Jazz Store – Jazz Fin http://jazzfin.com/ Tue, 22 Nov 2022 17:24:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://jazzfin.com/wp-content/uploads/2021/08/icon-14-150x150.png Jazz Store – Jazz Fin http://jazzfin.com/ 32 32 Matthews International breaks into industrial technology https://jazzfin.com/matthews-international-breaks-into-industrial-technology/ Tue, 22 Nov 2022 14:00:00 +0000 https://jazzfin.com/matthews-international-breaks-into-industrial-technology/ Aranga87 Posted on the Value Lab 11/21/22 Matthew International (NASDAQ:MATW) is a recent example of the stock picking we do at Value Lab. Also selected as Top Ideathe merits of the idea have already delivered in recent months with a capital appreciation of more than 30%. Key to the thesis was that memorialization would be […]]]>

Aranga87

Posted on the Value Lab 11/21/22

Matthew International (NASDAQ:MATW) is a recent example of the stock picking we do at Value Lab. Also selected as Top Ideathe merits of the idea have already delivered in recent months with a capital appreciation of more than 30%. Key to the thesis was that memorialization would be resilient while industrial energy storage technology solutions, in other words battery generation equipment, would be a key tailwind for the company and quickly eclipse other segments that are much more dependent on macroeconomic headwinds. Not only have these tailwinds obviously materialized, but our macroeconomic outlook has improved, which could see some restoration in the most struggling companies. The energy solutions activity is what sent the stock soaring after earnings and continues to guide the uptrend.

Fourth Quarter Breakdown

The MATW fiscal year ends in a rather promising way with regard to the key levers of our thesis. From the memorialization, the incomes were correct thanks in particular to the tariff measures. However, these measures did not completely outpace inflation and margins compressed slightly. Nonetheless, the numbers more or less annualized as one would expect, and the resilience of the segment was very clear, not being really discretionary and already positively exposed to higher cremation rates, which is a change secular that lowers the dollar values ​​typical of funerals compared to the dead in casket.

matw commemoration q4

Segment data (Q4 2022 Pres)

SGK Brand Solutions is a bit of an odd segment that basically does copy and marketing advice around packaging, and also organizes industrial packaging solutions for clients. They also do other types of in-store marketing and printing, and are quite reliant on retail. Overall, the macroeconomic pressures were quite brutal on the company’s turnover, but only through currency effects due to exposure to the euro. Ultimately, poor macro positioning becomes evident, with labor costs, general inflation and lack of pricing power limiting EBITDA success for the segment. It was a segment we expected trouble from, and we’re surprised it was even grow in the topline at constant exchange rate.

sgk q4 mate

Segment data (Q4 2022 Pres)

Finally, there is the industrial technology segment, which does warehouse automation, printing for boxes, and calendering equipment for making battery plates. This segment has significant exposure to Germany, so the growth that has been achieved has been achieved despite currency headwinds on revenue due to the appreciation of the dollar. The growth has been massive, and while some of it came from the acquisitions of Olbricht and R+S, much of it was organic and we are seeing an increase in orders for calendering equipment, particularly for battery production. The EU has €60 billion earmarked for financing battery production, so this segment has the strength of the green agenda already in action behind it. This now demonstrated growth will continue for a while.

MATW industrial technology q4

Segment data (Q4 2022 Pres)

Conclusion

The EBITDA we’re seeing across all segments is on average the simple annualization we’ve done in our best idea model. SGK is actually a bit better than we expected, indicating a better end to the year than previous quarters, illustrated by at least some consistent currency growth. Memorization has finally deteriorated a bit due to continued inflationary pressures, which we see easing in the latest CPI numbers. Finally, industrial technology is better than expected, ahead of the annualization we made by excluding the R+S and Olbricht consolidations. We believe in a normalization of the memorialization segment over time, as it is the most reliable of the MATW markets. Whether it’s the one that’s fallen a bit behind isn’t a concern. Additionally, while we expected SGK to post declines, we believe the economic outlook for the US is less dire and that, while European exposure is still an issue for SGK, improvements in US markets over the next two years as rates plateau and hopefully psy will support this business. What really matters, however, is that the growth proposition is supported by the performance of the industrial technology company. With organic growth partly driven by inorganic growth from consolidations, we still have the integration of Olbricht to improve cost synergies and supply for battery manufacturers on top of the strong tailwind that is already being felt. Markets will react to continued developments on this front, and with the force behind the EV push being easy to exploit, it continues to be a high-conviction buy.

If you thought our take on this company was interesting, you might want to check out our idea room, The laboratory of value. We focus on long-term value ideas that interest us, where we try to find undervalued international stocks and target a portfolio return of around 4%. We’ve done very well over the past 5 years, but we had to get our hands dirty in the international markets. If you are a value-oriented investor concerned with protecting your wealth, our gang could help broaden your horizons and inspire you. Offer our service without obligation free try give it a try to see if it’s for you.

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The Carlyle Group Inc. (NASDAQ:CG) Receives Consensus “Hold” Recommendation From Analysts https://jazzfin.com/the-carlyle-group-inc-nasdaqcg-receives-consensus-hold-recommendation-from-analysts/ Sat, 19 Nov 2022 06:10:15 +0000 https://jazzfin.com/the-carlyle-group-inc-nasdaqcg-receives-consensus-hold-recommendation-from-analysts/ Shares of The Carlyle Group Inc. (NASDAQ:CG – Get a rating) received a consensus recommendation of “Hold” by the seventeen analysts who cover the company, MarketBeat.com reports. One investment analyst gave the stock a sell rating, six gave the company a hold rating and seven gave the company a buy rating. The 12-month average price […]]]>

Shares of The Carlyle Group Inc. (NASDAQ:CGGet a rating) received a consensus recommendation of “Hold” by the seventeen analysts who cover the company, MarketBeat.com reports. One investment analyst gave the stock a sell rating, six gave the company a hold rating and seven gave the company a buy rating. The 12-month average price target among analysts who have updated their coverage of the stock over the past year is $39.90.

Several research companies have recently commented on CG. JMP Securities cut its price target on shares of The Carlyle Group from $58.00 to $54.00 and set a “market outperformance” rating on the stock in a Wednesday, Nov. 9 research report. Bank of America reissued an “underperform” rating and released a price target of $34.00 on shares of The Carlyle Group in a research report on Thursday, October 6. Piper Sandler reduced her price target on The Carlyle Group from $68.00 to $62.00 in a Tuesday, October 11 research report. BMO Capital Markets cut its price target on The Carlyle Group from $57.00 to $50.00 and set an “outperform” rating for the stock in a Thursday, November 10 research report. Finally, JPMorgan Chase & Co. cut its price target on The Carlyle Group from $53.00 to $45.00 and set an “overweight” rating on the stock in a Tuesday, October 18 research report.

Hedge funds weigh on the Carlyle Group

Major investors have recently been buying and selling stocks. Vanguard Group Inc. increased its stake in shares of The Carlyle Group by 6.0% in Q3. Vanguard Group Inc. now owns 24,132,777 shares of the financial services provider valued at $623,591,000 after acquiring an additional 1,376,229 shares during the period. BlackRock Inc. increased its stake in shares of The Carlyle Group by 7.2% in Q1. BlackRock Inc. now owns 15,257,115 shares of the financial services provider valued at $746,227,000 after acquiring an additional 1,020,504 shares during the period. State Street Corp increased its stake in shares of The Carlyle Group by 13.2% in the third quarter. State Street Corp now owns 5,193,757 shares of the financial services provider valued at $134,207,000 after acquiring an additional 605,112 shares during the period. Beutel Goodman & Co Ltd. acquired a new stake in The Carlyle Group during Q3 valued at $106,404,000. Finally, Assenagon Asset Management SA increased its stake in The Carlyle Group by 188.8% during the 3rd quarter. Assenagon Asset Management SA now owns 3,478,396 shares of the financial services provider worth $89,882,000 after purchasing an additional 2,274,025 shares during the period. Hedge funds and other institutional investors hold 94.38% of the company’s shares.

Carlyle Group shares down 1.1%

CG action opened at $28.29 on Friday. The company has a market capitalization of $10.29 billion, a PE ratio of 5.92 and a beta of 1.68. The company has a debt ratio of 1.16, a quick ratio of 2.59 and a current ratio of 2.60. The company’s 50-day moving average price is $28.00 and its 200-day moving average price is $32.56. The Carlyle Group has a one-year low of $24.59 and a one-year high of $59.60.

The Carlyle Group announces dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 25. Shareholders of record on Friday, November 18 will receive a dividend of $0.325 per share. This represents a dividend of $1.30 on an annualized basis and a yield of 4.60%. The ex-dividend date is Thursday, November 17. The Carlyle Group’s dividend payout rate is currently 27.20%.

About The Carlyle Group

(Get a rating)

The Carlyle Group Inc is an investment company specializing in direct investments and funds of funds. Within direct investments, she specializes in management led/leveraged buyouts, privatizations, divestitures, strategic minority equity investments, structured credit, global distressed and corporate opportunities, small and medium-sized enterprises market, private equity placements, consolidations and accumulations, senior debt, mezzanine and leveraged financing and venture capital and growth capital financings, seed/start-up, company start-up , emerging growth, turnaround, middle business, late business, PIPES.

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Analyst Recommendations for The Carlyle Group (NASDAQ:CG)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

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Dollar recovery, eyes on UK and Canadian CPI https://jazzfin.com/dollar-recovery-eyes-on-uk-and-canadian-cpi/ Wed, 16 Nov 2022 04:55:33 +0000 https://jazzfin.com/dollar-recovery-eyes-on-uk-and-canadian-cpi/ The dollar’s overnight sell-off didn’t last very long. The greenback is trying to rally in the Asian session as traders became cautious after learning that Poland was hit by a Russian-made projectile. But overall trade is subdued so far. The Aussie and Kiwi are the week’s strongest at this point, supported by optimism about China’s […]]]>

The dollar’s overnight sell-off didn’t last very long. The greenback is trying to rally in the Asian session as traders became cautious after learning that Poland was hit by a Russian-made projectile. But overall trade is subdued so far. The Aussie and Kiwi are the week’s strongest at this point, supported by optimism about China’s reopening. The Yen and Swiss Franc are the weakest on positive risk sentiment. The dollar, euro and pound sterling are mixed. The focus will now be on inflation data from the UK and Canada.

Technically, some focus will remain on gold to assess whether the dollar is ready for the rally. Gold is clearly losing its bullish momentum as seen in the 4-hour MACD as it nears the 38.2% retracement from 2070.06 to 1614.60 at 1788.58. The break of minor support 1753.09 will indicate that a temporary top is at least in place. A deeper drop would then be seen at the 4:55 EMA (now at 1726.20).

In Asia, at the time of writing, the Nikkei is up 0.13%. Hong Kong’s HSI index is down -1.14%. China Shanghai SSE is down -0.22%. Singapore Strait Times is down -0.05%. Japan’s 10-year JGB yield is up from 0.0008 to 0.245. Overnight, the DOW rose 0.17%. The S&P 500 rose 0.87%. The NASDAQ rose 1.45%. The 10-year yield fell -0.066 to 3.799.

GBP/CAD pressing key resistance ahead of UK and Canadian CPI

The GBP/CAD is a pair to watch today along with inflation data from the UK and Canada. The pair attempted to resume higher from 1.4069 this week and broke through the resistance at 1.5811. Still, there is no clear follow-up when buying so far.

Overall, it is now pressing important resistance at 1.5875 (2019 low). The 55-week EMA (now at 1.6012) is also nearby. Rejection by this resistance area followed by a break of the support at 1.5167 will keep the medium term outlook neutral to bearish.

