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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, 2024
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
newlogoa10.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 8, 2024, the Registrant had 43,292,906 shares of common stock, $0.01 par value per share, outstanding.


BERKSHIRE HILLS BANCORP, INC.
FORM 10-Q
 
INDEX 
  Page
   
 
 
 Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023
 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023
 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023
 Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2024 and 2023
 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023
 Notes to Consolidated Financial Statements (Unaudited) 
  
  
  
  
  
  
  
  
  
  
Item 2.
 
 
 
2

PART I
ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED BALANCE SHEET
 March 31,
2024
December 31,
2023
(In thousands, except share data)
Assets  
Cash and due from banks$111,676 $148,148 
Short-term investments1,082,019 1,055,096 
Total cash and cash equivalents1,193,695 1,203,244 
Trading securities, at fair value5,909 6,142 
Equity securities, at fair value12,823 13,029 
Securities available for sale, at fair value625,857 1,022,285 
Securities held to maturity (fair values of $459,626 and $476,228)
531,820 543,351 
Federal Home Loan Bank stock 20,522 22,689 
Total securities1,196,931 1,607,496 
Less: Allowance for credit losses on held to maturity securities(61)(68)
Net securities1,196,870 1,607,428 
Loans held for sale6,345 2,237 
Total loans9,085,753 9,039,686 
Less: Allowance for credit losses on loans (107,331)(105,357)
Net loans8,978,422 8,934,329 
Premises and equipment, net57,832 68,915 
Other intangible assets18,460 19,664 
Cash surrender value of bank-owned life insurance policies243,777 242,309 
Other assets368,190 341,757 
Assets held for sale83,020 10,938 
Total assets$12,146,611 $12,430,821 
Liabilities  
Demand deposits$2,261,794 $2,469,164 
NOW and other deposits793,492 858,644 
Money market deposits3,411,672 3,565,516 
Savings deposits1,010,630 1,053,810 
Time deposits2,405,384 2,686,250 
Total deposits9,882,972 10,633,384 
Short-term debt210,000 260,000 
Long-term Federal Home Loan Bank advances and other127,169 125,223 
Subordinated borrowings121,425 121,363 
Total borrowings458,594 506,586 
Other liabilities297,663 278,630 
Liabilities held for sale497,459  
Total liabilities$11,136,688 $11,418,600 
(continued)
March 31,
2024
December 31,
2023
Shareholders’ equity  
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 43,414,610 shares outstanding in 2024; 51,903,190 shares issued and 43,500,872 shares outstanding in 2023)
528 528 
Additional paid-in capital - common stock1,422,709 1,423,273 
Unearned compensation(11,297)(10,109)
Retained (deficit)(61,147)(33,136)
Accumulated other comprehensive (loss) (114,415)(143,016)
Treasury stock, at cost (8,488,580 shares in 2024 and 8,402,318 shares in 2023)
(226,455)(225,319)
Total shareholders’ equity1,009,923 1,012,221 
Total liabilities and shareholders’ equity$12,146,611 $12,430,821 
The accompanying notes are an integral part of these consolidated financial statements.
3

