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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, 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

  

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 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

    

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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 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 August 7, 2024, the Registrant had 42,984,270 shares of common stock, $0.01 par value per share, outstanding.

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Table of Contents

BERKSHIRE HILLS BANCORP, INC.

FORM 10-Q

 

INDEX 

Page

PART I.

FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements (unaudited)

Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023

4

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023

5

Consolidated Statements of Comprehensive Income/(Loss) for the Three and Six Months Ended June 30, 2024 and 2023

6

Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended June 30, 2024 and 2023

7

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023

9

Notes to Consolidated Financial Statements (Unaudited)

Note 1

Basis of Presentation

11

Note 2

Branch Sale

12

Note 3

Trading Securities

13

Note 4

Securities Available for Sale, Held to Maturity, and Equity Securities

14

Note 5

Loans and Allowance for Credit Losses

20

Note 6

Deposits

37

Note 7

Borrowed Funds

37

Note 8

Derivative Financial Instruments and Hedging Activities

39

Note 9

Leases

47

Note 10

Capital Ratios and Shareholders' Equity

49

Note 11

Earnings per Share

54

Note 12

Stock-Based Compensation Plans

55

Note 13

Fair Value Measurements

56

Note 14

Net Interest Income after Provision/(Benefit) for Credit Losses

66

Note 15

Tax Equity Investments

67

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

68

Selected Financial Data

68

Average Balances and Average Yields/Rates

70

Non-GAAP Financial Measures

72

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

83

Item 4.

Controls and Procedures

85

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Table of Contents

PART II.			OTHER INFORMATION
Item 1.			Legal Proceedings			86
Item 1A.			Risk Factors			87
Item 2.			Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities			88
Item 3.			Defaults Upon Senior Securities			88
Item 4.			Mine Safety Disclosures			88
Item 5.			Other Information			88
Item 6.			Exhibits			89
Signatures						90

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Table of Contents

PART I

ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED BALANCE SHEET

						June 30, 2024						December 31, 2023
(In thousands, except share data)
Assets
Cash and due from banks						$	112,085					$	148,148
Short-term investments						988,207						1,055,096
Total cash and cash equivalents						1,100,292						1,203,244
Trading securities, at fair value						5,699						6,142
Equity securities, at fair value						12,736						13,029
Securities available for sale, at fair value						611,711						1,022,285
Securities held to maturity (fair values of $443,769 and $476,228)						520,239						543,351
Federal Home Loan Bank stock						35,010						22,689
Total securities						1,185,395						1,607,496
Less: Allowance for credit losses on securities held to maturity						(65)						(68)
Net securities						1,185,330						1,607,428
Loans held for sale						52,072						2,237
Total loans						9,228,526						9,039,686
Less: Allowance for credit losses on loans						(112,167)						(105,357)
Net loans						9,116,359						8,934,329
Premises and equipment, net						55,893						68,915
Intangible assets						17,319						19,664
Cash surrender value of bank-owned life insurance policies						244,790						242,309
Other assets						371,092						341,757
Assets held for sale						76,307						10,938
Total assets						$	12,219,454					$	12,430,821
Liabilities
Demand deposits						$	2,222,012					$	2,469,164
NOW and other deposits						766,641						858,644
Money market deposits						3,278,753						3,565,516
Savings deposits						1,004,320						1,053,810
Time deposits						2,349,733						2,686,250
Total deposits						9,621,459						10,633,384
Short-term debt						532,500						260,000
Long-term Federal Home Loan Bank advances and other						157,106						125,223
Subordinated borrowings						121,487						121,363
Total borrowings						811,093						506,586
Other liabilities						287,312						278,630
Liabilities held for sale						486,648						—
Total liabilities						$	11,206,512					$	11,418,600
(continued)
						June 30, 2024						December 31, 2023
Shareholders’ equity
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 42,959,249 shares outstanding in 2024; 51,903,190 shares issued and 43,500,872 shares outstanding in 2023)						528						528
Additional paid-in capital - common stock						1,421,301						1,423,273
Unearned compensation						(14,064)						(10,109)
Retained (deficit)						(44,874)						(33,136)
Accumulated other comprehensive (loss)						(114,698)						(143,016)
Treasury stock, at cost (8,943,941 shares in 2024 and 8,402,318 shares in 2023)						(235,251)						(225,319)
Total shareholders’ equity						1,012,942						1,012,221
Total liabilities and shareholders’ equity						$	12,219,454					$	12,430,821

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

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BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME

						Three Months Ended June 30,												Six Months Ended June 30,
(In thousands, except per share data)						2024						2023						2024						2023
Interest and dividend income
Loans						$	139,460					$	126,871					$	276,020					$	244,364
Securities and other						14,649						18,554						30,095						33,377
Total interest and dividend income						154,109						145,425						306,115						277,741
Interest expense
Deposits						57,036						35,966						113,898						62,048
Borrowings						8,541						16,700						15,545						25,401
Total interest expense						65,577						52,666						129,443						87,449
Net interest income						88,532						92,759						176,672						190,292
Non-interest income
Deposit related fees						8,561						8,571						16,866						16,882
Loan related fees						2,364						3,189						5,027						5,658
Gain on SBA loans						3,294						2,910						4,993						5,404
Wealth management fees						2,613						2,583						5,497						5,322
Total fee income						16,832						17,253						32,383						33,266
Other, net						3,343						(137)						5,217						222
Fair value adjustments on securities						(42)						(22)						(157)						212
(Loss) on sale of AFS securities, net						—						—						(49,909)						—
Total non-interest income/(loss)						20,133						17,094						(12,466)						33,700
Total net revenue						108,665						109,853						164,206						223,992
Provision expense for credit losses						6,499						8,000						12,499						16,999
Non-interest expense
Compensation and benefits						40,126						39,960						80,861						79,031
Occupancy and equipment						8,064						8,970						16,762						18,349
Technology						10,236						10,465						20,140						19,936
Professional services						2,757						2,526						5,433						5,803
Regulatory expenses						1,848						1,834						3,693						3,260
Amortization of intangible assets						1,140						1,205						2,345						2,410
Marketing						532						1,510						1,648						2,718
Restructuring and other expenses						(384)						21						3,233						(15)
Other						6,612						7,557						12,836						14,511
Total non-interest expense						70,931						74,048						146,951						146,003
Income before income taxes						$	31,235					$	27,805					$	4,756					$	60,990
Income tax expense						7,210						3,944						919						9,492
Net income						$	24,025					$	23,861					$	3,837					$	51,498
Basic earnings per common share						$	0.57					$	0.55					$	0.09					$	1.18
Diluted earnings per common share						$	0.57					$	0.55					$	0.09					$	1.18
Weighted average shares outstanding:
Basic						42,437						43,443						42,602						43,564
Diluted						42,508						43,532						42,763						43,780

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

5

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BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

						Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)						2024						2023						2024						2023
Net income						$	24,025					$	23,861					$	3,837					$	51,498
Other comprehensive (loss), before tax:
Changes in unrealized (loss) on debt securities available-for-sale						(816)						(24,842)						43,471						(874)
Changes in unrealized gain/(loss) on derivative hedges						425						(11,910)						(5,099)						(6,112)
Income taxes related to other comprehensive (loss):
Changes in unrealized (loss) on debt securities available-for-sale						224						6,381						(11,440)						157
Changes in unrealized gain/(loss) on derivative hedges						(116)						3,197						1,386						1,641
Total other comprehensive (loss)/income						(283)						(27,174)						28,318						(5,188)
Total comprehensive income/(loss)						$	23,742					$	(3,313)					$	32,155					$	46,310

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

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BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

												Common stock												Additional paid-in capital						Unearned compensation						Retained earnings (deficit)						Accumulated other comprehensive (loss)						Treasury stock
(In thousands)																		Shares									Amount																																	Total
Balance at March 31, 2023																		44,411						$	528					$	1,424,563					$	(10,920)					$	(51,398)					$	(159,066)					$	(208,227)					$	995,480
Comprehensive income:
Net income																		—						—						—						—						23,861						—						—						23,861
Other comprehensive (loss)																		—						—						—						—						—						(27,174)						—						(27,174)
Total comprehensive (loss)																		—						—						—						—						23,861						(27,174)						—						(3,313)
Cash dividends declared on common shares ($0.18 per share)																		—						—						—						—						(7,953)						—						—						(7,953)
Treasury shares repurchased																		(581)						—						—						—						—						—						(12,378)						(12,378)
Forfeited shares																		(18)						—						(50)						428						—						—						(378)						—
Exercise of stock options																		—						—						—						—						—						—						—						—
Restricted stock grants																		249						—						(654)						(6,236)						—						—						6,890						—
Stock-based compensation																		—						—						—						2,258						—						—						—						2,258
Other, net																		(28)						—						(3)						—						—						—						(710)						(713)
Balance at June 30, 2023																		44,033						$	528					$	1,423,856					$	(14,470)					$	(35,490)					$	(186,240)					$	(214,803)					$	973,381
Balance at March 31, 2024																		43,415						$	528					$	1,422,709					$	(11,297)					$	(61,147)					$	(114,415)					$	(226,455)					$	1,009,923
Comprehensive income:
Net income																		—						—						—						—						24,025						—						—						24,025
Other comprehensive (loss)																		—						—						—						—						—						(283)						—						(283)
Total comprehensive income																		—						—						—						—						24,025						(283)						—						23,742
Cash dividends declared on common shares $0.18 per share)																		—						—						—						—						(7,752)						—						—						(7,752)
Treasury shares repurchased																		(612)						—						—						—						—						—						(13,492)						(13,492)
Forfeited shares																		(69)						—						(227)						1,719						—						—						(1,492)						—
Exercise of stock options																		—						—						—						—						—						—						—						—
Restricted stock grants																		285						—						(1,181)						(6,333)						—						—						7,514						—
Stock-based compensation																		—						—						—						1,847						—						—						—						1,847
Other, net																		(60)						—						—						—						—						—						(1,326)						(1,326)
Balance at June 30, 2024																		42,959						$	528					$	1,421,301					$	(14,064)					$	(44,874)					$	(114,698)					$	(235,251)					$	1,012,942

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Table of Contents

												Common stock												Additional paid-in capital						Unearned compensation						Retained earnings (deficit)						Accumulated other comprehensive (loss)						Treasury stock
(In thousands)																		Shares									Amount																																	Total
Balance at December 31, 2022																		44,361						$	528					$	1,424,183					$	(8,598)					$	(71,428)					$	(181,052)					$	(209,571)					$	954,062
Comprehensive income:
Net income																		—						—						—						—						51,498						—						—						51,498
Other comprehensive (loss)																		—						—						—						—						—						(5,188)						—						(5,188)
Total comprehensive income																		—						—						—						—						51,498						(5,188)						—						46,310
Impact of ASU No. 2022-02 Adoption																		—						—						—						—						401						—						—						401
Cash dividends declared on common shares ($0.36 per share)																		—						—						—						—						(15,961)						—						—						(15,961)
Treasury shares repurchased																		(628)						—						—						—						—						—						(13,568)						(13,568)
Forfeited shares																		(49)						—						37						1,261						—						—						(1,298)						—
Exercise of stock options																		—						—						—						—						—						—						—						—
Restricted stock grants																		392						—						(209)						(10,587)						—						—						10,796						—
Stock-based compensation																		—						—						—						3,454						—						—						—						3,454
Other, net																		(43)						—						(155)						—						—						—						(1,162)						(1,317)
Balance at June 30, 2023																		44,033						$	528					$	1,423,856					$	(14,470)					$	(35,490)					$	(186,240)					$	(214,803)					$	973,381
Balance at December 31, 2023																		43,501						$	528					$	1,423,273					$	(10,109)					$	(33,136)					$	(143,016)					$	(225,319)					$	1,012,221
Comprehensive income:
Net income																		—						—						—						—						3,837						—						—						3,837
Other comprehensive income																		—						—						—						—						—						28,318						—						28,318
Total comprehensive income																		—						—						—						—						3,837						28,318						—						32,155
Cash dividends declared on common shares $0.36 per share)																		—						—						—						—						(15,575)						—						—						(15,575)
Treasury shares repurchased																		(794)						—						—						—						—						—						(17,539)						(17,539)
Forfeited shares																		(117)						—						(421)						3,028						—						—						(2,607)						—
Exercise of stock options																		—						—						—						—						—						—						—						—
Restricted stock grants																		470						—						(1,551)						(10,931)						—						—						12,482						—
Stock-based compensation																		—						—						—						3,948						—						—						—						3,948
Other, net																		(101)						—						—						—						—						—						(2,268)						(2,268)
Balance at June 30, 2024																		42,959						$	528					$	1,421,301					$	(14,064)					$	(44,874)					$	(114,698)					$	(235,251)					$	1,012,942

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

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Table of Contents

BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

						Six Months Ended June 30,
(In thousands)						2024						2023
Cash flows from operating activities:
Net income						$	3,837					$	51,498
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses						12,499						16,999
Net amortization of securities						(571)						480
Change in unamortized net loan costs and premiums						2,962						(474)
Premises and equipment depreciation and amortization expense						3,738						4,327
Stock-based compensation expense						3,948						3,454
Accretion of purchase accounting entries, net						(454)						(330)
Amortization of other intangibles						2,345						2,410
Income from cash surrender value of bank-owned life insurance policies						(2,986)						(2,395)
(Gain) on SBA loan sales						(4,993)						(5,404)
Fair value adjustments on securities						157						(212)
Loss on sale of AFS securities, net						49,909						—
Net change in loans held-for-sale						(2,710)						(4,397)
Amortization of interest in tax-advantaged projects						(654)						4,495
Net change in other						(25,412)						(1,200)
Net cash provided by operating activities						41,615						69,251
Cash flows from investing activities:
Net decrease in trading security						446						426
Purchases of securities available for sale						(7,798)						(36,798)
Proceeds from sales of securities available for sale						361,871						—
Proceeds from maturities, calls, and prepayments of securities available for sale						50,984						119,390
Purchases of securities held to maturity						(300)						(700)
Proceeds from maturities, calls, and prepayments of securities held to maturity						23,913						19,461
Net change in loans						(297,626)						(553,530)
Net change in New York branch loans held for sale						3,098						—
Proceeds from surrender of bank-owned life insurance						506						—
Purchase of Federal Home Loan Bank stock						(76,550)						(340,879)
Proceeds from redemption of Federal Home Loan Bank stock						64,229						313,384
Net investment in limited partnership tax credits						(10,697)						(8,199)
Purchase of premises and equipment, net						(553)						(753)
Net cash provided/(used) by investing activities						111,523						(488,198)

9

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BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONCLUDED)

						Six Months Ended June 30,
(In thousands)						2024						2023
(continued)
Cash flows from financing activities:
Net (decrease) in deposits						(527,395)						(258,862)
Net change in New York branch deposits held for sale						(10,508)						—
Proceeds from Federal Home Loan Bank advances and other borrowings						1,057,500						8,425,000
Repayments of Federal Home Loan Bank advances and other borrowings						(753,118)						(7,755,100)
Purchase of treasury stock						(17,539)						(13,568)
Common stock cash dividends paid						(15,575)						(15,961)
Settlement of derivative contracts with financial institution counterparties						10,545						(7,317)
Net cash (used)/provided by financing activities						(256,090)						374,192
Net change in cash and cash equivalents						(102,952)						(44,755)
Cash and cash equivalents at beginning of period						1,203,244						685,355
Cash and cash equivalents at end of period						$	1,100,292					$	640,600
Supplemental cash flow information:
Interest paid on deposits						$	117,734					$	58,472
Interest paid on borrowed funds						16,444						23,488
Income taxes paid, net						4,476						7,633
Other non-cash changes:
Other net comprehensive income						$	28,318					$	(5,188)
Reclassification of seasoned loan portfolios to held-for-sale, net						47,123						—
Reclassification of New York branch loans from portfolio loans to assets held-for-sale, net						58,455						—
Reclassification of New York branch assets to assets held-for-sale						13,936						—
Reclassification of New York branch deposits to liabilities held-for-sale, net						484,530						—
Reclassification of New York branch liabilities to liabilities held-for-sale						12,929						—
Securities purchased not yet settled						725						—
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.

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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 Company 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.

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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 $55.4 million and deposit accounts with a total balance of $474.0 million as of June 30, 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 June 30, 2024 and December 31, 2023:

(In thousands)						June 30, 2024						December 31, 2023
Assets
Loans						$	55,357					$	—
Other assets						13,664						—
Total assets						$	69,021					$	—
Liabilities
Deposits						$	474,022					$	—
Other liabilities						12,626						—
Total liabilities						$	486,648					$	—

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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 $5.8 million and $6.2 million, and a fair value of $5.7 million and $6.1 million, at June 30, 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 June 30, 2024 or December 31, 2023.

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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  Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance
June 30, 2024
Securities available for sale
U.S. Treasuries						$	7,981					$	—					$	(1)					$	7,980
Municipal bonds and obligations						64,292						10						(3,045)						61,257						—
Agency collateralized mortgage obligations						276,100						—						(66,275)						209,825						—
Agency mortgage-backed securities						282,228						—						(53,230)						228,998						—
Agency commercial mortgage-backed securities						87,202						—						(18,903)						68,299						—
Corporate bonds						38,709						61						(4,074)						34,696						—
Other bonds and obligations						655						67						(66)						656						—
Total securities available for sale						757,167						138						(145,594)						611,711						—
Securities held to maturity
Municipal bonds and obligations						237,511						100						(23,432)						214,179						45
Agency collateralized mortgage obligations						106,623						—						(18,813)						87,810						—
Agency mortgage-backed securities						45,538						—						(8,539)						36,999						—
Agency commercial mortgage-backed securities						128,947						—						(25,729)						103,218						—
Tax advantaged economic development bonds						1,343						—						(57)						1,286						20
Other bonds and obligations						277						—						—						277						—
Total securities held to maturity						520,239						100						(76,570)						443,769						65
Equity securities						15,035						—						(2,299)						12,736						—
Total						$	1,292,441					$	238					$	(224,463)					$	1,068,216					$	65

(In thousands)						Amortized  Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value						Allowance
December 31, 2023
Securities available for sale
U.S. Treasuries						$	7,980					$	1					$	—					$	7,981					$	—
Municipal bonds and obligations						64,788						494						(1,429)						63,853						—
Agency collateralized mortgage obligations						426,986						—						(79,112)						347,874						—
Agency mortgage-backed securities						492,633						2						(75,155)						417,480						—
Agency commercial mortgage-backed securities						174,879						—						(29,553)						145,326						—
Corporate bonds						43,291						34						(4,210)						39,115						—
Other bonds and obligations						655						67						(66)						656						—
Total securities available for sale						1,211,212						598						(189,525)						1,022,285						—
Securities held to maturity
Municipal bonds and obligations						251,046						698						(16,987)						234,757						48
Agency collateralized mortgage obligations						112,929						—						(18,360)						94,569						—
Agency mortgage-backed securities						47,379						—						(8,052)						39,327						—
Agency commercial mortgage-backed securities						130,169						—						(24,368)						105,801						—
Tax advantaged economic development bonds						1,540						6						(60)						1,486						20
Other bonds and obligations						288						—						—						288						—
Total securities held to maturity						543,351						704						(67,827)						476,228						68
Equity securities						15,035						—						(2,006)						13,029						—
Total						$	1,769,598					$	1,302					$	(259,358)					$	1,511,542					$	68

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the three and six months ended June 30, 2024 and 2023:

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at March 31, 2024			$	41					$	20					$	61
Provision for credit losses			4						—						4
Balance at June 30, 2024			$	45					$	20					$	65

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at March 31, 2023			$	49					$	22					$	71
Provision for credit losses			—						—						—
Balance at June 30, 2023			$	49					$	22					$	71

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at December 31, 2023			$	48					$	20					$	68
(Benefit)/provision for credit losses			(3)						—						(3)
Balance at June 30, 2024			$	45					$	20					$	65

(In thousands)			Municipal bonds and obligations						Tax advantaged economic development bonds						Total
Balance at December 31, 2022			$	66					$	25					$	91
(Benefit)/provision for credit losses			(17)						(3)						(20)
Balance at June 30, 2023			$	49					$	22					$	71

Credit Quality Information

The Company monitors the credit quality of held to maturity securities through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. Investment grade securities are rated BBB-/Baa3 or higher and generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade are considered to have distinctively higher credit risk than investment grade securities. For securities without credit ratings, the Company utilizes other financial information indicating the financial health of the underlying municipality, agency, or organization.

