Quick10K

Berkshire Hills Bancorp

Market

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$28.94	45	$1,316

Financials

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-K	2013-12-31	Annual: 2013-12-31

Current Reports

8-K	2019-09-25	Officers, Exhibits
8-K	2019-09-20	Regulation FD
8-K	2019-07-23	Earnings, Regulation FD, Other Events, Exhibits
8-K	2019-05-30	Officers, Exhibits
8-K	2019-05-17	M&A, Other Events, Exhibits
8-K	2019-05-16	Regulation FD, Exhibits
8-K	2019-05-15	Shareholder Vote, Other Events, Exhibits
8-K	2019-05-14	Regulation FD, Exhibits
8-K	2019-04-29	Earnings, Regulation FD, Other Events, Exhibits
8-K	2019-04-05	Other Events, Exhibits
8-K	2019-03-15	Officers, Exhibits
8-K	2019-02-21	Officers, Exhibits
8-K	2019-01-30	Regulation FD, Exhibits
8-K	2019-01-23	Earnings, Other Events, Exhibits
8-K	2019-01-23	Earnings, Other Events, Exhibits
8-K	2018-12-11	Enter Agreement, Regulation FD, Other Events, Exhibits
8-K	2018-12-04	Other Events, Exhibits
8-K	2018-11-26	Officers, Exhibits
8-K	2018-10-17	Earnings, Other Events, Exhibits
8-K	2018-08-14	Regulation FD, Exhibits
8-K	2018-07-18	Earnings, Other Events, Exhibits
8-K	2018-05-30	Amend Bylaw, Exhibits
8-K	2018-05-17	Shareholder Vote
8-K	2018-05-14	Other Events, Exhibits
8-K	2018-05-09	Regulation FD, Exhibits
8-K	2018-04-23	Earnings, Other Events, Exhibits
8-K	2018-03-22	Officers
8-K	2018-01-31	Regulation FD, Exhibits
8-K	2018-01-25	Earnings, Other Events, Exhibits
8-K	2018-01-04	Other Events, Exhibits

Comparables

HFWA	Heritage Financial	955
UBNK	United Financial Bancorp	626
UCFC	United Community Financial	478
PCSB	Pcsb Financial	347
HBCP	Home Bancorp	344
GCBC	Greene County Bancorp	226
ENFC	Entegra Financial	207
ESSA	Essa Bancorp	179
RBKB	Rhinebeck Bancorp	122
WEBK	Wellesley Bancorp	78

BHLB 2019-06-30

Content

Part I

Item 1. Consolidated Financial Statements (Unaudited)

Note 1. Basis of Presentation

Note 2. Acquisitions

Note 4. Trading Security

Note 5. Securities Available for Sale, Held To Maturity, and Marketable

Note 6. Loans

Note 7. Loan Loss Allowance

Note 8. Deposits

Note 9. Borrowed Funds

Note 10. Derivative Financial Instruments and Hedging Activities

Note 11. Leases

Note 12. Capital Ratios and Shareholders' Equity

Note 13. Earnings per Share

Note 14. Stock-Based Compensation Plans

Note 15. Fair Value Measurements

Note 16. Net Interest Income After Provision for Loan Losses

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

Part II

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 3. Defaults Upon Senior Securities

Item 4. Mine Safety Disclosures

Item 5. Other Information

Item 6. Exhibits

Exhibits

EX-31.1	ex311.htm
EX-31.2	ex312.htm
EX-32.1	ex321.htm
EX-32.2	ex322.htm

Berkshire Hills Bancorp Earnings 2019-06-30

BHLB 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Document

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2019



☐	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

BERKSHIRE HILLS BANCORP, INC.

(Exact name of registrant as specified in its charter)



Delaware			04-3510455
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

60 State Street	Boston	Massachusetts	02109
(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BHLB	The New York Stock Exchange

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 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 No o

Table of Contents

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 filers,” “accelerated filers,” “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 August 7, 2019, the Registrant had 50,906,027 shares of common stock, $0.01 par value per share, outstanding

Table of Contents

BERKSHIRE HILLS BANCORP, INC.

FORM 10-Q

INDEX



				Page

PART I.	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (unaudited)

	Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018			4

	Consolidated Statements of Income for the Three and Six Months Ended June 30, 2019 and 2018			5

	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and 2018			7

	Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2019 and 2018			8

	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018			10

	Notes to Consolidated Financial Statements
		Note 1	Basis of Presentation	12
		Note 2	Acquisitions	16
		Note 3	Discontinued Operations	20
		Note 4	Trading Security	21
		Note 5	Securities Available for Sale, Held to Maturity, and Marketable Equity Securities	22
		Note 6	Loans	27
		Note 7	Loan Loss Allowance	42
		Note 8	Deposits	49
		Note 9	Borrowed Funds	50
		Note 10	Derivative Financial Instruments and Hedging Activities	52
		Note 11	Leases	58
		Note 12	Capital Ratios and Shareholders' Equity	60
		Note 13	Earnings per Share	64
		Note 14	Stock-Based Compensation Plans	65
		Note 15	Fair Value Measurements	66
		Note 16	Net Interest Income after Provision for Loan Losses	76

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations			77

	Selected Financial Data			77

	Average Balances and Average Yields/Rates			79

	Non-GAAP Financial Measures			81

Item 3.	Quantitative and Qualitative Disclosures about Market Risk			95

Item 4.	Controls and Procedures			96

Table of Contents



PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	97

Item 1A.	Risk Factors	98

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	99

Item 3.	Defaults Upon Senior Securities	99

Item 4.	Mine Safety Disclosures	99

Item 5.	Other Information	99

Item 6.	Exhibits	100

Signatures