BBT

EX-99.1

2 exh_991.htm

PRESS RELEASE

EdgarFiling

EXHIBIT 99.1

Beacon Financial Corporation Announces Second Quarter Results

Net Income of $64.4 million, EPS of $0.77

Quarterly Dividend of $0.3225

BOSTON, July 29, 2026 (GLOBE NEWSWIRE) -- Beacon Financial Corporation (NYSE: BBT) (the “Company”) today announced net income of $64.4 million, or $0.77 per basic and diluted share, for the second quarter of 2026, compared to $46.2 million, or $0.55 per basic and diluted share, for the first quarter of 2026, and $22.0 million, or $0.25 per basic and diluted share, for the second quarter of 2025.

“Our results this quarter demonstrate improved operating momentum, disciplined execution, and continued progress following our merger integration,” said Paul Perrault, the Company’s President and Chief Executive Officer.

“We grew total assets, deposits and non-interest income modestly, expanded the net interest margin, and reduced expenses, while maintaining our focus on credit discipline and long-term value creation for our stockholders. While competition is intense and the external environment remains unsettled, we are well positioned to build on this progress in the quarters ahead.”

Presentation of Results - The Merger

The Company’s merger of equals (the “Merger”) with Brookline Bancorp, Inc. (“Brookline”) was accounted for as a reverse acquisition using the acquisition method of accounting, with the Company treated as the legal acquirer and Brookline treated as the accounting acquirer for financial reporting purposes. The Company’s financial results for the period ended June 30, 2025 reflect Brookline’s results only on a standalone basis. As a result, the Company’s financial results for the second quarter of 2026 may not be directly comparable to prior reported periods.

BALANCE SHEET

Total assets increased $23.3 million during the quarter to $22.3 billion at June 30, 2026. Total assets increased $10.7 billion from June 30, 2025, primarily due to the assets assumed in the Merger.

Total loans and leases decreased $101.9 million to $17.8 billion at June 30, 2026 from March 31, 2026, primarily due to a decline in commercial real estate and equipment financing loans, partially offset by an increase in commercial and consumer loans, and increased $8.2 billion from June 30, 2025, primarily due to the loans and leases assumed in the Merger.

Total investment securities at June 30, 2026 increased $42.6 million to $1.8 billion from March 31, 2026, and increased $894.6 million from June 30, 2025, primarily due to investment securities assumed in the Merger.

Total cash and cash equivalents at June 30, 2026 increased $103.2 million to $1.2 billion from March 31, 2026, and increased $709.4 million from June 30, 2025, primarily due to cash and equivalents assumed in the Merger.

Total deposits as of June 30, 2026 increased $193.6 million from March 31, 2026, consisting of a $92.8 million increase in customer deposits and a $102.5 million increase in brokered deposits while payroll deposits remained flat. Total deposits increased $9.5 billion from June 30, 2025, primarily due to the deposits assumed in the Merger.

Total borrowed funds at June 30, 2026 decreased $183.9 million from March 31, 2026, and decreased $266.5 million from June 30, 2025.

The ratio of stockholders’ equity to total assets was 11.41 percent at June 30, 2026, compared to 11.27 percent at March 31, 2026, and 10.84 percent at June 30, 2025. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 9.25 percent at June 30, 2026, compared to 9.07 percent at March 31, 2026, and 8.82 percent at June 30, 2025. Tangible book value per common share (non-GAAP) increased $0.50 from $23.48 at March 31, 2026 to $23.98 at June 30, 2026, and increased $12.78 from $11.20 at June 30, 2025.

NET INTEREST INCOME

Net interest income increased $2.4 million to $193.2 million during the second quarter of 2026 from $190.8 million for the quarter ended March 31, 2026. The net interest margin increased 3 basis points to 3.81 percent for the three months ended June 30, 2026 from 3.78 percent for the three months ended March 31, 2026, primarily driven by a higher yield on loans and leases and lower funding costs offset by lower interest income as a result of a decline in average loan balances.

NON-INTEREST INCOME

Total non-interest income for the quarter ended June 30, 2026 increased $2.0 million to $26.0 million from $23.9 million for the quarter ended March 31, 2026. The increase was primarily driven by increases of $1.2 million in gain on sales of loans and leases, $0.6 million in loan level derivative income, net, and $0.4 million in wealth management fees, partially offset by a $0.6 million decline in bank-owned life insurance (BOLI) income.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $5.0 million for the quarter ended June 30, 2026, compared to $7.9 million for the quarter ended March 31, 2026. The decline in p

EX-99.1

2 exh_991.htm

PRESS RELEASE

EdgarFiling

EXHIBIT 99.1

Beacon Financial Corporation Announces First Quarter Results

Net Income of $46.2 million, EPS of $0.55

Operating Earnings of $58.4 million, Operating EPS of $0.70

Quarterly Dividend of $0.3225

Board Authorized $50 million Stock Buyback Program

BOSTON, April 29, 2026 (GLOBE NEWSWIRE) -- Beacon Financial Corporation (NYSE: BBT) (the “Company”) today announced net income of $46.2 million, or $0.55 per basic and diluted share, for the first quarter of 2026, compared to $53.4 million, or $0.64 per basic and diluted share, for the fourth quarter of 2025, and $19.1 million, or $0.21 per basic and diluted share, for the first quarter of 2025.

"The first quarter results reflect near-term pressures and the tail end of merger activity as we completed the core system conversion in February," stated Paul Perrault, the Company’s President and Chief Executive Officer.

"We remain focused on capturing the full synergies of our merger and executing a strategy that positions the bank for long-term success. We anticipate those actions will translate into stronger financial performance and more robust results as we move through the year.”

Presentation of Results - The Merger

The Company’s merger of equals (the “Merger”) with Brookline Bancorp, Inc. (“Brookline”) was accounted for as a reverse acquisition using the acquisition method of accounting, with the Company treated as the legal acquirer and Brookline treated as the accounting acquirer for financial reporting purposes. The Company’s financial results for any periods ended on or prior to June 30, 2025 reflect Brookline’s results only on a standalone basis. As a result, the Company’s financial results for the first quarter of 2026 may not be directly comparable to prior reported periods.

BALANCE SHEET

Total assets at March 31, 2026 decreased $1.0 billion to $22.2 billion from $23.2 billion at December 31, 2025, primarily driven by the reduction in cash balances due to timing fluctuations in payroll deposits. Total assets increased $10.7 billion from March 31, 2025, primarily due to the assets assumed in the Merger.

Total loans and leases decreased $105.4 million to $17.9 billion at March 31, 2026 from December 31, 2025, primarily due to a further reduction in commercial real estate and consumer loans, partially offset by increases in commercial loans, and increased $8.3 billion from March 31, 2025, primarily due to the loans and leases assumed in the Merger.

Total investment securities at March 31, 2026 increased $29.9 million to $1.7 billion from December 31, 2025 and increased $836.4 million from March 31, 2025, primarily due to investment securities assumed in the Merger.

Total cash and cash equivalents at March 31, 2026 decreased $928.8 million to $1.1 billion from December 31, 2025, primarily driven by the fluctuation within payroll deposits, and increased $755.4 million from March 31, 2025, primarily due to cash and equivalents assumed in the Merger.

Total deposits as of March 31, 2026 decreased $1.2 billion from December 31, 2025, consisting of a $264.7 million decrease in customer deposits, a $676.2 million decrease in payroll deposits, and a $281.5 million decrease in brokered deposits. The decline in customer deposits was driven largely by seasonal first quarter factors such as tax payments, with additional movement concentrated in a small number of rate‑sensitive, higher‑cost accounts. Core consumer and relationship-based deposits remain stable. Total deposits increased $9.4 billion from March 31, 2025, primarily due to the deposits assumed in the Merger.

Total borrowed funds at March 31, 2026 increased $284.1 million from December 31, 2025, and decreased $83.3 million from March 31, 2025.

The ratio of stockholders’ equity to total assets was 11.27 percent at March 31, 2026, compared to 10.75 percent at December 31, 2025, and 10.77 percent at March 31, 2025. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 9.07 percent at March 31, 2026, compared to 8.62 percent at December 31, 2025, and 8.73 percent at March 31, 2025. Tangible book value per common share (non-GAAP) increased $0.16 from $23.32 at December 31, 2025 to $23.48 at March 31, 2026, and increased $12.45 from $11.03 at March 31, 2025.

NET INTEREST INCOME

Net interest income decreased $8.9 million to $190.8 million during the first quarter of 2026 from $199.7 million for the quarter ended December 31, 2025. The net interest margin decreased 4 basis points to 3.78 percent for the three months ended March 31, 2026 from 3.82 percent for the three months ended December 31, 2025, primarily driven by lower yield on loans and leases and a reduction of interest earning assets, partially offset by lower funding costs.

NON-INTEREST INCOME

Total non-interest income for the quarter ended March 31, 2026 decreased $2.0 million to $23.9 million from $25.9 million for the quarter ended December 31, 2025. The

EX-99.1

2 exh_991.htm

PRESS RELEASE

EdgarFiling

EXHIBIT 99.1

Beacon Financial Corporation Announces Fourth Quarter Results

Net Income of $53.4 million, EPS of $0.64 Operating Earnings (Non-GAAP) of $66.4 million, Operating EPS (Non-GAAP) of $0.79 BOSTON, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Beacon Financial Corporation (NYSE: BBT) (the “Company”) today announced net income of $53.4 million, or $0.64 per basic and diluted share, for the fourth quarter of 2025.

For the year ended December 31, 2025, the Company reported net income of $90.3 million, or $1.03 per basic and diluted share. For the year ended December 31, 2025, excluding $70.1 million of merger-related charges, operating earnings after tax (non-GAAP) was $142.3 million, or $1.63 per basic share and $1.62 per diluted share.

“We’re beginning to build momentum as we closed 2025 with the strength of the combined Beacon organization and ongoing synergies created by our merger of equals,” commented Paul Perrault, the Company's President and Chief Executive Officer. “I’m proud of the hard work and dedication of our colleagues who provide exceptional service to support our clients and are working to drive meaningful performance improvements across the organization. Their leadership, resilience, and collaboration are integral to our ability to deliver an enhanced experience for those we serve while building the foundation for long-term success.”

Presentation of Results - The Merger

The Company’s merger of equals (the “Merger”) with Brookline Bancorp, Inc. (“Brookline”) was accounted for as a reverse acquisition using the acquisition method of accounting, with the Company treated as the legal acquirer and Brookline treated as the accounting acquirer for financial reporting purposes. The Company’s financial results for any periods ended on or prior to June 30, 2025 reflect Brookline’s results only on a standalone basis. As a result, the Company’s financial results for the fourth quarter of 2025 may not be directly comparable to prior reported periods.

