Ohio Economy – GPAOH http://gpaoh.com/ Fri, 18 Nov 2022 08:38:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://gpaoh.com/wp-content/uploads/2021/07/icon-4-150x150.png Ohio Economy – GPAOH http://gpaoh.com/ 32 32 Dollar softens after short-lived rally, consolidations continue https://gpaoh.com/2022/11/18/dollar-softens-after-short-lived-rally-consolidations-continue/ Fri, 18 Nov 2022 05:54:39 +0000 https://gpaoh.com/2022/11/18/dollar-softens-after-short-lived-rally-consolidations-continue/ FX markets continue to remain in consolidation mode in the Asian session. The attempted recovery of the dollar overnight was rather short-lived. The pound sterling is also regaining ground after an initial reaction to the new budget of the British government. The yen is also weak despite strong CPI data from Japan. Overall, the New […]]]>

FX markets continue to remain in consolidation mode in the Asian session. The attempted recovery of the dollar overnight was rather short-lived. The pound sterling is also regaining ground after an initial reaction to the new budget of the British government. The yen is also weak despite strong CPI data from Japan. Overall, the New Zealand Dollar is the strongest this week so far, followed by the British Pound and then the Euro. The Swiss franc is the worst followed by the yen, then the Canadian.

Technically, the break of the 82.38 support by WTI Oil increases the likelihood that the corrective recovery from 76.61 has been completed with three waves down to 94.25. This came after rejection by a 38.2% retracement from 124.12 to 76.61. Sustained trading below 82.38 will confirm the case for a resumption of the downtrend to 76.61 low. If that happens, it could put additional pressure on the Canadian dollar, especially against other commodity-related currencies.

In Asia, at the time of writing, the Nikkei is down -0.13%. Hong Kong’s HSI index is up 0.31%. China Shanghai SSE is down -0.05%. The Singapore Strait Times is down -0.48%. Japan’s 10-year JGB yield is down -0.0029 to 0.246. Overnight, the DOW fell -0.02%. The S&P 500 fell -0.31%. The NASDAQ fell -0.35%. The 10-year yield rose from 0.083 to 3.775.

Fed Kashkari: We can’t be too convinced by one-month data

Minneapolis Fed Chairman Neel Kashkari said yesterday: “I need to be confident that inflation has at least stopped climbing, that we are not falling further off the curve, before advocating a halt to the progression of future rate hikes,” adding, “we’re not there yet.

Kashkari acknowledged that the October CPI data provided “some evidence that inflation is at least plateauing.” Still, “we can’t be too confident with one month’s data.”

“It’s an open question how far we’re going to have to go with interest rates to drive that demand down the balance,” he said.

SNB Maechler sees the risk of more persistent inflation

SNB Board Member Andrea Maechler said yesterday: “Our mandate is to bring inflation down and we will use the tools at our disposal to do so…If we see our inflation forecast at above 2%, we will continue to raise rates.”

“Inflation started out as shocks, but it’s not just shock-driven anymore,” Maechler said. “We see inflation as likely to be more persistent.”

“It is very important that we remain focused on implementing policies to achieve price stability in a consistent and sustainable manner.”

On the Swiss franc’s exchange rate, she said the appreciation “has actually helped us keep our inflation well below that of some of our neighboring countries.”

Yet, she added, “we are willing – if the exchange rate were to rise too quickly, too high – to use intervention to buy foreign currency… We are also willing, if the exchange rate becomes too high. weak, sell exchange rate, but we are not yet ready to reduce our balance sheet as a policy in itself. It’s not the right time.”

Japan’s core CPI hits 40-year high, BoJ Kuroda rules out rate hike

Japan’s headline CPI rose from 3.0% to 3.7% yoy in October, above expectations of 2.7% yoy. Core CPI (all commodities excluding fresh food) rose from 3.0% to 3.6% yoy, above expectations of 3.5% yoy. This is the highest level in 40 years since 1982. The core-core CPI (all items excluding fresh food and energy) rose from 1.8% yoy to 2.5% yoy, above expectations of 1.9% YoY.

BoJ Governor Haruhiko Kuroda said core inflation was rising “quite enough” but he expects it to slow to less than 2% in the next fiscal year.

“Raising interest rates now could delay Japan’s economic recovery,” Kuroda told parliament. “I’m not saying the BOJ can’t raise rates indefinitely. I say it is inappropriate to raise rates now, in light of current economic and price developments.

“It is difficult to achieve our 2% inflation target sustainably unless nominal wages rise steadily,” Kuroda said. “We will continue our monetary easing to support the economy and achieve our inflation target of 2% in a sustained and stable manner, supported by wage growth.

Look forward

UK retail sales are the only feature of the European session. Canada will release the IPPI and RMPI later today, while the US will release existing home sales.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3288; (P) 1.3344; (R1) 1.3384; After….

The intraday bias on USD/CAD remains neutral for now. On the upside, the break of 1.3494 support turned resistance into an argument that the fall from 1.3976 ended in three waves to 1.3224. A new rally would then be first seen towards the resistance at 1.3807. However, sustained trading below 1.3207 cluster support (61.8% retracement from 1.2726 to 1.3976 to 1.3204) will lead to more bearish implication and then target 1.2952 support.

Overall, as long as 1.3222 cluster support (38.2% retracement from 1.2005 to 1.3976 to 1.3223) holds, the broader uptrend from 1, 2005 (2021 low) is likely to rally further to 1.3976 high at a later stage. . However, a firm break of 1.3222/3 will indicate that the trend may have reversed. A deeper drop would be seen until the next cluster support at 1.2726 (61.8% retracement at 1.2758).

Economic Indicators Update

GMT Ccy Events Real Provide Previous amended
23:30 JPY National CPI Core Y/Y Oct 3.60% 3.50% 3.00%
00:01 GBP GfK Consumer Trust -44 -46 -47
07:00 GBP M/M retail sales Oct. 0.30% -1.40%
07:00 GBP Retail Sales Y/Y Oct -6.50% -6.90%
07:00 GBP Retail sales excluding fuel M/M Oct 0.60% -1.50%
07:00 GBP Retail sales excluding fuel Y/Y Oct -6.70% -6.20%
13:30 BODY Industrial Product Price M/M Oct 0.20% 0.10%
13:30 BODY Commodity Price Index Oct. -1.00% -3.20%
15:00 USD Existing Home Sales Oct. 4.36M 4.71M
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Nepheline Syenite Market 2022 Product Type, Applications/End User, Key Players and Geographical Regions 2028 – The C-Drone Review https://gpaoh.com/2022/11/15/nepheline-syenite-market-2022-product-type-applications-end-user-key-players-and-geographical-regions-2028-the-c-drone-review/ Tue, 15 Nov 2022 04:09:58 +0000 https://gpaoh.com/2022/11/15/nepheline-syenite-market-2022-product-type-applications-end-user-key-players-and-geographical-regions-2028-the-c-drone-review/ MarketsandResearch.biz reports provide detailed information Global nepheline syenite market from 2022 to 2028 analysis with accurate estimates and forecasts, offering comprehensive research solutions for strategic decision making aimed at providing maximum industry clarity. The report assesses the opportunities and existing market status along with insights and updates on related segments involved in the Global Nepheline […]]]>

MarketsandResearch.biz reports provide detailed information Global nepheline syenite market from 2022 to 2028 analysis with accurate estimates and forecasts, offering comprehensive research solutions for strategic decision making aimed at providing maximum industry clarity. The report assesses the opportunities and existing market status along with insights and updates on related segments involved in the Global Nepheline Syenite Market for the forecast period 2022-2028.

Leading companies in the Global Nepheline Syenite Market are assessed based on their market share, late-breaking events, new product launches, organizational structures, consolidations or acquisitions, and markets served. Apart from this, the report presents growth predictions for the forecast period and a review of the major players who are effectively operating in this market.

DOWNLOAD FREE SAMPLE REPORT: https://www.marketsandresearch.biz/sample-request/264196

This research examines the market in detail, including market shares and growth potential, by product type, application, major manufacturers, important regions and countries, and forecast by years. The study examines the new competitors that have been included in the Global Nepheline Syenite Market report.

The following regions and countries are included in the global nepheline syenite market report:

  • North America (United States, Canada and Mexico)
  • Europe (Germany, France, UK, Russia, Italy and Rest of Europe)
  • Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
  • South America (Brazil, Argentina, Colombia and rest of South America)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa and Rest of Middle East and Africa)

The main suppliers/manufacturers in the industry are

  • Unimin (Covia)
  • Sibelco Europe
  • OJSC Apatit
  • 3M

The Nepheline Syenite Global Market Research also examines major ongoing actions including new product launches, mergers and acquisitions, and alliances. Types of Market Segmentation:

  • Below 0.09% Fe2O3
  • 0.09%-0.1% Fe2O3
  • Above 0.1% Fe2O3

Market segmentation based on application:

  • Glass
  • Ceramic
  • Coatings and polymers
  • Others

ACCESS FULL REPORT: https://www.marketsandresearch.biz/report/264196/global-nepheline-syenite-market-2022-by-manufacturers-regions-type-and-application-forecast-to-2028

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Massive concentration of state-owned companies seen as way to escape pressure on Chinese policymakers https://gpaoh.com/2022/11/12/massive-concentration-of-state-owned-companies-seen-as-way-to-escape-pressure-on-chinese-policymakers/ Sat, 12 Nov 2022 19:09:42 +0000 https://gpaoh.com/2022/11/12/massive-concentration-of-state-owned-companies-seen-as-way-to-escape-pressure-on-chinese-policymakers/ News analysis Beijing’s consolidation of state-owned enterprises is accelerating in its final phase. Experts say this is a step backwards and inefficient state-owned mega-enterprises will only worsen China’s economic decline. On October 31, the State Council Public Assets Supervision and Administration Commission (SASAC) held a restructuring contract signing ceremony with 20 major enterprises, including China […]]]>

News analysis

Beijing’s consolidation of state-owned enterprises is accelerating in its final phase. Experts say this is a step backwards and inefficient state-owned mega-enterprises will only worsen China’s economic decline.

On October 31, the State Council Public Assets Supervision and Administration Commission (SASAC) held a restructuring contract signing ceremony with 20 major enterprises, including China National Cereals, Oils and Foodstuffs Corporation ( COFCO) and China Baowu Steel Group. These central enterprises will eventually be integrated into 11 groups, according to the official Party media, Xinhua.

A similar move took place on July 12, when 23 core enterprises were merged into 13 integration project groups covering digital technology, energy equipment, supply chain services and other areas, accounting for about a quarter of companies supervised by SASAC.

Li Yanming, a U.S.-based China expert and current affairs commentator, told The Epoch Times that the efforts of the Chinese Communist Party (CCP) will only accelerate the process of self-destruction, citing that its status monopoly is tantamount to going back to how it was, because these mega state enterprises are often plagued by corruption and inconvenience.

Central enterprises, or enterprises reporting directly to the Central Committee, are public enterprises in which the Council of State or SASAC plays the role of financier and whose capital is wholly owned or controlled. Currently, there are about 98 central enterprises managed by SASAC, covering almost all economic sectors.

A health worker wears protective gear as he performs a throat swab for a nucleic acid test to detect COVID-19 at a mass testing site after new cases were found in the area, the April 6, 2022 in Beijing, China. (Kevin Frayer/Getty Images)

The Internal and External Misfortunes of the CCP

According to Li, the CCP accelerating the integration of central enterprises is a reaction to the internal economic crisis and external international pressure to remain viable.

China has been crippled by serious economic problems due to its long “dynamic zero-COVID” anti-virus policy.

The real estate market has been one of the hardest hit. A large number of property developers have been under enormous pressure due to default following the bankruptcy of the sector’s pioneering group, Evergrande. In addition, millions of pre-sold buildings, left unfinished by developers, force buyers to withhold mortgage payments, which exacerbates financial and banking risks.

The real estate sector and its associated industries once accounted for about a third of China’s GDP.

Chinese tech giants also face the exodus of foreign investors due to regulatory repression. For example, Japan’s SoftBank sold a third of its stake in e-commerce firm Alibaba this year, and tech giant Tencent’s largest shareholder, Naspers, a South African media group, significantly reduced its stake in Tencent.

In Western countries, the attitude of the United States towards the CCP has seen the biggest turnaround in nearly half a century under the Trump presidency. The free world, led by the United States, began to disassociate itself from China and hunt down the increasingly authoritarian communist regime.

On October 12, a new U.S. chip ban went into effect, stating that high-end chips under 14 nanometers are completely unavailable to Chinese companies, and U.S. experts in the field are no longer allowed to help Chinese enterprises to develop or produce. high-end chips – an almost hopeless prospect for Chinese semiconductor companies.

However, the CPC will not stop accelerating its rapid development plans in a bid to alleviate its economic and political woes, and even achieve its global expansion ambitions, Li said.

The purpose of promoting the consolidation of central enterprises is to concentrate resources on enterprises with advantages and major industries, improve core competitiveness in the whole industrial chain, and compare with the best enterprises international organizations, as the Xinhua spokesperson stated on July 18.

On the other hand, Li believes that the consolidation of central enterprises can be seen as a reshuffling of Xi’s interests and a vital purge in the economic and financial spheres, since state-owned enterprises and some large so-called private enterprises have long been dominated by interests. families of former leaders Jiang Zemin and Zeng Qinghong.

Since Xi took control as the first power of the CCP in 2012, he has carried out a series of purges using the “barrel of a gun” (military system), the “barrel of a pen” (system of propaganda) and the “barrel of a gun”. blade” (political and legal system) but made no move on the “money bag” (financial system) until the stock market crashed in Shanghai and Shenzhen from June to July 2015. Xi then sought to tighten its grip on the financial system and central enterprises, Li said.

Epoch Times Photo
Smoke rises from steel slag at a steel plant in Chongqing March 1, 2007 in Chongqing Municipality, China. (China Photos/Getty Images)

History of central enterprise restructuring

Besides the consolidations, at least 26 groups of 47 central enterprises underwent the so-called strategic reorganization and formed several supergiant enterprises, such as Ansteel Group, China Sinochem Holdings, China State Shipbuilding Group, Baowu Steel Group and China Ocean. Shipping Group according to Xinhua on July 18.

The Chinese government has indicated that these projects could be horizontal mergers of similar enterprises, vertical integrations of upstream and downstream industrial chains between central enterprises, adjustments of similar enterprises within central enterprises or mergers of large central companies with local companies. The specific methods of integration are an amalgam using reorganization, asset exchange, free transfer or capital cooperation and strategic alliance.

Meanwhile, the authorities also set up ten new central enterprises, including Sinomine Resource Group, China Satellite Network Group, China Electrical Equipment Group, China Logistics Group and China Rare Earth Group.

The size of the reorganized central enterprises is appallingly gigantic. In 2016, for example, the restructuring of China Ocean Shipping Group and China Overseas Holdings includes eight listed companies, 118,000 employees and total assets of 610 billion yuan (about $84.4 billion), a deal described as the most complex in history. of the capital market and which both parties had been planning for at least six months. It is just one case among 50 central enterprise groups to be integrated, according to a report by Chinese financial media Yicai on Feb. 18, 2016.

Weng Jieming, deputy director of SASAC, said at a meeting on September 1 that more companies will form a new model of “one company for one industry and one company for one industry,” which means that each industry should be monopolized by a single CCP-controlled company. central enterprise, and each of these central enterprises should focus on a single industry.

Inefficiency of central enterprises

The CCP imposed a planned economy since taking power in 1949 and pursued a policy of “reform and opening up” in the late 1970s to renew itself.

Zhang Weiying, a professor of economics at Peking University, pointed out in an article published in the Hong Kong-based newspaper Ifeng Financial on Feb. 14, 2014, that problems with Communist Party state-owned enterprises affect Chinese people. economy.

Zhang said that if the government gives state-owned enterprises more franchises, such as tax, credit, land, licensing and other preferential treatment, than private enterprises, whether state-owned enterprises can receive government subsidies. in case of operating losses and if the leaders of public enterprises have official party position, there will not be a level competitive environment. If the competitive environment is not fair, state enterprises can outperform private enterprises in all respects despite their poor performance, then the market is not viable.

He added that the practice in China proves that state-owned enterprises can only survive under the protection of the communist government because they are so inefficient that privileges are not enough to compensate for their inefficiency. Consequently, many local governments had to privatize their own public enterprises in the 1990s.

But these lucrative state industries are largely inaccessible to the private sector, Zhang said.

Even if private enterprises are eliminated in China, there still cannot be fair competition in an economy made up entirely of state-owned enterprises. “The reason is that different SOEs belong to different levels and local governments, and it is impossible for one level of government to treat its own SOEs and other SOEs equally. The result is that each state-owned company enjoys privileges in its own administrative area and is discriminated against elsewhere,” Zhang said.

“No matter how strong the central authority is, that would be no way to solve this problem,” Zhang added.

The opinions expressed in this article are the opinions of the author and do not necessarily reflect the opinions of The Epoch Times.

Shawn Lin

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Shawn Lin is a Chinese expat living in New Zealand. He has contributed to The Epoch Times since 2009, with a focus on China-related topics.

Lynn Xu

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BERKSHIRE HILLS BANCORP INC MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q) https://gpaoh.com/2022/11/09/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://gpaoh.com/2022/11/09/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


                                                                              63

————————————————– ——————————

  Table of Contents
                                             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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Catholic parishes on the chopping block? Don’t Sell Them — Do This Instead… | National Catholic Register https://gpaoh.com/2022/11/06/catholic-parishes-on-the-chopping-block-dont-sell-them-do-this-instead-national-catholic-register/ Sun, 06 Nov 2022 11:00:19 +0000 https://gpaoh.com/2022/11/06/catholic-parishes-on-the-chopping-block-dont-sell-them-do-this-instead-national-catholic-register/ The haemorrhage of physical assets from the Catholic Church in the United States continues unabated. Parish “consolidations” or outright closures continue, often reported unilaterally and approvingly by the diocesan press, without criticism of a bishop’s decisions. These sellouts are often referred to as “responsible stewardship” and sometimes even touted in Orwellian terms as “the renewal […]]]>

The haemorrhage of physical assets from the Catholic Church in the United States continues unabated. Parish “consolidations” or outright closures continue, often reported unilaterally and approvingly by the diocesan press, without criticism of a bishop’s decisions. These sellouts are often referred to as “responsible stewardship” and sometimes even touted in Orwellian terms as “the renewal of the local church” through its controlled destruction.

Its defenders and base types retort, “Well, what else can we do? Look at the numbers!”

Some students of the School of Architecture of Notre-Dame perhaps show this other can be done through a creative project in South Bend, Indiana.

St. Hedwig’s and St. Patrick’s were two ethnic Catholic parishes a block apart that now operate through a single pastor. Each has a full range of parish facilities: presbytery, convent, school, car parks. The first was the Polish parish, the second the Irish parish of the city. Like many other Rust Belt towns, South Bend has experienced deindustrialization, decline, and urban exodus. He was also lucky to have the Notre-Dame school of architecture nearby.

This, coupled with South Bend’s desire to reinvest in the city, has generated city and university plans for moderate community-focused initiatives to bring simpler, affordable, and beautiful housing to the city to anchor and stabilize – essentially to revitalize – urban neighborhood life near Historic Center of South Bend.

One such initiative was undertaken by Professor Philip Bess with students from the School of Architecture to repopulate the mostly vacant diocesan-owned 8-acre site on the south-west side of town, on which stands find St. Hedwig’s and St. Patrick’s. Together with the pastor of the now-consolidated parish and leaders of St. Thomas More Academy – a rapidly growing primary school with ambitions to become K-12 – the block is being redeveloped in a piecemeal fashion to do three things:

  • visually connect and celebrate the two existing church buildings as neighborhood assets;
  • provide new buildings and spaces for the parish and school; and
  • to make modest but beautiful and sustainable living quarters and in-between spaces for teaching staff and married university students as components of a stable parish community that both supports the respective missions of the parish and the school and contributes to the revitalization of the wider neighborhood.

The South Bend project corresponds to the motto of the school of architecture: “Design for good”.

Skeptics might say it’s good that two parishes can find a better future, but the lessons of the South Bend project deserve to be replicated on a wider, even national scale.

Consider the parochial properties that are usually found on a bishop’s block. It is usually a large urban property with a school possibly still in operation, probably an old convent, other meeting space, an oversized rectory and parking lots. Sometimes there are even multiplications of such facilities, as in South Bend, where two such parish factories occupied adjacent blocks, or my hometown – Perth Amboy, New Jersey – where what were once Slovak and Italian parishes were one block away, with two churches, two parking areas, schools (in the case of the Italians, one floor below), convents and presbytery.

All this property is paid for. It’s all off tax rolls because of religious exemptions. Of course, you can sell it to a developer for immediate cash flow.

Or you could think about how to reuse it for the mission of the Church today.

There is no immediate urgency to dispose of the property: bishops do not pay taxes on assets. With regard to underutilized land, this can be an advantage because it means that a diocese can develop its property slowly, thoughtfully and carefully. Of course, parishes should take care of minimal maintenance, especially for unused and underused buildings. But how can the church proactively leverage the assets it possesses to advance its mission and reaffirm its commitment to a city or town? today?

South Bend project shows what has become underutilized space box be rearranged to advance the mission of the Church—religious, educational, and community—under present conditions. The church building survives. Schools stabilize urban areas and provide an education for city children and their parents seeking opportunities often missing from public schools. Urban environments are suddenly reinhabited. And cities are getting a new lease on life.

Notre-Dame’s School of Architecture has shown great interest in “new urbanism”, a movement which claims that our patterns of urban design and construction for the past 75 years have become increasingly anti-human as they undermine community relationships, long-term economic prosperity, and well-maintained natural and agricultural environments essential to human flourishing across generations.

Instead of contiguous mixed-use communities, post-war prosperity and transportation divided life into distinct sectors: work here, shops there, school here, homes there. Although all of these aspects of life must be experienced, often every day, our ability to do so depends on cars because we have organized our lives in physical spaces that we cannot otherwise reach.

Traditional European and American cities – in fact, most places in the world before 1945 – don’t look like this. Places to live, eat, work, play, learn and worship were (and are) closer together and, when cleverly located and arranged, formed a rich fabric of places which are precisely the historical fitness of communities. A gnostic disregard for embodied human nature tied to beautiful buildings and public spaces is precisely what is represented in our current urban and suburban patterns of remote human settlement.

America’s current cityscape was the product of a postwar boom—demographically and economically—that encouraged the urban sprawl made possible by cars and roads. He made possible the emptiness of cities. With a shrinking and aging population, economic uncertainties, rising fuel prices and environmental concerns, this pattern of urban living is likely unsustainable in the future.

But it’s not just a matter of “we want to but can’t continue” to build this way; it’s a question of “should we?” Urban design that divides people’s residential, work, school, business and social life into separate and disconnected spaces is essentially inhumane. People are not “invested” anywhere where every place is transitory.

These phenomena will affect our way of life in the future, including where and how we physically live. It is time for a larger conversation and for the Church to be a proactive and intelligent participant.

How many other underutilized Church properties in places like Perth Amboy, Detroit, Chicago, Newark, Buffalo, etc., could be similarly renewed? Instead of permanently losing physical real estate, it is reallocated in a way that continues the mission of the Church, especially among the poor (which in America increasingly includes the working and lower middle classes) and the marginalized? How is this not a better ecclesiastical response than cut-and-run, generating a temporary injection of capital that can be spent quickly in support of assets not yet cut-and-run?

Ours is a sacramental Church, that is to say, it is incarnated in real places. Let’s face it: Selling a property means predictable disconnection from that place in the future. Working with creative thinking like the new urban architects of Notre-Dame, local governments desperate for urban renewal and a Church whose mission in every place is to be and not to flee, is there not better ways to approach the changing landscape of the Church in the United States?

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🌱 Jeffco votes on school closures + missing 12 + Big Tree https://gpaoh.com/2022/11/03/%f0%9f%8c%b1-jeffco-votes-on-school-closures-missing-12-big-tree/ Thu, 03 Nov 2022 11:56:49 +0000 https://gpaoh.com/2022/11/03/%f0%9f%8c%b1-jeffco-votes-on-school-closures-missing-12-big-tree/ Hello again everyone ! I’m back with your new edition of the Lakewood Daily, fresh off the press. Let’s start this Thursday off right, with a quick rundown of everything you need to know about what’s happening in town these days. In today’s issue, you’ll find these stories and more… Big gear upcoming trade show […]]]>

Hello again everyone ! I’m back with your new edition of the Lakewood Daily, fresh off the press. Let’s start this Thursday off right, with a quick rundown of everything you need to know about what’s happening in town these days. In today’s issue, you’ll find these stories and more…

  • Big gear upcoming trade show in colorado through Utah.
  • Authorities looking for a missing 12 year old girl after his disappearance between his school and his parents’ house.
  • Jeffco School Board Set to Vote school closings on November 10.

Thursday’s weather: Afternoon rain and drizzle High: 48 Low: 25.


🏡 Attention real estate pros in Lakewood! We are now offering an exclusive sponsorship opportunity for an agent interested in attracting local clients and standing out from the competition. Click here to find out more.


Here are the top stories in Lakewood today:

  1. Jeffco School District is expected to vote on recommended school closures Nov. 10. Over the past few months, parents have inquired at their schools and at district community meetings about consolidations and how enrollment will work in the future. (Arvada Press)
  2. Jefferson County Sheriff’s Office looking for a 12-year-old fugitive. Aneylis Perez was last seen at her home near S. Kipling & W. Florida in Lakewood around 3:30 p.m. Wednesday. (7News)
  3. Denver will have the largest digital Christmas tree yet again this year. The Mile High Tree is a seven-story digital tree that will provide nighttime light shows that will be synced to a variety of holiday music tracks. (KUSA)
  4. Denver is booking another outdoor industry show. After the Outdoor Retailer show returned to Utah, the outdoor industry and the state outdoor recreation industry office sprang into action and successfully recruited the Big Gear show, that will attract global, national and regional brands to Denver. (Gazetta)

Today’s Lakewood Daily is brought to you by T-Mobile. T-Mobile has invested billions to power up its best network yet, covering 99% of people in America with LTE, helping to keep communities like ours informed and connected. We thank T-Mobile for their support and for making today’s Lakewood Daily possible.

  • Lakewood will become the first town in Colorado to receive the fiber network to the Google Fiber building, expanding the competitive market for high-speed broadband service for city residents and businesses. (Lacwood)
  • Take photos, share stories, win prizes. The Green Mountain Recreation Center Fitness Field and Quail Street Park Playground are November’s “Your Money at Work” projects. Take a photo of either and share what they mean to you and your community. (Lakewood together)

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Thanks for following and staying informed! I will join you early tomorrow morning with a new update. — Brad K. Evans

Do you have a news tip or a suggestion for an upcoming Lakewood Daily? Contact me at lakewoodpatch@gmail.com

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Crypto Market Review, October 31 https://gpaoh.com/2022/11/01/crypto-market-review-october-31/ Tue, 01 Nov 2022 00:04:48 +0000 https://gpaoh.com/2022/11/01/crypto-market-review-october-31/ Arman Shirinyan Memecoin rally continues as Ethereum investors struggle with major resistance level Contents $1,800 is the next destination Dogecoin needs it to continue Ethereum was mainly the reason for the most recent growth in the cryptocurrency market as the second largest cryptocurrency rushed towards local resistance and successfully broke it. Despite a loss of […]]]>
Arman Shirinyan

Memecoin rally continues as Ethereum investors struggle with major resistance level

Contents

  • $1,800 is the next destination
  • Dogecoin needs it to continue

Ethereum was mainly the reason for the most recent growth in the cryptocurrency market as the second largest cryptocurrency rushed towards local resistance and successfully broke it. Despite a loss of speed, the continuation of the rally is still possible.

$1,800 is the next destination

While Ether has yet to reach the next psychological level at $1,700, the actual resistance for the world’s second largest digital asset is a bit higher from a technical perspective. The $1,700 will likely be broken relatively quickly if Ether gains momentum in the market, but $1,800 is another story.

According to the daily chart of ETH, the bulls have formed a strong resistance at $1,775, which is confirmed by the cross order book. There are two reasons behind this: the 200-day moving average and the historic resistance level that formed after Ether broke from $1,780 and lost nearly 20% of its value in a matter of minutes. days.

Ethereum Chart
Source: Trading View

Large and strong breakout points usually turn into resistance levels as investors tend to actively sell assets to break even. As this process repeats, consolidation channels form and cause prolonged consolidations. Once traders have gotten rid of most of their funds, a new breakout becomes a matter of time.

Ads

For now, Ethereum is moving sideways due to the lack of volume in the market. The most likely reason for the lack of momentum could relate to heightened investor fears caused by the oversold nature of Ethereum.

However, even a slight correction or consolidation will cause the RSI to return to the normal zone, which will be a signal for investors and traders to resume market entries.

Dogecoin needs it to continue

The 140% rise in memecoin reignited interest in risky assets once again. However, it has not been easy to maintain the pace we have seen on DOGE since the beginning, and the most important thing the memecoin needs right now is a correction.

A continuation of the rally will most certainly lead to even more retail inflows into the coin, which is a negative factor for assets going through a volatile rally. Whenever the first correction occurs, the market will not be able to cover the existing selling pressure and Dogecoin will face the fate of assets like Shiba Inu.

However, a well-timed correction will allow the memecoin to cool down and then rise again. During the last rally in April 2021, Doge lost almost 70% of its value after the first correction following the pump but managed to climb even higher since the reversal that allowed DOGE to cool appeared a few days after the initial pump.

At press time, Dogecoin is trading at $0.12 with a price increase of 3.4% in the last 24 hours, but given its volatility, the situation in the market could change drastically within hours. .

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DOGE Price crosses 10 cents, Where NEXT? https://gpaoh.com/2022/10/29/doge-price-crosses-10-cents-where-next/ Sat, 29 Oct 2022 11:03:34 +0000 https://gpaoh.com/2022/10/29/doge-price-crosses-10-cents-where-next/ In a previous article, 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 article, 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 since 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 Rising DOGE Price – 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://gpaoh.com/2022/10/26/denver-public-schools-recommends-closing-10-elementary-and-middle-schools/ Wed, 26 Oct 2022 00:35:01 +0000 https://gpaoh.com/2022/10/26/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 out […]]]>

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 out of ten schools have a student body that is over 85% students of color, and eight out of 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. Analysis by 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, an advisory 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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New Brooks TLC projects lower deficit | News, Sports, Jobs https://gpaoh.com/2022/10/22/new-brooks-tlc-projects-lower-deficit-news-sports-jobs/ Sat, 22 Oct 2022 04:23:45 +0000 https://gpaoh.com/2022/10/22/new-brooks-tlc-projects-lower-deficit-news-sports-jobs/ From 2018 to 2021, Brooks-TLC Hospital System budget deficits totaled more than $55 million. Much of those losses — some $40 million — were recovered by New York State taxpayers through the vital access provider’s insurance program, while COVID relief funds picked up the rest. . If a new care facility is built […]]]>

From 2018 to 2021, Brooks-TLC Hospital System budget deficits totaled more than $55 million. Much of those losses — some $40 million — were recovered by New York State taxpayers through the vital access provider’s insurance program, while COVID relief funds picked up the rest. .

If a new care facility is built in Fredonia on the former Cornell Cooperative Extension site on East Main Street near the roundabout, however, it is hoped that these losses can be reduced to $3.3 million per year. “the best,” according to members who participated in a commission on future plans. “So in the best-case scenario, the hospital will need significant ongoing budget support, probably in perpetuity,” note the report.

While not a best-case scenario, it is a marked improvement over the nearly $15 million in losses currently absorbed annually by Brooks-TLC.

As part of the commission’s task to finalize its report on the region’s health care system, it reviewed both the plans for the proposed new facility and the financial breakdown of the project.

On Friday, the OBSERVER detailed the summary of the report which called for a new state-of-the-art building “essential” north of the county and also supported the plan for a micro-hospital with an adjacent ambulatory care center.

The members of the Commission also argued that the facility can be maintained – if and only if:

Ø Kaleida Health assumes full responsibility through a full merger of assets with Brooks-TLC.

Ø Kaleida is able to maintain a sufficient base of providers in the region who will refer to the new hospital.

Ø Kaleida is willing and able to absorb the ongoing financial consequences of this arrangement.

If the proposed project between Brooks-TLC and Kaleida cannot proceed, the panel recommends “a strong alternative partner should be sought as soon as possible to ensure the health care needs of the community are met”.

Commission members were convened in late July by State Senator George Borrello, Assemblyman Andrew Goodell, Chautauqua County Executive PJ Wendel and Dunkirk Mayor Wilfred Rosas after a proposed new construction was not accepted by the state health department. Members of the Commission include: Chairman Richard Ketcham, former CEO of Brooks; Dr. Robert Berke, who served in the past as county health commissioner; Anthony J. Cooper, who previously served as president and CEO of Arnot Health System in Elmira; and Charles Nazzaro, who served as UPMC Chautauqua’s chief financial officer.

In the commission’s report, the $71 million in state funding — provided since 2016 — would be broken down in this regard:

¯ $750,000 for the acquisition of the land.

¯ 37 million dollars for the micro-hospital.

¯ $17 million for the medical practice building, which would also be located on campus.

¯ $3 million for design fees and legal fees.

¯ $7 million to Kaleida for service bundle support costs.

¯ $6 million for equipment.

For all monetary figures noted in the report, which include operations and cost breakdowns, the commission relied on projections by accounting firm Freed Maxick in Buffalo. Some $12 million in savings noted by Freed Maxick included: the closure of the service line, which is the elimination of obstetrics wards and the intensive care unit, totaling $7.7 million; $3.6 million in savings from new facility efficiencies; and $780,000 in savings from consolidation of Kaleida’s back office and IT technology.

In terms of revenue opportunities, volume growth is expected to increase by $2.7 million, although the commission called this projection “optimistic.” An additional $3 million impact would come from outpatient areas, such as MRI, wound care, and pain management. Another $1.5 million would come from billing improvements that would bring Brooks money faster.

“It seems obvious that a population center the size of northern Chautauqua County cannot simply be left without a health facility of any kind,” note the report. “With the distances and weather factors involved, northern Chautauqua County should not be left with just an urgent care facility that cannot truly accommodate critically ill or injured patients. At a minimum, there must be a real emergency service in place. An emergency service necessarily implies, that is to say requires, hospital beds. Brooks offers 15 inpatient beds and that’s appropriate given the services it offers.

There is no timeline for next steps. However, any decision on the Brooks-TLC plan regarding the release of funds will likely come from the state health department.



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