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NEWS RELEASE * BerkshireHillsBancorp BerkshireBank Berkshire Hills Announces First Quarter Results BOSTON , April 28 , 2021 - Berkshire Hills Bancorp , Inc. ( NYSE : BHLB ) today announced first quarter 2021 net income of $ 13 million , or $ 0.26 per share , compared to $ 15 million , or $ 0.30 per share , in the prior quarter . The first quarter non - GAAP measure of adjusted earnings totaled $ 16 million , or $ 0.32 per share , compared to $ 14 million , or $ 0.28 per share , in the prior quarter . First quarter adjusted income excludes $ 3 million in restructuring and other expenses . Quarterly results benefited from higher revenues and lower credit loss provision expense . FIRST QUARTER FINANCIAL HIGHLIGHTS ( Comparisons are to the prior quarter unless otherwise stated ; non - GAAP measures are reconciled on page F - 8 ) 13 % decrease in GAAP income ; 14 % increase in adjusted income ( non - GAAP measure ) • 33 % increase in total non - interest income excluding gains / ( losses ) • • 2.62 % net interest margin , stable for last four quarters • 35 % reduction in provision for credit losses on loans • 42 % reduction in annualized net loan charge - offs to 0.51 % of loans from 0.80 % • 86 % decrease in COVID - 19 loan modifications compared to June 30 , 2020 • 26 % reduction in wholesale funding to 7 % of assets $ 23.05 book value per share ; $ 22.39 tangible book value per share ( non - GAAP measure ) CEO Nitin Mhatre stated , “ Berkshire's operating results improved in the first quarter , driven primarily by higher loan - related fees and revenues . The quarter also benefited from growth in demand deposits and the paydown of higher cost wholesale funding . This increase in our lending and deposit activities reflected the benefit of our engagement with our customers in processing government lending and fiscal relief to support further economic recovery in our markets from pandemic conditions . We also consolidated nine of our branch offices during the quarter as part of our branch optimization plan . This resulted in restructuring charges which reduced our GAAP results . " Mr. Mhatre continued , “ Public health and the economic outlook improved in our footprint during the quarter . Key measures of loan performance improved , resulting in reductions in net loan charge - offs , nonperforming loans , and loans with COVID - 19 related modifications . Our loan loss provision decreased quarter - over - quarter , contributing to our improved operating results . " Mr. Mhatre concluded , “ During the quarter we announced key appointments to further strengthen the Company , including welcoming Subhadeep Basu to the position of SEVP / Chief Financial Officer , and Kevin Conn , as SVP / Investor Relations and Corporate Development . We announced other senior hires supporting our financial planning and our diversity , equity , and inclusion program . We also recently recruited new senior hires in our growing asset based lending and private banking business lines and 1