Form 8-K

8-K — Beacon Financial Corp

Accession: 0001171843-26-002833

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001108134

SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — f8k_042926.htm (Primary)

EX-99.1 — PRESS RELEASE (exh_991.htm)

EX-99.2 — EXHIBIT 99.2 (exh_992.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: f8k_042926.htm · Sequence: 1

Form 8-K

False000110813400011081342026-04-292026-04-29iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

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

_______________________________

BEACON FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

_______________________________

Delaware 001-15781 04-3510455

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

131 Clarendon Street

Boston, Massachusetts 02116

(Address of Principal Executive Offices) (Zip Code)

(617) 425-4600

(Registrant's telephone number, including area code)

Not applicable

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

_______________________________

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

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

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

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

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value of $0.01 per share BBT New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On April 29, 2026, the Board of Directors of Beacon Financial Corporation (the “Company”) issued a press release announcing its earnings for the quarter ended March 31, 2026. Additionally, the Company announced the approval by its Board of Directors of a regular quarterly dividend of $0.3225 per share payable on May 29, 2026 to stockholders of record on May 15, 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 first quarter earnings, the Company posted an investor presentation to its website at www.beaconfinancial.com. A copy of the investor presentation is attached hereto as Exhibit 99.2 and is hereby incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

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

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

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

SIGNATURE

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

BEACON FINANCIAL CORPORATION

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

Carl M. Carlson

Chief Financial & Strategy Officer

EX-99.1 — PRESS RELEASE

EX-99.1

Filename: exh_991.htm · Sequence: 2

EdgarFiling

EXHIBIT 99.1

Beacon Financial Corporation Announces First Quarter Results

Net Income of $46.2 million, EPS of $0.55

Operating Earnings of $58.4 million, Operating EPS of $0.70

Quarterly Dividend of $0.3225

Board Authorized $50 million Stock Buyback Program

BOSTON, April 29, 2026 (GLOBE NEWSWIRE) -- Beacon Financial Corporation (NYSE: BBT) (the “Company”) today announced net income of $46.2 million, or $0.55 per basic and diluted share, for the first quarter of 2026, compared to $53.4 million, or $0.64 per basic and diluted share, for the fourth quarter of 2025, and $19.1 million, or $0.21 per basic and diluted share, for the first quarter of 2025.

"The first quarter results reflect near-term pressures and the tail end of merger activity as we completed the core system conversion in February," stated Paul Perrault, the Company’s President and Chief Executive Officer.

"We remain focused on capturing the full synergies of our merger and executing a strategy that positions the bank for long-term success. We anticipate those actions will translate into stronger financial performance and more robust results as we move through the year.”

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 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 first quarter of 2026 may not be directly comparable to prior reported periods.

BALANCE SHEET

Total assets at March 31, 2026 decreased $1.0 billion to $22.2 billion from $23.2 billion at December 31, 2025, primarily driven by the reduction in cash balances due to timing fluctuations in payroll deposits. Total assets increased $10.7 billion from March 31, 2025, primarily due to the assets assumed in the Merger.

Total loans and leases decreased $105.4 million to $17.9 billion at March 31, 2026 from December 31, 2025, primarily due to a further reduction in commercial real estate and consumer loans, partially offset by increases in commercial loans, and increased $8.3 billion from March 31, 2025, primarily due to the loans and leases assumed in the Merger.

Total investment securities at March 31, 2026 increased $29.9 million to $1.7 billion from December 31, 2025 and increased $836.4 million from March 31, 2025, primarily due to investment securities assumed in the Merger.

Total cash and cash equivalents at March 31, 2026 decreased $928.8 million to $1.1 billion from December 31, 2025, primarily driven by the fluctuation within payroll deposits, and increased $755.4 million from March 31, 2025, primarily due to cash and equivalents assumed in the Merger.

Total deposits as of March 31, 2026 decreased $1.2 billion from December 31, 2025, consisting of a $264.7 million decrease in customer deposits, a $676.2 million decrease in payroll deposits, and a $281.5 million decrease in brokered deposits. The decline in customer deposits was driven largely by seasonal first quarter factors such as tax payments, with additional movement concentrated in a small number of rate‑sensitive, higher‑cost accounts. Core consumer and relationship-based deposits remain stable. Total deposits increased $9.4 billion from March 31, 2025, primarily due to the deposits assumed in the Merger.

Total borrowed funds at March 31, 2026 increased $284.1 million from December 31, 2025, and decreased $83.3 million from March 31, 2025.

The ratio of stockholders’ equity to total assets was 11.27 percent at March 31, 2026, compared to 10.75 percent at December 31, 2025, and 10.77 percent at March 31, 2025. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 9.07 percent at March 31, 2026, compared to 8.62 percent at December 31, 2025, and 8.73 percent at March 31, 2025. Tangible book value per common share (non-GAAP) increased $0.16 from $23.32 at December 31, 2025 to $23.48 at March 31, 2026, and increased $12.45 from $11.03 at March 31, 2025.

NET INTEREST INCOME

Net interest income decreased $8.9 million to $190.8 million during the first quarter of 2026 from $199.7 million for the quarter ended December 31, 2025. The net interest margin decreased 4 basis points to 3.78 percent for the three months ended March 31, 2026 from 3.82 percent for the three months ended December 31, 2025, primarily driven by lower yield on loans and leases and a reduction of interest earning assets, partially offset by lower funding costs.

NON-INTEREST INCOME

Total non-interest income for the quarter ended March 31, 2026 decreased $2.0 million to $23.9 million from $25.9 million for the quarter ended December 31, 2025. The decrease was primarily driven by a $1.5 million decline in deposit fees and a $1.5 million decline in gain on sales of loans and leases, partially offset by an increase of $0.6 million in the mark to market on interest rate derivatives.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $7.9 million for the quarter ended March 31, 2026, compared to $8.1 million for the quarter ended December 31, 2025.

Total net charge-offs for the first quarter of 2026 were $13.6 million compared to $9.0 million in the fourth quarter of 2025. The $13.6 million in net charge-offs were primarily driven by resolutions to a large Boston office loan, a large equipment financing loan and several smaller SBA loans. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 30 basis points for the first quarter of 2026 from 20 basis points for the fourth quarter of 2025.

