BBT 10-K & 10-Q changes, risk factors and insider trading
Beacon Financial Corp · NYSE · Savings Institutions, Not Federally Chartered · CIK 1108134 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “RISKS RELATED TO OUR BUSINESS AND INDUSTRY”
New heading “We may be adversely affected by volatility in U.S. and global economic conditions and changes in fiscal, monetary, trade and regulatory policies.”
New heading “Inflation can have an adverse impact on our business and on our customers.”
New heading “Our business may be adversely affected by changes in economic conditions in our market area.”
New heading “If we are unable to access the capital markets, have prolonged net deposit outflows, or our borrowing costs increase, our liquidity and competitive position will be negatively affected.”
New heading “We face significant and increasing competition in the financial services industry.”
New heading “Changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely affect our business, financial condition, and results of operations.”
New heading “RISKS RELATED TO CREDIT”
New heading “If our allowance for credit losses is not sufficient to cover actual loan and lease losses, our earnings may decrease.”
New heading “Our loan and lease portfolios include commercial real estate mortgage loans and commercial loans and leases, including equipment leases, which are generally riskier than other types of loans.”
New heading “A portion of our loan portfolio consists of loan participations, which may have a higher risk of loss than loans we originate because we are not the lead lender and we have limited control over credit monitoring.”
New heading “We are subject to a variety of risks in connection with any sale of loans we may conduct.”
New heading “44 Business Capital’s SBA 7(a) lending program business is dependent upon the U.S. federal government, and we face specific risks associated with originating SBA loans.”
New heading “Environmental liability associated with our lending activities could result in losses.”
New heading “RISKS RELATED TO OUR SECURITIES PORTFOLIO”
New heading “The fair value of our investment securities can fluctuate due to factors outside of our control.”
New heading “Potential downgrades of U.S. government securities by one or more of the credit ratings agencies could have a material adverse effect on our operations, earnings, and financial condition.”
New heading “RISKS RELATED TO LIQUIDITY”
New heading “Loss of deposits or a change in deposit mix could increase our cost of funding.”
New heading “Wholesale funding sources may prove insufficient to replace deposits at maturity and support our operations and future growth.”
New heading “Potential deterioration in the performance or financial position of the FHLB might restrict our funding needs and may adversely impact our financial condition and results of operations.”
New heading “RISKS RELATED TO OUR OPERATIONS”
New heading “Damage to our reputation could significantly harm our business, including our competitive position and business prospects.”
New heading “We may be unable to attract and retain qualified key employees, which could adversely affect our business prospects, including our competitive position and results of operations.”
New heading “We face continuing and growing security risks to our data, including the information we maintain relating to our customers.”
New heading “We may not be able to successfully implement future information technology system enhancements, which could adversely affect our business operations and profitability.”
New heading “We rely on other companies to provide key components of our business infrastructure.”
New heading “We may incur significant losses as a result of ineffective risk management processes and strategies.”
New heading “Our internal controls, procedures and policies may fail or be circumvented.”
New heading “Changes in tax laws and regulations and differences in interpretation of tax laws and regulations may adversely impact our financial statements.”
New heading “Natural disasters, acts of terrorism, future pandemics and other external events could harm our business.”
New heading “RISKS RELATED TO ACCOUNTING STANDARDS AND ASSUMPTIONS”
New heading “Our financial statements are based in part on assumptions and estimates, which, if wrong, could cause unexpected losses in the future.”
New heading “We may be required to write down goodwill and other acquisition-related identifiable intangible assets.”
New heading “RISKS RELATED TO OUR REGULATORY ENVIRONMENT”
New heading “We operate in a highly regulated industry, and laws and regulations, or changes in them, could limit or restrict our activities and could have a material adverse effect on our operations.”
New heading “We are subject to numerous laws designed to protect consumers, including the Community Reinvestment Act and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.”
New heading “We may become subject to enforcements actions even though noncompliance was inadvertent or unintentional.”
New heading “We face significant legal risks, both from regulatory investigations and proceedings and from private actions brought against us.”
New heading “The FRB may require us to commit capital resources to support the Bank.”
New heading “We are subject to stringent capital requirements which may adversely impact return on equity, require additional capital raises, or limit the ability to pay dividends or repurchase shares.”
New heading “RISKS RELATED TO THE TRANSACTION”
New heading “We may fail to realize the anticipated benefits of the Transaction.”
New heading “We may be unable to retain personnel successfully following the Transaction.”
New heading “Our future results following our recently completed Transaction may suffer if the combined company does not effectively manage its expanded operations.”
New heading “RISKS RELATED TO OWNING OUR COMMON STOCK”
New heading “The market price and trading volume of our common stock may be volatile.”
New heading “Future capital offerings may adversely affect the market price of our common stock.”
Removed heading “Risk Factors Summary”
Removed heading “Merger-Related Risks”
Removed heading “Operating Risks”
Removed heading “Interest Rate Risks”
Removed heading “Liquidity Risks”
Removed heading “Securities Market Value Risks”
Removed heading “Regulatory Matters Risks”
Removed heading “Significant Accounting Estimates Risks”
Removed heading “Trading of the Company's Common Stock”
Removed heading “Merger-Related Risks”
Removed heading “Berkshire Will Be Subject to Business Uncertainties and Contractual Restrictions While the Mergers Are Pending.”
Removed heading “The Announcement of the Proposed Mergers Could Disrupt Berkshire’s Relationships with its Customers, Suppliers, Business Partners and Others, As Well As its Operating Results and Business Generally.”
Removed heading “The Merger Agreement Limits Berkshire’s Ability to Pursue Alternatives to the Mergers and May Discourage Other Companies from Trying to Acquire Berkshire.”
Removed heading “In Connection with the Mergers, Berkshire Will Assume Brookline’s Outstanding Debt Obligations, and the Combined Company’s Level Of Indebtedness Following the Completion of the Mergers Could Adversely Affect the Combined Company’s Ability to Raise Additional Capital and Meet its Obligations Under Existing Indebtedness.”
Removed heading “The Combined Company Will Incur Significant Transaction and Merger-Related Costs In Connection with the Mergers.”
Removed heading “If the Mergers Are Not Completed, Berkshire Will Have Incurred Substantial Expenses Without Its Stockholders Realizing The Expected Benefits of the Mergers.”
Removed heading “Berkshire and Brookline May Not Be Able to Successfully Integrate the Two Companies or to Realize the Anticipated Benefits of the Mergers.”
Removed heading “The Merger Agreement May Be Terminated In Accordance With Its Terms, and the Mergers May Not Be Completed.”
Removed heading “The Need for Regulatory Approvals May Delay the Date of Completion of the Mergers or May Diminish the Benefits of the Mergers.”
Removed heading “Litigation Against Berkshire or Brookline, or the Members of Berkshire’s or Brookline’s Board of Directors, Could Prevent or Delay the Completion of the Mergers.”
Removed heading “The Future Results of the Combined Company Following the Mergers May Suffer if the Combined Company Does Not Effectively Manage Its Expanded Operations.”
Removed heading “The Market Price of Berkshire’s Common Stock After the Mergers May Be Affected By Factors Different from Those Currently Affecting Berkshire’s Common Stock.”
Removed heading “Current Holders of Berkshire’s Common Stock Will Have a Significantly Reduced Ownership and Voting Interest in the Combined Company After the Mergers and Will Therefore Have Less Voting Influence Over the Combined Company.”
Removed heading “The Market Price of Berkshire Common Stock May Decline in the Future as a Result of the Mergers.”
Removed heading “Deterioration in the Housing Sector, Commercial Real Estate, and Related Markets May Adversely Affect Business and Financial Results.”
Removed heading “The Company’s Emphasis on Commercial Lending May Expose the Company to Increased Lending Risks, Which Could Hurt Profits.”
Removed heading “The Company is Subject to a Variety of Risks in Connection With Any Sale of Loans it May Conduct.”
Removed heading “The Company is Exposed to Risk of Environmental Liability When It Takes Title to Property.”
Removed heading “Operating Risks”
Removed heading “General Economic Conditions, Either Nationally or in Our Market Areas, Which May Be Affected by Macroeconomic Factors, Including Inflation, Unemployment, Government Policies, Supply Chain Issues, and Geopolitical Risks Associated with International Conflict, May Be Worse Than Expected.”
Removed heading “The Effects of any Public Health Emergencies and Pandemic Disease, Natural Disaster, War, Acts of Terrorism, Accident, or Similar Action or Event (Collectively, "an Event") May Adversely Affect, the Company’s Business, Financial Condition, Liquidity, and Results of Operations.”
Removed heading “The Company is Subject to Security and Operational Risks Relating to the Use of Technology that Could Damage the Company's Reputation and Business.”
Removed heading “The Company Faces Cybersecurity Risks, Including Denial of Service Attacks, Ransomware, Hacking and Identity Theft that Could Result in the Disclosure of Sensitive Information or the Creation of Unauthorized Transactions, Which Could Adversely Affect the Company’s Business or Reputation and Create Significant Legal and Financial Exposure.”
Removed heading “Counterparties and Correspondents Expose the Company to Risks.”
Removed heading “The Company’s Business is Reliant on Outside Vendors.”