As of June 30, 2024, none of the Company's investment securities were delinquent or in non-accrual status.

The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at June 30, 2024 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

						Available for sale												Held to maturity
						Amortized						Fair						Amortized						Fair
(In thousands)						Cost						Value						Cost						Value
Within 1 year						$	8,061					$	8,060					$	871					$	871
Over 1 year to 5 years						16,465						15,958						2,339						2,317
Over 5 years to 10 years						51,718						47,450						42,001						41,056
Over 10 years						35,393						33,121						193,920						171,498
Total bonds and obligations						111,637						104,589						239,131						215,742
Mortgage-backed securities						645,530						507,122						281,108						228,027
Total						$	757,167					$	611,711					$	520,239					$	443,769

During the three months ended June 30, 2024, there were no purchases of AFS securities. During the six months ended June 30, 2024, purchases of AFS securities totaled $7.8 million. During the three months ended June 30, 2024, there were no sales of AFS securities. During the six months ended June 30, 2024, proceeds from sales of AFS securities totaled $361.9 million. During the three and six months ended June 30, 2023, purchases of AFS securities totaled $7.9 million and $36.8 million, respectively. During the three and six months ended June 30, 2023, there were no sales of AFS securities. During the three months ended June 30, 2024, there were no gross gains or losses. During the six months ended June 30, 2024, gross gains totaled $5.1 million and gross losses totaled $54.9 million. During the three and six months ended June 30, 2023 there were no gross gains or losses.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:

						Less Than Twelve Months												Over Twelve Months												Total
						Gross												Gross												Gross
						Unrealized						Fair						Unrealized						Fair						Unrealized						Fair
(In thousands)						Losses						Value						Losses						Value						Losses						Value
June 30, 2024
Securities available for sale
U.S. Treasuries						$	1					$	7,980					$	—					$	—					$	1					$	7,980
Municipal bonds and obligations						865						32,114						2,180						26,001						3,045						58,115
Agency collateralized mortgage obligations						—						—						66,275						209,825						66,275						209,825
Agency mortgage-backed securities						—						—						53,230						228,998						53,230						228,998
Agency commercial mortgage-backed securities						—						—						18,903						68,299						18,903						68,299
Corporate bonds						—						—						4,074						33,841						4,074						33,841
Other bonds and obligations						—						—						66						295						66						295
Total securities available for sale						$	866					$	40,094					$	144,728					$	567,259					$	145,594					$	607,353
Securities held to maturity
Municipal bonds and obligations						$	1,735					$	81,138					$	21,697					$	109,229					$	23,432					$	190,367
Agency collateralized mortgage obligations						—						—						18,813						87,810						18,813						87,810
Agency mortgage-backed securities						—						—						8,539						36,999						8,539						36,999
Agency commercial mortgage-backed securities						—						—						25,729						103,218						25,729						103,218
Tax advantaged economic development bonds						9						427						48						859						57						1,286
Total securities held to maturity						1,744						81,565						74,826						338,115						76,570						419,680
Total						$	2,610					$	121,659					$	219,554					$	905,374					$	222,164					$	1,027,033
December 31, 2023
Securities available for sale
Municipal bonds and obligations						$	76					$	9,326					$	1,353					$	22,739					$	1,429					$	32,065
Agency collateralized mortgage obligations						—						—						79,112						347,874						79,112						347,874
Agency mortgage-backed securities						1						22						75,154						417,151						75,155						417,173
Agency commercial mortgage-backed securities						—						—						29,553						145,326						29,553						145,326
Corporate bonds						457						6,543						3,753						31,690						4,210						38,233
Other bonds and obligations						—						—						66						295						66						295
Total securities available for sale						$	534					$	15,891					$	188,991					$	965,075					$	189,525					$	980,966
Securities held to maturity
Municipal bonds and obligations						$	229					$	28,895					$	16,758					$	92,063					$	16,987					$	120,958
Agency collateralized mortgage obligations						1						21						18,359						94,548						18,360						94,569
Agency mortgage-backed securities						—						—						8,052						39,327						8,052						39,327
Agency commercial mortgage-backed securities						—						—						24,368						105,801						24,368						105,801
Tax advantaged economic development bonds						—						—						60						922						60						922
Total securities held to maturity						230						28,916						67,597						332,661						67,827						361,577
Total						$	764					$	44,807					$	256,588					$	1,297,736					$	257,352					$	1,342,543

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Debt Securities

The Company expects to recover its amortized cost basis on all debt securities in its AFS and HTM portfolios. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of June 30, 2024, prior to this recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low portfolio turnover.

The following summarizes, by investment security type, the basis for the conclusion that the debt securities in an unrealized loss position within the Company’s AFS and HTM portfolios were not other-than-temporarily impaired at June 30, 2024:

AFS U.S. Treasuries

At June 30, 2024, the one security in the Company’s portfolio of AFS U.S. Treasuries was in an unrealized loss position. Aggregate unrealized losses represents 0.0% of the amortized cost of the bond in an unrealized loss position. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. The security is performing.

AFS municipal bonds and obligations

At June 30, 2024, 81 of the 91 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 5.0% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company has determined that the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing.

AFS collateralized mortgage obligations

At June 30, 2024, 37 of the 37 securities in the Company’s portfolio of AFS collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 24.0% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Government National Mortgage Association (“GNMA”) guarantee the contractual cash flows of all of the Company’s collateralized mortgage obligations. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing.

AFS commercial and residential mortgage-backed securities

At June 30, 2024, 28 of the 28 securities in the Company’s portfolio of AFS mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 19.5% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing.

AFS corporate bonds

At June 30, 2024, 13 of the 14 securities in the Company’s portfolio of AFS corporate bonds were in unrealized loss positions. Aggregate unrealized losses represents 10.8% of the amortized cost of the bonds in unrealized loss positions. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. All securities are performing.

AFS other bonds and obligations

At June 30, 2024, 2 of the 3 securities in the Company’s portfolio of AFS other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represents 18.3% of the amortized cost of the bonds in unrealized loss positions. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. All securities are performing.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

HTM municipal bonds and obligations

At June 30, 2024, 140 of the 165 securities in the Company’s portfolio of HTM municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 11.0% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company has determined that the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing.

HTM collateralized mortgage obligations

At June 30, 2024, 12 of the 12 securities in the Company’s portfolio of HTM collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 17.6% of the amortized cost of the securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company's collateralized residential mortgage obligations. The securities are investment grade rated, and there were no material underlying credit downgrades during the quarter. All securities are performing.

HTM commercial and residential mortgage-backed securities

At June 30, 2024, 17 of the 17 securities in the Company’s portfolio of HTM mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 19.6% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing.

HTM tax-advantaged economic development bonds

At June 30, 2024, 2 of the 2 securities in the Company’s portfolio of tax-advantaged economic development bonds were in unrealized loss positions. Aggregate unrealized losses represented 4.3% of the amortized cost of securities in unrealized loss positions. The Company believes that more likely than not all the principal outstanding will be collected. All securities are performing.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES

The following is a summary of total loans by regulatory call report code with sub-segmentation based on underlying collateral for certain loan types:

(In thousands)						June 30, 2024						December 31, 2023
Construction						$	644,808					$	640,371
Commercial multifamily						665,290						599,145
Commercial real estate owner occupied						684,086						628,646
Commercial real estate non-owner occupied						2,664,103						2,606,409
Commercial and industrial						1,423,564						1,359,249
Residential real estate						2,751,096						2,760,312
Home equity						213,686						224,223
Consumer other						181,893						221,331
Total loans						$	9,228,526					$	9,039,686
Allowance for credit losses						(112,167)						(105,357)
Net loans						$	9,116,359					$	8,934,329

During the three and six months ended June 30, 2024, $47.1 million of residential real estate loans were reclassified to loans held for sale on the Consolidated Balance Sheet, reflecting its intent to sell these loans. During the three and six months ended June 30, 2024, in consideration of the pending branch sale, $18.1 million of residential real estate loans and $37.3 million of consumer loans were reclassified to assets held for sale on the Consolidated Balance Sheet. Transferred held for sale loans are not contained in the balances within this note and are accounted for at the lower of carrying value or fair market value.

Risk characteristics relevant to each portfolio segment are as follows:

Construction - Loans in this segment primarily include real estate development loans for which payment is derived from sale of the property or long term financing at completion. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions.

Commercial real estate multifamily, owner occupied and non-owner - Loans in these segments are primarily owner-occupied or income-producing properties throughout New England and Northeastern New York. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy, which in turn, will have an effect on the credit quality in this segment. Management monitors the cash flows of these loans.

Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. Repayment is expected from the cash flows of the business. Loans in this segment include asset based loans which generally have no scheduled repayment and which are closely monitored against formula based collateral advance ratios. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment.

Residential real estate - All loans in this segment are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Home equity and other consumer loans - Loans in this segment are primarily home equity lines of credit, automobile loans and other consumer loans. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment.

Allowance for Credit Losses for Loans

The Allowance for Credit Losses for Loans (“ACLL”) is comprised of the allowance for credit losses, and the allowance for unfunded commitments is accounted for as a separate liability in other liabilities on the balance sheet. The level of the ACLL represents management’s estimate of expected credit losses over the expected life of the loans at the balance sheet date. The Company uses a static pool migration analysis method, applying expected historical loss trend and observed economic metrics. The level of the ACLL is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past and current events, utilizing a 7 quarter reasonable and supportable forecast period with a 1 year reversion period. The ACLL reserve is overlaid with qualitative factors based upon:

•the existence and growth of concentrations of credit;

•the volume and severity of past due financial assets, including nonaccrual assets;

•the institutions lending and credit review as well as the experience and ability of relevant management and staff and;

•the effect of other external factors such as regulatory, competition, regional market conditions, legal and technological environment and other events such as natural disasters;

•the effect of other economic factors such as economic stimulus and customer forbearance programs.

The allowance for unfunded commitments is maintained at a level by the Company to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit) and is included in other liabilities on the Consolidated Balance Sheet.

The Company’s activity in the allowance for credit losses for loans for the three and six months ended June 30, 2024 and June 30, 2023 was as follows:

(In thousands)						Balance at Beginning of Period																								Charge-offs						Recoveries						Provision/(Benefit) for Credit Losses						Balance at End of Period
Three months ended June 30, 2024
Construction						$	2,580																							$	—					$	—					$	196					$	2,776
Commercial multifamily						2,649																								—						—						586						3,235
Commercial real estate owner occupied						9,898																								(100)						94						979						10,871
Commercial real estate non-owner occupied						34,255																								—						24						1,564						35,843
Commercial and industrial						20,016																								(970)						257						3,540						22,843
Residential real estate						22,411																								(4)						373						(176)						22,604
Home equity						1,992																								—						7						95						2,094
Consumer other						13,530																								(2,172)						832						(289)						11,901
Total allowance for credit losses						$	107,331																							$	(3,246)					$	1,587					$	6,495					$	112,167

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands)						Balance at Beginning of Period																		Adoption of ASU No. 2022-02						Charge-offs						Recoveries						Provision/(Benefit) for Credit Losses						Balance at End of Period
Three months ended June 30, 2023
Construction						$	1,536																	$	—					$	(1)					$	—					$	18					$	1,553
Commercial multifamily						1,698																		—						—						—						368						2,066
Commercial real estate owner occupied						10,278																		—						(394)						596						(137)						10,343
Commercial real estate non-owner occupied						33,408																		—						—						81						2,833						36,322
Commercial and industrial						20,164																		—						(4,595)						815						2,357						18,741
Residential real estate						17,590																		—						(210)						76						762						18,218
Home equity						2,320																		—						(7)						132						127						2,572
Consumer other						10,997																		—						(2,478)						213						1,672						10,404
Total allowance for credit losses						$	97,991																	$	—					$	(7,685)					$	1,913					$	8,000					$	100,219

(In thousands)						Balance at Beginning of Period																								Charge-offs						Recoveries						Provision/(Benefit) for Credit Losses						Balance at End of Period
Six months ended June 30, 2024
Construction						$	2,885																							$	—					$	—					$	(109)					$	2,776
Commercial multifamily						2,475																								—						—						760						3,235
Commercial real estate owner occupied						9,443																								(206)						107						1,527						10,871
Commercial real estate non-owner occupied						38,221																								—						105						(2,483)						35,843
Commercial and industrial						18,602																								(3,412)						913						6,740						22,843
Residential real estate						19,622																								(45)						560						2,467						22,604
Home equity						2,015																								—						246						(167)						2,094
Consumer other						12,094																								(5,218)						1,258						3,767						11,901
Total allowance for credit losses						$	105,357																							$	(8,881)					$	3,189					$	12,502					$	112,167

(In thousands)						Balance at Beginning of Period						Adoption of ASU No. 2022-02												Charge-offs						Recoveries						Provision/(benefit) for Credit Losses						Balance at End of Period
Six months ended June 30, 2023
Construction						$	1,227					$	—											$	(1)					$	—					$	327					$	1,553
Commercial multifamily						1,810						—												—						6						250						2,066
Commercial real estate owner occupied						10,739						24												(464)						641						(597)						10,343
Commercial real estate non-owner occupied						30,724						—												—						175						5,423						36,322
Commercial and industrial						18,743						(23)												(10,627)						1,119						9,529						18,741
Residential real estate						18,666						2												(240)						463						(673)						18,218
Home equity						2,173						—												(18)						159						258						2,572
Consumer other						12,188						(404)												(4,271)						389						2,502						10,404
Total allowance for credit losses						$	96,270					$	(401)											$	(15,621)					$	2,952					$	17,019					$	100,219

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (other liabilities on the consolidated balance sheet), with adjustments to the reserve recognized in other noninterest expense in the Consolidated Statements of Income. The Company’s activity in the allowance for credit losses on unfunded commitments for the three and six months ended June 30, 2024 and 2023 was as follows:

						Three Months Ended June 30,
(In thousands)						2024						2023
Balance at beginning of period						$	9,256					$	8,687
Expense for credit losses						—						—
Balance at end of period						$	9,256					$	8,687

						Six Months Ended June 30,
(In thousands)						2024						2023
Balance at beginning of period						$	9,256					$	8,588
Expense for credit losses						—						99
Balance at end of period						$	9,256					$	8,687

Credit Quality Information

The Company monitors the credit quality of its portfolio by using internal risk ratings that are based on regulatory guidance. Loans that are given a Pass rating are not considered a problem credit. Loans that are classified as Special Mention loans are considered to have potential weaknesses and are evaluated closely by management. Substandard, including non-accruing loans, are loans for which a definitive weakness has been identified and which may make full collection of contractual cash flows questionable. Doubtful loans are those with identified weaknesses that make full collection of contractual cash flows, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

For commercial credits, the Company assigns an internal risk rating at origination and reviews the rating annual, semiannually, or quarterly depending on the risk rating. The rating is also reassessed at any point in time when management becomes aware of information that may affect the borrower’s ability to fulfill their obligations.

The Company risk rates its residential mortgages, including 1-4 family and residential construction loans, based on a three rating system: Pass, Special Mention, and Substandard. Loans that are current within 59 days are rated Pass. Residential mortgages that are 60-89 days delinquent are rated Special Mention. Loans delinquent for 90 days or greater are rated Substandard and generally placed on non-accrual status. 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the Company’s loans by risk category:

			Term Loans Amortized Cost Basis by Origination Year
(In thousands)			2024			2023			2022			2021			2020			Prior			Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term			Total
As of June 30, 2024
Construction
Current period gross write-offs			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Risk rating
Pass			$	15,419		$	116,970		$	409,459		$	81,810		$	522		$	2,274		$	—		$	—		$	626,454
Special Mention			—			—			—			594			—			—			—			—			594
Substandard			—			—			—			17,760			—			—			—			—			17,760
Total			$	15,419		$	116,970		$	409,459		$	100,164		$	522		$	2,274		$	—		$	—		$	644,808
Commercial multifamily:
Current period gross write-offs			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Risk rating
Pass			$	73,644		$	15,895		$	215,561		$	53,535		$	38,599		$	259,299		$	590		$	—		$	657,123
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			—			239			2,516			5,412			—			—			8,167
Total			$	73,644		$	15,895		$	215,561		$	53,774		$	41,115		$	264,711		$	590		$	—		$	665,290
Commercial real estate owner occupied:
Current period gross write-offs			$	—		$	—		$	45		$	40		$	—		$	121		$	—		$	—		$	206
Risk rating
Pass			$	58,550		$	99,735		$	119,343		$	108,383		$	44,701		$	235,808		$	3,199		$	—		$	669,719
Special Mention			—			1,384			122			103			222			4,068			—			—			5,899
Substandard			—			—			289			235			47			7,897			—			—			8,468
Total			$	58,550		$	101,119		$	119,754		$	108,721		$	44,970		$	247,773		$	3,199		$	—		$	684,086
Commercial real estate non-owner occupied:
Current period gross write-offs			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Risk rating
Pass			$	80,321		$	417,966		$	598,042		$	416,711		$	145,191		$	924,642		$	6,277		$	—		$	2,589,150
Special Mention			—			—			—			2,826			224			41,252			2,256			—			46,558
Substandard			—			—			372			—			—			28,023			—			—			28,395
Total			$	80,321		$	417,966		$	598,414		$	419,537		$	145,415		$	993,917		$	8,533		$	—		$	2,664,103
Commercial and industrial:
Current period gross write-offs			$	—		$	290		$	1,080		$	510		$	58		$	1,474		$	—		$	—		$	3,412
Risk rating
Pass			$	99,462		$	123,625		$	167,560		$	104,146		$	50,973		$	125,175		$	650,637		$	5,119		$	1,326,697
Special Mention			—			—			21,750			2,519			2,296			2,178			18,708			—			47,451
Substandard			—			1,261			1,854			11,015			1,399			13,298			20,544			45			49,416
Total			$	99,462		$	124,886		$	191,164		$	117,680		$	54,668		$	140,651		$	689,889		$	5,164		$	1,423,564

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

			Term Loans Amortized Cost Basis by Origination Year
(In thousands)			2024			2023			2022			2021			2020			Prior			Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term			Total
Residential real estate
Current period gross write-offs			$	—		$	—		$	—		$	—		$	—		$	45		$	—		$	—		$	45
Risk rating
Pass			$	127,230		$	561,180		$	942,382		$	253,945		$	82,407		$	768,859		$	55		$	—		$	2,736,058
Special Mention			—			—			1,459			2,240			135			2,019			—			—			5,853
Substandard			—			—			125			119			376			8,565			—			—			9,185
Total			$	127,230		$	561,180		$	943,966		$	256,304		$	82,918		$	779,443		$	55		$	—		$	2,751,096

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

			Term Loans Amortized Cost Basis by Origination Year
(In thousands)			2023			2022			2021			2020			2019			Prior			Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term			Total
As of December 31, 2023
Construction
Current period gross write-offs			$	—		$	—		$	—		$	—		$	—		$	1		$	—		$	—		$	1
Risk rating
Pass			$	104,507		$	346,419		$	138,802		$	29,176		$	2,545		$	1,098		$	—		$	—		$	622,547
Special Mention			—			—			512			—			—			—			—			—			512
Substandard			—			—			17,312			—			—			—			—			—			17,312
Total			$	104,507		$	346,419		$	156,626		$	29,176		$	2,545		$	1,098		$	—		$	—		$	640,371
Commercial multifamily:
Current period gross write-offs			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Risk rating
Pass			$	16,020		$	216,477		$	56,817		$	26,566		$	94,733		$	179,923		$	377		$	—		$	590,913
Special Mention			—			—			—			—			—			—			—			—			—
Substandard			—			—			242			2,554			—			5,436			—			—			8,232
Total			$	16,020		$	216,477		$	57,059		$	29,120		$	94,733		$	185,359		$	377		$	—		$	599,145
Commercial real estate owner occupied:
Current period gross write-offs			$	—		$	—		$	—		$	380		$	—		$	109		$	—		$	—		$	489
Risk rating
Pass			$	97,271		$	120,327		$	122,151		$	37,914		$	70,393		$	165,224		$	2,653		$	—		$	615,933
Special Mention			—			—			424			222			—			788			—			—			1,434
Substandard			—			—			81			47			4,703			6,448			—			—			11,279
Total			$	97,271		$	120,327		$	122,656		$	38,183		$	75,096		$	172,460		$	2,653		$	—		$	628,646
Commercial real estate non-owner occupied:
Current period gross write-offs			$	—		$	—		$	—		$	—		$	—		$	65		$	—		$	—		$	65
Risk rating
Pass			$	404,687		$	591,897		$	385,247		$	135,134		$	277,870		$	736,566		$	4,553		$	—		$	2,535,954
Special Mention			—			—			—			229			19,465			726			—			—			20,420
Substandard			—			—			—			6,814			13,483			29,738			—			—			50,035
Total			$	404,687		$	591,897		$	385,247		$	142,177		$	310,818		$	767,030		$	4,553		$	—		$	2,606,409
Commercial and industrial:
Current period gross write-offs			$	—		$	1,154		$	863		$	2,763		$	1,496		$	9,283		$	2,313		$	—		$	17,872
Risk rating
Pass			$	142,946		$	203,126		$	118,191		$	69,722		$	39,437		$	112,770		$	554,153		$	—		$	1,240,345
Special Mention			526			23,149			3,735			1,621			610			1,353			35,244			—			66,238
Substandard			432			761			11,702			1,135			3,785			12,538			22,313			—			52,666
Total			$	143,904		$	227,036		$	133,628		$	72,478		$	43,832		$	126,661		$	611,710		$	—		$	1,359,249

