Every material Form 8-K Beacon Financial has filed with the SEC since May 14, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Beacon Financial Corporation entered into an employment agreement with Sean A. Gray, effective September 21, 2026, tied to his previously announced appointment as President and Chief Executive Officer of the Company and Beacon Bank & Trust. The filing sets his $1,000,000 base salary, a bonus target of 75% of base salary, and severance terms that increase if a termination follows a change in control.
Base salary of $1,000,000; annual bonus target of 75% of base salary
Annual equity awards with grant date fair value of 105% of base salary, plus a one-time restricted stock award of $275,000 vesting in three equal tranches
Severance on termination without cause or for good reason: two times base salary plus target bonus, rising to three times if within 24 months after a change in control
Beacon Financial reported third-quarter 2026 net income of $61.2 million, or $0.73 per share, down from $64.4 million, or $0.77 per share, in the second quarter, but up from a net loss of $(4.2) million in the third quarter of 2025. The board raised the stock buyback authorization to $125 million, subject to regulatory approval, and approved a $0.3225 quarterly dividend.
Operating earnings after tax (non-GAAP) were $64.7 million, or $0.77 per share, versus $64.4 million, or $0.77 per share, in Q2 2026.
Net interest income rose $3.9 million to $197.2 million, and net interest margin rose 4 basis points to 3.85 percent.
The provision for credit losses was $8.9 million, and merger and restructuring expense was $5.1 million; nonperforming assets rose $7.9 million to $163.1 million.
Buyback authorization increased to $125 million; the $0.3225 dividend is payable November 20, 2026, to holders of record on November 6, 2026.
Beacon Financial Corporation said its President and Chief Executive Officer, Paul A. Perrault, is retiring effective September 21, 2026, and Sean A. Gray, its Chief Operating Officer, is taking over as President and CEO and joining the boards of the Company and Beacon Bank & Trust. The filing describes a twelve-month consulting arrangement with Mr. Perrault, including a $120,000 monthly consulting fee, and the filing does not report any financial results for the period.
Paul A. Perrault retires as President and CEO and resigns from both boards effective September 21, 2026.
Sean A. Gray, age 50, becomes President and CEO and joins the boards; he previously served as Chief Operating Officer since 2025.
Mr. Perrault's consulting agreement runs for twelve months at $120,000 per month and includes payment of his 2026 annual bonus based on actual performance.
Beacon Financial Corporation completed the sale of $175 million of 6.25% fixed-to-floating rate subordinated notes due September 1, 2036, on August 20, 2026. The company estimates net proceeds of about $171.8 million, which it plans to use with cash on hand, if needed, to redeem its $75 million 6.0% notes due 2029 and for general corporate purposes, so the transaction changes the company's debt mix rather than its operating results.
$175 million of subordinated notes issued August 20, 2026, maturing September 1, 2036
Fixed 6.25% interest until September 1, 2031, then resets quarterly to Three-Month Term SOFR plus 2.15%
Estimated net proceeds of approximately $171.8 million
$75 million 6.0% notes due 2029 to be redeemed in full on September 15, 2026, at 100% of principal plus accrued interest
Beacon Financial Corporation's General Counsel and Corporate Secretary, Wm. Gordon Prescott, retired effective July 31, 2026, and John B. Eagan took over the role effective August 1, 2026. The company also adopted a Good Leaver Policy on July 29, 2026, setting how equity awards may continue vesting for eligible employees who retire. The filing describes a routine leadership succession with no financial results disclosed.
Wm. Gordon Prescott retired as General Counsel and Corporate Secretary effective July 31, 2026, after more than 18 years of service.
John B. Eagan, previously Deputy General Counsel and Assistant Secretary, became General Counsel and Corporate Secretary effective August 1, 2026.
The Board adopted the Good Leaver Policy on July 29, 2026, covering Management Committee members and other selected key employees.
Retirement under the policy requires age plus years of service of at least 65, and at least 5 years of continuous service, subject to Committee discretion.
Beacon Financial Corporation reported second-quarter 2026 net income of $64.4 million, or $0.77 per share, up from $46.2 million ($0.55) in the first quarter and $22.0 million ($0.25) a year earlier. The company also declared a regular quarterly dividend of $0.3225 per share, and the filing notes that prior-period comparisons are limited because the Brookline merger was accounted for as a reverse acquisition.
Net income of $64.4 million ($0.77 per diluted share) for the quarter ended June 30, 2026, versus $46.2 million ($0.55) in Q1 2026 and $22.0 million ($0.25) in Q2 2025.
Net interest margin rose to 3.81% from 3.78%, and non-interest expense fell to $127.3 million from $140.8 million, which included $13.0 million of merger and restructuring expense in Q1 2026.
Net loan and lease charge-offs were $14.3 million (0.32% annualized), up from $13.6 million in Q1; nonperforming assets rose to $155.2 million from $151.2 million.
