Berkshire Hills Reports a Solid Second Quarter Net Income of $24.0 million, or $0.57 Per Share
Operating EPS of $0.55 increased 12% linked quarter
- Operating revenue increased 3% linked quarter
- Operating expense decreased 2% linked quarter
- Net interest margin 3.20%, increased 5 basis points linked quarter
- Net loan charge-offs were 7 basis points annualized
BOSTON, July 18, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE:BHLB) today reported results for the second quarter of 2024. These results along with comparison periods are summarized below:
($ in millions, except per share data) | Three Months Ended | ||||||
June 30, 2024 | Mar. 31, 2024 | June 30, 2023 | |||||
Net income (loss) | $ | 24.0 | $ | (20.2) | $ | 23.9 | |
Per share | 0.57 | (0.47) | 0.55 | ||||
Operating earnings1 | 23.2 | 20.9 | 23.9 | ||||
Per share | 0.55 | 0.49 | 0.55 | ||||
Net interest income, non FTE | $ | 88.5 | $ | 88.1 | $ | 92.8 | |
Net interest income, FTE | 90.5 | 90.1 | 94.7 | ||||
Net interest margin, FTE | 3.20 % | 3.15 % | 3.24 % | ||||
Non-interest income | 20.1 | (32.6) | 17.1 | ||||
Operating non-interest income1 | 20.1 | 17.3 | 17.1 | ||||
Non-interest expense | $ | 70.9 | $ | 76.0 | $ | 74.0 | |
Operating non-interest expense1 | 71.3 | 72.4 | 74.0 | ||||
Efficiency ratio1 | 63.4 % | 66.3 % | 63.6 % | ||||
Average balances2 | |||||||
Loans | $ | 9,214 | $ | 9,059 | $ | 8,791 | |
Deposits | 9,779 | 9,978 | 9,568 | ||||
Period-end balances2 | |||||||
Loans | 9,284 | 9,144 | 8,882 | ||||
Deposits | 10,095 | 10,368 | 10,068 | ||||
1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12. 2. Loans and deposits in 2Q24 include balances held for sale in branch transaction of $57 million and $483 million respectively (average), and $55 million and $474 million (end of period). These balances in 1Q24 | |||||||
Berkshire CEO Nitin Mhatre stated, "Operating income advanced for the second consecutive quarter and we benefited from loan growth, credit quality, and expense management. The consolidation of three branch offices was completed, bringing our branch count to 93, and we remain on target to conclude the pending sale of ten offices in the second half of the year. Berkshire bolstered its cash management and government banking capabilities through promotions and new hires, and Brett Brbovic was promoted to CFO from his position as Chief Accounting Officer. Brett will continue our forward momentum supported by the strong team that he has built over his many years at Berkshire. Finally, I'm proud that TIME named us one of America's Best Mid-Size Companies 2024 recognizing our progress on financial performance, employee satisfaction and commitment to sustainability."
Mr. Brbovic added, "The margin increase benefited from loan growth and impacts from prior quarter securities sales. Net interest income increased $392 thousand linked quarter, following several quarters of decreases. Operating non-interest income increased $2.8 million, primarily due to higher gain on SBA loans. The loan loss provision increased by approximately $500 thousand, supporting loan growth and increasing the credit loss allowance to 1.22% of total loans. Linked quarter operating expenses decreased $1.1 million due primarily to lower compensation and occupancy expense. The efficiency ratio improved to 63.4% from 66.3%. Capital ratios remained strong, with the tangible common equity ratio remaining unchanged at 8.2%."
As of and For the Three Months Ended | |||||||
June 30, 2024 | Mar. 31, 2024 | June 30, 2023 | |||||
Asset Quality | |||||||
Net loan charge-offs to average loans | 0.07 % | 0.18 % | 0.26 % | ||||
Non-performing loans to total loans | 0.23 % | 0.24 % | 0.32 % | ||||
Returns | |||||||
Return on average assets | 0.82 % | (0.69) % | 0.79 % | ||||
Operating return on average assets1 | 0.79 % | 0.71 % | 0.79 % | ||||
Return on tangible common equity1 | 9.99 % | (7.73) % | 10.09 % | ||||
Operating return on tangible common equity1 | 9.65 % | 8.73 % | 10.09 % | ||||
Capital Ratios2 | |||||||
Tangible common equity/tangible assets1 | 8.2 % | 8.2 % | 7.9 % | ||||
Tier 1 leverage | 9.6 % | 9.5 % | 9.6 % | ||||
Common equity Tier 1 | 11.6 % | 11.6 % | 12.1 % | ||||
Tier 1 risk-based | 11.8 % | 11.8 % | 12.3 % | ||||
Total risk-based | 14.1 % | 14.0 % | 14.4 % | ||||
1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based 2. Presented as estimated for June 30, 2024 and actual for the remaining periods. | |||||||
Berkshire Hills Bancorp, Inc. ((BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank with $12.2 billion in assets and 93 financial centers in New England and New York. Berkshire is headquartered in Boston and offers commercial, retail, wealth, and private banking solutions.
2Q 2024 Financial Highlights (comparisons are to the prior quarter unless otherwise noted).
Income Statement. GAAP income was $24.0 million, or $0.57 per share. Operating earnings totaled $23.2 million, or $0.55 per share. GAAP results improved from a loss in the prior quarter which included a non-operating loss on the sale of securities. Operating EPS improved 12% due to loan growth, higher fee income, and lower operating expenses.
