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Berkshire Hills Reports Higher Third Quarter Net Income of $37.5 million, or $0.88 Per Share

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Berkshire Hills Bancorp (NYSE: BHLB) reported strong Q3 2024 results with net income of $37.5 million, or $0.88 per share, including a $16 million non-operating gain from branch sales. Operating EPS reached $0.58, up 5% quarter-over-quarter and 16% year-over-year. The company completed the sale of ten branch offices, reducing total branches by 14% to 83 offices. Operating revenue grew 1% linked quarter, while net interest margin slightly decreased to 3.16%. The company's balance sheet was strengthened through the sale of $46.5 million in consumer loans, and capital position improved with tangible common equity ratio rising to 9.1% from 8.2%.

Berkshire Hills Bancorp (NYSE: BHLB) ha riportato risultati solidi per il terzo trimestre 2024, con un utile netto di 37,5 milioni di dollari, ovvero 0,88 dollari per azione, inclusi un guadagno non operativo di 16 milioni di dollari derivante dalla vendita di filiali. L'utile per azione operativo ha raggiunto 0,58 dollari, con un aumento del 5% rispetto al trimestre precedente e del 16% rispetto all'anno precedente. L’azienda ha completato la vendita di dieci uffici filiali, riducendo il totale delle filiali del 14% a 83 uffici. I ricavi operativi sono aumentati dell'1% rispetto al trimestre collegato, mentre il margine d'interesse netto è leggermente diminuito al 3,16%. Il bilancio dell'azienda è stato rafforzato attraverso la vendita di 46,5 milioni di dollari in prestiti al consumo, e la posizione patrimoniale è migliorata con il rapporto di equity comune tangibile che è salito al 9,1% dal 8,2%.

Berkshire Hills Bancorp (NYSE: BHLB) reportó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto de 37.5 millones de dólares, o 0.88 dólares por acción, incluyendo una ganancia no operativa de 16 millones de dólares por la venta de sucursales. El BPA operativo alcanzó 0.58 dólares, un aumento del 5% respecto al trimestre anterior y del 16% en comparación con el año anterior. La compañía completó la venta de diez oficinas, reduciendo el total de sucursales en un 14% a 83 oficinas. Los ingresos operativos crecieron un 1% en comparación con el trimestre anterior, mientras que el margen de interés neto disminuyó ligeramente al 3.16%. El balance de la compañía se fortaleció mediante la venta de 46.5 millones de dólares en préstamos al consumidor, y la posición de capital mejoró con la relación de capital común tangible aumentando al 9.1% desde el 8.2%.

버크셔 힐스 뱅코프 (NYSE: BHLB)는 2024년 3분기 실적을 발표했으며, 순이익은 3750만 달러로 주당 0.88달러를 기록했습니다. 여기에는 지점 판매로 인한 비운영 이익 1600만 달러가 포함됩니다. 운영 EPS는 0.58달러로, 전 분기 대비 5%, 전년 대비 16% 증가했습니다. 회사는 열 개의 지점 사무소 판매를 완료하였고, 총 지점을 14% 줄여 83사무소로 감소했습니다. 운영 수익은 이전 분기 대비 1% 증가했으며, 순이자 마진은 3.16%로 약간 감소했습니다. 회사의 재무제표는 4650만 달러의 소비자 대출 매각을 통해 강화되었고, 유동자산 비율은 8.2%에서 9.1%로 향상되었습니다.

Berkshire Hills Bancorp (NYSE: BHLB) a annoncé des résultats solides pour le troisième trimestre 2024, avec un bénéfice net de 37,5 millions de dollars, soit 0,88 dollar par action, y compris un gain non opérationnel de 16 millions de dollars provenant de la vente d'agences. Le BPA opérationnel a atteint 0,58 dollar, en hausse de 5 % par rapport au trimestre précédent et de 16 % par rapport à l'année précédente. L'entreprise a complété la vente de dix bureaux d'agences, réduisant ainsi le nombre total d'agences de 14 % à 83. Le revenu opérationnel a augmenté de 1 % par rapport au trimestre précédent, tandis que la marge d'intérêt nette a légèrement diminué à 3,16 %. Le bilan de l'entreprise a été renforcé grâce à la vente de 46,5 millions de dollars de prêts à la consommation, et la position de capital s'est améliorée avec le ratio de capitaux propres tangibles passant de 8,2 % à 9,1 %.

Berkshire Hills Bancorp (NYSE: BHLB) hat starke Ergebnisse für das 3. Quartal 2024 gemeldet, mit einem Nettogewinn von 37,5 Millionen Dollar, oder 0,88 Dollar pro Aktie, einschließlich eines nicht operativen Gewinns von 16 Millionen Dollar aus dem Verkauf von Filialen. Das operative EPS erreichte 0,58 Dollar, was einem Anstieg von 5% im Vergleich zum Vorquartal und 16% im Vergleich zum Vorjahr entspricht. Das Unternehmen hat den Verkauf von zehn Filialbüros abgeschlossen, wodurch die Gesamtanzahl der Filialen um 14% auf 83 gesenkt wurde. Der operative Umsatz wuchs im Vergleich zum vorherigen Quartal um 1%, während die Nettozinsmarge leicht auf 3,16% sank. Die Bilanz des Unternehmens wurde durch den Verkauf von 46,5 Millionen Dollar in Verbraucherkrediten gestärkt, und die Kapitalposition verbesserte sich, da das Verhältnis des bilanzierbaren Eigenkapitals von 8,2% auf 9,1% stieg.

