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Berkshire Hills Bancorp
BHLB
#4610
Rank
$2.20 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$26.13
Share price
-0.65%
Change (1 day)
1.83%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Berkshire Hills Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

Berkshire Hills Bancorp - 10-Q quarterly report FY2024 Q2


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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
newlogoa10.jpg  
BERKSHIRE HILLS BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
Delaware04-3510455
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
   
60 State StreetBoston Massachusetts02109
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBHLBThe 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
    

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.

BERKSHIRE HILLS BANCORP, INC.
FORM 10-Q
 
INDEX 
  Page
   
 
 
 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) 
  
11
12
  
13
  
14
20
  
37
  
37
  
39
47
49
  
54
  
55
  
56
  
66
67
Item 2.
68
 
68
 
70
 
72
83
85


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 investments988,207 1,055,096 
Total cash and cash equivalents1,100,292 1,203,244 
Trading securities, at fair value5,699 6,142 
Equity securities, at fair value12,736 13,029 
Securities available for sale, at fair value611,711 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 securities1,185,395 1,607,496 
Less: Allowance for credit losses on securities held to maturity
(65)(68)
Net securities1,185,330 1,607,428 
Loans held for sale52,072 2,237 
Total loans9,228,526 9,039,686 
Less: Allowance for credit losses on loans (112,167)(105,357)
Net loans9,116,359 8,934,329 
Premises and equipment, net55,893 68,915 
Intangible assets17,319 19,664 
Cash surrender value of bank-owned life insurance policies244,790 242,309 
Other assets371,092 341,757 
Assets held for sale76,307 10,938 
Total assets$12,219,454 $12,430,821 
Liabilities  
Demand deposits$2,222,012 $2,469,164 
NOW and other deposits766,641 858,644 
Money market deposits3,278,753 3,565,516 
Savings deposits1,004,320 1,053,810 
Time deposits2,349,733 2,686,250 
Total deposits9,621,459 10,633,384 
Short-term debt532,500 260,000 
Long-term Federal Home Loan Bank advances and other157,106 125,223 
Subordinated borrowings121,487 121,363 
Total borrowings811,093 506,586 
Other liabilities287,312 278,630 
Liabilities held for sale486,648 — 
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 stock1,421,301 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’ equity1,012,942 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.

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands, except per share data)2024202320242023
Interest and dividend income   
Loans$139,460 $126,871 $276,020 $244,364 
Securities and other14,649 18,554 30,095 33,377 
Total interest and dividend income154,109 145,425 306,115 277,741 
Interest expense   
Deposits57,036 35,966 113,898 62,048 
Borrowings8,541 16,700 15,545 25,401 
Total interest expense65,577 52,666 129,443 87,449 
Net interest income88,532 92,759 176,672 190,292 
Non-interest income
Deposit related fees8,561 8,571 16,866 16,882 
Loan related fees2,364 3,189 5,027 5,658 
Gain on SBA loans3,294 2,910 4,993 5,404 
Wealth management fees2,613 2,583 5,497 5,322 
Total fee income16,832 17,253 32,383 33,266 
Other, net3,343 (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 benefits40,126 39,960 80,861 79,031 
Occupancy and equipment8,064 8,970 16,762 18,349 
Technology10,236 10,465 20,140 19,936 
Professional services2,757 2,526 5,433 5,803 
Regulatory expenses1,848 1,834 3,693 3,260 
Amortization of intangible assets1,140 1,205 2,345 2,410 
Marketing532 1,510 1,648 2,718 
Restructuring and other expenses(384)21 3,233 (15)
Other6,612 7,557 12,836 14,511 
Total non-interest expense70,931 74,048 146,951 146,003 
Income before income taxes$31,235 $27,805 $4,756 $60,990 
Income tax expense7,210 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:  
Basic42,437 43,443 42,602 43,564 
Diluted42,508 43,532 42,763 43,780 
The accompanying notes are an integral part of these consolidated financial statements.
5
BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Three Months Ended
June 30,		Six Months Ended
June 30,
(In thousands)2024202320242023
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-sale224 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.


BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

 Common stockAdditional
paid-in capital		Unearned compensationRetained earnings (deficit)Accumulated
other
comprehensive (loss)		Treasury stock
(In thousands)SharesAmountTotal
Balance at March 31, 202344,411 $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 grants249 — (654)(6,236)— — 6,890 — 
Stock-based compensation— — — 2,258 — — — 2,258 
Other, net(28)— (3)— — — (710)(713)
Balance at June 30, 202344,033 $528 $1,423,856 $(14,470)$(35,490)$(186,240)$(214,803)$973,381 
Balance at March 31, 202443,415 $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 grants285 — (1,181)(6,333)— — 7,514 — 
Stock-based compensation— — — 1,847 — — — 1,847 
Other, net(60)— — — — — (1,326)(1,326)
Balance at June 30, 202442,959 $528 $1,421,301 $(14,064)$(44,874)$(114,698)$(235,251)$1,012,942 