- Net interest income totaled $88.5 million in 2Q24 compared to $88.1 million in 1Q24.
- Net interest margin increased 5 basis points linked quarter to 3.20% reflecting the benefit of loan growth and securities sales.
- The earning asset yield increased 13 basis points.
- The loan yield increased 5 basis points.
- The cost of funds increased 8 basis points.
- The cost of deposits increased 6 basis points.
- The earning asset yield increased 13 basis points.
- Provision for credit losses on loans totaled $6.5 million.
- Allowance for credit losses on loans increased $4.8 million.
- Net loan charge-offs totaled $1.7 million.
- Net annualized loan charge-off ratio of 0.07%, down sequentially for last six quarters.
- GAAP and operating non-interest income totaled $20.1 million. Operating non-interest income increased $2.8 million linked quarter.
- Gain on SBA loan sales increased $1.6 million to a five quarter high of $3.3 million
- Non-interest expense totaled $70.9 million on a GAAP basis and $71.3 million on an operating basis. Operating non-interest expense decreased $1.1 million linked quarter.
- Compensation and benefits expense decreased $609 thousand.
- Occupancy and equipment expense decreased $634 thousand.
- The efficiency ratio was 63.4% compared to 66.3% linked quarter.
- Income tax expense was $7.2 million and the effective tax rate was 23.1%.
Loans. Total loans increased $143 million to $9.23 billion due to commercial loan growth. Problem loans decreased and the allowance for credit losses increased.
- Commercial real estate loans increased $113 million to $4.71 billion.
- Commercial and industrial loans increased $37 million to $1.42 billion.
- Residential mortgage loans decreased $2 million to $2.67 billion. Loans held for sale included $47 million of seasoned mortgages pending sale (not related to the pending NY branch sale).
- Consumer loans decreased $5 million to $425 million.
- Included in assets held for sale were loans related to the branch sale totaling $55 million at period-end.
- The allowance for credit losses to total loans was 1.22% at June 30, 2024, compared to 1.18% at prior quarter-end. Annualized net charge-offs were 0.07% of loans in the quarter.
- Non-performing loans to total loans was 0.23% at June 30, 2024, down from 0.24% at prior quarter-end.
Deposits. Total deposits decreased $262 million to $9.62 billion.
- Non-interest bearing deposits decreased $40 million to $2.22 billion.
- Non-maturity interest bearing deposits decreased $166 million to $5.05 billion.
- Time deposits decreased $56 million to $2.35 billion.
- Excluded from total deposits were branch sale deposits totaling $474 million at period-end, which were included in liabilities held for sale.
Equity. Total shareholders' equity increased by $3 million to $1.01 billion. The Company repurchased approximately 612 thousand shares totaling $13 million during the second quarter. Tangible book value per share advanced to $23.18 from $22.84.
2Q 2024 Corporate Responsibility and Sustainability Highlights
- Berkshire expanded its Down Payment Assistance Program to help qualifying buyers achieve their dream of homeownership.
- More than 1,000 Berkshire employees participated in 50 volunteer projects contributing more than 4,600 hours of service as part of Xtraordinary Day, the bank's annual day of service.
- Berkshire maintained its top quartile environmental, social and governance performance in the banking sector and was recognized among TIME's America's Best Mid-Size Companies 2024.
Conference Call and Investor Presentation. Berkshire will conduct a conference call/webcast at 9:00 a.m. eastern time on Thursday, July 18, 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 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
[email protected]
MEDIA CONTACT
Gary Levante
Corporate Communications
413.447.1737
[email protected]
BERKSHIRE HILLS BANCORP, INC. | ||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (1) | ||||||||||||
At or for the Quarters Ended | ||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||
2024 | 2024 | 2023 | 2023 | 2023 | ||||||||
NOMINAL AND PER SHARE DATA | ||||||||||||
Net earnings/(loss) per common share, diluted | $ 0.57 | $ (0.47) | $ (0.03) | $ 0.45 | $ 0.55 | |||||||