However, a sustained break of resistance will solidify the case for an uptrend reversal. A further break of the 61.8% projection from 1.4069 to 21.5811 from 1.5167 to 1.6244 will likely result in an upward acceleration towards a 100% projection at 1.6909.

Machinery orders in Japan fell -4.6% m/m in September

Private sector machinery orders in Japan fell sharply by -4.6% m/m in September, much worse than expected by 0.7% m/m. This followed a -5.8% decline in August.

Nonetheless, for the October-December period, manufacturers surveyed by the Cabinet Office expect base orders to rise by 3.6%.

The government also downgraded its view on machinery orders to “the recovery has stalled”, “the economy is recovering”.

Australia’s Westpac index points to weak growth next year

Australia’s Westpac Leading Index fell from -1.09% to -1.19% in October, a new post-pandemic low. Westpac said that was consistent with “low and sustained growth” in 2023. It expects GDP growth to slow from around 3.4% in 2022 to just 1% next year.

He added that “the main drivers of the slowdown are: monetary policy tightening; lower commodity prices; and weak employment growth as capacity constraints weigh.

On RBA policy, Westpac expects another 25 basis point rate hike at the Dec. 6 meeting. And, “an alluded pause in tightening is unlikely to occur in 2022 or the early months of 2023 as the Bank continues to underperform its inflation targets.”

Look forward

Inflation data from the UK takes center stage in the European session, with the CPI and PPI featured prominently. Later in the day, Canada will release the CPI and housing starts. The United States will release retail sales, import prices, industrial production, business inventories and the NAHB housing index.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0258; (P) 1.0369; (R1) 1.0458; After

A temporary high is formed at 1.0481 with current pullback. The intraday bias on EUR/USD has turned neutral for some consolidations. The decline should be contained by the resistance at 1.0092 turned support to bring another rally. The breakout of 1.0481 will resume the rise from 0.9534 and target the 1.0609 Fibonacci level.

Overall, a medium-term bottom was in place at 0.9534, pending bullish convergence on the daily MACD. Even as a corrective upside, the rally from 0.9534 should aim for a 38.2% retracement from 1.2348 (2021 high) to 0.9534 at 1.0609. A sustained trade above the 55-week EMA (now at 1.0566) will increase the chances of a trend reversal and target a 61.8% retracement at 1.1273. This will now remain the preferred case as long as 1.0092 resistance becomes support.

Economic Indicators Update

GMT Ccy Events Real Provide Previous amended
23:30 USD Westpac Leading Index M/M Oct -0.10% 0.00%
23:50 JPY Machine controls M/M Sep -4.60% 0.70% -5.80%
00:30 USD Wage price index Q/Q Q3 1.00% 0.90% 0.70% 0.80%
04:30 JPY Tertiary industry index M/M Sep -0.4% 0.60% 0.70%
07:00 GBP CPI M/M Oct. 1.70% 0.50%
07:00 GBP CPI A/A Oct 10.60% 10.10%
07:00 GBP Basic CPI Y/Y Oct 6.40% 6.50%
07:00 GBP RPI M/M Oct. 1.80% 0.70%
07:00 GBP RPI A/A Oct 13.40% 12.60%
07:00 GBP Input PPI M/M Oct 1.00% 0.40%
07:00 GBP Input PPI Y/Y Oct 17.70% 20.00%
07:00 GBP Output PPI M/M Oct 0.00% 0.20%
07:00 GBP Output PPI Y/Y Oct 14.80% 15.90%
07:00 GBP PPI Core Output M/M Oct 1.30% 0.70%
07:00 GBP PPI Core Output Y/Y Oct 14.00% 14.00%
13:15 BODY Starts Oct. 275K 300K
13:30 BODY CPI M/M Oct. 0.80% 0.10%
13:30 BODY CPI A/A Oct 7.00% 6.90%
13:30 BODY CPI Median Y/Y Oct 4.80% 4.70%
13:30 BODY IPC truncated Y/Y Oct 5.30% 5.20%
13:30 BODY IPC Common Y/Y Oct 5.90% 6.00%
13:30 USD M/M retail sales Oct. 0.90% 0.00%
13:30 USD Retail sales excluding Autos M/M Oct 0.40% 0.10%
13:30 USD Import Price Index M/M Oct -0.50% -1.20%
14:15 USD Industrial Production M/M Oct 0.20% 0.40%
14:15 USD Capacity Usage Oct. 80.40% 80.30%
15:00 USD Business inventories sept. 0.50% 0.80%
15:00 USD NAHB Housing Market Index November 36 38
15:30 USD crude oil inventories -2.0M 3.9M
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Marietta and Cincinnati Railroad once provided a vital link | News, Sports, Jobs https://jazzfin.com/marietta-and-cincinnati-railroad-once-provided-a-vital-link-news-sports-jobs/ Sat, 12 Nov 2022 06:48:22 +0000 https://jazzfin.com/marietta-and-cincinnati-railroad-once-provided-a-vital-link-news-sports-jobs/ A stone arch supported the eastern end of the bridge over Walsh Road. (Photo by Art Smith) Long before Marietta had ribbons of concrete and asphalt going in all directions, she had ribbons of steel to bring people and goods to and from the city. One of the first ventures was […]]]>



A stone arch supported the eastern end of the bridge over Walsh Road. (Photo by Art Smith)

Long before Marietta had ribbons of concrete and asphalt going in all directions, she had ribbons of steel to bring people and goods to and from the city.

One of the first ventures was the Marietta and Cincinnati Railroad which linked the two cities by a patchwork of rails from Harmar to the Queen City at the western end of the state.

It has been more than a century since the last passenger settled into a wagon for the long journey west. If a person looks closely enough today, they can still find pieces of the line along Washington County country roads. If you look closely enough, you can still follow the route through the countryside.

The Marietta and Cincinnati Railroad had its roots in several other railroads, including the Marietta, Columbus and Cleveland Railroad, and the Franklin and Ohio River Railroad. Consolidations and mergers led to the creation of the Marietta and Cincinnati Railroad which led to the first train running between the two cities on April 9, 1857.

The railroad acquired several other lines before eventually being purchased by the Baltimore and Ohio Railroad. The section of track between Scotts Landing near Marietta and Coolville fell into disuse and was eventually abandoned. The rails were removed and sold for scrap. Trains would then follow the route from Coolville to Belpre before moving up the river along the railway line used today. An unrealized plan called for the route to be extended from Marietta to Wheeling.

A train stopped at Cutler. (Photo courtesy of The Marietta College Legacy Library, Slack Research Collection)

The original line did not follow the Ohio River to Coolville, but turned inland and followed a route south of Ohio 550. It was along this route that the path fan of modern iron can find traces of a train that has not run for over a century.

The tunnel, which gave the Tunnel community its name, collapsed a long time ago. Many other structures remain to this day, reminiscent of a vital transport link that was built to last for centuries but ultimately only used for decades.

Some tracks are easy to miss. A leveled platform crossing Ohio 339 near Vincent for example, or a small stone bridge over a stream. Others are impossible to miss, including huge culverts that jut out near roads, or some of the rock cuts through which the railroad once passed.

The largest recall of the Marietta and Cincinnati Railroad is along Walsh Road in Dunham Township. At the bottom of a hollow country, one passes under a set of giant sandstone pillars that stand 84 feet above a stream. The bridge that sat atop the pillars carried the line between Vincent and Cutler before crossing an equally impressive cut through the solid rock. A train last passed over the bridge in 1916.

Best to see what’s left of the railroad when the leaves on the trees are gone. Much of the old route is now on private property, although much of it can be seen from the roads.

Line drawing of stock certificates for the railroad. (Photo courtesy of The Marietta College Legacy Library, Slack Research Collection)

The giant stone pillars above Walsh Road took the rails over a stream. (Photo by Art Smith)

The railroad bed can still be found in the hills of western Washington County. (Photo by Art Smith)

The printed timetable. (Photo courtesy of The Marietta College Legacy Library, Slack Research Collection)

A train crossing a switchback. (Photo courtesy of The Marietta College Legacy Library, Slack Research Collection)

Work in progress near Cutler Cut. (Photo courtesy of Marietta College Legacy Library, Slack Research Collection.



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BERKSHIRE HILLS BANCORP INC MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q) https://jazzfin.com/berkshire-hills-bancorp-inc-management-discussion-and-analysis-of-financial-position-and-results-of-operations-form-10-q/ Wed, 09 Nov 2022 18:10:06 +0000 https://jazzfin.com/berkshire-hills-bancorp-inc-management-discussion-and-analysis-of-financial-position-and-results-of-operations-form-10-q/ 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 the At or for the Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 NOMINAL AND PER […]]]>
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 the                                At or for the
                                                          Three Months Ended September 30,             Nine Months Ended September 30,
                                                              2022                   2021                  2022                   2021
NOMINAL AND PER SHARE DATA
Net earnings per common share, diluted                 $          0.42           $    1.31          $          1.34           $    1.97
Adjusted earnings per common share, diluted (1)(2)                0.62                0.53                     1.56                1.28
Net income, (thousands)                                         18,717              63,749                   62,028              98,416
Adjusted net income, (thousands) (1)(2)                         27,928              25,695                   72,279              63,814
Total common shares outstanding, (thousands)                    45,040              48,657                   45,040              48,657
Average diluted shares, (thousands)                             45,034              48,744                   46,396              49,963
Total book value per common share                                20.93               24.21                    20.93               24.21
Tangible book value per common share (2)                         20.36               23.58                    20.36               23.58
Dividends per common share                                        0.12                0.12                     0.36                0.36
Full-time equivalent staff, continuing operations                1,300               1,333                    1,300               1,333

PERFORMANCE RATIOS (3)
Return on equity                                                  6.30   %           22.18  %                  6.97   %           11.30  %
Adjusted return on equity (1)(2)                                  9.40                8.94                     8.12                7.33
Return on tangible common equity (1)(2)                           6.76               23.14                     7.46               11.97
Adjusted return on tangible common equity (1)(2)                  9.92                9.53                     8.64                7.88
Return on assets                                                  0.66                2.14                     0.73                1.07
Adjusted return on assets (1)(2)                                  0.99                0.86                     0.85                0.69
Net interest margin, fully taxable equivalent (FTE)               3.48                2.56                     3.05                2.60
(4)(5)
Efficiency ratio (1)(2)                                          62.01               68.76                    66.75               69.32

FINANCIAL DATA (in millions, end of period)
Total assets                                           $        11,317           $  11,846          $        11,317           $  11,846
Total earning assets                                            10,604              11,145                   10,604              11,145
Total loans                                                      7,943               6,836                    7,943               6,836

Total deposits                                                   9,988              10,365                    9,988              10,365
Loans/deposits (%)                                                  80   %              66  %                    80   %              66  %

ASSET QUALITY
Allowance for credit losses, (millions)                $            96           $     113          $            96           $     113
Net charge-offs, (millions)                                         (6)                 (2)                      (9)                (17)
Net charge-offs (QTD annualized)/average loans                    0.30   %            0.12  %                  0.16   %            0.30  %
Provision expense/(benefit), (millions)                $             3           $      (4)         $            (1)          $       3

Non-accruing loans/total loans                                    0.48   %            0.54  %                  0.48   %            0.54  %
Allowance for credit losses/non-accruing loans                     254                 304                      254                 304
Allowance for credit losses/total loans                           1.21                1.65                     1.21                1.65

CAPITAL RATIOS
Common equity tier 1 capital to risk-weighted assets              12.7   %            15.3  %                  12.7   %            15.3  %
Tier 1 capital leverage ratio                                     10.1                 9.9                     10.1                 9.9
Tangible common shareholders' equity/tangible assets               8.1                 9.7                      8.1                 9.7
(2)