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

			Term Loans Amortized Cost Basis by Origination Year
(In thousands)			2023			2022			2021			2020			2019			Prior			Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term			Total
Residential real estate
Current period gross write-offs			$	—		$	50		$	—		$	50		$	174		$	39		$	—		$	—		$	313
Risk rating
Pass			$	599,124		$	973,031		$	266,055		$	88,302		$	66,837		$	755,372		$	81		$	—		$	2,748,802
Special Mention			—			—			—			—			140			664			—			—			804
Substandard			—			129			1,176			379			574			8,448			—			—			10,706
Total			$	599,124		$	973,160		$	267,231		$	88,681		$	67,551		$	764,484		$	81		$	—		$	2,760,312

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For home equity and consumer other loan portfolio segments, Berkshire evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an ongoing basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost based on payment activity:

			Term Loans Amortized Cost Basis by Origination Year
(In thousands)			2024			2023			2022			2021			2020			Prior			Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term			Total
As of June 30, 2024
Home equity:
Current period gross write-offs			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Payment performance
Performing			$	—		$	—		$	—		$	—		$	431		$	2,333		$	210,095		$	—		$	212,859
Nonperforming			—			—			—			—			—			—			827			—			827
Total			$	—		$	—		$	—		$	—		$	431		$	2,333		$	210,922		$	—		$	213,686
Consumer other:
Current period gross write-offs			$	—		$	96		$	4,526		$	494		$	3		$	99		$	—		$	—		$	5,218
Payment performance
Performing			$	17,871		$	39,016		$	82,680		$	15,102		$	4,533		$	12,748		$	9,559		$	—		$	181,509
Nonperforming			—			27			82			25			2			230			18			—			384
Total			$	17,871		$	39,043		$	82,762		$	15,127		$	4,535		$	12,978		$	9,577		$	—		$	181,893

			Term Loans Amortized Cost Basis by Origination Year
(In thousands)			2023			2022			2021			2020			2019			Prior			Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term			Total
As of December 31, 2023
Home equity:
Current period gross write-offs			$	—		$	—		$	—		$	70		$	—		$	—		$	18		$	—		$	88
Payment performance
Performing			$	—		$	—		$	—		$	439		$	—		$	2,614		$	220,209		$	—		$	223,262
Nonperforming			—			—			—			—			—			—			961			—			961
Total			$	—		$	—		$	—		$	439		$	—		$	2,614		$	221,170		$	—		$	224,223
Consumer other:
Current period gross write-offs			$	109		$	8,843		$	1,149		$	11		$	78		$	239		$	—		$	—		$	10,429
Payment performance
Performing			$	49,588		$	108,284		$	19,679		$	5,843		$	7,054		$	19,587		$	10,614		$	—		$	220,649
Nonperforming			77			104			47			26			110			284			34			—			682
Total			$	49,665		$	108,388		$	19,726		$	5,869		$	7,164		$	19,871		$	10,648		$	—		$	221,331

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following is a summary of loans by past due status at June 30, 2024 and December 31, 2023:

(In thousands)						30-59 Days Past Due						60-89 Days Past Due						90 Days or Greater Past Due						Total Past Due						Current						Total Loans
June 30, 2024
Construction						$	—					$	—					$	—					$	—					$	644,808					$	644,808
Commercial multifamily						239						180						5,412						5,831						659,459						665,290
Commercial real estate owner occupied						—						554						2,912						3,466						680,620						684,086
Commercial real estate non-owner occupied						52						—						3,655						3,707						2,660,396						2,664,103
Commercial and industrial						1,640						748						8,936						11,324						1,412,240						1,423,564
Residential real estate						5,391						5,988						9,186						20,565						2,730,531						2,751,096
Home equity						458						421						1,502						2,381						211,305						213,686
Consumer other						1,689						1,135						1,416						4,240						177,653						181,893
Total						$	9,469					$	9,026					$	33,019					$	51,514					$	9,177,012					$	9,228,526

(In thousands)						30-59 Days Past Due						60-89 Days Past Due						90 Days or Greater Past Due						Total Past Due						Current						Total Loans
December 31, 2023
Construction						$	—					$	—					$	—					$	—					$	640,371					$	640,371
Commercial multifamily						5,436						187						—						5,623						593,522						599,145
Commercial real estate owner occupied						581						286						804						1,671						626,975						628,646
Commercial real estate non-owner occupied						139						251						3,798						4,188						2,602,221						2,606,409
Commercial and industrial						2,749						689						8,769						12,207						1,347,042						1,359,249
Residential real estate						5,669						943						10,687						17,299						2,743,013						2,760,312
Home equity						707						498						1,281						2,486						221,737						224,223
Consumer other						2,363						1,642						1,606						5,611						215,720						221,331
Total						$	17,644					$	4,496					$	26,945					$	49,085					$	8,990,601					$	9,039,686

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following is a summary of loans on nonaccrual status and loans past due 90 days or more and still accruing as of June 30, 2024 and December 31, 2023:

(In thousands)												Nonaccrual Amortized Cost												Nonaccrual With No Related Allowance						Past Due 90 Days or Greater and Accruing						Interest Income Recognized on Nonaccrual
June 30, 2024
Construction												$	—											$	—					$	—					$	—
Commercial multifamily												—												—						5,412						—
Commercial real estate owner occupied												2,523												1,740						389						—
Commercial real estate non-owner occupied												3,655												30						—						—
Commercial and industrial												8,286												5,443						650						—
Residential real estate												5,672												2,330						3,514						—
Home equity												827												54						675						—
Consumer other												384												—						1,032						—
Total												$	21,347											$	9,597					$	11,672					$	—

The commercial and industrial loans nonaccrual amortized cost as of June 30, 2024 included medallion loans with a fair value of $0.3 million and a contractual balance of $7.7 million.

(In thousands)												Nonaccrual Amortized Cost						Nonaccrual With No Related Allowance						Past Due 90 Days or Greater and Accruing						Interest Income Recognized on Nonaccrual
December 31, 2023
Construction												$	—					$	—					$	—					$	—
Commercial multifamily												—						—						—						—
Commercial real estate owner occupied												605						285						199						—
Commercial real estate non-owner occupied												3,798						45						—						—
Commercial and industrial												8,665						5,586						104						—
Residential real estate												6,696						2,796						3,991						—
Home equity												961						122						320						—
Consumer other												682						—						924						—
Total												$	21,407					$	8,834					$	5,538					$	—

The commercial and industrial loans nonaccrual amortized cost as of December 31, 2023 included medallion loans with a fair value of $0.4 million and a contractual balance of $8.8 million.

The following table summarizes information about total loans rated Special Mention or lower at June 30, 2024 and December 31, 2023. The table below includes consumer loans that are Special Mention and Substandard accruing that are classified as performing based on payment activity.

(In thousands)						June 30, 2024						December 31, 2023
Non-Accrual						$	21,347					$	21,407
Substandard Accruing						102,956						131,689
Total Classified						124,303						153,096
Special Mention						107,896						91,502
Total Criticized						$	232,199					$	244,598

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for collateral-dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Significant quarter over quarter changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following table presents the amortized cost basis of individually analyzed collateral-dependent loans by loan portfolio segment:

						Type of Collateral
(In thousands)						Real Estate												Investment Securities/Cash												Other
June 30, 2024
Construction						$	—											$	—											$	—
Commercial multifamily						—												—												—
Commercial real estate owner occupied						1,764												—												—
Commercial real estate non-owner occupied						320												—												—
Commercial and industrial						4,302												—												1,145
Residential real estate						2,276												—												—
Home equity						106												—												—
Consumer other						—												—												—
Total loans						$	8,768											$	—											$	1,145
December 31, 2023
Construction						$	—											$	—											$	—
Commercial multifamily						—												—												—
Commercial real estate owner occupied						650												—												—
Commercial real estate non-owner occupied						342												—												—
Commercial and industrial						4,788												—												944
Residential real estate						5,035												—												—
Home equity						135												—												—
Consumer other						40												—												—
Total loans						$	10,990											$	—											$	944

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Modified Loans

Occasionally, the Company modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses.

In some cases, the Company provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension and principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction.

The following tables present the amortized cost basis of loans at June 30, 2024 and June 30, 2023 that were both experiencing financial difficulty and modified during the three and six months ended June 30, 2024 and June 30, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

(In thousands)						Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Combination Term Extension and Principal Forgiveness						Combination Term Extension and Interest Rate Reduction						Total Class of Financing Receivable
Three months ended June 30, 2024
Construction						$	—					$	—					$	—					$	—					$	—					$	—					—		%
Commercial multifamily						—						—						—						—						—						—						—
Commercial real estate owner occupied						—						—						—						—						—						—						—
Commercial real estate non-owner occupied						—						—						648						—						—						—						0.02
Commercial and industrial						—						—						3,263						—						—						—						0.23
Residential real estate						—						—						—						—						—						—						—
Home equity						—						—						—						—						—						—						—
Consumer other						—						—						—						—						—						—						—
Total						$	—					$	—					$	3,911					$	—					$	—					$	—					0.04		%

The Company has committed to lend additional amounts totaling $514 thousand to the commercial and industrial borrowers included in the previous table.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands)						Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Combination Term Extension and Principal Forgiveness						Combination Term Extension and Interest Rate Reduction						Total Class of Financing Receivable
Three months ended June 30, 2023
Construction						$	—					$	—					$	—					$	—					$	—					$	—					—		%
Commercial multifamily						—						—						—						—						—						—						—
Commercial real estate owner occupied						—						—						—						—						—						—						—
Commercial real estate non-owner occupied						—						—						11,733						—						—						—						0.46
Commercial and industrial						—						—						1,291						—						—						—						0.09
Residential real estate						—						—						—						—						—						—						—
Home equity						—						—						—						—						—						—						—
Consumer other						—						—						—						—						—						—						—
Total						$	—					$	—					$	13,024					$	—					$	—					$	—					—		%

The Company has not committed to lend additional amounts to the borrowers included in the previous table.

(In thousands)						Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Combination Term Extension and Principal Forgiveness						Combination Term Extension and Interest Rate Reduction						Total Class of Financing Receivable
Six months ended June 30, 2024
Construction						$	—					$	—					$	—					$	—					$	—					$	—					—		%
Commercial multifamily						—						—						—						—						—						—						—
Commercial real estate owner occupied						—						—						—						—						—						—						—
Commercial real estate non-owner occupied						—						—						648						—						—						—						0.02
Commercial and industrial						—						108						3,737						297						—						—						0.29
Residential real estate						—						—						—						—						—						—						—
Home equity						—						—						—						—						—						—						—
Consumer other						—						—						—						—						—						—						—
Total						$	—					$	108					$	4,385					$	297					$	—					$	—					0.05		%

The Company has committed to lend additional amounts totaling $514 thousand to the commercial and industrial borrowers included in the previous table.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands)						Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Combination Term Extension and Principal Forgiveness						Combination Term Extension and Interest Rate Reduction						Total Class of Financing Receivable
Six months ended June 30, 2023
Construction						$	—					$	—					$	—					$	—					$	—					$	—					—		%
Commercial multifamily						—						—						—						—						—						—						—
Commercial real estate owner occupied						—						387						—						—						—						—						0.06
Commercial real estate non-owner occupied						—						—						11,733						—						—						—						0.46
Commercial and industrial						—						—						1,291						—						10						—						0.09
Residential real estate						—						—						—						—						—						—						—
Home equity						—						—						—						—						—						—						—
Consumer other						—						—						—						—						—						—						—
Total						$	—					$	387					$	13,024					$	—					$	10					$	—					—		%

The Company has not committed to lend additional amounts to the borrowers included in the previous table.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. As of June 30, 2024 and June 30, 2023, there were no loans that were modified to borrowers experiencing financial difficulty that were past due.

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three and six months ended June 30, 2024 and June 30, 2023.

(In thousands)			Principal Forgiveness						Weighted Average Interest Rate Reduction						Weighted Average Term Extension (months)
Three months ended June 30, 2024
Construction			$	—					—		%				0
Commercial multifamily			—						—						0
Commercial real estate owner occupied			—						—						0
Commercial real estate non-owner occupied			—						—						62
Commercial and industrial			—						—						3
Residential real estate			—						—						0
Home equity			—						—						0
Consumer other			—						—						0

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands)			Principal Forgiveness						Weighted Average Interest Rate Reduction						Weighted Average Term Extension (months)
Three months ended June 30, 2023
Construction			$	—					—		%				0
Commercial multifamily			—						—						0
Commercial real estate owner occupied			—						—						0
Commercial real estate non-owner occupied			—						—						12
Commercial and industrial			—						—						119
Residential real estate			—						—						0
Home equity			—						—						0
Consumer other			—						—						0

(In thousands)			Principal Forgiveness						Weighted Average Interest Rate Reduction						Weighted Average Term Extension (months)
Six months ended June 30, 2024
Construction			$	—					—		%				0
Commercial multifamily			—						—						0
Commercial real estate owner occupied			—						—						0
Commercial real estate non-owner occupied			—						—						62
Commercial and industrial			—						10.75						16
Residential real estate			—						—						0
Home equity			—						—						0
Consumer other			—						—						0

(In thousands)			Principal Forgiveness						Weighted Average Interest Rate Reduction						Weighted Average Term Extension (months)
Six months ended June 30, 2023
Construction			$	—					—		%				0
Commercial multifamily			—						—						0
Commercial real estate owner occupied			—						—						120
Commercial real estate non-owner occupied			—						—						0
Commercial and industrial			—						1.25						118
Residential real estate			—						—						0
Home equity			—						—						0
Consumer other			—						—						0

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the amortized cost basis of loans that had a payment default during the three and months ended June 30, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

(in thousands)

Principal Forgiveness

Payment Delay

Term Extension

Interest Rate Reduction

Three months ended June 30, 2024

Construction

$

—

$

—

$

—

$

—

Commercial multifamily

—

—

—

—

Commercial real estate owner occupied

—

—

—

—

Commercial real estate non-owner occupied

—

—

—

—

Commercial and industrial

—

—

—

—

Residential real estate

—

—

—

—

Home equity

—

—

—

—

Consumer other

—

—

—

—

Total

$

—

$

—

$

—

$

—

(in thousands)			Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction
Six months ended June 30, 2024
Construction			$	—					$	—					$	—					$	—
Commercial multifamily			—						—						—						—
Commercial real estate owner occupied			—						—						—						—
Commercial real estate non-owner occupied			—						—						—						—
Commercial and industrial			—						—						202						—
Residential real estate			—						—						—						—
Home equity			—						—						—						—
Consumer other			—						—						—						—
Total			$	—					$	—					$	202					$	—

There were no loans that had a payment default during the three and six months ended June 30, 2023 that were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6.               DEPOSITS

A summary of time deposits is as follows:

(In thousands)						June 30, 2024						December 31, 2023
Time less than $100,000						$	678,351					$	724,911
Time $100,000 through $250,000						1,074,884						1,276,175
Time more than $250,000						596,498						685,164
Total time deposits						$	2,349,733					$	2,686,250

NOTE 7.               BORROWED FUNDS

Borrowed funds at June 30, 2024 and December 31, 2023 are summarized as follows:

						June 30, 2024												December 31, 2023
												Weighted												Weighted
												Average												Average
(Dollars in thousands)						Principal						Rate						Principal						Rate
Short-term debt:
Advances from the FHLB						$	532,500					5.48		%				$	260,000					5.54		%
Total short-term borrowings:						532,500						5.48						260,000						5.54
Long-term debt:
Advances from the FHLB and other borrowings						157,106						4.85						125,223						4.80
Subordinated borrowings						98,433						5.50						98,335						5.50
Junior subordinated borrowing - Trust I						15,464						7.44						15,464						7.49
Junior subordinated borrowing - Trust II						7,590						7.30						7,564						7.35
Total long-term borrowings:						278,593						5.29						246,586						5.33
Total						$	811,093					5.41		%				$	506,586					5.44		%

Short-term debt includes Federal Home Loan Bank (“FHLB”) advances with an original maturity of less than one year. The Bank also maintains a $3.0 million secured line of credit with the FHLB that bears a daily adjustable rate calculated by the FHLB. There was no outstanding balance on the FHLB line of credit for the periods ended June 30, 2024 and December 31, 2023. The Bank's available borrowing capacity with the FHLB was $1.9 billion and $2.5 billion for the periods ended June 30, 2024 and December 31, 2023.

The Bank is approved to borrow on a short-term basis from the Federal Reserve Bank of Boston as a non-member bank. The Bank has pledged certain loans and securities to the Federal Reserve Bank to support this arrangement. The Bank had no borrowings with the Federal Reserve Bank under this arrangement during the periods ended June 30, 2024 and December 31, 2023, respectively. The Bank's available borrowing capacity with the Federal Reserve Bank was $1.3 billion and $1.5 billion for the periods ended June 30, 2024 and December 31, 2023, respectively.

Long-term FHLB advances consist of advances with an original maturity of more than one year and are subject to prepayment penalties. There were no callable advances outstanding at June 30, 2024. The advances outstanding at June 30, 2024 included amortizing advances totaling $6.1 million. There were no callable advances outstanding at December 31, 2023. The advances outstanding at December 31, 2023 included amortizing advances totaling $4.2 million. All FHLB borrowings, including the line of credit, are secured by a blanket security agreement on certain qualified collateral, principally all residential first mortgage loans and certain securities.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A summary of maturities of FHLB advances as of June 30, 2024 is as follows:

						June 30, 2024
												Weighted Average
(In thousands, except rates)						Principal						Rate
Fixed rate advances maturing:
2024						$	449,004					5.48		%
2025						233,500						5.18
2026						502						2.20
2027						153						2.00
2028 and beyond						6,447						0.71
Total FHLB advances						$	689,606					5.33		%

The Company did not have variable-rate FHLB advances for the periods ended June 30, 2024 and December 31, 2023, respectively.

In June 2022, the Company issued ten year subordinated notes in the amount of $100.0 million. The interest rate is fixed at 5.50% for the first five years. After five years, the notes become callable and will bear interest at a floating rate per annum equal to a benchmark rate (which is expected to be Three-Month Term SOFR), plus 249 basis points. The subordinated note includes reduction to the note principal balance of $1.6 million for unamortized debt issuance costs as of June 30, 2024.

The Company holds 100% of the common stock of Berkshire Hills Capital Trust I (“Trust I”) which is included in other assets at a cost of $0.5 million. The sole asset of Trust I is $15.5 million of the Company’s junior subordinated debentures due in 2035. These debentures bear interest at a variable rate equal to 3-month CME Term SOFR plus 1.85% and had a rate of 7.44% and 7.49% at June 30, 2024 and December 31, 2023, respectively. The Company has the right to defer payments of interest for up to five years on the debentures at any time, or from time to time, with certain limitations, including a restriction on the payment of dividends to shareholders while such interest payments on the debentures have been deferred. The Company has not exercised this right to defer payments. The Company has the right to redeem the debentures at par value. Trust I is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, Trust I is not consolidated into the Company’s financial statements.

