$BBT

BERKSHIRE HILLS BANCORP INC

CIK:0001108134|SEC Filings

Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Loans and leases	$ 265,596	$ 143,933	$ 532,531	$ 287,242
Debt securities	18,370	6,691	34,880	13,456
Restricted equity securities	1,506	1,062	2,349	2,265
Short-term investments	8,162	2,386	16,258	4,837
Total interest and dividend income	293,634	154,072	586,018	307,800
Interest expense:
Deposits	88,959	52,682	182,015	106,160
Borrowed funds	11,468	12,705	20,022	27,125
Total interest expense	100,427	65,387	202,037	133,285
Net interest income	193,207	88,685	383,981	174,515
Provision for credit losses on loans	5,007	6,997	12,906	12,971
Provision (credit) for credit losses on investments	(85)	3	(38)	15
Net interest income after provision for credit losses	188,285	81,685	371,113	161,529
Non-interest income:
Loan level derivative income	1,391	(4)	2,166	66
Gain on sales of loans and leases held-for-sale	3,869	264	6,558	288
Other	4,739	1,345	10,045	2,667
Total non-interest income	25,988	5,970	49,935	11,630
Non-interest expense:
Compensation and employee benefits	70,280	35,147	139,930	71,000
Occupancy	11,791	5,349	24,888	11,070
Equipment and data processing	18,300	6,841	38,427	13,853
Professional services	2,769	1,471	5,231	3,197
FDIC insurance	3,332	1,880	7,652	3,917
Advertising and marketing	1,152	1,371	2,831	2,239
Amortization of identified intangible assets	8,328	1,431	16,656	2,861
Merger and restructuring expense	0	439	13,025	1,410
Other	11,304	4,132	19,438	8,536
Total non-interest expense	127,256	58,061	268,078	118,083
Income before provision for income taxes	87,017	29,594	152,970	55,076
Provision for income taxes	22,591	7,568	42,327	13,950
Net income	$ 64,426	$ 22,026	$ 110,643	$ 41,126
Earnings per common share:
Basic (in dollars per share)	$ 0.77	$ 0.25	$ 1.32	$ 0.46
Diluted (in dollars per share)	$ 0.77	$ 0.25	$ 1.32	$ 0.46
Weighted average common shares outstanding:
Basic (in shares)	83,816,086	89,104,605	83,816,086	89,104,060
Diluted (in shares)	83,939,430	89,612,781	83,921,432	89,590,267
Dividends paid per common share (in dollars per share)	$ 0.3225	$ 0.135	$ 0.6450	$ 0.270
Deposit fees
Non-interest income:
Non-interest income, fees	$ 8,510	$ 2,472	$ 16,857	$ 4,833
Loan fees
Non-interest income:
Non-interest income, fees	2,619	472	4,985	865
Wealth management fees
Non-interest income:
Non-interest income, fees	$ 4,860	$ 1,421	$ 9,324	$ 2,911

