Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-15781 BERKSHIRE HILLS BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 04-3510455 (State or ot ...

Core Viewpoint - Berkshire Hills Bancorp and Brookline Bancorp are merging to form a new holding company named Beacon Financial Corporation, which will trade under the ticker symbol BBT on the New York Stock Exchange. The merger is expected to be completed in Q3 2025, pending regulatory approvals and closing conditions [1]. Group 1: Merger Details - The combined bank will be legally named Beacon Bank & Trust but will be commonly referred to as Beacon Bank [1]. - The merger is characterized as a "merger of equals," aiming to create a powerful financial institution with a broad and complementary footprint [4]. - The integration of banking systems is planned for the first quarter of 2026, with clients continuing to be served under existing brand names until the full transition to Beacon Bank [4]. Group 2: Branding and Vision - The name "Beacon Bank" symbolizes guidance, strength, and stability, reflecting the core principles of both legacy institutions [3]. - The logo design merges elements from both Berkshire and Brookline, using updated navy and gold colors to represent a modern approach [3]. - Leadership from both companies expressed a commitment to providing reliable financial guidance and maintaining local expertise post-merger [4]. Group 3: Company Backgrounds - Berkshire Hills Bancorp has $12.0 billion in assets and operates 83 branches, focusing on community-driven banking solutions in New England and New York [6]. - Brookline Bancorp has $11.6 billion in assets and serves customers in Massachusetts, Rhode Island, and New York, offering a range of commercial and retail banking services [7].

Core Insights - Berkshire Hills Bancorp reported a strong Q2 2025 with operating net income of $31.6 million, reflecting a 14% increase from Q1 and a 36% increase year over year [4][5][9] - The bank's operating earnings per share reached $0.69, up 15% from the first quarter and 25% year over year, driven by improved net interest income and a rise in net interest margin [4][5][9] - The merger with Brookline Bancorp is expected to enhance profitability, with an estimated 23% earnings accretion to 2026 consensus [4][11][12] Financial Performance - Operating expenses decreased to $67 million, down 2% from Q1 and 7% year over year, indicating effective cost control measures [4][5][16] - Net interest income rose by $2.2 million (2%) from Q1 and increased 4% year over year, with a net interest margin of 3.27% in Q2 [7][16] - Average loans increased by $95 million (1% annualized) from Q1 and $327 million (4%) year over year, primarily driven by commercial and industrial lending [7][16] Asset Quality and Risk Management - Net charge-offs were 14 basis points of loans, and nonperforming loans totaled 27 basis points of loans for Q2 2025, indicating strong asset quality [4][10][17] - The reserve coverage to nonperforming loans reached 462%, with a coverage ratio remaining flat at 124 basis points [17] Strategic Initiatives - The digital deposit program has successfully added over $100 million in new deposits since its inception earlier in 2025, contributing to the bank's balance sheet strength [4][10] - Management expressed satisfaction with the progress of cost synergies from the merger, targeting a pro forma cost save of 12.6% [4][8][12] Future Outlook - Annualized net income for 2025 is projected to exceed $118 million, surpassing the prior consensus of $101 million [4][11] - The bank anticipates a normalization of the tax rate to approximately 24-25% going forward [16][27] - The merger closing is targeted for September, pending regulatory approval [8][29]

Exhibit 99.1 Berkshire Hills Reports Strong Earnings Growth Second Quarter 2025 GAAP EPS $0.66; Operating EPS $0.69 BOSTON, July 24, 2025 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the second quarter of 2025. These results along with comparison periods are summarized below: | ($ in millions, except per share data) | | | | Three Months Ended | | | | --- | --- | --- | --- | --- | --- | --- | | | | June 30, 2025 | | Mar. 31, 2025 | | June 30, 2024 | | Net income | $ | 30.4 | $ | 25 ...

Berkshire Hills Bancorp (BHLB) came out with quarterly earnings of $0.69 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +18.97%. A quarter ago, it was expected that this bank holding company would post earnings of $0.54 per share when it actually produced earnings of $0.6, delivering a surprise of +11.11%.Over the last four ...

Berkshire Hills Bancorp (BHLB) Q2 2025 Earnings Call July 24, 2025 09:00 AM ET Speaker0Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Berkshire Hills Bancorp Second Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.Thank you. I would now like to turn the call over to Kevin Kahn. Please go ...

NYSE:BHLB Berkshire Hills Bancorp 2Q 2025 Earnings Presentation NON-GAAP FINANCIAL MEASURES This presentation contains both financial measures based on accounting principles generally accepted in the United States ("GAAP") and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company's results of operations or financial position. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are included in the appe ...