The Company holds 100% of the common stock of SI Capital Trust II (“Trust II”) which is included in other assets at a cost of $0.2 million. The sole asset of Trust II is $8.2 million of the Company’s junior subordinated debentures due in 2036. These debentures bear interest at a variable rate equal to 3-month CME Term SOFR plus 1.70% and had a rate of 7.30% and 7.35% at June 30, 2024 and December 31, 2023, respectively. The Company has the right to defer payments of interest for up to five years on the debentures at any time, or from time to time, with certain limitations, including a restriction on the payment of dividends to shareholders while such interest payments on the debentures have been deferred. The Company has not exercised this right to defer payments. The Company has the right to redeem the debentures at par value. Trust II is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, Trust II is not consolidated into the Company’s financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 8. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

As of June 30, 2024, the Company held derivatives with a total notional amount of $4.8 billion. That amount included $0.8 billion in interest rate swap derivatives that were designated as cash flow hedges for accounting purposes. The Company also had economic hedges totaling $3.9 billion and $20.7 million non-hedging derivatives, which are not designated as hedges for accounting purposes with changes in fair value recorded directly through earnings. Economic hedges included interest rate swaps totaling $3.6 billion, risk participation agreements with dealer banks of $0.4 billion, and $4.9 million in forward commitment contracts.

As of December 31, 2023, the Company held derivatives with a total notional amount of $4.8 billion. That amount included $0.6 billion in interest rate swap derivatives and $0.2 billion in interest rate collars that were designated as cash flow hedges for accounting purposes. The Company had economic hedges and non-hedging derivatives totaling $4.0 billion and $11.1 million, respectively, which are not designated as hedges for accounting purposes and are therefore recorded at fair value with changes in fair value recorded directly through earnings. Economic hedges included interest rate swaps totaling $3.6 billion, risk participation agreements with dealer banks of $376.6 million, and $2.2 million in forward commitment contracts.

As part of the Company’s risk management strategy, the Company enters into interest rate swap agreements to mitigate the interest rate risk inherent in certain of the Company’s assets and liabilities. Interest rate swap agreements involve the risk of dealing with both Bank customers and institutional derivative counterparties and their ability to meet contractual terms. The agreements are entered into with counterparties that meet established credit standards and contain master netting and collateral provisions protecting the at-risk party. The derivatives program is overseen by the Risk Management and Capital Committee of the Company’s Board of Directors. Based on adherence to the Company’s credit standards and the presence of the netting and collateral provisions, the Company believes that the credit risk inherent in these contracts was not significant at June 30, 2024.

The Company had no pledged collateral to derivative counterparties in the form of cash as of June 30, 2024. The Company had pledged securities to derivative counterparties with an amortized cost of $10.7 million and a fair value of $10.2 million as of June 30, 2024. The Company does not typically require its commercial customers to post cash or securities as collateral on its program of back-to-back economic hedges. However certain language is written into the International Swaps Dealers Association, Inc. (“ISDA”) and loan documents where, in default situations, the Bank is allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Company may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Information about derivative assets and liabilities at June 30, 2024, follows:

									Weighted						Weighted Average Rate												Estimated
			Notional						Average												Contract						Fair Value
			Amount						Maturity						Received						pay rate						Asset (Liability)
			(In thousands)						(In years)																		(In thousands)
Cash flow hedges:
Interest rate swaps on commercial loans (1)			$	600,000					1.4						3.64		%				5.34		%				$	—
Interest rate collars on commercial loans			200,000						2.0																		263
Total cash flow hedges			800,000																								263
Economic hedges:
Interest rate swap on tax advantaged economic development bond			$	5,755					5.4						5.82		%				5.09		%				$	(62)
Interest rate swaps on loans with commercial loan customers			1,782,928						4.6						4.48		%				6.08		%				(82,978)
Offsetting interest rate swaps on loans with commercial loan customers (1)			1,782,928						4.6						6.08		%				4.48		%				45,736
Risk participation agreements with dealer banks			357,298						5.3																		127
Forward sale commitments			4,892						0.2																		32
Total economic hedges			3,933,801																								(37,145)
Non-hedging derivatives:
Commitments to lend			20,744						0.2																		101
Total non-hedging derivatives			20,744																								101
Total			$	4,754,545																							$	(36,781)

(1) Fair value estimates include the impact of $28.1 million settled to market contract agreements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Information about derivative assets and liabilities at December 31, 2023, follows:

									Weighted						Weighted Average Rate												Estimated
			Notional						Average												Contract						Fair Value
			Amount						Maturity						Received						pay rate						Asset (Liability)
			(In thousands)						(In years)																		(In thousands)
Cash flow hedges:
Interest rate swaps on commercial loans			$	600,000					1.9						3.64		%				5.35		%				$	—
Interest rate collars on commercial loans			200,000						2.5																		1,658
			800,000																								1,658
Economic hedges:
Interest rate swap on tax advantaged economic development bond			$	6,202					5.9						5.82		%				5.09		%				$	(172)
Interest rate swaps on loans with commercial loan customers			1,795,562						4.9						4.36		%				6.27		%				(63,865)
Offsetting interest rate swaps on loans with commercial loan customers (1)			1,795,562						4.9						6.27		%				4.36		%				32,053
Risk participation agreements with dealer banks			376,553						5.5																		(18)
Forward sale commitments			2,207						0.2																		21
Total economic hedges			3,976,086																								(31,981)
Non-hedging derivatives:
Commitments to lend			11,104						0.2																		34
Total non-hedging derivatives			11,104																								34
Total			$	4,787,190																							$	(30,289)

(1) Fair value estimates include the impact of $26.7 million settled to market contract agreements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Cash flow hedges

The effective portion of unrealized changes in the fair value of derivatives accounted for as cash flow hedges is reported in other comprehensive income and subsequently reclassified to earnings in the same period or periods during which the hedged transaction is forecasted to affect earnings. Each quarter, the Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged item or transaction. The ineffective portion of changes in the fair value of the derivatives is recognized directly in earnings. All cash flow hedges are considered

highly effective.

As of June 30, 2024, the Company had eight interest rate swap contracts with a notional value of $600.0 million. The interest rate swaps have durations of one to two years. This hedge strategy converts commercial variable rate loans to fixed interest rates, thereby protecting the Company from floating interest rate variability.

As of June 30, 2024, the Company had two interest rate collars. The first interest rate collar has a 3.00% floor and a 5.75% cap with a notional value of $100.0 million. The second interest rate collar has a 3.25% floor and a 5.75% cap with a notional value of $100.0 million. The interest rate collars have durations of two to three years. The structure of these instruments is such that the Company pays the counterparty an incremental amount if the collar index exceeds the cap rate. Conversely, the Company receives an incremental amount if the index falls below the floor rate. No payments are required if the collar index falls between the cap and floor rates.

Amounts included in the Consolidated Statements of Income and in the other comprehensive income section of the Consolidated Statements of Comprehensive Income (related to interest rate derivatives designated as hedges of cash flows), were as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)			2024						2023						2024						2023
Interest rate swaps on commercial loans:
Unrealized gain/(loss) recognized in accumulated other comprehensive loss			$	268					$	(12,067)					$	(5,413)					$	(6,426)
Less: Reclassification of unrealized (loss) from accumulated other comprehensive loss to interest expense			(157)						(157)						(314)						(314)
Net tax benefit on items recognized in accumulated other comprehensive income			(116)						3,197						1,386						1,641
Other comprehensive gain/(loss) recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects			$	309					$	(8,713)					$	(3,713)					$	(4,471)
Net interest expense recognized on hedged commercial loans			$	2,728					$	2,034					$	5,448					$	3,327

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Economic hedges

As of June 30, 2024, the Company had an interest rate swap with a $5.8 million notional amount to swap out the fixed rate of interest on an economic development bond bearing a fixed rate of 5.09%, currently within the Company’s trading portfolio under the fair value option, in exchange for a SOFR-based floating rate. The intent of the economic hedge is to improve the Company’s asset sensitivity to changing interest rates in anticipation of favorable average floating rates of interest over the 21-year life of the bond. The fair value changes of the economic development bond are mostly offset by fair value changes of the related interest rate swap.

The Company also offers certain derivative products directly to qualified commercial borrowers. The Company economically hedges derivative transactions executed with commercial borrowers by entering into mirror-image, offsetting derivatives with third-party financial institutions. The transaction allows the Company’s customer to convert a variable-rate loan to a fixed rate loan. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts mostly offset each other in earnings. There was no credit valuation loss adjustment arising from the difference in credit worthiness of the commercial loan and financial institution counterparties as of June 30, 2024. The interest income and expense on these mirror image swaps exactly offset each other.

The Company has risk participation agreements with dealer banks. Risk participation agreements occur when the Company participates on a loan and a swap where another bank is the lead. The Company gets paid a fee to take on the risk associated with having to make the lead bank whole on Berkshire’s portion of the pro-rated swap should the borrower default. Changes in fair value are recorded in current period earnings.

The Company utilizes forward sale commitments to hedge interest rate risk and the associated effects on the fair value of interest rate lock commitments and loans originated for sale. The forward sale commitments are accounted for as derivatives with changes in fair value recorded in current period earnings.

The Company uses the following types of forward sale commitments contracts:

•Best efforts loan sales,

•Mandatory delivery loan sales, and

•To Be Announced (“TBA”) mortgage-backed securities sales.

A best efforts contract refers to a loan sale agreement where the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. The Company may enter into a best efforts contract once the price is known, which is shortly after the potential borrower’s interest rate is locked.

A mandatory delivery contract is a loan sale agreement where the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. Generally, the Company may enter into mandatory delivery contracts shortly after the loan closes with a customer.

The Company may sell TBA mortgage-backed securities to hedge the changes in fair value of interest rate lock commitments and held for sale loans, which do not have corresponding best efforts or mandatory delivery contracts. These security sales transactions are closed once mandatory contracts are written. On the closing date the price of the security is locked-in, and the sale is paired-off with a purchase of the same security. Settlement of the security purchase/sale transaction is done with cash on a net-basis.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Non-hedging derivatives

The Company enters into interest rate lock commitments (“IRLCs”), or commitments to lend, for residential mortgage loans, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments under applicable accounting guidance. Outstanding IRLCs expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. The IRLCs are free-standing derivatives which are carried at fair value with changes recorded in non-interest income in the Company’s Consolidated Statements of Income. Changes in the fair value of IRLCs subsequent to inception are based on changes in the fair value of the underlying loan resulting from the fulfillment of the commitment and changes in the probability that the loan will fund within the terms of the commitment, which is affected primarily by changes in interest rates and the passage of time.

Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)			2024						2023						2024						2023
Economic hedges
Interest rate swap on industrial revenue bond:
Unrealized gain recognized in other non-interest income			$	23					$	142					$	110					$	75
Interest rate swaps on loans with commercial loan customers:
Unrealized gain/(loss) recognized in other non-interest income			4,474						(24,230)						(19,174)						2,794
Favorable change in credit valuation adjustment recognized in other non-interest income			—						—						—						—
Offsetting interest rate swaps on loans with commercial loan customers:
Unrealized (loss)/gain recognized in other non-interest income			(4,474)						24,230						19,174						(2,794)
Risk participation agreements:
Unrealized gain recognized in other non-interest income			244						25						234						8
Forward commitments:
Unrealized (loss)/gain recognized in other non-interest income			(46)						48						11						55
Non-hedging derivatives
Commitments to lend
Unrealized (loss)/gain recognized in other non-interest income			$	(46)					$	11					$	67					$	20
Realized gain in other non-interest income			548						54						705						94

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Assets and Liabilities Subject to Enforceable Master Netting Arrangements

Interest Rate Swap Agreements (“Swap Agreements”)

The Company enters into swap agreements to facilitate the risk management strategies for commercial banking customers. The Company mitigates this risk by entering into equal and offsetting swap agreements with highly rated third party financial institutions. The swap agreements are free-standing derivatives and are recorded at fair value in the Company’s Consolidated Statements of Income. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral generally in the form of marketable securities is received or posted by the counterparty with net liability positions, respectively, in accordance with contract thresholds.

The Company had net asset positions with its financial institution counterparties totaling $49.3 million and $39.8 million as of June 30, 2024 and December 31, 2023, respectively. The Company had net asset positions with its commercial banking counterparties totaling $3.1 million and $6.0 million as of June 30, 2024 and December 31, 2023, respectively. The Company had net liability positions with its financial institution counterparties totaling $3.2 million and $6.1 million as of June 30, 2024 and December 31, 2023, respectively. The Company had net liability positions with its commercial banking counterparties totaling $86.1 million and $69.8 million as of June 30, 2024 and December 31, 2023.

The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of June 30, 2024 and December 31, 2023:

Offsetting of Financial Assets and Derivative Assets

						Gross Amounts of						Gross Amounts Offset in the						Net Amounts of Assets Presented in the						Gross Amounts Not Offset in the Consolidated Balance Sheet
						Recognized						Consolidated						Consolidated						Financial						Cash
(In thousands)						Assets						Balance Sheet						Balance Sheet						Instruments						Collateral Received						Net Amount
June 30, 2024
Interest Rate Swap Agreements:
Institutional counterparties						$	86,560					$	(37,242)					$	49,318					$	—					$	(34,300)					$	15,018
Commercial counterparties						3,135						—						3,135						—						—						3,135
Total						$	89,695					$	(37,242)					$	52,453					$	—					$	(34,300)					$	18,153

Offsetting of Financial Liabilities and Derivative Liabilities

						Gross Amounts of						Gross Amounts Offset in the						Net Amounts of Liabilities Presented in the						Gross Amounts Not Offset in the Consolidated Balance Sheet
						Recognized						Consolidated						Consolidated						Financial						Cash
(In thousands)						Liabilities						Balance Sheet						Balance Sheet						Instruments						Collateral Pledged						Net Amount
June 30, 2024
Interest Rate Swap Agreements:
Institutional counterparties						$	(12,318)					$	9,126					$	(3,192)					$	10,184					$	—					$	6,992
Commercial counterparties						(86,113)						—						(86,113)						—						—						(86,113)
Total						$	(98,431)					$	9,126					$	(89,305)					$	10,184					$	—					$	(79,121)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Offsetting of Financial Assets and Derivative Assets

						Gross Amounts of						Gross Amounts Offset in the						Net Amounts of Assets Presented in the						Gross Amounts Not Offset in the Consolidated Balance Sheet
						Recognized						Consolidated						Consolidated						Financial						Cash
(In thousands)						Assets						Balance Sheet						Balance Sheet						Instruments						Collateral Received						Net Amount
December 31, 2023
Interest Rate Swap Agreements:
Institutional counterparties						$	71,579					$	(31,812)					$	39,767					$	—					$	—					$	39,767
Commercial counterparties						5,992						—						5,992						—						—						5,992
Total						$	77,571					$	(31,812)					$	45,759					$	—					$	—					$	45,759

Offsetting of Financial Liabilities and Derivative Liabilities

						Gross Amounts of						Gross Amounts Offset in the						Net Amounts of Liabilities Presented in the						Gross Amounts Not Offset in the Consolidated Balance Sheet
						Recognized						Consolidated						Consolidated						Financial						Cash
(In thousands)						Liabilities						Balance Sheet						Balance Sheet						Instruments						Collateral Pledged						Net Amount
December 31, 2023
Interest Rate Swap Agreements:
Institutional counterparties						$	(11,277)					$	5,142					$	(6,135)					$	9,633					$	—					$	3,498
Commercial counterparties						(69,796)						—						(69,796)						—						—						(69,796)
Total						$	(81,073)					$	5,142					$	(75,931)					$	9,633					$	—					$	(66,298)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 9. LEASES

Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At June 30, 2024, lease expiration dates ranged from 1 month to 16 years.

The following table represents the Consolidated Balance Sheet classification of the Company’s right-of-use (“ROU”) assets and lease liabilities:

(In thousands)												June 30, 2024						December 31, 2023
Lease Right-of-Use Assets						Classification
Operating lease right-of-use assets						Other assets						$	44,144					$	47,348
Finance lease right-of-use assets						Premises and equipment, net						653						5,597
Total Lease Right-of-Use Assets												$	44,797					$	52,945
Lease Liabilities
Operating lease liabilities						Other liabilities						$	49,371					$	53,026
Finance lease liabilities						Other liabilities						915						8,681
Total Lease Liabilities												$	50,286					$	61,707

Supplemental information related to leases was as follows:

			June 30, 2024						December 31, 2023
Weighted-Average Remaining Lease Term (in years)
Operating leases			8.2						8.3
Finance leases			13.5						10.8
Weighted-Average Discount Rate
Operating leases			3.22		%				2.90		%
Finance leases			5.00		%				5.00		%

The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated.

The Company does not have any material sub-lease agreements.

Lease expense for operating leases for the three months ended June 30, 2024 was $2.2 million. Lease expense for operating leases for the six months ended June 30, 2024 was $4.5 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Lease expense for operating leases for the three months ended June 30, 2023 was $2.3 million. Lease expense for operating leases for the six months ended June 30, 2023 was $4.6 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Supplemental cash flow information related to leases was as follows:

						Three Months Ended
(In thousands)						June 30, 2024						June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	2,048					$	2,251
Operating cash flows from finance leases						11						112
Financing cash flows from finance leases						12						148

						Six Months Ended
(In thousands)						June 30, 2024						June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	4,211					$	4,524
Operating cash flows from finance leases						86						225
Financing cash flows from finance leases						118						295

The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2024:

(In thousands)						Operating Leases						Finance Leases
2024						$	4,414					$	46
2025						7,986						93
2026						7,615						93
2027						6,910						93
2028						5,875						93
Thereafter						22,801						837
Total undiscounted lease payments						55,601						1,255
Less amounts representing interest						(6,230)						(340)
Lease liability						$	49,371					$	915

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 10.           CAPITAL RATIOS AND SHAREHOLDERS’ EQUITY

The actual and required capital ratios were as follows:

						June 30, 2024						December 31, 2023						Minimum Capital Requirement
Company (consolidated)
Total capital to risk-weighted assets						14.1		%				14.4		%				8.0		%
Tier 1 capital to risk-weighted assets						11.9						12.3						6.0
Common equity tier 1 capital to risk-weighted assets						11.6						12.0						4.5
Tier 1 capital to average assets						9.6						9.7						4.0

						June 30, 2024						December 31, 2023						Regulatory Minimum to be Adequately Capitalized						Regulatory Minimum to be Well Capitalized
Bank
Total capital to risk-weighted assets						13.3		%				13.3		%				8.0		%				10.0		%
Tier 1 capital to risk-weighted assets						12.1						12.2						6.0						8.0
Common equity tier 1 capital to risk-weighted assets						12.1						12.2						4.5						6.5
Tier 1 capital to average assets						9.8						9.6						4.0						5.0

The Company and the Bank are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Failure to meet capital requirements can initiate regulatory action. At each date shown, the Company met the minimum capital requirements and the Bank met the conditions to be classified as “well capitalized” under the relevant regulatory framework. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table above.

As of January 1, 2019, banking organizations must maintain a minimum Common equity Tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5%, and a minimum Total risk-based capital ratio of 10.5%, including a 2.5% capital conservation buffer. Capital rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the capital conservation buffer is not met.