Removed heading “Tailoring The Bank’s Retail Delivery Model to Respond to Consumer Preferences in Banking May Negatively Affect Earnings.”
Removed heading “Legal and Regulatory Proceedings and Related Matters Could Adversely Affect Us and the Banking Industry in General.”
Removed heading “Loss of Key Employees Could Disrupt Relationships With Certain Customers.”
Removed heading “Mergers, Acquisitions and Dispositions Involve Numerous Risks and Uncertainties.”
Removed heading “Interest Rate Risks”
Removed heading “Market Interest Rate Conditions Could Adversely Affect Results of Operations and Financial Condition”
Removed heading “Liquidity Risks”
Removed heading “Liquidity is Essential to the Company’s Business and a Lack of Liquidity Could Adversely Affect the Company’s Financial Condition and Results of Operations.”
Removed heading “Bank Failures and Stresses May Lead to Negative Depositor Confidence in Depository Institutions. Systemic Impacts May have a Material Adverse Effect on our Financial Condition and Results of Operations and Stock Price.”
Removed heading “The Company's Wholesale Funding Sources May Prove Insufficient to Replace Deposits at Maturity and Support Operations and Future Growth.”
Removed heading “Securities Market Values”
Removed heading “Declines in the Value of Certain Investment Securities Could Require Write-Downs, Which Would Reduce Earnings.”
Removed heading “Regulatory Matters”
Removed heading “Legislative and Regulatory Initiatives May Affect Business Activities and Increase Operating Costs.”
Removed heading “Changes in Tax Laws and Accounting Policies and Practices.”
Removed heading “Significant Accounting Estimates”
Removed heading “Various Factors May Cause our Allowance for Credit Losses on Loans to Increase.”
Removed heading “Fair Value Measurements May Be Affected by Inherent Uncertainties”
Removed heading “Trading of the Company's Common Stock”
Removed heading “The Trading History of the Company’s Common Stock is Characterized By Low Trading Volume. The Value of Shareholder Investments May be Subject to Sudden Decreases Due to the Volatility of the Price of the Common Stock.”
Removed heading “Negative Public Opinion Could Damage the Company’s Reputation and Impact Business Operations and Revenues.”
Largest changes
“The economy in the U.S. and globally has experienced volatility in recent years and may continue to experience such volatility for the foreseeable future. …”see in full comparison
“The CRA, the Equal Credit Opportunity Act, the Fair Housing Act, and other fair lending laws and regulations impose community investment and nondiscriminatory lending requirements on financial institutions. The CFPB, the Department of Justice, and other federal agencies are responsible for enforcing these laws and regulations. …”see in full comparison
“Some of the risks the Company faces from an Event include, but are not limited to: the health and availability of our colleagues, the supply of labor, inflationary impacts on operating costs, the financial condition of our clients and the demand for our products and services, changes in interest rates, recognition of credit losses and increases in the allowance for credit losses, impacts if customers draw on their lines of credit or draw down deposits or seek additional loans to help finance their businesses, and a significant deterioration of business conditions in our markets. …”see in full comparison
“The financial services industry is subject to intense scrutiny from bank supervisors in the examination process and aggressive enforcement of federal and state regulations, particularly with respect to mortgage-related practices and other consumer compliance matters, and compliance with anti-money laundering, BSA and OFAC regulations, and economic sanctions against certain foreign countries and nationals. Enforcement actions may be initiated for violations of laws and regulations and unsafe or unsound practices. …”see in full comparison
“Factors beyond our control can significantly influence the fair value of securities in our portfolio and can cause potential adverse changes to the fair value of these securities. These factors include, but are not limited to, rating agency actions with respect to individual securities, defaults by the issuer or with respect to the underlying securities, and changes in market interest rates and continued instability in the capital markets. …”see in full comparison
“We are dependent on our reputation within our market area, as a trusted and responsible financial services company, for all aspects of our business with customers, employees, vendors, third-party service providers, and others, with whom we conduct business or potential future businesses. Negative public opinion about the financial services industry generally (including the types of banking and other services that we provide) or us specifically could adversely affect our reputation and our ability to keep and attract customers and employees. …”see in full comparison
Full comparison: every changed paragraph (309)
Before deciding to invest in us or deciding to maintain or increase your investment, you should carefully consider the risks described below, in addition to the other information contained in this report and in our other filings with the SEC. The risks and uncertainties described below and in our other filings are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business. If any of these known or unknown risks or uncertainties actually occur, our business, financial condition and results of operations could be seriously harmed. In that event, the market price for our common stock could decline and you may lose your investment.
RISKS RELATED TO OUR BUSINESS AND INDUSTRY
The risks set forth below, in addition to the other risks described in this Annual Report on Form 10-K, may adversely affect the Company's business, financial condition, strategic objectives, and operating results. In addition to the risks set forth below and the other risks described in this annual report, there may be additional risks and uncertainties that are not currently known to the Company or that the Company currently deems to be immaterial that could materially and adversely affect the Company's business, financial condition, strategic objectives, or operating results. As a result, past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. Further, to the extent that any of the information contained in this Annual Report on Form 10-K constitutes forward-looking statements, the risk factors set forth below also are cautionary statements identifying important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company.
Risk Factors Summary
Merger-Related Risks
•Berkshire Will Be Subject to Business Uncertainties and Contractual Restrictions While the Mergers Are Pending.
•The Announcement of the Proposed Mergers Could Disrupt Berkshire’s Relationships with its Customers, Suppliers, Business Partners and Others, As Well As Its Operating Results and Business Generally.
•The Merger Agreement Limits Berkshire’s Ability to Pursue Alternatives to the Mergers and May Discourage Other Companies from Trying to Acquire Berkshire.
•In Connection with the Mergers, Berkshire Will Assume Brookline’s Outstanding Debt Obligations, and the Combined Company’s Level Of Indebtedness Following the Completion of the Mergers Could Adversely Affect the Combined Company’s Ability to Raise Additional Capital and Meet Its Obligations Under Existing Indebtedness.
•The Combined Company Will Incur Significant Transaction and Merger-Related Costs In Connection with the Mergers.
•If the Mergers Are Not Completed, Berkshire Will Have Incurred Substantial Expenses Without Its Stockholders Realizing The Expected Benefits of the Mergers.
•Berkshire and Brookline May Not Be Able to Successfully Integrate the Two Companies or to Realize the Anticipated Benefits of the Mergers.
•The Merger Agreement May Be Terminated In Accordance With Its Terms, and the Mergers May Not Be Completed.
•The Need for Regulatory Approvals May Delay the Date of Completion of the Mergers or May Diminish the Benefits of the Mergers.
•Litigation Against Berkshire or Brookline, or the Members of Berkshire’s or Brookline’s Board of Directors, Could Prevent or Delay the Completion of the Mergers.
•The Future Results of the Combined Company Following the Mergers May Suffer if the Combined Company Does Not Effectively Manage Its Expanded Operations.
•The Market Price of Berkshire’s Common Stock After the Mergers May Be Affected By Factors Different from Those Currently Affecting Berkshire’s Common Stock.
•Current Holders of Berkshire’s Common Stock Will Have a Significantly Reduced Ownership and Voting Interest in the Combined Company After the Mergers and Will Therefore Have Less Voting Influence Over the Combined Company.
•The Market Price of Berkshire Common Stock May Decline in the Future as a Result of the Mergers.
Lending Risks
•Deterioration in the Housing Sector, Commercial Real Estate, and Related Markets May Adversely Affect Business and Financial Results.
•The Company’s Emphasis on Commercial Lending May Expose the Company to Increased Lending Risks, Which Could Hurt Profits.
•The Company is Subject to a Variety of Risks in Connection With Any Sale of Loans it May Conduct.
•The Company is Exposed to Risk of Environmental Liability When It Takes Title to Property.
Operating Risks
•General Economic Conditions, Either Nationally or in Our Market Areas, Which May Be Affected by Macroeconomic Factors, Including Inflation, Unemployment, Government Policies, Supply Chain Issues, and Geopolitical Risks Associated with International Conflict, May Be Worse Than Expected.
•The Effects of any Public Health Emergencies and Pandemic Disease, Natural Disaster, War, Acts of Terrorism, Accident, or Similar Action or Event (collectively, "an Event") May Adversely Affect, the Company’s Business, Financial Condition, Liquidity, and Results of Operations.
•The Company is Subject to Security and Operational Risks Relating to the Use of Technology that Could Damage the Company's Reputation and Business.
•The Company Faces Cybersecurity Risks, Including Denial of Service Attacks, Ransomware, Hacking and Identity Theft that Could Result in the Disclosure of Sensitive Information or the Creation of Unauthorized Transactions, Which Could Adversely Affect the Company’s Business or Reputation and Create Significant Legal and Financial Exposure.
•Counterparties and Correspondents Expose the Company to Risks.
•The Company’s Business is Reliant on Outside Vendors.
•Tailoring The Bank's Delivery Model to Respond to Customer Preferences in Banking May Negatively Affect Earnings
•Development of New Products and Services May Impose Additional Costs on the Company and May Expose It to Increased Operational Risk.
•The Soundness of Other Financial Institutions Could Adversely Affect Us.
•Legal and Regulatory Proceedings and Related Matters Could Adversely Affect Us and the Banking Industry in General.