                                                                              61

————————————————– ——————————

Contents

                                                          At or for the                          At or for the
                                                 Three Months Ended September 30,       Nine Months Ended September 30,
                                                     2022                2021               2022                2021
FOR THE PERIOD: (In thousands)
Net interest income                              $   92,084          $  71,368          $  242,505          $ 221,854
Non-interest income                                  16,251             73,635              53,283            121,839
Net revenue                                         108,335            145,003             295,788            343,693
Provision/(benefit) for credit losses                 3,000             (4,000)             (1,000)             2,500
Non-interest expense                                 81,677             69,460             218,702            216,486
Net income                                           18,717             63,749              62,028             98,416
Adjusted income (1)(2)                               27,928             25,695              72,279             63,814

______________________________________________________________________________________________

(1) Adjusted 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)  The effect of purchase accounting accretion for loans, time deposits, and
borrowings on the net interest margin was an increase in all periods presented.
The increase for the three months ended September 30, 2022 and 2021 was 0.01%
and 0.06%, respectively. The increase for the nine months ended September 30,
2022 and 2021 was 0.01% and 0.06%, respectively.
                                                                            

62

————————————————– ——————————

  Table of Contents
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 September 30,                                         Nine Months Ended September 30,
                                                              2022                              2021                                   2022                              2021
(Dollars in millions)                             Average         Yield/Rate        Average        Yield/Rate              Average         Yield/Rate        Average        Yield/Rate
                                                  Balance        (FTE basis)        Balance       (FTE basis)              Balance        (FTE basis)        Balance       (FTE basis)
Assets
Loans:
Commercial real estate                          $   3,926                 4.53  % $  3,577                 3.40  %       $   3,802                 3.89  % $  3,611                 3.38  %
Commercial and industrial loans                     1,449                 5.21       1,370                 4.78              1,423                 4.60       1,612                 4.71
Residential mortgages                               1,926                 3.53       1,499                 3.65              1,671                 3.55       1,613                 3.72
Consumer loans                                        587                 6.24         545                 3.95                554                 5.30         587                 3.85
Total loans (1)                                     7,888                 4.54       6,991                 3.77              7,450                 4.05       7,423                 3.78
Investment securities (2)                           2,400                 2.13       2,312                 2.09              2,557                 2.02       2,255                 2.21
Short-term investments & loans held for sale          342                 1.96       1,762                 0.17                673                 0.90       1,623                 0.13

(3)

Mid-Atlantic region loans held for sale (4)             -                    -         155                 3.82                  -                    -         239                 3.96
Total interest-earning assets                      10,630                 3.91      11,220                 2.86             10,680                 3.36      11,540                 2.96
Intangible assets                                      26                       x       31                                      27                               33
Other non-interest earning assets                     659                       x      674                                     648                              696

Total assets                                    $  11,315                         $ 11,925                               $  11,355                         $ 12,269

Liabilities and shareholders' equity
Deposits:
NOW and other                                   $   1,362                 0.48  % $  1,316                 0.05  %       $   1,424                 0.22  % $  1,343                 0.09  %
Money market                                        2,737                 0.46       2,716                 0.16              2,806                 0.27       2,756                 0.20
Savings                                             1,129                 0.03       1,112                 0.04              1,124                 0.03       1,056                 0.06
Time                                                1,528                 0.85       1,893                 0.86              1,537                 0.73       2,056                 0.97
Total interest-bearing deposits                     6,756                 0.48       7,037                 0.35              6,891                 0.32       7,211                 0.38
Borrowings and notes (5)                              251                 5.46         253                 3.89                178                 5.09         377                 3.26
Mid-Atlantic region interest-bearing deposits           -                    -         306                 0.51                  -                    -         447                 0.54

(4)

Total interest-bearing liabilities                  7,007                 0.66       7,596                 0.43              7,069                 0.44       8,035                 0.52
Non-interest-bearing demand deposits                2,913                       x    2,901                                   2,928                      

2,742

Other non-interest earning liabilities                206                              279                                     171                      

331

Liabilities from discontinued operations                -                                -                                       -                                -
Total liabilities                                  10,126                           10,776                                  10,168                           11,108

Total common shareholders' equity                   1,189                            1,149                                   1,187                      

1,161

Total shareholders' equity (2)                      1,189                            1,149                                   1,187                      

1,161

Total liabilities and stockholders' equity      $  11,315                         $ 11,925                               $  11,355                         $ 12,269


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                                             Three Months Ended September 30,                                   Nine Months Ended September 30,
                                            2022                          2021                                2022                           2021
                                 Average       Yield/Rate      Average       Yield/Rate             Average    Yield/Rate (FTE    Average     Yield/Rate (FTE
                                 Balance      (FTE basis)      Balance      (FTE basis)             Balance        basis)         Balance         basis)
Net interest spread                                   3.25  %                       2.43  %                             2.92  %                        2.44  %
Net interest margin (6)                               3.48                          2.56                                3.05                           2.60
Cost of funds                                         0.46                          0.31                                0.31                           0.38
Cost of deposits                                      0.33                          0.22                                0.22                           0.28

Supplementary data
Total deposits (In millions)   $  9,669                       $ 9,938                             $  9,819                      $   9,953
Fully taxable equivalent          1,715                         1,586                                4,799                          4,739

adj. income (In thousands) (7)

____________________________________

(1)   The average balances of loans include nonaccrual loans and deferred fees
and costs. As of September 30, 2022, deferred fees related to PPP loans was not
considered material. As of September 30, 2021, deferred fees related to PPP
loans totaled $0.2 million.
(2)   The average balance for securities available for sale is based on
amortized cost. The average balance of equity also reflects this adjustment.
(3)   Interest income on loans held for sale is included in loan interest income
on the income statement.
(4)  The Bank sold its Mid-Atlantic branch operations and insurance operations
in the third quarter of 2021. The Mid-Atlantic region loans are not included in
the loan yields; however they are included in the total earning assets yield and
the net interest margin. The Mid-Atlantic region deposits are not included in
the deposit costs; however, they are included in the total interest-bearing
liabilities cost and the net interest margin.
(5)   The average balances of borrowings include the capital lease obligation
presented under other liabilities on the consolidated balance sheet.
(6)   Purchase accounting accretion totaled $0.3 million and $1.7 million for
the three months ended September 30, 2022 and 2021, respectively. Purchase
accounting accretion totaled $1.5 million and $5.0 million for the nine months
ended September 30, 2022 and 2021, respectively.
(7)  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%.
                                                                            

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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 adjusted
earnings can be of substantial importance to the Company's results for any
particular quarter or year. The Company's non-GAAP adjusted 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 adjusted 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 securities gains/losses, merger costs,
restructuring costs, goodwill impairment, and discontinued operations. Merger
costs consist primarily of severance/benefit related expenses, contract
termination costs, systems conversion costs, variable compensation expenses, and
professional fees. 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. Restructuring costs also
include severance and consulting expenses related to the Company's strategic
review.

The Company also calculates adjusted earnings per share based on its measure of
adjusted 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. Expense adjustments in 2022 and 2021 were primarily related to
branch consolidations. Net losses on securities in 2022 were primarily due to
unrealized equity securities losses due to changes in market conditions.

Management believes that the calculation of non-GAAP adjusted earnings and adjusted earnings per share may facilitate the Company’s comparison with 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.


In 2021, the Company recorded a third quarter net gain of $52 million on the
sale of the operations of the insurance subsidiary and the Mid-Atlantic branch
operations. Expense adjustments in the first quarter 2021 were primarily related
to branch consolidations. Third quarter 2021 adjustments included Federal Home
Loan Bank borrowings prepayment costs. They also included other restructuring
charges for efficiency initiatives in operations areas including write-downs on
real estate moved to held for sale and severance related to staff reductions.
The fourth quarter 2021 revenue adjustment was primarily related to trailing
revenue on a previously reported sale, and the expense adjustment was due
primarily to branch restructuring costs. Net losses on securities in both years
were primarily due to unrealized equity securities losses due to changes in
market conditions. The adjustment to expense in 2022 is primarily related to the
consolidation of branches in 2022, along with the disposition of other unused
premises and costs related to the change in business operations in the Firestone
business line.
                                                                            

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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    At or for the Nine Months Ended
                                                                           Ended September 30,                September 30,
(In thousands)                                                             2022            2021            2022            2021
GAAP Net income                                                      $   

18,717 $63,749 $62,028 $98,416
Adjusted: Net losses on securities (1)

                                            476              166          2,194              681

Adj: Net (gains) on sale of business                                           -          (51,885)             -          (51,885)

operations and assets


Adj: Restructuring and other expense                                      11,473            1,425         11,526            4,917

Adj: Income taxes                                                         

(2,738) 12,240 (3,469) 11,685 Total adjusted income (non-GAAP) (2)

                      (A) $    

27,928 $25,695 $72,279 $63,814


GAAP Total revenue                                                   $   

108,335 $145,003 $295,788 $343,693
Adj: Losses on securities, net (1)

                                           476              166          2,194              681
Adj: Net (gains) on sale of business                                           -          (51,885)             -          (51,885)
operations and assets
Total operating revenue (non-GAAP) (2)                           (B) $   

108,811 $93,284 $297,982 $292,489


GAAP Total non-interest expense                                      $    

81,677 $69,460 $218,702 $216,486
Minus: total non-operating expenses (see above)

(11,473) (1,425) (11,526) (4,917) Less: Good will deficiency

                                                      -                -              -                -
Operating non-interest expense (non-GAAP) (2)                    (C) $    

70 204 $68,035 $207,176 $211,569


(In millions, except per share data)
Total average assets                                             (D) $    

11,315 $11,925 $11,355 $12,268
Total average equity

                               (E)       1,189            1,150          1,187            1,161
Total average tangible shareholders' equity                      (F)       1,164            1,118          1,159            1,128

(2)

Total average tangible common shareholders'                      (G)       1,164            1,118          1,159            1,128
equity (2)
Total tangible shareholders' equity,                             (H)         917            1,147            917            1,147
period-end (2)(3)
Total tangible common shareholders' equity,                      (I)         917            1,147            917            1,147
period-end (2)(3)
Total tangible assets, period-end (2)(3)                         (J)      11,291           11,815         11,291           11,815
Total common shares outstanding, period-end                      (K)      45,040           48,657         45,040           48,657

(thousands)

Average diluted shares outstanding (thousands)                   (L)      45,034           48,744         46,396           49,963

Earnings per common share, diluted                                   $      

0.42 $1.31 $1.34 $1.97
Adjusted earnings per common share, diluted

                    (A/L)        0.62             0.53           1.56             1.28

(2)

Book value per common share, period-end                                    20.93            24.21          20.93            24.21
Tangible book value per common share,                          (I/K)       20.36            23.58          20.36            23.58
period-end (2)
Total shareholders' equity/total assets                                     8.33             9.95           8.33             9.95
Total tangible shareholder's equity/total                      (H/J)        8.12             9.71           8.12             9.71
tangible assets (2)
                                                                                    x
Performance ratios (4)                                                              x
GAAP return on equity                                                       6.30    %       22.18  %        6.97    %       11.30  %
Adjusted return on equity (2)                                  (A/E)        9.40             8.94           8.12             7.33
Return on tangible common equity (2)(5)                                     6.76            23.14           7.46            11.97
Adjusted return on tangible common equity                  (A+O)/(G)        9.92             9.53           8.64             7.88
(2)(5)
GAAP return on assets                                                       0.66             2.14           0.73             1.07


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Adjusted return on assets (2)                            (A/D)       0.99         0.86         0.85        69.00
Efficiency ratio (2)                             (C-O)/(B+M+P)      62.01        68.76        66.75        69.32
(in thousands)
Supplementary data (In thousands)                                         

xx

Tax benefit on tax-credit investments                      (M) $      620    $   2,195    $   1,811    $   2,315
(6)
Non-interest income charge on tax-credit                   (N)       (445)      (1,789)      (1,153)      (1,996)
investments (7)
Net income on tax-credit investments                     (M+N)        175   

406 658 319


Intangible amortization                                    (O)      1,285        1,296        3,857        3,912
Fully taxable equivalent income                            (P)      1,715        1,586        4,799        4,739
adjustment


_________________________________________________________________________________________

(1)   Net securities losses for the periods ending September 30, 2022 and 2021
include the change in fair value of the Company's equity securities in
compliance with the Company's adoption of ASU 2016-01.
(2)  Non-GAAP financial measure.
(3)  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.
(4)   Ratios are annualized and based on average balance sheet amounts, where
applicable.
(5)   Adjusted return on tangible common equity is computed by dividing the
total adjusted income adjusted for the tax-affected amortization of intangible
assets, assuming a 27% marginal rate, by tangible equity.
(6)   The tax benefit is the direct reduction to the income tax provision due to
tax credits and deductions generated from investments in historic rehabilitation
and low-income housing.
(7)   The non-interest income charge is the reduction to the tax-advantaged
commercial project investments, which are incurred as the tax credits are
generated.