BALANCE SHEET

Total assets at December 31, 2025 increased $352.9 million to $23.2 billion from $22.9 billion at September 30, 2025, and increased $11.3 billion from $11.9 billion at December 31, 2024, primarily due to the assets assumed in the Merger.

At December 31, 2025, total loans and leases were $18.0 billion, representing a decrease of $275.8 million from September 30, 2025, driven by a decline in investment commercial real estate loans of $235.5 million and increased $8.3 billion from December 31, 2024, primarily due to the loans and leases assumed in the Merger.

Total investment securities at December 31, 2025 decreased $50.7 million to $1.69 billion from $1.74 billion at September 30, 2025 due to scheduled repayments and limited purchases during the fourth quarter, and increased $793.7 million from $895.0 million at December 31, 2024 primarily due to investment securities assumed in the Merger, partially offset by the sale of $176.4 million of the legacy Berkshire Hills Bancorp, Inc.'s investment portfolio during the third quarter. Total cash and cash equivalents at December 31, 2025 increased $821.1 million to $2.0 billion from $1.2 billion at September 30, 2025 primarily due to an increase in payroll deposits, and increased $1.5 billion from $543.7 million at December 31, 2024, primarily due to cash and equivalents assumed in the Merger. As of December 31, 2025, total investment securities and total cash and cash equivalents represented 16.07 percent of total assets, compared to 12.94 percent and 12.08 percent as of September 30, 2025 and December 31, 2024, respectively.

Total deposits at December 31, 2025 increased $610.6 million to $19.5 billion from $18.9 billion at September 30, 2025, consisting of a $260.5 million increase in customer deposits and a $845.6 million increase in payroll deposits, partially offset by a $495.5 million decrease in brokered deposits. Total deposits increased $10.6 billion from $8.9 billion at December 31, 2024, primarily due to the deposits assumed in the Merger.

Total borrowed funds at December 31, 2025 decreased $292.2 million to $788.4 million from September 30, 2025, and decreased $731.5 million from $1.5 billion at December 31, 2024 as combined liquidity as a result of the Merger and the increase in deposits allowed for reduction in borrowings.

The ratio of stockholders’ equity to total assets was 10.75 percent at December 31, 2025, compared to 10.76 percent at September 30, 2025, and 10.26 percent at December 31, 2024. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.62 percent at December 31, 2025, compared to 8.56 percent at September 30, 2025, and 8.27 percent at December 31, 2024. Tangible book value per common share (non-GAAP) increased $0.57 from $22.75 at September 30, 2025 to $23.32 at December 31, 2025, and increased $12.51 from $10.81 at December 31, 2024.

NET INTEREST INCOME

Net interest income increased $70.

bbt-20251029

false000110813400011081342025-10-292025-10-29

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 29, 2025

BEACON FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware             001-15781             04-3510455

(State or other jurisdiction     (Commission File No.)     (I.R.S. employer

of incorporation)      Identification No.)

131 Clarendon Street, Boston, Massachusetts                02116

(Address of principal executive offices)    (Zip Code)

(617) 425-4600

(Registrant's telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark if the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered

Common Stock, par value of $0.01 per shareBBTNew York Stock Exchange

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Item 2.02    Other Events.

On October 29, 2025, the Board of Directors of Beacon Financial Corporation (the “Company”) issued a press release announcing its earnings for the quarter ended September 30, 2025. Additionally, the Company announced the approval by its Board of Directors of a regular quarterly dividend of $0.3225 per share payable on November 24, 2025 to stockholders of record on November 10, 2025. A copy of that press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference herein.

Item 7.01 Regulation FD Disclosure

In connection with the press release announcing the Company’s third quarter earnings, the Company posted an investor presentation to its website at www.beaconfinancial.com. A copy of the investor presentation is attached hereto as Exhibit 99.2 and is hereby incorporated by reference herein.

Item 9.01    Financial Statements and Exhibits

99.1    Press release of Beacon Financial Corporation reporting earnings and dividend approval, issued October 29, 2025

99.2    Investor Presentation of Beacon Financial Corporation, issued October 29, 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 29, 2025

BEACON FINANCIAL CORPORATION

By: /S/ Carl M. Carlson

Carl M. Carlson

Chief Financial & Strategy Officer

EX-99.1

2 tm2521563d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports Strong Earnings Growth

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 loans

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

$ 25.7

$ 24.0

Per share

0.66

0.56

0.57

Operating earnings1

31.6

27.6

23.2

Per share

0.69

0.60

0.55

Net interest income, non FTE

$ 91.9

$ 89.8

$ 88.5

Net interest income, FTE

93.8

91.7

90.5

Net interest margin, FTE

3.27 %

3.24 %

3.20 %

Non-interest income

$ 21.8

$ 20.7

$ 20.1

Operating non-interest income1

21.8

20.7

20.1

Non-interest expense

68.1

70.4

70.9

Operating non-interest expense1

66.7

67.9

71.3

Efficiency ratio1

56.7 %

59.5 %

63.4 %

Average balances

Loans

$ 9,484

$ 9,389

$ 9,157

Deposits

9,817

9,847

9,296

Period-end balances

Loans

9,499

9,429

9,229

Deposits

9,979

9,880

9,621

1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12.

1

Berkshire CEO Nitin Mhatre stated, “Second quarter operating earnings grew 36% year-over-year due to revenue growth and lower expenses. Loans, deposits and the net interest margin increased over the linked quarter, boosting net interest income, and were accompanied by solid non-interest income growth. Quarterly operating revenue has increased sequentially over the last six quarters, growing 8% over this period, including 3% growth linked quarter. Quarterly operating income, operating EPS, and efficiency were the strongest since 2019. Second quarter 2025 operating return on tangible common equity advanced to 10.8%. TIME and Newsweek have once again honored Berkshire with national awards, the former for being one of the top-performing U.S. companies of our size and the latter for being one of the best workplaces in the financial services sector. Following months of preparation among our teams, we look forward to completing our transformative merger of equals with Brookline Bancorp and creating a powerful financial institution serving the Northeast.”

“As I reflect on our progress since we began our transformation program in early 2021, I want to express my deepest gratitude to every member of the Berkshire team, our clients and our board of directors. Our bankers’ dedication, resilience, and commitment to our clients have been the driving force behind our improved operating and financial performance. Together, we've navigated challenges, embraced change, and delivered results for our clients, shareholders and communities. I’m incredibly proud of what we’ve accomplished and excited to see what the combined company will achieve next,” added Mhatre.

Berkshire CFO Brett Brbovic stated, “Second quarter net interest income increased 2% linked quarter and the net interest margin increased 3 basis points to 3.27%, benefiting from loan growth and lower deposit cost. Operating non-interest income increased $1.1 million linked quarter. Operating non-interest expense decreased $1.3 million linked quarter and $4.7 million year-over-year. The provision for credit losses decreased $1.5 million linked quarter and the allowance for credit losses on loans was unchanged at 1.24%. Quarterly results were very solid across the board.”

As of and For the Three Months Ended

June 30, 2025 Mar. 31, 2025 June 30, 2024

Asset Quality

Net loan charge-offs to average loans

0.14% 0.15% 0.07%

Non-performing loans to total loans

0.27% 0.25% 0.23%

Returns10

Return on average assets 1.03% 0.88% 0.82%

Operating return on average assets 1.07% 0.94% 0.79%

Return on tangible common equity 10.35% 9.02% 9.99%

Operating return on tangible common equity 10.76% 9.66% 9.65%

Capital1

Tangible common equity/tangible assets 10.1% 9.9% 8.2%

Book value per share $26.40 $25.81 $23.58

Tangible book value per share $26.12 $25.50 $23.18

1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank with $12.0 billion in assets and 83 financial centers in New England and New York. Berkshire is headquartered in Boston and offers commercial, retail, wealth, and private banking solutions. Berkshire has a pending agreement to merge with

EX-99.1

2 tm2513041d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports Strong First Quarter 2025 Results

$0.56 GAAP EPS; $0.60 Operating EPS

·22% increase in operating EPS year-over-year

·5% increase in operating revenue, 6% decrease in operating non-interest expense Y/Y

·3.24% net interest margin,10 basis point increase over linked quarter

·59.5% efficiency ratio, best result in two years

·0.42% delinquent and non-performing loans to total loans, lowest in nearly two decades

BOSTON, April 24, 2025 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the first quarter of 2025. These results along with comparison periods are summarized below:

($ in millions, except per share data)

Three Months Ended

Mar. 31, 2025

Dec. 31, 2024

Mar. 31, 2024

Net income (loss)

$ 25.7

$ 19.7

$ (20.2 )

Per share

0.56

0.46

(0.47 )

Operating earnings1

27.6

26.0

20.9

Per share

0.60

0.60

0.49

Net interest income, non FTE

$ 89.8

$ 86.9

$ 88.1

Net interest income, FTE

91.7

88.8

90.1

Net interest margin, FTE

3.24 %

3.14 %

3.15 %

Non-interest income

$ 20.7

$ 23.3

$ (32.6 )

Operating non-interest income1

20.7

23.2

17.3

Non-interest expense

70.4

77.6

76.0

Operating non-interest expense1

67.9

71.0

72.4

Efficiency ratio1

59.5 %

62.4 %

66.3 %

Average balances

Loans

$ 9,389

$ 9,271

$ 9,041

Deposits

9,847

9,659

9,829

Period-end balances

Loans

9,429

9,385

9,086

Deposits

9,880

10,375

9,883

1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12.

Berkshire CEO Nitin Mhatre stated, “The 22% increase in first quarter operating EPS year-over-year reflects revenue growth and improved efficiency, including the cumulative benefit of last year’s strategic initiatives. Operating leverage was a positive 5% quarter-over-quarter and 11% year-over year. Period-end loans were up 4% year-over-year, with growth continuing quarter-over-quarter. Credit performance remains strong and during the quarter the bank completed the sale of its Upstart consumer loan portfolio. First quarter operating return on tangible common equity improved to 9.7% from 8.7% year-over-year. Our teams remain focused on serving our clients while also advancing integration planning as we move toward our anticipated merger of equals with Brookline Bancorp.”

1

Mr. Mhatre continued, “Berkshire Bank’s multi-year Community Comeback program concluded by exceeding its $5 billion goal to lend and invest across the company’s markets, a testament to the impact we were able to create alongside our clients. Our impact is further highlighted in our latest Sustainability Report. We continue to be recognized for our efforts, most recently by Newsweek magazine for the fourth consecutive year as one of the most trusted companies in America. I thank all of our Berkshire Bankers for their contributions toward our financial success and service to our communities.”