Positive
  • Net income increased to $37.5 million ($0.88/share) from $24.0 million previous quarter
  • Operating EPS grew 16% year-over-year to $0.58
  • Operating revenue up 1% linked quarter and 2% year-over-year
  • Tangible common equity ratio improved to 9.1% from 8.2%
  • Average deposit balances grew 1% quarter-over-quarter
Negative
  • Net interest margin decreased to 3.16% from 3.20% quarter-over-quarter
  • Net loan charge-offs increased to 0.24% from 0.07% in previous quarter
  • Non-performing loans increased to 0.26% from 0.23% quarter-over-quarter
  • Operating expenses increased $0.9 million linked quarter

Insights

Q3 results demonstrate solid financial performance with notable improvements. Operating EPS of $0.58 shows healthy growth of 16% year-over-year and 5% quarter-over-quarter. The $16 million gain from branch sales strengthens the balance sheet, while strategic initiatives like branch optimization and the Upstart loan portfolio sale indicate prudent risk management.

Key positives include improved capital ratios (tangible common equity ratio up to 9.1%), stable asset quality (ACL steady at 1.22%) and controlled expenses. The slight NIM compression to 3.16% warrants monitoring but remains manageable. The efficiency ratio of 63.7% suggests room for further operational improvements.

The reduction in branch count by 14% and exit from Upstart loans should improve long-term profitability through lower operating costs and reduced credit risk exposure.

The strategic repositioning through branch optimization and portfolio cleanup is well-timed given the current banking environment. The sale of 10 New York branches and exit from higher-risk consumer loans demonstrates management's focus on efficiency and risk management.

Deposit stability is particularly noteworthy, with 1% growth in average deposits despite industry pressures. The increase in non-interest bearing deposits to 24% of total deposits improves funding costs. The $25 million improvement in accumulated other comprehensive income due to lower rates is positive for tangible book value.

The bank's strong ESG performance and community engagement enhance its competitive position in the New England market, supporting sustainable growth potential.

Operating EPS of $0.58 increased 5% linked quarter and 16% year-over-year

  • $16 million non-operating gain on branch sale ($0.30 per share after tax)
  • Operating revenue up 1% linked quarter and 2% year-over-year
  • 14.8% return on tangible common equity; 9.9% operating return on tangible common equity
  • Branch sale and loan sale are expected to further improve long-term profitability 

BOSTON, Oct. 24, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the third quarter of 2024. These results along with comparison periods are summarized below:

($ in millions, except per share data)

Three Months Ended



Sept. 30, 2024


June 30, 2024


Sept. 30, 2023








Net income

$

37.5

$

24.0

$

19.5

        Per share


0.88


0.57


0.45

Operating earnings1


24.8


23.2


21.5

         Per share


0.58


0.55


0.50








Net interest income, non FTE

$

88.1

$

88.5

$

90.3

Net interest income, FTE


90.1


90.5


92.3

         Net interest margin, FTE


3.16 %


3.20 %


3.18 %

Non-interest income


37.6


20.1


17.5

Operating non-interest income1


21.5


20.1


17.5








Non-interest expense

$

72.0

$

70.9

$

76.5

Operating non-interest expense1


72.3


71.3


73.9

Efficiency ratio1


63.7 %


63.4 %


65.1 %








Average balances2







Loans

$

9,233

$

9,157

$

8,952

Deposits


9,360


9,296


9,630








Period-end balances2







Loans


9,212


9,229


8,984

Deposits


9,577


9,621


9,981


1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12.

2. Loans and deposits in 2Q24 exclude balances held for sale in branch transaction of $57 million and $483

million respectively (average), and $55 million and $474 million (end of period). The branch sale was
completed in 3Q24. End of period loans in 3Q24 exclude $46.5 million in Upstart-related consumer loans
held for sale. This sale was completed on October 16, 2024.

 

Berkshire CEO Nitin Mhatre stated, "We are pleased to report a robust quarter reflecting accelerating momentum across key business drivers. Quarterly operating income has increased sequentially throughout this year driven by calibrated loan growth, improving credit quality and continued expense management. Third quarter operating income per share increased 16% year over year. This quarter also saw approximately 1% growth in average deposit balances. During the quarter, we completed the sale of ten branch offices. Including branch consolidations, the total branch count has been reduced by 14% this year to 83 offices. Also, after quarter-end, the Company's balance sheet was further strengthened through the sale of $46.5 million in consumer loans."

Berkshire CFO Brett Brbovic added, "Operating revenue grew 1% linked quarter and benefited from loan growth and increased loan related fees. The net interest margin decreased modestly to 3.16% from 3.20% linked quarter and 3.18% year-over-year. The provision for credit losses decreased $1.0 million reflecting lower recent loss trends. Operating expense increased $0.9 million, with lower occupancy and technology costs offset by higher miscellaneous expenses. The allowance for credit losses on loans remained steady at 1.22% of total loans. Capital strength improved, with the tangible common equity ratio improving to 9.1% from 8.2%."


As of and For the Three Months Ended


Sept. 30, 2024


June 30, 2024


Sept. 30, 2023

Asset Quality






Net loan charge-offs to average loans

0.24 %


0.07 %


0.24 %

Non-performing loans to total loans

0.26 %


0.23 %


0.30 %







Returns






Return on average assets

1.28 %


0.82 %


0.66 %

Operating return on average assets1

0.85 %


0.79 %


0.73 %

Return on tangible common equity1

14.83 %


9.99 %


8.45 %

Operating return on tangible common equity1

9.91 %


9.65 %


9.27 %













Capital Ratios2






Tangible common equity/tangible assets1

9.1 %


8.2 %


7.7 %

Tier 1 leverage

9.9 %


9.6 %


9.8 %

Common equity Tier 1

11.9 %


11.6 %


12.1 %

Tier 1 risk-based

12.2 %


11.9 %


12.3 %

Total risk-based

14.4 %


14.1 %


14.4 %


1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

2. Presented as estimated for September 30, 2024 and actual for the remaining periods.

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank with $11.6 billion in assets and 83 financial centers in New England and New York. Berkshire is headquartered in Boston and offers commercial, retail, wealth, and private banking solutions.

3Q 2024 Financial Highlights (comparisons are to the prior quarter unless otherwise noted).

Income Statement. GAAP income was $37.5 million, or $0.88 per share. Operating earnings totaled $24.8 million, or $0.58 per share. GAAP results included the gain on the completion of the sale of ten New York branches. Operating income advanced 7% linked quarter including the benefit of higher operating revenue and a lower provision for credit losses.