                                                                            

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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 2021 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. Operating results discussed herein are not
necessarily indicative of the results for the year 2022 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. References to loan categories in the financial statements are based
on collateralization.

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"). Established in 1846, the Bank operates as a commercial bank under
a Massachusetts trust company charter. The Bank seeks to transform what it means
to bank its neighbors socially, humanly, and digitally to empower the financial
potential of people, families, and businesses in its communities as it pursues
its vision of being a leading socially responsible omni-channel community bank
in New England and beyond. Berkshire Bank provides business and consumer
banking, mortgage, wealth management, and investment services. Headquartered in
Boston, Berkshire has approximately $11.3 billion in assets and operates 100
branch offices in New England and New York.

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, including
statements regarding our outlook for earnings, net interest margin, fees,
expenses, tax rates, capital and liquidity levels and other matters regarding or
affecting Berkshire and its future business or operations. You can identify
these statements from the use of the words "may," "will," "should," "could,"
"would," "outlook," "plan," "potential," "estimate," "project," "believe,"
"intend," "anticipate," "expect," "target" and similar expressions. Such
statements further include statements about expectations regarding inflation and
interest rates, economic activity, supply chains, the Russian invasion of
Ukraine, market conditions, and stock repurchases.

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, inflation and changes in
the interest rate environment that reduce our margins and yields, reduce the
fair value of financial instruments or reduce our volume of loan originations,
or increase the level of defaults, losses and prepayments on loans we have made
and make whether held in portfolio or sold in the secondary market, legislative
and regulatory change, changes in the financial markets, the effects of the
COVID-19 pandemic, including impacts on the Company, its customers, and the
communities where it operates, international conflict in Europe and elsewhere,
and other risks and uncertainties disclosed from time to time in documents that
Berkshire Hills Bancorp files with the Securities and Exchange Commission,
including the Risk Factors included in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2021, as updated by subsequent Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K.

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.
                                                                            

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Contents

SUMMARY


Berkshire's quarterly revenue and operating earnings advanced in 2022 compared
to the fourth quarter of 2021, reflecting growth and profitability under its
BEST strategic plan which was initiated near midyear 2021. Results have also
benefited from a strong credit environment and from market interest rate
increases which began after the start of 2022. The Company's interest rate risk
profile is positioned to benefit earnings from further interest rate increases
expected by the markets through the rest of the year.

The BEST plan targeted getting better before getting bigger, and this was a
primary focus in the second half of 2021 as various expense and profitability
initiatives were undertaken and less strategic operations were ended, including
the sale of Mid-Atlantic branch operations and insurance operations in the third
quarter of 2021. The refocus on core markets and operations and the reinvestment
of resources into frontline bankers and technology contributed to the resumption
of loan growth in 2022. Share repurchases over the last year to return excess
capital to shareholders produced a 7% decrease in outstanding shares over the
last twelve months, which has further supported growth in per share earnings and
return on equity.

The sale of operations in the third quarter of 2021 inflated revenue and
earnings in the third quarter and first nine months of 2021. As a result, GAAP
revenue and earnings declined in 2022 compared to these periods. Adjusted
measures of revenue and earnings, which do not include these sale gains,
advanced in 2022 compared to 2021 in both the third quarter and first nine
months of the year. Third quarter earnings per share decreased year-over-year by
68% to $0.42, while adjusted earnings per share increased by 18% to $0.62. Total
third quarter net revenue decreased by 25%, while adjusted revenue increased by
17%.

The Company's BEST plan sets goals for certain non-GAAP adjusted profitability
measures. The Company advanced strongly in 2022 towards the target ranges for
adjusted return on assets, adjusted return on tangible equity, and adjusted
pre-tax pre-provision net revenue.

Third quarter 2022 financial highlights are shown below. Comparisons are
year-over-year unless otherwise noted:
•6.8% return on tangible common equity and 9.9% adjusted return on tangible
common equity
•11% increase quarter-over-quarter in total net revenue; 10% increase in
adjusted net revenue
•3.48% net interest margin, increased from 3.11% in 2Q22 and 2.56% in 3Q21
•62% efficiency ratio, improved from 67% in 2Q22 and 69% in 3Q21
•2% end-of-period loan growth quarter-over-quarter; 16% growth year-over-year
•0.74% delinquent and non-accrual loans/loans
•7% reduction in period-end shares outstanding year-over-year reflecting stock
buybacks
•Prepayment of $75 million in subordinated debt in September 2022

Credit metrics remained strong in 2022 and earnings benefited from a year-to-date credit loss provision release. The allowance continues to provide relatively strong coverage of the loan portfolio. The positioning of the Company’s balance sheet includes:


•Significant liquidity available through short and long term investments and
off-balance sheet sources. Loans/deposits measured 80% at period-end
•Positive asset sensitivity to rising interest rates, with a 2.4% modeled
benefit to first year net interest income compared to a static scenario in the
event of a 100 basis point upward interest rate shock
•Stock repurchase plan approved for up to $140 million in repurchases, with $105
million completed in the first nine months of 2022
•Strong regulatory capital metrics, with a 12.7% period-end common equity tier 1
capital ratio

During the second quarter of 2022, Moody's Investors Service assigned first time
issuer ratings with an investment grade rating of Baa3 to Berkshire Hills
Bancorp and Berkshire Bank, with a positive outlook. Moody's assigned an A3
long-term deposit rating to the Bank. Also, in the second quarter, KBRA (Kroll
Bond Rating Agency) affirmed senior unsecured investment grade ratings of BBB
for Berkshire Hills Bancorp and BBB+ for Berkshire Bank, with a stable outlook.
KBRA affirmed a BBB+ deposit rating for the Bank. In conjunction with the
issuance of $100 million in subordinated notes, an amount equal to the net
proceeds of which will be used to finance or refinance new
                                                                            

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or existing social and environmental projects (a "Sustainability Bond"),, the
Company implemented its Sustainable Financing Framework, which received a
favorable rating from Sustainalytics, a leading ESG ratings firm. This was the
first Sustainability Bond issued by a U.S. community bank with assets under $150
billion.

In accordance with its BEST plan, Berkshire continued recruiting front line
bankers and developing technology initiatives in the first nine months of 2022.
The Company continues to promote employees from within the organization and to
bring on board knowledgeable bankers to deepen long-term relationships with its
customers. Berkshire Bank recently announced an expanded partnership with
fintech Narmi to create a best-in-class digital banking experience for consumers
and small businesses, which is targeted for implementation in 2023. For more
information about the BEST plan, please see Item 7 "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the Company's most
recent report on Form 10-K.

Since year-end 2021, inflation has accelerated, with the consumer price index
increasing 8.2% year-over-year in September 2022. In response, the Federal
Reserve Bank has embarked on monetary tightening policies, resulting in
increased interest rates. The Federal Reserve has indicated that further
tightening is anticipated. The average federal funds target rate increased from
0.25% in the third quarter of 2021 to 2.37% in the third quarter of 2022,
reaching 4.00% as of November 7, 2022. The average ten year treasury increased
from 1.53% to 3.10% for these periods, reaching 4.21% as of November 7, 2022.
The possibility of a recession induced by monetary policy is an increasing
market concern for 2023, although business conditions remained solid in the
Company's markets through period-end. The Company is pursuing its plans for
growth under its BEST plan based on its favorable niche in a consolidating
regional market and its distinctive strategy based on its DigitouchSM approach
to customer engagement and its community service message that where you bank
matters.

On October 13, 2022 the Company and the Bank announced that Subhadeep Basu,
Chief Financial Officer of the Company and the Bank, resigned effective October
7, 2022, for personal reasons and to subsequently pursue other career interests.
Mr. Basu agreed to be available as an advisor to the Company to assist with
transition matters through December 31, 2022. The Company and Berkshire Bank
appointed Senior Vice President and Chief Accounting Officer Brett Brbovic, age
42, as Interim Chief Financial Officer, effective October 7, 2022, and is in the
process of searching for a new Chief Financial Officer through an executive
search process. Mr. Brbovic first joined the Company and Berkshire Bank from
KPMG LLP in 2012 as Vice President and Controller and has served as Senior Vice
President and Chief Accounting Officer since 2015.

On November 4, 2022, the Company announced that it had increased its quarterly
dividend to shareholder by 50% to $0.18 per share. This reflected growth in
earnings since the announcement of the BEST strategic transformation plan in May
2021. The $0.18 dividend represents a yield of approximately 2.6% based on
Berkshire's closing share price of $27.44 on November 3, 2022 and is equivalent
to a 29% payout compared to third quarter 2022 adjusted earnings.
                                                                            

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Table of contents COMPARISON OF THE FINANCIAL SITUATION AT SEPTEMBER 30, 2022 AND DECEMBER 31, 2021


Summary: Total assets decreased by $0.3 billion to $11.3 billion due primarily
to lower values of available for sale securities. A $0.9 billion reduction in
excess cash was the primary funding source for loan growth totaling $1.1
billion. Cash and equivalents decreased to 6% of total assets from 14%. Most
asset quality metrics remained at relatively favorable levels. Total deposits
decreased by 1%, and the ratio of loans/deposits increased to 80% from 68%. The
book value of equity decreased primarily due to the unrealized bond losses,
which are not applied against regulatory capital. The regulatory measure of
common equity tier one capital decreased to 12.7% from 15.0% due primarily to
the loan portfolio growth. The Company views its liquidity and capital,
including the contribution of retained earnings, as well positioned to support
ongoing organic growth and shareholder distributions.

Investments: The portfolio of investment securities decreased by $458 million,
or 18%, to $2.09 billion during the first nine months of 2022. This decrease was
primarily due to the unrealized loss on securities available for sale, which
resulted from interest rate increases in the first nine months of 2022. The
unrealized loss on securities available for sale increased from $4 million, or
0.2% of book value, at year-end 2021 to $248 million, or 14.4% of book value, at
period-end. Additionally, proceeds from securities maturities and amortization
contributed funding for the growth of the loan portfolio. Proceeds from
maturities, calls, and prepayments of investments securities totaled $483
million for the first nine months of 2022. The average life of the bond
portfolio increased to 6.9 years from 4.6 years due primarily to slower
prepayments of mortgage related securities in the rising rate environment. The
investment portfolio is viewed as a significant source of liquidity for the
Bank, as 93% of the $1.5 billion available for sale portfolio consists of Agency
mortgage related products and Treasury notes. The investment portfolio yield was
2.13% in the third quarter of 2022, compared to 2.04% in the fourth quarter of
2021.