Berkshire CFO Brett Brbovic stated, “First quarter net interest income increased 3% linked quarter and the net interest margin increased 10 basis points to 3.24%, benefiting from a 12 basis point decrease in the cost of deposits to 2.18%. Operating non-interest income decreased $2.6 million linked quarter and increased $3.4 million year-over-year due primarily to changes in loan related income. The provision for credit losses decreased $0.5 million linked quarter and operating non-interest expense decreased $3.1 million, with decreases in most categories except seasonally higher compensation and occupancy expense. The allowance for credit losses on loans increased 2 basis points to 1.24%. Capital remained stong, with the tangible common equity ratio increasing to 9.9% of assets. Tangible book value per share advanced 3% linked quarter to $25.50.”

As of and For the Three Months Ended

Mar. 31, 2025 Dec 31, 2024 Mar. 31, 2024

Asset Quality

Net loan charge-offs to average loans

0.15% 0.14% 0.18%

Non-performing loans to total loans

0.25% 0.26% 0.24%

Returns

Return on average assets 0.88% 0.68% (0.69)%

Operating return on average assets1 0.94% 0.90% 0.71%

Return on tangible common equity1 9.02% 7.59% (7.73)%

Operating return on tangible common equity1 9.66% 9.93% 8.73%

Capital Ratios2

Tangible common equity/tangible assets1 9.9% 9.4% 8.2%

Tier 1 leverage 11.0% 11.0% 9.5%

Common equity Tier 1 13.3% 13.0% 11.6%

Tier 1 risk-based 13.5% 13.2% 11.8%

Total risk-based

15.8% 15.4% 14.0%

1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

2. Presented as estimated for March 31, 2025 and actual for the remaining periods.

2

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank with $12.0 billion in assets and 83 financial centers in New England and New York. Berkshire is headquartered in Boston and o

EX-99.1

2 tm254846d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports Strong Fourth Quarter Operating Results

$0.46 GAAP EPS; $0.60 Operating EPS

·Operating EPS growth of 3% quarter-over-quarter and 28% year-over-year; FY2024 Operating EPS of $2.22 up 4% year-over-year

·Average deposit growth of 3% and Average loan growth of 0.4% quarter-over-quarter; Loans to deposits ratio improved further during the quarter

·0.52% delinquent and non-performing loans to total loans, lowest in nearly two decades

·7.6% return on tangible common equity; 9.9% operating return on tangible common equity

·13.0% common equity Tier 1 ratio

BOSTON, January 30, 2025 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the fourth quarter of 2024. These results along with comparison periods are summarized below:

($ in millions, except per share data) Three Months Ended Twelve Months Ended

Dec. 31, 2024 Sep. 30, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023

Net income (loss) $19.7 $37.5 $(1.4) $61.0 $69.6

Per share 0.46 0.88 (0.03) 1.43 1.60

Operating earnings1 26.0 24.8 20.2 94.9 93.2

Per share 0.60 0.58 0.47 2.22 2.14

Net interest income, non FTE $86.9 $88.1 $88.4 $351.6 $369.0

Net interest income, FTE 88.8 90.1 90.4 359.6 376.9

Net interest margin, FTE 3.14% 3.16% 3.11% 3.16% 3.27%

Non-interest income

23.3 37.6 (8.4) 48.4 42.8

Operating non-interest income1 23.2 21.5 16.7 82.1 67.8

Non-interest expense

$77.6 $72.0 $79.0 $296.5 $301.5

Operating non-interest expense1 71.0 72.3 75.3 287.0 295.2

Efficiency ratio1 62.4% 63.7% 67.8% 63.9% 63.9%

Average balances

Loans $9,271 $9,233 $8,990 $9,176 $8,814

Deposits 9,659 9,360 9,936 9,536 9,704

Period-end balances

Loans 9,385 9,212 9,040 9,385 9,040

Deposits 10,375 9,577 10,633 10,375 10,633

1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12.

1

Berkshire CEO Nitin Mhatre stated, “Berkshire continued its positive momentum and finished the year strong, highlighted by a year-over-year 28% increase in fourth quarter operating EPS and a 4% increase for full year operating EPS. This reflected the cumulative benefit of ongoing growth initiatives together with strategic optimization initiatives including the branch network sales and consolidations, and the sales of securities and targeted loan portfolios. Our results also benefited from strong credit discipline, rigorous expense management, investments in new client-facing bankers and enhancements to our digital platform and consumer product offerings. We achieved a 9.9% operating return on tangible common equity in the fourth quarter, and 9.6% for the full year, following a 10.1% result for the year 2023. Berkshire has been recognized by Newsweek as one of America’s Best Regional Banks for the third year in a row, and our positive impact in the community was recognized by the American Bankers Association.”

Mr. Mhatre continued, “In December we announced a definitive agreement with Brookline Bancorp, Inc. for a merger of equals to create a preeminent Northeast banking franchise positioned to deliver an exceptional client experience and create greater value for shareholders. We had a strong response from investors and successfully executed a capital raise of $100 million of common stock to support the merger, a reflection of confidence in our plans and accomplishments. I want to thank our teams for their continued dedication to transforming our franchise and for their service to our stakeholders as we work toward an exciting new chapter.”

Berkshire CFO Brett Brbovic added, “Quarter-over-quarter operating income increased 5% on higher fee revenue and lower operating expense. The efficiency ratio was 62.4%, an improvement over prior periods. We posted a solid 3% growth in average deposits improving our loans to deposits profile further. The 4Q24 net interest margin was 3.14%, down 2 basis points linked quarter and up 3 basis points year over year. Asset quality remained solid, and liquidity and capital strength improved. Tangible book value per share advanced 1% linked quarter and 9% year-over-year.”

As of and For the Three Months Ended

Dec. 31, 2024 Sept. 30, 2024 Dec. 31, 2023

Asset Quality

Net loan charge-offs to average loans

0.14% 0.24% 0.20%

Non-performing loans to total loans

0.26% 0.26% 0.24%

Returns

Return on average assets 0.68% 1.28% (0.05)%

Operating return on average assets1 0.90% 0.85% 0.68%

Return on tangible common equity1 7.59% 14.83% (0.24)%

Operating return on tangible common equity1 9.93% 9.91% 8.90%

Capital Ratios2

Tangible common equity/tangible assets1 9.4% 9.1% 8.0%

Tier 1 leverage 11.0% 9.9% 9.6%

Common equity Tier 1 13.0% 11.9% 12.0%

Tier 1 risk-based 13.2% 12.2% 12.3%

Total risk-based

15.4% 14.4% 14.4%

1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

2. Presented as estimated fo

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EXHIBIT 99.1

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, 2024 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the third quarter of 2024. These results along with comparison periods are summarized below:

($ in millions, except per share data) Three Months Ended

Sept. 30, 2024 June 30, 2024 Sept. 30, 2023

Net income $37.5 $24.0 $19.5

Per share 0.88 0.57 0.45

Operating earnings1 24.8 23.2 21.5

Per share 0.58 0.55 0.50

Net interest income, non FTE $88.1 $88.5 $90.3

Net interest income, FTE 90.1 90.5 92.3

Net interest margin, FTE 3.16% 3.20% 3.18%

Non-interest income

37.6 20.1 17.5

Operating non-interest income1

21.5 20.1 17.5

Non-interest expense

$72.0 $70.9 $76.5

Operating non-interest expense1

72.3 71.3 73.9

Efficiency ratio1 63.7% 63.4% 65.1%

Average balances2

Loans $9,233 $9,157 $8,952

Deposits 9,360 9,296 9,630

Period-end balances2

Loans 9,212 9,229 8,984

Deposits 9,577 9,621 9,981

1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12.

2. Loans and deposits in 2Q24 exclude balances held for sale in branch transaction of $57 million and $483 million respectively (average), and $55 million and $474 million (end of period). The branch sale was completed in 3Q24. End of period loans in 3Q24 exclude $46.5 million in Upstart-related consumer loans held for sale. This sale was completed on October 16, 2024.

1

Berkshire CEO Nitin Mhatre stated, “We are pleased to report a robust quarter reflecting accelerating momentum across key business drivers. Quarterly operating income has increased sequentially throughout this year driven by calibrated loan growth, improving credit quality and continued expense management. Third quarter operating income per share increased 16% year over year. This quarter also saw approximately 1% growth in average deposit balances. During the quarter, we completed the sale of ten branch offices. Including branch consolidations, the total branch count has been reduced by 14% this year to 83 offices. Also, after quarter-end, the Company’s balance sheet was further strengthened through the sale of $46.5 million in consumer loans.”

Berkshire CFO Brett Brbovic added, “Operating revenue grew 1% linked quarter and benefited from loan growth and increased loan related fees.The net interest margin decreased modestly to 3.16% from 3.20% linked quarter and 3.18% year-over-year. The provision for credit losses decreased $1.0 million reflecting lower recent loss trends. Operating expense increased $0.9 million, with lower occupancy and technology costs offset by higher miscellaneous expenses. The allowance for credit losses on loans remained steady at 1.22% of total loans. Capital strength improved, with the tangible common equity ratio improving to 9.1% from 8.2%.”

As of and For the Three Months Ended

Sept. 30, 2024 June 30, 2024 Sept. 30, 2023

Asset Quality

Net loan charge-offs to average loans

0.24% 0.07% 0.24%

Non-performing loans to total loans

0.26% 0.23% 0.30%

Returns

Return on average assets 1.28% 0.82% 0.66%

Operating return on average assets1 0.85% 0.79% 0.73%

Return on tangible common equity1 14.83% 9.99% 8.45%

Operating return on tangible common equity1 9.91% 9.65% 9.27%

Capital Ratios2

Tangible common equity/tangible assets1 9.1% 8.2% 7.7%

Tier 1 leverage 9.9% 9.6% 9.8%

Common equity Tier 1 11.9% 11.6% 12.1%

Tier 1 risk-based 12.2% 11.9% 12.3%

Total risk-based

14.4% 14.1% 14.4%

1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

2. Presented as estimated for September 30, 2024 and actual for the remaining periods.

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank with $11.6 billion in assets and 83 financial centers in New England and New York. Berkshire is headquartered in Boston and offers commercial, retail, wealth, and private banking solutions.

2

3Q 2024 Financial Highlights (comparisons are to the prior quarter unless otherwise noted).