 Common stockAdditional
paid-in capital		Unearned compensationRetained earnings (deficit)Accumulated
other
comprehensive (loss)		Treasury stock
(In thousands)SharesAmountTotal
Balance at December 31, 202244,361 $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 grants392 — (209)(10,587)— — 10,796 — 
Stock-based compensation— — — 3,454 — — — 3,454 
Other, net(43)— (155)— — — (1,162)(1,317)
Balance at June 30, 202344,033 $528 $1,423,856 $(14,470)$(35,490)$(186,240)$(214,803)$973,381 
Balance at December 31, 202343,501 $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 grants470 — (1,551)(10,931)— — 12,482 — 
Stock-based compensation— — — 3,948 — — — 3,948 
Other, net(101)— — — — — (2,268)(2,268)
Balance at June 30, 202442,959 $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.

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Six Months Ended
June 30,
(In thousands)20242023
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 losses12,499 16,999 
Net amortization of securities(571)480 
Change in unamortized net loan costs and premiums2,962 (474)
Premises and equipment depreciation and amortization expense3,738 4,327 
Stock-based compensation expense3,948 3,454 
Accretion of purchase accounting entries, net(454)(330)
Amortization of other intangibles2,345 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 securities157 (212)
Loss on sale of AFS securities, net49,909 — 
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 activities41,615 69,251 
Cash flows from investing activities:  
Net decrease in trading security446 426 
Purchases of securities available for sale(7,798)(36,798)
Proceeds from sales of securities available for sale361,871 — 
Proceeds from maturities, calls, and prepayments of securities available for sale50,984 119,390 
Purchases of securities held to maturity(300)(700)
Proceeds from maturities, calls, and prepayments of securities held to maturity23,913 19,461 
Net change in loans
(297,626)(553,530)
Net change in New York branch loans held for sale3,098 — 
Proceeds from surrender of bank-owned life insurance506 — 
Purchase of Federal Home Loan Bank stock(76,550)(340,879)
Proceeds from redemption of Federal Home Loan Bank stock64,229 313,384 
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 activities111,523 (488,198)
9
BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONCLUDED)
 Six Months Ended
June 30,
(In thousands)20242023
(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 borrowings1,057,500 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 counterparties10,545 (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 period1,203,244 685,355 
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 funds16,444 23,488 
Income taxes paid, net4,476 7,633 
Other non-cash changes:  
Other net comprehensive income$28,318 $(5,188)
Reclassification of seasoned loan portfolios to held-for-sale, net47,123 — 
Reclassification of New York branch loans from portfolio loans to assets held-for-sale, net58,455 — 
Reclassification of New York branch assets to assets held-for-sale
13,936 — 
Reclassification of New York branch deposits to liabilities held-for-sale, net484,530 — 
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.


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.



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, 2024December 31, 2023
Assets
Loans$55,357 $— 
Other assets13,664 — 
Total assets$69,021 $— 
Liabilities
Deposits$474,022 $— 
Other liabilities12,626 — 
Total liabilities$486,648 $— 



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.



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  CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueAllowance
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 sale757,167 138 (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 maturity520,239 100 (76,570)443,769 65 
Equity securities15,035 — (2,299)12,736 — 
Total$1,292,441 $238 $(224,463)$1,068,216 $65 
(In thousands)Amortized  CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueAllowance
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 sale1,211,212 598 (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 maturity543,351 704 (67,827)476,228 68 
Equity securities15,035 — (2,006)13,029 — 
Total$1,769,598 $1,302 $(259,358)$1,511,542 $68 


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 obligationsTax advantaged economic development bondsTotal
Balance at March 31, 2024$41 $20 $61 
Provision for credit losses4 — 4 
Balance at June 30, 2024$45 $20 $65 
(In thousands)Municipal bonds and obligationsTax advantaged economic development bondsTotal
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 obligationsTax advantaged economic development bondsTotal
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 obligationsTax advantaged economic development bondsTotal
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.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 Available for saleHeld to maturity
 AmortizedFairAmortizedFair
(In thousands)CostValueCostValue
Within 1 year$8,061 $8,060 $871 $871 
Over 1 year to 5 years16,465 15,958 2,339 2,317 
Over 5 years to 10 years51,718 47,450 42,001 41,056 
Over 10 years35,393 33,121 193,920 171,498 
Total bonds and obligations111,637 104,589 239,131 215,742 
Mortgage-backed securities645,530 507,122 281,108 228,027 
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.


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 MonthsOver Twelve MonthsTotal
 Gross Gross Gross 
 UnrealizedFairUnrealizedFairUnrealizedFair
(In thousands)LossesValueLossesValueLossesValue
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 maturity1,744 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 maturity230 28,916 67,597 332,661 67,827 361,577 
Total$764 $44,807 $256,588 $1,297,736 $257,352 $1,342,543 



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.



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.