  • Net interest income totaled $88.1 million in 3Q24 compared to $88.5 million in 2Q24.
  • Net interest margin decreased 4 basis points linked quarter to 3.16%.
    • The earning asset yield increased 5 basis points.
      • The loan yield increased 6 basis points.
    • The cost of funds increased 11 basis points.
      • The cost of deposits increased 7 basis points.
  • Provision for credit losses totaled $5.5 million, a decrease of $1.0 million linked quarter.
    • Net loan charge-offs totaling $5.6 million included $3.9 million in consumer losses which included a $1.9 million charge-off recorded for the Upstart-related consumer loan sale.
    • The net annualized loan charge-off ratio was 0.24%. Excluding the impact of consumer loans sold, annualized net loan charge-offs were 0.16% of average third quarter loans. 
  • GAAP non-interest income of $37.6 million included a $16.0 million non-operating gain on the New York branch sale. Operating non-interest income totaled $21.5 million, an increase of 7% linked quarter.
    • Linked quarter growth was primarily in loan related fees which increased 36% including higher interest rate swap income and commercial loan servicing fees.
    • All other fee income categories increased except gains on SBA sales, which remained strong following a recent high in the linked quarter.
  • Non-interest expense totaled $72.0 million on a GAAP basis and $72.3 million on an operating basis. Operating non-interest expense increased 1% linked quarter and decreased 2% year-over-year.
    • Compensation and benefits expense increased $0.5 million linked quarter.
    • Occupancy, equipment, and technology expense decreased $0.9 million.
    • The category of other expense increased $1.6 million primarily due to one commercial check fraud.
    • The efficiency ratio was 63.7% compared to 63.4% linked quarter.
  • The effective tax rate was 22% for the quarter and the year-to-date.

Loans. Total loans decreased $16 million linked quarter to $9.21 billion due to the $46.5 million transfer of Upstart-related consumer loans to held for sale. Adjusted for this transfer, total loans increased by $30 million.

  • Commercial real estate loans increased $35 million to $4.74 billion.
  • Commercial and industrial loans decreased $12 million to $1.41 billion.
  • Residential mortgage loans increased $14 million to $2.69 billion.
  • Consumer loans decreased $53 million to $372 million due to the pending Upstart loan sale. This sale was completed on October 16, 2024. The remaining balance of Upstart-related loans was $10 million at quarter-end.
  • The allowance for credit losses on loans to total loans was 1.22% at September 30, 2024, unchanged from the prior quarter-end.
  • Non-performing loans to total loans was 0.26% at September 30, 2024, compared to 0.23% at prior quarter-end.

Deposits. Total deposits decreased $44 million to $9.58 billion. Total average deposits increased $64 million, or 1%, to $9.36 billion. Deposits decreased year-over-year due to the branch sale.

  • Non-interest bearing deposits increased $46 million to $2.26 billion, increasing to 24% of total deposits from 23%.
  • Non-maturity interest bearing deposits decreased $260 million to $4.79 billion.
  • Time deposits increased $170 million to $2.52 billion.

Equity. Total shareholders' equity increased $58 million to $1.07 billion. Book value per share increased 6% to $24.90 and tangible book value per share increased 6% to $24.53. Accumulated other comprehensive income increased $25 million, reflecting lower market interest rates at period-end.

3Q 2024 Corporate Responsibility and Sustainability Highlights

Conference Call and Investor Presentation. Berkshire will conduct a conference call/webcast at 9:00 a.m. eastern time on Thursday, October 24, 2024 to discuss results for the quarter and provide guidance about expected future results. Instructions for listening to the call may be found at the Company's website at ir.berkshirebank.com. Additional materials relating to the call may also be accessed at this website. The call will be archived at the website and will be available for an extended period of time.

Forward Looking Statements: This document contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. You can identify these statements from the use of the words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "remain," "target" and similar expressions. There are many factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see the sections titled "Forward-Looking Statements" and "Risk Factors" in Berkshire's most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC's website at www.sec.gov. You should not place undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Berkshire does not undertake any obligation to update forward-looking statements.

INVESTOR CONTACT
Kevin Conn
Investor Relations
617.641.9206
kaconn@berkshirebank.com

MEDIA CONTACT
Gary Levante
Corporate Communications
413.447.1737
glevante@berkshirebank.com

 

BERKSHIRE HILLS BANCORP, INC.

SELECTED FINANCIAL HIGHLIGHTS (1)



At or for the Quarters Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,




2024


2024


2024


2023


2023














NOMINAL AND PER SHARE DATA












Net earnings/(loss) per common share, diluted

$        0.88


$         0.57


$        (0.47)


$        (0.03)


$         0.45



Operating earnings per common share, diluted (2)(3)

0.58


0.55


0.49


0.47


0.50



Net income/(loss), (thousands)

37,509


24,025


(20,188)


(1,445)


19,545



Operating net income, (thousands) (2)(3)

24,789


23,168


20,934


20,190


21,516



Net interest income, (thousands) non FTE

88,059


88,532


88,140


88,421


90,334



Net interest income, FTE (5)

90,082


90,545


90,146


90,442


92,314



Total common shares outstanding, end of period (thousands)               

42,982


42,959


43,415


43,501


43,822



Average diluted shares, (thousands)

42,454


42,508


43,028


43,101


43,347



Total book value per common share, end of period

24.90


23.58


23.26


23.27


21.70



Tangible book value per common share, end of period (2)(3)

24.53


23.18


22.84


22.82


21.23



Dividends declared per common share

0.18


0.18


0.18


0.18


0.18



Dividend payout ratio (7)

20.63

%

32.74

%

 N/M 

%

 N/M 

%

40.56

%














PERFORMANCE RATIOS (4)












Return on equity

14.29

%

9.49

%

(7.93)

%

(0.60)

%

7.91

%


Operating return on equity (2)(3)

9.44


9.15


8.23


8.36


8.71



Return on tangible common equity (2)(3)