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
(In thousands, except per share data)20242023
Interest and dividend income   
Loans$136,560 $117,493 
Securities and other15,446 14,823 
Total interest and dividend income152,006 132,316 
Interest expense   
Deposits56,862 26,082 
Borrowings7,004 8,701 
Total interest expense63,866 34,783 
Net interest income88,140 97,533 
Non-interest income
Deposit related fees8,305 8,311 
Loan related fees2,663 2,469 
Gain on SBA loans1,699 2,494 
Wealth management fees2,884 2,739 
Total fee income15,551 16,013 
Other, net1,874 359 
Fair value adjustments on securities(115)234 
(Loss) on sale of AFS securities, net(49,909) 
Total non-interest income(32,599)16,606 
Total net revenue 55,541 114,139 
Provision expense for credit losses 6,000 8,999 
Non-interest expense  
Compensation and benefits40,735 39,071 
Occupancy and equipment8,698 9,379 
Technology9,904 9,471 
Professional services2,676 3,277 
Regulatory expenses1,845 1,426 
Amortization of intangible assets1,205 1,205 
Marketing1,116 1,208 
Restructuring and other expenses3,617 (36)
Other6,224 6,954 
Total non-interest expense76,020 71,955 
(Loss)/income before income taxes
$(26,479)$33,185 
Income tax (benefit)/expense(6,291)5,548 
Net (loss)/income$(20,188)$27,637 
Basic (loss)/earnings per common share$(0.47)$0.63 
Diluted (loss)/earnings per common share$(0.47)$0.63 
Weighted average shares outstanding:  
Basic42,777 43,693 
Diluted43,028 44,036 
The accompanying notes are an integral part of these consolidated financial statements.
4

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended
March 31,
(In thousands)20242023
Net (loss)/income$(20,188)$27,637 
Other comprehensive (loss), before tax:  
Changes in unrealized (loss) on debt securities available-for-sale44,287 23,968 
Changes in unrealized gain/(loss) on derivative hedges
(5,524)5,798 
Income taxes related to other comprehensive (loss):  
Changes in unrealized (loss) on debt securities available-for-sale(11,664)(6,224)
Changes in unrealized gain/(loss) on derivative hedges
1,502 (1,556)
Total other comprehensive income28,601 21,986 
Total comprehensive income$8,413 $49,623 
The accompanying notes are an integral part of these consolidated financial statements.

5

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

 Common stockAdditional
paid-in capital
Unearned compensationRetained earnings (deficit)Accumulated
other
comprehensive (loss)
Treasury stock
(In thousands)SharesAmountTotal
Balance at December 31, 202244,361 $528 $1,424,183 $(8,598)$(71,428)$(181,052)$(209,571)$954,062 
Comprehensive income:       
Net income— — — — 27,637 — — 27,637 
Other comprehensive income— — — — — 21,986 — 21,986 
Total comprehensive income— — — — 27,637 21,986 — 49,623 
Impact of ASU No. 2022-02 Adoption— — — — 401 — — 401 
Cash dividends declared on common shares ($0.18 per share)
— — — — (8,008)— — (8,008)
Treasury shares repurchased(47)— — — — — (1,190)(1,190)
Forfeited shares(31)— 87 834 — — (921) 
Exercise of stock options — — —  —   
Restricted stock grants143 — 446 (4,352)— — 3,906  
Stock-based compensation— — — 1,196 — — — 1,196 
Other, net(15)— (153)— — — (451)(604)
Balance at March 31, 202344,411 $528 $1,424,563 $(10,920)$(51,398)$(159,066)$(208,227)$995,480 
Balance at December 31, 202343,501 $528 $1,423,273 $(10,109)$(33,136)$(143,016)$(225,319)$1,012,221 
Comprehensive income:       
Net (loss)— — — — (20,188)— — (20,188)
Other comprehensive income— — — — — 28,601 — 28,601 
Total comprehensive income— — — — (20,188)28,601 — 8,413 
Cash dividends declared on common shares $0.18 per share)
— — — — (7,823)— — (7,823)
Treasury shares repurchased(182)— — — — — (4,045)(4,045)
Forfeited shares(49)— (195)1,309 — — (1,114) 
Exercise of stock options— — — — — — —  
Restricted stock grants186 — (369)(4,598)— — 4,967  
Stock-based compensation— — — 2,101 — — — 2,101 
Other, net(41)— — — — — (944)(944)
Balance at March 31, 202443,415 $528 $1,422,709 $(11,297)$(61,147)$(114,415)$(226,455)$1,009,923 
The accompanying notes are an integral part of these consolidated financial statements.
6

