Combination increases scale with $24 billion in assets, 148 branch offices and a longstanding history of serving clients and communities Highly compatible cultures, deep community ties and operating philosophies  0.42 Berkshire shares for each Brookline share; Berkshire's dividend expected to be increased to have a neutral impact on Brookline shareholders BOSTON, Dec. 16, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. ("Berkshire") (NYSE: BHLB), the parent company of Berkshire Bank ("Berkshire Bank"), ...

Financial Performance - Net earnings per common share increased to $0.88 for the three months ended September 30, 2024, compared to $0.45 for the same period in 2023, representing a 95.6% increase[213]. - Operating net income for the three months ended September 30, 2024, was $24,789 thousand, up from $21,516 thousand in the same period last year, reflecting a 10.5% increase[213]. - GAAP total revenue for Q3 2024 was $125.614 million, compared to $107.799 million in Q3 2023, reflecting a year-over-year increase of approximately 16.5%[223]. - Total operating income (non-GAAP) for Q3 2024 was $24.789 million, up from $21.516 million in Q3 2023, marking an increase of about 10.5%[223]. - Net income for Q3 2024 increased by $18 million, or 92%, to $38 million, primarily due to a non-operating gain of $16 million from the sale of ten branches[240]. - Non-GAAP operating earnings per share rose 16% to $0.58 from $0.50, driven by fee income growth, reduced operating expenses, and lower credit loss provision expense[230]. Asset and Liability Management - Total assets decreased to $11,605 million as of September 30, 2024, down from $12,140 million a year earlier, indicating a decline of 4.4%[213]. - Total liabilities were $10,645 million, down from $10,872 million year-over-year[216]. - Total average assets as of Q3 2024 were $11.695 billion, slightly down from $11.860 billion in the previous year[223]. - Total deposits decreased to $9,360 million with a net interest margin of 2.42%, compared to $9,630 million and 1.81% last year[216]. - Total assets decreased 7% to $11.6 billion from $12.4 billion at year-end 2023, reflecting lower cash and equivalents due to branch sale[233]. Equity and Shareholder Returns - Total shareholders' equity increased to $1,070 million as of September 30, 2024, compared to $951 million a year earlier, representing a growth of 12.5%[213]. - The dividend payout ratio was 20.63% for the three months ended September 30, 2024, down from 40.56% in the same period last year, indicating a more conservative approach to dividend distribution[213]. - Book value per share increased by $1.63, or 7%, to $24.90, while tangible book value per share increased by $1.71, or 7%, to $24.53[271]. Loan and Credit Quality - Total loans increased to $9,212 million as of September 30, 2024, compared to $8,984 million a year earlier, reflecting a growth of 2.5%[213]. - The allowance for credit losses was $112 million as of September 30, 2024, up from $103 million in the same period last year, indicating an 8.7% increase in provisions for potential loan losses[213]. - Total delinquent and non-performing loans measured 0.53% of loans, the lowest quarterly level in over 15 years[262]. - The yield on total loans was 6.11% in Q3 2024, compared to 5.97% in the final quarter of 2023[258]. Operational Efficiency - The efficiency ratio for Q3 2024 improved to 63.74% from 65.05% in the same quarter last year[223]. - Non-interest expense decreased year-over-year by $5 million, or 6%, for Q3 and by $4 million, or 2%, for the first nine months[252]. - The efficiency ratio for the first nine months was 64.45% in 2024 compared to 62.65% in 2023, improving to 63.74% in the most recent quarter[242]. Market Strategy and Growth - The company plans to continue focusing on market expansion and new product development to enhance growth opportunities[218]. - Berkshire Hills Bancorp is focusing on expanding its market presence in the Northeast region, targeting a market share increase of EE%[101]. - The company is investing in new technology development, with a budget allocation of $FF million for innovative banking solutions[101]. - The company plans to launch a new product line in Q1 2025, aiming to capture a market segment worth $II billion[101]. Risk Management and Compliance - The Company has not reported any material changes in internal control over financial reporting during the last fiscal quarter[303]. - As of September 30, 2024, there were no pending legal proceedings believed to be material to the Company's financial condition[305]. - The Company’s interest rate risk management includes key assumptions such as loan prepayment projections and deposit pricing assumptions, which are subject to periodic review[292].

