Berkshire Hills Bancorp Inc
NYSE:BHLB

  • LAST PRICE
    22.3400
  • TODAY'S CHANGE (%)
    0.0800 (0.3594%)
  • Bid / Lots
    21.0900/ 1
  • Ask / Lots
    22.9300/ 1
  • Open / Previous Close
    22.0200 / 22.2600
  • Day Range
    21.9900
    22.3800
  • 52 Week Range
    18.0700
    25.7871
  • Volume
    219,269

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  • Apr 18, 2024

      Show headlines and story abstract

    • 7:33AM ET on Thursday Apr 18, 2024 by MT Newswires
      Companies Mentioned: BHLB
      07:33 AM EDT, 04/18/2024 (MT Newswires) -- ...

    • 7:32AM ET on Thursday Apr 18, 2024 by MT Newswires
      Companies Mentioned: BHLB
      07:32 AM EDT, 04/18/2024 (MT Newswires) -- ...

    • 7:30AM ET on Thursday Apr 18, 2024 by PR Newswire
      Companies Mentioned: BHLB

      Announces $362 Million Securities Sale

      -- First quarter loss of $20 million, ($0.47) per share

      -- Operating income of $21 million, $0.49 per share

      -- Securities sale of $362 million resulted in a $49.9 million net non-operating loss ($0.89 per share after-tax)

    • 7:30AM ET on Thursday Apr 18, 2024 by Dow Jones
      Companies Mentioned: BHLB
      revenue (PPNR) (1) (B-D) 33,047 29,772 33,893 35,826 42,148 Net (loss)/income $ (20,188) $ (1,445) $ 19,545 $ 23,861 $ 27,637 Adj: Loss on sale of AFS securities 49,909 25,057 - - - Adj: Restructuring expense and other non-operating expenses 3,617 3,669 2,607 21 (36) Adj: Income taxes (expense)/benefit (12,404) (7,091) (636) (4) 7 -------------- ---------------- --------------- --------------- --------------- Total operating income (1) (E) $ 20,934 $ 20,190 $ 21,516 $ 23,878 $ 27,608 ------------------ --------------- -------------- ---------------- --------------- --------------- --------------- (in millions, except per share data) Total average assets (F) $ 11,755 $ 11,862 $ 11,860 $ 12,057 $ 11,569 Total average shareholders' equity (G) 1,018 966 988 1,004 978 Total average tangible shareholders' equity (1) (I) 999 946 967 981 954 Total accumulated other comprehensive (loss) net of tax, end of period (114) (143) (218) (186) (159) Total tangible shareholders' equity, end of period (1) (K) 991 993 930 951 972 Total tangible assets, end of period (1) (L) 12,128 12,411 12,119 12,068 12,297 Total common shares outstanding, end of period (thousands) (M) 43,415 43,501 43,822 44,033 44,411 Average diluted shares outstanding (thousands) (N) 43,028 43,101 43,347 43,532 44,036 Earnings per common share, diluted (1) $ (0.47) $ (0.03) $ 0.45 $ 0.55 $ 0.63 Operating earnings per common share, diluted (1) (E/N) 0.49 0.47 0.50 0.55 0.63 Tangible book value per common share, end of period (1) (K/M) 22.84 22.82 21.23 21.60 21.89 Total tangible shareholders' equity/total tangible assets (1) (K/L) 8.17 8.00 7.68 7.88 7.91 Performance ratios (2) Return on equity (7.93)% (0.60) 7.91% 9.51% 11.31% Operating return on equity (1) (E/G) 8.23 8.36 8.71 9.51 11.30 Return on tangible common equity (1)(3) (7.73) (0.24) 8.45 10.09 11.96 Operating return on tangible common equity (1)(3) (E+Q)/(I) 8.73 8.90 9.27 10.09 11.96 Return on assets (0.69) (0.05) 0.66 0.79 0.96 Operating return on assets (1) (E/F) 0.71 0.68 0.73 0.79 0.95 Efficiency ratio (1)(6) (D-Q)/(B+O+R) 66.26 67.77 65.05 63.57 59.51 Supplementary data (in thousands) Tax benefit on tax-credit investments (4) (O) N/M $ 2,252 $ 1,979 $ 2,735 $ 2,897 Non-interest income tax-credit investments amortization (5) (P) N/M (2,060) (1,463) (2,210) (2,285) Net income on tax-credit investments (O+P) N/M 193 516 525 612 Effective tax rate 23.8% 75.7% 16.1% 14.2% 16.7% Intangible amortization (Q) $ 1,205 $ 1,205 $ 1,205 $ 1,205 $ 1,205 Fully taxable equivalent income adjustment (R) 2,006 2,021 1,980 1,962 1,908 (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.

    • 7:30AM ET on Thursday Apr 18, 2024 by Dow Jones
      Companies Mentioned: BHLB

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