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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended: March 31, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                    to                  
 
Commission File Number: 001-15781
bhlb-20220331_g1.jpg  
BERKSHIRE HILLS BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
Delaware04-3510455
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
   
60 State StreetBoston Massachusetts02109
(Address of principal executive offices)(Zip Code)
 
Registrant’s telephone number, including area code: (800) 773-5601, ext. 133773

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 $0.01 per shareBHLBThe New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ý  No o
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý   No o
    


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer    ý    Accelerated filer        o     
Non-accelerated filer    o     Smaller reporting company    
    Emerging growth company    
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.     o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes   No 
 
As of May 5, 2022, the Registrant had 47,323,374 shares of common stock, $0.01 par value per share, outstanding


BERKSHIRE HILLS BANCORP, INC.
FORM 10-Q
 
INDEX 
  Page
   
 
 
 Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021
 Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021
 Consolidated Statements of Comprehensive (Loss) for the Three Months Ended March 31, 2022 and 2021
 Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2022 and 2021
 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021
 Notes to Consolidated Financial Statements (Unaudited) 
  
  
  
  
  
  
  
  
  
  
Item 2.
 
 
 
2


3

PART I
ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
 March 31,
2022
December 31,
2021
(In thousands, except share data)
Assets  
Cash and due from banks$151,814 $109,350 
Short-term investments1,455,437 1,518,457 
Total cash and cash equivalents1,607,251 1,627,807 
Trading security, at fair value7,798 8,354 
Marketable equity securities, at fair value14,719 15,453 
Securities available for sale, at fair value2,032,575 1,877,585 
Securities held to maturity (fair values of $580,538 and $647,236)
612,174 636,503 
Federal Home Loan Bank stock and other restricted securities10,829 10,800 
Total securities2,678,095 2,548,695 
Less: Allowance for credit losses on held to maturity securities(99)(105)
Net securities2,677,996 2,548,590 
Loans held for sale300 6,110 
Total loans7,267,323 6,825,847 
Less: Allowance for credit losses on loans (99,475)(106,094)
Net loans7,167,848 6,719,753 
Premises and equipment, net92,971 94,383 
Other intangible assets28,332 29,619 
Cash surrender value of bank-owned life insurance policies236,593 235,690 
Other assets281,729 288,384 
Assets held for sale3,988 4,577 
Total assets$12,097,008 $11,554,913 
Liabilities  
Demand deposits$3,020,568 $3,008,461 
NOW and other deposits2,546,799 976,401 
Money market deposits2,469,042 3,293,526 
Savings deposits1,133,877 1,111,625 
Time deposits1,528,922 1,678,940 
Total deposits10,699,208 10,068,953 
Long-term Federal Home Loan Bank advances and other14,563 13,331 
Subordinated borrowings97,569 97,513 
Total borrowings112,132 110,844 
Other liabilities191,807 192,681 
Total liabilities$11,003,147 $10,372,478 
(continued)
March 31,
2022
December 31,
2021
Shareholders’ equity  
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 47,791,829 shares outstanding in 2022; 51,903,190 shares issued and 48,667,110 shares outstanding in 2021)
528 528 
Additional paid-in capital - common stock1,423,679 1,423,445 
Unearned compensation(10,284)(9,056)
Retained (deficit)(125,343)(139,383)
Accumulated other comprehensive (loss) (78,237)(3,243)
Treasury stock, at cost (4,111,361 shares in 2022 and 3,236,080 shares in 2021)
(116,482)(89,856)
Total shareholders’ equity1,093,861 1,182,435 
Total liabilities and shareholders’ equity$12,097,008 $11,554,913 
The accompanying notes are an integral part of these consolidated financial statements.
4

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31,
(In thousands, except per share data)20222021
Interest and dividend income   
Loans$62,474 $75,933 
Securities and other12,349 12,220 
Total interest and dividend income74,823 88,153 
Interest expense   
Deposits4,174 9,583 
Borrowings1,586 3,477 
Total interest expense5,760 13,060 
Net interest income69,063 75,093 
Non-interest income  
Deposit related fees7,351 7,126 
Loan fees and revenue8,265 10,246 
Insurance commissions and fees 3,130 
Wealth management fees2,625 2,772 
Mortgage banking originations19 802 
Total fee income18,260 24,076 
Other, net3,166 2,148 
(Loss) on securities, net(745)(31)
Total non-interest income20,681 26,193 
Total net revenue 89,744 101,286 
(Benefit)/provision for credit losses (4,000)6,500 
Non-interest expense  
Compensation and benefits37,521 38,735 
Occupancy and equipment10,067 11,024 
Technology and communications8,527 8,593 
Marketing and promotion1,111 595 
Professional services2,692 6,614 
FDIC premiums and assessments987 1,120 
Other real estate owned and foreclosures 2 
Amortization of intangible assets1,286 1,319 
Acquisition, restructuring, and other expenses18 3,486 
Other6,341 6,666 
Total non-interest expense68,550 78,154 
Income before income taxes$25,194 $16,632 
Income tax expense4,998 3,601 
Net income$20,196 $13,031 
Basic earnings per common share$0.42 $0.26 
Diluted earnings per common share$0.42 $0.26 
Weighted average shares outstanding:  
Basic47,668 50,330 
Diluted48,067 50,565 
The accompanying notes are an integral part of these consolidated financial statements.
5

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)
Three Months Ended
March 31,
(In thousands)20222021
Net income$20,196 $13,031 
Other comprehensive (loss), before tax:  
Changes in unrealized (loss) on debt securities available-for-sale(101,373)(27,013)
Income taxes related to other comprehensive income:  
Changes in unrealized (loss) on debt securities available-for-sale26,379 6,863 
Total other comprehensive (loss)(74,994)(20,150)
Total comprehensive (loss)$(54,798)$(7,119)
The accompanying notes are an integral part of these consolidated financial statements.