•Loss of Key Employees Could Disrupt Relationships With Certain Customers.
•Mergers, Acquisitions and Dispositions Involve Numerous Risks and Uncertainties.
Interest Rate Risks
•MarketChanges Interestto Rateinterest Conditionsrates Couldcould Adverselyadversely Affectaffect Resultsour results of Operationsoperations and Financialfinancial Condition.condition.
Our consolidated results of operations depend in large part on net interest income, which is the difference between (i) interest income on interest-earning assets, such as loans, leases and securities, and (ii) interest expense on interest-bearing liabilities, such as deposits and borrowed funds. As a result, our earnings and growth are significantly affected by interest rates, which are subject to the influence of economic conditions generally, both domestic and foreign, to events in the capital markets, and also to the monetary and fiscal policies of the U.S. and the FRB. The nature and timing of any changes in such policies and their effect on us cannot be controlled and are extremely difficult to predict. An increase in interest rates could also have a negative impact on our results of operations by reducing the ability of borrowers to repay their current loan obligations, which could not only result in increased loan defaults, foreclosures, and charge-offs, but also necessitate further increases to our allowances for loan losses. A decrease in interest rates may trigger loan prepayments, which may serve to reduce net interest income if we are unable to lend those funds to other borrowers or invest the funds at the same or higher interest rates.
We may be adversely affected by volatility in U.S. and global economic conditions and changes in fiscal, monetary, trade and regulatory policies.
The economy in the U.S. and globally has experienced volatility in recent years and may continue to experience such volatility for the foreseeable future. Unfavorable or uncertain economic conditions can be caused by declines in economic growth, business activity, or investor or business confidence; limitations on the availability of or increases in the cost of credit and capital; fluctuations in inflation or interest rates; uncertainties regarding fiscal and monetary policies; the timing and impact of changing governmental policies, including changes in guidance and interpretation by regulatory authorities; changes in trade policies by the U.S. or other countries; supply chain disruptions; consumer spending; employment levels; labor shortages; challenging labor market conditions; wage stagnation; U.S. government shutdowns; energy prices; home prices; commercial property values; bankruptcies and a default by a significant market participant or class of counterparties; natural disasters; climate change; epidemics; pandemics; terrorist attacks; acts of war; or a combination of these or other factors.
Volatile business and economic conditions could have adverse effects on our business, including the following:
•investors may have less confidence in the equity markets in general and in financial services industry stocks in particular, which could place downward pressure on our stock price and resulting market valuation;
•economic and market developments may further affect consumer and business confidence levels and may cause declines in credit usage and adverse changes in payment patterns, causing increases in delinquencies and default rates;
•our ability to assess the creditworthiness of our customers may be impaired if the models and approaches we use to select, manage, and underwrite loans become less predictive of future behaviors;
•we could suffer decreases in demand for loans or other financial products and services or decreased deposits or other investments in accounts with us;
•competition in the financial services industry could intensify as a result of the increasing consolidation of financial services companies in connection with current market conditions or otherwise; and
•the value of loans and other assets or collateral securing loans may decrease.
Inflation can have an adverse impact on our business and on our customers.
The future rate of inflation and other economic factors remain uncertain, and the FRB may decrease or increase interest rates slower or faster than anticipated. If inflation increases and interest rates rise, the value of our investment securities, particularly those with longer maturities, will decrease, although this effect is less pronounced for floating rate instruments. Prolonged periods of elevated inflation also may impact our profitability by negatively impacting our costs and expenses, including increasing funding costs and expenses related to talent acquisition and retention, and negatively impacting the demand for our products and services. Moreover, our customers are affected by inflation and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans.
Our business may be adversely affected by changes in economic conditions in our market area.
Generally, our financial performance, and in particular the ability of borrowers to pay interest on and repay principal of outstanding loans and the value of the collateral securing those loans, as well as demand for loans and other products and services we offer, is very dependent on the business environment in the markets we operate in locally and the United States as a whole. An economic downturn could result in losses that materially and adversely affect our business. Recessionary economic conditions, increased unemployment, inflation, a decline in real estate values or other factors beyond our control may adversely affect the ability of our borrowers to repay their loans, and could result in higher loan and lease losses and lower net income for us.
In addition, deterioration, or defaults by issuers of the underlying collateral of our investment securities may cause additional credit-related charges to our income statement. Our ability to borrow from other financial institutions or to access the debt or equity capital markets on favorable terms or at all could be adversely affected by disruptions in the capital markets or other events, including actions by rating agencies and deteriorating investor expectations.
If we are unable to access the capital markets, have prolonged net deposit outflows, or our borrowing costs increase, our liquidity and competitive position will be negatively affected.
Liquidity is essential to our business. We must maintain sufficient funds to respond to the needs of depositors and borrowers. To manage liquidity, we draw upon a number of funding sources in addition to in-market deposit growth and repayments and maturities of loans and investments. Any inability to access the capital markets, illiquidity or volatility in the capital markets, a decrease in value of eligible collateral or an increase in collateral requirements (including as a result of credit concerns for short-term borrowing), changes to our relationships with our funding providers based on real or perceived changes in our risk profile, prolonged federal government shutdowns, or changes in regulations or regulatory guidance, or other events could negatively affect our access to or cost of funding, affecting our ongoing ability to accommodate liability maturities and deposit withdrawals, meet contractual obligations, or fund asset growth and new business initiatives at a reasonable cost, in a timely manner and without adverse consequences. Additionally, our liquidity or cost of funds may be negatively impacted by the unwillingness or inability of the FRB to act as lender of last resort, unexpected simultaneous draws on lines of credit or deposits, the withdrawal of or failure to attract customer deposits, or increased regulatory liquidity, capital and margin requirements.
Although we maintain a liquid asset portfolio and have implemented strategies to maintain sufficient and diverse sources of funding to accommodate planned, as well as unanticipated, changes in assets, liabilities, and off-balance sheet commitments under various economic conditions, a substantial, unexpected, or prolonged change in the level or cost of liquidity could have a material adverse effect on us. If the cost effectiveness or the availability of supply in these credit markets is reduced for a prolonged period of time, our funding needs may require us to access funding and manage liquidity by other means. These alternatives may include generating client deposits, extending the maturity of wholesale borrowings, borrowing under certain secured borrowing arrangements, using relationships developed with a variety of fixed income investors, selling or securitizing loans, and further managing loan growth and investment opportunities. These alternative means of funding may result in an increase to the overall cost of funds and may not be available under stressed conditions, which would cause us to liquidate a portion of our liquid asset portfolio to meet any funding needs.
We face significant and increasing competition in the financial services industry.
We operate in a highly competitive environment that includes financial and non-financial services firms, including traditional banks, online banks, financial technology companies, wealth management companies and others. These companies compete on the basis of, among other factors, size, quality and type of products and services offered, price, technology and reputation. Emerging technologies, such as artificial intelligence (including machine learning and generative artificial intelligence) and quantum computing, have the potential to intensify competition and accelerate disruption in the financial services industry. Financial technology companies now offer services traditionally provided by financial institutions. These firms use technology and mobile platforms to enhance the ability of companies and individuals to borrow money, save and invest. We may not be as timely or successful in assessing the evolving competitive landscape and developing or introducing new products and services as our competitors. Our business may be negatively impacted if we, or our third-party providers, do not timely develop and apply emerging technologies, or if our initiatives in these areas are deficient or fail. Our, or our third-party providers’, inability, or resistance to timely innovate or adapt operations, products and services to evolving regulatory and market environments, industry standards and consumer preferences could result in service disruptions, harm our business and adversely affect our results of operations and reputation.