The allowance for loan and lease losses represented 1.36 percent of total loans and leases at March 31, 2026, compared to 1.40 percent at December 31, 2025, and 1.29 percent at March 31, 2025.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.83 percent at March 31, 2026, an increase of 0.20 percent from 0.63 percent at December 31, 2025. Total nonaccrual loans and leases increased $34.5 million to $148.6 million at March 31, 2026, from $114.2 million at December 31, 2025. The ratio of nonperforming assets to total assets was 0.68 percent at March 31, 2026, an increase from 0.50 percent at December 31, 2025. Total nonperforming assets increased $34.5 million to $151.2 million at March 31, 2026 from $116.7 million at December 31, 2025. The increase in nonperforming assets was largely driven by a $17.5 million Boston office property and $8.9 million in two rent-controlled multi-family properties in New York City.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended March 31, 2026 decreased $1.5 million to $140.8 million from $142.4 million for the quarter ended December 31, 2025. The decrease was primarily driven by a decrease of $2.3 million in other non-interest expense primarily due to a decline of $0.9 million in loan workout expense, and a decrease of $1.4 million in merger and restructuring expense, partially offset by an increase of $2.4 million in FDIC insurance expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 29.9 percent for the three months ended March 31, 2026 compared to 29.0 percent for the three months ended December 31, 2025 and 25.0 percent for the three months ended March 31, 2025. The core tax rate was 26.1 percent (non-GAAP).

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets decreased to 0.84 percent during the first quarter of 2026 from 0.94 percent for the fourth quarter of 2025.

The annualized return on average stockholders' equity decreased to 7.32 percent during the first quarter of 2026 from 8.70 percent for the fourth quarter of 2025. The annualized return on average tangible stockholders’ equity (non-GAAP) decreased to 9.30 percent for the first quarter of 2026 from 11.19 percent for the fourth quarter of 2025.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.3225 per share for the quarter ended March 31, 2026. The dividend will be paid on May 29, 2026 to stockholders of record on May 15, 2026.

STOCK REPURCHASE

The Company’s Board of Directors approved a $50 million stock repurchase program. The stock repurchase program, which is subject to regulatory approval, authorizes the Company to repurchase up to $50 million of shares over 12 months following the authorization by regulatory authorities.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, April 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/947331842. 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 $22.2 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 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@brkl.com

MEDIA CONTACT:

Contact: Gary Levante

Beacon Financial Corporation

Chief Marketing Officer

(413) 447-1737

glevante@berkshirebank.com

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Selected Financial Highlights (Unaudited)

At and for the Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

(Dollars In Thousands Except per Share Data)

Earnings Data:

Net interest income $ 190,774 $ 199,741 $ 128,850 $ 88,685 $ 85,830

Provision for credit losses on loans and unfunded commitments 7,899 8,141 20,268 6,997 5,974

Provision (recovery) of credit losses on investments 47 (35) 32 3 12

Non-interest income 23,947 25,918 12,345 5,970 5,660

Non-interest expense 140,822 142,366 129,296 58,061 60,022

Income (loss) before provision for income taxes 65,953 75,187 (8,401) 29,594 25,482

Net income (loss) 46,217 53,366 (4,221) 22,026 19,100

Performance Ratios:

Net interest margin (1) 3.78 % 3.82 % 3.62 % 3.32 % 3.22 %

Interest-rate spread (1) 3.02 % 3.15 % 2.94 % 2.57 % 2.38 %

Return on average assets (annualized) 0.84 % 0.94 % (0.11)% 0.77 % 0.66 %

Return on average tangible assets (annualized) (non-GAAP) 0.86 % 0.97 % (0.11)% 0.79 % 0.68 %

Return on average stockholders' equity (annualized) 7.32 % 8.70 % (1.01)% 7.04 % 6.19 %

Return on average tangible stockholders' equity (annualized) (non-GAAP) 9.30 % 11.19 % (1.27)% 8.85 % 7.82 %

Efficiency ratio (2) 65.58 % 63.09 % 91.57 % 61.34 % 65.60 %

Per Common Share Data:

Net income (loss) — Basic $ 0.55 $ 0.64 $ (0.05) $ 0.25 $ 0.21

Net income (loss) — Diluted 0.55 0.64 (0.05) 0.25 0.21

Cash dividends declared 0.3225 0.3225 0.3225 0.135 0.135

Book value per share (end of period) 29.88 29.78 29.33 14.08 13.92

Tangible book value per share (end of period) (non-GAAP) 23.48 23.32 22.75 11.20 11.03

Stock price (end of period) 30.00 26.37 23.71 10.55 10.90

Balance Sheet:

Total assets $ 22,227,616 $ 23,220,372 $ 22,867,458 $ 11,568,745 $ 11,519,869

Total loans and leases 17,924,156 18,029,552 18,305,379 9,582,374 9,642,722

Total deposits 18,292,280 19,514,657 18,904,063 8,961,202 8,911,452

Total stockholders’ equity 2,504,781 2,496,061 2,461,015 1,254,171 1,240,182

Asset Quality:

Nonperforming assets $ 151,239 $ 116,747 $ 101,990 $ 63,596 $ 64,021

Nonperforming assets as a percentage of total assets 0.68 % 0.50 % 0.45 % 0.55 % 0.56 %

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

Allowance for loan and lease losses as a percentage of total loans and leases 1.36 % 1.40 % 1.39 % 1.32 % 1.29 %

Net loan and lease charge-offs (3) 13,551 $ 9,019 $ 15,857 $ 5,127 $ 7,597

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

Capital Ratios:

Stockholders’ equity to total assets 11.27 % 10.75 % 10.76 % 10.84 % 10.77 %

Tangible stockholders’ equity to tangible assets (non-GAAP) 9.07 % 8.62 % 8.56 % 8.82 % 8.73 %

(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) 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)

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

ASSETS (In Thousands Except Share Data)

Cash and due from banks $ 185,692 $ 201,557 $ 182,251 $ 87,386 $ 78,741

Short-term investments 927,256 1,840,188 1,038,369 419,362 278,805

Total cash and cash equivalents 1,112,948 2,041,745 1,220,620 506,748 357,546

Investment securities available-for-sale 1,718,710 1,688,768 1,739,423 866,684 882,353

Total investment securities 1,718,710 1,688,768 1,739,423 866,684 882,353

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

Net investment securities 1,718,569 1,688,674 1,739,294 866,587 882,259

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

Loans and leases:

Commercial real estate loans 9,957,408 10,012,094 10,247,090 5,485,546 5,580,982

Commercial loans and leases 4,011,974 3,947,363 3,950,693 2,520,347 2,512,912

Consumer loans 3,954,774 4,070,095 4,107,596 1,576,481 1,548,828

Total loans and leases 17,924,156 18,029,552 18,305,379 9,582,374 9,642,722

Allowance for loan and lease losses (244,377 ) (252,839 ) (253,735 ) (126,725 ) (124,145 )

Net loans and leases 17,679,779 17,776,713 18,051,644 9,455,649 9,518,577

Restricted equity securities 97,441 87,438 99,431 66,481 67,537

Premises and equipment, net of accumulated depreciation 161,141 162,474 158,375 83,963 84,439

Right-of-use asset operating leases 84,851 82,817 84,238 42,415 44,144

Deferred tax asset 142,827 149,487 178,456 52,325 52,176

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

Identified intangible assets, net of accumulated amortization 181,234 189,562 198,339 14,600 16,030

Other real estate owned and repossessed assets 2,623 2,591 3,360 1,288 917

Cash surrender value of bank-owned life insurance policies 336,980 334,442 332,840 85,479 84,959

Other assets 353,954 352,816 364,060 151,988 170,063

Total assets $ 22,227,616 $ 23,220,372 $ 22,867,458 $ 11,568,745 $ 11,519,869

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:

Demand checking accounts $ 3,861,000 $ 4,032,529 $ 3,905,559 $ 1,726,933 $ 1,664,629

Interest-bearing deposits:

NOW accounts 1,520,600 1,445,894 1,470,808 650,707 625,492

Savings accounts 3,088,857 2,954,029 2,904,888 1,795,761 1,793,852

Money market accounts 4,393,607 4,625,281 4,545,231 2,153,709 2,183,855

Payroll deposit accounts 1,213,861 1,890,025 1,044,462 — —

Certificate of deposit accounts 4,085,511 4,156,540 4,127,226 1,877,661 1,878,665

Brokered deposit accounts 128,844 410,359 905,889 756,431 764,959

Total interest-bearing deposits 14,431,280 15,482,128 14,998,504 7,234,269 7,246,823

Total deposits 18,292,280 19,514,657 18,904,063 8,961,202 8,911,452

Borrowed funds:

Advances from the FHLB 822,091 555,788 841,044 934,669 957,848

Subordinated debentures and notes 198,989 198,572 198,283 84,397 84,362

Other borrowed funds 51,423 34,000 41,189 135,985 113,617

Total borrowed funds 1,072,503 788,360 1,080,516 1,155,051 1,155,827

Operating lease liabilities 90,241 90,713 92,211 43,528 45,330

Reserve for unfunded credits 16,555 13,746 13,727 4,586 5,296

Accrued expenses and other liabilities 251,256 316,835 315,926 150,207 161,782

Total liabilities 19,722,835 20,724,311 20,406,443 10,314,574 10,279,687

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, 96,998,075 shares issued, and 96,998,075 shares issued, respectively 896 896 896 970 970

Additional paid-in capital 2,172,982 2,171,885 2,171,912 904,697 903,696

Retained earnings 504,976 485,862 459,598 475,781 465,898

Accumulated other comprehensive income (31,411 ) (20,002 ) (28,905 ) (39,378 ) (42,498 )

Treasury stock, at cost;

5,548,772, 5,545,511, 5,449,039, 7,039,136, and 7,037,610 shares, respectively (142,662 ) (142,580 ) (142,486 ) (87,899 ) (87,884 )

Total stockholders' equity 2,504,781 2,496,061 2,461,015 1,254,171 1,240,182

Total liabilities and stockholders' equity $ 22,227,616 $ 23,220,372 $ 22,867,458 $ 11,568,745 $ 11,519,869

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

(In Thousands Except Share Data)

Interest and dividend income:

Loans and leases $ 266,935 $ 285,795 $ 194,517 $ 143,933 $ 143,309

Debt securities 16,510 16,335 10,984 6,691 6,765

Restricted equity securities 843 1,160 1,466 1,062 1,203

Short-term investments 8,096 9,293 5,438 2,386 2,451

Total interest and dividend income 292,384 312,583 212,405 154,072 153,728

Interest expense:

Deposits 93,056 102,439 71,901 52,682 53,478

Borrowed funds 8,554 10,403 11,654 12,705 14,420

Total interest expense 101,610 112,842 83,555 65,387 67,898

Net interest income 190,774 199,741 128,850 88,685 85,830

Provision for credit losses on loans 7,899 8,141 20,268 6,997 5,974

Provision (recovery) of credit losses on investments 47 (35 ) 32 3 12

Net interest income after provision for credit losses 182,828 191,635 108,550 81,685 79,844

Non-interest income:

Deposit fees 8,347 9,843 5,005 2,472 2,361

Loan fees 2,366 2,189 1,004 472 393

Loan level derivative income (loss) 775 721 635 (4 ) 70

Gain on sales of loans and leases held-for-sale 2,689 4,154 1,175 264 24

Wealth management fees 4,464 4,370 2,466 1,421 1,491

Other 5,306 4,641 2,060 1,345 1,321

Total non-interest income 23,947 25,918 12,345 5,970 5,660

Non-interest expense:

Compensation and employee benefits 69,650 70,204 49,999 35,147 35,853

Occupancy 13,097 11,877 6,921 5,349 5,721

Equipment and data processing 20,127 19,754 11,110 6,841 7,012

Professional services 2,462 2,778 2,114 1,471 1,726

FDIC insurance 4,320 1,924 1,971 1,880 2,037

Advertising and marketing 1,679 2,157 1,583 1,371 868

Amortization of identified intangible assets 8,328 8,777 3,587 1,431 1,430

Other 8,134 10,471 6,148 4,132 4,404

Total non-interest operating expense 127,797 127,942 83,433 57,622 59,051

Merger and restructuring expense 13,025 14,424 45,863 439 971

Total non-interest expense 140,822 142,366 129,296 58,061 60,022

Income (loss) before provision for income taxes 65,953 75,187 (8,401 ) 29,594 25,482

