Announces $362 Million Securities Sale First quarter loss of $20 million, ($0.47) per share Operating income of $21 million, $0.49 per share Securities sale of $362 million resulted in a $49.9 million net non-operating loss ($0.89 per share after-tax) Net loan charge-offs were 18 basis points annualized TCE ratio of 8.2% and CET1 ratio of 11.6%; tangible book value per share of $22.84 BOSTON, April 18, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE:BHLB) today reported results for the first quarter of 2024. These results along with comparison periods are summarized below: ($ in millions, except per share data) Three Months Ended Mar. 31, 2024 Dec. 31, 2023 Mar. 31, 2023 Net (loss) income $ ($20.2) $ (1.4) $ 27.6         Per share (0.47) (0.03) 0.63 Operating earnings1 20.9 20.2 27.6          Per share 0.49 0.47 0.63 Net interest income, non FTE $ 88.1 $ 88.4 $ 97.5 Net interest income, FTE 90.1 90.4 99.4          Net interest margin, FTE 3.15 % 3.11 % 3.58 % Non-interest income (32.6) (8.4) 16.6 Operating non-interest income1 17.3 16.7 16.6 Non-interest expense $ 76.0 $ 79.0 $ 72.0 Operating non-interest expense1 72.4 75.3 72.0 Efficiency ratio1 66.3 % 67.8 % 59.5 % Average balances2 Loans $ 9,059 $ 8,990 $ 8,515 Deposits 9,978 9,936 9,676 Period-end balances2 Loans 9,144 9,040 8,682 Deposits 10,368 10,633 10,068 1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12. 1Q24 operating non-interest income excludes $49.9 million securities loss ($38.3 million after-tax, or $0.89 per share). Operating non-interest expense excludes $3.6 million branch sale costs ($2.8 million after-tax, or $0.07 per share). 2. Loans and deposits include balances held for sale in branch transaction of $18 million and $149 million respectively (average),and $58 million and $485 million (end of period). Berkshire CEO Nitin Mhatre stated, "We had a solid start to the year, increasing operating earnings, growing loans, and maintaining solid asset quality and capital strength. In March, we announced the planned sale of ten branches which will enhance efficiency and profitability, while strengthening our focus in core New York markets. In anticipation of completing the branch sale in the third quarter, we sold lower yielding investment securities, resulting in a non-operating charge.  During the quarter, we announced key hires bolstering Berkshire's commercial and private banking teams. Newsweek magazine also ranked Berkshire as one of the top 10 most trusted banks in America, recognizing our commitment to integrity, respect, and transparency as a trusted client advisor and financial partner." CFO David Rosato added, "First quarter operating earnings were $20.9 million, increasing $744 thousand linked quarter. We sold $362 million in securities, resulting in a $49.9 million non-operating charge ($38.3 million after-tax, or $0.89 per share). Net interest margin of 3.15 percent increased 4 basis points including the benefit of the 4Q23 securities sales.  Operating non-interest income increased $636 thousand linked quarter. Reflecting our focus on expense management, non-interest expense decreased $3.0 million linked quarter on a GAAP basis and $2.9 million on an operating basis. Non-operating expenses of $3.6 million ($2.8 million after-tax, or $0.07 per share) were related to the branch sale. Total shareholders' equity was not impacted by the securities sale and the common equity Tier 1 ratio remained a healthy 11.6 percent at period-end." As of and For the Three Months Ended Mar. 31, 2024 Dec. 31, 2023 Mar. 31, 2023 Asset Quality Net loan charge-offs to average loans 0.18 % 0.20 % 0.32 % Non-performing loans to total loans 0.24 % 0.24 % 0.31 % Returns Return on average assets (0.69) % (0.05) % 0.96 % Operating return on average assets1 0.71 % 0.68 % 0.95 % Return on tangible common equity1 (7.73) % (0.24) % 11.96 % Operating return on tangible common equity1 8.73 % 8.90 % 11.96 % Capital Ratios2 Tangible common equity/tangible assets1 8.2 % 8.0 % 7.9 % Tier 1 leverage 9.5 % 9.6 % 9.9 % Common equity Tier 1 11.6 % 12.0 % 12.1 % Tier 1 risk-based 11.8 % 12.3 % 12.4 % Total risk-based 14.0 % 14.4 % 14.4 % 1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable. 2. Presented as estimated for March 31, 2024 and actual for the remaining periods. Berkshire Hills Bancorp, Inc. ((