Income Statement. GAAP income was $37.5 million, or $0.88 per share. Operating earnings totaled $24.8 million, or $0.58 per share. GAAP results included the gain on the completion of the sale of ten New York branches. Operating income advanced 7% linked quarter including the benefit of higher operating revenue and a lower provision for credit losse

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EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports a Solid Second Quarter Net Income of $24.0 million,

or $0.57 Per Share

Operating EPS of $0.55 increased 12% linked quarter

·Operating revenue increased 3% linked quarter

·Operating expense decreased 2% linked quarter

·Net interest margin 3.20%, increased 5 basis points linked quarter

·Net loan charge-offs were 7 basis points annualized

BOSTON, July 18, 2024 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the second quarter of 2024. These results along with comparison periods are summarized below:

($ in millions, except per share data) Three Months Ended

June 30,

2024 Mar. 31,

2024 June 30,

2023

Net income (loss) $24.0 $(20.2) $23.9

Per share 0.57 (0.47) 0.55

Operating earnings1 23.2 20.9 23.9

Per share 0.55 0.49 0.55

Net interest income, non FTE $88.5 $88.1 $92.8

Net interest income, FTE 90.5 90.1 94.7

Net interest margin, FTE 3.20% 3.15% 3.24%

Non-interest income

20.1 (32.6) 17.1

Operating non-interest income1

20.1 17.3 17.1

Non-interest expense

$70.9 $76.0 $74.0

Operating non-interest expense1

71.3 72.4 74.0

Efficiency ratio1 63.4% 66.3% 63.6%

Average balances2

Loans $9,214 $9,059 $8,791

Deposits 9,779 9,978 9,568

Period-end balances2

Loans 9,284 9,144 8,882

Deposits 10,095 10,368 10,068

1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12.

2. Loans and deposits in 2Q24 include balances held for sale in branch transaction of $57 million and $483 million respectively (average), and $55 million and $474 million (end of period). These balances in 1Q24 were $18 million and $149 million respectively (average), and $58 million and $485 million (end of period).

Berkshire CEO Nitin Mhatre stated, “Operating income advanced for the second consecutive quarter and we benefited from loan growth, credit quality, and expense management. The consolidation of three branch offices was completed, bringing our branch count to 93, and we remain on target to conclude the pending sale of ten offices in the second half of the year. Berkshire bolstered its cash management and government banking capabilities through promotions and new hires, and Brett Brbovic was promoted to CFO from his position as Chief Accounting Officer. Brett will continue our forward momentum supported by the strong team that he has built over his many years at Berkshire. Finally, I’m proud that TIME named us one of America’s Best Mid-Size Companies 2024 recognizing our progress on financial performance, employee satisfaction and commitment to sustainability.”

Mr. Brbovic added, “The margin increase benefited from loan growth and impacts from prior quarter securities sales. Net interest income increased $392 thousand linked quarter, following several quarters of decreases. Operating non-interest income increased $2.8 million, primarily due to higher gain on SBA loans. The loan loss provision increased by approximately $500 thousand, supporting loan growth and increasing the credit loss allowance to 1.22% of total loans. Linked quarter operating expenses decreased $1.1 million due primarily to lower compensation and occupancy expense. The efficiency ratio improved to 63.4% from 66.3%. Capital ratios remained strong, with the tangible common equity ratio remaining unchanged at 8.2%.”

As of and For the Three Months Ended

June 30, 2024 Mar. 31, 2024 June 30, 2023

Asset Quality

Net loan charge-offs to average loans

0.07% 0.18% 0.26%

Non-performing loans to total loans

0.23% 0.24% 0.32%

Returns

Return on average assets 0.82% (0.69)% 0.79%

Operating return on average assets1 0.79% 0.71% 0.79%

Return on tangible common equity1 9.99% (7.73)% 10.09%

Operating return on tangible common equity1 9.65% 8.73% 10.09%

Capital Ratios2

Tangible common equity/tangible assets1 8.2% 8.2% 7.9%

Tier 1 leverage 9.6% 9.5% 9.6%

Common equity Tier 1 11.6% 11.6% 12.1%

Tier 1 risk-based 11.8% 11.8% 12.3%

Total risk-based

14.1% 14.0% 14.4%

1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

2. Presented as estimated for June 30, 2024 and actual for the remaining periods.

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank with $12.2 billion in assets and 93 financial centers in New England and New York. Berkshire is headquartered in Boston and offers commercial, retail, wealth, and private banking solutions.

2

2Q 2024 Financial Highlights (comparisons are to the prior quarter unless otherwise noted).

Income Statement. GAAP income was $24.0 million, or $0.57 per share. Operating earnings totaled $23.2 million, or $0.55 per share. GAAP results improved from a loss in the prior quarter which included a non-operating loss on the sale of securities. Operating EPS improved 12% due to loan grow

EX-99.1

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EXHIBIT 99.1

Exhibt 99.1

Berkshire Hills Reports First Quarter 2024 Results

Announces $362 Million Securities Sale

·First quarter loss of $20 million, ($0.47) per share

·Operating income of $21 million, $0.49 per share

·Securities sale of $362 million resulted in a $49.9 million net non-operating loss ($0.89 per share after-tax)

·Net loan charge-offs were 18 basis points annualized

·TCE ratio of 8.2% and CET1 ratio of 11.6%; tangible book value per share of $22.84

BOSTON, April 18, 2024 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the first quarter of 2024. These results along with comparison periods are summarized below:

Three Months Ended

($ in millions, except per share data) Mar. 31, 2024 Dec. 31, 2023 Mar. 31, 2023

Net (loss) income $(20.2) $(1.4) $27.6

Per share (0.47) (0.03) 0.63

Operating earnings1 20.9 20.2 27.6

Per share 0.49 0.47 0.63

Net interest income, non FTE $88.1 $88.4 $97.5

Net interest income, FTE 90.1 90.4 99.4

Net interest margin, FTE 3.15% 3.11% 3.58%

Non-interest income

(32.6) (8.4) 16.6

Operating non-interest income1

17.3 16.7 16.6

Non-interest expense

$76.0 $79.0 $72.0

Operating non-interest expense1

72.4 75.3 72.0

Efficiency ratio1 66.3% 67.8% 59.5%

Average balances2

Loans $9,059 $8,990 $8,515

Deposits 9,978 9,936 9,676

Period-end balances2

Loans 9,144 9,040 8,682

Deposits 10,368 10,633 10,068

1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12. 1Q24 operating non-interest income excludes $49.9 million securities loss ($38.3 million after-tax, or $0.89 per share). Operating non-interest expense excludes $3.6 million branch sale costs ($2.8 million after-tax, or $0.07 per share).

2. Loans and deposits include balances held for sale in branch transaction of $18 million and $149 million respectively (average), and $58 million and $485 million (end of period).

1

Berkshire CEO Nitin Mhatre stated, “We had a solid start to the year, increasing operating earnings, growing loans, and maintaining solid asset quality and capital strength. In March, we announced the planned sale of ten branches which will enhance efficiency and profitability, while strengthening our focus in core New York markets. In anticipation of completing the branch sale in the third quarter, we sold lower yielding investment securities, resulting in a non-operating charge. During the quarter, we announced key hires bolstering Berkshire’s commercial and private banking teams. Newsweek magazine also ranked Berkshire as one of the top 10 most trusted banks in America, recognizing our commitment to integrity, respect, and transparency as a trusted client advisor and financial partner.”

CFO David Rosato added, “First quarter operating earnings were $20.9 million, increasing $744 thousand linked quarter. We sold $362 million in securities, resulting in a $49.9 million non-operating charge ($38.3 million after-tax, or $0.89 per share). Net interest margin of 3.15 percent increased 4 basis points including the benefit of the 4Q23 securities sales. Operating non-interest income increased $636 thousand linked quarter. Reflecting our focus on expense management, non-interest expense decreased $3.0 million linked quarter on a GAAP basis and $2.9 million on an operating basis. Non-operating expenses of $3.6 million ($2.8 million after-tax, or $0.07 per share) were related to the branch sale. Total shareholders’ equity was not impacted by the securities sale and the common equity Tier 1 ratio remained a healthy 11.6 percent at period-end.”

As of and For the Three Months Ended

Mar. 31, 2024 Dec. 31, 2023 Mar. 31, 2023

Asset Quality

Net loan charge-offs to average loans

0.18% 0.20% 0.32%

Non-performing loans to total loans

0.24% 0.24% 0.31%

Returns

Return on average assets (0.69)% (0.05)% 0.96%

Operating return on average assets1 0.71% 0.68% 0.95%

Return on tangible common equity1 (7.73)% (0.24)% 11.96%

Operating return on tangible common equity1 8.73% 8.90% 11.96%

Capital Ratios2

Tangible common equity/tangible assets1 8.2% 8.0% 7.9%

Tier 1 leverage 9.5% 9.6% 9.9%

Common equity Tier 1 11.6% 12.0% 12.1%

Tier 1 risk-based 11.8% 12.3% 12.4%

Total risk-based

14.0% 14.4% 14.4%

1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

2. Presented as estimated for March 31, 2024 and actual for the remaining periods.

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank with $12.1 billion in assets and 96 financial centers in New England and New York. Berkshire is headquartered in Boston and offers commercial, retail, wealth, and private banking solutions.

2

1Q 2024 Financial Highlights

Income Statement

·GAAP

loss of $20.2 million, or $(0.47) per share.

○Operating earnings totaled $20.9 million

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EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports Fourth Quarter 2023 Results

Announces $40 Million Share Repurchase Authorization

·Fourth quarter loss of $1 million, ($0.03) per share; operating income of $20 million, $0.47 per share

·$267 million securities sale resulting in $25.1 million pre-tax non-operating loss

·Net loan charge-offs and non-performing assets decreased 18% linked quarter

·TCE ratio of 8.0% and CET1 ratio of 12.0%

·Tangible book value per share of $22.82, up $1.57, or 7%, in the quarter

BOSTON, January 25, 2024 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the fourth quarter of 2023. These results along with comparison periods are summarized below:

Three Months Ended Twelve Months Ended

($ in millions, except per share data) Dec.31, 2023 Sep. 30, 2023 Dec. 31, 2022 Dec.31, 2023 Dec. 31, 2022

Net (loss) income $(1.4) $19.5 $30.5 $69.6 $92.5

Per share (0.03) 0.45 0.69 1.60 2.02

Operating earnings1 20.2 21.5 28.3 93.2 100.5

Per share 0.47 0.50 0.64 2.14 2.19

Net interest income, non FTE $88.4 $90.3 $102.1 $369.0 $344.6

Net interest income, FTE 90.4 92.3 103.9 376.9 351.3

Net interest margin, FTE 3.11% 3.18% 3.84% 3.27% 3.26%

Non-interest income

(8.4) 17.5 15.7 42.8 68.9

Operating non-interest income1

16.7 17.5 15.5 67.8 71.0

Non-interest expense

$79.0 $76.5 $70.0 $301.5 $288.7

Operating non-interest expense1

75.3 73.9 72.6 295.2 279.8

Efficiency ratio1 67.8% 65.1% 58.3% 63.9% 64.3%

Average balances

Loans $8,990 $8,952 $8,082 $8,814 $7,612

Deposits 9,936 9,630 9,731 9,704 9,797

Period-end balances

Loans 9,040 8,984 8,335 9,040 8,335

Deposits 10,633 9,981 10,327 10,633 10,327

1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12.