Second Quarter 2025 GAAP EPS $0.66; Operating EPS $0.69 15% increase in operating EPS linked quarter; 25% increase year-over-year 3% increase in operating revenue linked quarter, 2% decrease in operating non-interest expense 3.27% net interest margin, 3 bps increase linked quarter and 7 bps year-over-year 56.7% efficiency ratio; improved from 59.5% linked quarter 0.48% delinquent and non-performing loans to total loansBOSTON, July 24, 2025 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today rep ...

Company Overview - Berkshire Hills Bancorp, Inc. is the parent company of Berkshire Bank, which is a community-focused bank with $12.0 billion in assets and operates 83 financial centers in New England and New York [3]. Upcoming Earnings Release - The second quarter 2025 earnings release is scheduled for July 24, 2025, at approximately 7:30 a.m. (Eastern) [1]. - A conference call will follow the earnings release on the same day at 9:00 a.m. (Eastern) [1]. - Participants can register for the webcast and access the replay through the company's investor relations website [1]. Investor Relations - Kevin Conn serves as the Senior Managing Director of Investor Relations & Corporate Development, and can be contacted via email or phone for inquiries [4].

Financial Performance - Net income for Q1 2025 was $25.719 million, a significant improvement from a net loss of $20.188 million in Q1 2024[184]. - Operating earnings per common share increased to $0.60 in Q1 2025 from $0.49 in Q1 2024, reflecting a growth of approximately 22.45%[184]. - Operating income increased by $7 million, or 32%, year-over-year to $28 million, driven by a $5 million increase in operating revenue and a $4 million decrease in operating expenses[203]. - First quarter 2025 net income was $25.7 million compared to a net loss of $20.2 million in 2024, reflecting a significant turnaround[201]. - The first quarter return on tangible common equity was 9.02% in 2025, up from (7.73)% in 2024, indicating improved profitability[202]. Asset and Loan Management - Total loans rose to $9.429 billion in Q1 2025, up from $9.086 billion in Q1 2024, indicating a growth of about 3.77%[184]. - Total loans increased by $44 million to $9.43 billion, with a 1% rise in both commercial real estate loans and residential mortgage loans[211]. - Non-performing loans measured 0.25% of total loans at period-end, compared to 0.26% at year-end 2024, indicating favorable asset quality[213]. - Criticized loans increased to 3.00% of total loans at period-end, up from 2.62% at year-end 2024, largely due to an increase in substandard loans[214]. Efficiency and Operational Metrics - The efficiency ratio decreased to 59.45% in Q1 2025 from 66.26% in Q1 2024, showing improved operational efficiency[184]. - The efficiency ratio improved to 59.5% from 66.3% year-over-year, achieving the best quarterly level in two years[203]. - Non-interest expense decreased to $70 million from $76 million year-over-year, with a 6% reduction in operating non-interest expense[207]. Capital and Equity - The return on equity improved to 8.63% in Q1 2025, compared to a negative return of (7.93)% in Q1 2024[184]. - Common equity tier 1 capital to risk-weighted assets improved to 13.2% in Q1 2025 from 11.6% in Q1 2024, reflecting stronger capital position[184]. - Total shareholders' equity increased by $29 million, or 3%, to $1.2 billion during the quarter, with a common equity Tier 1 ratio of 13.2%[217]. Income and Revenue - First quarter net interest income rose by $2 million, or 2%, to $90 million, with a net interest margin increase to 324 basis points from 314 basis points[204]. - The net interest margin (FTE) increased to 3.24% in Q1 2025 from 3.15% in Q1 2024, indicating better profitability on interest-earning assets[184]. - Non-interest income for the first quarter was $21 million in 2025, compared to a $33 million loss in 2024, marking a substantial recovery[205]. Dividends and Payouts - The dividend payout ratio was 32.52% in Q1 2025, maintaining the dividend per common share at $0.18[184]. Mergers and Acquisitions - The company plans to merge with Brookline Bancorp, with Berkshire stockholders expected to own approximately 55% of the combined entity[197]. - The company issued $100 million in common shares in December 2024 to support the planned merger with Brookline Bancorp[201]. Tax and Regulatory - The first quarter effective tax rate was 26% in 2025, compared to 24% in 2024, reflecting changes in tax strategy[209]. Asset Management and Liquidity - Total assets decreased slightly to $12.013 billion in Q1 2025 from $12.147 billion in Q1 2024[184]. - Total assets decreased by 2% to $12.0 billion at March 31, 2025, from $12.3 billion at year-end 2024, primarily due to seasonal run-off of higher year-end overnight deposits[210]. - Liquidity management remains satisfactory, with liquid assets totaling $1.5 billion at March 31, 2025[219]. Interest Rate Sensitivity - Economic Value of Equity (EVE) sensitivity analysis indicated a shift to more liability sensitivity, with a -3.4% change for a +200 basis points shock at March 31, 2025[238].