Operating earnings per common share, diluted (2)(3) | 0.55 | 0.49 | 0.47 | 0.50 | 0.55 | |||||||
Net income/(loss), (thousands) | 24,025 | (20,188) | (1,445) | 19,545 | 23,861 | |||||||
Operating net income, (thousands) (2)(3) | 23,168 | 20,934 | 20,190 | 21,516 | 23,878 | |||||||
Net interest income, (thousands) non FTE | 88,532 | 88,140 | 88,421 | 90,334 | 92,759 | |||||||
Net interest income, FTE (5) | 90,545 | 90,146 | 90,442 | 92,314 | 94,721 | |||||||
Total common shares outstanding, end of period (thousands) | 42,959 | 43,415 | 43,501 | 43,822 | 44,033 | |||||||
Average diluted shares, (thousands) | 42,508 | 43,028 | 43,101 | 43,347 | 43,532 | |||||||
Total book value per common share, end of period | 23.58 | 23.26 | 23.27 | 21.70 | 22.11 | |||||||
Tangible book value per common share, end of period (2)(3) | 23.18 | 22.84 | 22.82 | 21.23 | 21.60 | |||||||
Dividends per common share | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | |||||||
Dividend payout ratio | 32.74 | % | N/M | % | N/M | % | 40.56 | % | 33.47 | % | ||
PERFORMANCE RATIOS (4) | ||||||||||||
Return on equity | 9.49 | % | (7.93) | % | (0.60) | % | 7.91 | % | 9.51 | % | ||
Operating return on equity (2)(3) | 9.15 | 8.23 | 8.36 | 8.71 | 9.51 | |||||||
Return on tangible common equity (2)(3) | 9.99 | (7.73) | (0.24) | 8.45 | 10.09 | |||||||
Operating return on tangible common equity (2)(3) | 9.65 | 8.73 | 8.90 | 9.27 | 10.09 | |||||||
Return on assets | 0.82 | (0.69) | (0.05) | 0.66 | 0.79 | |||||||
Operating return on assets (2)(3) | 0.79 | 0.71 | 0.68 | 0.73 | 0.79 | |||||||
Net interest margin, FTE (5) | 3.20 | 3.15 | 3.11 | 3.18 | 3.24 | |||||||
Efficiency ratio (3) | 63.40 | 66.26 | 67.77 | 65.05 | 63.57 | |||||||
FINANCIAL DATA (in millions, end of period) | ||||||||||||
Total assets | $ 12,219 | $ 12,147 | $ 12,431 | $ 12,140 | $ 12,090 | |||||||
Total earning assets | 11,510 | 11,430 | 11,705 | 11,400 | 11,370 | |||||||
Total loans | 9,229 | 9,086 | 9,040 | 8,984 | 8,882 | |||||||
Total funding liabilities | 10,907 | 10,826 | 11,140 | 10,906 | 10,864 | |||||||
Total deposits | 9,621 | 9,883 | 10,633 | 9,981 | 10,068 | |||||||
Loans/deposits (%) | 96 | % | 92 | % | 85 | % | 90 | % | 88 | % | ||
Total accumulated other comprehensive (loss) net of tax, end of period | $ (115) | $ (114) | $ (143) | $ (218) | $ (186) | |||||||
Total shareholders' equity | 1,013 | 1,010 | 1,012 | 951 | 973 | |||||||
ASSET QUALITY | ||||||||||||
Allowance for credit losses, (millions) | $ 112 | $ 107 | $ 105 | $ 103 | $ 100 | |||||||
Net charge-offs, (millions) | (2) | (4) | (4) | (5) | (6) | |||||||
Net charge-offs (QTD annualized)/average loans | 0.07 | % | 0.18 | % | 0.20 | % | 0.24 | % | 0.26 | % | ||
Provision (benefit)/expense, (millions) | $ 6 | $ 6 | $ 7 | $ 8 | $ 8 | |||||||
Non-performing assets, (millions) | 24 | 24 | 24 | 29 | 31 | |||||||
Non-performing loans/total loans | 0.23 | % | 0.24 | % | 0.24 | % | 0.30 | % | 0.32 | % | ||
Allowance for credit losses/non-performing loans | 525 | 500 | 492 | 386 | 353 | |||||||
Allowance for credit losses/total loans | 1.22 | 1.18 | 1.17 | 1.14 | 1.13 | |||||||
CAPITAL RATIOS | ||||||||||||
Risk weighted assets, (millions)(6) | $ 9,602 | $ 9,615 | $ 9,552 | $ 9,594 | $ 9,523 | |||||||
Common equity Tier 1 capital to risk weighted assets (6) | 11.6 | % | 11.6 | % | 12.0 | % | 12.1 | % | 12.1 | % | ||
Tier 1 capital leverage ratio (6) | 9.6 | 9.5 | 9.6 | 9.8 | 9.6 | |||||||
Tangible common shareholders' equity/tangible assets (3) | 8.2 | 8.2 | 8.0 | 7.7 | 7.9 | |||||||
(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 June 30, 2024 and actual for the remaining periods. | |||||||||||
BERKSHIRE HILLS BANCORP, INC. | ||||
CONSOLIDATED BALANCE SHEETS | ||||
June 30, | March 31, | December 31, | June 30, | |
(in thousands) | 2024 | 2024 | 2023 | 2023 |
Assets | ||||
Cash and due from banks | $ 112,085 | $ 111,676 | $ 148,148 | $ 120,285 |
Short-term investments | 988,207 | 1,082,019 | 1,055,096 | 520,315 |
Total cash and cash equivalents | 1,100,292 | 1,193,695 | 1,203,244 | 640,600 |
Trading securities, at fair value | 5,699 | 5,909 | 6,142 | 6,405 |
Equity securities, at fair value | 12,736 | 12,823 | 13,029 | 12,868 |
