

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

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

DIVIDEND DECLARED

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

CONFERENCE CALL

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

ABOUT BEACON FINANCIAL CORPORATION

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

FORWARD-LOOKING STATEMENTS

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

BASIS OF PRESENTATION

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

NON-GAAP FINANCIAL MEASURES

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

INVESTOR RELATIONS:

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

MEDIA CONTACT:

Contact:	Gary Levante Beacon Financial Corporation Chief Marketing Officer (413) 447-1737 gary.levante@beaconbank.com

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)

	At and for the Three Months Ended
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
	(Dollars In Thousands Except per Share Data)
Earnings Data:
Net interest income	$	193,207		$	190,774		$	199,741		$	128,850		$	88,685
Provision for credit losses on loans and unfunded commitments	5,007			7,899			8,141			20,268			6,997
Provision (recovery) of credit losses on investments	(85		)	47			(35		)	32			3
Non-interest income	25,988			23,947			25,918			12,345			5,970
Non-interest expense	127,256			140,822			142,366			129,296			58,061
Income (loss) before provision for income taxes	87,017			65,953			75,187			(8,401		)	29,594
Net income (loss)	64,426			46,217			53,366			(4,221		)	22,026

Performance Ratios:
Net interest margin (1)	3.81		%	3.78		%	3.82		%	3.62		%	3.32		%
Interest-rate spread (1)	3.13		%	3.02		%	3.15		%	2.94		%	2.57		%
Return on average assets (annualized)	1.17		%	0.84		%	0.94		%	(0.11		)%	0.77		%
Return on average tangible assets (annualized) (non-GAAP)	1.20		%	0.86		%	0.97		%	(0.11		)%	0.79		%
Return on average stockholders' equity (annualized)	10.15		%	7.32		%	8.70		%	(1.01		)%	7.04		%
Return on average tangible stockholders' equity (annualized) (non-GAAP)	12.84		%	9.30		%	11.19		%	(1.27		)%	8.85		%
Efficiency ratio (2)	58.06		%	65.58		%	63.09		%	91.57		%	61.34		%
Core efficiency ratio (3)	54.26		%	55.64		%	52.81		%	56.55		%	59.36		%

Per Common Share Data:
Net income (loss) — Basic	$	0.77		$	0.55		$	0.64		$	(0.05	)	$	0.25
Net income (loss) — Diluted	0.77			0.55			0.64			(0.05		)	0.25
Cash dividends declared	0.3225			0.3225			0.3225			0.3225			0.135
Book value per share (end of period)	30.30			29.88			29.78			29.33			14.08
Tangible book value per share (end of period) (non-GAAP)	23.98			23.48			23.32			22.75			11.20
Stock price (end of period)	30.45			30.00			26.37			23.71			10.55

Balance Sheet:
Total assets	$	22,250,964		$	22,227,616		$	23,220,372		$	22,867,458		$	11,568,745
Total loans and leases	17,822,218			17,924,156			18,029,552			18,305,379			9,582,374
Total deposits	18,485,864			18,292,280			19,514,657			18,904,063			8,961,202
Total stockholders’ equity	2,539,796			2,504,781			2,496,061			2,461,015			1,254,171

Asset Quality:
Nonperforming assets	$	155,155		$	151,239		$	116,747		$	101,990		$	63,596
Nonperforming assets as a percentage of total assets	0.70		%	0.68		%	0.50		%	0.45		%	0.55		%
Allowance for loan and lease losses	$	238,189		$	244,377		$	252,839		$	253,735		$	126,725
Allowance for loan and lease losses as a percentage of total loans and leases	1.34		%	1.36		%	1.40		%	1.39		%	1.32		%
Net loan and lease charge-offs (4)	14,280			$	13,551		$	9,019		$	15,857		$	5,127
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)	0.32		%	0.30		%	0.20		%	0.51		%	0.21		%

Capital Ratios:
Stockholders’ equity to total assets	11.41		%	11.27		%	10.75		%	10.76		%	10.84		%
Tangible stockholders’ equity to tangible assets (non-GAAP)	9.25		%	9.07		%	8.62		%	8.56		%	8.82		%

(1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.
(3) Core efficiency ratio excludes amortization of identified intangible assets.
(4) The balance at September 30, 2025 excludes a $15.8 million Merger Day 1 charge-offs write up.