Provision (benefit) for income taxes 19,736 21,821 (4,180 ) 7,568 6,382

Net Income (loss) $ 46,217 $ 53,366 $ (4,221 ) $ 22,026 $ 19,100

Earnings per common share:

Basic $ 0.55 $ 0.64 $ (0.05 ) $ 0.25 $ 0.21

Diluted $ 0.55 $ 0.64 $ (0.05 ) $ 0.25 $ 0.21

Weighted average common shares outstanding during the period:

Basic 83,816,086 83,851,381 87,508,517 89,104,605 89,103,510

Diluted 83,903,440 83,878,047 87,832,552 89,612,781 89,567,747

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

BEACON FINANCIAL CORPORATION AND SUBSIDIARIES

Asset Quality Analysis (Unaudited)

At and for the Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

(Dollars in Thousands)

NONPERFORMING ASSETS:

Loans and leases accounted for on a nonaccrual basis:

Commercial real estate mortgage $ 65,127 $ 41,246 $ 30,213 $ 987 $ 10,842

Multi-family mortgage 12,995 4,065 2,994 1,433 6,576

Construction — — 535 — —

Total commercial real estate loans 78,122 45,311 33,742 2,420 17,418

Commercial 22,626 16,716 14,035 8,687 7,415

Equipment financing 38,633 42,718 41,793 46,067 32,975

Total commercial loans and leases 61,259 59,434 55,828 54,754 40,390

Residential mortgage 5,807 6,465 6,597 3,572 3,962

Home equity 3,222 2,739 2,220 1,561 1,333

Other consumer 206 207 243 1 1

Total consumer loans 9,235 9,411 9,060 5,134 5,296

Total nonaccrual loans and leases 148,616 114,156 98,630 62,308 63,104

Other real estate owned — — 824 700 700

Other repossessed assets 2,623 2,591 2,536 588 217

Total nonperforming assets $ 151,239 $ 116,747 $ 101,990 $ 63,596 $ 64,021

Loans and leases past due greater than 90 days and still accruing $ 5,834 $ 37,823 $ 23,570 $ 24,899 $ 3,009

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

Nonperforming assets as a percentage of total assets 0.68 % 0.50 % 0.45 % 0.55 % 0.56 %

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:

Allowance for loan and lease losses at beginning of period $ 252,839 $ 253,735 $ 126,725 $ 124,145 $ 125,083

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

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

Charge-offs (15,880 ) (10,917 ) (16,661 ) (5,601 ) (9,073 )

Recoveries 2,329 1,898 804 474 1,476

Net charge-offs** (13,551 ) (9,019 ) (15,857 ) (5,127 ) (7,597 )

Provision for loan and lease losses excluding unfunded commitments *** 5,089 8,123 11,127 7,707 6,659

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

Allowance for loan and lease losses as a percentage of total loans and leases 1.36 % 1.40 % 1.39 % 1.32 % 1.29 %

NET CHARGE-OFFS:

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

Commercial loans and leases 6,611 2,799 15,116 1,640 7,647

Consumer loans (57 ) (378 ) (78 ) (37 ) (50 )

Total net charge-offs** $ 13,551 $ 9,019 $ 15,857 $ 5,127 $ 7,597

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

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

BEACON FINANCIAL CORPORATION. AND SUBSIDIARIES

Average Yields / Costs (Unaudited)

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 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) $ 1,684,382 $ 17,153 4.07 % $ 1,701,105 $ 17,028 4.00 % $ 888,913 $ 6,814 3.07 %

Restricted equity securities (2) 84,281 845 4.01 % 90,227 1,163 5.16 % 69,784 1,204 6.90 %

Short-term investments 879,562 8,096 3.68 % 935,845 9,293 3.97 % 202,953 2,451 4.83 %

Total investments 2,648,225 26,094 3.94 % 2,727,177 27,484 4.03 % 1,161,650 10,469 3.60 %

Loans and Leases:

Commercial real estate loans (3) 9,974,029 143,162 5.74 % 10,124,749 152,780 5.90 % 5,651,390 77,243 5.47 %

Commercial loans (3) 2,877,031 44,646 6.21 % 2,795,135 47,958 6.72 % 1,237,078 19,698 6.37 %

Equipment financing (3) 1,117,336 23,545 8.43 % 1,182,376 25,206 8.53 % 1,281,425 25,965 8.11 %

Consumer loans (3) 4,006,808 56,561 5.66 % 4,102,433 60,907 5.92 % 1,548,973 20,861 5.41 %

Total loans and leases 17,975,204 267,914 5.96 % 18,204,693 286,851 6.30 % 9,718,866 143,767 5.92 %

Total interest-earning assets 20,623,429 294,008 5.70 % 20,931,870 314,335 6.01 % 10,880,516 154,236 5.67 %

Non-interest-earning assets 1,512,428 1,712,611 662,814

Total assets $ 22,135,857 $ 22,644,481 $ 11,543,330

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:

Deposits:

NOW accounts $ 1,494,773 3,526 0.96 % $ 1,445,932 2,953 0.81 % $ 628,346 1,005 0.65 %

Savings accounts 3,032,997 13,612 1.82 % 2,939,288 14,770 1.99 % 1,743,688 10,173 2.37 %

Money market accounts 5,709,490 35,969 2.55 % 5,546,257 37,347 2.67 % 2,187,581 13,587 2.52 %

Certificates of deposit 4,136,313 36,870 3.62 % 4,150,590 39,438 3.77 % 1,886,386 19,593 4.21 %

Brokered deposit accounts 307,179 3,079 4.06 % 739,874 7,931 4.25 % 767,275 9,120 4.82 %

Total interest-bearing deposits 14,680,752 93,056 2.57 % 14,821,941 102,439 2.74 % 7,213,276 53,478 3.01 %

Borrowings

Advances from the FHLB 476,434 4,678 3.93 % 607,594 6,533 4.21 % 1,007,508 11,847 4.70 %

Subordinated debentures and notes 198,755 3,588 7.22 % 198,411 3,623 7.30 % 84,345 1,701 8.07 %

Other borrowed funds 26,974 288 4.33 % 38,089 247 2.57 % 71,462 872 4.95 %

Total borrowings 702,163 8,554 4.87 % 844,094 10,403 4.82 % 1,163,315 14,420 4.96 %

Total interest-bearing liabilities 15,382,915 101,610 2.68 % 15,666,035 112,842 2.86 % 8,376,591 67,898 3.29 %

