Net Income of $64.4 million, EPS of $0.77
Quarterly Dividend of $0.3225
BOSTON, July 29, 2026 (GLOBE NEWSWIRE) -- Beacon Financial Corporation (NYSE: BBT) (the “Company”) today announced net income of $64.4 million, or $0.77 per basic and diluted share, for the second quarter of 2026, compared to $46.2 million, or $0.55 per basic and diluted share, for the first quarter of 2026, and $22.0 million, or $0.25 per basic and diluted share, for the second quarter of 2025.
“Our results this quarter demonstrate improved operating momentum, disciplined execution, and continued progress following our merger integration,” said Paul Perrault, the Company’s President and Chief Executive Officer.
“We grew total assets, deposits and non-interest income modestly, expanded the net interest margin, and reduced expenses, while maintaining our focus on credit discipline and long-term value creation for our stockholders. While competition is intense and the external environment remains unsettled, we are well positioned to build on this progress in the quarters ahead.”
Presentation of Results - The Merger
The Company’s merger of equals (the “Merger”) with Brookline Bancorp, Inc. (“Brookline”) was accounted for as a reverse acquisition using the acquisition method of accounting, with the Company treated as the legal acquirer and Brookline treated as the accounting acquirer for financial reporting purposes. The Company’s financial results for the period ended June 30, 2025 reflect Brookline’s results only on a standalone basis. As a result, the Company’s financial results for the second quarter of 2026 may not be directly comparable to prior reported periods.
BALANCE SHEET
Total assets increased $23.3 million during the quarter to $22.3 billion at June 30, 2026. Total assets increased $10.7 billion from June 30, 2025, primarily due to the assets assumed in the Merger.
Total loans and leases decreased $101.9 million to $17.8 billion at June 30, 2026 from March 31, 2026, primarily due to a decline in commercial real estate and equipment financing loans, partially offset by an increase in commercial and consumer loans, and increased $8.2 billion from June 30, 2025, primarily due to the loans and leases assumed in the Merger.
Total investment securities at June 30, 2026 increased $42.6 million to $1.8 billion from March 31, 2026, and increased $894.6 million from June 30, 2025, primarily due to investment securities assumed in the Merger.
Total cash and cash equivalents at June 30, 2026 increased $103.2 million to $1.2 billion from March 31, 2026, and increased $709.4 million from June 30, 2025, primarily due to cash and equivalents assumed in the Merger.
Total deposits as of June 30, 2026 increased $193.6 million from March 31, 2026, consisting of a $92.8 million increase in customer deposits and a $102.5 million increase in brokered deposits while payroll deposits remained flat. Total deposits increased $9.5 billion from June 30, 2025, primarily due to the deposits assumed in the Merger.
Total borrowed funds at June 30, 2026 decreased $183.9 million from March 31, 2026, and decreased $266.5 million from June 30, 2025.
The ratio of stockholders’ equity to total assets was 11.41 percent at June 30, 2026, compared to 11.27 percent at March 31, 2026, and 10.84 percent at June 30, 2025. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 9.25 percent at June 30, 2026, compared to 9.07 percent at March 31, 2026, and 8.82 percent at June 30, 2025. Tangible book value per common share (non-GAAP) increased $0.50 from $23.48 at March 31, 2026 to $23.98 at June 30, 2026, and increased $12.78 from $11.20 at June 30, 2025.
NET INTEREST INCOME
Net interest income increased $2.4 million to $193.2 million during the second quarter of 2026 from $190.8 million for the quarter ended March 31, 2026. The net interest margin increased 3 basis points to 3.81 percent for the three months ended June 30, 2026 from 3.78 percent for the three months ended March 31, 2026, primarily driven by a higher yield on loans and leases and lower funding costs offset by lower interest income as a result of a decline in average loan balances.
NON-INTEREST INCOME
Total non-interest income for the quarter ended June 30, 2026 increased $2.0 million to $26.0 million from $23.9 million for the quarter ended March 31, 2026. The increase was primarily driven by increases of $1.2 million in gain on sales of loans and leases, $0.6 million in loan level derivative income, net, and $0.4 million in wealth management fees, partially offset by a $0.6 million decline in bank-owned life insurance (BOLI) income.