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, 2024December 31, 2023
Construction$644,808 $640,371 
Commercial multifamily665,290 599,145 
Commercial real estate owner occupied684,086 628,646 
Commercial real estate non-owner occupied2,664,103 2,606,409 
Commercial and industrial1,423,564 1,359,249 
Residential real estate2,751,096 2,760,312 
Home equity213,686 224,223 
Consumer other181,893 221,331 
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.



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 PeriodCharge-offsRecoveries
Provision/(Benefit)
for Credit Losses
Balance at End of Period
Three months ended June 30, 2024
Construction$2,580 $— $— $196 $2,776 
Commercial multifamily2,649 — — 586 3,235 
Commercial real estate owner occupied9,898 (100)94 979 10,871 
Commercial real estate non-owner occupied34,255 — 24 1,564 35,843 
Commercial and industrial20,016 (970)257 3,540 22,843 
Residential real estate22,411 (4)373 (176)22,604 
Home equity1,992 — 7 95 2,094 
Consumer other13,530 (2,172)832 (289)11,901 
Total allowance for credit losses$107,331 $(3,246)$1,587 $6,495 $112,167 


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands)Balance at Beginning of PeriodAdoption of ASU No. 2022-02Charge-offsRecoveries
Provision/(Benefit) for Credit Losses
Balance at End of Period
Three months ended June 30, 2023
Construction$1,536 $— $(1)$— $18 $1,553 
Commercial multifamily1,698 — — — 368 2,066 
Commercial real estate owner occupied10,278 — (394)596 (137)10,343 
Commercial real estate non-owner occupied33,408 — — 81 2,833 36,322 
Commercial and industrial20,164 — (4,595)815 2,357 18,741 
Residential real estate17,590 — (210)76 762 18,218 
Home equity2,320 — (7)132 127 2,572 
Consumer other10,997 — (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 PeriodCharge-offsRecoveries
Provision/(Benefit)
for Credit Losses
Balance at End of Period
Six months ended June 30, 2024
Construction$2,885 $— $— $(109)$2,776 
Commercial multifamily2,475 — — 760 3,235 
Commercial real estate owner occupied9,443 (206)107 1,527 10,871 
Commercial real estate non-owner occupied38,221 — 105 (2,483)35,843 
Commercial and industrial18,602 (3,412)913 6,740 22,843 
Residential real estate19,622 (45)560 2,467 22,604 
Home equity2,015 — 246 (167)2,094 
Consumer other12,094 (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 PeriodAdoption of ASU No. 2022-02Charge-offsRecoveries
Provision/(benefit) for Credit Losses
Balance at End of Period
Six months ended June 30, 2023
Construction$1,227 $— $(1)$— $327 $1,553 
Commercial multifamily1,810 — — 6 250 2,066 
Commercial real estate owner occupied10,739 24 (464)641 (597)10,343 
Commercial real estate non-owner occupied30,724 — — 175 5,423 36,322 
Commercial and industrial18,743 (23)(10,627)1,119 9,529 18,741 
Residential real estate18,666 2 (240)463 (673)18,218 
Home equity2,173 — (18)159 258 2,572 
Consumer other12,188 (404)(4,271)389 2,502 10,404 
Total allowance for credit losses$96,270 $(401)$(15,621)$2,952 $17,019 $100,219 






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)20242023
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)20242023
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. 



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)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
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 


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
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 




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
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 Mention526 23,149 3,735 1,621 610 1,353 35,244 — 66,238 
Substandard432 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 


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Term Loans Amortized Cost Basis by Origination Year
(In thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
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 



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)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
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)20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
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 
Nonperforming77 104 47 26 110 284 34 — 682 
Total$49,665 $108,388 $19,726 $5,869 $7,164 $19,871 $10,648 $— $221,331 


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 Due60-89 Days Past Due90 Days or Greater Past DueTotal Past DueCurrentTotal Loans
June 30, 2024
Construction$— $— $— $— $644,808 $644,808 
Commercial multifamily239 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 occupied52 — 3,655 3,707 2,660,396 2,664,103 
Commercial and industrial1,640 748 8,936 11,324 1,412,240 1,423,564 
Residential real estate5,391 5,988 9,186 20,565 2,730,531 2,751,096 
Home equity458 421 1,502 2,381 211,305 213,686 
Consumer other1,689 1,135 1,416 4,240 177,653 181,893 
Total$9,469 $9,026 $33,019 $51,514 $9,177,012 $9,228,526 
(In thousands)30-59 Days Past Due60-89 Days Past Due90 Days or Greater Past DueTotal Past DueCurrentTotal Loans
December 31, 2023
Construction$— $— $— $— $640,371 $640,371 
Commercial multifamily5,436 187 — 5,623 593,522 599,145 
Commercial real estate owner occupied581 286 804 1,671 626,975 628,646 
Commercial real estate non-owner occupied139 251 3,798 4,188 2,602,221 2,606,409 
Commercial and industrial2,749 689 8,769 12,207 1,347,042 1,359,249 
Residential real estate5,669 943 10,687 17,299 2,743,013 2,760,312 
Home equity707 498 1,281 2,486 221,737 224,223 
Consumer other2,363 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 