1

Berkshire CEO Nitin Mhatre stated, “Through the final quarter of the year, we continued to strengthen our balance sheet while maintaining strong credit performance, cost discipline and capital. Despite industry turbulence earlier in the year, full year operating EPS was relatively unchanged from 2022. Our year-end securities sale reduced wholesale borrowings, improving our funding profile as we move into 2024. We continue to benefit from disruption in the competitive landscape and have recruited experienced bankers to further support deposit gathering activities. Our Board has authorized additional share repurchases in 2024 to balance return of capital while supporting franchise growth. I’m confident that Berkshire is well positioned to deliver the benefits of our strategic initiatives to our shareholders and communities.”

CFO David Rosato added, “Fourth quarter operating earnings were $20.2 million, decreasing $1.3 million linked quarter. Net interest margin of 3.11 percent decreased 7 basis points as funding cost increases outpaced loan yield expansion. However, our full year margin was steady at 3.27%. Operating non-interest income decreased by 5 percent linked quarter and increased 8 percent year-over-year. Non-interest expense increased 3 percent linked quarter on a GAAP basis and 2 percent on an operating basis. We continue to improve oversight of our operating costs and are pursuing further efficiency improvements in 2024 while reinvesting in front-line revenue generating teams. Non-operating expenses of $3.7 million were primarily severance charges related to a workforce reduction. We sold lower-yielding securities with a market value of $267 million near period-end and proceeds were used to reduce borrowings by a similar amount. The securities sale resulted in a $25.1 million ($19.0 million after-tax) non-operating loss. Total shareholders’ equity was not impacted by the securities sale and our common equity Tier 1 ratio remained a healthy 12.0% percent at year-end.”

The Board of Directors has authorized the repurchase of $40 million of common stock through December 31, 2024. This would result in the repurchase of approximately 4% of outstanding shares based on the current share price.

As of and For the Three Months Ended

Dec. 31, 2023 Sep. 30, 2023 Dec. 31, 2022

Asset Quality

Net loan charge-offs to average loans

0.20% 0.24% 0.58%

Non-performing loans to total loans

0.24% 0.30% 0.37%

Returns

Return on average assets (0.05)% 0.66% 1.10%

Return on tangible common equity, including unrealized losses on AFS securities 1

(0.24)% 8.45% 13.36%

Return on tangible common equity, excluding unrealized losses on AFS securities 1

(0.18)% 6.76% 10.59%

Capital Ratios2

Tangible common equity/tangible assets1 8.0% 7.7% 8.0%

Tier 1 leverage 9.6% 9.8% 10.2%

Common equity Tier 1 12.0% 12.1% 12.4%

Tier 1 risk-based 12.3% 12.3% 12.6%

Total risk-based

14.4% 14.4% 14.6%

1.See non-GAAP measures and reconciliation to GAAP beginning on beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable. 2. Presented as estimated for December 31, 2023 and actual for the remaining

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EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports Third Quarter Net Income of $20 Million,

or $0.45 Earnings per Share

Operating Income of $22 Million, or $0.50 per Share

●Average loan growth of 2% linked quarter; average deposit growth of 1%

●Operating expense flat linked quarter

●Net loan charge-offs decreased $0.3 million linked quarter

●TCE ratio of 7.7% and CET1 ratio of 12.1%; stock repurchases were $4 million

BOSTON, October 20, 2023 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the third quarter of 2023. These results along with comparison periods are summarized below:

Three Months Ended

($ in millions, except per share data) Sep. 30, 2023 Jun. 30, 2023 Sep. 30, 2022

Net income $19.5 $23.9 $18.7

Per share 0.45 0.55 0.42

Operating earnings1 21.5 23.9 27.9

Per share 0.50 0.55 0.62

Net interest income, non FTE $90.3 $92.8 $92.1

Net interest income, FTE 92.3 94.7 93.8

Net interest margin, FTE 3.18% 3.24% 3.48%

Non-interest income

17.5 17.1 16.3

Operating non-interest income1

17.5 17.1 16.7

Non-interest expense

$76.5 $74.0 $81.7

Operating non-interest expense1

73.9 74.0 70.2

Efficiency ratio1 65.1% 63.6% 62.0%

Average balances

Loans $8,952 $8,791 $7,888

Deposits 9,630 9,568 9,669

Period-end balances

Loans 8,984 8,882 7,943

Deposits 9,981 10,068 9,988

1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12.

1

Berkshire CEO Nitin Mhatre stated, “We continue to make steady progress in a challenging interest rate environment. We posted modest balance sheet growth in the quarter and recorded higher year-to-date net income and operating earnings compared to last year. Economic activity continues to expand in our markets albeit at a slower pace, and our teams are generating attractive new business and improving the Bank’s market position. We maintained strong asset quality, liquidity and capital levels, and continued expense optimization initiatives. During the quarter, we continued to recruit experienced talent following the industry disruption, and we also welcomed Mary Anne Callahan to our Board of Directors. Mary Anne brings a deep industry knowledge and has close familiarity with our markets.”

CFO David Rosato added, “Third quarter operating earnings were $21.5 million, decreasing $2.4 million linked quarter. Net interest margin of 3.18 percent decreased 6 basis points linked quarter, which improved from the 34 basis point decrease posted in the prior quarter. Net interest income decreased $2.4 million, as funding cost increases outpaced loan yield expansion and average earning assets decreased 2%. Operating non-interest income advanced 2 percent quarter-over-quarter while operating non-interest expense was flat. GAAP non-interest expense included $2.6 million in non-operating restructuring charges primarily for branch consolidations. I’m pleased that several of the cost saving initiatives we’ve instituted to-date are starting to have an impact and will continue to provide benefits in 2024 and beyond.”

As of and For the Three Months Ended

Sep. 30, 2023

Jun. 30, 2023

Sep. 30, 2022

Asset Quality

Net loan charge-offs to average loans

0.24 %

0.26 %

0.30 %

Non-performing loans to total loans

0.30 %

0.32 %

0.48 %

Returns

Return on average assets

0.66 %

0.79 %

0.67 %

Return on tangible common equity, including unrealized losses on AFS securities 1

8.45 %

10.09 %

7.88 %

Return on tangible common equity, excluding unrealized losses on AFS securities 1

6.76 %

8.26 %

6.76 %

Capital Ratios2

Tangible common equity/tangible assets1

7.7 %

7.9 %

8.1 %

Tier 1 leverage

9.8 %

9.6 %

10.1 %

Common equity Tier 1

12.1 %

12.1 %

12.7 %

Tier 1 risk-based

12.4 %

12.3 %

13.0 %

Total risk-based

14.4 %

14.4 %

15.1 %

1. See non-GAAP measures and reconciliation to GAAP beginning on beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable. 2. Presented as estimated for September 30, 2023 and actual for the remaining periods.

Headquartered in Boston, Berkshire Hills Bancorp is the parent of Berkshire Bank. Providing a wide range of financial solutions through its consumer banking, commercial banking and wealth management divisions, the Bank has approximately $12.1 billion in total assets and a community-based footprint of 96 financial centers in Massachusetts, New York, Vermont, Connecticut and Rhode Island. Access more information about Berkshire Hills Bancorp at ir.berkshirebank.com.

2

3Q 2023 Financial Highlights

Income Statement

●GAAP earnings totaled $19.5 million, or $0.45 per share.

oOperating earnings totaled $21.5 million, or $0.50 per share.

●Net interest income totaled $90.3 million in 3Q23 compared to $92.8 million in 2Q23.

oOne additional calendar day in 3Q23 (1% increase in net interest income).

●Net interest margin decreased 6 basis points from 2Q23 to 3.18% reflecting:

oHigher

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EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports Second Quarter Net Income of $24 Million, or $0.55 Earnings per Share

10% EPS Growth Year-over-Year

·Period-end loan growth of 2%; total deposits unchanged

·Net loan charge-offs decreased $1.1 million; credit loss allowance increased $2.2 million commensurate with loan growth

·TCE

ratio of 7.9 percent and CET1 ratio of 12.1 percent

·Repurchased $12 million of stock in 2Q23

BOSTON, July 20, 2023 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the second quarter of 2023. These results along with comparison periods are summarized below:

($ in millions, except per share data) June 30, 2023 Mar. 31, 2023 June 30, 2022

Net income $23.9 $27.6 $$23.1

Per share 0.55 0.63 0.50

Operating earnings1 23.9 27.6 23.6

Per share 0.55 0.63 0.51

Net interest income, non FTE $92.8 $97.5 $81.4

Net interest income, FTE 94.7 99.4 82.9

Net interest margin, FTE 3.24% 3.58% 3.11%

Non-interest income

17.1 16.6 16.4

Operating non-interest income1

17.1 16.6 17.3

Non-interest expense

$74.0 $72.0 $68.5

Operating non-interest expense1

74.0 72.0 68.4

Efficiency ratio1 63.6% 59.5% 66.6%

Average balances

Loans $8,791 $8,515 $7,492

Deposits 9,568 9,676 9,755

Period-end balances

Loans 8,882 8,682 7,803

Deposits 10,068 10,068 10,115

1. See non-GAAP financial measures and reconciliation to GAAP measures on page 12.

1

Berkshire CEO Nitin Mhatre stated, “I’m pleased with our progress, as we continue to grow the company strategically while posting higher earnings per share year-over-year. In this dynamic banking environment, Berkshire’s teams are serving clients and communities with focus and discipline. Reflecting the quality of our underwriting and business model, credit performance remains strong and deposits have been resilient. In the second quarter, we allocated our $100 million sustainability bond issuance to targeted social and environmental projects. We’re proud to be a leader promoting strong support to the communities in our footprint”

CFO David Rosato added, “Second quarter GAAP net income of $23.9 million increased 3% year-over-year, generating an 8.3 percent return on average tangible common equity. The cumulative impact of Federal Reserve Bank interest rate hikes has resulted in higher funding costs for Berkshire Bank and the industry, compressing net interest margins and operating profitability. Net income decreased 14 percent linked quarter, primarily reflecting lower net interest income. Net interest margin of 3.24 percent improved 13 basis points from a year ago, but declined 34 basis points linked-quarter. Further expansion of average loan yields was more than offset by higher deposit and borrowing costs. Period-end loan balances grew 2 percent while deposits were unchanged. The period-end loan to deposit ratio measured 88 percent and the ratio of tangible common equity to tangible assets stood at 7.9 percent. Common stock repurchases totaled $12 million for the quarter.”