PROVISION FOR CREDIT LOSSES
The Company recorded a provision for credit losses of $5.0 million for the quarter ended June 30, 2026, compared to $7.9 million for the quarter ended March 31, 2026. The decline in provision quarter over quarter was largely driven by a lower level of outstanding loans and minimal credit deterioration compared to the prior quarter.
Total net charge-offs for the second quarter of 2026 were $14.3 million compared to $13.6 million in the first quarter of 2026. The $14.3 million in net charge-offs were primarily driven by a Boston office loan, a large industrial laundry loan at Eastern Funding, and two rent controlled multi-family properties. These charge-offs were largely specifically reserved for in prior periods. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 32 basis points for the second quarter of 2026 from 30 basis points for the first quarter of 2026.
The allowance for loan and lease losses represented 1.34 percent of total loans and leases at June 30, 2026, compared to 1.36 percent at March 31, 2026, and 1.32 percent at June 30, 2025.
ASSET QUALITY
The ratio of nonperforming loans and leases to total loans and leases was 0.86 percent at June 30, 2026, an increase of 0.03 percent from 0.83 percent at March 31, 2026. Total nonaccrual loans and leases increased $4.0 million to $152.7 million at June 30, 2026, from $148.6 million at March 31, 2026. The ratio of nonperforming assets to total assets was 0.70 percent at June 30, 2026, an increase from 0.68 percent at March 31, 2026. Total nonperforming assets increased $3.9 million to $155.2 million at June 30, 2026 from $151.2 million at March 31, 2026. The increase in nonperforming assets was largely driven by higher nonaccruals at Eastern Funding.
NON-INTEREST EXPENSE
Non-interest expense for the quarter ended June 30, 2026 decreased $13.6 million to $127.3 million from $140.8 million for the quarter ended March 31, 2026, of which included $13.0 million related to merger and restructuring expenses which were completed in the first quarter of 2026. The remaining $0.6 million decrease was primarily driven by decreases of $1.8 million in equipment and data processing expense driven by system consolidation, $1.3 million in occupancy expense, and $1.0 million in FDIC insurance expense, partially offset by an increase of $3.2 million in other non-interest expense primarily due to an increase of $1.1 million in loan workout expense.
PROVISION FOR INCOME TAXES
The effective tax rate was 26.0 percent and 27.7 percent for the three and six months ended June 30, 2026 compared to 29.9 percent for the three months ended March 31, 2026 and 25.6 percent and 25.3 percent for the three and six months ended June 30, 2025.
RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY
The annualized return on average assets increased to 1.17 percent during the second quarter of 2026 from 0.84 percent for the first quarter of 2026.
The annualized return on average stockholders' equity increased to 10.15 percent during the second quarter of 2026 from 7.32 percent for the first quarter of 2026. The annualized return on average tangible stockholders’ equity (non-GAAP) increased to 12.84 percent for the second quarter of 2026 from 9.30 percent for the first quarter of 2026.
DIVIDEND DECLARED
The Company’s Board of Directors approved a dividend of $0.3225 per share for the quarter ended June 30, 2026. The dividend will be paid on August 28, 2026 to stockholders of record on August 14, 2026.
CONFERENCE CALL
The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, July 30, 2026 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website at www.beaconfinancialcorporation.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/795588966. To listen to the call without access to the slides, interested parties may dial 800-715-9871 (United States) or 646-307-1963 (internationally) and ask for the Beacon Financial Corporation conference call (Access Code: 6567963). A recorded playback of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 800-770-2030 (United States & Canada) or 609-800-9909 (internationally) and entering the passcode: 6567963.