Securities available for sale, at fair value | 611,711 | 625,857 | 1,022,285 | 1,340,331 |
Securities held to maturity, at amortized cost | 520,239 | 531,820 | 543,351 | 563,765 |
Federal Home Loan Bank stock | 35,010 | 20,522 | 22,689 | 34,714 |
Total securities | 1,185,395 | 1,196,931 | 1,607,496 | 1,958,083 |
Less: Allowance for credit losses on investment securities | (65) | (61) | (68) | (71) |
Net securities | 1,185,330 | 1,196,870 | 1,607,428 | 1,958,012 |
Loans held for sale | 52,072 | 6,345 | 2,237 | 8,708 |
Commercial real estate loans | 4,706,810 | 4,593,692 | 4,527,012 | 4,315,202 |
Commercial and industrial loans | 1,421,921 | 1,384,591 | 1,352,834 | 1,464,922 |
Residential mortgages | 2,674,611 | 2,677,046 | 2,672,677 | 2,584,959 |
Consumer loans | 425,184 | 430,424 | 487,163 | 517,319 |
Total loans | 9,228,526 | 9,085,753 | 9,039,686 | 8,882,402 |
Less: Allowance for credit losses on loans | (112,167) | (107,331) | (105,357) | (100,219) |
Net loans | 9,116,359 | 8,978,422 | 8,934,329 | 8,782,183 |
Premises and equipment, net | 55,893 | 57,832 | 68,915 | 76,903 |
Other intangible assets | 17,319 | 18,460 | 19,664 | 22,074 |
Other assets | 615,882 | 611,967 | 584,066 | 593,621 |
Assets held for sale | 76,307 | 83,020 | 10,938 | 8,220 |
Total assets | $ 12,219,454 | $ 12,146,611 | $ 12,430,821 | $ 12,090,321 |
Liabilities and shareholders' equity | ||||
Non-interest bearing deposits | $ 2,222,012 | $ 2,261,794 | $ 2,469,164 | $ 2,594,528 |
NOW and other deposits | 766,641 | 793,492 | 858,644 | 944,775 |
Money market deposits | 3,278,753 | 3,411,672 | 3,565,516 | 3,005,081 |
Savings deposits | 1,004,320 | 1,010,630 | 1,053,810 | 1,088,405 |
Time deposits | 2,349,733 | 2,405,384 | 2,686,250 | 2,435,618 |
Total deposits | 9,621,459 | 9,882,972 | 10,633,384 | 10,068,407 |
Federal Home Loan Bank advances | 689,606 | 337,169 | 385,223 | 674,345 |
Subordinated borrowings | 121,487 | 121,425 | 121,363 | 121,238 |
Total borrowings | 811,093 | 458,594 | 506,586 | 795,583 |
Other liabilities | 287,312 | 297,663 | 278,630 | 252,950 |
Liabilities held for sale | 486,648 | 497,459 | - | - |
Total liabilities | 11,206,512 | 11,136,688 | 11,418,600 | 11,116,940 |
Common shareholders' equity | 1,012,942 | 1,009,923 | 1,012,221 | 973,381 |
Total shareholders' equity | 1,012,942 | 1,009,923 | 1,012,221 | 973,381 |
Total liabilities and shareholders' equity | $ 12,219,454 | $ 12,146,611 | $ 12,430,821 | $ 12,090,321 |
BERKSHIRE HILLS BANCORP, INC. | |||||||
'CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
Three Months Ended | Years Ended | ||||||
June 30, | June 30, | ||||||
(in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||
Interest income | $ 154,109 | $ 145,425 | $ 306,115 | $ 277,741 | |||
Interest expense | 65,577 | 52,666 | 129,443 | 87,449 | |||
Net interest income, non FTE | 88,532 | 92,759 | 176,672 | 190,292 | |||
Non-interest income | |||||||
Deposit related fees | 8,561 | 8,571 | 16,866 | 16,882 | |||
Loan related fees | 2,364 | 3,189 | 5,027 | 5,658 | |||
Gain on SBA loans | 3,294 | 2,910 | 4,993 | 5,404 | |||
Wealth management fees | 2,613 | 2,583 | 5,497 | 5,322 | |||
Fair value adjustments on securities | (42) | (22) | (157) | 212 | |||
Other | 3,343 | (137) | 5,217 | 222 | |||
Total non-interest income excluding sales of AFS securities | 20,133 | 17,094 | 37,443 | 33,700 | |||
(Loss) on sale of AFS securities | - | - | (49,909) | - | |||
Total non-interest income | 20,133 | 17,094 | (12,466) | 33,700 | |||
Total net revenue | 108,665 | 109,853 | 164,206 | 223,992 | |||
Provision expense for credit losses | 6,499 | 8,000 | 12,499 | 16,999 | |||
Non-interest expense | |||||||
Compensation and benefits | 40,126 | 39,960 | 80,861 | 79,031 | |||
Occupancy and equipment | 8,064 | 8,970 | 16,762 | 18,349 | |||
Technology | 10,236 | 10,465 | 20,140 | 19,936 | |||
Professional services | 2,757 | 2,526 | 5,433 | 5,803 | |||
Regulatory expenses | 1,848 | 1,834 | 3,693 | 3,260 | |||
Amortization of intangible assets | 1,140 | 1,205 | 2,345 | 2,410 | |||
Marketing | 532 | 1,510 | 1,648 | 2,718 | |||
Merger, restructuring and other non-operating expenses | (384) | 21 | 3,233 | (15) | |||
Other expenses | 6,612 | 7,557 | 12,836 | 14,511 | |||