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Three Months Ended
March 31,
(In thousands)20242023
Cash flows from operating activities:  
Net (loss)/income
$(20,188)$27,637 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses6,000 8,999 
Net amortization/(accretion) of securities568 (42)
Change in unamortized net loan costs and premiums799 309 
Premises and equipment depreciation and amortization expense1,939 2,223 
Stock-based compensation expense2,101 1,196 
Accretion of purchase accounting entries, net(221)(47)
Amortization of other intangibles1,205 1,205 
Income from cash surrender value of bank-owned life insurance policies(1,468)(977)
(Gain) on SBA loan sales (1,699)(2,494)
Fair value adjustments on securities115 (234)
Loss on sale of AFS securities, net49,909  
Net change in loans held-for-sale(4,108)2,405 
Amortization of interest in tax-advantaged projects134 2,285 
Net change in other(28,225)(1,465)
Net cash provided by operating activities6,861 41,000 
Cash flows from investing activities:  
Net decrease in trading security222 212 
Purchases of securities available for sale(7,798)(28,899)
Proceeds from sales of securities available for sale361,871  
Proceeds from maturities, calls, and prepayments of securities available for sale36,344 69,404 
Proceeds from maturities, calls, and prepayments of securities held to maturity11,415 8,380 
Net change in loans
(107,435)(351,311)
Purchase of Federal Home Loan Bank stock(22,610)(183,155)
Proceeds from redemption of Federal Home Loan Bank stock24,777 146,129 
Net investment in limited partnership tax credits(4,675)(3,686)
Purchase of premises and equipment, net(235)(753)
Net cash provided/(used) by investing activities291,876 (343,679)
7

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONCLUDED)
 Three Months Ended
March 31,
(In thousands)20242023
(continued)
Cash flows from financing activities:  
Net (decrease) in deposits(265,882)(259,724)
Proceeds from Federal Home Loan Bank advances and other borrowings202,000 3,555,000 
Repayments of Federal Home Loan Bank advances and other borrowings(250,055)(2,655,050)
Purchase of treasury stock(4,045)(1,190)
Common stock cash dividends paid (8,008)
Settlement of derivative contracts with financial institution counterparties9,696 (7,142)
Net cash (used)/provided by financing activities(308,286)623,886 
Net change in cash and cash equivalents(9,549)321,207 
Cash and cash equivalents at beginning of period1,203,244 685,355 
Cash and cash equivalents at end of period$1,193,695 $1,006,562 
Supplemental cash flow information:  
Interest paid on deposits$57,719 $25,267 
Interest paid on borrowed funds7,241 6,163 
Income taxes paid, net995 4,412 
Other non-cash changes:  
Other net comprehensive income$28,601 $21,986 
Reclassification of New York branch loans from portfolio loans to assets held-for-sale, net58,455 — 
Reclassification of New York branch assets to assets held-for-sale
13,936  
Reclassification of New York branch deposits to liabilities held-for-sale, net484,530  
Reclassification of New York branch liabilities to liabilities held-for-sale
12,929  
Dividends declared not yet paid
7,823  
Impact to retained earnings from adoption of ASU 2022-02 401 
Properties transferred to held for sale— 4,960 

The accompanying notes are an integral part of these consolidated financial statements.
8


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1.           BASIS OF PRESENTATION

The Consolidated Financial Statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation, headquartered in Boston, Massachusetts, and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise.

The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued.

These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to GAAP have been omitted.

The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements should be read in conjunction with the audited financial statements and disclosures Berkshire Hills Bancorp, Inc. previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In management’s opinion, all adjustments necessary for a fair statement are reflected in the interim periods.

Reclassifications
Certain items in prior financial statements have been reclassified to conform to the current presentation.

Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements. Actual results could differ from those estimates.