14.83


9.99


(7.73)


(0.24)


8.45



Operating return on tangible common equity (2)(3)

9.91


9.65


8.73


8.90


9.27



Return on assets

1.28


0.82


(0.69)


(0.05)


0.66



Operating return on assets (2)(3)

0.85


0.79


0.71


0.68


0.73



Net interest margin, FTE (5)

3.16


3.20


3.15


3.11


3.18



Efficiency ratio (3)

63.74


63.40


66.26


67.77


65.05















FINANCIAL DATA (in millions, end of period)












Total assets


$    11,605


$     12,219


$      12,147


$     12,431


$     12,140



Total earning assets

10,922


11,510


11,430


11,705


11,400



Total loans


9,212


9,229


9,086


9,040


8,984



Total funding liabilities

10,285


10,907


10,826


11,140


10,906



Total deposits


9,577


9,621


9,883


10,633


9,981



Loans/deposits (%)

96

%

96

%

92

%

85

%

90

%


Total accumulated other comprehensive (loss) net of tax, end of period

$          (89)


$         (115)


$         (114)


$         (143)


$         (218)



Total shareholders' equity

1,070


1,013


1,010


1,012


951















ASSET QUALITY












Allowance for credit losses, (millions)

$         112


$          112


$           107


$          105


$          103



Net charge-offs, (millions)

(6)


(2)


(4)


(4)


(5)



Net charge-offs (QTD annualized)/average loans

0.24

%

0.07

%

0.18

%

0.20

%

0.24

%


Provision (benefit)/expense, (millions)

$              6


$              6


$               6


$              7


$              8



Non-performing assets, (millions)

27


24


24


24


29



Non-performing loans/total loans

0.26

%

0.23

%

0.24

%

0.24

%

0.30

%


Allowance for credit losses/non-performing loans

467


525


500


492


386



Allowance for credit losses/total loans

1.22


1.22


1.18


1.17


1.14















CAPITAL RATIOS












Risk weighted assets, (millions)(6)

$      9,638


$       9,604


$        9,615


$       9,552


$       9,594



Common equity Tier 1 capital to risk weighted assets (6)

11.9

%

11.6

%

11.6

%

12.0

%

12.1

%


Tier 1 capital leverage ratio (6)

9.9


9.6


9.5


9.6


9.8



Tangible common shareholders' equity/tangible assets (3)

9.1


8.2


8.2


8.0


7.7






(1) All financial tables presented are unaudited. 

(2) Reconciliations of non-GAAP financial measures, including all references to operating and tangible amounts, appear on pages 13 and 14.

(3) Non-GAAP financial measure. Operating measurements are non-GAAP financial measures that are adjusted to exclude net non-operating charges primarily related to acquisitions and restructuring activities. See pages 13 and 14 for reconciliations of non-GAAP financial measures.

(4) All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

(5) Fully taxable equivalent considers the impact of tax advantaged investment securities and loans.

(6)  Presented as projected for September 30, 2024 and actual for the remaining periods.

(7) Dividend payout ratio is based on dividends declared. 

 

CONSOLIDATED BALANCE SHEETS
BERKSHIRE HILLS BANCORP, INC.


September 30,

June 30,

December 31,

September 30,

(in thousands)

2024

2024

2023

2023

Assets





Cash and due from banks

$               134,056

$             112,085

$             148,148

$                 120,634

Short-term investments

435,911

988,207

1,055,096

542,836

Total cash and cash equivalents

569,967

1,100,292

1,203,244

663,470






Trading securities, at fair value

5,560

5,699

6,142

6,171

Equity securities, at fair value

13,278

12,736

13,029

12,325

Securities available for sale, at fair value

661,740

611,711

1,022,285

1,260,391

Securities held to maturity, at amortized cost

512,277

520,239

543,351

552,981

Federal Home Loan Bank stock 

30,685

35,010

22,689

38,912

Total securities

1,223,540

1,185,395

1,607,496

1,870,780

Less: Allowance for credit losses on investment securities

(65)

(65)

(68)

(69)

Net securities

1,223,475

1,185,330

1,607,428

1,870,711






Loans held for sale

50,634

52,072

2,237

2,342






Commercial real estate loans

4,741,689

4,706,810

4,527,012

4,453,573

Commercial and industrial loans

1,409,538

1,421,921

1,352,834

1,384,038

Residential mortgages

2,688,709

2,674,611

2,672,677

2,640,210

Consumer loans

372,386

425,184

487,163

506,556

Total loans

9,212,322

9,228,526

9,039,686

8,984,377

Less: Allowance for credit losses on loans 

(112,047)

(112,167)

(105,357)

(102,792)

Net loans

9,100,275

9,116,359

8,934,329

8,881,585






Premises and equipment, net

54,667

55,893

68,915

70,042

Other intangible assets

16,192

17,319

19,664

20,869

Other assets

582,422

615,882

584,066

619,777

Assets held for sale 

6,930

76,307

10,938

11,157

Total assets

$         11,604,562

$        12,219,454

$        12,430,821

$            12,139,953






Liabilities and shareholders' equity





Non-interest bearing deposits

$           2,267,595

$          2,222,012

$          2,469,164

$              2,530,441

NOW and other deposits

748,737

766,641

858,644

843,032

Money market deposits

3,042,712

3,278,753

3,565,516

3,075,307

Savings deposits

998,549

1,004,320

1,053,810

1,086,329

Time deposits

2,519,896

2,349,733

2,686,250

2,445,435

Total deposits

9,577,489

9,621,459

10,633,384

9,980,544






Federal Home Loan Bank advances

585,542

689,606

385,223

804,295

Subordinated borrowings

121,549

121,487

121,363

121,300

Total borrowings

707,091

811,093

506,586

925,595






Other liabilities 

249,531

287,312

278,630

282,805

Liabilities held for sale 

-

486,648

-

-

Total liabilities

10,534,111

11,206,512

11,418,600

11,188,944






Common shareholders' equity

1,070,451

1,012,942

1,012,221

951,009

Total shareholders' equity

1,070,451

1,012,942

1,012,221

951,009

Total liabilities and shareholders' equity

$         11,604,562

$        12,219,454

$        12,430,821

$            12,139,953

 