Loans: Total loans increased by $1.12 billion, or 16%, to $7.94 billion in the
first nine months of 2022. Loan growth of 14% in the first half was followed by
2% growth in the third quarter. Growth was concentrated in a $641 million, or
46%, increase in residential mortgages and a $409 million, or 8%, increase in
commercial loans. Loans increased in all major categories as a result of the
Company's BEST initiatives which included stronger production from frontline
bankers, talent recruitment, and channel expansion. Prepayments slowed in the
rising rate environment. Loan demand moderated in the third quarter reflecting
the impact of higher interest rates and potential prospects for a future
recession.

Overall loan yields increased from the fourth quarter of 2021 due mainly to
increases in market interest rates, primarily in relation to loans repricing
within three months. These loans totaled $2.96 billion, or 38% of total loans
and loan yields were expected to benefit further in the fourth quarter based on
market expectations for additional interest rate increases. The Company measures
its loan beta, which is the ratio of the change in loan yields to a market
index. Compared to the average federal funds target rate, the beta for the total
loan portfolio measured 36% comparing the third quarter of 2022 to the fourth
quarter of 2021. Comparing the most recent quarter to the linked quarter, the
loan beta was 38%. The magnitude and consistency of these betas primarily
reflects the large volume of loans contractually repricing based on Prime.
LIBOR, or SOFR based indices.

As part of its BEST program, Berkshire has invested in expanding its retail
originations team and its correspondent platform. The Company also purchased
residential mortgages from area lenders. Most mortgage bookings were jumbo
mortgages held for investment. New loan volumes were predominantly fixed rate
early in the year and gradually transitioned to primarily 7/1 hybrid
adjustable-rate mortgages in the third quarter. The mortgage portfolio expanded
from 20% of total loans at the start of the year to 26% at period-end. The
portfolio yield decreased from 3.82% in the fourth quarter of 2021 to 3.53% in
the most recent quarter, including the impact of the shorter duration adjustable
rate mortgages added in 2022. Portfolio growth was substantially funded through
the reinvestment of excess short-term investments accumulated from loan run-off
in 2021.

Commercial real estate and commercial and industrial loans increased by 8% and
9% respectively in the first nine months of the year. Total commercial loans
decreased by 1% in the third quarter, including outplacements of targeted
credits, as well as seasonal impacts on loan closings in the third quarter. The
Company's commercial loan pipeline at period-end increased compared to the
midyear pipeline. The $295 million nine month increase in commercial real estate
loans was concentrated in a $97 million, or 19%, increase in multifamily loans
and a $129
                                                                            

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million, or 6%, increase in loans to commercial real estate non-owner occupied
properties. The $111 million increase in commercial and industrial loans was
driven by growth in asset-based lending related loans due to both customer
growth and increased line utilization.

The average yield on commercial real estate loans increased by 1.04% to 4.53% in
the most recent quarter compared to the fourth quarter of 2021. For these
periods, the average yield on commercial and industrial loans increased by 0.83%
to 5.21%. Many of the commercial loans are indexed to prime, LIBOR, or SOFR
which have responded quickly to changes in market interest rates. The impact of
these increases on borrowers has been more muted due to the benefit of interest
rate swaps with fix customer payments. The notional amount of borrower interest
rate swaps totaled approximately $1.7 billion at period-end, measuring
approximately 32% of the commercial portfolio. The Company continues to maintain
its commercial underwriting standards and growth is managed within a detailed
system of hold limits based on industry and loan type. Variable rate loan
underwriting includes a test of debt service coverage for up to a 300 basis
point upward interest rate shock.

After midyear, the Company announced that it would cease originating new loans
in its Firestone Financial specialty lending operation and allow the portfolio
to run-off. This was a strategic decision in the context of Berkshire's BEST
plan to focus on core markets and products. The Firestone portfolio stood at
$153 million at period-end and continues to have strong credit performance in
line with its long history.

Consumer loans increased by $67 million, or 13%, in the first nine months of the
year. Growth was driven by consumer unsecured loans originated through the
Company's partnership with the fintech Upstart. This portfolio totaled $152
million at period-end, and most of these loans were originated during the first
half of the year and were generally subject to the Company's prime underwriting
standards. In July 2022 the Company announced that, due to the prevailing
economic uncertainty, it was ceasing new originations through this partnership.
Credit performance of this portfolio has exceeded the Company's expectations.
The yield on the consumer portfolio increased by 2.28% to 6.24% in the first
nine months of 2022, reflecting the higher coupon consumer unsecured loans added
in the first half of the year, along with the benefit of higher interest rates
on prime-indexed home equity loans.

Asset Quality and Credit Loss Allowance: Major asset quality metrics remained
solid as of third quarter-end, with many metrics at better levels than
pre-pandemic. Non-accruing loans measured 0.48% of total loans, compared to
0.52% at year-end 2021. Annualized net loan charge-offs measured 0.16% of
average loans for the first nine months of the 2022, compared to 0.29% in fiscal
year 2021. Accruing delinquent loans measured a relatively low 0.26% of total
loans, compared to 0.63% at year-end 2021. This included loans 30-89 days past
due measuring 0.18% of loans. Period-end non-accruing loans totaling $38 million
included $21 million in commercial and industrial loans which was concentrated
in one manufacturing credit with operational challenges which were episodic
rather than systemic in nature. This credit accounted for $4 million of the $6
million in net charge-offs in the quarter. Non-accruing commercial real estate
loans decreased to a low $3 million from $8 million, including the benefit of
the $11 million sale of certain problem and potential problem loans to
proactively take advantage of attractive market conditions during the period. At
period-end, accruing troubled debt restructurings totaled $7 million and
accruing loans over 90 days delinquent totaled $6 million. Total criticized
loans decreased to 2.5% of loans from 3.5% of loans, including classified loans
which decreased to 1.6% of loans from 2.1% of loans. Classified loans include
accruing substandard loans, which are regarded as potential problem loans and
which declined to 1.1% of loans from 1.6% over the nine month period.

The allowance for credit losses on loans decreased in the first nine months of
2022 to $96 million from $106 million. The ratio of the allowance to total loans
decreased to 1.21% from 1.55%. This decline was primarily due to improved asset
quality metrics and a reduction in the potential losses from economic and social
disruptions related to COVID-19 conditions, while including a qualitative
assessment of risks related to market and inflation conditions and future
possible recession conditions. The allowance covers all current expected credit
losses for all loans. In relation to outstanding loans, the allowance for most
of the loan categories decreased.
                                                                            

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Deposits and Borrowings: Total deposits decreased by $81 million, or 1%, to
$9.99 billion during the first nine months of 2022. This decrease included a $73
million reduction in brokered deposits, and total other total deposits were
essentially unchanged for the period. Non-interest-bearing demand deposit
accounts decreased by $112 million or 4%. This decrease was more than offset by
NOW deposit growth of $70 million, or 7%, and money market deposit growth of $95
million, or 3%. Payroll deposits, which fluctuate daily, totaled $1.05 billion
at period-end. Deposit activity included the impact of increased customer
spending rates as well as market competition from higher yielding investment
instruments in the rising interest rate environment.

The cost of deposits increased to 0.33% in the third quarter of 2022, compared
to 0.19% in the fourth quarter of 2021. Increases were concentrated in a 0.44%
increase to 0.48% in the cost of NOW and related deposits and a 0.30% increase
to 0.46% in the cost of money market deposit accounts. Deposit costs increased
in most major account categories due to the impact of sharply rising market
interest rates during the period.

The Company measures its deposit beta, which is the ratio of the change in
deposit costs to a market index. Compared to the average federal funds target
rate, the deposit beta measured 6% for the above periods, rising to 12% for the
change in costs in the most recent quarter compared to the linked quarter.
Deposit rates were relatively unchanged through the first half of the year, and
began increasing in the most recent quarter. The Company anticipates that
further increases in market interest rates will lead to higher deposit costs in
future periods, including higher rates paid as well as shifts in balances from
lower cost accounts to higher cost accounts.

The Company’s wholesale funds consist of deposits and traded loans. Wholesale funds decreased by $49 millioni.e. 15%, to $289 million over the first nine months of the year.


On June 30, 2022, Berkshire completed the sale at par of $100 million in
subordinated notes bearing interest at a fixed rate of 5.5% for the first five
years. The notes will then reset quarterly to a floating rate per annum equal to
a benchmark rate which is expected to be the Three-Month Term SOFR, plus 249
basis points. The notes have a ten year final maturity and generally may be
called at par after five years. Berkshire is the first public U.S. community
bank holding company with under $150 billion in total assets to issue a
Sustainability Bond. The Company intends to use an amount equal to the net
proceeds of its Sustainability Bond issuance to finance or refinance new or
existing social and environmental projects consistent with its Sustainable
Financing Framework. Sustainalytics, a Morningstar Company, and the global
leader in high-quality ESG research, ratings, and data, has independently
verified that Berkshire's Sustainable Financing Framework "is credible and
impactful and in alignment with" International Capital Market Association (ICMA)
guidelines and principles.

On September 28, 2022, the Company prepaid the balance of its existing $75
million in subordinated debt bearing interest at 6.875% which became callable
for the first time on that date since the original issuance ten years ago. Third
quarter 2022 interest expense included the additional cost of carrying these two
subordinated debt obligations for one quarter.

Derivative Financial Instruments: During September 2022, the Company added $400
million of receive fix/pay SOFR interest rate swaps through a combination of
immediate and forward-settling cash flow hedges which were intended to reduce
the earnings exposure to downward rate movements. This was in response to the
increased sensitivity to a downward interest rate shock following the rapid rise
in market interest rates during the year. Except for these swaps, there were no
material changes during the first nine months in the portfolio of outstanding
derivative financial instruments. The estimated fair value of these instruments
was a liability of $49 million at period-end, which decreased from an asset of
$43 million at year-end 2021 due to the impact of changes in interest rates on
the value of outstanding commercial loan interest rate swaps.

Shareholders' Equity: Total shareholders' equity decreased by $240 million, or
20% to $943 million in the first nine months of 2022. This decrease was
primarily due to a $185 million net other comprehensive loss resulting mostly
from the previously discussed $245 million unrealized loss on debt securities
available for sale as a result of the increase in market interest rates.
Additionally, the Company repurchased $105 million in common shares during this
period, representing approximately 8% of shares outstanding at year-end 2021.

                                                                            

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The unrealized securities losses are not counted against regulatory equity. As a
result, the decrease in regulatory capital was more modest. Including the impact
of the loan growth, the common equity tier one capital remained relatively
strong, decreasing from 15.0% to 12.7% in the first nine months of 2022.
Similarly, the relatively strong risk based capital ratio decreased to 15.0%
from 17.3%.

Across the banking industry, the unrealized losses on available for sale
investment securities have led to significant compression of book value and the
non-GAAP financial measure of tangible book value. The Company's
book value per share decreased by 14% to $20.93 and period-end equity/assets
decreased from 10.2% to 8.3%. Tangible book value per share decreased by 14% to
$20.36, and the period-end ratio of tangible common equity/tangible assets
decreased from 10.0% to 8.1%.