Quarterly dividend of $0.3225 per share, payable August 28, 2026 to stockholders of record on August 14, 2026.
Beacon Financial reported first-quarter 2026 net income of $46.2 million, or $0.55 per share, down from $53.4 million, or $0.64 per share, in the fourth quarter of 2025 but up from $19.1 million in the first quarter of 2025. The company said results reflect the merger with Brookline Bancorp and that they may not be directly comparable with prior periods; its board also approved a $0.3225 quarterly dividend and a $50 million stock buyback, subject to regulatory approval.
Net interest income fell to $190.8 million from $199.7 million in the fourth quarter of 2025; net interest margin was 3.78%, down from 3.82%.
Nonperforming assets rose to $151.2 million from $116.7 million at December 31, 2025, largely from a $17.5 million Boston office property and $8.9 million in two New York City multi-family properties.
Quarterly dividend of $0.3225 per share is payable May 29, 2026 to stockholders of record on May 15, 2026.
Management will hold a conference call at 1:30 PM Eastern Time on April 30, 2026.
Beacon Financial reported fourth-quarter 2025 net income of $53.4 million, or $0.64 per share, compared with a net loss of $4.2 million in the third quarter, and its board approved a quarterly dividend of $0.3225 per share. The filing says the quarter included three months of combined results from the September 2025 merger with Brookline Bancorp versus one month in the prior quarter, so results may not be directly comparable to prior periods. For shareholders, the quarter shows a return to profit and a dividend more than double the $0.135 paid a year earlier, while full-year 2025 merger-related charges totaled $70.1 million.
Q4 2025 net income was $53.4 million, or $0.64 per share, versus a net loss of $4.2 million, or $0.05 per share, in Q3 2025.
Q4 2025 operating earnings (non-GAAP) were $66.4 million, or $0.79 per share.
Full-year 2025 net income was $90.3 million, or $1.03 per share, including $70.1 million of merger-related charges.
Quarterly dividend of $0.3225 per share is payable February 27, 2026, to holders of record on February 13, 2026.
Beacon Financial reported a third-quarter net loss of $56.3 million, or $0.64 per share, compared with net income of $22.0 million, or $0.25 per share, in the second quarter. The loss reflects $129.8 million in pre-tax one-time costs tied to the merger of equals with Brookline Bancorp, which took effect September 1, 2025; excluding those costs, operating earnings were $38.5 million, or $0.44 per diluted share. The board also approved a $0.3225 quarterly dividend.
Q3 2025 net loss of $(56.3) million, or $(0.64) per basic share, versus Q2 net income of $22.0 million, or $0.25 per share
Pre-tax one-time merger costs of $129.8 million; operating earnings of $38.5 million, or $0.44 per diluted share
Quarterly dividend of $0.3225 per share, payable November 24, 2025 to stockholders of record on November 10, 2025
Conference call scheduled for 1:30 PM Eastern Time on October 30, 2025
Berkshire Hills Bancorp completed its merger of equals with Brookline Bancorp on September 1, 2025, and renamed itself Beacon Financial Corporation, with its NYSE ticker changing from BHLB to BBT. Each Brookline share converted into the right to receive 0.42 shares of Beacon common stock, and Berkshire Hills shareholders' shares were unaffected. The filing reports no financial results, and the company said its focus now turns to integrating banking systems.
Merger completed September 1, 2025; Brookline shares converted at 0.42 Beacon shares each
About 84,272,242 Beacon common shares outstanding immediately after closing
Board expanded to 16 directors; Paul A. Perrault named President and CEO
Berkshire Hills Bancorp reported second-quarter 2025 GAAP net income of $30.4 million, or $0.66 per share, versus $0.57 a year earlier, and operating earnings of $31.6 million, or $0.69 per share. The company's pending merger with Brookline Bancorp, expected to close in 2025, remains subject to regulatory approvals and customary closing conditions.
GAAP EPS was $0.66 versus $0.57 in Q2 2024; operating EPS was $0.69 versus $0.55 a year earlier and $0.60 in Q1 2025.
Total net revenue was $113.7 million; net interest margin was 3.27%, up from 3.20% a year earlier.
Efficiency ratio improved to 56.7% from 59.5% in the prior quarter and 63.4% a year earlier.
Merger with Brookline Bancorp, under an agreement dated December 16, 2024, is expected to close in 2025.
Berkshire Hills Bancorp reported first-quarter 2025 results on April 24, 2025. GAAP net income was $25.7 million, or $0.56 per diluted share, compared with a loss of $20.2 million, or $(0.47) per share, a year earlier, and operating EPS was $0.60, up 22% year over year and unchanged from the prior quarter. The company also said its proposed merger with Brookline Bancorp is expected to close in the second half of 2025, subject to regulatory and stockholder approvals.