ABOUT BEACON FINANCIAL CORPORATION
Beacon Financial Corporation (NYSE: BBT) is the holding company for Beacon Bank & Trust, commonly known as Beacon Bank, a full-service regional bank serving the Northeast. Headquartered in Boston, the Company has $22.3 billion in assets and more than 145 branches throughout New England and New York. Beacon Bank offers a full suite of tailored banking solutions including commercial, cash management, asset-based lending, retail, consumer and residential products and services. The Company also provides equipment financing through its Eastern Funding subsidiary, SBA lending through its 44 Business Capital division, and private wealth services through Clarendon Private.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company may also make forward-looking statements in other documents it files with the Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, changes in interest rates; general economic conditions (including the impact of ongoing armed conflicts, tariffs, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ongoing turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
BASIS OF PRESENTATION
The Company's consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period's presentation.
NON-GAAP FINANCIAL MEASURES
The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders' equity, operating return on average tangible stockholders' equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders' equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company's GAAP to the non-GAAP measures is attached.
INVESTOR RELATIONS:
Contact: Carl M. CarlsonBeacon Financial Corporation
Chief Financial and Strategy Officer
(617) 425-5331
[email protected]
MEDIA CONTACT:
Contact:Gary LevanteBeacon Financial Corporation
Chief Marketing Officer
(413) 447-1737
[email protected]
Selected Financial Highlights (Unaudited)
At and for the Three Months Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
(Dollars In Thousands Except per Share Data) Earnings Data: Net interest income$193,207 $190,774 $199,741 $128,850 $88,685 Provision for credit losses on loans and unfunded commitments5,007 7,899 8,141 20,268 6,997 Provision (recovery) of credit losses on investments(85)47 (35)32 3 Non-interest income25,988 23,947 25,918 12,345 5,970 Non-interest expense127,256 140,822 142,366 129,296 58,061 Income (loss) before provision for income taxes87,017 65,953 75,187 (8,401)29,594 Net income (loss)64,426 46,217 53,366 (4,221)22,026 Performance Ratios: Net interest margin (1)3.81%3.78%3.82%3.62%3.32%Interest-rate spread (1)3.13%3.02%3.15%2.94%2.57%Return on average assets (annualized)1.17%0.84%0.94%(0.11)%0.77%Return on average tangible assets (annualized) (non-GAAP)1.20%0.86%0.97%(0.11)%0.79%Return on average stockholders' equity (annualized)10.15%7.32%8.70%(1.01)%7.04%Return on average tangible stockholders' equity (annualized) (non-GAAP)12.84%9.30%11.19%(1.27)%8.85%Efficiency ratio (2)58.06%65.58%63.09%91.57%61.34%Core efficiency ratio (3)54.26%55.64%52.81%56.55%59.36% Per Common Share Data: Net income (loss) — Basic$0.77 $0.55 $0.64 $(0.05)$0.25 Net income (loss) — Diluted0.77 0.55 0.64 (0.05)0.25 Cash dividends declared0.3225 0.3225 0.3225 0.3225 0.135 Book value per share (end of period)30.30 29.88 29.78 29.33 14.08 Tangible book value per share (end of period) (non-GAAP)23.98 23.48 23.32 22.75 11.20 Stock price (end of period)30.45 30.00 26.37 23.71 10.55 Balance Sheet: Total assets$22,250,964 $22,227,616 $23,220,372 $22,867,458 $11,568,745 Total loans and leases17,822,218 17,924,156 18,029,552 18,305,379 9,582,374 Total deposits18,485,864 18,292,280 19,514,657 18,904,063 8,961,202 Total stockholders’ equity2,539,796 2,504,781 2,496,061 2,461,015 1,254,171 Asset Quality: Nonperforming assets$155,155 $151,239 $116,747 $101,990 $63,596 Nonperforming assets as a percentage of total assets0.70%0.68%0.50%0.45%0.55%Allowance for loan and lease losses$238,189 $244,377 $252,839 $253,735 $126,725 Allowance for loan and lease losses as a percentage of total loans and leases1.34%1.36%1.40%1.39%1.32%Net loan and lease charge-offs (4)14,280 $13,551 $9,019 $15,857 $5,127 Net loan and lease charge-offs as a percentage of average loans and leases (annualized)0.32%0.30%0.20%0.51%0.21% Capital Ratios: Stockholders’ equity to total assets11.41%11.27%10.75%10.76%10.84%Tangible stockholders’ equity to tangible assets (non-GAAP)9.25%9.07%8.62%8.56%8.82% (1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.