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)

	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
ASSETS	(In Thousands Except Share Data)
Cash and due from banks	$	240,680		$	185,692		$	201,557		$	182,251		$	87,386
Short-term investments		975,423			927,256			1,840,188			1,038,369			419,362
Total cash and cash equivalents		1,216,103			1,112,948			2,041,745			1,220,620			506,748
Investment securities available-for-sale		1,761,297			1,718,710			1,688,768			1,739,423			866,684
Total investment securities		1,761,297			1,718,710			1,688,768			1,739,423			866,684
Allowance for investment security losses		(56	)		(141	)		(94	)		(129	)		(97	)
Net investment securities		1,761,241			1,718,569			1,688,674			1,739,294			866,587
Loans and leases held-for-sale		—			—			—			83,330			—
Loans and leases:
Commercial real estate loans		9,884,139			9,957,408			10,012,094			10,247,090			5,485,546
Commercial loans and leases		3,981,803			4,011,974			3,947,363			3,950,693			2,520,347
Consumer loans		3,956,276			3,954,774			4,070,095			4,107,596			1,576,481
Total loans and leases		17,822,218			17,924,156			18,029,552			18,305,379			9,582,374
Allowance for loan and lease losses		(238,189	)		(244,377	)		(252,839	)		(253,735	)		(126,725	)
Net loans and leases		17,584,029			17,679,779			17,776,713			18,051,644			9,455,649
Restricted equity securities		90,660			97,441			87,438			99,431			66,481
Premises and equipment, net of accumulated depreciation		161,175			161,141			162,474			158,375			83,963
Right-of-use asset operating leases		82,909			84,851			82,817			84,238			42,415
Deferred tax asset		138,466			142,827			149,487			178,456			52,325
Goodwill		357,358			355,269			351,613			353,471			241,222
Identified intangible assets, net of accumulated amortization		172,906			181,234			189,562			198,339			14,600
Other real estate owned and repossessed assets		2,505			2,623			2,591			3,360			1,288
Cash surrender value of bank-owned life insurance policies		335,523			336,980			334,442			332,840			85,479
Other assets		348,089			353,954			352,816			364,060			151,988
Total assets	$	22,250,964		$	22,227,616		$	23,220,372		$	22,867,458		$	11,568,745
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand checking accounts	$	3,910,604		$	3,861,000		$	4,032,529		$	3,905,559		$	1,726,933
Interest-bearing deposits:
NOW accounts		1,569,862			1,520,600			1,445,894			1,470,808			650,707
Savings accounts		3,035,355			3,088,857			2,954,029			2,904,888			1,795,761
Money market accounts		4,461,990			4,393,607			4,636,548			4,545,231			2,153,709
Payroll deposit accounts		1,212,178			1,213,861			1,878,758			1,044,462			—
Certificate of deposit accounts		4,064,518			4,085,511			4,156,540			4,127,226			1,877,661
Brokered deposit accounts		231,357			128,844			410,359			905,889			756,431
Total interest-bearing deposits		14,575,260			14,431,280			15,482,128			14,998,504			7,234,269
Total deposits		18,485,864			18,292,280			19,514,657			18,904,063			8,961,202
Borrowed funds:
Advances from the FHLB		633,292			822,091			555,788			841,044			934,669
Subordinated debentures and notes		202,278			198,989			198,572			198,283			84,397
Other borrowed funds		53,022			51,423			34,000			41,189			135,985
Total borrowed funds		888,592			1,072,503			788,360			1,080,516			1,155,051
Operating lease liabilities		90,936			92,820			90,713			92,211			43,528
Reserve for unfunded credits		13,470			16,555			13,746			13,727			4,586
Accrued expenses and other liabilities		232,306			248,677			316,835			315,926			150,207
Total liabilities		19,711,168			19,722,835			20,724,311			20,406,443			10,314,574
Stockholders' equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 89,576,403 shares issued, 89,576,403 shares issued, 89,576,403 shares issued, 89,576,403 shares issued, and 96,998,075 shares issued, respectively		896			896			896			896			970
Additional paid-in capital		2,164,080			2,172,982			2,171,885			2,171,912			904,697
Retained earnings		542,304			504,976			485,862			459,598			475,781
Accumulated other comprehensive income		(34,929	)		(31,411	)		(20,002	)		(28,905	)		(39,378	)
Treasury stock, at cost;
5,211,670, 5,548,772, 5,545,511, 5,449,039, and 7,039,136 shares, respectively		(132,555	)		(142,662	)		(142,580	)		(142,486	)		(87,899	)
Total stockholders' equity		2,539,796			2,504,781			2,496,061			2,461,015			1,254,171
Total liabilities and stockholders' equity	$	22,250,964		$	22,227,616		$	23,220,372		$	22,867,458		$	11,568,745

