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BERKSHIRE HILLS REPORTS HIGHER SECOND QUARTER EARNINGS BOSTON , July 21 , 2021 - Berkshire Hills Bancorp , Inc. ( NYSE : BHLB ) today announced that second quarter 2021 delivered earnings per share of $ 0.43 , compared to a loss in same quarter last year and an increase of 65 % from $ 0.26 in the first quarter of 2021. Adjusted earnings per share , a non - GAAP measure , increased by 38 % to $ 0.44 from $ 0.32 in the first quarter . Second quarter results featured year - over - year fee income growth due to higher consumer activity , disciplined expense control , credit improvement and resumption of share repurchases that were paused in 2020 . NEWS RELEASE * Berkshire HillsBancorp BerkshireBank SECOND QUARTER FINANCIAL HIGHLIGHTS ( Comparisons are to the prior year unless otherwise stated ; non - GAAP measures are reconciled on pages F - 9 and F - 10 ) . ● ● ● 27 % increase in non - interest income 89 % decrease in non - interest expense ; 2 % decrease in adjusted non - interest expense ( non GAAP measure ) Stable net interest margin and net interest income over last four quarters No provision for credit losses on loans , compared to $ 30 million in 2Q'20 53 % reduction in net loan charge - offs from prior quarter , while relatively flat over 2Q'20 65 % reduction in wholesale funding to 5 % of assets Deposit costs down to 25bps compared to 79bps in 2Q'20 and 36bps in the first quarter of 2021 Stock repurchases of 745,000 shares ( 1.5 % of outstanding stock ) Returned $ 26.8 million of capital to shareholders in 2Q'21 through buybacks and dividends amounting to 124 % of 2Q'21 GAAP net income CEO Nitin Mhatre stated , " We posted a solid quarter of improved earnings , with increased business activity and a stable margin . Efficiency improved and our return on tangible common equity advanced to 7.9 % . Credit performance improved across the board as our customers return to more normalized operations . " Mr. Mhatre continued , " In May , we announced our new strategic plan which we call Berkshire's Exciting Strategic Transformation , or ‘ BEST ' . Under this plan , we get better before we get bigger , as we target to earn in excess of our cost of capital on completion of the three - year plan . We're taking advantage of multiple merger - related market disruptions to add customers and to supplement our strong team with additional talent . Our BEST plan includes capital optimization and returning capital to shareholders , and in the second quarter we announced a stock repurchase program and initiated share buybacks . " 1