As of and For the Three Months Ended

June 30, 2023 Mar. 31, 2023 June 30, 2022

Asset Quality

Net loan charge-offs to average loans

0.26% 0.32% 0.02%

Non-performing loans to total loans

0.32% 0.31% 0.34%

Returns

Return on average assets1 0.78% 0.94% 0.82%

Return on average tangible common equity1 8.26% 9.59% 8.33%

Capital Ratios2

Tangible common equity/tangible assets1 7.9% 7.9% 8.5%

Tier 1 leverage 9.6% 9.9% 10.2%

Common equity Tier 1 12.1% 12.1% 12.9%

Tier 1 risk-based 12.3% 12.4% 13.2%

Total risk-based

14.4% 14.4% 16.1%

1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable. 2. Presented as projected for June 30, 2023 and actual for the remaining periods.

Headquartered in Boston, Berkshire Hills Bancorp is the parent of Berkshire Bank. Providing a wide range of financial solutions through its consumer banking, commercial banking and wealth management divisions, the Bank has approximately $12.1 billion in assets and a community-based footprint of 100 financial centers in Massachusetts, New York, Vermont, Connecticut and Rhode Island. Access more information about Berkshire Hills Bancorp at ir.berkshirebank.com.

2

2Q 2023 Financial Highlights

Income Statement

·GAAP

and operating earnings totaled $23.9 million, or $0.55 per share.

·Net interest income totaled $92.8 million in 2Q23 compared to $97.5 million in

1Q23.

○One additional calendar day in 2Q23 (1% increase in net interest income).

·Net interest margin decreased 34 basis points from 1Q23 to 3.24% reflecting:

○Higher cost of funds (increase of 58 basis points).

·Includes higher deposit costs (increase of 41 basis points).

·Includes $600 million increase in higher cost average borrowings.

○Higher yields on the loan portfolio (increase of 20 basis points).

·Provision for credit losses on loans totaled $8.0 million.

○Allowance

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EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports First Quarter Net Income of $27.6 Million, or $0.63 per Share

·Diversified 5 percent growth in average loans; relatively flat (-1%) average deposits

·Cash and borrowing capacity at 117 percent of uninsured deposits

·Tangible book value per share +4 percent to $21.89

·TCE ratio of 7.9 percent and CET1 ratio of 12.1 percent

·Added two prominent and well-respected board members – Karyn Polito and Eric Rosengren

BOSTON, April 20, 2023 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the first quarter of 2023. These results along with comparison periods are summarized below:

Three Months Ended

($ in millions, except per share data) Mar. 31, 2023 Dec. 31, 2022 Mar. 31, 2022

Net income $27.6 $30.5 $20.2

Per share 0.63 0.69 0.42

Operating earnings1 27.6 28.3 20.8

Per share 0.63 0.64 0.43

Net interest income, non FTE $97.5 $102.1 $69.1

Net interest income, FTE 99.4 103.9 70.6

Net interest margin, FTE 3.58% 3.84% 2.61%

Non-interest income

16.6 15.7 20.7

Operating non-interest income1

16.6 15.5 21.4

Non-interest expense

$72.0 $70.0 $68.6

Operating non-interest expense1

72.0 72.6 68.5

Efficiency ratio1 59.5% 58.3% 72.6%

Average balances

Loans $8,515 $8,082 $6,974

Deposits 9,676 9,731 10,036

Period-end balances

Loans 8,682 8,335 7,267

Deposits 10,068 10,327 10,699

1. See non-GAAP financial measures and reconciliation to GAAP measures on page 11

1

Berkshire CEO Nitin Mhatre stated “We continued to make steady progress on our BEST plan, while responding prudently to recent market turbulence in the quarter. Our teams continued to provide exceptional service to our clients, generating diversified loan growth and managing shifting deposit demand. Key financial metrics improved year-over-year driven by ongoing execution of BEST strategic initiatives. We welcomed new executives – David Rosato as Chief Financial Officer, James Brown as Head of Commercial Banking and Philip Jurgeleit as Chief Credit Officer in first quarter. We also bolstered our board further through addition of two prominent, well-respected board directors - Karyn Polito, former Massachusetts Lieutenant Governor, and Eric Rosengren, retired President of the Federal Reserve Bank of Boston. During the quarter, we were recognized as “America’s Best Mid-sized Employers in 2023” by Forbes, and “America’s Most Trustworthy Companies” in 2023 by Newsweek.”

“We are pleased with our financial performance in the first quarter,” stated CFO David Rosato. “Operating income of $27.6 million decreased by two percent linked-quarter and generated an operating return on average tangible common equity of 9.6 percent. These results included modestly higher non-interest income and a lower provision for credit losses on loans, which mostly offset lower net interest income. Net interest margin of 3.58 percent was 26 basis points lower than the fourth quarter due to higher funding costs which were only partially offset by higher loan yields. The loan-to-deposit ratio ended the quarter at 86 percent as loans increased $347 million or four percent from December 31, while deposits declined by $260 million or three percent at period-end, quarter-over-quarter. The increase in period-end loans was largely driven by $216 million in higher commercial balances and $153 million in higher residential mortgage balances. The reduction in deposits reflected a $179 million decrease in payroll deposits and an $81 million decrease in all other deposit balances. Capital generation supported both organic growth and four percent growth in tangible book value per share. Cash and equivalents increased $321 million to support more on-balance sheet liquidity in the current environment.”

As of and For the Three Months Ended

Mar. 31, 2023 Dec. 31, 2022 Mar. 31, 2022

Asset Quality

Net loan charge-offs to average loans

0.32% 0.58% 0.15%

Non-performing loans as a percentage of total loans

0.31% 0.37% 0.41%

Returns

Return on average assets1 0.94% 1.08% 0.70%

Return on average tangible common equity1 9.59% 10.59% 7.29%

Capital Ratios

Tangible common equity/tangible assets 7.9% 8.0% 8.8%

Tier 1 leverage 9.9% 10.2% 10.3%

Common equity Tier 1 12.1% 12.4% 13.9%

Tier 1 risk-based 12.4% 12.6% 14.1%

Total risk-based

14.4% 14.6% 16.1%

1. See non-GAAP measures and reconciliation to GAAP beginning on page 11.  All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

Headquartered in Boston, Berkshire Hills Bancorp is the parent of Berkshire Bank. Providing a wide range of financial solutions through its consumer banking, commercial banking and wealth management divisions, the Bank has approximately $12.3 billion in assets and a community-based footprint of 100 financial centers in Massachusetts, New York, Vermont, Connecticut and Rhode Island. Access more information about Berkshire Hills Bancorp at ir.berkshirebank.com.

2

1Q

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EXHIBIT 99.1

Exhibit 99.1

BERKSHIRE HILLS REPORTS RECORD FOURTH QUARTER

RESULTS

BOSTON, January 26, 2023 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported that fourth quarter 2022 earnings per share (“EPS”) increased year-over-year by 64% to a fourth quarter record $0.69. For these periods, the non-GAAP measure of adjusted EPS increased by 52% to $0.64.

For the full year 2022, EPS decreased year-over-year by 15% to $2.02, and adjusted EPS increased by 30% to $2.19. GAAP results included gains in 2021 on the sale of business operations and charges in both years for branch consolidations. These are the primary items excluded from the measure of adjusted results.

Improvements in adjusted results for the fourth quarter and full year 2022 demonstrate positive operating leverage and progress from Berkshire’s BEST strategic initiatives. Compared to the prior quarter, results included an 11% increase in net interest income, in conjunction with an increase in the net interest margin to 3.84%.

FOURTH QUARTER FINANCIAL HIGHLIGHTS (Changes are quarter-over-quarter unless otherwise stated. Non-GAAP measures are reconciled on pages F-9 and F-10).

·10.1% return on equity; 10.6% return on tangible common equity (non-GAAP)

·1.08% return on assets; 1.00% adjusted return on assets (non-GAAP)

·9% increase quarter-over-quarter in total net revenue

·3.84% net interest margin, increased from 3.48% in 3Q22 and 2.60% in 4Q21

·58% efficiency ratio, improved from 62% in 3Q22 and 72% in 4Q21

·1% increase in full year non-interest expense; flat adjusted non-interest expense (non-GAAP)

·5% broad-based loan growth (end of period)

·1% increase in average deposits

·0.60% delinquent and non-accruing loans/total loans – lowest in more than a decade

·9% reduction in period-end shares outstanding year-over-year reflecting stock buybacks

·50% increase in quarterly shareholder dividend in the fourth quarter of 2022

CEO Nitin Mhatre stated “Berkshire finished the year with strong loan growth momentum, resulting in record fourth quarter revenue and earnings per share. The balance sheet remains strong and positively positioned to benefit from potential future interest rate increases. With these solid underpinnings, Berkshire increased its quarterly shareholder dividend by 50% in the fourth quarter, as well as repurchasing 2% of shares. We’re pleased that our results have contributed to strong outperformance by our stock compared to the broad market and our industry. BHLB provided a 2022 calendar year total shareholder return exceeding 7% against a backdrop of market declines, with the S&P 500 index posting a negative 18% total return for the year.”

1

“We have separately announced our CFO hire, and this follows recently announced executive hires for Commercial Banking and Credit. I’m pleased with the exceptional caliber of executives who are attracted by our strong team, promising business prospects, and purpose-focused vision. We also announced a $50 million share repurchase program for 2023, continuing our focus on balanced capital management and shareholder distributions.”

“Berkshire’s return on assets and return on tangible common equity improved to within its target range at the halfway point of its three year strategic plan. Berkshire also achieved the highest ESG ranking in our history, with a top 17% composite performance ranking in leading ESG indexes in the U.S. for its Environmental, Social and Governance ratings. We also recorded our highest employee engagement through our survey platform with Mercer. We rolled-out promotion of our new brand campaign theme of “Where You Bank Matters”, which captures the spirit of our vision to serve as a high-performing leading socially responsible community bank for all of our stakeholders.  I thank the entire Berkshire team for our success in 2022 and all they do to maintain our forward momentum in delivering on our vision.”

RESULTS OF OPERATIONS

Earnings: Fourth quarter 2022 EPS of $0.69 increased from $0.42 in the prior quarter, while adjusted EPS increased by 2% from $0.62 to $0.64. Adjusted results benefited from higher net interest income and lending related fee revenue. The increase in GAAP EPS also reflected a reduction in accrued branch consolidation expenses based on a reduction in total estimated costs.

On a year-over-year basis, fourth quarter results also increased from

$0.42 reported for both GAAP EPS and adjusted EPS in 2021. This improvement was primarily due to higher net interest income, which has reflected growth in loans and in the interest margin in each of the last several quarters. Fourth quarter revenue increased by 30% year-over-year, while expense growth was held to 1%. The resulting positive operating leverage led to an improvement in the efficiency ratio to 58% in the most recent quarter, compared to 62% in the linked quarter and to 72% in the fourth quarter of 2021.

