The following is a summary of the Berkshire Hills Bancorp, Inc. (BHLB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Berkshire Hills Bancorp reported a Q1 2024 operating net income of $20.9 million and an operating EPS of $0.49, both presenting a 4% increase from the previous quarter.
The company saw a 4% reduction in non-interest expenses and a 9% decrease in net charge-offs to $4 million.
The common equity Tier 1 ratio was reported as 11.6% and the tangible common equity ratio as 8.2% for the quarter end.
There was an increase in net interest margin from the previous quarter.
There was a year-over-year increase of 3% in average deposits and 6% in loans.
Business Progress:
Berkshire Hills Bancorp continued to strengthen credit and reduce expenses, and further optimized real estate, the branch network, and balance sheet.
The company sold 10 branches in New York state and expects to consolidate three additional branches in Q2.
There were $4.3 million of stock repurchases at an average cost of $22.14 in Q1.
The bank maintains its commitment to New York, aiming to be a high-performing community bank driven by relationships.
Investments were made to acquire more frontline bankers and improve the digital platform, and there are plans for a location swap in Boston.
Despite the investments, the company will remain focused on expense management and aims to maintain a neutral balance sheet amidst market changes.
More details: Berkshire Hills Bancorp IR
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