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
	Three Months Ended
	June 30, 2026			March 31, 2026		December 31, 2025			September 30, 2025			June 30, 2025
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	265,596		$	266,935	$	285,795		$	194,517		$	143,933
Debt securities		18,370			16,510		16,335			10,984			6,691
Restricted equity securities		1,506			843		1,160			1,466			1,062
Short-term investments		8,162			8,096		9,293			5,438			2,386
Total interest and dividend income		293,634			292,384		312,583			212,405			154,072
Interest expense:
Deposits		88,959			93,056		102,439			71,901			52,682
Borrowed funds		11,468			8,554		10,403			11,654			12,705
Total interest expense		100,427			101,610		112,842			83,555			65,387
Net interest income		193,207			190,774		199,741			128,850			88,685
Provision for credit losses on loans		5,007			7,899		8,141			20,268			6,997
Provision (recovery) of credit losses on investments		(85	)		47		(35	)		32			3
Net interest income after provision for credit losses		188,285			182,828		191,635			108,550			81,685
Non-interest income:
Deposit fees		8,510			8,347		9,843			5,005			2,472
Loan fees		2,619			2,366		2,189			1,004			472
Loan level derivative income (loss)		1,391			775		721			635			(4	)
Gain on sales of loans and leases held-for-sale		3,869			2,689		4,154			1,175			264
Wealth management fees		4,860			4,464		4,370			2,466			1,421
Other		4,739			5,306		4,641			2,060			1,345
Total non-interest income		25,988			23,947		25,918			12,345			5,970
Non-interest expense:
Compensation and employee benefits		70,280			69,650		70,204			49,999			35,147
Occupancy		11,791			13,097		11,877			6,921			5,349
Equipment and data processing		18,300			20,127		19,754			11,110			6,841
Professional services		2,769			2,462		2,778			2,114			1,471
FDIC insurance		3,332			4,320		1,924			1,971			1,880
Advertising and marketing		1,152			1,679		2,157			1,583			1,371
Amortization of identified intangible assets		8,328			8,328		8,777			3,587			1,431
Other		11,304			8,134		10,471			6,148			4,132
Total non-interest operating expense		127,256			127,797		127,942			83,433			57,622
Merger and restructuring expense		—			13,025		14,424			45,863			439
Total non-interest expense		127,256			140,822		142,366			129,296			58,061
Income (loss) before provision for income taxes		87,017			65,953		75,187			(8,401	)		29,594
Provision (benefit) for income taxes		22,591			19,736		21,821			(4,180	)		7,568
Net Income (loss)	$	64,426		$	46,217	$	53,366		$	(4,221	)	$	22,026
Earnings per common share:
Basic	$	0.77		$	0.55	$	0.64		$	(0.05	)	$	0.25
Diluted	$	0.77		$	0.55	$	0.64		$	(0.05	)	$	0.25
Weighted average common shares outstanding during the period:
Basic		83,816,086			83,816,086		83,851,381			87,508,517			89,104,605
Diluted		83,939,430			83,903,440		83,878,047			87,832,552			89,612,781
Dividends paid per common share	$	0.3225		$	0.3225	$	0.3225		$	0.3225		$	0.135