During the first nine months of 2022, the Company continued the quarterly
shareholder dividend at $0.12 per share level it was reduced to as a result of
the pandemic beginning in the third quarter of 2020. On November 4, 2022, the
Company announced that it had increased its quarterly dividend to shareholders
by 50% to $0.18 per share. This reflected growth in earnings since the
announcement of the BEST strategic transformation plan in May 2021. The $0.18
dividend represents a yield of approximately 2.6% based on Berkshire's closing
share price of $27.44 on November 3, 2022 and is equivalent to a 29% payout
compared to third quarter 2022 adjusted earnings.


                                                                            

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COMPARISON OF OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2022 AND SEPTEMBER 30, 2021

Summary: Berkshire's third quarter net income decreased by 71% to $19 million.
Results in 2021 included $52 million in gains on the sale of insurance and
branch operations. The non-GAAP measure of adjusted income, which excludes
non-operating items and sale gains, increased by 9% to $28 million. The benefit
of a 29% increase in net interest income was partially offset by lower
non-interest income and higher credit loss provision expense.

Third quarter 2022 GAAP earnings per share totaled $0.42 and adjusted earnings
per share totaled $0.62, which was the highest quarterly adjusted EPS since
2019. This included the benefit of share repurchases, which reduced outstanding
shares by 7% year-over-year. GAAP EPS decreased by 68%, while adjusted EPS
increased by 18%.

Berkshire's nine month net income decreased by 37% to $62 million. Adjusted net
income improved by 13% to $72 million. In addition to adjusting for sale gains,
the major adjustments to adjusted earnings related to restructuring expenses
primarily consisting of branch consolidations. Nine month 2022 earnings per
share totaled $1.34 and adjusted earnings per share totaled $1.56.

In the most recent quarter, the return on assets measured 0.66% and the adjusted
return on assets measured 0.99%. The return on tangible equity measured 6.76%
and the adjusted return on tangible equity measured 9.92%. By growing operating
revenue and maintaining disciplined operating expenses, Berkshire has been
achieving positive operating leverage. The third quarter efficiency ratio
improved to 62% in 2022 compared to 69% in 2021.

Net Interest Income: Third quarter net interest income increased by 29% to $92
million. Nine month net interest income increased by 9% to $243 million. These
increases were driven by increases of 36% and 17%, respectively, in the net
interest margin. This reflected the benefit of rising interest rates in 2022 as
well as the use of excess cash accumulated in 2021 and used reinvesting
primarily in residential mortgage growth in 2022.

The third quarter net interest margin increased year-over-year by 91 basis
points to 3.48% from 2.56%. This was the highest quarterly net interest margin
reported by the Company in four years. This primarily reflects the benefit of
the 36% loan beta compared to the 6% deposit beta in the environment of rapidly
rising market interest rates since the fourth quarter of 2021. Most loans
repricing within three months are indexed to Prime, LIBOR, or SOFR which change
rapidly as market interest rates change. Deposit cost changes depend on market
factors and typically operate with a lag, which has been pronounced in the
current environment of rapid market rate increases.

At period-end, the Company remained asset sensitive and was positioned to
benefit from further increases in market interest rates in 2022 based on market
forecasts. This is discussed below in Item 3 "Quantitative and Qualitative
Disclosures About Market Risk". Expected market interest rate increases in the
fourth quarter may provide further benefit to the net interest income. Based on
the Company's interest rate risk modeling, the deposit beta increase over time,
and the cost of wholesale funds may also affect the cost of interest bearing
liabilities, depending on market and competitive conditions and the Company's
asset and liability management strategies. The structure of deposits, including
the percentage of non-interest-bearing deposits (which was 29% of total deposits
at period-end) may also affect the margin depending on future economic and
monetary conditions.

Non-Interest Income: Total fee income decreased year-over-year by 29% to $15
million, and for nine months year-to-date fee income decreased by 26% to $48
million. Excluding insurance commissions and fees from insurance operations sold
at the end of September 2021, the decreases in this income measured 24% and 17%
for the above respective periods. This was mostly due to decreases in loan fees
totaling $5 million and $9 million for the above periods. This was primarily due
to decreases of $3 million and $6 million, for the above respective periods, in
SBA originations related income reflecting lower market volumes and premiums as
a result of the increase in market interest rates. Berkshire continued to rank
high in national SBA loan originations, placing in the 22nd position nationally
based on SBA 7(a) loan approval data for the SBA fiscal year ending September
30, 2022. Income from commercial loan swap fees and fair value changes also
decreased for the three and nine month periods. Deposit related fees increased
by 9% and 6% respectively for these periods despite the sale of branch
operations in 2021, reflecting increased consumer transaction activity
year-over-year.
                                                                            

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Provision for Credit Losses on Loans: The third quarter provision was a $3
million expense in 2022 compared to a $4 million benefit in 2021. For the first
nine months, the provision was a $1 million benefit in 2022 compared to a $2
million expense in 2021. The Company has steadily reduced the coverage of its
allowance for credit losses on loans based on improvements in asset quality and
forecast conditions. Charge-offs have remained at relatively favorable levels.
These improvements have generally offset the impact of loan portfolio growth and
increased consumer lending which would otherwise require additional provision
expense. The most recent quarter was the first quarter with a provision expense
since the first quarter of 2021.

Non-Interest Expense and Tax Expense: Total non-interest expense increased
year-over-year by 18% for the third quarter and by 1% for the first nine months.
The non-GAAP financial measure of adjusted non-interest expense increased by 3%
for the third quarter and decreased by 2% for the first nine months. Expense in
2022 benefited from the sale of operations and restructuring actions in 2021.
Cost saves from these initiatives were targeted towards increased spending for
bankers and technology. The Company generally targets operating expenses in the
range of $68 - $70 million on a quarterly basis. Adjustments to nine month
expense totaled $5 million in 2021 and $12 million in 2022 and were primarily
related to branch consolidations and the sale of operations in 2021 and branch
consolidations in 2022. The total branch count decreased from 130 branches at
the start of 2021 to 106 branches at year-end 2021 and 100 branches at third
quarter-end in 2022. Full time equivalent staff decreased from 1,505 positions
at the start of 2021 to 1,319 positions at year-end 2021 and 1,300 positions at
September 30, 2022.

The effective income tax rate was 21% for the first nine months of 2021 and 22.
The tax rate benefit from lower pre-tax income in 2022 was offset in part by
lower benefits on investment tax credit investments due to slower construction
activity in 2022 and longer schedules for recognizing the benefits in income.

Total Comprehensive Income: Total comprehensive income includes net income
together with other comprehensive income, which primarily consists of unrealized
gains/losses on debt securities available for sale, after tax. Total
comprehensive income for the first nine months of the year was a loss of $123
million in 2022, compared to income of $75 million in 2021, reflecting the
impact in both periods of rising medium term interest rates on the bond
portfolio.

Liquidity and Cash Flows: Please see ""Item 7. Management's Discussion and
Analysis of Financial Condition and Results of Operations--Liquidity and Cash
Flows" in the most recent report on Form10-K for a more expansive discussion of
these topics.

For the first nine months of 2022, loan growth was the primary use of cash,
which was mainly sourced from short-term investments and investment securities.
The ratio of cash and cash equivalents to total assets decreased to 6% from 14%
over this period. Investment securities and wholesale funding are sources of
cash to support future loan growth. Unused FHLBB borrowing availability stood at
$1.2 billion at period-end. Cash at the parent company stood at $119 million at
period-end

The Company continues to view itself as having sufficient liquidity with a high
quality and liquid securities portfolio and well-positioned wholesale funding
sources. The new Moody's ratings introduced in 2022, including the A3 long-term
bank deposit rating, support Berkshire's liquidity profile. The relative
stability of deposit costs during 2022 has also been positive as an indicator of
core funding stability in the Company's markets.

The ratio of loans to deposits measured 80% at period-end, compared to 68% at
the start of the year. A number of metrics are utilized in establishing optimal
and minimal liquidity targets and the Company is generally well positioned
across these metrics.

The rising rate environment potentially constrains industry deposit demand
growth. Additionally, the rising rates have contributed to the extension of the
investment portfolio average life and the unrealized bond losses are a potential
constraint on some options for the use of investments to support overall
liquidity. The unrealized losses would affect capital if they were realized
through the sale of the related securities, which could then impact the
                                                                            

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management of capital. The excess liquidity which has been widespread throughout
the financial system during the pandemic may constrain funding sources if
systemwide liquidity is reduced. The Company is monitoring various scenarios as
it continues to pursue organic growth and market share gains in the context of
its BEST strategic plan.

The parent relies over the long term on dividends from the Bank to fund its debt
obligations and capital returns to shareholders. The Bank requires regulatory
approval from the FDIC and the Massachusetts Division of Banks to provide
dividends to the parent

Capital Resources: Please see the "Shareholders' Equity" section of the
Comparison of Financial Condition for a discussion of shareholders' equity
together with Note 10 - Capital Ratios and Shareholders' Equity in the notes to
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
monitors the impacts of rising rates, credit stress scenarios, and organic
growth in assessing its capital adequacy and plans.

The Company's BEST plan includes the optimization of capital, including reducing
excess capital through organic growth and capital returns to shareholders. The
operation of this plan was evidenced in the first nine months of the year
through the 16% loan growth and $105 million in share repurchases. Additionally,
shareholder dividends paid totaled $16 million for this period. Capital
optimization was also supported through the subordinated debt issuance, reducing
the coupon compared to the existing debt which was later prepaid.

The Company primarily focuses on regulatory capital measures in assessing
capital, including the common equity Tier 1 capital ratio. This ratio stood at
12.7% at period-end. This also includes ongoing assessment of the shareholder
cash dividend in relationship to earnings and to competitive practices. The
Company announced a 50% increase in the quarterly shareholder dividend from
$0.12 per share to $0.18 per share on November 4, 2022.

The unrealized available sale securities losses reduce the book value of equity.
These losses are expected to accrete back into equity as the securities season
to maturity. These losses are not deducted from regulatory capital which is the
primary focus of the Company's capital management. The measure of tangible book
value is a focus of bank investors, together with the ratio of tangible equity
to tangible assets and the measure of tangible book value per share. The
tangible equity to tangible assets ratio decreased to 8.1% from 10.0% during the
first nine months of the year, and tangible book value per share decreased by
14% to $20.36 from $23.69. The Company is monitoring its tangible book value
related metrics and it believes that its condition at period-end was within a
general range for peers at that date. Further decreases in these metrics were
anticipated for the remainder of 2022 based on market expectations for further
rate increases.

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 the
Massachusetts Division of Banking. Increased distributions from the Company to
shareholders require notice to and nonobjection from the Federal Reserve Bank.
For the first nine months of 2022, the Bank paid $108 million in dividends to
the parent company.

LIBOR Transition: Please see the Company's most recent Annual Report on Form
10-K for additional information regarding the LIBOR transition. In addition to
the commercial loan interest rate swaps and back-to-back counterparty offsetting
swaps, the Company's primary exposure in managing the transition relates to
LIBOR based commercial and mortgage loans. The Company introduced new loan
documentation switching from LIBOR to one month term SOFR for new commercial
loans originated beginning in 2022. As of September 30, 2022, the Company had
approximately $2.0 billion in LIBOR based commercial loans, including $1.8
billion maturing after the LIBOR cessation date at midyear 2023. The Company is
focused on converting the majority of these loans to one month term SOFR in the
next six months, working with customers, counsel, and its core loan servicing
provider. The Company had converted $258 million in outstanding loans through
period-end.