Recently Adopted Accounting Principles
Effective January 1, 2024, the Corporation adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2023-02, "Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)" (ASU 2023-02). ASU 2023-02 expanded the permitted use of the proportional amortization method (PAM), which was previously only available to low-income housing tax credit investments, to other tax equity investments if certain conditions are met. Under PAM, the initial cost of an investment is amortized in proportion to the income tax benefits received and both the amortization of the investment and the income tax benefits received are recognized as a component of income tax expense. Under this ASU, an entity has the option to apply PAM to applicable investments on a tax-credit-program-by-tax-credit-program basis. The company has elected PAM for its public welfare investments which consist of Affordable Housing and New Market tax credit investments. In addition, the amendments in this ASU require that all tax equity investments accounted for using PAM use the delayed equity contribution guidance in paragraph ASC 323-740-25-3, requiring a liability be recognized for delayed equity contributions that are unconditional and legally binding or for equity contributions that are contingent upon a future event when that contingent event becomes probable. The amendments in this ASU also require additional disclosures in interim and annual periods concerning investments for which PAM is applied, including (i) the nature of tax equity investments, and (ii) the effect of tax equity investments and related income tax credits and other income tax benefits on the financial position and results of operations. The provisions of this ASU became effective for the Company for interim and annual periods beginning January 1, 2024. Refer to Note 15 – Tax Equity Investments for additional information. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

9


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Future Application of Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU requires disclosure in the rate reconciliation table of additional categories of information and more details about the reconciling items in some categories if items meet a quantitative threshold. The ASU also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. The amendments in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is still evaluating; however, the adoption is not expected to have a material impact on the Company’s Consolidated Financial Statements.


NOTE 2. BRANCH SALE

The Company has entered into definitive agreements with three buyers to sell ten of its upstate and eastern New York branches, consisting of eight offices in Albany, Saratoga, Schenectady and Columbia counties, one office in Whitehall and one office in East Syracuse. The branch sale includes residential mortgages and consumer loans with a total balance of $58.5 million and deposit accounts with a total balance of $484.5 million as of March 31, 2024. The sales also include all branch premises, including leased properties, and equipment. These balances are included in assets held for sale and liabilities held for sale on the Consolidated Balance Sheet. The sales exclude Berkshire’s commercial banking business.

The buyers intend to offer employment to all associated staff. The sales are targeted for completion by the end of the third quarter of 2024 subject to customary regulatory approvals and associated system conversions.

The following is a summary of the assets and liabilities associated with the branch sales at March 31, 2024 and December 31, 2023:
(In thousands)March 31, 2024December 31, 2023
Assets
Loans$58,455 $ 
Other assets13,936  
Total assets$72,391 $ 
Liabilities
Deposits$484,530 $ 
Other liabilities12,929  
Total liabilities$497,459 $ 

10


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3.           TRADING SECURITIES

The Company holds a tax-advantaged economic development bond accounted for at fair value. The security had an amortized cost of $6.0 million and $6.2 million, and a fair value of $5.9 million and $6.1 million, at March 31, 2024 and December 31, 2023, respectively. As discussed further in Note 8 - Derivative Financial Instruments and Hedging Activities, the Company entered into a swap contract to swap-out the fixed rate of the security in exchange for a variable rate. The Company does not purchase securities with the intent of selling them in the near term, and there were no other securities in the trading portfolio at March 31, 2024 or December 31, 2023.

11


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4. SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND
        EQUITY SECURITIES

The following is a summary of securities available for sale, held to maturity, and marketable equity securities:
(In thousands)Amortized  CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair ValueAllowance
March 31, 2024    
Securities available for sale    
U.S Treasuries$7,880 $ $(4)$7,876 
Municipal bonds and obligations
64,384 240 (2,102)62,522  
Agency collateralized mortgage obligations 282,460  (66,747)215,713  
Agency mortgage-backed securities
288,094  (53,454)234,640  
Agency commercial mortgage-backed securities
88,302  (18,444)69,858  
Corporate bonds
38,721 64 (4,193)34,592