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

	Six Months Ended June 30,
	2026			2025
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	532,531		$	287,242
Debt securities		34,880			13,456
Restricted equity securities		2,349			2,265
Short-term investments		16,258			4,837
Total interest and dividend income		586,018			307,800
Interest expense:
Deposits		182,015			106,160
Borrowed funds		20,022			27,125
Total interest expense		202,037			133,285
Net interest income		383,981			174,515
Provision for credit losses on loans		12,906			12,971
Provision (recovery) of credit losses on investments		(38	)		15
Net interest income after provision for credit losses		371,113			161,529
Non-interest income:
Deposit fees		16,857			4,833
Loan fees		4,985			865
Loan level derivative income (loss)		2,166			66
Gain on sales of loans and leases held-for-sale		6,558			288
Wealth management fees		9,324			2,911
Other		10,045			2,667
Total non-interest income		49,935			11,630
Non-interest expense:
Compensation and employee benefits		139,930			71,000
Occupancy		24,888			11,070
Equipment and data processing		38,427			13,853
Professional services		5,231			3,197
FDIC insurance		7,652			3,917
Advertising and marketing		2,831			2,239
Amortization of identified intangible assets		16,656			2,861
Other		19,438			8,536
Total non-interest operating expense		255,053			116,673
Merger and restructuring expense		13,025			1,410
Total non-interest expense		268,078			118,083
Income before provision for income taxes		152,970			55,076
Provision for income taxes		42,327			13,950
Net income	$	110,643		$	41,126
Earnings per common share:
Basic	$	1.32		$	0.46
Diluted	$	1.32		$	0.46
Weighted average common shares outstanding during the period:
Basic		83,816,086			89,104,060
Diluted		83,921,432			89,590,267
Dividends paid per common share	$	0.6450		$	0.270

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)
	At and for the Three Months Ended
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
	(Dollars in Thousands)
NONPERFORMING ASSETS:
Loans and leases accounted for on a nonaccrual basis:
Commercial real estate mortgage	$	67,645		$	65,127		$	41,246		$	30,213		$	987
Multi-family mortgage		9,484			12,995			4,065			2,994			1,433
Construction		—			—			—			535			—
Total commercial real estate loans		77,129			78,122			45,311			33,742			2,420

Commercial		20,873			22,626			16,716			14,035			8,687
Equipment financing		45,493			38,633			42,718			41,793			46,067
Total commercial loans and leases		66,366			61,259			59,434			55,828			54,754

Residential mortgage		5,991			5,807			6,465			6,597			3,572
Home equity		3,041			3,222			2,739			2,220			1,561
Other consumer		123			206			207			243			1
Total consumer loans		9,155			9,235			9,411			9,060			5,134

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

Other real estate owned		70			—			—			824			700
Other repossessed assets		2,435			2,623			2,591			2,536			588
Total nonperforming assets	$	155,155		$	151,239		$	116,747		$	101,990		$	63,596

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

Nonperforming loans and leases as a percentage of total loans and leases		0.86	%		0.83	%		0.63	%		0.54	%		0.65	%
Nonperforming assets as a percentage of total assets		0.70	%		0.68	%		0.50	%		0.45	%		0.55	%

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
Allowance for loan and lease losses at beginning of period	$	244,377		$	252,839		$	253,735		$	126,725		$	124,145
Merger Day 1 allowance on non-PCD loans*		—			—			—			67,229			—
Merger Day 1 allowance on PCD loans		—			—			—			64,511			—
Charge-offs		(15,353	)		(15,880	)		(10,917	)		(16,661	)		(5,601	)
Recoveries		1,073			2,329			1,898			804			474
Net charge-offs**		(14,280	)		(13,551	)		(9,019	)		(15,857	)		(5,127	)
Provision for loan and lease losses excluding unfunded commitments***		8,092			5,089			8,123			11,127			7,707
Allowance for loan and lease losses at end of period	$	238,189		$	244,377		$	252,839		$	253,735		$	126,725

