Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share BHLB The New York Stock Exchange 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: September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period f ...

Financial Performance - Revenue increased by 2%[6] - Fee income increased by 9%[6] - Core non-interest expense decreased by 4% (non-GAAP measure)[6] - Efficiency ratio improved to 65% from 71% (non-GAAP measure)[6] Balance Sheet Strength - Equity/assets ratio improved to 9.3% from 8.9%[6] - Tangible equity/tangible assets ratio improved to 9.1% from 8.6% (non-GAAP measure)[6] Loan Deferrals - Total loan deferrals decreased from $525 million as of August 31, 2020[7] - Commercial Real Estate deferrals represent 7.4% of the $3.943 billion portfolio[7] - Total Commercial (ex PPP) deferrals represent 7.3% of the $5.382 billion portfolio[8] - Total Loans deferrals represent 5% of the $8.982 billion portfolio[7] COVID-19 Response - Participating in the Paycheck Protection Program processing loans for $708 million as of September 30, 2020[17]

Financial Data and Key Metrics Changes - Core pre-tax, pre-provision revenue increased by 30% quarter-over-quarter due to higher revenue and lower expenses [7] - Core EPS was $0.53 per share, resulting in a core ROA of 84 basis points and a core ROE of 9.3% [15] - Efficiency ratio improved to 65% from 71% [15][16] - Loan loss provisions declined from elevated levels in the first half of the year [13] Business Line Data and Key Metrics Changes - Fee income increased by 9%, driven mainly by higher deposit fees as customer activity normalized [16] - Net interest income slipped by 1% due to lower loan balances, with the margin remaining stable at 261 basis points [17] - The company expects loan volumes to begin to firm after year-end, but anticipates further declines in PPP loan balances in Q4 [17][18] Market Data and Key Metrics Changes - General transaction volumes moved back towards normal as economies reopened, although commercial credit demand remains subdued [10][11] - The company reported a downward trend in COVID loan payment deferrals [13] Company Strategy and Development Direction - The company is focused on developing a 21st-century community bank, enhancing digital account opening experiences, and upgrading customer service technologies [8][9] - Strategic initiatives are being developed to rationalize the real estate footprint to improve profitability in 2021 [9][28] - The goal is to reduce annualized core expenses by $10 million to $15 million by the second half of 2021 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage pandemic-related impacts and adjust the business model for improved performance [25] - There is a focus on maintaining strong communication with customers and being proactive in credit administration [14] - The outlook for the margin in Q4 is expected to be flat, with potential benefits from PPP loan forgiveness in 2021 [41] Other Important Information - The company announced a reduction in its dividend to better align with current earnings generation levels [23] - There were $5 million in after-tax non-core charges primarily due to the CEO separation agreement [22] Q&A Session Summary Question: Clarification on cost savings initiative - Management confirmed that the cost savings initiative could potentially reduce annualized expenses by $10 million to $15 million, starting to appear in the back half of next year [32][34] Question: Stock buyback plans - Management is working on the ability to start buying back shares, citing strong capital ratios [35] Question: Outlook for net interest income (NII) - Management expects NII levels to remain similar in Q4, with a focus on asset generation rather than balance sheet shrinkage [45][46] Question: Trends in classified loans - Classified assets are trending up due to COVID-impacted businesses, with ongoing efforts to manage hospitality loans in deferral [54][55] Question: Expectations for deferral trends - Management expects deferrals to decrease, with many customers returning to interest-only payments [66]

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share BHLB The New York Stock Exchange 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, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from t ...

Berkshire Hills Bancorp Inc. (NYSE:BHLB) Q2 2020 Earnings Conference Call July 30, 2020 10:00 AM ET Company Participants David Gonci - Investor Relations Richard Marotta - Chief Executive Officer Jamie Moses - Chief Financial Officer Georgia Melas - Chief Credit Officer Conference Call Participants Mark Fitzgibbon - Piper Sandler Dave Bishop - D.A. Davidson Collyn Gilbert - KBW Laurie Hunsicker - Compass Point Operator Good day, and welcome to the Berkshire Hills Bancorp Second Quarter Earnings Release Conf ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share BHLB The New York Stock Exchange 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: March 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

Table of Contents Title of each class Trading Symbol(s) Name of Exchange on which registered Common stock, par value $0.01 per share BHLB New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share BHLB The New York Stock Exchange 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: September 30, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period f ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share BHLB The New York Stock Exchange 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, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2019 o 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 o ...