At June 30, 2024, the capital levels of both the Company and the Bank exceeded all regulatory capital requirements and the Bank's regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The capital levels of both the Company and the Bank at June 30, 2024 also exceeded the minimum capital requirements including the currently applicable capital conservation buffer of 2.5%.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Accumulated other comprehensive (loss)

Components of accumulated other comprehensive (loss) is as follows:

(In thousands)						June 30, 2024						December 31, 2023
Other accumulated comprehensive income, before tax:
Net unrealized holding (loss) on AFS securities						$	(145,456)					$	(188,927)
Net unrealized (loss) on cash flow hedging derivatives						(9,364)						(4,265)
Net unrealized holding (loss) on pension plans						(528)						(528)
Income taxes related to items of accumulated other comprehensive income:
Net unrealized tax benefit on AFS securities						37,961						49,401
Net unrealized tax benefit on cash flow hedging derivatives						2,545						1,159
Net unrealized tax benefit on pension plans						144						144
Accumulated other comprehensive loss						$	(114,698)					$	(143,016)

The following table presents the components of other comprehensive (loss) for the three and six months ended June 30, 2024 and 2023:

(In thousands)						Before Tax						Tax Effect						Net of Tax
Three Months Ended June 30, 2024
Net unrealized holding loss on AFS securities:
Net unrealized (losses) arising during the period						$	(816)					$	224					$	(592)
Less: reclassification adjustment for (losses) realized in net income						—						—						—
Net unrealized holding (loss) on AFS securities						(816)						224						(592)
Net unrealized loss on cash flow hedging derivatives:
Net unrealized gain arising during the period						268						(73)						195
Less: reclassification adjustment for (losses) realized in net income						(157)						43						(114)
Net unrealized gain on cash flow hedging derivatives						425						(116)						309
Other comprehensive (loss)						$	(391)					$	108					$	(283)
Three Months Ended June 30, 2023
Net unrealized holding loss on AFS securities:
Net unrealized (losses) arising during the period						$	(24,842)					$	6,381					$	(18,461)
Less: reclassification adjustment for gains realized in net income						—						—						—
Net unrealized holding (loss) on AFS securities						(24,842)						6,381						(18,461)
Net unrealized loss on cash flow hedging derivatives:
Net unrealized (loss) arising during the period						(12,067)						3,239						(8,828)
Less: reclassification adjustment for (losses) realized in net income						(157)						42						(115)
Net unrealized (loss) on cash flow hedging derivatives						(11,910)						3,197						(8,713)
Other comprehensive (loss)						$	(36,752)					$	9,578					$	(27,174)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands)						Before Tax						Tax Effect						Net of Tax
Six Months Ended June 30, 2024
Net unrealized holding loss on AFS securities:
Net unrealized (losses) arising during the period						$	(6,438)					$	2,115					$	(4,323)
Less: reclassification adjustment for (losses) realized in net income						(49,909)						13,555						(36,354)
Net unrealized holding gain on AFS securities						43,471						(11,440)						32,031
Net unrealized loss on cash flow hedging derivatives:
Net unrealized (loss) arising during the period						(5,731)						1,558						(4,173)
Less: reclassification adjustment for (losses) realized in net income						(632)						172						(460)
Net unrealized (loss) on cash flow hedging derivatives						(5,099)						1,386						(3,713)
Other comprehensive income						$	38,372					$	(10,054)					$	28,318
Six Months Ended June 30, 2023
Net unrealized holding loss on AFS securities:
Net unrealized (losses) arising during the period						$	(874)					$	157					$	(717)
Less: reclassification adjustment for gains realized in net income						—						—						—
Net unrealized holding (loss) on AFS securities						(874)						157						(717)
Net unrealized loss on cash flow hedging derivatives:
Net unrealized (loss) arising during the period						(6,426)						1,725						(4,701)
Less: reclassification adjustment for (losses) realized in net income						(314)						84						(230)
Net unrealized (loss) on cash flow hedging derivatives						(6,112)						1,641						(4,471)
Other comprehensive (loss)						$	(6,986)					$	1,798					$	(5,188)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the changes in each component of accumulated other comprehensive (loss), for the three and six months ended June 30, 2024 and 2023:

(In thousands)						Net unrealized holding loss on AFS Securities						Net loss on effective cash flow hedging derivatives												Net unrealized holding loss on pension plans						Total
Three Months Ended June 30, 2024
Balance at Beginning of Period						$	(106,902)					$	(7,128)											$	(385)					$	(114,415)
Other comprehensive (loss) before reclassifications						(592)						195																		(397)
Less: amounts reclassified from accumulated other comprehensive (loss)						—						(114)												—						(114)
Total other comprehensive (loss)/income						(592)						309												—						(283)
Balance at End of Period						$	(107,494)					$	(6,819)											$	(385)					$	(114,698)
Three Months Ended June 30, 2023
Balance at Beginning of Period						$	(157,813)					$	(636)											$	(617)					$	(159,066)
Other comprehensive income before reclassifications						(18,461)						(8,828)												—						(27,289)
Less: amounts reclassified from accumulated other comprehensive (loss)						—						(115)												—						(115)
Total other comprehensive (loss)						(18,461)						(8,713)												—						(27,174)
Balance at End of Period						$	(176,274)					$	(9,349)											$	(617)					$	(186,240)
Six Months Ended June 30, 2024
Balance at Beginning of Period						$	(139,525)					$	(3,106)											$	(385)					$	(143,016)
Other comprehensive (loss) before reclassifications						(4,323)						(4,173)												—						(8,496)
Less: amounts reclassified from accumulated other comprehensive income						(36,354)						(460)												—						(36,814)
Total other comprehensive income/(loss)						32,031						(3,713)												—						28,318
Balance at End of Period						(107,494)						(6,819)												(385)						(114,698)
Six Months Ended June 30, 2023
Balance at Beginning of Period						$	(175,557)					$	(4,878)											$	(617)					$	(181,052)
Other comprehensive (loss) before reclassifications						(717)						(4,701)																		(5,418)
Less: amounts reclassified from accumulated other comprehensive income						—						(230)												—						(230)
Total other comprehensive (loss)						(717)						(4,471)												—						(5,188)
Balance at End of Period						$	(176,274)					$	(9,349)											$	(617)					$	(186,240)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the amounts reclassified out of each component of accumulated other comprehensive

income for the three and six months ended June 30, 2024 and 2023:

																		Affected Line Item in the
						Three Months Ended June 30,												Statement where Net Income
(In thousands)						2024						2023						is Presented
Realized (losses) on AFS securities:
						$	—					$	—					Non-interest income
						—						—						Tax expense
						—						—						Net of tax
Realized (losses) on cash flow hedging derivatives:
						(157)						(157)						Interest expense
						—						—						Non-interest expense
						43						42						Tax benefit
						(114)						(115)						Net of tax
Total reclassifications for the period						$	(114)					$	(115)					Net of tax

																		Affected Line Item in the
						Six Months Ended June 30,												Statement where Net Income
(In thousands)						2024						2023						is Presented
Realized (losses) on AFS securities:
						$	(49,909)					$	—					Non-interest income
						13,555						—						Tax expense
						(36,354)						—						Net of tax
Realized (losses) on cash flow hedging derivatives:
						(632)						(314)						Interest expense
						—						—						Non-interest expense
						172						84						Tax benefit
						(460)						(230)						Net of tax
Total reclassifications for the period						$	(36,814)					$	(230)					Net of tax

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 11. EARNINGS PER SHARE

Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method):

			Three Months Ended June 30,												Six Months Ended June 30,
(In thousands, except per share data)			2024						2023						2024						2023
Net income			$	24,025					$	23,861					$	3,837					$	51,498
Average number of common shares issued			51,903						51,903						51,903						51,903
Less: average number of treasury shares			8,656						7,624						8,506						7,552
Less: average number of unvested stock award shares			810						836						795						787
Average number of basic shares outstanding			42,437						43,443						42,602						43,564
Plus: dilutive effect of unvested stock award shares			71						89						161						216
Plus: dilutive effect of stock options outstanding			—						—						—						—
Average number of diluted shares outstanding			42,508						43,532						42,763						43,780
Basic earnings per common share:			$	0.57					$	0.55					$	0.09					$	1.18
Diluted earnings per common share:			$	0.57					$	0.55					$	0.09					$	1.18

For the three months ended June 30, 2024, 739 thousand shares of unvested restricted stock and 49 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the six months ended June 30, 2024, 627 thousand shares of unvested restricted stock and 49 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the three months ended June 30, 2023, 747 thousand shares of unvested restricted stock and 49 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation. For the six months ended June 30, 2023, 563 thousand shares of unvested restricted stock and 49 thousand options outstanding were anti-dilutive and therefore excluded from the earnings per share calculation.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 12. STOCK-BASED COMPENSATION PLANS

A combined summary of activity in the Company’s stock award and stock option plans for the six months ended June 30, 2024 is presented in the following table:

									Non-Vested Stock Awards Outstanding												Stock Options Outstanding
(Shares in thousands)									Number of Shares						Weighted-Average Grant Date Fair Value						Number of Shares						Weighted-Average Exercise Price
December 31, 2023									785						$	24.92					49						$	26.46
Granted									470						25.78						—						—
Acquired									—						—						—						—
Stock options exercised									—						—						—						—
Stock awards vested									(339)						23.06						—						—
Forfeited									(117)						25.78						—						—
Expired									—						—						—						—
June 30, 2024									799						$	25.39					49						$	26.46

During the three and six months ended June 30, 2024 and June 30, 2023, there were no stock option exercises. During the three and six months ended June 30, 2024, there were 173 thousand and 339 thousand shares vested in connection with stock awards, respectively. During the three and six months ended June 30, 2023, there were 82 thousand and 178 thousand shares vested in connection with stock awards, respectively. All of these shares were issued from available treasury stock. Stock-based compensation expense totaled $1.8 million and $2.3 million during the three months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense totaled $3.9 million and $3.5 million during the six months ended June 30, 2024 and 2023, respectively. Stock-based compensation expense is recognized over the requisite service period for all awards.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 13. FAIR VALUE MEASUREMENTS

A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities that are carried at fair value.

Recurring Fair Value Measurements

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value.

			June 30, 2024
			Level 1						Level 2						Level 3						Total
(In thousands)			Inputs						Inputs						Inputs						Fair Value
Trading securities			$	—					$	—					$	5,699					$	5,699
Securities available for sale:
U.S Treasuries			7,980						—						—						7,980
Municipal bonds and obligations			—						61,257						—						61,257
Agency collateralized mortgage obligations			—						209,825						—						209,825
Agency residential mortgage-backed securities			—						228,998						—						228,998
Agency commercial mortgage-backed securities			—						68,299						—						68,299
Corporate bonds			—						30,794						3,902						34,696
Other bonds and obligations			—						656						—						656
Equity securities			12,736						—						—						12,736
Loans held for investment at fair value			—						—						326						326
Loans held for sale			—						4,949						—						4,949
Derivative assets			—						52,236						134						52,370
Capitalized servicing rights			—						—						1,566						1,566
Derivative liabilities			—						89,150						—						89,150

			December 31, 2023
			Level 1						Level 2						Level 3						Total
(In thousands)			Inputs						Inputs						Inputs						Fair Value
Trading securities			$	—					$	—					$	6,142					$	6,142
Securities available for sale:
U.S Treasuries			7,981						—						—						7,981
Municipal bonds and obligations			—						63,853						—						63,853
Agency collateralized mortgage obligations			—						347,874						—						347,874
Agency residential mortgage-backed securities			—						417,480						—						417,480
Agency commercial mortgage-backed securities			—						145,326						—						145,326
Corporate bonds			—						35,192						3,923						39,115
Equity securities			13,029						—						—						13,029
Loans held for investment at fair value			—						—						374						374
Loans held for sale			—						2,237						—						2,237
Derivative assets			—						45,613						55						45,668
Capitalized servicing rights			—						—						1,526						1,526
Derivative liabilities			—						75,957						—						75,957

 

There were no transfers between levels during the three months ended June 30, 2024.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Trading Securities at Fair Value. The Company holds one security designated as a trading security. It is a tax-advantaged economic development bond issued to the Company by a local nonprofit which provides wellness and health programs. The fair value of this security is determined based on a discounted cash flow methodology. Certain inputs to the fair value calculation are unobservable and there is little to no market activity in the security; therefore, the security meets the definition of a Level 3 security. The discount rate used in the valuation of the security is sensitive to movements in the 3-month SOFR rate.

Securities Available for Sale and Equity Securities. Equity securities classified as Level 1 consist of publicly-traded equity securities for which the fair values can be obtained through quoted market prices in active exchange markets. Equity securities classified as Level 2 consist of securities with infrequent trades in active exchange markets, and pricing is primarily sourced from third party pricing services. AFS securities classified as Level 1 consist of U.S. Treasury securities. AFS securities classified as Level 2 include most of the Company’s debt securities. The pricing on Level 2 and Level 3 was primarily sourced from third party pricing services, overseen by management, and is based on models that consider standard input factors such as dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and condition, among other things. Level 3 pricing includes inputs unobservable to market participants.

Loans Held for Investment. The Company’s held for investment loan portfolio includes loans originated by Company and loans acquired through business combinations. The Company intends to hold these assets until maturity as a part of its business operations. For one acquired portfolio subset, the Company previously accounted for these purchased-credit impaired loans as a pool under ASC 310, as they were determined to have common risk characteristics. These loans were recorded at fair value on acquisition date and subsequently evaluated for impairment collectively. Upon adoption of ASC 326, the Company elected the fair value option on this portfolio, recognizing an $11.2 million fair value write-down charged to retained earnings, net of deferred tax impact, as of January 1, 2020. The fair value of this loan portfolio is determined based on a discounted cash flow methodology. Certain inputs to the fair value calculation are unobservable; therefore, the loans meet the definition of Level 3 assets. The discount rate used in the valuation is consistent with assets that have significant credit deterioration. The cash flow assumptions include payment schedules for loans with current payment histories and estimated collateral value for delinquent loans. All of these loans were nonperforming as of June 30, 2024.

Aggregate Fair Value

June 30, 2024

Aggregate

Aggregate

Less Aggregate

(In thousands)

Fair Value

Unpaid Principal

Unpaid Principal

Loans held for investment at fair value

$

326

$

7,741

$

(7,415)

Aggregate Fair Value

December 31, 2023

Aggregate

Aggregate

Less Aggregate

(In thousands)

Fair Value

Unpaid Principal

Unpaid Principal

Loans held for investment at fair value

$

374

$

8,809

$

(8,435)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Loans Held for Sale. The Company elected the fair value option for all loans held for sale (HFS) originated for sale on or after May 1, 2012. Loans HFS are classified as Level 2 as the fair value is based on input factors such as quoted prices for similar loans in active markets.

Aggregate Fair Value

June 30, 2024

Aggregate

Aggregate

Less Aggregate

(In thousands)

Fair Value

Unpaid Principal

Unpaid Principal

Loans held for sale

$

4,949

$

4,893

$

56

Aggregate Fair Value

December 31, 2023

Aggregate

Aggregate

Less Aggregate

(In thousands)

Fair Value

Unpaid Principal

Unpaid Principal

Loans held for sale

$

2,237

$

2,205

$

32

The changes in fair value of loans held for sale for the three and six months ended June 30, 2024, were gains of $24 thousand and losses of $31 thousand, respectively. During the three and six months ended June 30, 2024, originations of loans held for sale totaled $16.8 million and $44.7 million, respectively. During the three and six months ended June 30, 2024, sales of loans originated for sale totaled $17.0 million and $41.3 million, respectively.

The changes in fair value of loans held for sale for the three and six months ended June 30, 2023, were gains of $100 thousand and $109 thousand, respectively. During the three and six months ended June 30, 2023, originations of loans held for sale totaled $22.4 million and $29.4 million, respectively. During the three and six months ended June 30, 2023, sales of loans originated for sale totaled $15.3 million and $21.7 million, respectively.

Interest Rate Swaps. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings.

Although the Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2024, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Commitments to Lend. The Company enters into commitments to lend for residential mortgage loans intended for sale, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. The estimated fair value of commitments to originate residential mortgage loans for sale is based on quoted prices for similar loans in active markets. However, this value is adjusted by a factor which considers the likelihood that the loan in a lock position will ultimately close, and by the non-refundable costs of originating the loan. The closing ratio is derived from the Bank’s internal data and is adjusted using significant management judgment. The costs to originate are primarily based on the Company’s internal commission rates that are not observable. As such, these commitments are classified as Level 3 measurements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Forward Sale Commitments. The Company utilizes forward sale commitments as economic hedges against potential changes in the values of the commitments to lend and loans originated for sale. To Be Announced (“TBA”) mortgage-backed securities forward commitment sales are used as the hedging instrument, are classified as Level 1, and consist of publicly-traded debt securities for which identical fair values can be obtained through quoted market prices in active exchange markets. The fair values of the Company’s best efforts and mandatory delivery loan sale commitments are determined similarly to the commitments to lend using quoted prices in the market place that are observable. However, costs to originate and closing ratios included in the calculation are internally generated and are based on management’s judgment and prior experience, which are considered factors that are not observable. As such, best efforts and mandatory forward commitments are classified as Level 3 measurements.

Capitalized Servicing Rights. The Company accounts for certain capitalized servicing rights at fair value in its Consolidated Financial Statements, as the Company is permitted to elect the fair value option for each specific instrument. A loan servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans exceed adequate compensation for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy.

The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three months ended June 30, 2024 and 2023.

			Assets (Liabilities)
									Securities						Loans																		Capitalized
			Trading						Available						Held for						Commitments						Forward						Servicing
(In thousands)			Securities						for Sale						Investment						to Lend						Commitments						Rights
Three Months Ended June 30, 2024
March 31, 2024			$	5,909					$	3,929					$	396					$	147					$	78					$	1,346
Unrealized gain/(loss), net recognized in other non-interest income			14						—						(45)						338						(46)						220
Unrealized (loss) included in accumulated other comprehensive income			—						(27)						—						—						—						—
Paydown of asset			(224)						—						(25)						—						—						—
Transfers to held for sale loans			—						—						—						(384)						—						—
June 30, 2024			$	5,699					$	3,902					$	326					$	101					$	32					$	1,566
Six Months Ended June 30, 2024
December 31, 2023			$	6,142					$	3,923					$	374					$	34					$	21					$	1,526
Unrealized gain, net recognized in other non-interest income			3						—						3						598						11						40
Unrealized (loss) included in accumulated other comprehensive income			—						(21)						—						—						—						—
Paydown of asset			(446)						—						(51)						—						—						—
Transfers to held for sale loans			—						—						—						(531)						—						—
June 30, 2024			$	5,699					$	3,902					$	326					$	101					$	32					$	1,566
Unrealized (loss)/gain relating to instruments still held at June 30, 2024			$	(57)					$	(98)					$	—					$	101					$	32					$	—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

			Assets (Liabilities)
									Securities						Loans																		Capitalized
			Trading						Available						Held for						Commitments						Forward						Servicing
(In thousands)			Securities						for Sale						Investment						to Lend						Commitments						Rights
Three Months Ended June 30, 2023
March 31, 2023			$	6,584					$	3,800					$	460					$	26					$	15					$	1,666
Unrealized gain/(loss), net recognized in other non-interest income			34						—						(18)						87						48						220
Unrealized gain included in accumulated other comprehensive income			—						130						—						—						—						—
Paydown of asset			(213)												(41)						—						—						—
Transfers to held for sale loans			—						—						—						(76)						—						—
June 30, 2023			$	6,405					$	3,930					$	401					$	37					$	63					$	1,886
Six Months Ended June 30, 2023
December 31, 2022			$	6,708					$	4,000					$	605					$	17					$	8					$	1,846
Unrealized gain/(loss), net recognized in other non-interest income			123						—						(147)						121						55						40
Unrealized (loss) included in accumulated other comprehensive income			—						(70)						—						—						—						—
Paydown of asset			(426)						—						(57)						—						—						—
Transfers to held for sale loans			—						—						—						(101)						—						—
June 30, 2023			$	6,405					$	3,930					$	401					$	37					$	63					$	1,886
Unrealized (loss)/gain relating to instruments still held at June 30, 2023			$	(266)					$	(200)					$	—					$	37					$	63					$	—

Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows:

						Fair Value																		Significant Unobservable Input
(In thousands)						June 30, 2024						Valuation Techniques						Unobservable Inputs						Value
Assets (Liabilities)
Trading Securities						$	5,699					Discounted Cash Flow						Discount Rate						3.82		%
AFS Securities						3,902						Indication from Market Maker						Price						97.55%
Loans held for investment						326						Discounted Cash Flow						Discount Rate						25.00		%
																		Collateral Value						$0.0 - $18.5
Commitments to lend						101						Historical Trend						Closing Ratio						77.95		%
												Pricing Model						Origination Costs, per loan						$	3
Forward commitments						32						Historical Trend						Closing Ratio						77.95		%
												Pricing Model						Origination Costs, per loan						$	3
Capitalized servicing rights						1,566						Discounted cash flow						Constant Prepayment Rate (CPR)						7.00		%
																		Discount Rate						11.09		%
Total						$	11,626

---

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

						Fair Value																		Significant Unobservable Input
(In thousands)						December 31, 2023						Valuation Techniques						Unobservable Inputs						Value
Assets (Liabilities)
Trading Securities						$	6,142					Discounted Cash Flow						Discount Rate						4.19		%
AFS Securities						3,923						Indication from Market Maker						Price						98.07		%
Loans held for investment						374						Discounted Cash Flow						Discount Rate						25.00		%
																		Collateral Value						$0.0- $18.3
Commitments to lend						34						Historical Trend						Closing Ratio						84.29		%
												Pricing Model						Origination Costs, per loan						$	3
Forward commitments						21						Historical Trend						Closing Ratio						84.29		%
												Pricing Model						Origination Costs, per loan						$	3
Capitalized servicing rights						1,526						Discounted Cash Flow						Constant Prepayment Rate (CPR)						7.63		%
																		Discount Rate						11.08		%
Total						$	12,020

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Non-Recurring Fair Value Measurements

The Company is required, on a non-recurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements in accordance with GAAP. The following is a summary of applicable non-recurring fair value measurements. There are no liabilities measured at fair value on a non-recurring basis.

