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  Title	Beacon Financial Corporation Announces First Quarter Results
  ID	31236207
  External ID	2f9bc23f62e04ffaae2818c49c10ceec
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  Published Date	April 29, 2026, 11:19 p.m.
  Summary	| Apr. 30, 2026 04:19
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  URL	https://www.taiwannews.com.tw/news/6351228
  Sentiment	Negative: 0.06208    Neutral: 0.91278    Positive: 0.02514
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  Content ID	38223525
  Key	576acd84-5bcc-4dcd-83ea-9d728914fe21
  Content	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 [email protected] MEDIA CONTACT: Contact: Gary Levante Beacon Financial Corporation Chief Marketing Officer (413) 447-1737 [email protected] 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
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  Publisher Name	Taiwan News (#2685)
  Publisher URL	https://www.taiwannews.com.tw
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  Trust Flow Score	57
  Citation Flow Score	44

• Data Source

  Data Source Name	NewsCatcher (#303)
  Data Source Type	news
  Data Source URL	https://www.newscatcherapi.com/
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