Berkshire Hills Bancorp, Inc. Financial Ratios — BHLB Stock

Profitability (USD)

	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Return on Common Equity (%)	13.63	16.34	28.81	31.11	22.58	29.05	29.18	24.06	38.2	28.76	- -	- -	- -	- -	- -
Return on Assets (%)	0.5	0.5	0.71	0.75	0.55	0.69	0.69	0.53	0.89	0.77	-4.09	0.97	0.8	0.58	0.49
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	6.41	6.5	5.77	5.46	5.79	4.53	3.81	3.56	3.58	3.73	4.74	4.26	3.56	3.22	3.02
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	15.41	12.87	23.83	25.66	20.09	20.36	26.08	24.99	32.13	27.68	-139.59	39.06	27.52	19.02	20.72
Profit Margin (%)	12.99	12.19	16.81	18.13	14.9	18.47	19.75	15.14	24.59	21.76	-139.59	31.11	22.38	16.9	15.9
Net Income to Common Margin (%)	12.99	12.19	16.81	18.13	14.9	18.47	19.75	15.08	24.38	21.54	-139.67	31.11	22.38	16.9	15.9
Effective Tax Rate (%)	15.72	10.28	28.11	29.36	25.85	9.28	24.25	46.15	20.96	18.12	- -	20.37	18.7	11.14	23.28
Dvd Payout Ratio (%)	64.87	72.47	46.22	44.04	53.57	44.23	42.47	67.53	36.9	43.9	-7.06	20.69	26.51	45.56	50.72
Sustainable Growth Rate (%)	4.79	4.5	15.49	17.41	10.48	16.2	16.79	7.81	24.1	16.14	- -	- -	- -	- -	- -

Credit (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Debt	260	237	461	1,077	1,065	1,275	1,326	1,148	1,534	919	646	176	189	568	495
ST Debt	47	10	163	873	901	1,071	1,082	667	1,119	125	40	- -	- -	260	104
LT Debt	213	227	298	204	164	204	244	481	416	794	606	176	189	308	391
Total Debt/EBITDA	38.07	25.67	40.47	86.9	81.24	104.9	117.11	88.39	99.8	55.03	35.69	10.86	12.82	42.84	42.73
Net Debt/EBITDA	31.61	17.52	30.73	79.8	74.83	95.4	106.09	68.37	86.8	14.83	-54.49	-93.44	-38.06	-52.52	-59.59
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.61	2.71	2.31	2.51	2.41	2.35	2.38	2.07	2.53	2.74	-1.81	-1.2	-0.61	-0.26	-0.02
Long-Term Debt/Equity (%)	54.88	41.21	44.6	30.09	23.07	23	22.28	32.15	26.77	45.16	51.01	14.92	19.76	30.46	33.53
Long-Term Debt/Capital (%)	58.52	65.81	51.04	16.74	13.4	13.98	15.78	33.67	22.06	60.1	146.68	470.03	160.26	57.55	79.49
Long-Term Debt/Total Assets (%)	7.4	5.7	5.62	3.6	2.52	2.61	2.66	4.16	3.4	6.01	4.72	1.53	1.62	2.48	3.19
Total Debt/Equity (%)	66.98	43.02	69.05	158.77	150.09	143.74	121.25	76.75	98.81	52.27	54.38	14.92	19.76	56.14	42.4
Total Debt/Capital (%)	71.43	68.7	79.03	88.33	87.17	87.38	85.89	80.38	81.43	69.56	156.36	470.03	160.26	106.09	100.51
Total Debt/Total Assets (%)	9.03	5.95	8.7	18.98	16.37	16.28	14.47	9.93	12.57	6.95	5.03	1.53	1.62	4.57	4.03
Net Debt to Equity	55.62	29.37	52.43	145.79	138.25	130.72	109.84	59.37	85.94	14.09	-83.03	-128.29	-58.68	-68.82	-59.13
Net Debt/Capital (%)	67.49	59.97	72.17	86.47	85.3	85.53	83.96	75.29	78.45	33.4	86.15	95.39	98.62	104.36	108.55
EBITDA	7	9	11	12	13	12	11	13	15	17	18	16	15	13	12
EBITDA-CapEx	2	1	-8	-1	5	5	2	2	6	6	11	15	13	11	7
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.61	2.71	2.31	2.51	2.41	2.35	2.38	2.07	2.53	2.74	-1.81	-1.2	-0.61	-0.26	-0.02
Long-Term Debt/Equity (%)	54.88	41.21	44.6	30.09	23.07	23	22.28	32.15	26.77	45.16	51.01	14.92	19.76	30.46	33.53
Long-Term Debt/Capital (%)	58.52	65.81	51.04	16.74	13.4	13.98	15.78	33.67	22.06	60.1	146.68	470.03	160.26	57.55	79.49
Long-Term Debt/Total Assets (%)	7.4	5.7	5.62	3.6	2.52	2.61	2.66	4.16	3.4	6.01	4.72	1.53	1.62	2.48	3.19
Total Debt/Equity (%)	66.98	43.02	69.05	158.77	150.09	143.74	121.25	76.75	98.81	52.27	54.38	14.92	19.76	56.14	42.4
Total Debt/Capital (%)	71.43	68.7	79.03	88.33	87.17	87.38	85.89	80.38	81.43	69.56	156.36	470.03	160.26	106.09	100.51
Total Debt/Total Assets (%)	9.03	5.95	8.7	18.98	16.37	16.28	14.47	9.93	12.57	6.95	5.03	1.53	1.62	4.57	4.03
CFO/Total Liabilities	1.63	1.17	0.62	2.55	0.96	1.24	1.22	0.78	2.09	0.97	1.95	0.82	1.03	1.38	1.13
CFO/CapEx	8.1	5.03	1.52	9.72	6.61	11.76	10.78	6.94	23.77	10.56	31.58	52.79	74.07	86.35	27.41
Altman's Z-Score	0.14	0.13	0.12	0.14	0.12	0.13	0.14	0.13	0.13	0.15	0.04	0.09	0.1	0.08	0.1

Working Capital (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Accounts Receivable Turnover	- -	- -	26.81	15.23	14	14.03	12.63	12.19	12.18	12.21	9.16	9.48	10.29	8.24	7.49
Days Sales Outstanding	- -	- -	13.62	23.96	26.07	26.01	28.91	29.93	29.97	29.88	39.85	38.49	35.48	44.3	48.75
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Market Capitalization	206	276	380	499	501	645	918	1,180	1,045	1,405	785	1,300	1,289	1,050	1,209
- Cash & Cash Equivalents	44	75	98	76	72	104	113	249	183	580	1,558	1,628	685	1,203	1,128
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	41	41	41	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	260	237	461	1,077	1,065	1,275	1,326	1,148	1,534	919	646	176	189	568	495
Enterprise Value	423	18	276	739	402	662	921	740	1,037	474	-1,822	-2,029	-631	-608	16
Total Capital	364	346	583	1,219	1,221	1,459	1,543	1,429	1,884	1,321	413	38	118	536	492
Total Debt/Capital (%)	71.43	68.7	79.03	88.33	87.17	87.38	85.89	80.38	81.43	69.56	156.36	470.03	160.26	106.09	100.51
Total Debt / EV	0.62	13.01	1.67	1.46	2.65	1.93	1.44	1.55	1.48	1.94	-0.35	-0.09	-0.3	-0.94	31.8
EV/Sales	3.96	0.13	1.4	3.26	1.77	2.47	3.1	2.03	2.41	1.06	- -	- -	- -	- -	0.04
EV/EBITDA	61.8	1.97	24.24	59.69	30.64	54.43	81.32	56.94	67.44	28.37	- -	- -	- -	- -	1.34
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	10.39	0.45	9.63	5.8	7.19	7.67	9.38	9.47	4.67	4.25	- -	- -	- -	- -	0.12
EV/Free Cash Flow to Firm	9.25	0.38	5.8	5.26	6.25	7.07	8.58	8.28	4.48	3.88	- -	- -	- -	- -	0.12
Diluted Market Cap	207	277	382	502	503	648	923	1,192	1,049	1,410	785	1,308	1,299	1,055	1,216
Diluted Enterprise Value	423	439	744	1,503	1,496	1,820	2,135	2,132	2,441	1,790	-127	-143	802	420	582
EV per Share	30.48	1.02	12.43	29.82	16.24	23.31	29.71	18.86	22.53	9.62	- -	- -	- -	- -	0.37
TTM Sales	107	142	197	227	226	268	297	365	430	448	382	381	414	412	384
TTM EBITDA	7	9	11	12	13	12	11	13	15	17	18	16	15	13	12
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	41	40	29	127	56	86	98	78	222	112	228	85	111	157	125
TTM Free Cash Flow to Firm	46	48	48	141	64	94	107	89	232	122	235	86	112	159	130

Multiples (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Price/Free Cash Flow	4.53	5.75	8.03	3.57	7.83	6.93	8.61	13.34	4.53	11.55	3.34	15.14	11.57	6.64	9.37
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	423	18	276	739	402	662	921	740	1,037	474	-1,822	-2,029	-631	-608	16
Low Price	16.2	17.11	20.15	23.38	22.06	24.27	24.71	32.85	25.77	26.02	8.55	16.35	23.62	18.07	20.5
EV/Sales	3.96	0.13	1.4	3.26	1.77	2.47	3.1	2.03	2.41	1.06	- -	- -	- -	- -	0.04
EV/EBITDA	61.8	1.97	24.24	59.69	30.64	54.43	81.32	56.94	67.44	28.37	- -	- -	- -	- -	1.34
Price/Earnings	14.89	15.91	11.44	12.12	14.83	13.02	15.64	21.45	9.96	14.57	- -	10.95	13.93	15.08	19.81
Price/Earnings Average	12.68	14.87	10.65	11.32	13.47	12.31	11.84	20.98	13.95	13.18	-1.31	9.56	13.07	13.89	17.23
Price/Earnings High	22.85	24.89	16.38	17.71	19.99	17.6	19.73	28.51	19.42	17.22	-3.11	12.1	15.65	19.6	22.55
Price/Earnings Low	16.2	17.64	13.48	14.09	16.17	13.92	13.05	23.42	11.31	13.28	-0.81	6.78	11.63	11.24	14.28
Price/Book Value	1.98	2.55	3.1	3.51	3.19	3.5	4.21	4.93	3.38	3.89	-3.37	-9.36	-18.18	-32.19	-479.95
Price/Book Value Average	1.69	2.39	2.89	3.27	2.9	3.31	3.19	4.82	4.73	3.52	-2.99	-8.17	-17.06	-29.65	-417.38
Price/Book Value High	3.04	3.99	4.45	5.12	4.3	4.73	5.31	6.55	6.58	4.59	-7.13	-10.34	-20.42	-41.84	-546.29
Price/Book Value Low	2.16	2.83	3.66	4.08	3.48	3.74	3.51	5.38	3.83	3.54	-1.85	-5.8	-15.18	-23.99	-346.07
Price/Tangible Book Value	0.96	0.84	0.97	1.24	1.17	1.18	1.39	1.34	1.11	1.29	0.69	1.14	1.41	1.07	1.06
Price/Tangible Book Value Average	0.82	0.79	0.91	1.15	1.06	1.11	1.05	1.31	1.56	1.16	0.61	1	1.32	0.99	0.92
Price/Tangible Book Value High	1.47	1.31	1.39	1.81	1.57	1.59	1.76	1.78	2.17	1.52	1.46	1.26	1.58	1.39	1.21
Price/Tangible Book Value Low	1.04	0.93	1.15	1.44	1.27	1.26	1.16	1.46	1.27	1.17	0.38	0.71	1.17	0.8	0.76
Price/Sales	1.93	1.94	1.92	2.2	2.21	2.4	3.09	3.23	2.43	3.14	2.06	3.41	3.12	2.55	3.15
Price/Sales Average	1.65	1.81	1.79	2.05	2.01	2.27	2.34	3.16	3.4	2.84	1.82	2.97	2.92	2.35	2.74
Price/Sales High	2.97	3.03	2.75	3.21	2.98	3.25	3.9	4.3	4.74	3.71	4.35	3.76	3.5	3.31	3.58
Price/Sales Low	2.1	2.15	2.27	2.55	2.41	2.57	2.58	3.53	2.76	2.86	1.13	2.11	2.6	1.9	2.27
Price/Cash Flow	5.07	6.87	13.25	3.91	8.97	7.47	9.35	15.12	4.7	12.6	3.45	15.33	11.64	6.68	9.65
Price/Cash Flow Average	4.32	6.42	12.34	3.65	8.14	7.07	7.08	14.78	6.58	11.4	3.06	13.38	10.92	6.15	8.39
Price/Cash Flow High	7.78	10.75	18.97	5.72	12.09	10.1	11.79	20.09	9.16	14.89	7.3	16.93	13.08	8.68	10.99
Price/Cash Flow Low	5.52	7.62	15.61	4.55	9.77	7.99	7.8	16.5	5.34	11.49	1.89	9.5	9.72	4.98	6.96
Price/Free Cash Flow Average	3.85	5.38	7.48	3.34	7.11	6.55	6.51	13.05	6.34	10.45	2.96	13.21	10.86	6.11	8.15
Price/Free Cash Flow High	6.94	9	11.5	5.22	10.55	9.36	10.85	17.74	8.83	13.65	7.07	16.73	13	8.63	10.66
Price/Free Cash Flow Low	4.93	6.38	9.46	4.15	8.53	7.4	7.18	14.57	5.14	10.53	1.83	9.38	9.66	4.94	6.75
EV/Sales Average	3.67	2.95	3.63	6.46	6.39	6.64	6.42	5.74	6.64	3.69	- -	- -	1.72	0.81	1.09
EV/Sales High	4.99	4.17	4.59	7.62	7.36	7.62	7.98	6.88	7.97	4.56	1.96	- -	2.3	1.77	1.93
EV/Sales Low	4.13	3.29	4.1	6.96	6.79	6.94	6.66	6.11	5.99	3.71	- -	- -	1.4	0.36	0.62
EV/EBITDA Average	57.32	45.41	62.89	118.4	110.44	146.54	168.47	161.22	185.63	98.88	-11.93	-19.53	48.43	25.01	36.04
EV/EBITDA High	77.91	64.19	79.6	139.63	127.25	168.06	209.36	193.15	222.98	122.19	41.38	-0.96	64.66	54.99	64.06
EV/EBITDA Low	64.45	50.6	71.14	127.62	117.39	153.06	174.76	171.56	167.66	99.48	-26.64	-39.81	39.39	11.1	20.54
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	14.89	15.43	17.1	20.1	20.24	22.7	29.61	30.09	22.7	28.53	15.61	26.4	28.29	24.25	28.43
High Price	22.84	24.14	24.49	29.38	27.28	30.69	37.35	40	44.25	33.72	33.04	29.16	31.78	31.52	32.36
Enterprise Value Average	392	420	716	1,467	1,447	1,781	1,907	2,095	2,854	1,652	-216	-317	712	332	418
Enterprise Value High	533	594	906	1,730	1,667	2,043	2,370	2,509	3,428	2,041	749	-16	951	729	742
Enterprise Value Low	441	468	810	1,581	1,538	1,861	1,978	2,229	2,578	1,662	-482	-646	579	147	238

	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Shares Outstanding	14	21	25	25	25	31	36	45	45	50	51	49	44	44	46
Diluted Weighted Avg Shares	14	18	22	25	25	29	31	40	46	49	50	50	46	44	43
Basic Weighted Avg Shares	14	18	22	25	25	28	31	39	46	49	50	49	46	43	43
Revenue per Share	7.7	7.96	8.89	9.15	9.16	9.44	9.59	9.3	9.34	9.09	7.6	7.75	9.08	9.51	9.03
EBITDA per Share	0.49	0.52	0.51	0.5	0.53	0.43	0.37	0.33	0.33	0.34	0.36	0.33	0.32	0.31	0.27
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1	0.97	1.49	1.66	1.36	1.74	1.89	1.4	2.28	1.96	-10.61	2.41	2.03	1.61	1.44
Basic EPS from Cont Ops	1	0.92	1.52	1.66	1.36	1.74	1.89	1.25	2.37	2.06	-10.21	2.41	2.03	1.61	1.44
Diluted EPS, GAAP	1	0.97	1.49	1.65	1.36	1.73	1.88	1.39	2.27	1.95	-10.61	2.39	2.02	1.6	1.43
Diluted EPS from Cont Ops	1	0.92	1.51	1.65	1.36	1.73	1.88	1.24	2.36	2.05	-10.21	2.39	2.02	1.6	1.43
Dividend per Share	0.65	0.67	0.7	0.73	0.73	0.77	0.8	0.85	0.89	0.92	0.73	0.5	0.54	0.73	0.73
Cash Flow per Share	2.94	2.25	1.29	5.14	2.26	3.04	3.17	1.99	4.83	2.26	4.53	1.72	2.43	3.63	2.95
Free Cash Flow per Basic Share	2.57	1.8	0.44	4.61	1.92	2.78	2.87	1.7	4.63	2.05	4.38	1.69	2.4	3.59	2.84
Cash & Equivalents per Share	3.18	27.68	25.42	33.69	47.05	44.31	42.68	41.54	34.39	38.39	64.71	71.19	46.28	51.41	39.71
Book Value per Share	7.51	6.05	5.51	5.73	6.34	6.49	7.03	6.11	6.72	7.34	-4.63	-2.82	-1.56	-0.75	-0.06
Tangible Book Value per Share	15.55	18.36	17.56	16.26	17.36	19.28	21.27	22.48	20.36	22.17	22.61	23.09	20.12	22.65	26.83

Berkshire Hills Bancorp, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)