(3) Core efficiency ratio excludes amortization of identified intangible assets.
(4) The balance at September 30, 2025 excludes a $15.8 million Merger Day 1 charge-offs write up.
2026March 31,
2026December 31,
2025September 30,
2025June 30,
2025ASSETS(In Thousands Except Share Data)Cash and due from banks$240,680 $185,692 $201,557 $182,251 $87,386 Short-term investments 975,423 927,256 1,840,188 1,038,369 419,362 Total cash and cash equivalents 1,216,103 1,112,948 2,041,745 1,220,620 506,748 Investment securities available-for-sale 1,761,297 1,718,710 1,688,768 1,739,423 866,684 Total investment securities 1,761,297 1,718,710 1,688,768 1,739,423 866,684 Allowance for investment security losses (56) (141) (94) (129) (97)Net investment securities 1,761,241 1,718,569 1,688,674 1,739,294 866,587 Loans and leases held-for-sale — — — 83,330 — Loans and leases: Commercial real estate loans 9,884,139 9,957,408 10,012,094 10,247,090 5,485,546 Commercial loans and leases 3,981,803 4,011,974 3,947,363 3,950,693 2,520,347 Consumer loans 3,956,276 3,954,774 4,070,095 4,107,596 1,576,481 Total loans and leases 17,822,218 17,924,156 18,029,552 18,305,379 9,582,374 Allowance for loan and lease losses (238,189) (244,377) (252,839) (253,735) (126,725)Net loans and leases 17,584,029 17,679,779 17,776,713 18,051,644 9,455,649 Restricted equity securities 90,660 97,441 87,438 99,431 66,481 Premises and equipment, net of accumulated depreciation 161,175 161,141 162,474 158,375 83,963 Right-of-use asset operating leases 82,909 84,851 82,817 84,238 42,415 Deferred tax asset 138,466 142,827 149,487 178,456 52,325 Goodwill 357,358 355,269 351,613 353,471 241,222 Identified intangible assets, net of accumulated amortization 172,906 181,234 189,562 198,339 14,600 Other real estate owned and repossessed assets 2,505 2,623 2,591 3,360 1,288 Cash surrender value of bank-owned life insurance policies 335,523 336,980 334,442 332,840 85,479 Other assets 348,089 353,954 352,816 364,060 151,988 Total assets$22,250,964 $22,227,616 $23,220,372 $22,867,458 $11,568,745 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Demand checking accounts$3,910,604 $3,861,000 $4,032,529 $3,905,559 $1,726,933 Interest-bearing deposits: NOW accounts 1,569,862 1,520,600 1,445,894 1,470,808 650,707 Savings accounts 3,035,355 3,088,857 2,954,029 2,904,888 1,795,761 Money market accounts 4,461,990 4,393,607 4,636,548 4,545,231 2,153,709 Payroll deposit accounts 1,212,178 1,213,861 1,878,758 1,044,462 — Certificate of deposit accounts 4,064,518 4,085,511 4,156,540 4,127,226 1,877,661 Brokered deposit accounts 231,357 128,844 410,359 905,889 756,431 Total interest-bearing deposits 14,575,260 14,431,280 15,482,128 14,998,504 7,234,269 Total deposits 18,485,864 18,292,280 19,514,657 18,904,063 8,961,202 Borrowed funds: Advances from the FHLB 633,292 822,091 555,788 841,044 934,669 Subordinated debentures and notes 202,278 198,989 198,572 198,283 84,397 Other borrowed funds 53,022 51,423 34,000 41,189 135,985 Total borrowed funds 888,592 1,072,503 788,360 1,080,516 1,155,051 Operating lease liabilities 90,936 92,820 90,713 92,211 43,528 Reserve for unfunded credits 13,470 16,555 13,746 13,727 4,586 Accrued expenses and other liabilities 232,306 248,677 316,835 315,926 150,207 Total liabilities 19,711,168 19,722,835 20,724,311 20,406,443 10,314,574 Stockholders' equity: Common stock, $0.01 par value; 200,000,000 shares authorized; 89,576,403 