6

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
 Common stockAdditional
paid-in capital
Unearned compensationRetained earnings (deficit)Accumulated
other
comprehensive income/(loss)
Treasury stock
(In thousands)SharesAmountTotal
Balance at December 31, 202050,833 $528 $1,427,239 $(6,245)$(233,344)$30,871 $(31,276)$1,187,773 
Comprehensive (loss):       
Net income— — — — 13,031 — — 13,031 
Other comprehensive (loss)— — — — — (20,150)— (20,150)
Total comprehensive (loss)— — — — 13,031 (20,150)— (7,119)
Cash dividends declared on common shares ($0.12 per share)
— — — — (6,124)— — (6,124)
Forfeited shares(52)— (234)1,333 — — (1,099) 
Exercise of stock options5 — — — (79)— 148 69 
Restricted stock grants210 — (2,660)(3,485)— — 6,145  
Stock-based compensation— — — 675 — — — 675 
Other, net(8)— 4 — — — (139)(135)
Balance at March 31, 202150,988 $528 $1,424,349 $(7,722)$(226,516)$10,721 $(26,221)$1,175,139 
Balance at December 31, 202148,667 $528 $1,423,445 $(9,056)$(139,383)$(3,243)$(89,856)$1,182,435 
Comprehensive (loss):       
Net income— — — — 20,196 — — 20,196 
Other comprehensive (loss)— — — — — (74,994)— (74,994)
Total comprehensive (loss)— — — — 20,196 (74,994)— (54,798)
Cash dividends declared on common shares ($0.12 per share)
— — — — (6,152)— — (6,152)
Treasury shares repurchased(972)— — — — — (29,254)(29,254)
Forfeited shares(36)— 70 983 — — (1,053) 
Exercise of stock options1 — — — (4)— 29 25 
Restricted stock grants139 — 161 (4,016)— — 3,855  
Stock-based compensation— — — 1,805 — — — 1,805 
Other, net(7)— 3 — — — (203)(200)
Balance at March 31, 202247,792 $528 $1,423,679 $(10,284)$(125,343)$(78,237)$(116,482)$1,093,861 

The accompanying notes are an integral part of these consolidated financial statements.
7

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Three Months Ended
March 31,
(In thousands)20222021
Cash flows from operating activities:  
Net income$20,196 $13,031 
Adjustments to reconcile net income to net cash provided by operating activities:  
(Benefit)/provision for credit losses(4,000)6,500 
Net amortization of securities668 389 
Change in unamortized net loan costs and premiums560 (2,755)
Premises and equipment depreciation and amortization expense2,479 2,839 
Stock-based compensation expense1,805 675 
Accretion of purchase accounting entries, net(677)(1,305)
Amortization of other intangibles1,286 1,319 
Income from cash surrender value of bank-owned life insurance policies(1,332)(1,348)
Securities losses, net745 31 
Net change in loans held-for-sale5,204 3,938 
Loss on disposition of assets 2,811 
Amortization of interest in tax-advantaged projects357 33 
Net change in other(10,595)(2,584)
Net cash provided by operating activities16,696 23,574 
Cash flows from investing activities:  
Net decrease in trading security202 192 
Proceeds from sales of marketable equity securities 2,849 
Purchases of securities available for sale(386,636)(103,877)
Proceeds from maturities, calls, and prepayments of securities available for sale130,118 166,998 
Purchases of securities held to maturity (155,417)
Proceeds from maturities, calls, and prepayments of securities held to maturity23,853 9,377 
Net change in loans(443,357)412,255 
Net change in Mid-Atlantic region loans held for sale 16,830 
Proceeds from surrender of bank-owned life insurance429  
Purchase of Federal Home Loan Bank stock(116) 
Proceeds from redemption of Federal Home Loan Bank stock87 6,193 
Purchase of premises and equipment, net (2,297)
Net cash (used)/provided by investing activities(675,420)353,103 
(continued)
8

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONCLUDED)
 Three Months Ended
March 31,
(In thousands)20222021
Cash flows from financing activities:  
Net increase in deposits630,255 28,562 
Net change in Mid-Atlantic region deposits held for sale 29,245 
Proceeds from Federal Home Loan Bank advances and other borrowings1,275  
Repayments of Federal Home Loan Bank advances and other borrowings(46)(123,022)
Purchase of treasury stock(29,254) 
Exercise of stock options25 69 
Common stock cash dividends paid(6,152)(