GAAP net income of $25.7 million, or $0.56 per diluted share, versus a loss of $20.2 million, or $(0.47) per share, in Q1 2024
Operating EPS of $0.60, unchanged from Q4 2024 and up 22% year over year
Net interest margin rose 10 basis points linked quarter to 3.24%; efficiency ratio improved to 59.5%
Each Brookline share would be exchanged for 0.42 Berkshire shares; closing expected in the second half of 2025
Berkshire Hills Bancorp reported fourth-quarter 2024 GAAP net income of $19.7 million, or $0.46 per share, down from $37.5 million, or $0.88 per share, in the prior quarter. Operating earnings rose 5% linked quarter to $26.0 million, or $0.60 per share, but GAAP results included $6.6 million in non-operating expenses related primarily to the pending merger with Brookline Bancorp.
Q4 2024 GAAP EPS $0.46 vs $0.88 in Q3 2024; operating EPS $0.60, up 3% linked quarter and 28% year over year
Total net revenue $110.2 million in Q4 2024 vs $125.6 million in Q3 2024 and $80.0 million in Q4 2023
FY2024 GAAP EPS $1.43 vs $1.60 in 2023; FY2024 operating EPS $2.22, up 4%
Management held a conference call on January 30, 2025 to discuss results and provide guidance; the filing does not state guidance figures
Berkshire Hills Bancorp and Brookline Bancorp signed a merger agreement on December 16, 2024, under which Brookline will combine with Berkshire, with Berkshire as the surviving company. Each Brookline share will convert into 0.42 of a Berkshire share, and the deal is subject to shareholder and regulatory approvals with closing anticipated in the second half of 2025. Berkshire is also selling 3,448,275 shares in a private placement at $29.00 per share, which would dilute existing Berkshire holders.
Each Brookline share converts into 0.42 of a Berkshire share; deal value is about $1.14 billion, or $12.68 per Brookline share
Pro forma ownership: 51.2% Berkshire, 44.8% Brookline, 4.1% new investors
Private placement of 3,448,275 shares at $29.00 per share, about $100.0 million gross proceeds, expected to close December 19, 2024
A termination fee of $45.0 million is payable by either company in certain circumstances
Berkshire Hills Bancorp reported third-quarter 2024 GAAP net income of $37.5 million, or $0.88 per share, up from $19.5 million, or $0.45 per share, a year earlier and $0.57 per share in the prior quarter. Operating earnings were $0.58 per share, up from $0.50 a year earlier, and the GAAP result includes a $16.0 million non-operating gain on a branch sale. The company said it would discuss expected future results on a conference call, but the filing does not state specific guidance figures.
GAAP net income $37.5 million, or $0.88 per share, versus $24.0 million, or $0.57 per share, in 2Q24 and $19.5 million, or $0.45 per share, in 3Q23
Operating earnings $24.8 million, or $0.58 per share, versus $0.55 per share in 2Q24 and $0.50 per share in 3Q23
$16.0 million non-operating gain on the sale of ten New York branches, or $0.30 per share after tax
Net interest margin 3.16%, down from 3.20% in 2Q24; total net revenue $125.6 million versus $107.8 million in 3Q23
Berkshire Hills Bancorp reported second-quarter 2024 GAAP net income of $24.0 million, or $0.57 per share, compared with a net loss of $20.2 million in the first quarter, which included a loss on securities sales. Operating earnings were $23.2 million, or $0.55 per share, up 12% from $0.49 in the prior quarter and in line with $0.55 a year earlier. The results are a routine quarterly update and the company did not state numerical guidance in the filing.
GAAP net income of $24.0 million, or $0.57 per share, versus a loss of $20.2 million, or $0.47 per share, in Q1 2024
Operating earnings of $23.2 million, or $0.55 per share, up 12% linked quarter; net interest margin rose to 3.20%
Total net revenue of $108.7 million, versus $55.5 million in Q1 2024, which included a $49.9 million loss on securities sales
Chief Financial Officer Brett Brbovic was promoted from Chief Accounting Officer, per the earnings release
Berkshire Hills Bancorp said CFO R. David Rosato will step down to pursue other interests, remaining with the company through June 14, 2024. Brett Brbovic, currently Chief Accounting Officer, will become Executive Vice President and Chief Financial Officer on June 14, 2024, and will also keep the Chief Accounting Officer role. The filing does not report any financial results or guidance tied to the change.
Rosato remains with the company through June 14, 2024 while his responsibilities transition to Brbovic.
Brbovic, 43, becomes EVP and CFO effective June 14, 2024, and continues as Chief Accounting Officer.
Brbovic's annual base salary as CFO will be $325,000, with severance rights under the Berkshire Bank Enhanced Change in Control Severance Plan.
Brbovic joined from KPMG LLP in 2012, has been Chief Accounting Officer since 2015, and served as interim CFO from October 7, 2022, to February 6, 2023.
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