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS 


Three Months Ended


Nine Months Ended


September 30,


September 30,

(in thousands, except per share data)

2024


2023


2024


2023

Interest income    

$       157,268


$         148,021


$         463,383


$            425,762

Interest expense    

69,209


57,687


198,652


145,136

Net interest income, non FTE

88,059


90,334


264,731


280,626

Non-interest income








Deposit related fees

8,656


8,792


25,522


25,674

Loan related fees

3,214


2,879


8,241


8,537

Gain on SBA loans

3,020


2,548


8,013


7,952

Wealth management fees    

2,685


2,481


8,182


7,803

Fair value adjustments on securities

516


(467)


359


(255)

Other

3,416


1,232


8,633


1,454

Total non-interest income excluding gains and losses

21,507


17,465


58,950


51,165

Gain on sale of business operations and assets, net

16,048


-


16,048


-

(Loss) on sale of AFS securities 

-


-


(49,909)


-

Total non-interest income      

37,555


17,465


25,089


51,165

Total net revenue

125,614


107,799


289,820


331,791









Provision expense for credit losses   

5,500


8,000


17,999


24,999

Non-interest expense 








Compensation and benefits

40,663


40,155


121,524


119,186

Occupancy and equipment     

7,373


8,816


24,135


27,165

Technology

10,014


10,616


30,154


30,552

Professional services

2,109


2,423


7,542


8,226

Regulatory expenses

1,851


1,905


5,544


5,165

Amortization of intangible assets     

1,128


1,205


3,473


3,615

Marketing

861


1,552


2,509


4,270

Merger, restructuring and other non-operating expenses

(297)


2,607


2,936


2,592

Other expenses

8,258


7,234


21,094


21,745

Total non-interest expense     

71,960


76,513


218,911


222,516

Total non-interest expense excluding non-operating expenses

72,257


73,906


215,975


219,924









Income before income taxes       

$         48,154


$           23,286


$           52,910


$              84,276

Income tax expense

10,645


3,741


11,564


13,233

Net income

$         37,509


$           19,545


$           41,346


$              71,043









Basic earnings per common share

$              0.89


$               0.45


$                0.97


$                  1.64

Diluted earnings per common share

$              0.88


$               0.45


$                0.97


$                  1.63









Weighted average shares outstanding:      








Basic

42,170


43,164


42,456


43,435

Diluted

42,454


43,347


42,658


43,640









 

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (5 Quarter Trend) 



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,

(in thousands, except per share data)


2024


2024


2024


2023


2023

Interest income    


$    157,268


$      154,109


$      152,006


$      150,537


$      148,021

Interest expense    


69,209


65,577


63,866


62,116


57,687

Net interest income, non FTE


88,059


88,532


88,140


88,421


90,334

Non-interest income 











Deposit related fees


8,656


8,561


8,305


8,481


8,792

Loan related fees


3,214


2,364


2,663


2,058


2,879

Gain on SBA loans


3,020


3,294


1,699


2,382


2,548

Wealth management fees    


2,685


2,613


2,884


2,394


2,481

Fair value adjustments on securities


516


(42)


(115)


768


(467)

Other


3,416


3,343


1,874


591


1,232

Total non-interest income excluding gains and losses


21,507


20,133


17,310


16,674


17,465

Gain on sale of business operations and assets, net


16,048


-


-


-


-

Loss on sale of AFS securities 


-


-


(49,909)


(25,057)


-

Total non-interest income      


37,555


20,133


(32,599)


(8,383)


17,465

Total net revenue 


125,614


108,665


55,541


80,038


107,799












Provision expense for credit losses   


5,500


6,499


6,000


7,000


8,000

Non-interest expense











Compensation and benefits


40,663


40,126


40,735


40,095


40,155

Occupancy and equipment     


7,373


8,064


8,698


8,553


8,816

Technology


10,014


10,236


9,904


11,326


10,616

Professional services


2,109


2,757


2,676


3,417


2,423

Regulatory expenses


1,851


1,848


1,845


1,854


1,905

Amortization of intangible assets     


1,128


1,140


1,205


1,205


1,205

Marketing


861


532


1,116


1,107


1,552

Merger, restructuring and other non-operating expenses


(297)


(384)


3,617


3,669


2,607

Other expenses


8,258


6,612


6,224


7,766


7,234

Total non-interest expense     


71,960


70,931


76,020


78,992


76,513

Total non-interest expense excluding non-operating expenses


72,257


71,315


72,403


75,323


73,906























Income/(loss) before income taxes


$      48,154


$        31,235


$       (26,479)


$         (5,954)


$        23,286

Income tax expense/(benefit)


10,645


7,210


(6,291)


(4,509)


3,741

Net income/(loss)


$      37,509


$        24,025


$       (20,188)


$         (1,445)


$        19,545























Diluted earnings/(loss) per common share


$           0.88


$            0.57


$           (0.47)


$           (0.03)


$            0.45












Weighted average shares outstanding:











Basic


42,170


42,437


42,777


42,852


43,164

Diluted


42,454


42,508


43,028


43,101


43,347












 

BERKSHIRE HILLS BANCORP, INC.
AVERAGE BALANCES AND AVERAGE YIELDS AND COSTS


Quarters Ended



September 30, 2024


June 30, 2024


September 30, 2023







(in millions)


Average
Balance

Interest (1)

Average
Yield/Rate



Average
Balance

Interest (1)

Average
Yield/Rate



Average
Balance

Interest (1)

Average
Yield/Rate


Assets
















Commercial real estate


$         4,717

$         79

6.54

%


$         4,649

$         77

6.52

%


$         4,385

$         71

6.32

%

Commercial and industrial loans


1,380

27

7.79



1,384

27

7.62



1,436

27

7.48


Residential mortgages


2,712

30

4.31



2,694

28

4.21



2,618

26

3.97


Consumer loans


424

8

7.43



430

8

7.47



513

9

7.33


Total loans 


9,233

144

6.11



9,157

140

6.05



8,952

133

5.88


Securities (2)