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

NET CHARGE-OFFS:
Commercial real estate loans	$	7,416		$	6,997		$	6,598		$	819		$	3,524
Commercial loans and leases		6,897			6,611			2,799			15,116			1,640
Consumer loans		(33	)		(57	)		(378	)		(78	)		(37	)
Total net charge-offs**	$	14,280		$	13,551		$	9,019		$	15,857		$	5,127

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

*As a result of the adoption of ASU 2025-08, this amount, related to seasoned non-PCD loans, is recorded as part of purchase accounting adjustments, not through the provision.
** Excludes the impact of Merger Day 1 purchase accounting that resulted in $15.8 million of charge-offs during the three months ended September 30, 2025.
***Provision for loan and lease losses does not include provision (credit) of $(3.1 million), $2.8 million, $(0.0 million), $9.1 million of which $8.4 million was related to Merger Day 1, and $(0.7 million) for credit losses on unfunded commitments during the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
	Three Months Ended
	June 30, 2026						March 31, 2026						June 30, 2025
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	1,750,455	$	19,013	4.35	%	$	1,684,382	$	17,153	4.07	%	$	874,212	$	6,752	3.09	%
Restricted equity securities (2)		95,840		1,507	6.29	%		84,281		845	4.01	%		65,724		1,062	6.46	%
Short-term investments		860,874		8,162	3.79	%		879,562		8,096	3.68	%		215,982		2,386	4.42	%
Total investments		2,707,169		28,682	4.24	%		2,648,225		26,094	3.94	%		1,155,918		10,200	3.53	%
Loans and Leases:
Commercial real estate loans (3)		9,865,901		142,453	5.71	%		9,974,029		143,162	5.74	%		5,533,208		77,136	5.51	%
Commercial loans (3)		2,952,686		46,038	6.17	%		2,877,031		44,646	6.21	%		1,286,908		20,757	6.38	%
Equipment financing (3)		1,052,189		21,675	8.24	%		1,117,336		23,545	8.43	%		1,240,128		25,069	8.09	%
Consumer loans (3)		3,935,888		56,399	5.73	%		4,006,808		56,561	5.66	%		1,556,254		21,437	5.51	%
Total loans and leases		17,806,664		266,565	5.99	%		17,975,204		267,914	5.96	%		9,616,498		144,399	6.01	%
Total interest-earning assets		20,513,833		295,247	5.76	%		20,623,429		294,008	5.70	%		10,772,416		154,599	5.74	%
Non-interest-earning assets		1,526,851						1,512,428						630,518
Total assets	$	22,040,684					$	22,135,857					$	11,402,934

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	1,535,148		3,622	0.95	%	$	1,494,773		3,526	0.96	%	$	637,786		1,034	0.65	%
Savings accounts		3,057,585		14,045	1.84	%		3,032,997		13,612	1.82	%		1,780,838		10,692	2.41	%
Money market accounts		5,523,884		34,815	2.53	%		5,709,490		35,969	2.55	%		2,189,373		13,990	2.56	%
Certificates of deposit		4,051,332		34,862	3.45	%		4,136,313		36,870	3.62	%		1,879,749		18,437	3.93	%
Brokered deposit accounts		174,146		1,615	3.72	%		307,179		3,079	4.06	%		748,205		8,529	4.57	%
Total interest-bearing deposits		14,342,095		88,959	2.49	%		14,680,752		93,056	2.57	%		7,235,951		52,682	2.92	%
Borrowings
Advances from the FHLB		742,763		7,169	3.82	%		476,434		4,678	3.93	%		904,399		10,422	4.56	%
Subordinated debentures and notes		199,243		3,693	7.41	%		198,755		3,588	7.22	%		84,380		1,718	8.14	%
Other borrowed funds		54,565		606	4.46	%		26,974		288	4.33	%		46,086		565	4.93	%
Total borrowings		996,571		11,468	4.55	%		702,163		8,554	4.87	%		1,034,865		12,705	4.86	%
Total interest-bearing liabilities		15,338,666		100,427	2.63	%		15,382,915		101,610	2.68	%		8,270,816		65,387	3.17	%
Non-interest-bearing liabilities:
Demand checking accounts		3,813,559						3,866,588						1,654,594
Other non-interest-bearing liabilities		348,856						362,368						225,469
Total liabilities		19,501,081						19,611,871						10,150,879
Stockholders’ equity		2,539,603						2,523,986						1,252,055
Total liabilities and equity	$	22,040,684					$	22,135,857					$	11,402,934
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				194,820	3.13	%				192,398	3.02	%				89,212	2.57	%
Less adjustment of tax-exempt income				1,613						1,624						527
Net interest income			$	193,207					$	190,774					$	88,685
Net interest margin (5)					3.81	%					3.78	%					3.32	%

