Beacon Financial Corporation (BBT)

Beacon Financial Corporation reported net income of $61.2 million for the third quarter of 2026, down from $64.4 million in the second quarter 2.

The company, a bank holding company, said net interest income, the gap between what it earns on loans and pays on deposits, rose $3.9 million to $197.2 million 2.

New chief executive Sean Gray said higher rates made borrowers more cautious and weighed on loan growth 2.

Total loans and leases fell $169.8 million to $17.7 billion 2.

The board raised its share buyback authorization to $125 million, which needs regulatory approval 2.

The company was Berkshire Hills Bancorp until 2025, a bank holding company with Berkshire Bank as its main bank 1.

On September 1, 2025, it completed a merger of equals with Brookline Bancorp, Inc. and took the name Beacon Financial Corporation 1.

The ticker changed from BHLB to BBT, and the three banks involved were folded into one, Beacon Bank & Trust 1.

Accounting rules treated Brookline as the buyer, so the combined company's past results are Brookline's 1.

That is why 2025 net income of $90.3 million includes only four months of the combined company 1.

The merger roughly doubled the balance sheet: total assets rose 95.0 percent to $23.2 billion by the end of 2025 1.

Net interest income rose 52.6 percent to $503.1 million in 2025, and the net interest margin, the profit on lending as a share of assets, rose to 3.56 percent from 3.06 percent 1.

The company recorded merger related expenses of $61.7 million in 2025 1.

What it does

Beacon Financial is the holding company for Beacon Bank & Trust, which offers business and retail banking, cash management, consumer and residential loans and wealth management 1.

It runs 147 banking offices across New England and New York, with headquarters at 131 Clarendon Street in Boston 1.

Most of its money comes from interest on loans, and commercial loans made up 77.4 percent of all loans and leases at the end of 2025 1.

Deposits were $19.5 billion at the end of 2025, and the bank also runs a payroll processing business whose deposits swing by hundreds of millions of dollars with payroll cycles 1.

Loan quality and problems

Nonperforming assets, loans where borrowers have stopped paying as agreed, rose to $163.1 million at September 30, 2026 2.

The company said the increase came largely from two of three larger commercial real estate loans that needed specific reserves 2.

It set aside $8.9 million for credit losses in the quarter, against $5.0 million in the one before 2.

People and rivals

Sean Gray, age 50, became President and Chief Executive Officer on September 21, 2026, after Paul Perrault retired 3.

Director John Pereira told the company on September 28, 2026 that he would resign from its boards effective September 30 4.

The company had 1,972 full-time employees at the end of 2025 and competes with traditional banks, online banks and financial technology companies 1.

The umbrella, in words

The company owns Beacon Bank & Trust, which in turn has Eastern Funding for equipment financing and the 44 Business Capital division for SBA lending 1.

Clarendon Private, a registered investment advisor, offers wealth management to individuals, families, endowments and foundations 1.

The company's headquarters building is owned by the Bank 1.

The company said its Board approved a dividend of $0.3225 per share, payable on November 20, 2026 to stockholders of record on November 6 2.

The buyback authorization of $125 million would run for 12 months after regulators authorize it 2.

Gray said his priorities are greater expense discipline, stronger core funding, disciplined loan growth, continued credit vigilance, more diversified fee income and returning capital to shareholders 2.

The annual report warns that the cost savings from the merger may take longer than expected to arrive 1.

No clue on file points to a new direction yet.