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 CostNonaccrual With No Related AllowancePast Due 90 Days or Greater and AccruingInterest Income Recognized on Nonaccrual
June 30, 2024
Construction$— $— $— $— 
Commercial multifamily— — 5,412 — 
Commercial real estate owner occupied2,523 1,740 389 — 
Commercial real estate non-owner occupied3,655 30 — — 
Commercial and industrial8,286 5,443 650 — 
Residential real estate5,672 2,330 3,514 — 
Home equity827 54 675 — 
Consumer other384 — 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 $7.7 million.
(In thousands)Nonaccrual Amortized CostNonaccrual With No Related AllowancePast Due 90 Days or Greater and AccruingInterest Income Recognized on Nonaccrual
December 31, 2023
Construction$— $— $— $— 
Commercial multifamily— — — — 
Commercial real estate owner occupied605 285 199 — 
Commercial real estate non-owner occupied3,798 45 — — 
Commercial and industrial8,665 5,586 104 — 
Residential real estate6,696 2,796 3,991 — 
Home equity961 122 320 — 
Consumer other682 — 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, 2024December 31, 2023
Non-Accrual$21,347 $21,407 
Substandard Accruing 102,956 131,689 
Total Classified124,303 153,096 
Special Mention 107,896 91,502 
Total Criticized$232,199 $244,598 




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 EstateInvestment Securities/CashOther
June 30, 2024
Construction$— $— $— 
Commercial multifamily— — — 
Commercial real estate owner occupied1,764 — — 
Commercial real estate non-owner occupied320 — — 
Commercial and industrial4,302 — 1,145 
Residential real estate2,276 — — 
Home equity106 — — 
Consumer other— — — 
Total loans$8,768 $— $1,145 
December 31, 2023
Construction$— $— $— 
Commercial multifamily— — — 
Commercial real estate owner occupied650 — — 
Commercial real estate non-owner occupied342 — — 
Commercial and industrial4,788 — 944 
Residential real estate5,035 — — 
Home equity135 — — 
Consumer other40 — — 
Total loans$10,990 $— $944 





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 ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Principal ForgivenessCombination Term Extension and Interest Rate ReductionTotal 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.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Principal ForgivenessCombination Term Extension and Interest Rate ReductionTotal 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 ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Principal ForgivenessCombination Term Extension and Interest Rate ReductionTotal 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.



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Term Extension and Principal ForgivenessCombination Term Extension and Interest Rate ReductionTotal 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 ForgivenessWeighted Average Interest Rate ReductionWeighted 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


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted 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 ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (months)
Six months ended June 30, 2024
Construction$— — %0
Commercial multifamily— — 0
Commercial real estate owner occupied— — 0
Commercial real estate non-owner occupied— — 62
Commercial and industrial— 10.75 16
Residential real estate— — 0
Home equity— — 0
Consumer other— — 0
(In thousands)Principal ForgivenessWeighted Average Interest Rate ReductionWeighted Average Term Extension (months)
Six months ended June 30, 2023
Construction$— — %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




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 ForgivenessPayment DelayTerm ExtensionInterest Rate Reduction
Three months ended June 30, 2024
Construction$— $— $— $— 
Commercial multifamily— — — — 
Commercial real estate owner occupied— — — — 
Commercial real estate non-owner occupied— — — — 
Commercial and industrial— — — — 
Residential real estate— — — — 
Home equity— — — — 
Consumer other— — — — 
Total$— $— $— $— 
(in thousands)Principal ForgivenessPayment DelayTerm ExtensionInterest Rate Reduction
Six months ended June 30, 2024
Construction$— $— $— $— 
Commercial multifamily— — — — 
Commercial real estate owner occupied— — — — 
Commercial real estate non-owner occupied— — — — 
Commercial and industrial— — 202 — 
Residential real estate— — — — 
Home equity— — — — 
Consumer other— — — — 
Total$— $— $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.


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 $250,0001,074,884 1,276,175 
Time more than $250,000596,498 685,164 
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, 2024December 31, 2023
  Weighted Weighted
  Average Average
(Dollars in thousands)PrincipalRatePrincipalRate
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 borrowings157,106 4.85 125,223 4.80 
Subordinated borrowings98,433 5.50 98,335 5.50 
Junior subordinated borrowing - Trust I15,464 7.44 15,464 7.49 
Junior subordinated borrowing - Trust II7,590 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.




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)PrincipalRate
Fixed rate advances maturing:  
2024$449,004 5.48 %
2025233,500 5.18 
2026502 2.20 
2027153 2.00 
2028 and beyond6,447 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.



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.