Liquidity Risks
Management's Discussion & Analysis (MD&A)
New heading “Executive Overview”
New heading “Capital Strength”
New heading “Critical Accounting Policies and Estimates”
New heading “Allowance for Credit Losses”
New heading “Business Combinations”
New heading “Recent Accounting Developments”
New heading “Non-GAAP Financial Measures and Reconciliation to GAAP”
New heading “Operating Earnings”
New heading “Loans and Leases”
New heading “Commercial Real Estate Loans”
New heading “Commercial Loans”
New heading “Criticized and Classified Assets”
New heading “Nonperforming Assets”
New heading “Past Due and Accruing”
New heading “Allowances for Credit Losses”
New heading “Investment Securities and Restricted Equity Securities”
New heading “Restricted Equity Securities”
New heading “Carrying Value, Weighted Average Yields, and Contractual Maturities of Investment and Restricted Equity Securities”
New heading “Advances from the FHLB”
New heading “Other Borrowed Funds”
New heading “Subordinated Debentures and Notes”
New heading “Stockholders' Equity and Dividends”
New heading “Results of Operations”
New heading “Interest Income—Loans and Leases”
New heading “Interest Income—Investments”
New heading “Interest Expense—Deposits and Borrowed Funds”
New heading “Provision for Credit Losses”
New heading “Non-Interest Expense”
New heading “Provision for Income Taxes”
New heading “Comparison of Years Ended December 31, 2024 and December 31, 2023”
New heading “Net Interest Income”
New heading “Interest Income—Loans and Leases”
New heading “Interest Income—Investments”
New heading “Interest Expense—Deposits and Borrowed Funds”
New heading “Non-Interest Income”
New heading “Off-Balance-Sheet Arrangements”
Removed heading “NON-GAAP FINANCIAL MEASURES”
Removed heading “COMPARISON OF FINANCIAL CONDITION AT DECEMBER 31, 2024 AND DECEMBER 31, 2023”
Removed heading “Investment Securities”
Removed heading “Deposits and Borrowings”
Removed heading “Shareholders’ Equity and Dividends”
Removed heading “APPLICATION OF CRITICAL ACCOUNTING POLICIES”
Removed heading “Fair Value Measurements”
Removed heading “ENTERPRISE RISK MANAGEMENT”
Removed heading “CORPORATE RESPONSIBILITY & SUSTAINABILITY”
Removed heading “Opportunity for All”
Removed heading “Awards & Recognition”
Largest changes
“In cases where a borrower experiences financial difficulties and the Company makes or reasonably expects to make certain concessionary modifications to contractual terms, the loan is classified as a modified loan. …”see in full comparison
“The high level corporate risk assessment focuses on the following material business risks: credit risk, interest rate risk, price risk, liquidity risk, operational risk, compliance risk, strategic risk, and reputation risk, with the credit risk category having the highest weighting. For all material business risks, residual risk was viewed as medium/low to medium due to mitigating controls functioning in the Company. …”see in full comparison
“Liquidity is defined as the ability to meet current and future financial obligations of a short-term nature. The Company further defines liquidity as the ability to respond to the needs of depositors and borrowers, as well as to earnings enhancement opportunities, in a changing marketplace. Liquidity management is monitored by an ALCO, consisting of members of management, which is responsible for establishing and monitoring liquidity targets as well as strategies and tactics to meet these targets. …”see in full comparison
“Commercial real estate and multi-family mortgage loans are typically originated for terms of five to fifteen years with amortization periods of 20 to 30 years. Many of the loans are priced at inception on a fixed-rate basis generally for periods ranging from two to five years with repricing periods for longer-term loans. When possible, prepayment penalties are included in loan covenants on these loans. For commercial customers who are interested in loans with terms longer than five years, the Company offers loan level derivatives to accommodate customer need.”see in full comparison
“Liquidity is defined as the ability to generate sufficient cash flows to meet all present and future funding requirements at reasonable costs for the Company, including the Bank. Liquidity management addresses both the Company’s ability to fund new loans and investments pursuant to commitments and as opportunities arise, to meet customer deposit withdrawals and to repay borrowings and subordinated notes as they mature. The Company views its liquidity as satisfactory for current conditions as well as for stressed scenarios in its liquidity testing models.”see in full comparison
“The Company's management rates certain loans and leases as OAEM, "substandard" or "doubtful" based on criteria established under banking regulations. These loans and leases are collectively referred to as "criticized" assets. Loans and leases rated OAEM have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects of the loan or lease at some future date. …”see in full comparison
Full comparison: every changed paragraph (404)
Introduction
Beacon Financial Corporation, a Delaware corporation, is the holding company for Beacon Bank & Trust and its subsidiaries and Clarendon Private.
The Company offers a wide range of commercial, business and retail banking services, including a full complement of cash management products, foreign exchange services, on-line and mobile banking services, consumer and residential loans and investment advisory services. Clarendon Private is a registered investment advisor with the SEC. Through Clarendon Private and the Trust and Investments Division of the Bank, the Company offers a wide range of wealth management services to individuals, families, endowments and foundations to help these clients meet their long-term financial goals.
As a full-service financial institution with 147 banking offices throughout New England and New York, the Bank and its subsidiaries focus their efforts on developing and deepening long-term banking relationships with qualified customers through a full complement of products, excellent customer service, and strong risk management.
The competition for loans and leases and deposits remains strong, with growth and pricing influenced by the FRB's interest rate-setting actions. Management's scenario analysis of deposit sensitivity to the current rate environment and customer demand for non-depository investment alternatives suggests further deposit mix migration and increased sensitivity to interest rates.
As the interest rate environment resets to a more normal, upward-sloping yield curve with shorter-term interest rates lower than longer term interest rates, management expects the net interest margin to increase modestly. This is due to deposit and wholesale funding costs repricing at lower rates, while loans do not reprice at the same magnitude, as well as the accretions from the purchase accounting marks. If both short- and long-term interest rates fall, net interest income models, using a projected flat balance sheet with stable deposit balances, forecast that a parallel decrease in rates will have a negative impact on the Company's net interest income, net interest spread, and net interest margin. While the Company's current asset sensitivity rate is approximately 40%, shifting to a more asset sensitive balance sheet could have additional pressure on interest margins.
As discussed above, changes in interest rates could also precipitate a change in the mix and volume of the Company's deposits and loans. The future operating results of the Company will depend on its ability to maintain or increase the current net interest income, manage credit risk, increase sources of non-interest income, while managing non-interest expenses.
The Company’s common stock is traded on the New York Stock Exchange under the symbol “BBT.”
Executive Overview
Balance Sheet
Total assets increased $11.3 billion, or 95.0%, to $23.2 billion as of December 31, 2025 from $11.9 billion as of December 31, 2024. The increase was primarily due to the assets assumed in the Transaction. The Transaction created a $23 billion Northeast franchise by combining Legacy Berkshire’s stable, more rural funding base with Legacy Brookline’s commercial lending focus in metro markets. The highly-complementary geographic footprints had minimal branch overlap ensuring minimal market disruption while also providing business diversification, fee income opportunities and improved competitive positioning. The Transaction also created meaningful near-term cost synergies while positioning the Company to benefit from future economies of scale.
Total loans and leases increased $8.3 billion, or 84.4%, to $18.0 billion as of December 31, 2025 from $9.8 billion as of December 31, 2024. The increase was primarily due to the loans assumed in the Transaction partially offset by the sales of $332.6 million of purchased mortgage loans acquired in the Transaction. The Company's commercial loan portfolios, which are comprised of commercial real estate loans and commercial loans and leases, totaled $14.0 billion, or 77.4% of total loans and leases as of December 31, 2025, an increase of $5.7 billion, or 69.8%, from $8.2 billion, or 84.1% of total loans and leases, as of December 31, 2024.
Total investment securities increased $0.8 billion, or 88.7%, to $1.7 billion as of December 31, 2025 from $0.9 billion as of December 31, 2024, primarily due to investment securities assumed in the Transaction partially offset by the sale of $176.4 million of the Legacy Berkshire's investment portfolio during the third quarter.
Cash and cash equivalents increased $1.5 billion, or 275.5%, to $2.0 billion as of December 31, 2025 from $0.5 billion as of December 31, 2024. The increase was primarily due to cash and equivalents assumed in the Transaction and an increased payroll deposit balance at December 31, 2025.
Total deposits increased $10.6 billion, or 119.2%, to $19.5 billion as of December 31, 2025 from $8.9 billion as of December 31, 2024, primarily due to the deposits assumed in the Transaction. Core deposits, which include demand checking, NOW, non-payroll money market and savings accounts, totaled $13.1 billion, or 67.0% of total deposits, as of December 31, 2025, an increase of $6.9 billion, or 112.6%, from $6.1 billion, or 69.1% of total deposits, as of December 31, 2024. Payroll deposits totaled $1.9 billion as of December 31, 2025, all of which was assumed in the Transaction. Certificate of deposit balances totaled $4.2 billion, or 21.3% of total deposits, as of December 31, 2025, an increase of $2.3 billion, or 120.5%, from $1.9 billion, or 21.2% of total deposits, as of December 31, 2024. Brokered deposit balances totaled $0.4 billion, or 2.1% of total deposits as of December 31, 2025, a decrease of $0.5 billion, or 52.8%, from $0.9 billion, or 9.8% of total deposits, as of December 31, 2024.
Total borrowed funds decreased $731.5 million, or 48.1%, to $788.4 million as of December 31, 2025 from $1.5 billion as of December 31, 2024 as combined liquidity as a result of the Transaction and the increase in deposits allowed for reduction in borrowings.
Asset Quality
Nonperforming assets as of December 31, 2025 totaled $116.7 million, or 0.50% of total assets, compared to $70.5 million, or 0.59% of total assets, as of December 31, 2024. Total net charge-offs for the year ended December 31, 2025 were $37.6 million, or 0.30% of average loans and leases, compared to $28.2 million, or 0.29% of average loans and leases, for the year ended December 31, 2024. The increase of $46.2 million in nonperforming assets was primarily driven by the Transaction.
The ratio of the allowance for loan and lease losses to total loans and leases was 1.40% as of December 31, 2025, compared to 1.28% as of December 31, 2024.
The ratio of the allowance for loan and lease losses to nonaccrual loans and leases was 221.49% as of December 31, 2025, compared to 180.37% as of December 31, 2024.
Capital Strength
The Company is a "well-capitalized" bank holding company as defined in the FRB's Regulation Y. The Company's common equity Tier 1 capital ratio was 10.95% as of December 31, 2025, compared to 10.46% as of December 31, 2024. The Company's Tier 1 leverage ratio was 9.25% as of December 31, 2025, compared to 9.06% as of December 31, 2024. As of December 31, 2025, the Company's Tier 1 risk-based ratio was 11.12%, compared to 10.56% as of December 31, 2024. The Company's total risk-based ratio was 13.01% as of December 31, 2025, compared to 12.42% as of December 31, 2024.