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

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
	Six Months Ended
	June 30, 2026						June 30, 2025
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	1,717,601	$	36,166	4.21	%	$	881,522	$	13,566	3.08	%
Restricted equity securities (2)		90,092		2,352	5.22	%		67,743		2,266	6.69	%
Short-term investments		843,590		16,258	3.85	%		209,503		4,837	4.62	%
Total investments		2,651,283		54,776	4.13	%		1,158,768		20,669	3.57	%
Loans and Leases:
Commercial real estate loans (3)		9,919,667		285,512	5.72	%		5,591,973		154,379	5.49	%
Commercial loans (3)		2,915,067		90,684	6.19	%		1,262,130		40,455	6.38	%
Equipment financing (3)		1,084,583		45,220	8.34	%		1,260,663		51,034	8.10	%
Consumer loans (3)		3,971,151		113,063	5.70	%		1,552,633		42,298	5.46	%
Total loans and leases		17,890,468		534,479	5.98	%		9,667,399		288,166	5.96	%
Total interest-earning assets		20,541,751		589,255	5.74	%		10,826,167		308,835	5.71	%
Non-interest-earning assets		1,546,257						646,577
Total assets	$	22,088,008					$	11,472,744

Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	1,515,072		7,152	0.95	%	$	633,092		2,039	0.65	%
Savings accounts		3,045,359		27,657	1.83	%		1,762,366		20,865	2.39	%
Money market accounts		5,616,174		70,780	2.54	%		2,188,482		27,577	2.54	%
Certificates of deposit		4,093,588		71,732	3.53	%		1,883,049		38,030	4.07	%
Brokered deposit accounts		240,295		4,694	3.94	%		757,687		17,649	4.70	%
Total interest-bearing deposits		14,510,488		182,015	2.53	%		7,224,676		106,160	2.96	%
Borrowings
Advances from the FHLB		610,334		11,847	3.86	%		955,669		22,269	4.63	%
Subordinated debentures and notes		199,001		7,281	7.32	%		84,363		3,419	8.11	%
Other borrowed funds		40,846		894	4.41	%		58,704		1,437	4.94	%
Total borrowings		850,181		20,022	4.68	%		1,098,736		27,125	4.91	%
Total interest-bearing liabilities		15,360,669		202,037	2.65	%		8,323,412		133,285	3.23	%
Non-interest-bearing liabilities:
Demand checking accounts		3,839,927						1,667,489
Other non-interest-bearing liabilities		355,574						238,169
Total liabilities		19,556,170						10,229,070
Stockholders’ equity		2,531,838						1,243,674
Total liabilities and equity	$	22,088,008					$	11,472,744
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				387,218	3.09	%				175,550	2.48	%
Less adjustment of tax-exempt income				3,237						1,035
Net interest income			$	383,981					$	174,515
Net interest margin (5)					3.80	%					3.27	%

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

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)
				Three Months Ended June 30,						Six Months Ended June 30,
					2026			2025			2026			2025
Reconciliation Table - Non-GAAP Financial Information

Reported Pretax Income				$	87,017		$	29,594		$	152,970		$	55,076
Add:
Merger and restructuring expense					—			439			13,025			1,410
Operating Pretax income				$	87,017		$	30,033		$	165,995		$	56,486
Effective tax rate					26.0	%		25.3	%		25.8	%		24.8	%
Provision for income taxes					22,591			7,590			42,827			14,008
Operating earnings after tax				$	64,426		$	22,443		$	123,168		$	42,478

Operating earnings per common share:
Basic				$	0.77		$	0.25		$	1.47		$	0.48
Diluted				$	0.77		$	0.25		$	1.47		$	0.47