Non-interest-bearing liabilities:

Demand checking accounts 3,866,588 3,982,227 1,680,527

Other non-interest-bearing liabilities 362,368 542,739 251,011

Total liabilities 19,611,871 20,191,001 10,308,129

Stockholders’ equity 2,523,986 2,453,480 1,235,201

Total liabilities and equity $ 22,135,857 $ 22,644,481 $ 11,543,330

Net interest income (tax-equivalent basis) /Interest-rate spread (4) 192,398 3.02 % 201,493 3.15 % 86,338 2.38 %

Less adjustment of tax-exempt income 1,624 1,752 508

Net interest income $ 190,774 $ 199,741 $ 85,830

Net interest margin (5) 3.78 % 3.82 % 3.22 %

(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

March 31,

2026 2025

Reconciliation Table - Non-GAAP Financial Information

Reported Pretax Income $ 65,953 $ 25,482

Add:

Merger and restructuring expense 13,025 971

Operating Pretax income $ 78,978 $ 26,453

Effective tax rate 26.1 % 24.3 %

Provision for income taxes 20,590 6,416

Operating earnings after tax $ 58,388 $ 20,037

Operating earnings per common share:

Basic $ 0.70 $ 0.22

Diluted $ 0.70 $ 0.22

Weighted average common shares outstanding during the period:

Basic 83,816,086 89,103,510

Diluted 83,903,440 89,567,747

Return on average assets * 0.84 % 0.66 %

Add:

Merger and restructuring expense (after-tax) * 0.17 % 0.03 %

Operating return on average assets * 1.01 % 0.69 %

Return on average tangible assets * 0.86 % 0.68 %

Add:

Merger and restructuring expense (after-tax) * 0.18 % 0.03 %

Operating return on average tangible assets * 1.04 % 0.71 %

Return on average stockholders' equity * 7.32 % 6.19 %

Add:

Merger and restructuring expense (after-tax) * 1.53 % 0.24 %

Operating return on average stockholders' equity * 8.85 % 6.43 %

Return on average tangible stockholders' equity * 9.30 % 7.82 %

Add:

Merger and restructuring expense (after-tax) * 1.94 % 0.30 %

Operating return on average tangible stockholders' equity * 11.24 % 8.12 %

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

At and for the Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025 March 31,

2025

(Dollars in Thousands)

Net income (loss), as reported $ 46,217 $ 53,366 $ (4,221 ) $ 22,026 $ 19,100

Average total assets $ 22,135,857 $ 22,644,481 $ 15,210,080 $ 11,402,934 $ 11,543,330

Less: Average goodwill and average identified intangible assets, net 536,900 546,276 353,189 256,508 257,941

Average tangible assets $ 21,598,957 $ 22,098,205 $ 14,856,891 $ 11,146,426 $ 11,285,389

Return on average tangible assets (annualized) 0.86 % 0.97 % (0.11 )% 0.79 % 0.68 %

Average total stockholders’ equity $ 2,523,986 $ 2,453,480 $ 1,678,208 $ 1,252,055 $ 1,235,201

Less: Average goodwill and average identified intangible assets, net 536,900 546,276 353,189 256,508 257,941

Average tangible stockholders’ equity $ 1,987,086 $ 1,907,204 $ 1,325,019 $ 995,547 $ 977,260

Return on average tangible stockholders’ equity (annualized) 9.30 % 11.19 % (1.27 )% 8.85 % 7.82 %

Total stockholders’ equity $ 2,504,781 $ 2,496,061 $ 2,461,015 1,254,171 1,240,182

Less:

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

Identified intangible assets, net 181,234 189,562 198,339 14,600 16,030

Tangible stockholders' equity $ 1,968,278 $ 1,954,886 $ 1,909,205 $ 998,349 $ 982,930

Total assets $ 22,227,616 $ 23,220,372 $ 22,867,458 $ 11,568,745 $ 11,519,869

Less:

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

Identified intangible assets, net 181,234 189,562 198,339 14,600 16,030

Tangible assets $ 21,691,113 $ 22,679,197 $ 22,315,648 $ 11,312,923 $ 11,262,617

Tangible stockholders’ equity to tangible assets 9.07 % 8.62 % 8.56 % 8.82 % 8.73 %

Tangible stockholders' equity $ 1,968,278 $ 1,954,886 $ 1,909,205 $ 998,349 $ 982,930

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

Less:

Treasury shares 5,548,772 5,545,511 5,449,039 7,039,136 7,037,610

Unvested restricted shares 211,545 214,806 218,503 854,334 855,860

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

Tangible book value per common share $ 23.48 $ 23.32 $ 22.75 $ 11.20 $ 11.03

PDF available: http://ml.globenewswire.com/Resource/Download/af5151f5-3c25-4a4e-bc88-8fb8a731fceb

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: exh_992.htm · Sequence: 3

EdgarFiling

Exhibit 99.2

1Q 2026 Financial Results 1 April 29, 2026

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

$0.55 Quarterly GAAP EPS $0.70 (1) Quarterly Operating EPS $0.3225 Quarterly Dividend Per Share Total assets of $22.2 billion. Margin of 3.78%. 1Q includes pretax, one - time costs of $13.0 million associated with the Merger. All merger costs related to the Merger have been fully realized – no further expenses expected. Successfully completed the system conversion in February, with announced synergies fully realized going forward. Board authorizes $50 million stock buyback pending regulatory approval. (1) See page 5 and our Press Release for details. Improved Operating Performance excluding full cost savings. 1Q ROA of 1.01% and ROTE of 11.24% (1). Fortress Balance Sheet / Asset Quality Loans to Deposits of 98%. NPA’s to total assets of 0.68%. Reserve to Loans coverage of 1.36%. Total Risk Based Capital of 13.3% and Tangible Common Equity (TCE) of 9.1%. 3