The Company's ratio of stockholders' equity to total assets was 10.75% and 10.26% as of December 31, 2025 and December 31, 2024, respectively. The Company's tangible equity ratio was 8.62% and 8.27% as of December 31, 2025 and December 31, 2024, respectively.
Net Income
For the year ended December 31, 2025, the Company reported net income of $90.3 million, or $1.03 per basic and diluted share, an increase of $21.6 million, or 31.4%, from $68.7 million, or $0.77 per basic and diluted share for the year ended December 31, 2024. The increase in net income is primarily the result of an increase in net interest income of $173.5 million and an increase in non-interest income of $24.3 million, partially offset by an increase in non-interest expense of $147.9 million driven by merger costs, an increase in the provision for credit losses on loans of $19.4 million, and an increase in the provision for income taxes of $8.6 million.
The return on average assets was 0.59% for the year ended December 31, 2025, compared to 0.60% for the year ended December 31, 2024. The return on average stockholders' equity was 5.44% for the year ended December 31, 2025, compared to 5.67% for the year ended December 31, 2024.
Net interest margin was 3.56% for the year ended December 31, 2025, up from 3.06% for the year ended December 31, 2024. The increase in net interest margin is a result of a decrease of 54 basis points in the Company's cost of interest bearing liabilities to 3.05% in 2025 from 3.59% in 2024, and an increase in the yield on interest-earning assets of 4 basis points to 5.87% in 2025 from 5.83% in 2024.
Results for 2025 included a provision for credit losses of $41.4 million, as discussed in the "Allowance for Credit Losses—Allowance for Loan and Lease Losses" section below.
Non-interest income increased $24.3 million to $49.9 million for the year ended December 31, 2025 from $25.6 million for the year ended December 31, 2024. The increase was driven by four months of combined Company activity in 2025.
Non-interest expense increased $147.9 million to $389.7 million for the year ended December 31, 2025 from $241.9 million for the year ended December 31, 2024. The increase was largely attributable to an increase of $57.5 million in merger and restructuring expense and increases in all other non-interest expense categories for the four months of combined Company activity in 2025.
Critical Accounting Policies and Estimates
The accounting policies described below are considered critical to understanding the Company's financial condition and operating results. Such accounting policies are considered to be especially important because they involve a higher degree of complexity and require management to make difficult and subjective judgments which often require assumptions or estimates about matters that are inherently uncertain. The use of different judgments, assumptions and estimates could result in material differences in the Company's operating results or financial condition.
Allowance for Credit Losses
Description. The allowance for credit losses represents management's estimate of expected losses over the life of the loan and lease portfolio. The allowance for credit losses consists of the allowance for loan and lease losses and reserve for unfunded commitments, which are classified as a contra-asset and liability within other liabilities, respectively, on the consolidated balance sheets. Additions to the allowance for credit losses are made by charges to the provision for credit losses. Losses on loans and leases are deducted from the allowance when all or a portion of a loan or lease is considered uncollectible. The determination of the loans on which full collectability is not reasonably assured, the estimates of the fair value of the underlying collateral, and the assessment of economic and other conditions are subject to assumptions and judgments by management. Valuation allowances could differ materially as a result of changes in, or different interpretations of, these assumptions and judgments.
Management evaluates the adequacy of the allowance on a quarterly basis and reviews its conclusion as to the amount to be established with the Audit Committee and the Board of Directors.
Judgments and Uncertainties. In estimating the allowance for credit losses, the Company relies on models and economic forecasts developed by external parties as the primary driver of the allowance for credit losses. These models and forecasts are based on nationwide sets of data. As a result, the Company has calibrated the output of these models to match the performance of a relevant set of peer institutions during the development dataset in order to make the results more relevant to the Company. Additionally, economic forecasts can change significantly over an economic cycle and have a significant level of uncertainty associated with them. The performance of the models is dependent on the variables used in the models being reasonable proxies for the portfolio’s performance; however, these variables may not capture all sources of risk within the portfolio. As a result, management reviews the results and makes qualitative adjustments to the models to capture limitations of the models as necessary. Such qualitative factors may include adjustments to better capture the risk of specialty lending portfolios, the imprecision associated with the economic forecasts, and the ability of the models to capture emerging risks within the portfolio that may not be represented in the historical dataset. These judgments are thoroughly evaluated through management’s review process, and revised on a quarterly basis to account for changes in the facts and circumstances of the portfolio.
Effect If Actual Results Differ From Assumptions. The allowance for credit losses is a reflection of the Company’s best estimate of loss based on a forecast of future conditions as of a point in time. Conditions in the future may vary from those forecasts, causing realized losses to be either higher or lower than forecasted, which will result in either additional provisions from income or a benefit to income based on the performance of the portfolio.
Business Combinations
Business combinations are generally accounted for under the acquisition method of accounting whereby assets acquired and liabilities assumed in business combinations are recorded at their estimated fair value as of the acquisition date. The determination of fair value may involve the use of internal or third-party valuation specialists to assist in the determination of the fair value of certain assets and liabilities at the acquisition date, including loans and leases and core deposit intangible. The excess of the cost of acquisition over these fair values is recognized as goodwill. A description of the valuation methodologies used to estimate the fair values of the significant assets acquired and liabilities assumed can be found in Note 2, "Business Combinations" within the notes to the consolidated financial statements.
Recent Accounting Developments
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to enhance the annual income tax disclosure requirements. This update is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 as of January 1, 2025. The adoption did not have a material impact on the Company's consolidated financial statements.
In November 2025, the FASB issued ASU 2025-08, "Financial Instruments - Credit Losses (Topic 326): Purchased Loans". This ASU aligns the initial recognition of the allowance for loan losses on purchased loans between PCD and non‑PCD assets by applying the gross‑up approach previously required only for PCD loans. The Company elected to adopt this ASU, effective January 1, 2025, and applied it to the Transaction completed in the third quarter, as permitted under the guidance.
See Note 1, “Basis of Presentation” in the notes to the consolidated financial statements for additional information regarding recent accounting developments.
Non-GAAP Financial Measures and Reconciliation to GAAP
In addition to evaluating the Company’s results of operations in accordance with GAAP, management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures, such as the operating earnings metrics, the return on average tangible assets, return on average tangible equity, the tangible stockholders' equity, tangible equity ratio, tangible book value per share and dividend payout ratio. Management believes that these non-GAAP financial measures provide information useful to investors in understanding the Company’s underlying operating performance and trends, and facilitates comparisons with the performance assessment of financial performance, including non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of the Company’s capital position.
The methodologies used by the Company for determining the non-GAAP financial measures discussed above may differ from those used by other financial institutions.
Operating Earnings
Operating earnings exclude the after-tax impact of securities gains, the Day 1 CECL provision and merger and restructuring expense. By excluding such items, the Company's results can be measured and assessed on a more consistent basis from period to period. Items excluded from operating earnings are also excluded when calculating the operating return and operating efficiency ratios.
The following table summarizes the Company's operating earnings and operating earnings per share ("EPS") for the periods indicated:
(1) The 2025 Merger Day1 CECL provision on unfunded commitments was related to the Transaction. The 2023 Merger Day1 CECL provision was related to the acquisition of PCSB in the first quarter of 2023.
(2) The 2025 Merger and restructuring expense was related to the Transaction The 2024 Merger and restructuring expense was related to a non-recurring restructuring charge due to the exit of the specialty vehicle business at Eastern Funding. The 2023 and 2022 Merger and restructuring expense was related to the acquisition of PCSB in the first quarter of 2023.
The following table summarizes the Company's operating return on average assets, operating return on average tangible assets, operating return on average stockholders' equity and operating return on average tangible stockholders' equity for the periods indicated:
The following table summarizes the Company’s return on average tangible assets and return on average tangible stockholders’ equity for the periods indicated:
The following table summarizes the Company's tangible equity ratio for the periods indicated:
The following table summarizes the Company's tangible book value per share for the periods indicated:
The following table summarizes the Company's dividend payout ratio for the periods indicated:
SELECTEDFinancial FINANCIAL DATACondition
Loans and Leases
The following table summarizes the Company's portfolio of loan and lease receivables as of the dates indicated:
The following table sets forth the growth in the Company’s loan and lease portfolios during the year ending December 31, 2025:
What changed in the latest 10-Q
Risk Factors
There have been no material changes in the risk factors described in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 2, 2026.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
Largest changes
“The yield on interest-earning assets increased to 5.70% for the three months ended March 31, 2026 from 5.67% for the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company recorded $0.6 million in prepayment penalties and late charges, which contributed 1 basis point to yields on interest-earning assets, compared to $0.6 million, or 2 basis points, for the three months ended March 31, 2025.”see in full comparison
“The yield on interest-earning assets increased to 5.76% for the three months ended June 30, 2026 from 5.74% for the three months ended June 30, 2025. During the three months ended June 30, 2026, the Company recorded $0.5 million in prepayment penalties and late charges, which contributed one basis point to yields on interest-earning assets, compared to $0.8 million, or three basis points, for the three months ended June 30, 2025.”see in full comparison
“The yield on interest-earning assets increased to 5.74% for the six months ended June 30, 2026 from 5.71% for the six months ended June 30, 2025. During the six months ended June 30, 2026, the Company recorded $1.0 million in prepayment penalties and late charges, which contributed one basis point to yields on interest-earning assets, compared to $1.5 million, or three basis points, for the six months ended June 30, 2025.”see in full comparison
“Interest expense on deposits increased $75.9 million, or 71.5%, to $182.0 million for the six months ended June 30, 2026 from $106.2 million for the six months ended June 30, 2025. The increase in interest expense on deposits was driven by an increase of $88.5 million primarily driven by the growth in volume of average customer deposits partially offset by a decline in average brokered deposits, offset by a $12.6 million decrease due to lower interest rates. …”see in full comparison
“Total interest income from loans and leases was $532.5 million for the six months ended June 30, 2026, and represented a yield on total loans of 5.98%. This compares to $287.2 million of interest on loans and a yield of 5.96% for the six months ended June 30, 2025. The $245.3 million increase in interest income from loans and leases was primarily attributable to an increase of $236.7 million in the portfolio composition in origination volume due to the Transaction and $9.6 million in changes to interest rates, partially offset by a decrease of $1.0 million in the change of tax-exempt income.”see in full comparison
see in full comparisonTheNetcostinterestofmargininterest-bearingincreasedliabilities decreased 6153 basis points to2.68%3.80% for thethreesix months endedMarchJune31,30, 2026 from3.29%3.27% for thethreesix months endedMarchJune31,30, 2025.ReferThe Company's weighted average interest rate on loans increased to"Financial Condition - Borrowed Funds" above5.98% formorethedetails.six months ended June 30, 2026 from 5.96% for the six months ended June 30, 2025.