CORPORATE RESPONSIBILITY UPDATE

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Our Commitment to Environmental, Social, Governance (ESG) and Corporate Responsibility


Berkshire is committed to purpose-driven, community-centered banking that
enhances value for all stakeholders as it pursues its vision of being a
high-performing, leading socially responsible community bank in New England and
beyond. Berkshire provides an ecosystem of socially responsible financial
solutions, actively engages with its communities, and harnesses the power of its
business to support the economy, empower financial access and success, and
invest in a low-carbon future.

ESG factors are integral to our vision, mission, risk management practices,
sustainable finance activities and Berkshire's Exciting Strategic Transformation
(BEST). Berkshire focuses its strategy on material topics impacting its business
and stakeholders including leadership & governance, human capital management,
equity & inclusion, responsible banking & cybersecurity, financial access &
affordability, environmental sustainability & climate change and community
investment. Because our vision is to be a high-performing, leading socially
responsible community bank in New England and beyond, we were one of the first
banks in the country to establish a dedicated committee of our Board of
Directors to oversee ESG matters, were the first U.S. community bank holding
company with under $150 billion in assets to issue a Sustainability Bond and are
a leader among community banks in integrating ESG standards into our business
strategy and operations.

We continue to engage directly with our stakeholders to share information about
the progress in our ESG performance, including through our Corporate
Responsibility website, corporate annual report, and proxy statement.
Additionally, our annual Corporate Responsibility Report, which is aligned with
Sustainability Accounting Standards Board ("SASB") commercial bank disclosure
topics along with the Task Force for Climate Related Financial Disclosures
(TCFD), details the Company's ESG efforts and programs.

Climate change and sustainability


Climate Change poses unprecedented risks and opportunities to the world.
Berkshire expects that its efforts to manage its environmental footprint,
mitigate the risks and impacts associated with climate change, and finance the
transition to a low-carbon future will allow it to strengthen its positioning as
a high-performing, leading socially responsible community bank. The Company
continues to evolve its practices to reflect its community bank mission,
expected regulatory requirements, sustainable finance opportunities as well as
the size, scope, and complexity of its operations.


                                                                            

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Key ESG & Corporate Responsibility Quarterly Developments

•BEST Community Comeback: As a result of the collective efforts of its
employees, Berkshire is making steady progress towards the achievement of its
"BEST Community Comeback" goals. The multi-year plan focuses on four key areas:
fueling small businesses, community financing and philanthropy, financial access
and empowerment, and funding environmental sustainability.
•Current ESG Performance: The Company remained within its BEST ESG goal with a
top 23% composite performance in leading ESG indexes in the U.S. for its
Environmental, Social and Governance (ESG) ratings. As of September 30, 2022 the
Company has ratings of: MSCI ESG- BBB; ISS ESG Quality Score - Environment: 2,
Social: 1, Governance: 2; and Bloomberg ESG Disclosure- 62.81. The Company also
receives a rating by Sustainalytics. Berkshire continues to rank among the top
1% of all U.S. Banks for ESG in Bloomberg this year.
•Recognition & Continued Community Impact: The Boston Business Journal named
Berkshire one of Massachusetts' Top Corporate Charitable Contributors for the
tenth consecutive year. The honor further demonstrates Berkshire's deep
commitment to lifting-up its communities which includes recent announcements of
$100,000 in scholarships to forty (40) students continuing in their pursuit of
an undergraduate degree from an accredited non-profit college or technical
school and more than $600,000 in third quarter philanthropic contributions
through Berkshire's Foundation to support projects enhancing the quality of life
and economic vibrancy in communities where the bank operates.

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 with respect 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.


ENTERPRISE RISK MANAGEMENT
Following sections of this report on Form 10-Q include discussion of market risk
and risk factors. Risk management is overseen by the Company's Chief Risk
Officer, who reports directly to the CEO. This position oversees risk management
policy, credit, loan review, compliance and information security. Enterprise
risk assessments are brought to the Company's Enterprise Risk Management
Committee, and then are reported to the Board's Risk Management, Capital, and
Compliance Committee. The high level corporate risk assessment includes the
following material business risks: credit risk, interest rate risk, price risk,
liquidity risk, operational risk, compliance risk, strategic risk, and
reputation risk, with the credit risk category having the highest weighting.

                                                                            

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Digging into the Kroger/Alberson merger: Q&A with Placer.ai’s RJ Hottovy https://jazzfin.com/digging-into-the-kroger-alberson-merger-qa-with-placer-ais-rj-hottovy/ Thu, 03 Nov 2022 21:36:29 +0000 https://jazzfin.com/digging-into-the-kroger-alberson-merger-qa-with-placer-ais-rj-hottovy/ On October 14, 2022, Kroger and Albertson’s Cos. announced a merger valued at over $20 billion. The news, perhaps unsurprisingly, raises concerns on antitrust violations and union issues. However, a recent article published by Placer.ai reported that the merger (if it goes ahead) will allow both companies to cut costs and compete with brick-and-mortar and […]]]>

On October 14, 2022, Kroger and Albertson’s Cos. announced a merger valued at over $20 billion. The news, perhaps unsurprisingly, raises concerns on antitrust violations and union issues. However, a recent article published by Placer.ai reported that the merger (if it goes ahead) will allow both companies to cut costs and compete with brick-and-mortar and online retail giants.

Connect CRE posed a series of questions to RJ Hottovy, Head of Analytics Research at Placer.ai and author of the aforementioned article, “Kroger and Albertson: a fusion of forces.”


RJ Hottovie

Connect CRE: How, exactly, will this merger impact Walmarts and other types of supercenters?

RJ Hottovie: This merger could put pressure on mass merchants like Walmart. Despite having a leading market share in the grocery category, Walmart has at times faced issues with fulfillment and merchandise assortment in groceries. The size of a combined Kroger/Albertsons—even adjusting divestments to gain regulatory approval—will give it the ability to compete with Walmart’s pricing while providing consumers with other perks like the Just-for- u and fast execution of online orders. The Kroger/Albertsons combination is unlikely to compete with hard discounters like Aldi, Lidl and Grocery Outlet. But they will likely prey on mass merchants on convenience and experience.

Connect CRE: Your article mentions a potential impact on online grocery shopping. Does the Albertsons/Kroger merger create the infrastructure needed to take on Amazon?

RJ Hottovie: Kroger and Albertsons have made significant investments on the digital front in recent years. Albertsons’ Just-for-U loyalty program and app has helped increase visitation patterns among its most loyal households.

Additionally, Kroger’s Ocado-supported fulfillment centers are experiencing strong visitor trends. While the company would need to open more Ocado fulfillment centers to compete directly with Amazon, it has been successful in every market it has opened so far and its online ordering experience can be replicated. Chairman and Chief Financial Officer of Albertsons Sharon McCollam– who has extensive digital commerce experience from previous roles at Williams-Sonoma and Best Buy – also positions them as a disruptive presence in online grocery going forward.

Connect CRE: Is there potential for this to lead to more consolidations in this area? What impact would this have on commercial real estate space, especially in malls anchored by a grocery store?

RJ Hottovie: The ripple effect on the rest of the commercial real estate and grocery retail market will be interesting to watch. There is a strong possibility of further industry consolidation, not just from the eventual acquisition of stores that companies would have to divest to meet regulatory requirements. For example, we expect Koger/Albertsons to build a chain of 300-400 stores with locations in Southern California, Utah, Nevada, Colorado, and New Mexico. But other banners, like Mariano’s in Chicago, could become targets for other Midwest players. Assuming Kroger/Albertsons succeeds in improving the customer experience, they could become an even more preferred tenant for grocery-anchored malls. This could make it more difficult for smaller chains to secure space in upper centers.


Don’t miss the opportunity to connect with retail experts from across the western United States at Connect Retail West on November 9, 2022. follow this link for event details, registration and sponsorship opportunities.

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WorkWave Acquires TaskEasy – NJBIZ https://jazzfin.com/workwave-acquires-taskeasy-njbiz/ Tue, 01 Nov 2022 13:05:31 +0000 https://jazzfin.com/workwave-acquires-taskeasy-njbiz/ WorkWave expands with the addition of a service marketplace for rental property owners. On November 1, the Holmdel-based SaaS software solutions provider that supports businesses at all stages of the lifecycle announced the acquisition of TaskEasy of Salt Lake City, Utah. The deal will allow WorkWave’s service-focused customers to access more jobs in their local […]]]>

WorkWave expands with the addition of a service marketplace for rental property owners.

On November 1, the Holmdel-based SaaS software solutions provider that supports businesses at all stages of the lifecycle announced the acquisition of TaskEasy of Salt Lake City, Utah.

The deal will allow WorkWave’s service-focused customers to access more jobs in their local areas – without having to incur sales, marketing and advertising expenses – while leveraging this national customer base to expand TaskEasy service offerings. Financial terms were not disclosed.

Giannetto

“This acquisition is part of our strategy of buying leading companies that, when integrated into the WorkWave family, contribute directly to giving our customers a competitive advantage over non-WorkWave customers in their region,” said the WorkWave CEO David Giannetto in a statement. .

TaskEasy connects single-family rental and commercial homeowners with contractors through its mobile marketplace. In the past, these services focused on lawn and yard maintenance, snow removal, interior cleaning and pool maintenance for single family rental properties. According to the buyer, as part of WorkWave – and with access to its vast network of customers – TaskEasy will have the ability to expand its service offerings.

Closing Q3

Highlights of WorkWave’s third quarter financial results include:

  • 47% improvement in annual recurring revenue since the beginning of the year
  • 111% total booking growth in Q3 2022 compared to the prior year period
  • 122% net retention since the beginning of the year
  • 15% employee growth since the beginning of the year
  • 100% total year-to-date recurring revenue growth

“As economic uncertainty persists and the job market continues to put pressure on our customers, software will play an increasingly crucial role in helping field service business owners solve the challenges they may face,” Giannetto said. “With the consolidations of our acquisitions of Last year behind us, we now see how the power of this new, larger WorkWave is pushing our solutions forward in ways competitors are clearly struggling to keep up with – and we will continue to apply that pressure to them. Read more here.

These currently include lawn and yard maintenance, snow removal, interior cleaning of vacant properties and pool cleaning. The purchase will expand that list to include pest control and “any other service work” required by properties, WorkWave said.

“TaskEasy is cutting-edge technology that directly helps our customers grow by giving them access to a steady stream of new customers that are only available to WorkWave customers,” continued Gianneto. “This will further strengthen our relationship with our customers, because as they succeed and grow, WorkWave succeeds and grows.”

Target works with single-family rental brands and property managers nationwide to facilitate services at millions of properties in more than 12,000 cities, according to WorkWave. Owners of larger residential or commercial real estate portfolios can also use TaskEasy’s APIs and digital tools for management, and owners also have the ability to order and manage services.

“TaskEasy is the first company to automate and consolidate the maintenance work required to service thousands of rental properties across North America, maintaining their value and keeping them safe for residents,” said the Founder and CEO of this company, Ken Davis. “We are excited to partner with WorkWave so that we can utilize WorkWave’s dense national customer base to perform any type of service work required, while accelerating the growth of all of WorkWave’s small to medium sized customer base.”

WorkWave serves thousands of service-oriented businesses in every industry, including pest control, lawn care, cleaning and janitorial, security, HVAC, plumbing and electrical, and truck delivery. last mile.

The announcement follows the release of the company’s third quarter financial highlights, strong evidence that it said was boosted by customer retention and software growth. WorkWave last week reported a 112% increase in total revenue year-to-date and a 141% increase in total software revenue growth for the same period.

The company said it expects to surpass $300 million in revenue for 2022.

