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

BOSTON, July 20, 2023

• 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 /PRNewswire/ -- 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 ARIVA.DE Börsen-Geflüster Kurse Berkshire Hills Bancorp 21,71 $ +3,48%
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.

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 %
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