Full comparison: every changed paragraph (110)
Beacon Financial Corporation, a Delaware corporation, is the holding company for Beacon Bank & Trust and its subsidiaries andincluding, as of July 1, 2026, Clarendon Private.
As the interest rate environment resets to a more normal, upward-sloping yield curve with shorter-term interest rates lower than longer term interest rates, management expects the net interest margin to increase modestly. This is due to deposit and wholesale funding costs repricing at lower rates, while loans doyields not reprice at the same magnitude,stabilize, as well as the accretions from the purchase accounting marks. If both short- and long-term interest rates fall, net interest income models, using a projected flat balance sheet with stable deposit balances, forecast that a parallel decrease in rates will have a negative impact on the Company's net interest income, net interest spread, and net interest margin. While the Company's current deposit sensitivity rate is approximately 40%,45%, shifting to a morean asset sensitive balance sheet could have additional pressure on interest margins.
Total assets decreased $1.0 billion, or 17.1%8.3% on an annualized basis, to $22.2$22.3 billion as of MarchJune 31,30, 2026 from $23.2 billion as of December 31, 2025. The decrease was primarily driven by the reduction in cash balances due to timing fluctuations in customer payroll deposits.deposits and a decline in loans and leases. Cash, cash equivalents and available for sale investment securities decreased $0.9$0.8 billion, or 96.4%40.4% on an annualized basis, to $2.8$3.0 billion as of MarchJune 31,30, 2026 from $3.7 billion as of December 31, 2025. This decreased the Company's on balance sheet liquidity from 16.1% of total assets as of December 31, 2025 to 12.7%13.4% of total assets as of MarchJune 31,30, 2026.
Total loans and leases decreased $105.4$207.3 million, or 2.3% on an annualized basis, to $17.9$17.8 billion as of MarchJune 31,30, 2026 from $18.0 billion as of December 31, 2025. The Company's commercial loan portfolios, which are composed of commercial real estate loans and commercial loans and leases, represented 77.9%77.8% of total loans and leases as of MarchJune 31,30, 2026 and represented 77.4% of total loans and leases as of December 31, 2025.
Total investment securities increased $29.9$72.5 million, or 7.1%8.6% on an annualized basis, to $1.7$1.8 billion as of MarchJune 31,30, 2026 from $1.7 billion as of December 31, 2025.
Cash and cash equivalents decreased $0.9$0.8 billion, or 182.0%80.9% on an annualized basis, to $1.1$1.2 billion as of MarchJune 31,30, 2026 from $2.0 billion as of December 31, 2025. The decrease was primarily due to the fluctuation within payroll deposits.
Total deposits decreased $1.2$1.0 billion, or 25.1%10.5% on an annualized basis, to $18.3$18.5 billion as of MarchJune 31,30, 2026 from $19.5 billion as of December 31, 2025, consisting of a $276.0$183.2 million decrease in customer deposits, a $664.9$666.6 million decrease in payroll deposits, and a $281.5$179.0 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. Core deposits, which include demand checking, NOW, non-payroll money market and savings accounts, totaled $12.9$13.0 billion, or 70.3%70.2% of total deposits, as of MarchJune 31,30, 2026, a decrease of $0.2$91.2 billionmillion from $13.1 billion, or 67.0% of total deposits, as of December 31, 2025. Payroll deposits totaled $1.2 billion, or 6.6% of total deposits as of MarchJune 31,30, 2026, a decrease of $664.9$666.6 million, or 141.6%71.0% on an annualized basis, from $1.9 billion, or 9.6% of total deposits as of December 31, 2025. Certificate of deposit balances totaled $4.1 billion, or 22.3%22.0% of total deposits as of MarchJune 31,30, 2026, a decrease of $0.1$92.0 billion,million, or 6.8%4.4% on an annualized basis, from $4.2 billion, or 21.3% of total deposits as of December 31, 2025. Brokered deposits totaled $128.8$231.4 million, or 0.7%1.3% of total deposits as of MarchJune 31,30, 2026, a decrease of $281.5$179.0 million, or 274.4%87.2% on an annualized basis, from $410.4 million, or 2.1% of total deposits as of December 31, 2025.
Total borrowed funds increased $284.1$100.2 million, or 144.2%25.4% on an annualized basis, to $1.1$0.9 billion as of MarchJune 31,30, 2026 from $0.8 billion as of December 31, 2025.
Nonperforming assets as of MarchJune 31,30, 2026 totaled $151.2$155.2 million, or 0.68%0.70% of total assets, compared to $116.7 million, or 0.50% of total assets, as of December 31, 2025. Net charge-offs for the three months ended MarchJune 31,30, 2026 were $13.6$14.3 million, or 0.30%0.32% of average loans and leases on an annualized basis, compared to $7.6$5.1 million, or 0.31%0.21% of average loans and leases on an annualized basis, for the three months ended MarchJune 31,30, 2025.
The ratio of the allowance for loan and lease losses to total loans and leases was 1.36%1.34% as of MarchJune 31,30, 2026, compared to 1.40% as of December 31, 2025.
The ratio of the allowance for loan and lease losses to nonaccrual loans and leases was 164.44%156.04% as of MarchJune 31,30, 2026, compared to 221.49% as of December 31, 2025.
The Company is a "well-capitalized" bank holding company as defined in the FRB's Regulation Y. The Company's common equity Tier 1 capital ratio was 11.24%11.57% as of MarchJune 31,30, 2026, compared to 10.95% as of December 31, 2025. The Company's Tier 1 leverage ratio was 9.59%9.80% as of MarchJune 31,30, 2026, compared to 9.25% as of December 31, 2025. As of MarchJune 31,30, 2026, the Company's Tier 1 risk-based capital ratio was 11.40%,11.74%, compared to 11.12% as of December 31, 2025. The Company's Total risk-based capital ratio was 13.27%13.61% as of MarchJune 31,30, 2026, compared to 13.01% as of December 31, 2025.
The Company's ratio of stockholders' equity to total assets was 11.27%11.41% and 10.75% as of MarchJune 31,30, 2026 and December 31, 2025, respectively. The Company's ratio of tangible stockholders' equity to tangible assets (non-GAAP) was 9.07%9.25% and 8.62% as of MarchJune 31,30, 2026 and December 31, 2025, respectively.
For the three months ended MarchJune 31,30, 2026, the Company reported a net income of $46.2$64.4 million, or $0.55$0.77 per basic and diluted share, an increase of $27.1$42.4 million, or 142.0%,192.5%, from net income of $19.1$22.0 million, or $0.21$0.25 per basic and diluted share, for the three months ended MarchJune 31,30, 2025. This increase in net income is primarily the result of an increase in net interest income of $104.9$104.5 million andmillion, an increase in non-interest income of $18.3$20.0 million, and a decrease in provision for credit losses on loans of $2.0 million, partially offset by an increase of $80.8$69.2 million in non-interest expense,expense and an increase in the provision for income taxes of $13.4 million, and an increase in provision for credit losses on loans of $1.9$15.0 million. Refer to "Non-GAAP Financial Measures and Reconciliation to GAAP" for operating earnings measures. Refer to“Results of Operations" below for further discussion.
For the six months ended June 30, 2026, the Company reported a net income of $110.6 million, or $1.32 per basic and diluted share, an increase of $69.5 million, or 169.0%, from $41.1 million, or $0.46 per basic and diluted share for the six months ended June 30, 2025. This increase in net income is primarily the result of an increase in net interest income of $209.5 million and an increase in non-interest income of $38.3 million, partially offset by an increase in non-interest expense of $150.0 million and an increase in the provision for income taxes of $28.4 million. Refer to "Non-GAAP Financial Measures and Reconciliation to GAAP" for operating earnings measures. Refer to “Results of Operations" below for further discussion.