shares issued, 89,576,403 shares issued, 89,576,403 shares issued, 89,576,403 shares issued, and 96,998,075 shares issued, respectively 896 896 896 896 970 Additional paid-in capital 2,164,080 2,172,982 2,171,885 2,171,912 904,697 Retained earnings 542,304 504,976 485,862 459,598 475,781 Accumulated other comprehensive income (34,929) (31,411) (20,002) (28,905) (39,378)Treasury stock, at cost; 5,211,670, 5,548,772, 5,545,511, 5,449,039, and 7,039,136 shares, respectively (132,555) (142,662) (142,580) (142,486) (87,899)Total stockholders' equity 2,539,796 2,504,781 2,496,061 2,461,015 1,254,171 Total liabilities and stockholders' equity$22,250,964 $22,227,616 $23,220,372 $22,867,458 $11,568,745
2026March 31,
2026December 31,
2025September 30,
2025June 30,
2025 (In Thousands Except Share Data)Interest and dividend income: Loans and leases$265,596 $266,935$285,795 $194,517 $143,933 Debt securities 18,370 16,510 16,335 10,984 6,691 Restricted equity securities 1,506 843 1,160 1,466 1,062 Short-term investments 8,162 8,096 9,293 5,438 2,386 Total interest and dividend income 293,634 292,384 312,583 212,405 154,072 Interest expense: Deposits 88,959 93,056 102,439 71,901 52,682 Borrowed funds 11,468 8,554 10,403 11,654 12,705 Total interest expense 100,427 101,610 112,842 83,555 65,387 Net interest income 193,207 190,774 199,741 128,850 88,685 Provision for credit losses on loans 5,007 7,899 8,141 20,268 6,997 Provision (recovery) of credit losses on investments (85) 47 (35) 32 3 Net interest income after provision for credit losses 188,285 182,828 191,635 108,550 81,685 Non-interest income: Deposit fees 8,510 8,347 9,843 5,005 2,472 Loan fees 2,619 2,366 2,189 1,004 472 Loan level derivative income (loss) 1,391 775 721 635 (4)Gain on sales of loans and leases held-for-sale 3,869 2,689 4,154 1,175 264 Wealth management fees 4,860 4,464 4,370 2,466 1,421 Other 4,739 5,306 4,641 2,060 1,345 Total non-interest income 25,988 23,947 25,918 12,345 5,970 Non-interest expense: Compensation and employee benefits 70,280 69,650 70,204 49,999 35,147 Occupancy 11,791 13,097 11,877 6,921 5,349 Equipment and data processing 18,300 20,127 19,754 11,110 6,841 Professional services 2,769 2,462 2,778 2,114 1,471 FDIC insurance 3,332 4,320 1,924 1,971 1,880 Advertising and marketing 1,152 1,679 2,157 1,583 1,371 Amortization of identified intangible assets 8,328 8,328 8,777 3,587 1,431 Other 11,304 8,134 10,471 6,148 4,132 Total non-interest operating expense 127,256 127,797 127,942 83,433 57,622 Merger and restructuring expense — 13,025 14,424 45,863 439 Total non-interest expense 127,256 140,822 142,366 129,296 58,061 Income (loss) before provision for income taxes 87,017 65,953 75,187 (8,401) 29,594 Provision (benefit) for income taxes 22,591 19,736 21,821 (4,180) 7,568 Net Income (loss)$64,426 $46,217$53,366 $(4,221)$22,026 Earnings per common share: Basic$0.77 $0.55$0.64 $(0.05)$0.25 Diluted$0.77 $0.55$0.64 $(0.05)$0.25 Weighted average common shares outstanding during the period: Basic 83,816,086 83,816,086 83,851,381 87,508,517 89,104,605 Diluted 83,939,430 83,903,440 83,878,047 87,832,552 89,612,781 Dividends paid per common share$0.3225 $0.3225$0.3225 $0.3225 $0.135
2025