1,340

8

2.49



1,332

8

2.44



2,171

13

2.40


Short-term investments and loans held for sale


563

7

4.98



597

8

5.07



267

3

4.76


New York branch loans held for sale (3)


31

0

5.44



57

1

5.86



-

-

-


Total earning assets


11,167

159

5.62



11,143

157

5.57



11,390

149

5.19


Goodwill and other intangible assets


17





18





21




Other assets


511





531





449




Total assets


$         11,695





$         11,692





$         11,860




















Liabilities and shareholders' equity
















Non-interest-bearing demand deposits


$         2,250

$            -

-

%


$         2,244

$            -

-

%


$         2,553

$         0

-

%

NOW and other


743

3

1.54



763

3

1.44



858

2

1.15


Money market


2,935

25

3.35



2,909

24

3.32



2,697

18

2.69


Savings


1,002

3

1.17



1,004

3

1.06



1,082

2

0.77


Time


2,430

26

4.31



2,376

25

4.22



2,440

22

3.43


Total deposits


9,360

57

2.42



9,296

55

2.35



9,630

44

1.81


Borrowings (4)


782

11

5.44



610

9

5.55



1,010

14

5.32


New York branch non-interest-bearing deposits held for sale (3)

51

-

-



97

-

-



-

-

-


New York branch interest-bearing deposits held for sale (3)


207

1

2.87



386

3

2.80



-

-

-


Total funding liabilities


10,400

69

2.64



10,389

67

2.53



10,640

58

2.15


















Other liabilities


245





290





232




Total liabilities


10,645





10,679





10,872




















Common shareholders' equity (5)


1,050





1,013





988




Total shareholders' equity


1,050





1,013





988




Total liabilities and shareholders' equity


$         11,695





$         11,692





$         11,860




Net interest margin, FTE




3.16





3.20





3.18


















Supplementary data
















Net Interest Income, non FTE


88.059





88.532





90.334




FTE income adjustment


2.023





2.013





1.980




Net Interest Income, FTE


90.082





90.545





92.314




































(1) Interest income and expense presented on a fully taxable equivalent basis. 

(2) Average balances for securities available-for-sale are based on amortized cost.

(3) New York branch loans and deposits moved to held for sale on March 4, 2024. 

(4) Average balances for borrowings includes the financing lease obligation which is presented under other liabilities on the consolidated balance sheet. 

(5) Unrealized gains and losses, net of tax, are included in average equity. Prior period balances and financial metrics have been updated to reflect the current presentation.

 

BERKSHIRE HILLS BANCORP, INC.
ASSET QUALITY ANALYSIS


At or for the Quarters Ended


Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


(in thousands)

2024


2024


2024


2023


2023


NON-PERFORMING ASSETS











Commercial real estate 

$          10,270


$              5,976


$              4,762


$               4,453


$              5,288


Commercial and industrial loans

8,227


8,489


9,174


8,712


11,028


Residential mortgages

4,348


5,491


5,992


6,404


8,060


Consumer loans

1,124


1,392


1,526


1,838


2,260


Total non-performing loans

23,969


21,348


21,454


21,407


26,636


Repossessed assets

2,563


2,549


2,689


2,601


2,548


Total non-performing assets

$          26,532


$            23,897


$            24,143


$             24,008


$            29,184













Total non-performing loans/total loans

0.26 %


0.23 %


0.24 %


0.24 %


0.30 %


Total non-performing assets/total assets

0.23 %


0.20 %


0.20 %


0.19 %


0.24 %













PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS










Balance at beginning of period

$        112,167


$          107,331


$          105,357


$           102,792


$          100,219


Charged-off loans

(7,091)


(3,246)


(5,636)


(6,891)


(6,744)


Recoveries on charged-off loans

1,471


1,583


1,610


2,456


1,317


Net loans charged-off

(5,620)


(1,663)


(4,026)


(4,435)


(5,427)


Provision (benefit)/expense for loan credit losses

5,500


6,499


6,000


7,000


8,000


Balance at end of period

$        112,047


$          112,167


$          107,331


$           105,357


$          102,792













Allowance for credit losses/total loans

1.22 %


1.22 %


1.18 %


1.17 %


1.14 %


Allowance for credit losses/non-performing loans

467 %


525 %


500 %


492 %


386 %













NET LOAN CHARGE-OFFS











Commercial real estate

$              (999)


$                   22


$                 292


$                  316


$                   97


Commercial and industrial loans

(1,009)


(711)


(1,772)


(2,309)


(3,345)


Residential mortgages

273


316


98


55


23


Home equity 

3


8


193


83


208


Other consumer loans

(3,888)


(1,298)


(2,837)


(2,580)


(2,410)


Total, net

$           (5,620)


$             (1,663)


$             (4,026)


$             (4,435)


$             (5,427)













Net charge-offs (QTD annualized)/average loans 

0.24 %


0.07 %


0.18 %


0.20 %


0.24 %


Net charge-offs (YTD annualized)/average loans 

0.16 %


0.13 %


0.18 %


0.26 %


0.28 %
























DELINQUENT AND NON-PERFORMING LOANS

Balance

Percent
of Total
Loans

Balance

Percent of
Total
Loans

Balance

Percent of
Total
Loans

Balance

Percent of
Total
Loans

Balance

Percent of
Total
Loans

30-89 Days delinquent

$          18,526

0.20 %

$            18,494

0.20 %

$            27,682

0.30 %

$             22,140

0.24 %

$            18,700

0.21 %

90+ Days delinquent and still accruing

6,280

0.07 %

11,672

0.13 %

5,882

0.06 %

5,537

0.06 %

5,744

0.06 %

Total accruing delinquent loans

24,806

0.27 %

30,166

0.33 %

33,564

0.36 %

27,677

0.30 %

24,444

0.27 %

Non-performing loans

23,969

0.26 %

21,348

0.23 %

21,454

0.24 %

21,407

0.24 %

26,636

0.30 %

Total delinquent and non-performing loans

$          48,775

0.53 %

$            51,514

0.56 %

$            55,018

0.60 %

$             49,084

0.54 %

$            51,080

0.57 %

 

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 operating earnings can be of substantial importance to the Company's results for any particular quarter or year. The Company's non-GAAP operating 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 operating 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 restructuring costs. Restructuring costs generally consist of costs and losses associated with the disposition of assets and liabilities and lease terminations, including costs related to branch consolidations.