The annualized return on average assets was 0.84%1.17% for the three months ended MarchJune 31,30, 2026, compared to 0.66%0.77% for the three months ended MarchJune 31,30, 2025. The annualized return on average stockholders' equity was 7.32%10.15% for the three months ended MarchJune 31,30, 2026, compared to 6.19%7.04% for the three months ended MarchJune 31,30, 2025.
The net interest margin was 3.78%3.81% for the three months ended MarchJune 31,30, 2026, up from 3.22%3.32% for the three months ended MarchJune 31,30, 2025. The increase in the net interest margin was a result of a decrease of 6154 basis points in the Company's cost of interest-bearing liabilities to 2.68%2.63% for the three months ended MarchJune 31,30, 2026 from 3.29%3.17% for the three months ended MarchJune 31,30, 2025, and an increase in the yield on interest-earning assets of 32 basis points to 5.70%5.76% for the three months ended MarchJune 31,30, 2026 from 5.67%5.74% for the three months ended MarchJune 31,30, 2025.
The net interest margin was 3.80% for the six months ended June 30, 2026, up from 3.27% for the six months ended June 30, 2025. The increase in the net interest margin is a result of a decrease of 58 basis points in the Company's cost of interest bearing liabilities to 2.65% for the six months ended June 30, 2026 from 3.23% for the six months ended June 30, 2025, and an increase in the yield on interest-earning assets of 3 basis points to 5.74% for the six months ended June 30, 2026 from 5.71% for the six months ended June 30, 2025.
Business combinations are generally accounted for under the acquisition method of accounting whereby assets acquired and liabilities assumed in business combinations are recorded at their estimated fair value as of the acquisition date. The determination of fair value may involve the use of internal or third-party valuation specialists to assist in the determination of the fair value of certain assets and liabilities at the acquisition date, including loans and leases, core deposit intangibles and time deposits. The excess of the cost of acquisition over these fair values is recognized as goodwill. A description of the valuation methodologies used to estimate the fair values of the significant assets acquired and liabilities assumed can be found in Note 2 "Business Combinations" within the notes to the consolidated financial statements.statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
(1) For the three months and six months ended MarchJune 31,30, 2026 and 2025, merger and restructuring expense was related to the Transaction.
The following table sets forth the growth in the Company’s loan and lease portfolios during the threesix months ended MarchJune 31,30, 2026:
The Company's current policy is that a total credit exposure to one obligor relationship may not exceed $90.0 million unless approved by the Company's Credit Committee. As of MarchJune 31,30, 2026, there were zerotwo borrowers with loans and commitments over $90.0 million. The total of those loans and commitments was $226.5 million, or 1.27% of total loans and commitments, as of June 30, 2026. As of December 31, 2025, the Company's maximum credit exposure was $90.0 million and there was one borrower with loans and commitments over $90.0 million. The total of those loans and commitments was $94.9 million, or 0.8% of total loans and commitments, as of December 31, 2025.
The commercial real estate portfolio is composed of commercial real estate loans, multi-family mortgage loans, and construction loans and is the largest component of the Company's overall loan portfolio, representing 55.6%55.5% of total loans and leases outstanding as of MarchJune 31,30, 2026.
The Company's commercial real estate portfolio is composed primarily of loans secured by apartmentmulti-family buildings $2.8($2.7 billion), retail stores ($2.0$1.9 billion), industrial properties ($1.6$1.7 billion), office buildings ($1.2 billion), and lodging services ($556.8$588.6 million) as of MarchJune 31,30, 2026.
The following table presents the percentage of the Company's commercial real estate loan portfolio by borrower type that is owner and non-owner occupied as of MarchJune 31,30, 2026.
The following table presents the percentage of the Company's commercial real estate loan portfolio by geographic concentration that is owner and non-owner occupied as of MarchJune 31,30, 2026.
The Company's commercial loan and lease portfolio is composed of commercial loans & equipment financing loans and leases, which represented 22.4% of total loans outstanding as of MarchJune 31,30, 2026.
The Company's commercial loan and lease portfolio is composed primarily of loans and leases to small to medium sized businesses ($1.4$1.3 billion), retail ($434.1 million), recreationfood services ($362.4 million), manufacturing ($321.0$474.9 million), rental and leasing services ($220.3$391.4 million), foodmanufacturing ($277.8 million), retail ($213.6 million), transportation services ($184.9$162.8 million), and transportationrecreation services ($132.7$132.2 million) as of MarchJune 31,30, 2026.
The following table presents the percentage of the Company's commercial loan portfolio by geographic concentration as of MarchJune 31,30, 2026.
The consumer loan portfolio, which is composed of residential mortgage loans, home equity loans and lines of credit, and other consumer loans, represented 22.0%22.1% of total loans outstanding as of MarchJune 31,30, 2026. The Company focuses its mortgage and home equity lending on existing and new customers within its branch networks.
Other consumer loans have historically been a modest part of the Company's loan originations. As of MarchJune 31,30, 2026, other consumer loans equaled $131.0$139.8 million, or 0.7%0.8% of total loans outstanding.
The Company's management rates certain loans and leases as OAEM, "substandard" or "doubtful" based on criteria established under banking regulations. These loans and leases are collectively referred to as "criticized" assets. Loans and leases rated OAEM have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects of the loan or lease at some future date. Loans and leases rated as substandard are inadequately protected by the payment capacity of the obligor or of the collateral pledged, if any. Substandard loans and leases have a well-defined weakness or weaknesses that jeopardize the liquidation of debt and are characterized by the distinct possibility that the Company will sustain some loss if existing deficiencies are not corrected. Loans and leases rated as doubtful have well-defined weaknesses that jeopardize the orderly liquidation of debt and partial loss of principal is likely. As of MarchJune 31,30, 2026, the Company had $797.6$812.9 million of total assets that were designated as criticized. This compares to $683.7 million of assets designated as criticized as of December 31, 2025. The increase of $113.9$129.2 million in criticized assets was primarily driven by downgrades in four loans in our commercial real estate portfolio.
As of MarchJune 31,30, 2026, the Company had nonperforming assets of $151.2$155.2 million, representing 0.68%0.70% of total assets, compared to nonperforming assets of $116.7 million, or 0.50% of total assets as of December 31, 2025. The increase of $34.5$38.4 million in nonperforming assets during the threesix months ended MarchJune 31,30, 2026 was primarily driven by increases in nonperforming commercial real estateestate, multi-family and multi-familycommercial loans, partially offset by a decline in equipment financing nonperforming balances.loans.
As of MarchJune 31,30, 2026, the Company had $5.8$7.8 million loans and leases greater than 90 days past due and accruing, compared to $37.8 million loans as of December 31, 2025.
The Company’s allowance methodology provides a quantification of estimated losses in the portfolio. Under the current methodology, management estimates losses over the life of the loan using reasonable and supportable forecasts. Forecasts, loan data, and model documentation are extensively analyzed and reviewed throughout the quarter to ensure estimated losses are appropriate at quarter end. Qualitative adjustments are applied to account for risk factors not captured by the model. These adjustments are thoroughly reviewed and documented to provide clarity and a reasonable basis for any deviations from the model. For MarchJune 31,30, 2026, qualitative adjustments were applied to the commercial real estate, commercial, and consumer portfolios resulting in a net addition in total reserves compared to modeled calculations.
The following tables present the changes in the allowance for loan and lease losses by portfolio category for the three and six months ended MarchJune 31,30, 2026 and 2025.
At MarchJune 31,30, 2026, the allowance for loan and lease losses decreased to $244.4$238.2 million, or 1.36%1.34% of total loans and leases outstanding. This compared to an allowance for loan and lease losses of $252.8 million, or 1.40% of total loans and leases outstanding, as of December 31, 2025.
Net charge-offs on loans and leases for the three months ended MarchJune 31,30, 2026 and 2025 were $13.6$14.3 million and $7.6$5.1 million, respectively. As a percentage of average loans and leases, annualized net charge-offs for the three months ended MarchJune 31,30, 2026 and 2025 were 0.30%0.32% and 0.31%,0.21%, respectively. The year over year increase in net charge-offs was primarily due to increases in net charge-offs of $7.0$10.9 million in commercial real estate loans and $4.2 million in commercial loans.
As of MarchJune 31,30, 2026, the Company had $192.9$275.5 million loans and leases delinquent more than 30 days, compared to $176.2 million loans as of December 31, 2025. The increase of $17.2$99.3 million was primary driven by higher delinquencies in commercial real estate mortgage, commercial, and residential mortgage loans and leases.
Management believes that the allowance for loan and lease losses as of MarchJune 31,30, 2026 is appropriate.
Cash, cash equivalents, and investment securities decreased $0.9$0.8 billion to $2.8$3.0 billion as of MarchJune 31,30, 2026, from $3.7 billion as of December 31, 2025. Cash, cash equivalents, and investment securities were 12.7%13.4% of total assets as of MarchJune 31,30, 2026, compared to 16.1% of total assets at December 31, 2025.