June 30, 2024

Fair Value Measurement Date

December 31, 2023

Fair Value Measurement Date

Level 3

Level 3

Level 3

Level 3

(In thousands)

Inputs

Inputs

Inputs

Inputs

Assets

Individually evaluated

$

5,438

June 2024

$

4,395

December 2023

Loans held for sale

47,123

June 2024

—

December 2023

Capitalized servicing rights

9,624

June 2024

10,569

December 2023

Total

$

62,185

$

14,964

Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows:

Fair Value

(In thousands)

June 30, 2024

Valuation Techniques

Unobservable Inputs

Range (Weighted Average) (1)

Assets

Individually evaluated

$

5,438

Fair Value of Collateral

Discounted Cash Flow - Loss Severity

(100.00)% to (0.06)% ((63.40)%)

Appraised Value

$0 to $3,448 ($2,732)

Loans held for sale

47,123

Fair Value of Collateral

Appraised Value

$47,123

Capitalized servicing rights

9,624

Discounted Cash Flow

Constant Prepayment Rate (CPR)

5.27% to 14.96% (13.11%)

Discount Rate

10.47% to 14.21% (12.75%)

Total

$

62,185

(1)     Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.

Fair Value

(In thousands)

December 31, 2023

Valuation Techniques

Unobservable Inputs

Range (Weighted Average) (1)

Assets

Individually evaluated

$

4,395

Fair Value of Collateral

Discounted Cash Flow - loss severity

(100.00)% to (0.08)% ((67.00)%)

Appraised Value

$0 to $3,389 ($2,774)

Capitalized servicing rights

10,569

Discounted Cash Flow

Constant Prepayment Rate (CPR)

5.43% to 17.15% (12.31%)

Discount Rate

10.09% to 16.59% (13.82%)

Total

$

14,964

(1)     Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties.

There were no Level 1 or Level 2 nonrecurring fair value measurements for the periods ended June 30, 2024 and December 31, 2023.

---

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Individually evaluated loans. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Non-recurring adjustments can also include certain impairment amounts for collateral-dependent loans calculated when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. However, the choice of observable data is subject to significant judgment, and there are often adjustments based on judgment in order to make observable data comparable and to consider the impact of time, the condition of properties, interest rates, and other market factors on current values. Additionally, commercial real estate appraisals frequently involve discounting of projected cash flows, which relies inherently on unobservable data. Therefore, nonrecurring fair value measurement adjustments that relate to real estate collateral have generally been classified as Level 3. Estimates of fair value for other collateral that supports commercial loans are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. 

Loans Transferred to Held for Sale. Once a decision has been made to sell loans not previously classified as held for sale, these loans are transferred into the held for sale category and carried at the lower of cost or fair value. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. The choice of observable data is subject to significant judgment, and there are often adjustments based on judgment in order to make observable data comparable and to consider the impact of time, the condition of properties, interest rates, and other market factors on current values. Nonrecurring fair value measurement adjustments that relate to real estate collateral have generally been classified as Level 3. Estimates of fair value for other collateral that supports commercial loans are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. 

Capitalized loan servicing rights. A loan servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans exceed adequate compensation for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Adjustments are only recorded when the discounted cash flows derived from the valuation model are less than the carrying value of the asset. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy.

---

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Summary of Estimated Fair Values of Financial Instruments

The following tables summarize the estimated fair values (represents exit price), and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company.

						June 30, 2024
						Carrying						Fair
(In thousands)						Amount						Value						Level 1						Level 2						Level 3
Financial Assets
Cash and cash equivalents						$	1,100,292					$	1,100,292					$	1,100,292					$	—					$	—
Trading securities						5,699						5,699						—						—						5,699
Equity securities						12,736						12,736						12,736						—						—
Securities available for sale						611,711						611,711						7,980						599,829						3,902
Securities held to maturity						520,239						443,769						—						442,483						1,286
Federal Home Loan Bank stock						35,010						N/A						N/A						N/A						N/A
Net loans						9,116,359						8,974,069						—						—						8,974,069
Loans held for sale						52,072						52,072						—						4,949						47,123
Accrued interest receivable						51,489						51,489						—						51,489						—
Derivative assets						52,370						52,370						—						52,236						134
Assets held for sale						76,307						76,307						—						20,950						55,357
Financial Liabilities
Total deposits						$	9,621,459					$	9,607,365					$	—					$	9,607,365					$	—
Short-term debt						532,500						532,524						—						532,524						—
Long-term Federal Home Loan Bank advances and other						157,106						154,335						—						154,335						—
Subordinated borrowings						121,487						102,543						—						102,543						—
Accrued interest payable						11,206						11,206						—						11,206						—
Derivative liabilities						89,150						89,150						—						89,150						—
Liabilities held for sale						486,648						486,648						—						486,648						—

---

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

						December 31, 2023
						Carrying						Fair
(In thousands)						Amount						Value						Level 1						Level 2						Level 3
Financial Assets
Cash and cash equivalents						$	1,203,244					$	1,203,244					$	1,203,244					$	—					$	—
Trading securities						6,142						6,142						—						—						6,142
Equity securities						13,029						13,029						13,029						—						—
Securities available for sale and other						1,022,285						1,022,285						7,981						1,010,381						3,923
Securities held to maturity						543,351						476,228						—						474,742						1,486
Federal Home Loan Bank stock						22,689						N/A						N/A						N/A						N/A
Net loans						8,934,329						8,768,108						—						—						8,768,108
Loans held for sale						2,237						2,237						—						2,237						—
Accrued interest receivable						53,096						53,096						—						53,096						—
Derivative assets						45,668						45,668						—						45,613						55
Financial Liabilities
Total deposits						$	10,633,384					$	10,615,655					$	—					$	10,615,655					$	—
Short-term debt						260,000						260,035						—						260,035						—
Long-term Federal Home Loan Bank advances						125,223						123,747						—						123,747						—
Subordinated borrowings						121,363						98,138						—						98,138						—
Accrued interest payable						13,766						13,766						—						13,766						—
Derivative liabilities						75,957						75,957						—						75,957						—

---

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 14. NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

Presented below is net interest income after provision for credit losses for the three and six months ended June 30, 2024 and 2023, respectively.

						Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)						2024						2023						2024						2023
Net interest income						$	88,532					$	92,759					$	176,672					$	190,292
Provision for credit losses						6,499						8,000						12,499						16,999
Net interest after provision for credit losses						$	82,033					$	84,759					$	164,173					$	173,293

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 15. TAX EQUITY INVESTMENTS

The Company typically accounts for tax equity investments using the proportional amortization method, if certain criteria are met. The election to account for tax equity investments using the proportional amortization method is done so on a tax credit program-by-tax credit program basis. Under the proportional amortization method, the Company amortizes the initial cost of the investment, which is inclusive of any delayed equity contributions, that are unconditional and legally binding or for equity contributions that are contingent on a future event, when that event becomes probable, in proportion to the income tax credits and other income tax benefits that are allocated to the Company over the period of the investment.

Under the proportional amortization method, the Company amortizes the initial cost of the investment, inclusive of delayed equity contributions, in proportion to the income tax credits and other income tax benefits that are allocated to the Company over the period of the investment. The net benefits of these investments, which are comprised of income tax credits and operating loss income tax benefits, net of investment amortization, are recognized in the Consolidated Statements of Income as a component of income tax expense. At June 30, 2024 and December 31, 2023 the carrying value of all tax equity investments was $38.9 million and $16.6 million, respectively, and are included in other assets on the Consolidated Balance Sheet.

The carrying value of the Public Welfare Investments on June 30, 2024 includes $17 million of delayed equity contributions described in the chart below.

As of June 30, 2024, the Company's delayed equity contributions were estimated to be paid as follows:

(In thousands)			Delayed Equity Contributions
2024			$	2,753
2025			7,814
2026			3,350
2027			2,841
2028			18
Thereafter			222
Total delayed equity contributions			$	16,998

The following table presents income tax credits and other income tax benefits, as well as amortization expense, associated with investments where the proportional amortization method of accounting has been applied for the periods indicated.

(In thousands)			Three Months Ended June 30, 2024			Six Months Ended June 30, 2024
Provision for Income Taxes:
Amortization of tax credit investments			$	(639)		$	(1,278)
Tax credit and other tax benefit/(expense)			188			761
Total provision for income taxes			(451)			(517)

There was no material non-income tax related expense associated with these investments recorded outside of income tax expense for the three and six months ended June 30, 2024. The non-income tax related activity associated with these investments recorded outside of the income tax expense for the three and six months ended June 30, 2023 was $2.2 million and $4.5 million, respectively. There were no impairment losses recorded on tax equity investments during the three and six months ended June 30, 2024 and 2023, respectively.

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Table of Contents

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

SELECTED FINANCIAL DATA

The following summary data is based in part on the consolidated financial statements and accompanying notes and other information appearing elsewhere in this or prior Forms 10-Q.

			At or for the												At or for the
			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
NOMINAL AND PER SHARE DATA
Net earnings per common share, diluted			$	0.57					$	0.55					$	0.09					$	1.18
Operating earnings per common share, diluted (1)(2)			0.55						0.55						1.03						1.18
Net (loss)/income, (thousands)			24,025						23,861						3,837						51,498
Operating net income, (thousands) (1)(2)			23,168						23,878						44,102						51,486
Net interest income, non FTE			88,532						92,759						176,672						190,292
Net interest income, FTE (4)			90,545						94,721						180,691						194,161
Total common shares outstanding, (thousands)			42,959						44,033						42,959						44,033
Average diluted shares, (thousands)			42,508						43,532						42,763						43,780
Total book value per common share			23.58						22.11						23.58						22.11
Tangible book value per common share (2)			23.18						21.60						23.18						21.60
Dividends per common share			0.18						0.18						0.36						0.36
Dividend payout ratio			32.74		%				33.47		%				N/M						31.06		%
PERFORMANCE RATIOS (3)
Return on equity			9.49		%				9.51		%				0.76		%				10.39		%
Operating return on equity (1)(2)			9.15						9.51						8.69						10.39
Return on tangible common equity (1)(2)			9.99						10.09						1.11						11.01
Operating return on tangible common equity (1)(2)			9.65						10.09						9.19						11.01
Return on assets			0.82						0.79						0.07						0.87
Operating return on assets (1)(2)			0.79						0.79						0.75						0.87
Net interest margin, FTE (4)			3.20						3.24						3.18						3.40
Efficiency ratio (1)(2)			63.40						63.57						64.81						61.50
FINANCIAL DATA (in millions, end of period)
Total assets			$	12,219					$	12,090					$	12,219					$	12,090
Total earning assets			11,510						11,370						11,510						11,370
Total loans (5)			9,229						8,882						9,229						8,882
Total deposits (6)			9,621						10,068						9,621						10,068
Loans/deposits (%)			96		%				88		%				96		%				88		%
Total shareholders' equity			1,013						973						1,013						973
ASSET QUALITY
Allowance for credit losses, (millions)			$	112					$	100					$	112					$	100
Net charge-offs, (millions)			(2)						(6)						(6)						(13)
Net charge-offs (QTD annualized)/average loans			0.07		%				0.26		%				0.13		%				0.29		%
Provision expense, (millions)			$	6					$	8					$	12					$	17
Non-accruing loans/total loans			0.23		%				0.32		%				0.23		%				0.32		%
Allowance for credit losses/non-accruing loans			525						353						525						353
Allowance for credit losses/total loans			1.22						1.13						1.22						1.13
CAPITAL RATIOS
Common equity tier 1 capital to risk-weighted assets			11.6		%				12.1		%				11.6		%				12.1		%
Tier 1 capital leverage ratio			9.6						9.6						9.6						9.6
Tangible common shareholders' equity/tangible assets (2)			8.2						7.9						8.2						7.9

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____________________________________________________________________________________________

(1)    Operating measurements are non-GAAP financial measures that are adjusted to exclude net non-operating charges primarily related to acquisitions and restructuring activities. Refer to "Reconciliation of Non-GAAP Financial Measures" for additional information.

(2)    Non-GAAP financial measure. Refer to "Reconciliation of Non-GAAP Financial Measures" for additional information.

(3)    All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

(4)    Fully taxable equivalent considers the impact of tax advantaged investment securities and loans.

(5)    As of June 30, 2024, total loans exclude $55.4 million of loans that were reclassified to assets held-for-sale in consideration of the potential branch sale.

(6)    As of June 30, 2024, total deposits exclude $474.0 million of deposits that were reclassified to liabilities held-for-sale in consideration of the potential branch sale.

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AVERAGE BALANCES AND AVERAGE YIELDS/RATES

The following table presents average balances and an analysis of average rates and yields on an annualized fully taxable equivalent basis for the periods included:

			Three Months Ended June 30,
			2024									2023
(Dollars in millions)			Average Balance			Interest (FTE basis)			Yield/Rate (FTE basis)			Average Balance			Interest (FTE basis)			Yield/Rate (FTE basis)
Assets
Loans:
Commercial real estate			$	4,649		$	77		6.52		%	$	4,283		$	67		6.16		%
Commercial and industrial loans			1,384			27			7.62			1,496			27			7.27
Residential mortgages			2,694			28			4.21			2,488			24			3.87
Consumer loans			430			8			7.47			524			9			7.28
Total loans (1)			9,157			140			6.05			8,791			127			5.77
Investment securities (2)			1,332			8			2.44			2,236			13			2.27
Short-term investments & loans held for sale (3)			597			8			5.07			560			7			4.94
New York branch loans held for sale (4)			57			1			5.86			—			—			—
Total interest-earning assets			11,143			157			5.57			11,587			147			5.05
Intangible assets			18						x			22						X
Other non-interest earning assets			531						x			448
Total assets			$	11,692								$	12,057
Liabilities and shareholders’ equity
Deposits:
Non-interest-bearing demand deposits			$	2,244		$	—		—		%	$	2,594		$	—		—		%
NOW and other			763			3			1.44			1,055			4			1.35
Money market			2,909			24			3.32			2,555			14			2.13
Savings			1,004			3			1.06			1,077			—			0.50
Time			2,376			25			4.22			2,287			18			3.07
Total deposits			9,296			55			2.35			9,568			36			1.51
Borrowings and notes (5)			619			9			5.55			1,288			17			5.14
New York branch non-interest-bearing deposits (4)			97			—			—			—			—			—
New York branch interest-bearing deposits (4)			386			3			2.80			—			—			—
Total funding liabilities			10,398			67			2.53			10,856			53			1.94
Other non-interest earning liabilities			281									197
Total liabilities			10,679									11,053
Total common shareholders' equity			1,013									1,004
Total shareholders’ equity			1,013									1,004
Total liabilities and shareholders’ equity			$	11,692								$	12,057
Net interest margin, FTE									3.20		%							3.24		%
Supplementary data
Net Interest Income, non FTE			$	88.5								$	92.8
FTE income adjustment (6)			2.0									2.0
Net Interest Income, FTE			$	90.5								$	94.8

(1)    The average balances of loans include nonaccrual loans and deferred fees and costs.

(2)    The average balance for securities available for sale is based on amortized cost.

(3)    Interest income on loans held for sale is included in loan interest income on the Consolidated Statements of Income statement.

(4)    New York branch loans and deposits moved to held for sale on March 4, 2024.

(5)    The average balances of borrowings include the finance lease obligation presented under other liabilities on the Consolidated Balance Sheet.

(6)    Fully taxable equivalent considers the impact of tax advantaged investment securities and loans. The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 27%.

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			Six Months Ended June 30,
			2024									2023
(Dollars in millions)			Average Balance			Interest (FTE basis)			Yield/Rate (FTE basis)			Average Balance			Interest (FTE basis)			Yield/Rate (FTE basis)
Assets
Loans:
Commercial real estate			$	4,601		$	152		6.52		%	$	4,225		$	128		6.02		%
Commercial and industrial loans			1,370			53			7.63			1,511			54			7.09
Residential mortgages			2,681			57			4.18			2,386			45			3.79
Consumer loans			447			16			7.36			531			18			7.26
Total loans (1)			9,099			278			6.05			8,653			245			5.67
Investment securities (2)			1,529			18			2.41			2,248			26			2.25
Short-term investments & loans held for sale (3)			543			14			5.07			437			10			4.69
New York branch loans held for sale (4)			37			1			5.79			—			—			—
Total interest-earning assets			11,208			311			5.50			11,338			281			4.95
Intangible assets			18						x			23						X
Other non-interest earning assets			497						x			453
Total assets			$	11,723								$	11,814
Liabilities and shareholders’ equity
Deposits:
Non-interest-bearing demand deposits			$	2,296		$	—		—		%	$	2,650		$	—		—		%
NOW and other			781			6			1.40			1,255			10			1.52
Money market			2,996			49			3.28			2,607			24			1.85
Savings			1,021			5			1.02			1,062			—			0.30
Time			2,469			51			4.15			2,049			28			2.66
Total deposits			9,563			111			2.32			9,623			62			1.79
Borrowings and notes (5)			563			16			5.54			990			25			5.11
New York branch non-interest-bearing deposits (4)			64			—			—			—			—			—
New York branch interest-bearing deposits (4)			252			4			2.78			—			—			—
Total funding liabilities			10,442			131			2.49			10,613			87			2.21
Other non-interest earning liabilities			266									210
Total liabilities			10,708									10,823
Total common shareholders' equity			1,015									991
Total shareholders’ equity			1,015									991
Total liabilities and shareholders’ equity			$	11,723								$	11,814
Net interest margin, FTE									3.18		%							3.40		%
Supplementary data
Net Interest Income, non FTE			$	176.7								$	190.3
FTE income adjustment (6)			4.0									3.9
Net Interest Income, FTE			$	180.7								$	194.2

(1)    The average balances of loans include nonaccrual loans and deferred fees and costs.

(2)    The average balance for securities available for sale is based on amortized cost.

(3)    Interest income on loans held for sale is included in loan interest income on the Consolidated Statements of Income.

(4)    New York branch loans and deposits moved to held for sale on March 4, 2024.

(5)    The average balances of borrowings include the finance lease obligation presented under other liabilities on the Consolidated Balance Sheet.

(6)    Fully taxable equivalent considers the impact of tax advantaged investment securities and loans. The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 27%.

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NON-GAAP FINANCIAL MEASURES

This document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is provided below. In all cases, it should be understood that non-GAAP measures do not depict amounts that accrue directly to the benefit of shareholders. An item which management excludes when computing non-GAAP operating earnings can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP operating earnings information set forth is not necessarily comparable to non- GAAP information which may be presented by other companies. Each non-GAAP measure used by the Company in this report as supplemental financial data should be considered in conjunction with the Company’s GAAP financial information.

The Company utilizes the non-GAAP measure of operating earnings in evaluating operating trends, including components for operating revenue and expense. These measures exclude amounts which the Company views as unrelated to its normalized operations. These items primarily include restructuring costs. Restructuring costs generally consist of costs and losses associated with the disposition of assets and liabilities and lease terminations, including costs related to branch sales.

The Company also calculates operating earnings per share based on its measure of operating earnings and diluted common shares. The Company views these amounts as important to understanding its operating trends, particularly due to the impact of accounting standards related to merger and acquisition activity. Analysts also rely on these measures in estimating and evaluating the Company’s performance. Adjustments in 2024 were primarily related to branch sales and loss on sale of AFS securities. Adjustments in 2023 were primarily related to branch consolidations.