Total non-interest expense | 70,931 | 74,048 | 146,951 | 146,003 | |||
Total non-interest expense excluding non-operating expenses | 71,315 | 74,027 | 143,718 | 146,018 | |||
Income before income taxes | $ 31,235 | $ 27,805 | $ 4,756 | $ 60,990 | |||
Income tax expense | 7,210 | 3,944 | 919 | 9,492 | |||
Net income | $ 24,025 | $ 23,861 | $ 3,837 | $ 51,498 | |||
Basic earnings per common share | $ 0.57 | $ 0.55 | $ 0.09 | $ 1.18 | |||
Diluted earnings per common share | $ 0.57 | $ 0.55 | $ 0.09 | $ 1.18 | |||
Weighted average shares outstanding: | |||||||
Basic | 42,437 | 43,443 | 42,602 | 43,564 | |||
Diluted | 42,508 | 43,532 | 42,763 | 43,780 | |||
BERKSHIRE HILLS BANCORP, INC. | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (5 Quarter Trend) | |||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | |||||||
(in thousands, except per share data) | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||
Interest income | $ 154,109 | $ 152,006 | $ 150,537 | $ 148,021 | $ 145,425 | ||||||
Interest expense | 65,577 | 63,866 | 62,116 | 57,687 | 52,666 | ||||||
Net interest income, non FTE | 88,532 | 88,140 | 88,421 | 90,334 | 92,759 | ||||||
Non-interest income | |||||||||||
Deposit related fees | 8,561 | 8,305 | 8,481 | 8,792 | 8,571 | ||||||
Loan related fees | 2,364 | 2,663 | 2,058 | 2,879 | 3,189 | ||||||
Gain on SBA loans | 3,294 | 1,699 | 2,382 | 2,548 | 2,910 | ||||||
Wealth management fees | 2,613 | 2,884 | 2,394 | 2,481 | 2,583 | ||||||
Fair value adjustments on securities | (42) | (115) | 768 | (467) | (22) | ||||||
Other | 3,343 | 1,874 | 591 | 1,232 | (137) | ||||||
Total non-interest income excluding sales of AFS securities | 20,133 | 17,310 | 16,674 | 17,465 | 17,094 | ||||||
Loss on sale of AFS securities | - | (49,909) | (25,057) | - | - | ||||||
Total non-interest income | 20,133 | (32,599) | (8,383) | 17,465 | 17,094 | ||||||
Total net revenue | 108,665 | 55,541 | 80,038 | 107,799 | 109,853 | ||||||
Provision expense for credit losses | 6,499 | 6,000 | 7,000 | 8,000 | 8,000 | ||||||
Non-interest expense | |||||||||||
Compensation and benefits | 40,126 | 40,735 | 40,095 | 40,155 | 39,960 | ||||||
Occupancy and equipment | 8,064 | 8,698 | 8,553 | 8,816 | 8,970 | ||||||
Technology | 10,236 | 9,904 | 11,326 | 10,616 | 10,465 | ||||||
Professional services | 2,757 | 2,676 | 3,417 | 2,423 | 2,526 | ||||||
Regulatory expenses | 1,848 | 1,845 | 1,854 | 1,905 | 1,834 | ||||||
Amortization of intangible assets | 1,140 | 1,205 | 1,205 | 1,205 | 1,205 | ||||||
Marketing | 532 | 1,116 | 1,107 | 1,552 | 1,510 | ||||||
Merger, restructuring and other non-operating expenses | (384) | 3,617 | 3,669 | 2,607 | 21 | ||||||
Other expenses | 6,612 | 6,224 | 7,766 | 7,234 | 7,557 | ||||||
Total non-interest expense | 70,931 | 76,020 | 78,992 | 76,513 | 74,048 | ||||||
Total non-interest expense excluding non-operating expenses | 71,315 | 72,403 | 75,323 | 73,906 | 74,027 | ||||||
Income/(loss) before income taxes | $ 31,235 | $ (26,479) | $ (5,954) | $ 23,286 | $ 27,805 | ||||||
Income tax expense/(benefit) | 7,210 | (6,291) | (4,509) | 3,741 | 3,944 | ||||||
Net income/(loss) | $ 24,025 | $ (20,188) | $ (1,445) | $ 19,545 | $ 23,861 | ||||||
Diluted earnings/(loss) per common share | $ 0.57 | $ (0.47) | $ (0.03) | $ 0.45 | $ 0.55 | ||||||
Weighted average shares outstanding: | |||||||||||
Basic | 42,437 | 42,777 | 42,852 | 43,164 | 43,443 | ||||||
Diluted | 42,508 | 43,028 | 43,101 | 43,347 | 43,532 | ||||||
BERKSHIRE HILLS BANCORP, INC. | ||||||||||||||
AVERAGE BALANCES AND AVERAGE YIELDS AND COSTS | ||||||||||||||
Quarters Ended | ||||||||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||||
(in millions) | Average | Interest (1) | Average | Average | Interest (1) | Average | Average | Interest (1) | Average | |||||
Assets | ||||||||||||||
Commercial real estate | $ 4,649 | $ 77 | 6.52 | % | $ 4,553 | $ 75 | 6.53 | % | $ 4,283 | $ 67 | 6.16 | % | ||
Commercial and industrial loans | 1,384 | 27 | 7.62 | 1,355 | 26 | 7.64 | 1,496 | 27 | 7.27 | |||||
Residential mortgages | 2,694 | 28 | 4.21 | 2,668 | 29 | 4.15 | 2,488 | 24 | 3.87 | |||||
Consumer loans | 430 | 8 | 7.47 | 465 | 8 | 7.24 | 524 | 9 | 7.28 | |||||
Total loans | 9,157 | 140 | 6.05 | 9,041 | 138 | 6.04 | 8,791 | 127 | 5.77 | |||||