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Information about derivative assets and liabilities at June 30, 2024, follows:
  WeightedWeighted Average RateEstimated
 NotionalAverage ContractFair Value
 AmountMaturityReceivedpay rateAsset (Liability)
 (In thousands)(In years)  (In thousands)
Cash flow hedges:     
Interest rate swaps on commercial loans (1)
$600,000 1.43.64 %5.34 %$— 
Interest rate collars on commercial loans200,000 2.0263 
Total cash flow hedges800,000    263 
Economic hedges:     
Interest rate swap on tax advantaged economic development bond$5,755 5.45.82 %5.09 %$(62)
Interest rate swaps on loans with commercial loan customers1,782,928 4.64.48 %6.08 %(82,978)
Offsetting interest rate swaps on loans with commercial loan customers (1)
1,782,928 4.66.08 %4.48 %45,736 
Risk participation agreements with dealer banks357,298 5.3  127 
Forward sale commitments 4,892 0.2  32 
Total economic hedges3,933,801    (37,145)
Non-hedging derivatives:     
Commitments to lend 20,744 0.2  101 
Total non-hedging derivatives20,744    101 
Total$4,754,545    $(36,781)
(1) Fair value estimates include the impact of $28.1 million settled to market contract agreements.



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Information about derivative assets and liabilities at December 31, 2023, follows:
  WeightedWeighted Average RateEstimated
 NotionalAverage ContractFair Value
 AmountMaturityReceivedpay rateAsset (Liability)
 (In thousands)(In years)  (In thousands)
Cash flow hedges:     
Interest rate swaps on commercial loans$600,000 1.93.64 %5.35 %$— 
Interest rate collars on commercial loans200,000 2.51,658 
800,000    1,658 
Economic hedges:     
Interest rate swap on tax advantaged economic development bond$6,202 5.95.82 %5.09 %$(172)
Interest rate swaps on loans with commercial loan customers1,795,562 4.94.36 %6.27 %(63,865)
Offsetting interest rate swaps on loans with commercial loan customers (1)
1,795,562 4.96.27 %4.36 %32,053 
Risk participation agreements with dealer banks376,553 5.5  (18)
Forward sale commitments 2,207 0.2  21 
Total economic hedges3,976,086    (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.




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)2024202320242023
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 


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.


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)2024202320242023
Economic hedges    
Interest rate swap on industrial revenue bond:    
Unrealized gain recognized in other non-interest income$23 $142 $110 $75 
Interest rate swaps on loans with commercial loan customers:    
Unrealized gain/(loss) recognized in other non-interest income4,474 (24,230)(19,174)2,794 
Favorable change in credit valuation adjustment recognized in other non-interest income— — — — 
Offsetting interest rate swaps on loans with commercial loan customers:    
Unrealized (loss)/gain recognized in other non-interest income(4,474)24,230 19,174 (2,794)
Risk participation agreements:    
Unrealized gain recognized in other non-interest income244 25 234 8 
Forward commitments:    
Unrealized (loss)/gain recognized in other non-interest income(46)48 11 55 
Non-hedging derivatives    
Commitments to lend    
Unrealized (loss)/gain recognized in other non-interest income$(46)$11 $67 $20 
Realized gain in other non-interest income548 54 705 94 


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
FinancialCash 
(In thousands)AssetsBalance SheetBalance SheetInstrumentsCollateral ReceivedNet Amount
June 30, 2024      
Interest Rate Swap Agreements:      
Institutional counterparties$86,560 $(37,242)$49,318 $— $(34,300)$15,018 
Commercial counterparties3,135 — 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
FinancialCash 
(In thousands)LiabilitiesBalance SheetBalance SheetInstrumentsCollateral PledgedNet 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)


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
FinancialCash 
(In thousands)AssetsBalance SheetBalance SheetInstrumentsCollateral ReceivedNet Amount
December 31, 2023      
Interest Rate Swap Agreements:      
Institutional counterparties$71,579 $(31,812)$39,767 $— $— $39,767 
Commercial counterparties5,992 — 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
FinancialCash 
(In thousands)LiabilitiesBalance SheetBalance SheetInstrumentsCollateral PledgedNet 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)


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, 2024December 31, 2023
Lease Right-of-Use AssetsClassification
Operating lease right-of-use assets Other assets$44,144 $47,348 
Finance lease right-of-use assetsPremises and equipment, net653 5,597 
Total Lease Right-of-Use Assets$44,797 $52,945 
Lease Liabilities
Operating lease liabilitiesOther liabilities$49,371 $53,026 
Finance lease liabilitiesOther liabilities915 8,681 
Total Lease Liabilities$50,286 $61,707 

Supplemental information related to leases was as follows:
June 30, 2024December 31, 2023
Weighted-Average Remaining Lease Term (in years)
Operating leases8.28.3
Finance leases13.510.8
Weighted-Average Discount Rate
Operating leases3.22 %2.90 %
Finance leases5.00 %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.




