Beacon Financial Corp 10-K

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 3,806 holders of record of common stock at February 24, 2023. 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 18 - 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 2022 and 2021, there were no shares transferred. Purchases of Equity Securities by the Issuer and Affiliated Purchases On January 19, 2022, the Company announced that its Board of Directors approved a stock repurchase program pursuant to which the Company is authorized to repurchase shares of Company common stock at a total cost of up to $140 million through December 31, 2022. This program expired at year-end 2022. On January 25, 2023, the Company announced that its Board of Directors approved a stock repurchase program pursuant to which the Company is authorized to repurchase shares of Company common stock at a total cost of up to $50 million through December 31, 2023. 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, 2022 — $ — — 1,178,244 November 1-30, 2022 280,000 30.40 280,000 898,244 December 1-31, 2022 380,500 30.13 380,500 — Total 660,500 $ 30.24 660,500 — 40 Table of Contents 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 NASDAQ 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, 2017. The performance graph represents past performance and should not be considered to be an indication of future performance. 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 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 Berkshire Hills Bancorp, Inc. 100.00 75.44 84.82 51.87 87.72 94.00 NYSE Composite Index 100.00 91.05 114.28 122.26 147.54 133.75 KBW NASDAQ Regional Banking Index 100.00 82.50 102.15 93.25 127.42 118.59 Source: S&P Global Market Intelligence ITEM 6. RESERVED 41 Table of Contents