The fourth quarter 2022 return on equity me

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports Third Quarter Results

BOSTON, October 20, 2022 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported third quarter 2022 earnings per share (“EPS”) totaling $0.42. The non-GAAP measure of adjusted EPS totaled $0.62 for this period.

GAAP EPS decreased from $0.50 in the prior quarter due to $11 million in third quarter charges primarily consisting of branch restructuring costs following the completion of the previously announced branch consolidation program.

Excluding these charges, adjusted EPS increased by 21% from $0.51 in the prior quarter. Results benefited from a 13% increase in net interest income driven by a 37 basis point increase in the net interest margin due to loan growth and higher market interest rates.

Third quarter GAAP EPS decreased from $1.31 in 2021 due to $52 million in gains recorded on the sale of branch and insurance operations in 2021. Excluding these gains, adjusted EPS increased year-over-year by 18%. Berkshire’s 2022 results demonstrate positive operating leverage from its BEST strategic transformation initiatives.

THIRD QUARTER FINANCIAL HIGHLIGHTS (Changes are quarter-over-quarter unless otherwise stated. Non-GAAP measures are reconciled on pages F-9 and F-10).

●6.8% return on tangible common equity and 9.9% adjusted return on tangible common equity

●11% increase quarter-over-quarter in total net revenue; 10% increase in adjusted net revenue

●3.48% net interest margin, increased from 3.11% in 2Q22 and 2.56% in 3Q21

●62% efficiency ratio, improved from 67% in 2Q22 and 69% in 3Q21

●2% end-of-period loan growth quarter-over-quarter; 16% growth year-over-year

●0.74% delinquent and non-accrual loans/loans

●7% reduction in period-end shares outstanding year-over-year reflecting stock buybacks

●Prepayment of $75 million in subordinated debt in September 2022

CEO Nitin Mhatre stated “Berkshire posted strong revenue growth in the third quarter and achieved the highest adjusted per share earnings since 2019. We’re ahead of our BEST strategic transformation plan targets for performance improvement and accelerating our progress towards our vision of becoming a high-performing, leading socially responsible community bank.”

“Berkshire posted another quarter of loan growth and asset quality remains strong. Our balance sheet remains positioned to benefit from further increases in market interest rates. The Company’s expense discipline continues to support positive operating leverage and improved efficiency, allowing us to reinvest in targeted business lines. Our focused capital management has improved our capital returns to shareholders while also maintaining a strong capital base to support further franchise growth.”

1

Mr. Mhatre concluded, “We continue to evolve our organization to meet shifting consumer, business, community, and employee expectations while enhancing our DigitouchSM model of customer engagement. We’ve increased our base pay rates, announced a number of promotions, and continue targeted recruiting of frontline bankers. Our teams are finding opportunities to add new relationships in the changing local banking landscape. We’re making steady progress in our multi-billion BEST Community Comeback program along with our ESG activities and are encouraged by the ongoing momentum within our organization and communities.”

RESULTS OF OPERATIONS

Earnings: Third quarter EPS of $0.42 decreased from $0.50 quarter-over-quarter, while adjusted EPS increased by 21% to $0.62 from $0.51. Third quarter EPS decreased from $1.31 in 2021 due to gains recorded on the sale of business operations in 2021. Third quarter adjusted EPS increased from $0.53 in 2021.

The improvement in adjusted earnings reflects positive operating leverage, with 11% revenue growth and 3% growth in adjusted operating expense compared to the prior quarter. The efficiency ratio improved to 62% in the most recent quarter, compared to 67% in the linked quarter and to 69% in the third quarter of 2021.

The third quarter 2022 return on tangible common equity measured 6.8% and the non-GAAP measure of adjusted return on tangible common equity measured 9.9%, The return on assets measured 0.66% and the non-GAAP measure of adjusted return on assets measured 0.99%.

The Company also utilizes the financial measure of Pre-tax Pre-Provision

Net Revenue (“PPNR”) to evaluate the results of operations before the impact of the provision and tax expense. Compared to the prior quarter, PPNR decreased by $2 million to $27 million due to the restructuring expenses. The non-GAAP measure of adjusted PPNR increased by 28% to $39 million. Adjusted PPNR increased by 53% on a year-over-year basis.

Earnings per share benefited from share repurchases in most quarters during 2021 and 2022. At period-end, the Company had approximately $35 million remaining in its 2022 share repurchase authorization.

Revenue and expense comparisons to the third quarte

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

Berkshire Hills Reports 19% Increase in Quarterly Earnings Per Share

BOSTON, July 20, 2022 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported that second quarter 2022 earnings per share (EPS) increased by 19% to $0.50 from $0.42 in the prior quarter. The non-GAAP measure of adjusted EPS also increased by 19% to $0.51 from $0.43. The improvement was due to loan growth and higher asset yields, while funding and operating costs were essentially flat. Compared to the second quarter of 2021, EPS improved by 16% and adjusted EPS increased by 17%.

SECOND QUARTER FINANCIAL HIGHLIGHTS (Changes are quarter-over-quarter unless otherwise stated. Non-GAAP measures are reconciled on pages F-9 and F-10).

·19% increase in GAAP EPS

·Broad-based increase in total loans compared to first quarter, measuring 7% based on both end-of-period and average balances

·3.11% net interest margin, increased from 2.61% in the prior quarter

·9% increase in total net revenue

·Flat non-interest expense (stable over last five quarters)

·0.02% net charge-offs/average loans

·0.25% non-performing assets/assets – sixth sequential quarterly improvement

·$100 million investment grade subordinated debt issuance - first Sustainability Bond issued by a U.S. community bank

·9% reduction in period-end shares outstanding year-over-year reflecting stock buybacks

CEO Nitin Mhatre stated “Berkshire’s bankers continue to make rapid progress towards delivering on our vision to become a high-performing, socially responsible community bank in New England and beyond. Through their efforts, we generated strong growth in balances across all major loan categories. Deposit and wealth management fee revenues were the highest in five quarters.”

“Our strong balance sheet management discipline, coupled with growth in high-quality loan originations, drove a substantial increase in our net interest margin and net interest income. Non-interest expense was stable, with the result that higher revenues have led to improved bottom line profitability and a 19% increase in earnings per share.”

Mr. Mhatre concluded, “At quarter-end we completed the first sustainable bond issuance by a U.S. community bank, which will support environmental and social projects in our communities based on our Sustainable Financing Framework. We’re pleased with the strong response from investors and that the issuance was supported by an investment grade rating from Moody’s Investors Service, which acknowledged our strong financial condition, improving performance, and conservative risk management. I continue to be proud of all our employees as we successfully executed the first year of our BEST strategic transformation plan on target and with continued momentum towards exceeding the plan’s objectives.”

1

RESULTS OF OPERATIONS

Earnings: Strong second quarter 2022 results were driven by robust loan growth, increased asset yields, stable funding costs, continued expense discipline and improved credit performance. The 19% sequential increase in quarterly EPS reflected positive operating leverage from 9% revenue growth and stable expenses. EPS similarly increased by 16% on a year-over-year basis, and included the benefit of share repurchases. In the most recent quarter, the Company recorded an 8.3% return on tangible common equity and a 0.82% return on assets. The Company also utilizes the financial measure of Pre-tax Pre-Provision Net Revenue (“PPNR”) to evaluate the results of operations before the impact of the provision and tax expense. PPNR measured $29 million in the most recent quarter, increasing sequentially by 38% and year-over-year by 2%.

Revenue: Second quarter net interest income increased by 18% compared to the prior quarter and by 8% compared to the prior year. The sequential quarter growth was driven by an increase in the net interest margin to 3.11% from 2.61%, which reflected the benefit of Berkshire’s positive interest rate sensitivity in the rising interest rate environment. It also benefited from a balance sheet mix shift, as 7% growth in average loans was funded by lower yielding cash and securities. Reflecting increases in the Prime and LIBOR index rates for variable rate loans, the loan yield increased quarter-over-quarter to 3.99% from 3.61%. The yield on average earning assets improved to 3.34% from 2.82%.

The cost of funds increased to 0.24% from 0.23%, while the cost of deposits was unchanged at 0.17% compared to the prior quarter. The Company’s interest rate sensitivity remained positive at midyear 2022 and was positioned to benefit from further interest rate increases anticipated by the market in the second half of the year.

Non-interest income excluding securities gains and losses decreased

by 19% quarter-over-quarter and 23% year-over-year. Excluding insurance operations sold in the third quarter of 2021, the year-over-year decrease measured 14%. Loan related fees were impacted by lower

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

BERKSHIRE HILLS REPORTS IMPROVED FIRST QUARTER

RESULTS

BOSTON, April 20, 2022 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported that first quarter earnings per share (EPS) increased year-over-year by 62% to $0.42 in 2022 from $0.26 in 2021. The non-GAAP measure of adjusted EPS increased by 37% to $0.43 from $0.32. Earnings benefited from loan growth in 2022 together with a release of the allowance for credit losses, reflecting improved loan performance expectations. Compared to the fourth quarter of 2021, first quarter EPS was unchanged at $0.42 and adjusted EPS increased by 4% to $0.43 from $0.42.

FIRST QUARTER FINANCIAL HIGHLIGHTS (Non-GAAP measures are reconciled on page F-9).

·62% year-over-year increase in EPS

·6% increase in total loans quarter-over-quarter

·2.61% net interest margin, stable over the last five quarters

·$4 million benefit to the credit loss provision due to a release of the credit loss allowance

·0.26% non-performing assets/assets – fifth sequential quarterly improvement

·6% reduction in period-end shares outstanding year-over-year reflecting stock buybacks

CEO Nitin Mhatre stated, “Our strong growth in loan balances was driven by a significant increase in new loan originations that benefited from higher productivity of our existing bankers, recruitment of experienced frontline bankers and new partnership channels in the second half of 2021. Our credit metrics remained strong and our earnings benefited from a release of the credit loss allowance, which continues to provide comparatively strong coverage of the loan portfolio.”

“We remain well positioned to benefit from the expected rising rate environment. During the first quarter, Berkshire announced the approval of a new program to repurchase approximately $140 million in common shares and correspondingly total outstanding shares decreased by 2% during the quarter.“

Mr. Mhatre concluded, “Berkshire Bank recently announced an expanded partnership with fintech Narmi to create a best-in-class digital banking experience for consumers and small businesses. We continue to promote employees from within the organization and bring on board knowledgeable bankers to deepen long-term relationships with our customers. I’m also pleased that our collective efforts to support our customers and communities continue to gain recognition as we were recently named by Newsweek as one of America’s Most Trustworthy Companies and placed among the top 10 banks nationally. Our team has gotten off to a strong start in 2022 as we execute on our BEST plan in pursuit of our vision to be a high-performing, leading socially responsible community bank in New England and beyond.”