The Company also calculates operating earnings per share based on its measure of operating 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. Adjustments in 2024 were primarily related to branch sales and loss on sale of AFS securities. Adjustments in 2023 were primarily related to branch consolidations, severance charges related to a workforce reduction, and loss on sale of AFS securities.

Management believes that the computation of non-GAAP operating earnings and operating earnings per share may facilitate the comparison of the Company to 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.

 

BERKSHIRE HILLS BANCORP, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA



At or for the Quarters Ended




Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


(in thousands)



2024


2024


2024


2023


2023


Total non-interest income



$     37,555


$       20,133


$     (32,599)


$        (8,383)


$       17,465


Adj: Net (gains) on sale of business operations and assets



(16,048)










Adj: Loss on sale of AFS securities



-


-


49,909


25,057


-


Total operating non-interest income (1)



$     21,507


$       20,133


$       17,310


$       16,674


$       17,465















Total revenue

(A)


$   125,614


$     108,665


$       55,541


$       80,038


$     107,799


Adj: Net (gains) on sale of business operations and assets



(16,048)


-


-


-


-


Adj: Loss on sale of AFS securities



-


-


49,909


25,057


-


Total operating revenue (1)

(B)


$   109,566


$     108,665


$     105,450


$     105,095


$     107,799















Total non-interest expense

(C)


$     71,960


$       70,931


$       76,020


$       78,992


$       76,513


Adj: Merger, restructuring and other non-operating expenses



297


384


(3,617)


(3,669)


(2,607)


Operating non-interest expense (1)                                    

(D)


$     72,257


$       71,315


$       72,403


$       75,323


$       73,906















Pre-tax, pre-provision net revenue (PPNR)

(A-C)


$     53,654


$       37,734


$     (20,479)


$         1,046


$       31,286


Operating pre-tax, pre-provision net revenue (PPNR) (1)

(B-D)


37,309


37,350


33,047


29,772


33,893















Net income/(loss)



$     37,509


$       24,025


$     (20,188)


$        (1,445)


$       19,545


Adj: Net (gains) on sale of business operations and assets



(16,048)


-


-


-


-


Adj: Loss on sale of AFS securities



-


-


49,909


25,057


-


Adj: Restructuring expense and other non-operating expenses



(297)


(384)


3,617


3,669


2,607


Adj: Income taxes (expense)/benefit



3,625


(473)


(12,404)


(7,091)


(636)


Total operating income (1)

(E)


$     24,789


$       23,168


$       20,934


$       20,190


$       21,516















(in millions, except per share data)













Total average assets                                                

(F)


$     11,695


$       11,692


$       11,755


$       11,862


$       11,860


Total average shareholders' equity

(G)


1,050


1,013


1,018


966


988


Total average tangible shareholders' equity (1)            

(I)


1,034


995


999


946


967


Total accumulated other comprehensive (loss) net of tax, end of period



(89)


(115)


(114)


(143)


(218)


Total tangible shareholders' equity, end of period (1)

(K)


1,054


996


991


993


930


Total tangible assets, end of period (1)

(L)


11,588


12,202


12,128


12,411


12,119















Total common shares outstanding, end of period (thousands)               

(M)


42,982


42,959


43,415


43,501


43,822


Average diluted shares outstanding (thousands)

(N)


42,454


42,508


43,028


43,101


43,347















Earnings/(loss) per common share, diluted (1)



$          0.88


$           0.57


$         (0.47)


$          (0.03)


$           0.45


Operating earnings per common share, diluted (1)

(E/N)


0.58


0.55


0.49


0.47


0.50


Tangible book value per common share, end of period (1)

(K/M)


24.53


23.18


22.84


22.82


21.23


Total tangible shareholders' equity/total tangible assets (1)

(K/L)


9.10


8.16


8.17


8.00


7.68















Performance ratios (2)













Return on equity



14.29

%

9.49

%

(7.93)

%

(0.60)

%

7.91

%

Operating return on equity (1)

(E/G)


9.44


9.15


8.23


8.36


8.71


Return on tangible common equity (1)(3)



14.83


9.99


(7.73)


(0.24)


8.45


Operating return on tangible common equity (1)(3)

(E+Q)/(I)


9.91


9.65


8.73


8.90


9.27


Return on assets



1.28


0.82


(0.69)


(0.05)


0.66


Operating return on assets (1)

(E/F)


0.85


0.79


0.71


0.68


0.73


Efficiency ratio (1)(6)                                                                          

(D-Q)/(B+O+R)


63.74


63.40


66.26


67.77


65.05




























Supplementary data (in thousands)













Tax benefit on tax-credit investments (4)

(O)


 N/M 


 N/M 


 N/M 


$         2,252


$         1,979


Non-interest income tax-credit investments amortization (5)

(P)


 N/M 


 N/M 


 N/M 


(2,060)


(1,463)


Net income on tax-credit investments

(O+P)


 N/M 


 N/M 


 N/M 


193


516


Effective tax rate



22.1

%

23.1

%

23.8

%

75.7

%

16.1

%














Intangible amortization

(Q)


$       1,128


$         1,140


$         1,205


$         1,205


$         1,205


Fully taxable equivalent income adjustment 

(R)


2,023


2,013


2,006


2,021


1,980















(1) Non-GAAP financial measure.

(2) Ratios are annualized and based on average balance sheet amounts, where applicable. Quarterly data may not sum to year-to-date data due to rounding.