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DOGE Price crosses 10 cents, Where NEXT? https://jazzfin.com/doge-price-crosses-10-cents-where-next/ Sat, 29 Oct 2022 11:03:34 +0000 https://jazzfin.com/doge-price-crosses-10-cents-where-next/ In a previous post, we raised the flag on Dogecoin prices. The reason for adding DOGE to our radar had to do with bullish sentiments in the crypto market as well as strong fundamentals. They seem to have had a positive impact on DOGE investors. Why is Doge standing? Where will DOGE reach next? Let’s […]]]>

In a previous post, we raised the flag on Dogecoin prices. The reason for adding DOGE to our radar had to do with bullish sentiments in the crypto market as well as strong fundamentals. They seem to have had a positive impact on DOGE investors. Why is Doge standing? Where will DOGE reach next? Let’s analyze in this DOGE price prediction article.

Why is DOGE standing up?

There are 3 main factors why the DOGE price is rising. Two of them are fundamental reasons, the third is technical:

  • Crypto has been consolidating for a long time: Long consolidations following a downtrend often result in higher prices.
  • UK Just Approved Cryptos: this not only builds confidence in the crypto market, but also encourages investors to dive back in with more confidence. This is especially true after what is happening in the EU from an economic point of view.
  • Elon Musk officially buys Twitter: the deal was finalized and Elon officially entered the Twitter building with a sink after his tweet saying “Let it flow”. Doge tokens were used in the boring business as payment. With Twitter today, DOGE could become the tipping token on this platform. This is all the more true as Binance was among the investors who helped Elon with his purchase.
Elon Musk

Is DOGE dead?

Doge is far from dead, as its prices have shot up 85% since last week. This is a clear sign of a comeback, especially after prolonged consolidation. If we look at Figure 1 below, we can notice that prices have climbed over 30% in the last 24 hours. With a market capitalization of around $14 billion, DOGE is certainly not dead.

DOGE/USD 4 hour chart showing rising DOGE price
Fig. 1 DOGE/USD 4 hour chart showing DOGE price jump – GoCharting
exchange comparison

Doge Price Prediction – Will DOGE Recover to 75 Cents?

With such a price surge and a positive crypto market, DOGE should return to its previous price zones. This is all the more true as DOGE succeeded in breaking the psychological barrier of 10 cents. We expect a few fixes along the way, though. The price increase in Figure 2 is not sustainable. For a healthier uptrend, we expect prices to correct towards $0.093 within the 23.6% Fibonacci retracement.

After this adjustment, if the crypto market proves that its bullrun is in place, DOGE should have no problem reaching its previous price of 75 cents. However, this is not expected to happen anytime in 2022.

DOGE/USD 4 hour chart showing the potential DOGE retracement
Fig.2 DOGE/USD 4 hour chart showing potential DOGE retracement – GoCharting

Where to buy DOGE?

There are many exchanges that offer DOGE. We at CryptoTicker recommend the exchanges below, as they have proven to be safe, secure and have good liquidity:

How to buy Doge?

After choosing one of the above exchanges, you need to do the following:

  1. Create an account with this exchange
  2. Verify your account (by submitting your legal documents)
  3. Funding your account (by bank transfer, credit card or any other means provided by the exchange)
  4. Selection of DOGE from the list of cryptocurrencies
  5. Buy DOGE

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Denver Public Schools recommends closing 10 elementary and middle schools https://jazzfin.com/denver-public-schools-recommends-closing-10-elementary-and-middle-schools/ Wed, 26 Oct 2022 00:35:01 +0000 https://jazzfin.com/denver-public-schools-recommends-closing-10-elementary-and-middle-schools/ The painful process of school closures has arrived in Colorado’s largest school district. Denver Public Schools announced Tuesday that 10 elementary and middle schools with fewer than 215 students are recommended for closure and “unification” with other schools. The district said each school is within two miles of another school with available capacity. Nine of […]]]>

The painful process of school closures has arrived in Colorado’s largest school district.

Denver Public Schools announced Tuesday that 10 elementary and middle schools with fewer than 215 students are recommended for closure and “unification” with other schools. The district said each school is within two miles of another school with available capacity.

Nine of the ten schools have a student body made up of more than 85% students of color, and eight in ten have a free and discounted lunch population of 80% or more.

  • Colombian elementary school will unify with Trevista in Trevista.
  • Palmer Elementary School will unify with the Montclair School of Academics and K-5 enrichment grades at Montclair ECE in Palmer.
  • Mathematical Sciences Leadership Academy (MSLA) will unify with Valverde Elementary in Valverde.
  • Schmitt Elementary School will unify with Godsman Elementary at Godsman.
  • Eagleton Elementary School will unify with Cowell Elementary in Cowell.
  • Fairview Elementary and Colfax Elementary will unify with the K-5 classes in Cheltenham and ECE in Colfax.
  • Denver International Academy at Harrington will unify with Columbine Elementary and Swansea Elementary in a new enrollment area with Columbine and Swansea.
  • Denver Discovery School will unify with schools in the Greater Park Hill – Central Park enrollment area.
  • Whittier K-8 will unify with schools in the Greater Five Points Elementary Enrollment Area and the Near Northeast Middle School Enrollment Area.

The recommendation will be presented to the district school board on Thursday, November 3. The board will vote on the list of schools recommended for consolidation on Thursday, November 17. A public comment session is scheduled for Monday, November 14. Schools would not be consolidated or closed until the 2023-24 school year at the earliest.

“We know these decisions are not easy for our community, but they are necessary for our scholars,” DPS Superintendent Marrero said in a press release. “These recommendations will not only help to right-size our school district, they will provide our scholars with access to more comprehensive educational experiences and will also position the school district to better meet our district-wide staffing needs.”

Why are schools merging?

At first glance, the reasoning behind school closures is simple. Falling birth rates and rising house prices are pushing people out of Denver, leading to lower enrollment. Schools receive state and local funding for each student in the building. When enrollment drops too low in a school, it cannot afford fixed costs such as running the building, adequate teachers, or the specialized support children need, such as a part-time psychologist, after-school programs, or gifted and talented programs.

But the actions of former school boards and superintendents also play a role. An analysis of Chalkbeat found that over the past two decades, the district has been adding schools faster than students. During this period, it opened 142 new schools, both state-funded charter schools and district-operated schools, although 60 were closed, with charter schools expanding and closing at a faster pace. The end result is a lower school-to-student ratio, according to the analysis. Primary school enrollment peaked in 2014 and middle school enrollment peaked in 2018.

DPS lost 3,600 students, or 3% of total students, between 2019 and 2021. Denver expects to lose about 3,000 more students over the next four years. That means an annual loss of $36 million for schools, which means smaller schools have to be subsidized by the district just to keep the doors open. The district says schools with the biggest declines in enrollment cost about 50% more per student. Additionally, many small schools have to combine classes into a single classroom.

How did the district decide which schools to recommend for closure?

In June, a Consultative Committee on declining enrollment established a set of criteria to identify schools to consolidate or close.

He set out three criteria:

  • Schools with fewer than 215 students
  • Schools with 275 students with a forecast decline of 8-10% over the next two years
  • Charter schools that have been financially insolvent for more than two years. No charter schools are on the list.

Equity guidelines also guided the committee, such as giving students with unique needs access to special programs, the district said.

Once the criteria were applied, the committee then applied “fairness safeguards”. This includes reviewing student access to specialized programs, such as autism or bilingual programs offered under a federal consent decree that Denver follows.

“We recognize the difficulty of these decisions and are committed to humanizing this process beyond what has traditionally happened across the country when school closures and consolidations have had to take place,” Marrero said in a statement. an October press release.

DPS officials say it is impossible to fulfill the district’s mission to provide every child with an equitable education and services in small schools.

The process of closing schools in districts across the country is often unpopular, painful and difficult. Families feel connected to teachers, staff and other parents and children. Schools can also be community centers, where parents can tap into life support systems.

Marrero said in a letter to families last week that “school consolidation is about bringing communities together to address declining enrollment, not because of school performance issues.”

The affected neighborhoods of the city

Schools are located in a variety of neighborhoods, mostly in the south and west/central areas of the city.

The northwest area of ​​the city is expected to see a sharp drop in student numbers in the gentrifying neighborhoods of southwest, north, and northwest Denver, particularly West Colfax and the neighborhoods of Elyria and from Swansea. Already, the school-age population has decreased by 20% in these two neighborhoods.

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Preliminary Report of Wildwood Study Findings | New https://jazzfin.com/preliminary-report-of-wildwood-study-findings-new/ Sat, 22 Oct 2022 19:00:00 +0000 https://jazzfin.com/preliminary-report-of-wildwood-study-findings-new/ WILMINGTON — Superintendent Dr. Glenn Brand opened the discussion at last week’s school committee meeting on the preliminary report of Wildwood’s third-party study seeking short-term solutions to move students and programming to the Wildwood school until the separate MSBA process is completed. He began with an overview of Wildwood’s last building committee meeting, where the […]]]>

WILMINGTON — Superintendent Dr. Glenn Brand opened the discussion at last week’s school committee meeting on the preliminary report of Wildwood’s third-party study seeking short-term solutions to move students and programming to the Wildwood school until the separate MSBA process is completed.

He began with an overview of Wildwood’s last building committee meeting, where the third party shared findings and narrowed the city’s options for arrangements down to eight. He shared that the committee was shocked by the cost estimates provided and quickly turned to the option of renovating the current Wildwood School.

This committee would meet later in October before providing a final recommendation to the school committee at, hopefully, one of their November meetings on the 9th or 16th.

School board member Stephen Turner was the first to share his frustration with the backlash over option cost estimates. He said the committee’s intention was to spend as little money as possible, disregarding the needs of the city’s children. Even if they chose to renovate the Wildwood, he insisted that the modular classrooms would be significantly better environments and the cost of renovating the building would be higher in the long run.

He also suggested that those classrooms could be repurposed when they begin to rebuild the city’s other aging elementary schools.

MJ Byrnes said renovating the Wildwood would be a waste of money. Its priorities with options would be those with the most suitable environments for students and staff and the least disruption for families. She also said she didn’t want to create any school consolidations that would have to be canceled later.

Jay Samaha shared a similar sentiment that the rating consolidations performed should be sustainable. He asked if each option would present a reasonably appropriate classroom for the age groups involved. Brand replied that the Wildwood could not promise that, as there were different versions of what would need to be done from a renovation perspective.

David Ragsdale also added that they will not be creating new spaces, only replacing weathered utilities and other things of that nature. He reiterated that the chosen option should provide sufficient space for staff and students for 5-7 years.

Melissa Plowman mentioned some of the suggestions made at the Wildwood building committee meeting to cut costs, such as forgoing the new sprinkler system.

“I have a hard time considering options that cut corners like that,” she said.

She wanted to see the committee consider the fragility of Wildwood’s students and the equity issues created by scattering them across the city now as they weighed the remaining options. She asked Brand to seek feedback from Wildwood staff.

Plowman also said she considers this cost part of the cost of the new building and not an additional cost. She suggested that the MSBA partnership might allay concerns so they can consider better options than the cheapest.

Turner pointed out that the city had not done necessary maintenance on the Wildwood School for several years, believing it would soon be demolished, which saved the city some money over time.

President Dr. Jenn Bryson wondered how Brand would receive feedback from Wildwood teachers and administration. Brand mentioned that he had met with the teachers and administrator of Wildwood earlier in the day. He also assured the committee that the MSBA process is moving forward with school consolidation in mind.

Finally, Plowman asked how long the options would take to come together, as that could influence the committee’s decision. Brand confirmed a schedule ending in 2024. In the meantime, he said the district will assess resources needed as Wildwood students and programs remain spread across three buildings for the next school year.

However, he suggested there would be room for preparation ahead of a city assembly vote, which would move the timetable up to half a school year.

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