Maturities, calls and principal repayments for investment securities available-for-sale totaled $89.2$197.8 million for the threesix months ended MarchJune 31,30, 2026 compared to $27.2$60.7 million for the same period in 2025. For the threesix months ended MarchJune 31,30, 2026 and 2025 , the Company did not sell any investment securities available-for-sale. For the threesix months ended MarchJune 31,30, 2026, the Company purchased $129.1$280.4 million of investment securities available-for-sale, compared to $0.7$11.7 million for the same period in 2025.
As of MarchJune 31,30, 2026, the fair value of all investment securities available-for-sale was $1.7$1.8 billion with $42.7$47.4 million of net unrealized losses, compared to a fair value of $1.7 billion and net unrealized losses of $27.5 million as of December 31, 2025. As of MarchJune 31,30, 2026, $1.0$1.2 billion, or 59.5%,70.8%, of the portfolio, had gross unrealized losses of $51.0$56.7 million. This compares to $552.9 million, or 32.7%, of the portfolio with gross unrealized losses of $44.7 million as of December 31, 2025. The Company's unrealized loss position increased in 2026 primarily drivendue byto aan increase in current market rates.
FHLB of Boston and FHLB of New York Stock—The Company invests in the stock of the FHLB of Boston and FHLB of New York as a requirement to borrow funds from the FHLB. As of MarchJune 31,30, 2026, the Company owned stock in the FHLBs with a carrying value of $39.6$32.8 million, an increase of $10.2$3.4 million from $29.4 million as of December 31, 2025.
Federal Reserve Bank Stock—The Company invests in the stock of the Federal Reserve Bank of Boston and the Federal Reserve Bank of New York as a condition of the Bank's membership in the Federal Reserve System. As of MarchJune 31,30, 2026 the Company owned stock in the Federal Reserve Banks with a carrying value of $57.2 million, a decrease of $0.2 million from $57.4 million as of December 31, 2025.
Other Stock—The Company invests in a small number of other restricted equity securities. As of MarchJune 31,30, 2026, the Company owned stock in other restricted equity securities with a carrying value of $0.6 million, unchanged from December 31, 2025.
Total deposits decreased $1.2$1.0 billion to $18.3$18.5 billion as of MarchJune 31,30, 2026, compared to $19.5 billion as of December 31, 2025. Deposits as a percentage of total assets was 82.3%83.1% and 84.0% as of MarchJune 31,30, 2026 and December 31, 2025, respectively.
During the threesix months ended MarchJune 31,30, 2026, Core deposits decreased $0.2$0.1 billion. The ratio of Core deposits to total deposits decreased to 70.3%70.2% as of MarchJune 31,30, 2026 from 67.0% as of December 31, 2025.
Payroll deposits totaled $1.2 billion as of MarchJune 31,30, 2026, compared to $1.9 billion as of December 31, 2025.
Certificate of deposit accounts were $4.1 billion as of MarchJune 31,30, 2026, compared to $4.2 billion as of December 31, 2025. Certificate of deposit accounts increased as a percentage of total deposits to 22.3%22.0% as of MarchJune 31,30, 2026 from 21.3% as of December 31, 2025.
Brokered deposits decreased $281.5$179.0 million to $128.8$231.4 million as of MarchJune 31,30, 2026, compared to $410.4 million as of December 31, 2025. Brokered deposits decreased as a percentage of total deposits to 0.7%1.3% as of MarchJune 31,30, 2026 from 2.1% as of December 31, 2025. Brokered deposits allow the Company to seek additional funding by attracting deposits from outside the Company's core market. The Company's investment policy limits the total amount of brokered deposits the Company may hold to 15% of total assets.
As of MarchJune 31,30, 2026 and December 31, 2025, the Company had outstanding certificates of deposit of $250,000 or more, maturing as follows:
In accordance with the FDIC’s Call Report instructions, the Company reported uninsured deposits of $7.1 billion as of MarchJune 31,30, 2026 which includes approximately $665.8$687.6 million of internal operating deposit accounts. The Company participates in the IntraFi Network. This allows customers to seek increased FDIC insurance protection above the federally insured limit of $250,000. The Company had total IntraFi Network deposits as of MarchJune 31,30, 2026 of $929.4$1.0 millionbillion which are excluded from our uninsured deposit total.
FHLB borrowings increased $266.3$77.5 million to $822.1$633.3 million as of MarchJune 31,30, 2026 with a total capacity of $4.6$4.4 billion. As of December 31, 2025, FHLB borrowings stood at $555.8 million.
The above carrying amounts of the subordinated debentures included $0.2 million of accretion adjustments and $0.4 million of capitalized debt issuance costs as of March 31, 2026. This compares to $0.2 million of accretion adjustments and $0.4 million of capitalized debt issuance costs as of December 31, 2025.
As of MarchJune 31,30, 2026, the Bank also has access to funding through certain uncommitted lines via AFX as well as other large financial institution specific lines. As of MarchJune 31,30, 2026 and December 31, 2025, the Company did not have borrowings on outstanding uncommitted lines of credit.
As of MarchJune 31,30, 2026, the Company had $50.5$52.2 million in interest-bearing cash received on collateral from dealer counterparties. This compares to $33.1 million outstanding as of December 31, 2025. This cash collateralizes the fair value of the dealer side of derivative transactions.
The following table summarizes certain information concerning the Company's loan level derivatives, interest rate derivatives, risk participation agreements, and foreign exchange contracts at MarchJune 31,30, 2026 and December 31, 2025:
The Company's total stockholders' equity was $2.5 billion as of MarchJune 31,30, 2026 representing an $8.7$43.7 million increase compared to $2.5 billion at December 31, 2025. The increase for the threesix months ended MarchJune 31,30, 2026 was primarily driven by net income of $46.2$110.6 million, offset by dividends paid by the Company of $27.0$54 million, and unrealized loss on securities available for sale of $11.3$14.8 million.
Stockholders' equity represented 11.27%11.41% of total assets as of MarchJune 31,30, 2026 and 10.75% of total assets as of December 31, 2025. Tangible stockholders' equity (total stockholders' equity less goodwill and identified intangible assets, net) represented 9.07%9.25% of tangible assets (total assets less goodwill and identified intangible assets, net) as of MarchJune 31,30, 2026 and 8.62% as of December 31, 2025.
BBT insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-01 | Mccurdy Michael W. |
Shares withheld for tax | 1,314 | $30.39 | $39.9K |
| 2026-09-01 | Meiklejohn Mark J. |
Shares withheld for tax | 963 | $30.39 | $29.3K |
| 2026-09-01 | Perrault Paul A |
Shares withheld for tax | 4,333 | $30.39 | $131.7K |
| 2026-09-01 | Carlson Carl M |
Shares withheld for tax | 1,314 | $30.39 | $39.9K |
| 2026-09-01 | Eagan John Buckley |
Shares withheld for tax | 267 | $30.39 | $8.1K |
| 2026-09-01 | Levante Gary R. |
Shares withheld for tax | 101 | $30.39 | $3.1K |
| 2026-08-19 | Sherman Merrill W |
Gift | 23,421 | — | — |
| 2026-08-19 | Sherman Merrill W |
Gift | 23,421 | — | — |
| 2026-06-16 | Perrault Paul A |
Grant/award | 18,174 | — | — |
| 2026-06-16 | Perrault Paul A |
Grant/award | 18,174 | — | — |
| 2026-06-16 | Mccurdy Michael W. |
Grant/award | 5,167 | — | — |
| 2026-06-16 | Mccurdy Michael W. |
Grant/award | 5,167 | — | — |
| 2026-06-16 | Meiklejohn Mark J. |
Grant/award | 4,420 | — | — |
| 2026-06-16 | Meiklejohn Mark J. |
Grant/award | 4,420 | — | — |
| 2026-06-16 | Levante Gary R. |
Grant/award | 2,164 | — | — |
| 2026-06-16 | Levante Gary R. |
Grant/award | 2,164 | — | — |
| 2026-06-16 | Rosengren Eric S |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Pereira John M. |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Chang Joanne B. |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Polito Karyn |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Fitzgerald Margaret Boles |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Callahan Mary Anne |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Sherman Merrill W |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Desai Mihir A. |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Charnley Nina A |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Maxfield Sylvia |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Hill Willard I Jr |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Hughes William H Iii |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Chang Joanne B. |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Gray Sean |
Grant/award | 5,167 | — | — |
| 2026-06-16 | Gray Sean |
Grant/award | 5,167 | — | — |
| 2026-06-16 | Hollister Thomas J |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Nowak Bogdan |
Grant/award | 2,509 | — | — |
| 2026-06-16 | Carlson Carl M |
Grant/award | 5,167 | — | — |
| 2026-06-16 | Carlson Carl M |
Grant/award | 5,167 | — | — |
| 2026-06-16 | Brunelle David |
Grant/award | 2,509 | — | — |
Well-known investors holding BBT (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Millennium Management (Israel Englander) | 2026-06-30 | 5,165,656 | $157.3M | 0.11% | Added 1% |
| Two Sigma Investments | 2026-06-30 | 470,517 | $14.3M | 0.01% | Reduced 25% |
| Renaissance Technologies | 2026-06-30 | 431,740 | $13.1M | 0.02% | Reduced 24% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 286,141 | $8.7M | 0.01% | Added 80% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 237,950 | $7.2M | 0.0% | Reduced 6% |