(3) Amortization of intangible assets is adjusted assuming a 27% marginal tax rate. 

(4) The tax benefit is the direct reduction to the income tax provision due to tax credit investments.

(5) The non-interest income amortization is the reduction to the tax-advantaged investments and are incurred as the tax credits are generated. 

(6) As of January 1, 2024, the Company elected the proportional amortization method for certain tax credits eliminating the need to adjust the efficiency ratio for tax credit impacts. 

 

BERKSHIRE HILLS BANCORP, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA- UNAUDITED



At or for the Nine Months Ended




September 30,


September 30,


(in thousands)



2024


2023


Total non-interest income



$                  25,089


$                    51,165


Adj: Net (gains) on sale of business operations and assets



(16,048)




Adj: Loss on sale of AFS securities



49,909


-


Total operating non-interest income (1)



$                  58,950


$                    51,165









Total revenue 

(A)


$                289,820


$                  331,791


Adj: Net (gains) on sale of business operations and assets



(16,048)


-


Adj: Loss on sale of AFS securities



49,909


-


Total operating revenue (1)

(B)


$                323,681


$                  331,791









Total non-interest expense

(C)


$                218,911


$                  222,516


Less: Merger, restructuring and other non-operating expenses



(2,936)


(2,592)


Operating non-interest expense (1)                                    

(D)


$                215,975


$                  219,924









Pre-tax, pre-provision net revenue (PPNR) 

(A-C)


$                  70,909


$                  109,275


Operating pre-tax, pre-provision net revenue (PPNR) (1)

(B-D)


107,706


111,867









Net income



$                  41,346


$                    71,043


Adj: Net (gains) on sale of business operations and assets



(16,048)


-


Adj: Loss on sale of AFS securities



49,909


-


Adj: Restructuring expense and other non-operating expenses



2,936


2,592


Adj: Income taxes (expense)



(9,252)


(633)


Total operating income (1)

(E)


$                  68,891


$                    73,002









(in millions, except per share data)







Total average assets                                                

(F)


$                  11,713


$                    11,830


Total average shareholders' equity

(G)


1,027


990


Total average tangible shareholders' equity (1)            

(I)


1,009


967


Total accumulated other comprehensive (loss) net of tax, end of period



(89)


(218)


Total tangible shareholders' equity, end of period (1)

(K)


1,054


930


Total tangible assets, end of period (1)

(L)


11,588


12,119









Total common shares outstanding, end of period (thousands)               

(M)


42,982


43,822


Average diluted shares outstanding (thousands)

(N)


42,658


43,640









Earnings per common share, diluted (1)



$                       0.97


$                        1.63


Operating earnings per common share, diluted (1)

(E/N)


1.61


1.67


Tangible book value per common share, end of period (1)

(K/M)


24.53


21.22


Total tangible shareholders' equity/total tangible assets (1)

(K/L)


9.10


7.67









Performance ratios (2)







Return on equity 



5.37

%

9.57

%

Operating return on equity (1)

(E/G)


8.94


9.83


Return on tangible common equity (1)(3)



5.80


10.16


Operating return on tangible common equity (1)(3)

(E+Q)/(I)


9.43


10.43


Return on assets



0.47


0.80


Operating return on assets (1)

(E/F)


0.78


0.82


Efficiency ratio (1)(6)                                                                               

(D-Q)/(B+O+R)


64.45


62.65


Net interest margin, FTE



3.17


3.33
















Supplementary data (in thousands)







Tax benefit on tax-credit investments (4)

(O)


 N/M 


$                      7,611


Non-interest income charge on tax-credit investments (5)

(P)


 N/M 


(5,959)


Net income on tax-credit investments

(O+P)


 N/M 


1,652









Intangible amortization

(Q)


$                    3,473


$                      3,615


Fully taxable equivalent income adjustment 

(R)


6,042


5,850









(1) Non-GAAP financial measure.

(2) Ratios are annualized and based on average balance sheet amounts, where applicable. Quarterly data may not sum to year-to-date data due to rounding.

(3) Amortization of intangible assets is adjusted assuming a 27% marginal tax rate. 

(4) The tax benefit is the direct reduction to the income tax provision due to tax credit investments.

(5) The non-interest income amortization is the reduction to the tax-advantaged investments and are incurred as the tax credits are generated. 

(6) As of January 1, 2024, the Company elected the proportional amortization method for certain tax credits eliminating the need to adjust the efficiency ratio for tax credit impacts

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/berkshire-hills-reports-higher-third-quarter-net-income-of-37-5-million-or-0-88-per-share-302285259.html

SOURCE Berkshire Hills Bancorp, Inc.

FAQ

What was Berkshire Hills Bancorp's (BHLB) net income in Q3 2024?

Berkshire Hills Bancorp reported net income of $37.5 million, or $0.88 per share, in Q3 2024.

How many branches did BHLB sell in Q3 2024?

BHLB completed the sale of ten branch offices in Q3 2024, reducing their total branch count by 14% to 83 offices.

What was BHLB's net interest margin in Q3 2024?

BHLB's net interest margin was 3.16% in Q3 2024, down from 3.20% in the previous quarter.

What was the value of consumer loans sold by BHLB after Q3 2024?

BHLB sold $46.5 million in Upstart-related consumer loans after Q3 2024, with the sale completed on October 16, 2024.

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Berkshire Hills Bancorp, Inc.

NYSE:BHLB

BHLB Rankings

#2373 Ranked by Market Cap
#1222 Ranked by Dividends

BHLB Latest News

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Nov 1, 2024
Berkshire Hills Announces Quarterly Shareholder Dividend
Oct 1, 2024
Berkshire Hills Announces Third Quarter 2024 Earnings Release and Conference Call Schedule
Sep 17, 2024
Berkshire Hills Announces Quarterly Shareholder Dividend

BHLB Stock Data

1.21B
42.52M
1.04%
85.78%
1.97%
Banks - Regional
Savings Institutions, Not Federally Chartered
Link
United States of America
BOSTON