BERKSHIRE HILLS BANCORP INC

For the period ended Sep 30, 2024. Filed Nov 12, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 12, 2024

BBT$30.67+0.2%Stored close · as of Nov 9, 2026

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Contents

Selected Financial Data

The following summary data is based in part on the consolidated financial statements and accompanying notes and other information appearing elsewhere in this Form 10-Q.

At or for the · At or for the
Three Months Ended September 30,	Nine Months Ended September 30,
	2024	2023	2024	2023
NOMINAL AND PER SHARE DATA
Net earnings per common share, diluted	$0.88	$0.45	$0.97	$1.63
Operating earnings per common share, diluted (1)(2)	0.58	0.50	1.61	1.67
Net income, (thousands)	37,509	19,545	41,346	71,043
Operating net income, (thousands) (1)(2)	24,789	21,516	68,891	73,002
Net interest income, non FTE	88,059	90,334	264,731	280,626
Net interest income, FTE (4)	90,082	92,314	270,773	286,476
Total common shares outstanding, (thousands)	42,982	43,822	42,982	43,822
Average diluted shares, (thousands)	42,454	43,347	42,658	43,640
Total book value per common share	24.90	21.70	24.90	21.70
Tangible book value per common share (2)	24.53	21.23	24.53	21.23
Dividends per common share	0.18	0.18	0.54	0.54
Dividend payout ratio	20.63%	40.56%	56.67%	33.67%
PERFORMANCE RATIOS (3)
Return on equity	14.29%	7.91%	5.37%	9.57%
Operating return on equity (1)(2)	9.44	8.71	8.94	9.83
Return on tangible common equity (1)(2)	14.83	8.45	5.80	10.16
Operating return on tangible common equity (1)(2)	9.91	9.27	9.43	10.43
Return on assets	1.28	0.66	0.47	0.80
Operating return on assets (1)(2)	0.85	0.73	0.78	0.82
Net interest margin, FTE (4)	3.16	3.18	3.17	3.33
Efficiency ratio (1)(2)	63.74	65.05	64.45	62.65
FINANCIAL DATA (in millions, end of period)
Total assets	$11,605	$12,140	$11,605	$12,140
Total earning assets	10,922	11,400	10,922	11,400
Total loans	9,212	8,984	9,212	8,984
Total deposits	9,577	9,981	9,577	9,981
Loans/deposits (%)	96%	90%	96%	90%
Total shareholders' equity	1,070	951	1,070	951
ASSET QUALITY
Allowance for credit losses, (millions)	$112	$103	$112	$103
Net charge-offs, (millions)	(6)	(5)	(11)	(18)
Net charge-offs (QTD annualized)/average loans	0.24%	0.24%	0.16%	0.28%
Provision expense, (millions)	$6	$8	$18	$25
Non-accruing loans/total loans	0.26%	0.30%	0.26%	0.30%
Allowance for credit losses/non-accruing loans	467	386	467	386
Allowance for credit losses/total loans	1.22	1.14	1.22	1.14
CAPITAL RATIOS
Common equity tier 1 capital to risk-weighted assets	12.0%	12.1%	12.0%	12.1%
Tier 1 capital leverage ratio	9.9	9.8	9.9	9.8
Tangible common shareholders' equity/tangible assets (2)	9.1	7.7	9.1	7.7

(1) Operating measurements are non-GAAP financial measures that are adjusted to exclude net non-operating charges primarily related to acquisitions and restructuring activities. Refer to "Reconciliation of Non-GAAP Financial Measures" for additional information.

(2) Non-GAAP financial measure. Refer to "Reconciliation of Non-GAAP Financial Measures" for additional information.

(3) All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

(4) Fully taxable equivalent considers the impact of tax advantaged investment securities and loans.

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