Berkshire Hills Bancorp Reports Strong Third Quarter Financial Results

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) recently announced its financial results for the third quarter ending September 30, 2024. According to the report, the company reported a notable increase in net income, with an earnings per share of $0.88, up from $0.57 in the previous quarter and $0.45 in the same period last year. Operating earnings per share also showed growth, reaching $0.58 for the quarter, compared to $0.55 in the previous quarter and $0.50 a year ago.

The financial statement revealed that total assets for Berkshire stood at $11.6 billion, with total loans amounting to $9.21 billion and total deposits at $9.58 billion. The company witnessed improvements in various financial metrics, including a 1% increase in average deposit balances and a decrease in non-interest expense.

Moreover, Berkshire completed the sale of ten branch offices during the quarter, resulting in a reduction of its branch count by 14% to a total of 83 offices. Additionally, a balance sheet strengthening initiative involved the successful sale of $46.5 million in consumer loans post-quarter end.

CEO Nitin Mhatre expressed satisfaction with the quarter, highlighting the company’s accelerating momentum across key drivers of business. He noted that operational income saw steady growth throughout the year, driven by strategic loan expansion, enhanced credit quality, and effective expense management.

Brett Brbovic, the CFO of Berkshire, elaborated on the financial results, emphasizing a 1% growth in operating revenue and additional improvements in loan-related fees. Despite a slight decrease in the net interest margin to 3.16%, the provision for credit losses also saw a reduction, reflecting healthier loss trends.

Berkshire emphasized its commitment to corporate responsibility and sustainability with recognition as a Top Charitable Contributor by the Boston Business Journal and inclusion in Newsweek’s list of America’s Greatest Workplaces. The bank also maintained strong performance in ESG metrics within the banking sector.

Investors can access a conference call/webcast discussing the results on the company’s IR website at ir.berkshirebank.com. The archived call will be available for an extended period.

The company’s recent financial data and quarterly highlights indicate a positive trajectory for Berkshire Hills Bancorp, showcasing growth and resilience in challenging market conditions.

Please note that all financial figures and metrics mentioned are as per the latest report released by Berkshire Hills Bancorp, Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Berkshire Hills Bancorp’s 8K filing here.

Berkshire Hills Bancorp Company Profile

Berkshire Hills Bancorp, Inc operates as the bank holding company for Berkshire Bank that provides various banking products and services in the United States. The company provides various deposit accounts, including demand deposit, interest-bearing checking, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts.