Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
The common shares of the Company trade on the New York Stock Exchange under the symbol “BHLB”.
The Company had approximately 3,932 holders of record of common stock at February 25, 2022.
Dividends
The Company intends to pay regular cash dividends to common shareholders; however, there is no assurance as to future dividends because they are dependent on the Company’s future earnings, capital requirements, financial condition, and regulatory environment. Dividends from the Bank have been a source of cash used by the Company to pay its dividends, and these dividends from the Bank are dependent on the Bank’s future earnings, capital requirements, and financial condition. Dividends from the Bank are currently subject to approval by the Massachusetts Division of Banks and the FDIC. Further information about dividend restrictions is disclosed in Note 19 - Shareholders’ Equity and Earnings per Common Share of the Consolidated Financial Statements.
Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities
The Company occasionally issues unregistered shares of common stock to vendors or as consideration in contracts for the purchase of assets, services, or operations. During 2021, there were no shares transferred. During 2020, there were no shares transferred.
Purchases of Equity Securities by the Issuer and Affiliated Purchases
On April 28, 2021, the Company announced that its Board of Directors had approved a stock repurchase program pursuant to which the Company may repurchase up to 2,500,000 shares of its common stock through April 30, 2022. On September 13, 2021, the Company announced that it had completed this stock repurchase program. The Company repurchased 2,500,000 shares of its common stock at an aggregate price of $68.7 million, or an average price of $27.48 per share.
Period Total number of
shares purchased Average price
paid per share Total number of shares
purchased as part of
publicly announced
plans or programs Maximum number of
shares that may yet
be purchased under
the plans or programs
October 1-31, 2021 — $ — — —
November 1-30, 2021 — — — —
December 1-31, 2021 — — — —
Total — $ — — —
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Common Stock Performance Graph
The performance graph compares the Company’s cumulative shareholder return on its common stock over the last five years to the cumulative return of the NYSE Composite Index and the KBW NASAQ Regional Banking Index. Total shareholder return is measured by dividing total dividends (assuming dividend reinvestment) for the measurement period plus share price change for a period by the share price at the beginning of the measurement period. The Company’s cumulative shareholder return over a five-year period is based on an initial investment of $100 on December 31, 2016.
Information used on the graph and table was obtained from a third party provider, a source believed to be reliable, but the Company is not responsible for any errors or omissions in such information.
Period Ending
Index 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21
Berkshire Hills Bancorp, Inc. 100.00 101.65 76.68 96.38 52.72 89.16
NYSE Composite Index 100.00 118.73 108.10 135.68 145.16 175.17
KBW NASDAQ Regional Banking Index 100.00 101.75 83.95 103.94 94.89 129.65
Source: S&P Global Market Intelligence
ITEM 6. RESERVED
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.