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Supplemental cash flow information related to leases was as follows:
Three Months Ended
(In thousands)June 30, 2024June 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 leases11 112 
Financing cash flows from finance leases12 148 
Six Months Ended
(In thousands)June 30, 2024June 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 leases86 225 
Financing cash flows from finance leases118 295 

The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2024:
(In thousands)Operating LeasesFinance Leases
2024$4,414 $46 
20257,986 93 
20267,615 93 
20276,910 93 
20285,875 93 
Thereafter22,801 837 
Total undiscounted lease payments 55,601 1,255 
Less amounts representing interest (6,230)(340)
Lease liability $49,371 $915 


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 assets14.1 %14.4 %8.0 %
Tier 1 capital to risk-weighted assets11.9 12.3 6.0 
Common equity tier 1 capital to risk-weighted assets11.6 12.0 4.5 
Tier 1 capital to average assets9.6 9.7 4.0 
June 30,
2024		December 31,
2023		Regulatory Minimum to be Adequately CapitalizedRegulatory
Minimum to be
Well Capitalized
Bank
Total capital to risk-weighted assets13.3 %13.3 %8.0 %10.0 %
Tier 1 capital to risk-weighted assets12.1 12.2 6.0 8.0 
Common equity tier 1 capital to risk-weighted assets12.1 12.2 4.5 6.5 
Tier 1 capital to average assets9.8 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%.


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 securities37,961 49,401 
Net unrealized tax benefit on cash flow hedging derivatives2,545 1,159 
Net unrealized tax benefit on pension plans144 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 TaxTax EffectNet of Tax
Three Months Ended June 30, 2024   
Net unrealized holding loss on AFS securities: 
Net unrealized (losses) arising during the period$(816)$224 $(592)
Less: reclassification adjustment for (losses) realized in net income— — — 
Net unrealized holding (loss) on AFS securities(816)224 (592)
Net unrealized loss on cash flow hedging derivatives:   
Net unrealized gain arising during the period268 (73)195 
Less: reclassification adjustment for (losses) realized in net income(157)43 (114)
Net unrealized gain on cash flow hedging derivatives425 (116)309 
Other comprehensive (loss)$(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)


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands)Before TaxTax EffectNet 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 securities43,471 (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)





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)




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)20242023is 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)20242023is 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





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)2024202320242023
Net income$24,025 $23,861 $3,837 $51,498 
Average number of common shares issued51,903 51,903 51,903 51,903 
Less: average number of treasury shares8,656 7,624 8,506 7,552 
Less: average number of unvested stock award shares810 836 795 787 
Average number of basic shares outstanding42,437 43,443 42,602 43,564 
Plus: dilutive effect of unvested stock award shares71 89 161 216 
Plus: dilutive effect of stock options outstanding— — — — 
Average number of diluted shares outstanding42,508 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.


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 OutstandingStock Options Outstanding
(Shares in thousands)Number of SharesWeighted-Average Grant Date Fair ValueNumber of SharesWeighted-Average Exercise Price
December 31, 2023785 $24.92 49 $26.46 
Granted470 25.78 — — 
Acquired— — — — 
Stock options exercised— — — — 
Stock awards vested(339)23.06 — — 
Forfeited(117)25.78 — — 
Expired— — — — 
June 30, 2024799 $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.



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 1Level 2Level 3Total
(In thousands)InputsInputsInputsFair Value
Trading securities$— $— $5,699 $5,699 
Securities available for sale: 
U.S Treasuries7,980 — — 7,980 
Municipal bonds and obligations— 61,257 — 61,257 
Agency collateralized mortgage obligations— 209,825 — 209,825 
Agency residential mortgage-backed securities— 228,998 — 228,998 
Agency commercial mortgage-backed securities— 68,299 — 68,299 
Corporate bonds— 30,794 3,902 34,696 
Other bonds and obligations— 656 — 656 
Equity securities12,736 — — 12,736 
Loans held for investment at fair value— — 326 326 
Loans held for sale — 4,949 — 4,949 
Derivative assets — 52,236 134 52,370 
Capitalized servicing rights — — 1,566 1,566 
Derivative liabilities — 89,150 — 89,150 
 December 31, 2023
 Level 1Level 2Level 3Total
(In thousands)InputsInputsInputsFair Value
Trading securities$— $— $6,142 $6,142 
Securities available for sale:
U.S Treasuries7,981 — — 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 securities13,029 — — 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.


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, 2024AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for investment at fair value$326 $7,741 $(7,415)

   Aggregate Fair Value
December 31, 2023AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for investment at fair value$374 $8,809 $(8,435)




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, 2024AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid Principal
Loans held for sale$4,949 $4,893 $56 
   Aggregate Fair Value
December 31, 2023AggregateAggregateLess Aggregate
(In thousands)Fair ValueUnpaid PrincipalUnpaid 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.