(In Thousands Except Share Data)Interest and dividend income: Loans and leases$532,531 $287,242Debt securities 34,880 13,456Restricted equity securities 2,349 2,265Short-term investments 16,258 4,837Total interest and dividend income 586,018 307,800Interest expense: Deposits 182,015 106,160Borrowed funds 20,022 27,125Total interest expense 202,037 133,285Net interest income 383,981 174,515Provision for credit losses on loans 12,906 12,971Provision (recovery) of credit losses on investments (38) 15Net interest income after provision for credit losses 371,113 161,529Non-interest income: Deposit fees 16,857 4,833Loan fees 4,985 865Loan level derivative income (loss) 2,166 66Gain on sales of loans and leases held-for-sale 6,558 288Wealth management fees 9,324 2,911Other 10,045 2,667Total non-interest income 49,935 11,630Non-interest expense: Compensation and employee benefits 139,930 71,000Occupancy 24,888 11,070Equipment and data processing 38,427 13,853Professional services 5,231 3,197FDIC insurance 7,652 3,917Advertising and marketing 2,831 2,239Amortization of identified intangible assets 16,656 2,861Other 19,438 8,536Total non-interest operating expense 255,053 116,673Merger and restructuring expense 13,025 1,410Total non-interest expense 268,078 118,083Income before provision for income taxes 152,970 55,076Provision for income taxes 42,327 13,950Net income$110,643 $41,126Earnings per common share: Basic$1.32 $0.46Diluted$1.32 $0.46Weighted average common shares outstanding during the period: Basic 83,816,086 89,104,060Diluted 83,921,432 89,590,267Dividends paid per common share$0.6450 $0.270
2026March 31,
2026December 31,
2025September 30,
2025June 30,
2025 (Dollars in Thousands)NONPERFORMING ASSETS: Loans and leases accounted for on a nonaccrual basis: Commercial real estate mortgage$67,645 $65,127 $41,246 $30,213 $987 Multi-family mortgage 9,484 12,995 4,065 2,994 1,433 Construction — — — 535 — Total commercial real estate loans 77,129 78,122 45,311 33,742 2,420 Commercial 20,873 22,626 16,716 14,035 8,687 Equipment financing 45,493 38,633 42,718 41,793 46,067 Total commercial loans and leases 66,366 61,259 59,434 55,828 54,754 Residential mortgage 5,991 5,807 6,465 6,597 3,572 Home equity 3,041 3,222 2,739 2,220 1,561 Other consumer 123 206 207 243 1 Total consumer loans 9,155 9,235 9,411 9,060 5,134 Total nonaccrual loans and leases 152,650 148,616 114,156 98,630 62,308 Other real estate owned 70 — — 824 700 Other repossessed assets 2,435 2,623 2,591 2,536 588 Total nonperforming assets$155,155 $151,239 $116,747 $101,990 $63,596 Loans and leases past due greater than 90 days and still accruing$7,785 $5,834 $37,823 $23,570 $24,899 Nonperforming loans and leases as a percentage of total loans and leases 0.86% 0.83% 0.63% 0.54% 0.65%Nonperforming assets as a percentage of total assets 0.70% 0.68% 0.50% 0.45% 0.55% PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES: Allowance for loan and lease losses at beginning of period$244,377 $252,839 $253,735 $126,725 $124,145 Merger Day 1 allowance on non-PCD loans* — — — 67,229 — Merger Day 1 allowance on PCD loans — — — 64,511 — Charge-offs (15,353) (15,880) (10,917) (16,661) (5,601)Recoveries 1,073 2,329 1,898 804 474 Net charge-offs** (14,280) (13,551) (9,019) (15,857) (5,127)Provision for loan and lease losses excluding unfunded commitments*** 8,092 5,089 8,123 11,127 7,707 Allowance for loan and lease losses at end of period$238,189 $244,377 $252,839 $253,735 $126,725 Allowance for loan and lease losses as a percentage of total loans and leases 1.34% 1.36% 1.40% 1.39% 1.32% NET CHARGE-OFFS: Commercial real estate loans$7,416 $6,997 $6,598 $819 $3,524 Commercial