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 110,643	$ 41,126
Adjustments to reconcile net income to net cash provided from operating activities:
Provision for credit losses	12,868	12,986
Deferred income tax expense (benefit)	16,112	(1,552)
Depreciation of premises and equipment	6,585	3,727
Accretion of investment securities premiums and discounts, net	(9,784)	(2,484)
Accretion of premiums and discounts and deferred loan and lease origination costs, net	(17,536)	(2,969)
Amortization of identified intangible assets	16,656	2,861
Amortization of debt issuance costs	9	51
Amortization of other acquisition fair value adjustments, net	5,653	305
Gain on sales of loans and leases held-for-sale	(6,558)	(288)
Write-down of other repossessed assets	158	316
Compensation under recognition and retention plans	2,084	1,700
Net change in:
Cash surrender value of bank-owned life insurance	(1,081)	(1,031)
Other assets	(1,130)	47,261
Accrued expenses and other liabilities	(84,399)	(60,378)
Net cash provided from operating activities	50,280	41,631
Cash flows from investing activities:
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale	197,774	60,710
Purchases of investment securities available-for-sale	(280,425)	(11,737)
Proceeds from redemption/sales of restricted equity securities	37,732	24,139
Purchase of restricted equity securities	(40,954)	(7,465)
Proceeds from sales of loans and leases ,net	181,519	51,549
Net decrease in loans and leases	21,955	135,203
Purchase of premises and equipment, net	(5,775)	(972)
Proceeds from sales of other repossessed assets	51	194
Net cash provided from investing activities	111,877	251,621
Cash flows from financing activities:
(Decrease) increase in demand checking, NOW, savings and money market accounts	(769,687)	129,904
Decrease in certificates of deposit and brokered deposits	(260,426)	(70,570)
Proceeds from FHLB advances	1,673,040	546,000
Repayment of FHLB advances	(1,595,683)	(967,257)
Increase in other borrowed funds, net	19,022	56,393
Decrease in mortgagors' escrow accounts, net	0	(586)
Payment of dividends on common stock	(54,065)	(24,058)
Net cash used for financing activities	(987,799)	(330,174)
Net decrease in cash and cash equivalents	(825,642)	(36,922)
Cash and cash equivalents at beginning of period	2,041,745	543,670
Cash and cash equivalents at end of period	1,216,103	506,748
Cash paid during the period for:
Interest on deposits, borrowed funds and subordinated debt	201,012	135,390
Income taxes	6,238	12,731
Non-cash investing activities:
Transfer from loans to other OREO and repossessed assets	$ 123	$ 695

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 240,680	$ 201,557
Short-term investments	975,423	1,840,188
Total cash and cash equivalents	1,216,103	2,041,745
Investment securities available-for-sale	1,761,297	1,688,768
Total investment securities	1,761,297	1,688,768
Allowance for investment security credit losses	(56)	(94)
Net investment securities	1,761,241	1,688,674
Loans and leases:
Total loans and leases	17,822,218	18,029,552
Allowance for loan and lease losses	(238,189)	(252,839)
Net loans and leases	17,584,029	17,776,713
Restricted equity securities	90,660	87,438
Premises and equipment, net of accumulated depreciation of $120,224 and $112,926, respectively	161,175	162,474
Right-of-use asset operating leases	82,909	82,817
Deferred tax asset	138,466	149,487
Goodwill	357,358	351,613
Identified intangible assets, net of accumulated amortization of $45,774 and $29,118, respectively	172,906	189,562
OREO and repossessed assets, net	2,505	2,591
Cash surrender value of bank-owned life insurance policies	335,523	334,442
Other assets	348,089	352,816
Total assets	22,250,964	23,220,372
Deposits:
Demand checking accounts	3,910,604	4,032,529
Interest-bearing deposits:
NOW accounts	1,569,862	1,445,894
Savings accounts	3,035,355	2,954,029
Money market accounts	4,461,990	4,636,548
Payroll deposits accounts	1,212,178	1,878,758
Certificate of deposit accounts	4,064,518	4,156,540
Brokered deposit accounts	231,357	410,359
Interest-bearing deposits	14,575,260	15,482,128
Total deposits	18,485,864	19,514,657
Borrowed funds:
Advances from the FHLB	633,292	555,788
Subordinated debentures and notes	202,278	198,572
Other borrowed funds	53,022	34,000
Total borrowed funds	888,592	788,360
Operating lease liabilities	90,936	90,713
Reserve for unfunded credits	13,470	13,746
Accrued expenses and other liabilities	232,306	316,835
Total liabilities	19,711,168	20,724,311
Commitments and contingencies (Note 12)
Stockholders' Equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 89,576,403 shares issued and 89,576,403 shares issued, respectively	896	896
Additional paid-in capital	2,164,080	2,171,885
Retained earnings	542,304	485,862
Accumulated other comprehensive (loss) income	(34,929)	(20,002)
Treasury stock, at cost; 5,211,670 shares and 5,545,511 shares, respectively	(132,555)	(142,580)
Total stockholders' equity	2,539,796	2,496,061
Total liabilities and stockholders' equity	22,250,964	23,220,372
Commercial real estate
Loans and leases:
Total loans and leases	9,884,139	10,012,094
Commercial loans and leases
Loans and leases:
Total loans and leases	3,981,803	3,947,363
Consumer loans
Loans and leases:
Total loans and leases	$ 3,956,276	$ 4,070,095