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)
  SecuritiesLoans Capitalized
 TradingAvailableHeld for CommitmentsForwardServicing
(In thousands)Securitiesfor SaleInvestmentto LendCommitments 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 income14 — (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 income3 — 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 $— 



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 Assets (Liabilities)
  SecuritiesLoans Capitalized
 TradingAvailableHeld for CommitmentsForwardServicing
(In thousands)Securitiesfor SaleInvestmentto LendCommitments 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 income34 — (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 income123 — (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, 2024Valuation TechniquesUnobservable InputsValue
Assets (Liabilities)    
Trading Securities$5,699 Discounted Cash FlowDiscount Rate3.82 %
AFS Securities3,902 Indication from Market MakerPrice
97.55%
Loans held for investment326 Discounted Cash FlowDiscount Rate25.00 %
Collateral Value
$0.0 - $18.5
Commitments to lend 101 Historical TrendClosing Ratio77.95 %
  Pricing ModelOrigination Costs, per loan$3 
Forward commitments 32 Historical TrendClosing Ratio77.95 %
  Pricing ModelOrigination Costs, per loan$3 
Capitalized servicing rights 1,566 Discounted cash flowConstant Prepayment Rate (CPR)7.00 %
Discount Rate11.09 %
Total$11,626    



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 Fair Value  Significant
Unobservable Input
(In thousands)December 31, 2023Valuation TechniquesUnobservable InputsValue
Assets (Liabilities)    
Trading Securities$6,142 Discounted Cash FlowDiscount Rate4.19 %
AFS Securities3,923 Indication from Market MakerPrice98.07 %
Loans held for investment374 Discounted Cash FlowDiscount Rate25.00 %
Collateral Value
$0.0- $18.3
Commitments to lend 34 Historical TrendClosing Ratio84.29 %
  Pricing ModelOrigination Costs, per loan$3 
Forward commitments 21 Historical TrendClosing Ratio84.29 %
  Pricing ModelOrigination Costs, per loan$3 
Capitalized servicing rights1,526 Discounted Cash FlowConstant Prepayment Rate (CPR)7.63 %
Discount Rate11.08 %
Total$12,020    


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, 2024Fair Value Measurement Date December 31, 2023Fair Value Measurement Date
 Level 3Level 3Level 3Level 3
(In thousands)InputsInputsInputsInputs
Assets  
Individually evaluated$5,438 June 2024$4,395 December 2023
Loans held for sale47,123 June 2024— December 2023
Capitalized servicing rights9,624 June 202410,569 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, 2024Valuation TechniquesUnobservable InputsRange (Weighted Average) (1)
Assets    
Individually evaluated$5,438 Fair Value of CollateralDiscounted Cash Flow - Loss Severity
(100.00)% to (0.06)% ((63.40)%)
   Appraised Value
$0 to $3,448 ($2,732)
Loans held for sale47,123 Fair Value of CollateralAppraised Value$47,123
Capitalized servicing rights9,624 Discounted Cash FlowConstant 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, 2023Valuation TechniquesUnobservable InputsRange (Weighted Average) (1)
Assets    
Individually evaluated$4,395 Fair Value of CollateralDiscounted Cash Flow - loss severity
(100.00)% to (0.08)% ((67.00)%)
   Appraised Value
$0 to $3,389 ($2,774)
Capitalized servicing rights10,569 Discounted Cash FlowConstant 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
 CarryingFair   
(In thousands)AmountValueLevel 1Level 2Level 3
Financial Assets     
Cash and cash equivalents$1,100,292 $1,100,292 $1,100,292 $— $— 
Trading securities5,699 5,699 — — 5,699 
Equity securities12,736 12,736 12,736 — — 
Securities available for sale 611,711 611,711 7,980 599,829 3,902 
Securities held to maturity520,239 443,769 — 442,483 1,286 
Federal Home Loan Bank stock35,010 N/AN/AN/AN/A
Net loans9,116,359 8,974,069 — — 8,974,069 
Loans held for sale 52,072 52,072 — 4,949 47,123 
Accrued interest receivable51,489 51,489 — 51,489 — 
Derivative assets 52,370 52,370 — 52,236 134 
Assets held for sale76,307 76,307 — 20,950 55,357 
Financial Liabilities     
Total deposits$9,621,459 $9,607,365 $— $9,607,365 $— 
Short-term debt532,500 532,524 — 532,524 — 
Long-term Federal Home Loan Bank advances and other157,106 154,335 — 154,335 — 
Subordinated borrowings121,487 102,543 — 102,543 — 
Accrued interest payable11,206 11,206 — 11,206 — 
Derivative liabilities 89,150 89,150 — 89,150 — 
Liabilities held for sale486,648 486,648 — 486,648 — 


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 December 31, 2023
 CarryingFair   
(In thousands)AmountValueLevel 1Level 2Level 3
Financial Assets     
Cash and cash equivalents$1,203,244 $1,203,244 $1,203,244 $— $— 
Trading securities6,142 6,142 — — 6,142 
Equity securities13,029 13,029 13,029 — — 
Securities available for sale and other1,022,285 1,022,285 7,981 1,010,381 3,923 
Securities held to maturity543,351 476,228 — 474,742 1,486 
Federal Home Loan Bank stock22,689 N/AN/AN/AN/A
Net loans8,934,329 8,768,108 — — 8,768,108 
Loans held for sale 2,237 2,237 — 2,237 — 
Accrued interest receivable53,096 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 debt260,000 260,035 — 260,035 — 
Long-term Federal Home Loan Bank advances125,223 123,747 — 123,747 — 
Subordinated borrowings121,363 98,138 — 98,138 — 
Accrued interest payable13,766 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)2024202320242023
Net interest income$88,532 $92,759 $176,672 $190,292 
Provision for credit losses6,499 8,000 12,499 16,999 
Net interest after provision for credit losses$82,033 $84,759 $164,173 $173,293 




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 
20257,814 
20263,350 
20272,841 
202818 
Thereafter222 
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.