loans and leases 6,897 6,611 2,799 15,116 1,640 Consumer loans (33) (57) (378) (78) (37)Total net charge-offs**$14,280 $13,551 $9,019 $15,857 $5,127 Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.32% 0.30% 0.20% 0.51% 0.21% *As a result of the adoption of ASU 2025-08, this amount, related to seasoned non-PCD loans, is recorded as part of purchase accounting adjustments, not through the provision. ** Excludes the impact of Merger Day 1 purchase accounting that resulted in $15.8 million of charge-offs during the three months ended September 30, 2025. ***Provision for loan and lease losses does not include provision (credit) of $(3.1 million), $2.8 million, $(0.0 million), $9.1 million of which $8.4 million was related to Merger Day 1, and $(0.7 million) for credit losses on unfunded commitments during the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
2026March 31,
2026December 31,
2025September 30,
2025June 30,
2025 (Dollars in Thousands) Net income (loss), as reported$64,426 $46,217 $53,366 $(4,221)$22,026 Average total assets$22,040,684 $22,135,857 $22,644,481 $15,210,080 $11,402,934 Less: Average goodwill and average identified intangible assets, net 532,255 536,900 546,276 353,189 256,508 Average tangible assets$21,508,429 $21,598,957 $22,098,205 $14,856,891 $11,146,426 Return on average tangible assets (annualized) 1.20 % 0.86 % 0.97 % (0.11)% 0.79 % Average total stockholders’ equity$2,539,603 $2,523,986 $2,453,480 $1,678,208 $1,252,055 Less: Average goodwill and average identified intangible assets, net 532,255 536,900 546,276 353,189 256,508 Average tangible stockholders’ equity$2,007,348 $1,987,086 $1,907,204 $1,325,019 $995,547 Return on average tangible stockholders’ equity (annualized) 12.84 % 9.30 % 11.19 % (1.27)% 8.85 % Total stockholders’ equity$2,539,796 $2,504,781 $2,496,061 2,461,015 1,254,171 Less: Goodwill 357,358 355,269 351,613 353,471 241,222 Identified intangible assets, net 172,906 181,234 189,562 198,339 14,600 Tangible stockholders' equity$2,009,532 $1,968,278 $1,954,886 $1,909,205 $998,349 Total assets$22,250,964 $22,227,616 $23,220,372 $22,867,458 $11,568,745 Less: Goodwill 357,358 355,269 351,613 353,471 241,222 Identified intangible assets, net 172,906 181,234 189,562 198,339 14,600 Tangible assets$21,720,700 $21,691,113 $22,679,197 $22,315,648 $11,312,923 Tangible stockholders’ equity to tangible assets 9.25 % 9.07 % 8.62 % 8.56 % 8.82 % Tangible stockholders' equity$2,009,532 $1,968,278 $1,954,886 $1,909,205 $998,349 Number of common shares issued 89,576,403 89,576,403 89,576,403 89,576,403 96,998,075 Less: Treasury shares 5,211,670 5,548,772 5,545,511 5,449,039 7,039,136 Unvested restricted shares 548,647 211,545 214,806 218,503 854,334 Number of common shares outstanding 83,816,086 83,816,086 83,816,086 83,908,861 89,104,605 Tangible book value per common share$ 23.98 $ 23.48 $ 23.32 $ 22.75 $ 11.20 Non-interest expense$127,256 $140,822 $142,366 $129,296 $58,061 Less: Merger and restructuring expense — 13,025 14,424 45,863 439 Total non-interest operating expense$127,256 $127,797 $127,942 $83,433 $57,622 Less: Amortization of identified intangible assets 8,328 8,328 8,777 3,587 1,431 Non-interest expense for operating efficiency ratio$118,928 $119,469 $119,165 $79,846 $56,191 Efficiency ratio 58.06% 65.58% 63.09% 91.57% 61.34%Core efficiency ratio 54.26% 55.64% 52.81% 56.55% 59.36%
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