Summary Income Statement Net Income of $46.2 million or $0.55 per share. Net interest income declined $8.9 million from prior quarter due to lower average earning assets and slightly lower net interest margin. Noninterest income declined $2.0 million from prior quarter primarily driven by decreases in deposit fees and lower gain on sales of loans. Noninterest expense increased $0.4 million from prior quarter due to higher seasonal costs and true up of FDIC expense. Provision for credit losses decreased $0.2 million from prior quarter. . Year over Year (YoY) Linked Quarter (LQ) %Δ 1Q25 Δ %Δ Δ 1Q26 4Q25 $m, except per share amts 122% $ 85.8 $ 105.0 - 4% $ (8.9) $ 190.8 $ 199.7 Net interest income 320% 5.7 18.2 - 8% (2.0) 23.9 25.9 Noninterest income - - - - - - Security gains (losses) - 135% 123.2 91.5 - 5% (10.9) 225.6 Total Revenue 214.7 107% 61.9 57.6 0% 0.4 119.1 119.5 Noninterest expense 495% 6.9 1.4 - 5% (0.5) 8.8 8.3 Amortization of intangibles 1203% 12.0 1.0 - 10% (1.4) 14.4 13.0 Restructuring/Merger exp. 135% 42.4 31.5 - 11% (9.4) 83.3 73.9 Pretax, Preprov. Net Rev 32% 1.9 6.0 - 2% (0.2) 8.1 7.9 Provision for credit losses 159% 40.5 25.5 - 12% (9.2) 75.2 66.0 Pretax income 208% 13.3 6.4 - 9% (2.1) 21.8 19.7 Provision for taxes 142% $ 27.1 $ 19.1 - 13% $ (7.2) $ 53.4 $ 46.2 Net Income 162% $ 0.34 $ 0.21 - 14% $ (0.09) $ 0.64 $ 0.55 EPS - 6% (5,665) 89,568 0% 25 83,878 83,903 Avg diluted shares (000s) 0.18% 0.66% - 0.10% 0.94% 0.84% Return on Assets 1.48% 7.82% - 1.89% 11.19% 9.30% Return on Tangible Equity 0.56% 3.22% - 0.04% 3.82% 3.78% Net Interest Margin - 0.02% 65.60% 2.49% 63.09% 65.58% Efficiency Ratio 4

Operating Earnings – GAAP versus non - GAAP 5 1Q Operating Earnings of $0.70 excludes merger charges. Tax rate utilized was 26.1%, consistent with rate forecasted for remainder of 2026. No further merger charges expected. Operating Non - Core GAAP $m, except per share amts $ 190.8 $ 190.8 $ - Net interest income 23.9 23.9 - Noninterest income - - - Security gains (losses) 214.7 214.7 - Total Revenue 119.5 119.5 - Noninterest expense 8.3 8.3 - Amortization of intangibles - 13.0 (13.0) Merger expense 86.9 13.0 73.9 Pretax, Preprov. Net Rev. 7.9 7.9 - Provision for credit losses 79.0 13.0 66.0 Pretax income 20.6 0.9 19.7 Provision for taxes $ 58.4 $ 12.1 $ 46.2 Net Income $ 0.70 EPS $ 0.55 $ 0.14 83,903 Avg diluted shares (000s) 83,903 83,903 1.01% 0.84% Return on Assets 11.24% 9.30% Return on Tangible Equity 3.78% 3.78% Net Interest Margin 59.52% 65.58% Efficiency Ratio 1Q26

Margin – Yields and Costs Yield Interest Avg Bal $ millions 5.96% $ 267.9 $ 17,975 Loans 3.94% 26.1 2,648 Investments & earning cash 5.70% $ 294.0 $ 20,623 Interest Earning Assets 2.57% $ 93.1 14,681 Interest bearing deposits 4.87% 8.6 702 Borrowings 2.68% $ 101.6 $ 15,383 Interest Bearing Liabilities 3.02% Net interest spread Yield Interest Avg Bal 6.30% $ 286.9 $ 18,205 4.03% 27.4 2,727 6.01% $ 314.3 $ 20,932 2.74% $ 102.4 14,822 4.82% 10.4 844 2.86% 3.15% $ 112.8 $ 15,666 Yield Interest Avg Bal - 0.34% $ (19.0) $ (230) - 0.09% (1.3) (79) - 0.31% $ (20.3) $ (309) - 0.17% $ (9.3) $ (141) 0.05% (1.8) (142) - 0.18% - 0.13% $ (11.2) $ (283) Purchase Accounting* Yield Interest 0.21% $ 9.3 0.65% 4.3 0.26% $ 13.6 0.03% $ 1.1 0.17% 0.3 0.04% 0.23% $ 1.4 1Q26 Prior Quarter LQΔ Net interest income, TEB / Margin $ 192.4 3.78% $ 201.5 3.82% $ (9.1) - 0.04% $ 12.2 0.24% - $ 12.2 * quarterly accretion / amortization of interest rate marks. LESS: Tax Equivalent Basis (TEB) Adj. 1.6 Net Interest Income $ 190.8 1.8 (0.2) 199.7 $ (8.9) $ YoY Chg LQ Chg 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Rate Environment - 0.75% 0.00% 3.75% 3.75% 4.25% 4.50% 4.50% Fed Funds (upper) - 0.73% - 0.19% 3.68% 3.87% 4.24% 4.45% 4.41% SOFR - 0.10% 0.32% 3.79% 3.47% 3.60% 3.72% 3.89% 2Y Treasury - 0.04% 0.19% 3.92% 3.73% 3.74% 3.79% 3.96% 5Y Treasury 0.07% 0.12% 4.30% 4.18% 4.16% 4.24% 4.23% 10Y Treasury 6