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 theAt or for the
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
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 FTE88,532 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 share23.58 22.11 23.58 22.11 
Tangible book value per common share (2)23.18 21.60 23.18 21.60 
Dividends per common share0.18 0.18 0.36 0.36 
Dividend payout ratio32.74 %33.47 %N/M31.06 %
PERFORMANCE RATIOS (3)
Return on equity9.49 %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 assets0.82 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 assets11,510 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' equity1,013 973 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 loans0.07 %0.26 %0.13 %0.29 %
Provision expense, (millions)
$6 $8 $12 $17 
Non-accruing loans/total loans0.23 %0.32 %0.23 %0.32 %
Allowance for credit losses/non-accruing loans525 353 525 353 
Allowance for credit losses/total loans1.22 1.13 1.22 1.13 
CAPITAL RATIOS
Common equity tier 1 capital to risk-weighted assets11.6 %12.1 %11.6 %12.1 %
Tier 1 capital leverage ratio9.6 9.6 9.6 9.6 
Tangible common shareholders' equity/tangible assets (2)8.2 7.9 8.2 7.9 

____________________________________________________________________________________________
(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.


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,
 20242023
(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 loans1,384 27 7.62 1,496 27 7.27 
Residential mortgages2,694 28 4.21 2,488 24 3.87 
Consumer loans430 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 assets11,143 157 5.57 11,587 147 5.05 
Intangible assets18 x22 X
Other non-interest earning assets531 x448 
Total assets$11,692  $12,057 
Liabilities and shareholders’ equity
Deposits:    
Non-interest-bearing demand deposits$2,244 $— — %$2,594 $— — %
NOW and other763 3 1.44 1,055 4 1.35 
Money market2,909 24 3.32 2,555 14 2.13 
Savings1,004 3 1.06 1,077 — 0.50 
Time2,376 25 4.22 2,287 18 3.07 
Total deposits9,296 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 liabilities10,398 67 2.53 10,856 53 1.94 
Other non-interest earning liabilities281  197 
Total liabilities10,679  11,053 
Total common shareholders' equity1,013 1,004 
Total shareholders’ equity 1,013  1,004 
Total liabilities and shareholders’ equity$11,692  $12,057 
Net interest margin, FTE3.20 %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%.

 Six Months Ended June 30,
 20242023
(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 loans1,370 53 7.63 1,511 54 7.09 
Residential mortgages2,681 57 4.18 2,386 45 3.79 
Consumer loans447 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 assets11,208 311 5.50 11,338 281 4.95 
Intangible assets18 x23 X
Other non-interest earning assets497 x453 
Total assets$11,723  $11,814 
Liabilities and shareholders’ equity
Deposits:    
Non-interest-bearing demand deposits$2,296 $— — %$2,650 $— — %
NOW and other781 6 1.40 1,255 10 1.52 
Money market2,996 49 3.28 2,607 24 1.85 
Savings1,021 5 1.02 1,062 — 0.30 
Time2,469 51 4.15 2,049 28 2.66 
Total deposits9,563 111 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 liabilities10,442 131 2.49 10,613 87 2.21 
Other non-interest earning liabilities266  210 
Total liabilities10,708  10,823 
Total common shareholders' equity1,015 991 
Total shareholders’ equity 1,015  991 
Total liabilities and shareholders’ equity$11,723  $11,814 
Net interest margin, FTE3.18 %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%.



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.



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) 2024202320242023
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-end23.58 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 assets8.29 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 equity9.49 %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 assets0.82 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 

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/M525 N/M1,137 
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.


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.


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.















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

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%.










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.


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

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.


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.

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, 2024December 31, 2023
+2000.3%0.5%
+1000.20.3
-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, 2024December 31, 2023
Short End +100(1.3)%(0.5)%
Short End -1001.3(0.5)
Long End +1001.51.1
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.


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, 2024December 31, 2023
+200(4.0)%(3.9)%
+100(2.0)(1.8)
-1001.71.2
-2002.91.3

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.


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.


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.

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.

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 ofAverage priceTotal number of shares
purchased as part of
publicly announced		Maximum number of
shares that may yet
be purchased under
Period shares purchasedpaid per shareplans or programsthe plans or programs
April 1-30, 2024264,902 $21.61 264,902 1,338,346 
May 1-31, 2024231,136 22.43 231,136 1,107,210 
June 1-30, 2024
115,538 21.41 115,538 991,672 
Total611,576 $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.

Table of Contents
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. 
104The 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.


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


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