Securities (2) | 1,332 | 8 | 2.44 | 1,726 | 10 | 2.38 | 2,236 | 13 | 2.27 | |||||
Short-term investments and loans held for sale | 597 | 8 | 5.07 | 489 | 6 | 5.07 | 560 | 7 | 4.94 | |||||
New York branch loans held for sale (3) | 57 | 1 | 5.86 | 18 | - | 5.72 | - | - | - | |||||
Total earning assets | 11,143 | 157 | 5.57 | 11,274 | 154 | 5.44 | 11,587 | 147 | 5.05 | |||||
Goodwill and other intangible assets | 18 | 19 | 22 | |||||||||||
Other assets | 531 | 462 | 448 | |||||||||||
Total assets | $ 11,692 | $ 11,755 | $ 12,057 | |||||||||||
Liabilities and shareholders' equity | ||||||||||||||
Non-interest-bearing demand deposits | $ 2,244 | $ - | - | % | $ 2,348 | $ - | - | % | $ 2,594 | $ - | - | % | ||
NOW and other | 763 | 3 | 1.44 | 799 | 3 | 1.37 | 1,055 | 4 | 1.35 | |||||
Money market | 2,909 | 24 | 3.32 | 3,083 | 25 | 3.25 | 2,555 | 14 | 2.13 | |||||
Savings | 1,004 | 3 | 1.06 | 1,038 | 3 | 0.97 | 1,077 | - | 0.50 | |||||
Time | 2,376 | 25 | 4.22 | 2,561 | 26 | 4.07 | 2,287 | 18 | 3.07 | |||||
Total deposits | 9,296 | 55 | 2.35 | 9,829 | 57 | 2.29 | 9,568 | 36 | 1.51 | |||||
Borrowings (4) | 610 | 9 | 5.55 | 504 | 7 | 5.52 | 1,288 | 17 | 5.14 | |||||
New York branch non-interest-bearing deposits | 97 | - | - | 30 | - | - | - | - | - | |||||
New York branch interest-bearing deposits | 386 | 3 | 2.80 | 119 | 1 | 2.75 | - | - | - | |||||
Total funding liabilities | 10,389 | 67 | 2.53 | 10,482 | 65 | 2.45 | 10,856 | 53 | 1.94 | |||||
Other liabilities | 290 | 255 | 197 | |||||||||||
Total liabilities | 10,679 | 10,737 | 11,053 | |||||||||||
Common shareholders' equity (5) | 1,013 | 1,018 | 1,004 | |||||||||||
Total shareholders' equity | 1,013 | 1,018 | 1,004 | |||||||||||
Total liabilities and shareholders' equity | $ 11,692 | $ 11,755 | $ 12,057 | |||||||||||
Net interest margin, FTE | 3.20 | 3.15 | 3.24 | |||||||||||
Supplementary data | ||||||||||||||
Net Interest Income, non FTE | 88.532 | 88.140 | 92.759 | |||||||||||
FTE income adjustment | 2.013 | 2.006 | 1.962 | |||||||||||
Net Interest Income, FTE | 90.545 | 90.146 | 94.721 | |||||||||||
(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 | ||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||
(in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||
NON-PERFORMING ASSETS | ||||||||||
Commercial real estate | $ 5,976 | $ 4,762 | $ 4,453 | $ 5,288 | $ 1,509 | |||||
Commercial and industrial loans | 8,489 | 9,174 | 8,712 | 11,028 | 15,597 | |||||
Residential mortgages | 5,491 | 5,992 | 6,404 | 8,060 | 8,722 | |||||
Consumer loans | 1,392 | 1,526 | 1,838 | 2,260 | 2,560 | |||||
Total non-performing loans | 21,348 | 21,454 | 21,407 | 26,636 | 28,388 | |||||
Repossessed assets | 2,549 | 2,689 | 2,601 | 2,548 | 2,549 | |||||
Total non-performing assets | $ 23,897 | $ 24,143 | $ 24,008 | $ 29,184 | $ 30,937 | |||||
Total non-performing loans/total loans | 0.23 % | 0.24 % | 0.24 % | 0.30 % | 0.32 % | |||||
Total non-performing assets/total assets | 0.20 % | 0.20 % | 0.19 % | 0.24 % | 0.26 % | |||||
PROVISION AND ALLOWANCE FOR CREDIT | ||||||||||
Balance at beginning of period | $ 107,331 | $ 105,357 | $ 102,792 | $ 100,219 | $ 97,991 | |||||
Charged-off loans | (3,246) | (5,636) | (6,891) | (6,744) | (7,686) | |||||
Recoveries on charged-off loans | 1,583 | 1,610 | 2,456 | 1,317 | 1,914 | |||||
Net loans charged-off | (1,663) | (4,026) | (4,435) | (5,427) | (5,772) | |||||
Provision (benefit)/expense for loan credit | 6,499 | 6,000 | 7,000 | 8,000 | 8,000 | |||||
Balance at end of period | $ 112,167 | $ 107,331 | $ 105,357 | $ 102,792 | $ 100,219 | |||||
Allowance for credit losses/total loans | 1.22 % | 1.18 % | 1.17 % | 1.14 % | 1.13 % | |||||
Allowance for credit losses/non-performing | 525 % | 500 % | 492 % | 386 % | 353 % | |||||
NET LOAN CHARGE-OFFS | ||||||||||
Commercial real estate | $ 22 | $ 292 | $ 316 | $ 97 | $ 664 | |||||
Commercial and industrial loans | (711) | (1,772) | (2,309) | (3,345) | (4,146) | |||||
Residential mortgages | 316 | 98 | 55 | 23 | (143) | |||||
Home equity | 8 | 193 | 83 | 208 | 126 | |||||
Other consumer loans | (1,298) | (2,837) | (2,580) | (2,410) | (2,273) | |||||
Total, net | $ (1,663) | $ (4,026) | $ (4,435) | $ (5,427) | $ (5,772) | |||||