1

RESULTS OF OPERATIONS

Earnings: First quarter GAAP earnings per share totaled $0.42, unchanged from the prior quarter and increased year-over-year by 62% from $0.26. The non-GAAP measure of adjusted EPS totaled $0.43, increasing quarter-over-quarter by 4% from $0.42 and year-over-year by 37% from $0.32 per share. First quarter adjustments to earnings consisted primarily of branch restructuring expenses in 2021 and unrealized equity securities losses in 2022. Year-over-year earnings improvement also resulted from a benefit in 2022 to the provision for credit losses on loans and as well as from share repurchases. The first quarter 2022 return on tangible common equity measured 7.3% and the non-GAAP measure of adjusted return on tangible common equity measured 7.5%.

Revenue: Net interest income was essentially unchanged quarter-over quarter. Loan growth was weighted towards the end of the quarter, with full benefit expected beginning in the second quarter. Net interest income decreased by 8% year-over-year due primarily to lower loan balances during the year 2021. The Company’s net interest income is modeled to be positively sensitive to the market forecast scenario of rising interest rates.

Non-interest income excluding securities losses increased 5% quarter-over-quarter

including seasonal components. It decreased 18% year-over-year primarily due to the sale of insurance and branch operations in the third quarter of 2021, and PPP loan referral fees recorded in the first quarter of 2021.

Provision for Credit Losses on Loans: Berkshire recorded a $4 million benefit to the first quarter 2022 provision, compared to a $3 million benefit in the linked quarter and a $6.5 million charge in the first quarter of 2021. The $4 million benefit resulted from a $7 million release of the credit loss allowance net of $3 million in net loan charge-offs. The Company also utilizes the non-GAAP financial measure of Pre-tax Pre-Provision Net Revenue (“PPNR”) to evaluate the results of operations before the impact of the provision and tax expense. PPNR measured $21 million in the most recent quarter, and $22 million on a non-GAAP adjusted basis.

Expense: First quarter 2022 non-interest expense was down 1% quarter-over quarter

EX-99.1

2 tm223804d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

BERKSHIRE HILLS REPORTS IMPROVED FOURTH QUARTER

RESULTS;

SETS ANNUAL MEETING DATE

BOSTON, January 20, 2022 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported that fourth quarter earnings per share (EPS) increased year-over-year by 40% to $0.42 in 2021, and by 50% to $0.42 on an adjusted non-GAAP basis. For the year 2021, Berkshire reported EPS of $2.39, or $1.69 on an adjusted basis, compared to a 2020 loss of ($10.60), or a $0.60 profit, on an adjusted basis.

Results for the quarter and full year 2021 demonstrate strong improvement over the prior year and a solid start to Berkshire’s Exciting Strategic Transformation (BEST) plan that is targeted to significantly improve stakeholder value while making Berkshire the leading socially responsible Community Bank in New England and beyond.

FOURTH QUARTER FINANCIAL HIGHLIGHTS (Comparisons are to the prior year unless otherwise stated; non-GAAP measures are reconciled on pages F-9 and F-10).

·4% increase in non-interest income excluding gains/losses

o18% increase excluding insurance operations sold in 2021

·1% increase in commercial loans quarter-over-quarter

o4% increase in commercial and industrial loans

·Total loans stable quarter-over-quarter; up 0.5% before non-strategic run-off

·45% decrease in non-performing assets, measuring 0.32% of total year-end assets

·$3 million benefit to the credit loss provision due to a release of the credit loss allowance

·71% reduction in wholesale funding to 3% of assets (period-end balance)

·Cost of deposits down year-over-year to 0.19% from 0.47%

CEO Nitin Mhatre stated, “We posted commercial portfolio loan growth during the quarter and our fee income demonstrated strong year-over-year momentum across most business lines. We announced and executed several initiatives in the most recent quarter which are targeted to strengthen our franchise and further improve our future operating results as part of our BEST plan. Berkshire continued to hire strong new talent in our SBA lending, wealth management and private banking divisions, and enhanced our business banking and MyBanker teams as well. Our Board of Directors was joined by former banking executive and digital, financial and risk expert Nina Charnley. Berkshire expanded its consumer lending solutions, providing more convenient and affordable access to consumers in its markets. The Bank also expanded its wealth management offerings with a suite of mission-aligned socially responsible investing portfolios and is already seeing some early success.”

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Mr. Mhatre concluded, “We’re pleased with the strong year-over-year improvement in net profit and are tracking ahead of our BEST plan financial targets. Berkshire Bank’s strong liquidity and capital positions it well for higher expected interest rates and planned business growth in 2022. I thank our Berkshire team for its commitment to exceptional service to our customers and markets, its dedication to community comeback, and for making our Company an award-winning workplace and outstanding corporate citizen. We’re pleased that our shareholders have benefited from our endeavors as our share price has reached a nearly two year high and appreciated at about twice the growth rate of peers in 2021. Also, we announced yesterday that our Board has authorized a share repurchase up to $140 million in total cost and we’re targeting further benefit to our shareholders from this plan in 2022.”

ANNUAL MEETING

The Board of Directors determined that the Annual Meeting of Shareholders will be held at 10:00 a.m. on Wednesday, May 18, 2022 and may be convened as a virtual meeting. The date of Friday, March 25, 2022 was established as the record date for the determination of shareholders entitled to notice of, and to vote at, the Annual Meeting. Further information about the annual meeting will be available in early April at the Company’s website at ir.berkshirebank.com.

RESULTS OF OPERATIONS

Earnings: Fourth quarter GAAP earnings per share increased to $0.42 in 2021 from $0.30 in 2020, and decreased from $1.31 in the third quarter of 2021. Berkshire’s non-GAAP measure of fourth quarter adjusted EPS was also $0.42 in 2021, which was a 50% increase year-over-year primarily due to a benefit to the loan loss provision reflecting improved credit performance in 2021. Adjusted EPS decreased 21% quarter-over-quarter reflecting changes in revenue mix as the Company is investing in new revenue generating sources targeted to benefit future periods. Fourth quarter return on equity increased year-over-year to 6.9% in 2021, and adjusted return on tangible common equity improved to 7.3%. These results included the benefit of the repurchase of 5% of outstanding shares during 2021.

Revenue: Fourth quarter revenue decreased year-over-year and quarter-over-quarter reflecting low interest rates and constrained customer demand during the ongoing pandemic. By accumulating lower yiel

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

BERKSHIRE

HILLS REPORTS EARNINGS PER SHARE GROWTH

BOSTON, October 21, 2021 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported that third quarter 2021 earnings per share increased year-over-year by 212% to $1.31 compared to $0.42 in 2020, and compared to $0.43 in the prior quarter. Results in the most recent quarter included $0.78 per share in net non-operating income, consisting primarily of net gains on the sales of the assets and operations of the Company’s insurance subsidiary and Berkshire Bank’s Mid-Atlantic branches. Excluding these amounts, Berkshire’s non-GAAP measure of third quarter adjusted net income totaled $0.53 per share, which was unchanged from the prior year and up 20% from $0.44 in the prior quarter. Results in the most recent quarter included a $4 million benefit ($0.06 per share after-tax) to the provision for credit losses. Per share earnings also benefited in the most recent quarter from the completion of the 2.5 million share repurchase program that was approved by the Board in April 2021.

THIRD QUARTER FINANCIAL HIGHLIGHTS (Comparisons are to the prior year unless otherwise stated; non-GAAP measures are reconciled on pages F-9 and F-10).

·$52 million net gain on the sale of insurance and Mid-Atlantic branch operations

·4% increase in total non-interest income excluding gains/(losses)

·66% decrease in net loan charge-offs to $2 million

·$4 million benefit to credit loss provision expense due to a release of credit loss allowance

·72% reduction in wholesale funding to 4% of assets, including prepayment of most Federal Home Loan Bank borrowings (period-end balance)

·Deposit costs down year-over-year to 0.22% from 0.61%

·Stock repurchases of 1,755,058 shares (3.5% of outstanding stock)

·Returned $54 million of capital to shareholders through buybacks and dividends amounting to 211% of adjusted net income

CEO Nitin Mhatre stated, “These solid results reflect the growing momentum associated with the second-quarter rollout of Berkshire’s Exciting Strategic Transformation (BEST). This comprehensive transformation plan, designed to enhance value for all our stakeholders, has already led to improved focus on our long-term efficiency, our customers, and our communities.”

“Exiting our Mid-Atlantic and insurance operations was a step in optimizing our operations and produced $52 million in net sale gains which bolstered third-quarter income. We completed our 2.5 million share repurchase program far ahead of the authorized time, returning a total of nearly $75 million in excess capital to shareholders through the repurchase of approximately 5% of our shares. We’re well positioned to support other BEST initiatives in development including our recently announced consumer lending partnership with the fin-tech Upstart. We also announced our BEST Community Comeback initiative that will lend and invest to strengthen the economic health of our communities, an industry-leading commitment given the relative size of the program and our organization. We continued to record strong deposit growth during the quarter and our expanded banking teams are focused on building loan origination volumes.”

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Mr. Mhatre concluded: “Key measures of asset quality improved as our markets continue to recover from pandemic conditions and we are prepared to profitably serve that recovery. We announced further refreshment of our board of directors, welcoming David Brunelle into the position of Board Chair and Jeffrey Kip as a new director. And we’re experiencing continued strong interest from customers and added several experienced, market-facing professionals to our team, demonstrating the value of our focus on social responsibility and strategy as other institutions focus on mergers.”

RESULTS OF OPERATIONS

Earnings: Third quarter GAAP earnings per share (EPS) increased in 2021 to $1.31 from $0.42 in 2020, and from $0.43 in the second quarter of 2021. The increase in EPS was primarily due to the gains recorded on the sale in the most recent quarter of insurance operations and the Mid-Atlantic branches. Adjusted EPS, a non-GAAP measure which excludes these gains, totaled $0.53 in the third quarter of 2021, which was stable year-over-year and a 20% increase quarter-over-quarter from $0.44. This included a $4 million benefit ($0.06 per share after-tax) to the provision for credit losses on loans in the most recent quarter. For the most recent quarter, GAAP return on equity measured 22.2% and the GAAP return on assets was 2.14%. The non-GAAP measure of adjusted return on equity measured 8.9% and the adjusted return on assets measured 0.86%.

Revenue: Third quarter net interest income decreased year-over-year by $6 million, or 7%, and by $4 million, or 5%, compared to the linked quarter. The year-over-year change reflected lower loan balances. The quarter-over-quarter change was primarily due to a $3 million decrease in deferred fee income recogni