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BERKSHIRE HILLS REPORTS EARNINGS PER SHARE GROWTH BOSTON , October 21 , 2021 - Berkshire Hills Bancorp , Inc. ( NYSE : BHLB ) today reported that third quarter 2021 earnings per share increased year - over - year by 212 % to $ 1.31 compared to $ 0.42 in 2020 , and compared to $ 0.43 in the prior quarter . Results in the most recent quarter included $ 0.78 per share in net non - operating income , consisting primarily of net gains on the sales of the assets and operations of the Company's insurance subsidiary and Berkshire Bank's Mid - Atlantic branches . Excluding these amounts , Berkshire's non - GAAP measure of third quarter adjusted net income totaled $ 0.53 per share , which was unchanged from the prior year and up 20 % from $ 0.44 in the prior quarter . Results in the most recent quarter included a $ 4 million benefit ( $ 0.06 per share after - tax ) to the provision for credit losses . Per share earnings also benefited in the most recent quarter from the completion of the 2.5 million share repurchase program that was approved by the Board in April 2021 . THIRD QUARTER FINANCIAL HIGHLIGHTS ( Comparisons are to the prior year unless otherwise stated ; non - GAAP measures are reconciled on pages F - 9 and F - 10 ) . ● NEWS RELEASE * Berkshire HillsBancorp BerkshireBank ● ● $ 52 million net gain on the sale of insurance and Mid - Atlantic branch operations 4 % increase in total non - interest income excluding gains / ( losses ) 66 % decrease in net loan charge - offs to $ 2 million $ 4 million benefit to credit loss provision expense due to a release of credit loss allowance 72 % reduction in wholesale funding to 4 % of assets , including prepayment of most Federal Home Loan Bank borrowings ( period - end balance ) Deposit costs down year - over - year to 0.22 % from 0.61 % Stock repurchases of 1,755,058 shares ( 3.5 % of outstanding stock ) Returned $ 54 million of capital to shareholders through buybacks and dividends amounting to 211 % of adjusted net income CEO Nitin Mhatre stated , " These solid results reflect the growing momentum associated with the second - quarter rollout of Berkshire's Exciting Strategic Transformation ( BEST ) . This comprehensive transformation plan , designed to enhance value for all our stakeholders , has already led to improved focus on our long - term efficiency , our customers , and our communities . " " Exiting our Mid - Atlantic and insurance operations was a step in optimizing our operations and produced $ 52 million in net sale gains which bolstered third - quarter income . We completed our 2.5 million share repurchase program far ahead of the authorized time , returning a total of nearly $ 75 million in excess capital to shareholders through the repurchase of approximately 5 % of our shares . We're well positioned to support other BEST initiatives in development including our recently 1