Management believes that the computation of non-GAAP operating earnings and operating earnings per share may facilitate the comparison of the Company to other companies in the financial services industry. The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

The following table summarizes the reconciliation of non-GAAP items recorded for the periods indicated:

						At or for the Three Months Ended June 30,						At or for the Six Months Ended June 30,
(In thousands)						2024			2023			2024			2023
GAAP Net income						$	24,025		$	23,861		$	3,837		$	51,498
Adj: Loss on sale of AFS securities						—			—			49,909			—
Adj: Restructuring and other expense						(384)			21			3,233			(15)
Adj: Income taxes						(473)			(4)			(12,877)			3
Total operating income (non-GAAP) (1)			(A)			$	23,168		$	23,878		$	44,102		$	51,486
GAAP Total revenue						$	108,665		$	109,853		$	164,206		$	223,992
Adj: Loss on sale of AFS securities						—			—			49,909			—
Total operating revenue (non-GAAP) (1)			(B)			$	108,665		$	109,853		$	214,115		$	223,992
GAAP Total non-interest expense						$	70,931		$	74,048		$	146,951		$	146,003
Less: Total non-operating expense (see above)						384			(21)			(3,233)			15
Operating non-interest expense (non-GAAP) (1)			(C)			$	71,315		$	74,027		$	143,718		$	146,018
(In millions, except per share data)
Total average assets			(D)			$	11,692		$	12,057		$	11,723		$	11,814
Total average shareholders’ equity			(E)			1,013			1,004			1,015			991
Total average tangible shareholders’ equity (1)			(G)			995			981			997			968
Total tangible shareholders’ equity, period-end (2)(3)			(I)			996			951			996			951
Total tangible assets, period-end (1)			(J)			12,202			12,068			12,202			12,068
Total common shares outstanding, period-end (thousands)			(K)			42,959			44,033			42,959			44,033
Average diluted shares outstanding (thousands)			(L)			42,508			43,532			42,763			43,780
Earnings per common share, diluted						$	0.57		$	0.55		$	0.09		$	1.18
Operating earnings per common share, diluted (1)			(A/L)			0.55			0.55			1.03			1.18
Book value per common share, period-end						23.58			22.11			23.58			22.11
Tangible book value per common share, period-end (1)			(I/K)			23.18			21.60			23.18			21.60
Total shareholders' equity/total assets						8.29			8.05			8.29			8.05
Total tangible shareholder's equity/total tangible assets (1)			(I/J)			8.16			7.88			8.16			7.88
						x
Performance ratios (3)						x
Return on equity						9.49		%	9.51		%	0.76		%	10.39		%
Operating return on equity (1)			(A/E)			9.15			9.51			8.69			10.39
Return on tangible common equity (1)(4)						9.99			10.09			1.11			11.01
Operating return on tangible common equity (1)(4)			(A+O)/(G)			9.65			10.09			9.19			11.01
Return on assets						0.82			0.79			0.07			0.87
Operating return on assets (1)			(A/D)			0.79			0.79			0.75			0.87
Efficiency ratio (1)(7)			(C-O)/(B+M+P)			63.40			63.57			64.81			61.50

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Supplementary data (In thousands)						xx
Tax benefit on tax-credit investments (5)			(M)			N/M			$	2,735		N/M			$	5,632
Non-interest income tax-credit investments amortization (6)			(N)			N/M			(2,210)			N/M			(4,495)
Net income on tax-credit investments			(M+N)			N/M			525			N/M			1,137
Intangible amortization			(O)			1,140			1,205			2,345			2,410
Fully taxable equivalent income adjustment			(P)			2,013			1,962			4,019			3,869

_____________________________________________________________________________________________

(1)    Non-GAAP financial measure.

(2)    Total tangible shareholders’ equity is computed by taking total shareholders’ equity less the intangible assets at period-end. Total tangible assets is computed by taking total assets less the intangible assets at period-end.

(3)    Ratios are annualized and based on average balance sheet amounts, where applicable. Quarterly data may not sum to year-to-date data due to rounding.

(4)    Operating return on tangible common equity is computed by dividing the total operating income adjusted for the tax-affected amortization of intangible assets, assuming a 27% marginal rate, by tangible equity.

(5)    The tax benefit is the direct reduction to the income tax provision due to tax credits and deductions generated from investments in tax equity investments.

(6)    The non-interest income amortization is the reduction to the tax-advantaged investments and are incurred as the tax credits are generated.

(7)    As of January 1, 2024, the Company elected the proportional amortization method for certain tax credits eliminating the need to adjust the efficiency ratio for tax credit impacts.

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GENERAL

Management’s discussion and analysis of financial condition and results of operations is intended to assist in

understanding the financial condition and results of operations of the Company. The following discussion and analysis should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing in Part I, Item 1 of this document and with the Company’s consolidated financial statements and the notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the 2023 Annual Report on Form 10-K. In the following discussion, income statement comparisons are against the same period of the previous year and balance sheet comparisons are against the previous fiscal year-end, unless otherwise noted. Financial results discussed herein are not necessarily indicative of the results for the year 2024 or any future period. In management’s discussion and analysis of financial condition and results of operations, certain reclassifications have been made to make prior periods comparable. Tax-equivalent adjustments are the result of increasing income from tax-advantaged loans and securities by an amount equal to the taxes that would be paid if the income were fully taxable based on a 27% marginal rate (including state income taxes net of federal benefit). In the discussion, unless otherwise specified, references to earnings per share and "EPS" refer to diluted earnings per common share.

Berkshire Hills Bancorp, Inc. (“Berkshire” or “the Company”) is a Delaware corporation headquartered in Boston and the holding company for Berkshire Bank (“the Bank”) which operates as a commercial bank under a Massachusetts trust company charter. Established in 1846, the Bank provides business and consumer banking, mortgage, wealth management, and investment services, with a vision to be a high performing, relationship focused community bank. Berkshire has approximately $12.2 billion in assets and presently operates 91 branch offices in New England and New York (two branches were sold after June 30, 2024).

FORWARD-LOOKING STATEMENTS

Certain statements contained in this document that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (referred to as the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (referred to as the Securities Exchange Act), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these statements from the use of words such as “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including among other things, changes in general economic and business conditions, increased competitive pressures, changes in the interest rate environment and inflation, legislative and regulatory changes, changes in the financial markets, and other risks and uncertainties disclosed from time to time in documents that Berkshire Hills Bancorp files with the Securities and Exchange Commission ("SEC"), including the Risk Factors set forth in Item 1A of the Company’s 10-K, as supplemented by its Quarterly Reports on Form 10-Q and other SEC filings.

Because of these and other uncertainties, Berkshire’s actual results, performance or achievements, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, Berkshire’s past results of operations do not necessarily indicate Berkshire’s combined future results. You should not place undue reliance on any of the forward-looking statements, which speak only as of the dates on which they were made. Berkshire is not undertaking an obligation to update forward-looking statements, even though its situation may change in the future, except as required under federal securities law. Berkshire qualifies all of its forward-looking statements by these cautionary statements.

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OVERVIEW

Second quarter earnings per share increased 4% year-over-year to $0.57 from $0.55 and included the benefit of lower expenses and ongoing share repurchases. The non-GAAP measure of operating earnings per share was unchanged year-over-year at $0.55 in the second quarter. Results included the benefit of ongoing loan growth and the paydown of higher cost borrowings with proceeds from the sale of lower yielding securities in recent quarters.

For the first half of the year, earnings per share decreased to $0.09 from $1.18 due to a $50 million non-operating loss on the sale of securities. The securities were carried at fair value and this loss had no significant impact on equity. First half operating earnings per share decreased 13% to $1.03 from $1.18 due to pressures on the net interest margin throughout 2023 before it began improving in 2024 including the benefit of reinvestment of the proceeds of securities sales. Total investment securities decreased by $422 million in the first half of 2024 and by $773 million in the last twelve months due to securities sales in the fourth quarter of 2023 and the first quarter of 2024.

In the second quarter of 2024, the Company entered into an agreement to sell ten New York branches, with deposits totaling $474 million at period-end which were included in liabilities held for sale. The sale of these branches is targeted for completion in the third quarter of 2024; two of them have been completed since June 30, 2024. The Company expects to record a non-operating gain for the completion of the branch sale. The Company also consolidated three Connecticut branches in June 2024. The Company plans to have 83 branches following the branch sales, including 16 branches serving the Albany and Rome/Utica markets in New York.

Total loans increased by 2% in the first half of 2024. Quarterly average deposits decreased by 2% between the fourth quarter of 2023 and the second quarter of 2024, including balances held for sale.

Measures of asset quality generally improved in the first half of 2024, with loan performance remaining at historically favorable levels. The allowance for credit losses on loans increased to 1.22% from 1.17% of total loans during this period.

The ratio of equity to assets increased to 8.3% from 8.1% during the first half of 2024. Book value per share increased by 1% to $23.58 and the non-GAAP measure of tangible book value per share increased by 2% to $23.18.

In June 2024 Senior Executive Vice President and Chief Financial Officer David Rosato resigned from the Company. Senior Managing Director and Chief Accounting Officer Brett Brbovic was promoted to Executive Vice President and the Chief Financial Officer position. Mr. Brbovic has served as Chief Accounting Officer since 2015 and also served as Interim Chief Financial Officer prior to the appointment of Mr. Rosato as Chief Financial Officer in January 2023. During the first half of 2024, the Company also announced the recruitment of commercial deposit relationship managers and private bankers. Additionally, it announced the planned move and expansion of a Boston branch to support the expanded commercial and private banking teams serving the Greater Boston market.

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COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2024 AND JUNE 30, 2023

Summary. Second quarter 2024 net income increased year-over-year by $164 thousand, or 1%, to $24 million, benefiting from lower expenses. Second quarter 2024 operating income decreased year-over-year by $710 thousand, or 3%, to $23 million due to pressure on the net interest margin. Including the benefit of ongoing share repurchases, second quarter earnings per share increased 4% to $0.57 from $0.55. Operating earnings per share were unchanged at $0.55.

Six month net income decreased by $48 million to $4 million due to a $50 million non-operating net loss on the sale of securities in the first quarter of 2024. The securities loss had no significant impact on total equity because the securities were carried at fair value in the financial statements. The Company’s non-GAAP measure of operating income excludes securities gains/losses, restructuring costs, and other non-operating items, as discussed in the preceding discussion of non-GAAP financial measures.

First half operating income decreased year-over-year by $7 million, or 14%, to $44 million. This decrease primarily reflected sequential quarterly decreases in the net interest margin which inflected in the first quarter of 2024 and increased further in the second quarter, including the benefit of the reinvestment of proceeds from the sale of lower-yielding investment securities. Year-over-year results benefited from lower credit loss provision expense and lower operating non-interest expense.

Net Interest Income. Second quarter net interest income decreased year-over-year by $4 million, or 5%, to $89 million primarily due to a 4% decrease in average earning assets together with a decrease in the net interest margin to 3.20% from 3.24%. The decrease in earning assets was primarily due to the liquidation of lower yield investments to fund reductions of higher cost borrowings. The decrease in the margin was primarily due to the lagged impact of higher market interest rates on deposit costs compared to the earlier impact on variable rate indexed loans.

The net interest margin decreased in sequential quarters from 3.24% in the second quarter of 2023 to 3.11% in the fourth quarter of 2024 and then increased to 3.15% in the first quarter of 2024 and 3.20% in the second quarter of 2024. The second quarter yield on total earning assets increased year-over-year by 52 basis points to 5.57% from 5.05% and benefited from growth in higher yielding loans and the sale of lower yielding investment securities. The cost of funds increased 59 basis points to 2.53% from 1.94% due primarily to the impact of higher deposit costs which was partially offset by the reduction in higher cost borrowings.

Second quarter net interest income benefited from a $0.4 billion, or 4%, year-over-year increase in average loans due to 9% growth of average commercial real estate loans and 8% growth in average residential mortgage loans. The yield on average total loans increased 28 basis points to 6.05% from 5.77%. Average investment securities decreased by $0.9 billion due to the securities sales, with proceeds used to pay down borrowings and fund loan growth.

Including deposits held for sale, second quarter average deposits increased year-over-year by $0.2 billion, or 2%, as increases in higher cost money market and time deposit accounts were partially offset by decreases in lower cost transaction account balances. The cost of deposits increased 84 basis points to 2.35% from 1.51%. The cost of deposits held for sale measured 2.24% in the most recent quarter. These deposits averaged $483 million during the quarter and are expected to be sold during the third quarter. Average borrowings decreased by $0.7 billion, while the cost of borrowings increased 41 basis points to 5.55% from 5.14%.

For the first six months of the year, net interest income decreased year-over-year by $14 million, or 7%,

primarily due to a 7% decrease in the net interest margin to 3.18% from 3.40%, reflecting the market factors discussed above.

Non-Interest Income. Second quarter non-interest income increased year-over-year by $3 million, or 18%, due primarily to a $3 million increase in the category of other non-interest income. In 2024, the Company changed its method of accounting related to tax credit investments. Under the previous method there were offsetting charges to non-interest income and credits to income tax expense. These are now partially netted in income tax expense. As a

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result, non-interest income and income tax expense are both higher than in previous years. In the second quarter of 2023 there was a $2 million charge to other non-interest income related to tax credit investments compared to a $1 million credit in the same period of 2024.

For the first half of the year, non-interest income decreased $46 million to a loss of $12 million, compared to income of $34 million for the first half of 2023. The Company recorded a $50 million non-operating loss on the sale of available for sale securities in the first quarter of 2024. For the first half of the year, non-interest income excluding sales of AFS securities increased $4 million, or 11%, due mainly to the change in tax accounting. The securities loss had no significant impact on total equity because the securities were carried at fair value in the financial statements.

Provision Expense for Credit Losses. Second quarter provision expense decreased year-over-year by $2 million, or 19%, to $6 million. Six month provision expense decreased $5 million, or 26% to $12 million. Net loan charge-offs decreased both for the second quarter and first half. The provision resulted in increases in the allowance for credit losses on loans related to loan growth and to higher reserve levels in relation to total loans.

Non-Interest Expense. Total second quarter non-interest expense decreased year-over-year by $3 million, or 4%, to $71 million. For the first six months, this expense increased $1 million, or 1%, to $147 million. The Company recorded $3.6 million in non-operating expenses in the first quarter of 2024 related primarily to the pending branch sale. Excluding non-operating costs. for the first half of the year the Company’s non-GAAP measure of operating non-interest expense decreased year-over-year by $2 million, or 2%, to $144 million.

The Company reduced its operating non-interest expense year-over-year for both the second quarter and first half of the year. The decreases contributed to the second quarter improvement in operating results in 2024 compared to 2023. The second quarter efficiency ratio improved to 63.40% in 2024 from 63.57% in 2023.

Compensation and benefits expense is the largest expense category, totaling $81 million in the first half of 2024 and increasing by $2 million, or 2%, compared to the first half of the prior year. The Company implemented staff realignment programs in the first half of 2024. At period-end, full time equivalent staff totaled 1,283 positions, compared to 1,340 positions at year-end 2023 and 1,328 positions at midyear 2023.

For both the second quarter and first six months, excluding compensation expense, the most significant operating expense reductions were in occupancy, marketing, and the category of other non-interest expense. For the first half of the year, occupancy expense decreased by $2 million, or 9%, and reflected the benefit of 2023 branch consolidations and other premises streamlining. The Company consolidated an additional three branches in June 2024. Six month marketing expense decreased $1 million, or 39%, and included the streamlining of media contracts. Other operating expense reductions included lower costs for loan servicing and miscellaneous operating losses.

Income Tax Expense. The Company’s effective tax rate increased in 2024 compared to 2023 due to the change in the method of accounting for tax credit investments. Prior to 2024, the effective tax rate also included tax credit investment benefits, some of which are no longer recorded to income tax expense. The related increase in net tax expense was substantially offset by higher non-interest income. The second quarter effective tax rate was 23% in 2024 compared to 14% in the prior year. For the first six months of 2024, the effective tax rate was 19% and included the impact of the first quarter securities loss. The effective tax rate in the first six months of 2023 was 16%.

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COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 2024 AND DECEMBER 31, 2023

General. Total assets decreased $0.2 billion, or 2%, to $12.2 billion in the first half of 2024. Investment securities declined by $0.4 billion and loans increased by $0.2 billion. Measures of asset quality generally remained favorable. Total deposits decreased by $1.0 billion, including $0.5 billion in balances transferred to liabilities held for sale in conjunction with the pending sale of ten branches. Loans/deposits increased to 96% from 85%. Equity/assets increased to 8.3% from 8.1%.

Investment Securities. Investment securities decreased by $0.4 billion, or 26%, to $1.2 billion during the first half of the year. This was primarily due to the sale of lower yielding securities near the end of the first quarter. This improved the Company’s liquidity in advance of the branch sale and benefited earnings as the sale proceeds were used to pay down higher cost funds. The yield on the securities portfolio was 2.44% in the second quarter of 2024 compared to 2.40% in the fourth quarter of 2023.

Loans. Total loans increased $0.2 billion, or 2%, to $9.2 billion in the first half of 2024, primarily reflecting solid and balanced ongoing commercial originations. Total loans excluded $47 million in residential mortgages transferred to held for sale consisting primarily of a bulk sale of seasoned mortgages at par. Total loans also excluded $58 million in mostly retail loan balances held for sale in the pending branch sale. Adjusting for the held for sale balances, total loans increased 3% in the first half of the year. The yield on total loans increased to 6.05% in the most recent quarter from 5.97% in the final quarter of 2023.

Commercial loans comprised 66% of total loans and increased $0.2 billion, or 4%, to $6.1 billion during the first half of 2024. Growth was recorded in all major categories of commercial loans, including an 11% increase in multifamily loans and a 9% increase in owner-occupied commercial real estate loans. Based on the supervisory definition of commercial real estate loans which excludes owner-occupied properties, the supervisory measure of commercial real estate loans to total bank regulatory capital measured 293% at period-end, compared to 286% at year-end 2023. The supervisory measure of construction loans to bank regulatory capital measured 51% at both of the above dates.

The Company has a diversified commercial real estate portfolio primarily located in suburban markets in its footprint. The commercial real estate loan portfolio increased $0.2 billion, or 4%, to $4.7 billion in the first half of 2024, and constituted 50% of the total loan portfolio at period-end. There were no net charge-offs of commercial real estate loans in the first half of 2024, Nonaccruing loans were 0.13% of total commercial real estate loans at midyear compared to 0.10% at year-end 2023. Loans rated substandard were 1.35% of commercial real estate loans, compared to 1.95% at year-end 2023. At midyear 2024, the largest property type concentrations (over 5% of the portfolio and excluding construction loans) were retail trade (20%), multifamily (14%), office (11%), healthcare (9%), and hospitality (8%). The largest category, retail trade, was primarily comprised of properties anchored by strong grocery and big box tenants in suburban areas – with no significant tenant concentrations, and negligible indoor mall exposure. The $506 million office portfolio was approximately 70% composed of Class A properties and approximately 74% of the office portfolio was maturing after 2025. Boston properties were 16% of the office portfolio, with no high-rise office buildings. Construction loans consisted primarily of multifamily (approximately 44%) and healthcare( approximately 15%) at period-end.

Residential mortgage loans comprised 30% of loans and were unchanged at $2.8 billion in the first half of 2024. Consumer loans comprised 4% of loans and were unchanged at $0.4 billion for this period..

Asset Quality and Allowance for Credit Losses on Loans

Loan performance indicators were little changed since year-end 2023 and remained at historically favorable levels. Total delinquent and non-performing loans measured 0.56% of loans at period-end, compared to 0.54% at the start of the year. This included non-performing loans measuring 0.23% and 0.24% of total loans at these respective dates.

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Annualized year-to-date net loan charge-offs measured 0.13% of average loans compared to 0.26% for the year 2023. Criticized loans/total loans decreased to 2.52% of total loans from 2.71% in the first half of the year, including a reduction in classified loans to 1.35% of loans from 1.69% of loans. Criticized C&I loans decreased by $22 million, while criticized CRE loans increased by $7 million. Potential problems loans, which are defined as accruing classified loans, decreased to $103 million from $132 million for the year-to-date. Improvements in borrower risk ratings have generally reflected borrowers adjusting operations to mitigate the impact of higher interest rates on variable rate loans and to the impact of changing supply/demand conditions.

The allowance increased by $7 million, or 6%, to $112 million during the first half of the year. In addition to reflecting the 2% loan growth, this also reflected an increase in the ratio of the allowance to total loans to 1.22% from 1.17%. The increase in reserve coverage was primarily due to a 24 basis point increase to 1.60% in the reserve on commercial and industrial loans and an 11 basis point increase to 0.82% in the reserve on residential mortgage loans. This was partially offset by a 12 basis point decrease to 1.35% in the reserve on non-owner occupied commercial real estate loans. Factors contributing to higher reserves included longer expected loan lives and increased qualitative reserves related to macroeconomic and federal policy uncertainties.