Weighted average common shares outstanding during the period:
Basic					83,816,086			89,104,605			83,816,086			89,104,060
Diluted					83,939,430			89,612,781			83,921,432			89,590,267

Return on average assets *					1.17	%		0.77	%		1.00	%		0.72	%
Add:
Merger and restructuring expense (after-tax) *					—	%		0.01	%		0.09	%		0.02	%
Operating return on average assets *					1.17	%		0.78	%		1.09	%		0.74	%

Return on average tangible assets *					1.20	%		0.79	%		1.03	%		0.73	%
Add:
Merger and restructuring expense (after-tax) *					—	%		0.01	%		0.09	%		0.02	%
Operating return on average tangible assets *					1.20	%		0.80	%		1.12	%		0.75	%


Return on average stockholders' equity *					10.15	%		7.04	%		8.74	%		6.61	%
Add:
Merger and restructuring expense (after-tax) *					—	%		0.10	%		0.76	%		0.17	%
Operating return on average stockholders' equity *					10.15	%		7.14	%		9.50	%		6.78	%


Return on average tangible stockholders' equity *					12.84	%		8.85	%		11.08	%		8.34	%
Add:
Merger and restructuring expense (after-tax) *					—	%		0.13	%		0.97	%		0.21	%
Operating return on average tangible stockholders' equity *					12.84	%		8.98	%		12.05	%		8.55	%

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

	At and for the Three Months Ended
	June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025
	(Dollars in Thousands)

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

Average total assets	$	22,040,684		$	22,135,857		$	22,644,481		$	15,210,080		$	11,402,934
Less: Average goodwill and average identified intangible assets, net		532,255			536,900			546,276			353,189			256,508
Average tangible assets	$	21,508,429		$	21,598,957		$	22,098,205		$	14,856,891		$	11,146,426

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

Average total stockholders’ equity	$	2,539,603		$	2,523,986		$	2,453,480		$	1,678,208		$	1,252,055
Less: Average goodwill and average identified intangible assets, net		532,255			536,900			546,276			353,189			256,508
Average tangible stockholders’ equity	$	2,007,348		$	1,987,086		$	1,907,204		$	1,325,019		$	995,547

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

Total stockholders’ equity	$	2,539,796		$	2,504,781		$	2,496,061			2,461,015			1,254,171
Less:
Goodwill		357,358			355,269			351,613			353,471			241,222
Identified intangible assets, net		172,906			181,234			189,562			198,339			14,600
Tangible stockholders' equity	$	2,009,532		$	1,968,278		$	1,954,886		$	1,909,205		$	998,349

Total assets	$	22,250,964		$	22,227,616		$	23,220,372		$	22,867,458		$	11,568,745
Less:
Goodwill		357,358			355,269			351,613			353,471			241,222
Identified intangible assets, net		172,906			181,234			189,562			198,339			14,600
Tangible assets	$	21,720,700		$	21,691,113		$	22,679,197		$	22,315,648		$	11,312,923

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

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

Number of common shares issued		89,576,403			89,576,403			89,576,403			89,576,403			96,998,075
Less:
Treasury shares		5,211,670			5,548,772			5,545,511			5,449,039			7,039,136
Unvested restricted shares		548,647			211,545			214,806			218,503			854,334
Number of common shares outstanding		83,816,086			83,816,086			83,816,086			83,908,861			89,104,605

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

Non-interest expense	$	127,256		$	140,822		$	142,366		$	129,296		$	58,061
Less:
Merger and restructuring expense		—			13,025			14,424			45,863			439
Total non-interest operating expense	$	127,256		$	127,797		$	127,942		$	83,433		$	57,622
Less:
Amortization of identified intangible assets		8,328			8,328			8,777			3,587			1,431
Non-interest expense for operating efficiency ratio	$	118,928		$	119,469		$	119,165		$	79,846		$	56,191

Efficiency ratio		58.06	%		65.58	%		63.09	%		91.57	%		61.34	%
Core efficiency ratio		54.26	%		55.64	%		52.81	%		56.55	%		59.36	%

A PDF accompanying this announcement is available at:

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