Net charge-offs (QTD annualized)/average | 0.07 % | 0.18 % | 0.20 % | 0.24 % | 0.26 % | |||||
Net charge-offs (YTD annualized)/average | 0.13 % | 0.18 % | 0.26 % | 0.28 % | 0.29 % | |||||
DELINQUENT AND NON-PERFORMING | Balance | Percent | Balance | Percent | Balance | Percent | Balance | Percent | Balance | Percent |
30-89 Days delinquent | $ 18,494 | 0.20 % | $ 27,682 | 0.30 % | $ 22,140 | 0.24 % | $ 18,700 | 0.21 % | $ 15,147 | 0.17 % |
90+ Days delinquent and still accruing | 11,672 | 0.13 % | 5,882 | 0.06 % | 5,537 | 0.06 % | 5,744 | 0.06 % | 7,812 | 0.09 % |
Total accruing delinquent loans | 30,166 | 0.33 % | 33,564 | 0.36 % | 27,677 | 0.30 % | 24,444 | 0.27 % | 22,959 | 0.26 % |
Non-performing loans | 21,348 | 0.23 % | 21,454 | 0.24 % | 21,407 | 0.24 % | 26,636 | 0.30 % | 28,399 | 0.32 % |
Total delinquent and non-performing loans | $ 51,514 | 0.56 % | $ 55,018 | 0.60 % | $ 49,084 | 0.54 % | $ 51,080 | 0.57 % | $ 51,358 | 0.58 % |
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 consolidations 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 | ||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||
(in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||
Total non-interest income | $ 20,133 | $ (32,599) | $ (8,383) | $ 17,465 | $ 17,094 | |||||||
Adj: Loss on sale of AFS securities | - | 49,909 | 25,057 | - | - | |||||||
Total operating non-interest income (1) | $ 20,133 | $ 17,310 | $ 16,674 | $ 17,465 | $ 17,094 | |||||||
Total revenue | (A) | $ 108,665 | $ 55,541 | $ 80,038 | $ 107,799 | $ 109,853 | ||||||
Adj: Loss on sale of AFS securities | - | 49,909 | 25,057 | - | - | |||||||
Total operating revenue (1) | (B) | $ 108,665 | $ 105,450 | $ 105,095 | $ 107,799 | $ 109,853 | ||||||
Total non-interest expense | (C) | $ 70,931 | $ 76,020 | $ 78,992 | $ 76,513 | $ 74,048 | ||||||
Adj: Merger, restructuring and other non-operating expenses | 384 | (3,617) | (3,669) | (2,607) | (21) | |||||||
Operating non-interest expense (1) | (D) | $ 71,315 | $ 72,403 | $ 75,323 | $ 73,906 | $ 74,027 | ||||||
Pre-tax, pre-provision net revenue (PPNR) | (A-C) | $ 37,734 | $ (20,479) | $ 1,046 | $ 31,286 | $ 35,805 | ||||||
Operating pre-tax, pre-provision net revenue (PPNR) (1) | (B-D) | 37,350 | 33,047 | 29,772 | 33,893 | 35,826 | ||||||
Net income/(loss) | $ 24,025 | $ (20,188) | $ (1,445) | $ 19,545 | $ 23,861 | |||||||
Adj: Loss on sale of AFS securities | - | 49,909 | 25,057 | - | - | |||||||
Adj: Restructuring expense and other non-operating expenses | (384) | 3,617 | 3,669 | 2,607 | 21 | |||||||
Adj: Income taxes (expense)/benefit | (473) | (12,404) | (7,091) | (636) | (4) | |||||||
Total operating income (1) | (E) | $ 23,168 | $ 20,934 | $ 20,190 | $ 21,516 | $ 23,878 | ||||||
(in millions, except per share data) | ||||||||||||
Total average assets | (F) | $ 11,692 | $ 11,755 | $ 11,862 | $ 11,860 | $ 12,057 | ||||||
Total average shareholders' equity | (G) | 1,013 | 1,018 | 966 | 988 | 1,004 | ||||||
Total average tangible shareholders' equity (1) | (I) | 995 | 999 | 946 | 967 | 981 | ||||||
Total accumulated other comprehensive (loss) net of tax, end of period | (115) | (114) | (143) | (218) | (186) | |||||||
Total tangible shareholders' equity, end of period (1) | (K) | 996 | 991 | 993 | 930 | 951 | ||||||
Total tangible assets, end of period (1) | (L) | 12,202 | 12,128 | 12,411 | 12,119 | 12,068 | ||||||
Total common shares outstanding, end of period (thousands) | (M) | 42,959 | 43,415 | 43,501 | 43,822 | 44,033 | ||||||
Average diluted shares outstanding (thousands) | (N) | 42,508 | 43,028 | 43,101 | 43,347 | 43,532 | ||||||
Earnings/(loss) per common share, diluted (1) | $ 0.57 | $ (0.47) | $ (0.03) | $ 0.45 | $ 0.55 | |||||||
Operating earnings per common share, diluted (1) | (E/N) | 0.55 | 0.49 | 0.47 | 0.50 | 0.55 | ||||||
Tangible book value per common share, end of period (1) | (K/M) | 23.18 | 22.84 | 22.82 | 21.23 | 21.60 | ||||||
Total tangible shareholders' equity/total tangible assets (1) | (K/L) | 8.16 | 8.17 | 8.00 | 7.68 | 7.88 | ||||||
Performance ratios (2) | ||||||||||||
Return on equity | 9.49 | % | (7.93) | % | (0.60) | 7.91 | % | 9.51 | % | |||
Operating return on equity (1) | (E/G) | 9.15 | 8.23 | 8.36 | 8.71 | 9.51 | ||||||