Summary Balance Sheet primarily to seasonal tax payments and commercial flows. %Δ Δ 1Q25 Δ 4Q25 1Q26 $m, except per share amts 86% $ 8,281 $ 9,643 $ (106) $ 18,030 $ 17,924 Gross Loans, investment 97% (120) (124) 9 (253) (244) Allowance for loan losses 86% 8,161 9,519 (97) 17,777 17,680 Net Loans 1,719 1,113 537 1,180 1,688 2,042 541 1,172 31 (929) (4) 8 882 358 257 504 837 755 280 676 95% 211% 109% 134% Securities Cash & equivalents Intangibles Other assets & Loans, HFS Total Assets Total assets declined $992 million driven by lower loan balances and point - in - time payroll fulfillment deposits impacting cash equivalents. Total loans declined in the quarter reflecting runoff in commercial real estate and 93% consumer loans. Deposits declined primarily due to payroll fulfillment deposits and brokered deposits. $ 22,228 $ 23,220 $ (992) $ 11,520 $ 10,708 105% $ 9,381 $ 8,911 $ (1,223) $ 19,515 $ 18,292 Deposits - 7% (83) 1,156 285 788 1,073 Borrowings 231% 12 5 3 14 17 Reserve for unfunded loans 64% 133 208 (66) 407 341 Other Liabilities Core customer deposits 92% 9,443 10,280 (1,001) 20,724 19,723 Total Liabilities declined $265 million due 102% 1,265 1,240 9 2,496 2,505 Stockholders' Equity 93% $ 10,708 $ 11,520 $ (992) $ 23,220 $ 22,228 Total Liabilities & Equity 113% $ 12.45 $ 11.03 $ 0.16 $ 23.32 $ 23.48 TBV per share - 6% (5,289) 89,105 0 83,816 83,816 Actual shares outstanding (000) 0.34% 8.73% 0.45% 8.62% 9.07% Tang. Equity / Tang. Assets - 10.22% 108.21% 5.60% 92.39% 97.99% Loans / Deposits 0.07% 1.29% - 0.04% 1.40% 1.36% ALLL / Gross Loans Linked Quarter (LQ) Year over Year (YoY) 7

Loans and Deposits 56% 16% 6% 22% Loans CRE C&I Equipment Consumer 21% 8% 17% 24% 22% 7% 1% Deposits NOW CDs Savings Payroll DDA MM Brokered $ millions 1Q26 4Q25 Δ $ 9,957 2,938 1,074 3,955 $10,012 $ 2,785 1,163 4,070 (55) 153 (89) (115) CRE Commercial Equipment Finance Consumer Total Loans $ 17,924 $18,030 $ (106) Demand deposits NOW Savings Money market CDs Payroll deposits Brokered deposits Total Deposits $ 3,861 1,521 3,089 4,393 4,086 1,214 129 $ 4,032 1,446 2,954 4,626 4,157 1,890 410 $ (171) 75 135 (233) (71) (676) (281) $ 18,292 $19,515 $ (1,223) 16,949 Customer deposits* $ *Excludes Payroll and Brokered deposits $17,215 $ (266) Linked Quarter (LQ) LOANS DEPOSITS 8

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 Mar - 26 $ millions $ 863.4 4.7% ≥ 8.0% ≥ 7.5% ≥ 6.5% ≥ 4.5% 11.2% Tier 1 Common / RWA $ 620.4 3.4% ≥ 9.5% ≥ 9.0% ≥ 8.0% ≥ 6.0% 11.4% Tier 1 / RWA $ 597.0 3.3% ≥ 11.5% ≥ 11.0% ≥ 10.0% ≥ 8.0% 13.3% Total Risk Based Capital $ 995.0 4.6% ≥ 6.5% ≥ 6.0% ≥ 5.0% ≥ 5.0% 9.6% Leverage Ratio * Regulatory capital ratios are preliminary estimates and may differ from numbers calculated in final Regulatory filings. $0.3225 Quarterly Dividend Per Share 46% payout based on 1Q’26 Operating EPS 4.3% Current Dividend Yield** ** Based on annual dividend of $1.29 and stock price of $30.00 (close 03/31/26) 327% ICRE / Total RBC The Board of Directors announced a dividend of $0.3225 per share payable May 29, 2026 to stockholders of record on May 15, 2026. In addition, the Board approved a $50 million stock buyback program. 26% Construction / Total RBC

Outlook 10 Our current Base Case does not factor potential rate cuts in 2026. The regional economy continues to perform well however, higher longer - term interest rates and uncertainty has materially slowed investment activity and loan demand. FORWARD LOOKING Expect loan growth to be in the low single digits for the remainder of the year driven by strong C&I lending. Dependent on economic activity. Loans The net interest margin is expected to stabilize in the range of 3.80%. Accretion from the purchase accounting will be in the range of $12 million per quarter and 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 The core system conversion occurred in February 2026 and is on target to meet original operating expense targets in 2Q26. No additional merger related charges are expected for the remainder of 2026. Expenses The effective tax rate is currently estimated in the range of 26% for the remainder of 2026. Taxes 26 After tax* COST SYNERGIES AT ANNOUNCEMENT: 20 ( 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%.

APPENDIX NYSE: BBT 11

Non Performing Assets and Net Charge Offs 12 Non - accrual loans increased by $34.5MM, largely driven by two larger CRE credits - an $18MM office loan in Boston, and two multifamily rent - controlled loans totaling $9MM in the Bronx, NY. Net Charge - offs increased QoQ by $4.5MM, largely driven by a charge - off taken on a Boston office loan that was fully reserved for in prior quarters. C&I NCO’s primarily driven by charge - offs taken on two loans; an SBA loan and an Eastern Funding industrial laundry relationship. Both charge offs were fully reserved for. Δ 1Q25 Δ 4Q25 1Q26 Non Performing Assets (NPAs), in millions $ 60.7 $ 17.4 $ 32.8 $ 45.3 $ 78.1 CRE 20.9 40.4 1.9 59.4 61.3 C&I 3.9 5.3 (0.2) 9.4 9.2 Consumer 85.5 63.1 34.5 114.1 148.6 Total Non Performing Loans (NPLs) (0.7) 0.7 - - - Other real estate owned 2.4 0.2 2.6 2.6 - Other repossessed assets $ 87.2 $ 64.0 $ 34.5 $ 116.7 $ 151.2 Total NPAs 0.18% 0.65% 0.20% 0.63% 0.83% NPLs / Total Loans 0.12% 0.56% 0.18% 0.50% 0.68% NPAs / Total Assets Net Charge Offs (NCOs), in millions $ 7.0 $ - $ 0.4 $ 6.6 $ 7.0 CRE loans (1.0) 7.6 3.8 2.8 6.6 C&I loans (0.1) - 0.3 (0.4) (0.1) Consumer loans $ 5.9 $ 7.6 $ 4.5 $ 9.0 $ 13.5 Total Net Charge Offs - 0.01% 0.31% 0.10% 0.20% 0.30% NCOs / Avg. Loans (annualized) Linked Quarter (LQ) Year over Year (YoY) Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented.