Deposits and Borrowings. For the first six months of the year, total deposits decreased by $1.0 billion primarily due to $0.5 billion in balances reclassified to liabilities held for sale in conjunction with the pending sale of ten branches. Other contributing factors were a $0.2 billion decrease in daily variable payroll deposits and a $0.1 billion decrease in brokered deposits. Non-interest bearing deposits measured 23% of total deposits both at period-end and at year-end 2023. The total cost of deposits increased to 2.35% in the second quarter of 2024, compared to 2.11% in the fourth quarter of 2023. Total borrowings increased by $0.3 billion, or 60%, to $0.8 billion during the first half of the year. The cost of borrowings increased to 5.55% in the second quarter of 2024 from 5.45% in the fourth quarter of 2023.

Derivative Financial Instruments

The notional amount of derivative financial instruments totaled $4.8 billion at period-end, which was unchanged from year-end 2023. The net fair value of these instruments at period-end was a liability of $37 million, increasing from $30 million at year-end 2023. Included in derivative financial instruments are $800 million in cash flow hedges on commercial loans which mostly mature in 2025 and 2026. The Company recorded a $632 thousand charge to interest expense for the realized loss on cash flow hedging instruments in the first half of 2024, compared to $314 thousand for the same period of the prior year.

Shareholders’ Equity. Capital measures remained strong in the first half of 2024. Total shareholders’ equity was unchanged at $1.01 billion at midyear 2024 compared to year-end 2023. First half 2024 net income of $4 million compared to dividends totaling $16 million and share repurchases totaling $18 million. The Company recorded $28 million in other comprehensive income during the first half of the year due primarily to lower unrealized losses on available for sale securities including the impact of the $50 million loss recorded to earnings on the sale of securities in the first quarter of 2024.

During the first half of the year, equity/assets increased to 8.3% from 8.1% and the non-GAAP measure of tangible equity/tangible assets increased to 8.2% from 8.0%. Most of the Company’s regulatory capital ratios declined modestly due to the impact of the securities sale. Regulatory capital metrics remained strong, with the midyear risk based capital ratio measuring 14.1% and the common equity tier one capital ratio measuring 11.6%.

Book value per share increased by $0.31, or 1%, to $23.58 in the first half of 2024. The non-GAAP measure of tangible book value per share increased by $0.36, or 2%, to $23.18. Share repurchases during the first half of the year were accretive to book value measures, based on the average repurchase price of approximately $21.88 for the period.

Liquidity and Cash Flows

Liquidity is defined as the ability to generate sufficient cash flows to meet all present and future funding requirements at reasonable costs for the Company, including the Bank. Liquidity management addresses both the Company’s ability to fund new loans and investments pursuant to commitments and as opportunities arise, to meet

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customer deposit withdrawals and to repay borrowings and subordinated notes as they mature. The Company views its liquidity as satisfactory for current conditions as well as for stressed scenarios in its liquidity testing models.

At June 30, 2024, liquid assets totaling $1.7 billion included cash and equivalents totaling $1.1 billion and securities available for sale totaling $0.6 billion. At year-end 2023 liquid assets were $2.2 billion, including $1.2 billion in cash and equivalents and $1.0 billion in securities available for sale.

At June 30, 2024, wholesale funds totaled $1.2 billion, including $0.8 billion in borrowings and $0.4 billion in brokered deposits. At year-end 2023, wholesale funds totaled $1.0 billion evenly split between borrowings and brokered deposits.

Unused borrowing availability at period-end from the Federal Home Loan Bank of Boston “FHLBB” and the Federal Reserve Bank of Boston (“FRB”) totaled $3.2 billion, compared to $4.0 billion at year-end 2023. Borrowings from these sources are supported by collateral, to the extent utilized. Cash balances at the holding company totaled $74 million at period-end.

During the first half of 2024, the sale of investment securities was the primary source of funds and reductions in total deposits were the primary use of funds. At period-end, the Company had $0.4 billion in net liabilities held for sale which was targeted for completion in the third quarter of 2024 utilizing the Company’s liquidity resources as the source of funds to complete the sale.

Capital Resources

Please see the “Shareholders’ Equity” section of the Comparison of Financial Condition for a discussion of shareholders’ equity together with the note on Shareholders' Equity in the consolidated financial statements. Additional information about capital resources and regulatory capital is contained in the notes to the consolidated financial statements and in the Company's most recent Form 10-K.

The Company’s goal is to maintain sound capitalization and use capital generation to support organic growth and shareholder distributions in the form of dividends and stock repurchases. The Company’s goal is to maintain a “well-capitalized” regulatory designation under projected and stressed financial projections.

In recent periods, the Company has returned excess capital to shareholders through stock repurchases. The Company’s long-term goal is to maintain an efficient capital structure and to provide a return in excess of the cost of its common equity capital.

As a result of rising interest rates, available for sale bond portfolios in banks are subject to unrealized losses which result in charges against accumulated other comprehensive income (“AOCI”) and reduce the book value of shareholders’ equity. Like many of its peers, the Company utilizes an option in reporting its regulatory equity which excludes changes in AOCI in the calculation of regulatory capital. Reductions in bond valuations due to changes in market interest rates are reversed as bonds approach maturity. These reversals are accreted to AOCI over time, restoring the book value of equity. Available for sale securities were recorded with a $145 million unrealized loss at midyear 2024 compared to $189 million at year-end 2023. This reduction was primarily due to the realization of $50 million in losses with the securities sale in the first quarter of 2024.

Tangible common equity totaled $1.0 billion at period-end and was net of an accumulated other comprehensive loss totaling $0.1 billion. While the Company monitors the book value of equity and related metrics, it primarily manages capital based on regulatory capital measures, with a focus on the common equity Tier 1 capital ratio. This ratio measured 11.6% at period-end compared to 12.0% at year-end 2023 due to the realization of previously unrealized bond losses on the event of the securities sale.

In acting as a source of strength for the Bank, the Company relies in the long term on capital distributions from the Bank in order to provide operating and capital service for the Company, which in turn can access national financial markets to provide financial support to the Bank. Capital distributions from the Bank to the parent company presently require approval by the FDIC and sometimes require the approval of the Massachusetts Division of Banks. The shareholder dividend currently requires non-objection from the Federal Reserve Bank.

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APPLICATION OF CRITICAL ACCOUNTING POLICIES

The Company’s significant accounting policies are described in Note 1 to the consolidated financial statements

included in its most recent Annual Report on Form 10-K. Modifications to significant accounting policies made during the year are described in Note 1 to the consolidated financial statements included in Item 1 of this report. The preparation of the consolidated financial statements in accordance with GAAP and practices generally applicable to the financial services industry requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, and to disclose contingent assets and liabilities. Actual results could differ from those estimates.

Management has identified the Company's most critical accounting policies as related to:

•    Allowance for Credit Losses on Loans

•    Fair Value Measurements

These policies are considered most critical in that they are important to the Company’s financial condition and results, and they require management’s subjective and complex judgment as a result of the need to make estimates about the effects of matters that are inherently uncertain. Both of these policies were significant in determining income and financial condition in the financial statements. There is further discussion of the application of these policies in the Form 10-K.

CORPORATE RESPONSIBILITY UPDATE

Berkshire Bank is a performance and purpose-driven, values-guided bank providing strength, stability and trusted advice to create a positive impact for its clients and communities while upholding equitable, ethical, responsible and sustainable business practices. Corporate responsibility highlights in the first half of the year include:

•Berkshire was named one of the Most Trustworthy Companies in America 2024 by Newsweek and received an Association of Marketing and Communication Professionals Communitas Award for leadership in corporate responsibility for the seventh consecutive year.

•The Company released its 2023 Sustainability Report highlighting all that Berkshire is doing to be a responsible, equitable and sustainable bank while elevating its client experience and community impact.

•Berkshire expanded its Down Payment Assistance Program to help qualifying buyers achieve their dream of homeownership.

•More than 1,000 Berkshire employees participated in 50 volunteer projects contributing more than 4,600 hours of service as part of Xtraordinary Day, the bank’s annual day of service.

•Berkshire maintained its top quartile environmental, social and governance performance in the banking sector and was recognized among TIME’s America’s Best Mid-Size Companies 2024.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For additional discussion about the Company’s Quantitative and Qualitative Aspects of Market Risk, please review Item 7A of the most recent report on Form 10-K which sets forth the methodologies employed by the Company and the various aspects of its analysis of its interest rate sensitivity.

Market risk represents the risk of loss to earnings, capital and the economic values of certain assets and liabilities resulting from changes in interest rates and equity prices. The only significant market risk exposure for the Company is Interest Rate Risk (“IRR”). This is a result of the Company’s core business activities of making loans and accepting deposits, as well as investments and funding activities.

The effective management of IRR is essential to achieving the Company’s financial objectives. This responsibility resides with the Asset Liability Committee (“ALCO”). The ALCO’s role is to establish an effective asset/liability decision-making process to aid in managing risk exposures and achieving strategic objectives and corporate financial goals. The Company manages IRR by using two primary risk measurement techniques: simulation of net interest income and simulation of economic value of equity. These two measurements are complementary and provide both short-term and long-term risk profiles of the Company.

Net Interest Income (“NII”) at Risk Simulation is used to measure the sensitivity of net interest income to changes in market rates over a 12 month period assuming a static balance sheet. This simulation captures underlying product behaviors, such as asset and liability repricing dates, balloon dates, interest rate indices and spreads, rate caps and floors, as well as other behavioral attributes. The simulation of net interest income also requires a number of key assumptions such as (i) prepayment projections for loans and securities; (ii) new business loan spreads; and (iii) deposit pricing assumptions. Combined, these assumptions can be inherently uncertain, and as a result, actual results may differ from simulation forecasts due to the timing, magnitude and frequency of interest rate changes, future business conditions, as well as unanticipated changes in management strategies.

The Company uses two sets of standard scenarios to measure NII Sensitivity. Parallel shock scenarios assume instantaneous parallel movements in the yield curve compared to a flat yield curve scenario, while twist scenarios assume the shape of the curve flattens or steepens instantaneously.

The following tables set forth the estimated percent change in the Company’s NII Sensitivity over one-year simulation periods beginning Jun, 2024 and December 31, 2023.

						Estimated Percent Change in Net Interest Income
Parallel Interest Rate Shock (basis points)						June 30, 2024						December 31, 2023
+200						0.3%						0.5%
+100						0.2						0.3
-100						(0.3)						(0.6)
-200						(0.9)						(2.1)
						Estimated Percent Change in Net Interest Income
Yield Curve Twist Interest Rate Shock (basis points)						June 30, 2024						December 31, 2023
Short End +100						(1.3)%						(0.5)%
Short End -100						1.3						(0.5)
Long End +100						1.5						1.1
Long End -100						(-1.6)						(1.1)

NII sensitivity results indicate that the Company remained near neutral at June 30, 2024 compared to December 31, 2023 in parallel shock simulations. In twist situations, the Company became more liability sensitive in short end twist scenarios and more asset sensitive in long end twist scenarios.

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EVE Sensitivity is conducted to ascertain a longer-term view of the Company’s exposure to changes in interest rates. As with NII modeling, EVE Sensitivity captures product characteristics such as loan resets, repricing terms, maturity dates, rate caps and floors. Key assumptions include loan prepayment speeds, deposit pricing elasticity and non-maturity deposit attrition rates.

Base case EVE Sensitivity is calculated by estimating the net present value of all future cash flows from existing assets and liabilities using current interest rates. The current spot interest rate curve is shocked up and down to generate new interest rate curves for parallel rate shock scenarios. These new curves are then used to recalculate EVE Sensitivity for rate shock scenarios.

The following table sets forth the estimated percent change in the Company’s EVE Sensitivity, assuming various instantaneous parallel shocks in interest rates.

						Estimated Percent Change in Economic Value of Equity
Parallel Shock Rate Change (basis points)						June 30, 2024						December 31, 2023
+200						(4.0)%						(3.9)%
+100						(2.0)						(1.8)
-100						1.7						1.2
-200						2.9						1.3

The Company’s EVE Sensitivity profile indicates that at June 30, 2024 the balance sheet was modestly liability sensitive, with this sensitivity increasing modestly compared to December 31, 2023.

Key assumptions include loan prepayment speeds, deposit pricing elasticity and non-maturity deposit attrition rates. These assumptions can have significant impacts on valuation results as the assumptions remain in effect for the entire life of each asset and liability. All key assumptions are subject to periodic review.

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ITEM 4.           CONTROLS AND PROCEDURES

a)  Disclosure controls and procedures.

The principal executive officers, including the principal financial officer, based on their evaluation of disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q, have concluded that the Company’s disclosure controls and procedures were effective.

b)  Changes in internal control over financial reporting.

There were no changes in the Company’s internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II

.ITEM 1.            LEGAL PROCEEDINGS

As of June 30, 2024, neither the Company nor the Bank was involved in any pending legal proceedings believed by management to be material to the Company’s financial condition or results of operations. Periodically, there have been various claims and lawsuits involving the Bank, such as claims to enforce liens, condemnation proceedings on properties in which the Bank holds security interests, claims involving the making and servicing of real property loans, and other issues incident to the Bank’s business. A summary of certain legal matters involving unsettled litigation or pertaining to pending transactions are as follows:

On February 4, 2020, the Bank filed a complaint in the New York State Supreme Court for the County of Albany against Pioneer Bank (“Pioneer”) seeking damages of approximately $16.0 million. The complaint alleges that Pioneer is liable to the Bank for a credit loss of approximately $16.0 million suffered by the Bank in the third quarter of 2019 as a result of Pioneer’s breaches of a series of loan participation agreements executed in 2017, 2018 and 2019 in which it served as the lead bank, as well as constructive fraud, fraudulent concealment and/or negligent misrepresentation. Pioneer filed a motion to dismiss aspects of the Bank’s complaint, which motion was allowed in part by the court to dismiss the Bank’s negligent misrepresentation claim, and denied in part by the court to allow all other claims by the Bank to proceed. The Company wrote down the underlying credit loss in its entirety in the third quarter of 2019, but recognized a partial recovery of $1.7 million early in the second quarter of 2020. The Company has not accrued for any additional anticipated recovery at this time. Extensive discovery has taken place in this action. On November 30, 2022, the Bank filed an amended complaint in its action against Pioneer setting forth more detailed allegations of Pioneer’s breaches of the loan participation agreements and stating additional claims for fraudulent inducement to cause Berkshire to join the loan participation agreements, constructive fraud and fraudulent concealment. On January 30, 2023, as part of its response to the Bank’s amended complaint, Pioneer filed a counterclaim against the Bank alleging (i) certain breaches by the Bank of the 2019 loan participation agreement stemming from actions that the Bank took to protect its interests after it learned of the facts and circumstances that caused the underlying credit loss, and (ii) that as a result of accepting the partial recovery of approximately $1.7 million in the second quarter of 2020 the Bank should be deemed to have ratified the 2019 loan participation agreement and mooted its claims against Pioneer. Further discovery is continuing between the parties.

On or about August 10, 2020, a former employee of the Bank’s subsidiary First Choice Loan Services Inc. (“FCLS”) filed a complaint in the Court of Common Pleas, Bucks County Pennsylvania against FCLS and two of its former senior corporate officers generally alleging wrongful termination as a result of purported whistleblower retaliation and other violations of New Jersey state employment law. The complaint also purports to name the Bank and the Company as additional defendants, even though neither entity ever employed, paid wages to or contracted with the plaintiff. On November 16, 2020, the plaintiff filed a First Amended Complaint reiterating the same claims against the same defendants. The Company's liability insurer has provided outside litigation counsel to defend the Company and the Bank in this matter, as well as FCLS and its former senior corporate officers. On December 7, 2020, defense counsel filed Preliminary Objections on behalf of the Company, the Bank, FCLS and FCLS’s former senior corporate officers denying the plaintiff’s claims and seeking dismissal of the case and an order that the plaintiff’s claims must proceed through arbitration in accordance with contractual obligations set forth in plaintiff’s previous employment agreement with FCLS. On June 30, 2021, the court dismissed the plaintiff’s complaint without prejudice in support of FCLS’s petition to compel arbitration. The parties have mutually agreed on an arbitrator to hear the case and are preparing for arbitration proceedings that are expected to occur no earlier than the fourth quarter of 2024. Discovery is continuing between the parties in preparation for final arbitration.

On or about May 13, 2024, a complaint was filed against the Bank in the United States District Court for the Northen District of New York, Syracuse Division by an individual who claims to have filed the complaint on behalf of a purported class of victims of an alleged Ponzi scheme perpetrated by a former Berkshire Bank customer. The complaint alleges that because the Bank held deposit accounts for the former customer that appear to be related to the alleged Ponzi scheme, the Bank is liable to the alleged fraudster’s victims for aiding and abetting the scheme. The Bank has filed a motion to dismiss the complaint for failure to state a claim pursuant to Federal Rules of Civil Procedure 12(b)(6) and 9(b), which is pending a response from the plaintiff at this time.

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ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed herein and in Part I, “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K, which could materially affect the Company's business, financial condition, or future operating results. The risks described in this report and in the Annual Report on Form 10-K are not the only risks presently facing the Company. Additional risks and uncertainties not currently known to the Company, or currently deemed to be immaterial, also may materially adversely affect the Company's business, financial condition, and/or operating results. There have been no material changes in risk factors from those identified in the Form 10-K.

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ITEM 2.               UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES

(a)                Recent Sales of Unregistered Securities

The Company occasionally engages in the practice of transferring unregistered securities for the purpose of completing business transactions. These shares are issued to vendors or other organizations as consideration for services performed in accordance with each contract. During the three months ended June 30, 2024 and 2023 there were no shares transferred.

(b)                 Not applicable.

(c)                 The following table provides certain information with regard to shares repurchased by the Company in the second quarter of 2024:

						Total number of						Average price						Total number of shares purchased as part of publicly announced						Maximum number of shares that may yet be purchased under
Period						shares purchased						paid per share						plans or programs						the plans or programs
April 1-30, 2024						264,902						$	21.61					264,902						1,338,346
May 1-31, 2024						231,136						22.43						231,136						1,107,210
June 1-30, 2024						115,538						21.41						115,538						991,672
Total						611,576						$	21.88					611,576						991,672

On January 25, 2024, the Company announced that its Board of Directors approved a stock repurchase program pursuant to which the Company is authorized to repurchase shares of Company common stock at a total cost of up to $40 million through December 31, 2024. The maximum number of shares that may be purchased under this program has been estimated based on the June 30, 2024 closing price per share of Company common stock of $22.80.

ITEM 3.                DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.                  MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.                OTHER INFORMATION

During the three months ended June 30, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as that term is used in SEC regulations.

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ITEM 6.                   EXHIBITS

3.1						Amended and Restated Certificate of Incorporation of Berkshire Hills Bancorp, Inc.(1)
3.2						Amended and Restated Bylaws of Berkshire Hills Bancorp, Inc. (2)
4.1						Form of Common Stock Certificate of Berkshire Hills Bancorp, Inc. (3)
4.2						Certificate of Designations of Series B Non-Voting Preferred Stock of Berkshire Hills Bancorp, Inc. (4)
31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2						Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101						The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline XBRL: (i) the Consolidated Balance Sheet, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements tagged as blocks of text and including detailed tags.
104						The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline XBRL.

_______________________________________

(1)     Incorporated herein by reference from the Exhibits to the Form 10-Q as filed on August 9, 2018.

(2)    Incorporated herein by reference from the Exhibits to the Form 8-K as filed on June 26, 2017.

(3)    Incorporated herein by reference from the Exhibits to the Form S-1, Registration Statement and amendments thereto, initially filed on March 10, 2000, Registration No. 333-32146.

(4)    Incorporated herein by reference from the Exhibits to the Form 8-K as filed on October 16, 2017.

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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 thereunto duly authorized.

 

 

			BERKSHIRE HILLS BANCORP, INC.
Dated: August 9, 2024			By:			/s/ Nitin J. Mhatre
			Nitin J. Mhatre
			President and Chief Executive Officer
Dated: August 9, 2024			By:			/s/ Brett Brbovic
			Brett Brbovic
			Executive Vice President and Chief Financial Officer