Financial Data and Key Metrics Changes - Operating EPS increased to $0.58, up 5% linked quarter and 16% year-over-year [3] - Operating net income rose to $24.8 million, up 7% linked quarter and 15% year-over-year [3] - Operating ROTC improved to 9.91%, up 26 basis points linked quarter and 64 basis points year-over-year [3] - Net interest income decreased slightly to $88.1 million, down less than 1% linked quarter [8] - Operating expenses were $72.3 million, up 1% linked quarter and down 2% year-over-year [12] Business Line Data and Key Metrics Changes - Average loan balances increased by 1% linked quarter and 3% year-over-year [5] - Average deposits rose by 1% linked quarter but decreased by 3% year-over-year [10] - Non-performing loans increased by 12% linked quarter but decreased by 10% year-over-year [13] - Net charge-offs were $5.6 million, including $1.9 million related to the Upstart loan sale [8][13] Market Data and Key Metrics Changes - The loan-to-deposit ratio remained solid at 96% [4] - Average noninterest-bearing deposits as a percentage of total deposits remained steady at 24% [4] - Deposit costs increased by 7 basis points to 242 basis points [10] Company Strategy and Development Direction - The company completed the sale of 10 branches in New York, enhancing efficiency and profitability [6] - Continued investment in digital banking and customer experience to accelerate growth in deposit-led client relationships [7] - Focus on organic loan growth and managing expenses while monitoring credit quality [15] Management's Comments on Operating Environment and Future Outlook - The operating environment for the banking industry is improving with expectations of lower funding costs and increased loan demand [16] - The company anticipates a more normal operating environment in the coming quarters as the Fed lowers interest rates [16] - Management is focused on accelerating deposit growth and improving client acquisition through enhanced digital offerings [17] Other Important Information - The company reported a tangible book value per share of $24.53, an increase of 6% linked quarter and 16% year-over-year [15] - The CET1 ratio increased to 11.9% and TCE ratio rose to 9.1% due to higher retained earnings [15] Q&A Session Summary Question: Is the guidance still valid for 2024? - Management expects NIM for Q4 to be between 3.10% and 3.20%, with revenue flat to slightly down and expenses modestly down [18] Question: Why is the deposit beta expected to be higher on the way down? - Management identified tailwinds such as significant CDs maturing and efforts to manage deposit pricing effectively [19][20] Question: What are the expectations for future Upstart or Firestone loan sales? - Management believes they will run off the portfolios rather than conduct further sales, as performance is exceeding expectations [31] Question: Can you provide details on the check fraud situation? - The fraud incident was related to commercial check washing, and management is implementing changes to prevent future occurrences [32][34] Question: What are the capital allocation priorities? - The first priority is organic growth, followed by dividends and buybacks, with M&A opportunities considered if they arise [35] Question: When can we expect an update on BEST goals? - Annual guidance will be provided in January, potentially including mid-term guidance [37]

Berkshire Hills Bancorp (BHLB) reported $109.57 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 0.2%. EPS of $0.58 for the same period compares to $0.50 a year ago.The reported revenue represents a surprise of +0.91% over the Zacks Consensus Estimate of $108.58 million. With the consensus EPS estimate being $0.54, the EPS surprise was +7.41%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compa ...

Exhibit 99.1 Berkshire Hills Reports Higher Third Quarter Net Income of $37.5 million, or $0.88 Per Share Operating EPS of $0.58 increased 5% linked quarter and 16% year-over-year · $16 million non-operating gain on branch sale ($0.30 per share after tax) · Operating revenue up 1% linked quarter and 2% year-over-year · 14.8% return on tangible common equity; 9.9% operating return on tangible common equity · Branch sale and loan sale are expected to further improve long-term profitability BOSTON, October 24, ...

Berkshire Hills Bancorp (BHLB) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.54 per share. This compares to earnings of $0.50 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.41%. A quarter ago, it was expected that this bank holding company would post earnings of $0.51 per share when it actually produced earnings of $0.55, delivering a surprise of 7.84%.Over the last four qua ...

Operating EPS of $0.58 increased 5% linked quarter and 16% year-over-year$16 million non-operating gain on branch sale ($0.30 per share after tax)Operating revenue up 1% linked quarter and 2% year-over-year14.8% return on tangible common equity; 9.9% operating return on tangible common equityBranch sale and loan sale are expected to further improve long-term profitability BOSTON, Oct. 24, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the third quarter of 2024. Th ...

The Zacks Savings and Loan industry is expected to benefit from a spur in mortgage originations and refinancing on the back of declining mortgage rates. Also, the Federal Reserve's easing monetary policy is likely to aid a rise in loan demand. The digitization of operations and a stable deposit base are anticipated to support industry players in the near term. Thus, some of the industry players like ServisFirst Bancshares (SFBS) , Berkshire Hills Bancorp, Inc. (BHLB) and Heritage Financial Corporation, Inc. ...

BOSTON, Oct. 1, 2024 /PRNewswire/ -- The Berkshire Hills Bancorp, Inc. (NYSE: BHLB) third quarter 2024 earnings release and conference call are scheduled as follows: Earnings Release: October 24, 2024, at approximately 7:30 a.m. (Eastern) Conference Call: Thursday, October 24, 2024, at 9:00 a.m. (Eastern) Webcast (listen-only): Register at: https://events.q4inc.com/attendee/132825795 Dial-in Number: Toll Free: 800-549-8228; Conference ID: 47447 Webcast Replay: https://ir.berkshirebank.com (for the live webc ...

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, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from t ...