Berkshire Hills Bancorp : Investor Presentation January 2020

BERKSHIRE HILLS BANCORP

Investor Presentation

January 2020

Snapshot

Key Statistics

Corporate Headquarters

NYSE Ticker

Market Capitalization

Total Branches

Total Assets

Loan-to-Deposit Ratio

Total Annualized Revenue

Net Interest Margin

Dividend Yield

Diverse Regional Footprint

Boston, MA BHLB $1.5B

130 branches in 7 states in New England, NY, NJ, PA

$13.2B 92% $459MM 3.11% 3.05%

Note: Market data from S&P Global as of 1/27/20 - $30.13 closing price; Financial data based on BHLB 4Q19 earnings release.

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Developing a 21st Century

Community Bank

• Dedicated to a culture of corporate social responsibility and belonging with Be First Values and targeting Purpose Driven Performance

• Overall focus on developing higher quality, sustainable earnings streams while driving ROTCE

• Balance sheet optimization with focus on capital and liquidity, and return of excess capital to shareholders through stock buybacks

• Focused business selection targeted to support our mission based on community and relationship, and adhering to credit and financial disciplines

• Evolving delivery channels - MyBanker personalized service, competitive digital offerings ,and social media presence

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2019 Highlights

• YTD Strategic Highlights

• • Unveiled Be FIRST social responsibility initiatives: Reevx Labs, Friends and Family Deposit/Loan initiative; Diversity, Inclusion, and Equity emphasis
  • Established a Board level Corporate Responsibility and Culture Committee
  • Completed acquisition of $1.7B SI Financial with 23 branches in CT/RI on 5/17/19. Core systems integrated 10/4/19.
  • Implemented initiatives from strategic review:
  • • Initiated sale plan for national mortgage banking operations; exited indirect auto originations
    • Reduced non strategic assets by $700MM out of potential $1B+ total through run-off and targeted sales.
    • 4Q core expense essentially Y/Y flat despite bank acquisition; 8 legacy branches consolidated
    • 1.7 million shares repurchased out of 2.4 million share repurchase authorization through 1Q20.
• 4Q19 Financial Highlights
• • $0.70 Core EPS, $0.51 GAAP EPS
  • 53.7% efficiency ratio
  • 1.08% Core ROA - highest of year; 0.78% GAAP ROA

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Note: Core EPS, efficiency ratio, and core ROA are non-GAAP financial measures - see 4Q19 earnings release for explanation and reconciliation

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Be FIRST Values

"An important part of my focus going forward will be on further developing our corporate culture to ensure a diverse, inclusive and engaged workforce. Our senior leadership team is committed to maintaining a workplace environment that assures mutual respect, fosters career growth, and creates greater connections between our employees and the communities we serve."

Richard Marotta, CEO

• Be FIRST values; Belonging, Focusing, Inclusion, Respect, Service and Teamwork
• Focused on corporate social responsibility and belonging across all aspects of the Company
• No silos structure drives cooperation, referrals and revenue enhancements

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Investment Thesis

• Boston headquartered regional banking company with diverse northeast footprint
• Building 21st Century Community Bank, positioning for future decades with values based market offerings, personalized relationship management and digital channels
• Targeting developing higher quality, sustainable earnings streams with ROTCE focus
• Investments in enterprise management systems provide scale and flexibility

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Ticker	BHLB
Stock price	$30.13
Market cap	$1.5B
2019 Forward P/E	11.3X
Price/Book	0.87X
Price/TBV	1.34X
Dividend yield	3.05%
Avg. daily vol. (3-mo)	180K Shares

Source: S&P Global as of 1/27/20.

Forward Looking Statements

This document contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. There are several factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see Berkshire's most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC's website at www.sec.gov. Berkshire does not undertake any obligation to update forward- looking statements.

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If you have any questions, please contact:

Jamie Moses

Chief Financial Officer

60 State Street

Boston, MA 01209

1. [e-mail]