$7,937 $3,720 $2,312 $3,955 Investment CRE 44% Commercial Core 21% Specialty Lending 13% Retail 22% Perm Constr Total % NAICS Total % Vertical Total % Call Code Total % 79% $ 3,141 Resi 1st Mtg 34% $ 782 ABL 14% $ 513 Food & Lodging 31% $ 2,440 $ 293 $ 2,147 MultiFamily 1% 27 Resi Jr Mtg 40% 933 EF Core 14% 506 RE Agent / Broker 17% 1,361 9 1,352 Retail 17% 656 Resi Heloc 7% 166 EF Vehicle 12% 427 Health and Social 2% 137 - 137 Restaurant Consumer 131 3% 6% 141 EF Macrolease 11% 425 Manufacturing 13% 1,049 43 1,006 Office 100% $ 3,955 Total 12% 273 44BC 11% 390 Professional 14% 1,090 39 1,051 Industrial Firestone 17 1% 9% 341 Retail 7% 542 23 519 Hospitality Total $ 2,312 100% 8% 313 Finance and Ins 6% 462 51 411 Healthcare 6% 227 Wholesale Trade 2% 198 16 182 Lab 6% 222 Arts, Entertainment 8% 658 139 519 Other 5% 196 Other Services 100% $ 7,937 $ 613 $ 7,324 Total 3% 128 Construction 1% 32 Trans / Warehouse Total $ 3,720 100% Owner Occupied CRE included in Commercial and Equipment Finance Total Loans Outstanding: 17,924 $ Balances shown are loan book balances, net of acquisition marks. 13 Major Loan Segments with Industry Breakdown 1Q26 EF Vehicle, EF Macrolease, and Firestone have discontinued new originations.

1Q26 Non - Owner Occupied CRE and Multifamily Exposures at March 31, 2026 39% 51% 7% 3% 14 Investment CRE Loan to Value (LTV)

13% 13% 17% Investment CRE by Maturity 1Q26 Non - Owner Occupied CRE and Multifamily Exposures at March 31, 2026 11% 46% 15

● Office CRE portfolio totals ~$1.2B or 6.5% of Total Loans. ● Continue to manage the risk of the portfolio with NPLs of ~3.7% and NCOs of ~$6.9MM in 1Q26, which was fully reserved. ● No meaningful exposure to any major metropolitan areas other than Boston, which represents ~18% of the portfolio, roughly half of which would be considered CBD (Commercial Business District) or CBD adjacent. ● Majority of portfolio (~53%) is Class B Office space. ● Weighted Average Loan - to - Value is ~55%. ● Weighted Average Debt Service Coverage is ~1.5x. ● Top 20 loans are ~38% of the total CRE Office portfolio Office Portfolio & Asset Quality Office Portfolio Metrics Suburban, 62% Urban, 30% Rural, 8% 2026, 24% 2027, 12% 2028, 12% 2029 & After, 52% Maturity Schedule ~98% of portfolio is within footprint and 62% is Suburban Majority of portfolio (~64%) matures after 2027 Office Portfolio, includes Construction 1Q26 1Q26 4Q25 % $ % $ ($ in millions) 4% $ 41.9 4% $ 43.0 CRE Office: Construction 9% $ 109.8 9% $ 108.3 CRE Office: Owner Occupied 87% $1,013.1 87% $1,006.1 CRE Office: Non - Owner Occupied Total CRE Office $1,157.5 100% $1,164.8 100% 16 Non - Accrual $ Criticized $ ortfolio Avg Size 1Q26 P $ ($ in millions) $ 8.7 $ 91.5 $ 6.7 $ 473.7 Class A $ 33.7 $ 99.8 $ 1.7 $ 615.5 Class B $ 0.9 $ 1.0 $ 1.7 $ 68.2 Class C $ 43.2 $ 192.3 $ 2.5 $ 1,157.5

● 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. ● 2Q 2026 maturities or reprices represents $261MM of maturities, and $51MM in repricing; of which ~14% are Criticized due to one Industrial credit. The allowance for this loan is based upon current market valuations. Rate Type Fixed, 32% Fixed via Swap, 25% Floating, 21% Fixed to Floating, 22% 2026, 11% 2027, 18% 2028, 21% 2029 & After, 50% Maturity / Repricing Investment CRE Maturity and Repricing excludes Construction 1Q26 17

Securities Portfolio 1Q26 UST 24% 18 Agency 10% Corp 2% MBS 19% CMO 32% Municipals 13% Duration Book Yield Unreal. G/L Fair Value Book Value Current Par $ in millions 2.2 2.81% $ (14) $ 405 $ 419 $ 420 U.S. Treasuries 3.0 2.60% (12) 180 193 189 Agency Debentures 0.7 6.03% 1 36 35 37 Corp Bonds 5.3 3.78% (10) 322 332 366 Agency MBS 5.7 4.26% (10) 546 556 642 Agency CMO 6.4 5.11% 3 229 226 251 Municipals/Other 4.5 3.79% $ (43) $ 1,719 $ 1,761 $ 1,906 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 1.2%.

Interest Rate Risk 1Q26 Float (< 3 m) 67 % Adj. 12% Fixed 21% Loan Originations, $734 million, 6.28% coupon Total Loan Portfolio Mix – Duration 1.5 - 0.43% - 0.87% - 1.32% - 1.78% 0.07% 0.06% 0.05% - 0.01% 0.87% 1.71% 2.58% 3.44% Cumulative Net Interest Income Change by Quarter 3/31/2026 Flat Balance Sheet , simulations reflect a product weighted down beta of ~55% on total interest bearing deposits. Excludes impact of purchase accounting. - 100bps Ramp Forward - Implied Rates +200bps Ramp Float (< 3 m) 36 % 19 Adj. 29% Fixed 35% 3Q26 4Q26 1Q27 2Q26 Accretion related to loan purchase accounting is held constant in each scenario. The impact of changes in loan prepayments on accretion is not reflected at this time. Amounts as presented may differ slightly from the Company’s Earnings Release due to rounding to foot schedules presented.

Wealth Management %Δ Δ 4Q25 1Q26 $ thousands 3% $ 133 $ 3,928 $ 4,061 Asset based revenue Other revenue: - 22% (99) 443 344 Insurance commission revenue 1% 34 $ 4,371 $ 4,405 Total reported revenue Linked Quarter (LQ) $3,352 20 $3,347 $3,338 3Q 2025 4Q 2025 1Q 2026 $ in Millions Assets Under Management

NYSE: BBT 21

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