Return on tangible common equity (1)(3) | 9.99 | (7.73) | (0.24) | 8.45 | 10.09 | |||||||
Operating return on tangible common equity (1)(3) | (E+Q)/(I) | 9.65 | 8.73 | 8.90 | 9.27 | 10.09 | ||||||
Return on assets | 0.82 | (0.69) | (0.05) | 0.66 | 0.79 | |||||||
Operating return on assets (1) | (E/F) | 0.79 | 0.71 | 0.68 | 0.73 | 0.79 | ||||||
Efficiency ratio (1)(6) | (D-Q)/(B+O+R) | 63.40 | 66.26 | 67.77 | 65.05 | 63.57 | ||||||
Supplementary data (in thousands) | ||||||||||||
Tax benefit on tax-credit investments (4) | (O) | N/M | N/M | $ 2,252 | $ 1,979 | $ 2,735 | ||||||
Non-interest income tax-credit investments amortization (5) | (P) | N/M | N/M | (2,060) | (1,463) | (2,210) | ||||||
Net income on tax-credit investments | (O+P) | N/M | N/M | 193 | 516 | 525 | ||||||
Effective tax rate | 23.1 | % | 23.8 | % | 75.7 | % | 16.1 | % | 14.2 | % | ||
Intangible amortization | (Q) | $ 1,140 | $ 1,205 | $ 1,205 | $ 1,205 | $ 1,205 | ||||||
Fully taxable equivalent income adjustment | (R) | 2,013 | 2,006 | 2,021 | 1,980 | 1,962 | ||||||
(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 Six Months Ended | ||||||
June 30, | June 30, | |||||
(in thousands) | 2024 | 2023 | ||||
Total non-interest income | $ (12,466) | $ 33,700 | ||||
Adj: Loss on sale of AFS securities | 49,909 | - | ||||
Total operating non-interest income (1) | $ 37,443 | $ 33,700 | ||||
Total revenue | (A) | $ 164,206 | $ 223,992 | |||
Adj: Loss/(gain) on sale of AFS securities | 49,909 | - | ||||
Total operating revenue (1) | (B) | $ 214,115 | $ 223,992 | |||
Total non-interest expense | (C) | $ 146,951 | $ 146,003 | |||
Less: Merger, restructuring and other non-operating expenses | (3,233) | 15 | ||||
Operating non-interest expense (1) | (D) | $ 143,718 | $ 146,018 | |||
Pre-tax, pre-provision net revenue (PPNR) | (A-C) | $ 17,255 | $ 77,989 | |||
Operating pre-tax, pre-provision net revenue (PPNR) (1) | (B-D) | 70,397 | 77,974 | |||
Net income | $ 3,837 | $ 51,498 | ||||
Adj: Loss/(gain) on sale of AFS securities | 49,909 | - | ||||
Adj: Restructuring expense and other non-operating expenses | 3,233 | (15) | ||||
Adj: Income taxes (expense)/benefit | (12,877) | 3 | ||||
Total operating income (1) | (E) | $ 44,102 | $ 51,486 | |||
(in millions, except per share data) | ||||||
Total average assets | (F) | $ 11,723 | $ 11,814 | |||
Total average shareholders' equity | (G) | 1,015 | 991 | |||
Total average tangible shareholders' equity (1) | (I) | 997 | 968 | |||
Total accumulated other comprehensive (loss) net of tax, end of period | (115) | (186) | ||||
Total tangible shareholders' equity, end of period (1) | (K) | 996 | 951 | |||
Total tangible assets, end of period (1) | (L) | 12,202 | 12,068 | |||
Total common shares outstanding, end of period (thousands) | (M) | 42,959 | 44,033 | |||
Average diluted shares outstanding (thousands) | (N) | 42,763 | 43,780 | |||
Earnings per common share, diluted (1) | $ 0.09 | $ 1.18 | ||||
Operating earnings per common share, diluted (1) | (E/N) | 1.03 | 1.18 | |||
Tangible book value per common share, end of period (1) | (K/M) | 23.18 | 21.60 | |||
Total tangible shareholders' equity/total tangible assets (1) | (K/L) | 8.16 | 7.88 | |||
Performance ratios (2) | ||||||
Return on equity | 0.76 | % | 10.39 | % | ||
Operating return on equity (1) | (E/G) | 8.69 | 10.39 | |||
Return on tangible common equity (1)(3) | 1.11 | 11.01 | ||||
Operating return on tangible common equity (1)(3) | (E+Q)/(I) | 9.19 | 11.01 | |||
Return on assets | 0.07 | 0.87 | ||||
Operating return on assets (1) | (E/F) | 0.75 | 0.87 | |||
Efficiency ratio (1)(6) | (D-Q)/(B+O+R) | 64.81 | 61.50 | |||
Net interest margin, FTE | 3.18 | 3.40 | ||||
Supplementary data (in thousands) | ||||||
Tax benefit on tax-credit investments (4) | (O) | N/M | $ 5,632 | |||
Non-interest income charge on tax-credit investments (5) | (P) | N/M | (4,495) | |||
Net income on tax-credit investments | (O+P) | N/M | 1,137 | |||
Intangible amortization | (Q) | $ 2,345 | $ 2,410 | |||
Fully taxable equivalent income adjustment | (R) | 4,019 | 3,869 | |||
(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. | ||||||
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SOURCE Berkshire Hills Bancorp, Inc.