BERKSHIRE HILLS BANCORP INC
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
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Selected Financial Data
The following summary data is based in part on the consolidated financial statements and accompanying notes and other information appearing elsewhere in this or prior Forms 10-Q.
| At or for the · At or for the | ||||
|---|---|---|---|---|
| Three Months Ended June 30, | Six Months Ended June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| NOMINAL AND PER SHARE DATA | ||||
| Net earnings per common share, diluted | $0.57 | $0.55 | $0.09 | $1.18 |
| Operating earnings per common share, diluted (1)(2) | 0.55 | 0.55 | 1.03 | 1.18 |
| Net (loss)/income, (thousands) | 24,025 | 23,861 | 3,837 | 51,498 |
| Operating net income, (thousands) (1)(2) | 23,168 | 23,878 | 44,102 | 51,486 |
| Net interest income, non FTE | 88,532 | 92,759 | 176,672 | 190,292 |
| Net interest income, FTE (4) | 90,545 | 94,721 | 180,691 | 194,161 |
| Total common shares outstanding, (thousands) | 42,959 | 44,033 | 42,959 | 44,033 |
| Average diluted shares, (thousands) | 42,508 | 43,532 | 42,763 | 43,780 |
| Total book value per common share | 23.58 | 22.11 | 23.58 | 22.11 |
| Tangible book value per common share (2) | 23.18 | 21.60 | 23.18 | 21.60 |
| Dividends per common share | 0.18 | 0.18 | 0.36 | 0.36 |
| Dividend payout ratio | 32.74% | 33.47% | N/M | 31.06% |
| PERFORMANCE RATIOS (3) | ||||
| Return on equity | 9.49% | 9.51% | 0.76% | 10.39% |
| Operating return on equity (1)(2) | 9.15 | 9.51 | 8.69 | 10.39 |
| Return on tangible common equity (1)(2) | 9.99 | 10.09 | 1.11 | 11.01 |
| Operating return on tangible common equity (1)(2) | 9.65 | 10.09 | 9.19 | 11.01 |
| Return on assets | 0.82 | 0.79 | 0.07 | 0.87 |
| Operating return on assets (1)(2) | 0.79 | 0.79 | 0.75 | 0.87 |
| Net interest margin, FTE (4) | 3.20 | 3.24 | 3.18 | 3.40 |
| Efficiency ratio (1)(2) | 63.40 | 63.57 | 64.81 | 61.50 |
| FINANCIAL DATA (in millions, end of period) | ||||
| Total assets | $12,219 | $12,090 | $12,219 | $12,090 |
| Total earning assets | 11,510 | 11,370 | 11,510 | 11,370 |
| Total loans (5) | 9,229 | 8,882 | 9,229 | 8,882 |
| Total deposits (6) | 9,621 | 10,068 | 9,621 | 10,068 |
| Loans/deposits (%) | 96% | 88% | 96% | 88% |
| Total shareholders' equity | 1,013 | 973 | 1,013 | 973 |
| ASSET QUALITY | ||||
| Allowance for credit losses, (millions) | $112 | $100 | $112 | $100 |
| Net charge-offs, (millions) | (2) | (6) | (6) | (13) |
| Net charge-offs (QTD annualized)/average loans | 0.07% | 0.26% | 0.13% | 0.29% |
| Provision expense, (millions) | $6 | $8 | $12 | $17 |
| Non-accruing loans/total loans | 0.23% | 0.32% | 0.23% | 0.32% |
| Allowance for credit losses/non-accruing loans | 525 | 353 | 525 | 353 |
| Allowance for credit losses/total loans | 1.22 | 1.13 | 1.22 | 1.13 |
| CAPITAL RATIOS | ||||
| Common equity tier 1 capital to risk-weighted assets | 11.6% | 12.1% | 11.6% | 12.1% |
| Tier 1 capital leverage ratio | 9.6 | 9.6 | 9.6 | 9.6 |
| Tangible common shareholders' equity/tangible assets (2) | 8.2 | 7.9 | 8.2 | 7.9 |
(1) Operating measurements are non-GAAP financial measures that are adjusted to exclude net non-operating charges primarily related to acquisitions and restructuring activities. Refer to "Reconciliation of Non-GAAP Financial Measures" for additional information.
(2) Non-GAAP financial measure. Refer to "Reconciliation of Non-GAAP Financial Measures" for additional information.
(3) All performance ratios are annualized and are based on average balance sheet amounts, where applicable.
(4) Fully taxable equivalent considers the impact of tax advantaged investment securities and loans.
(5) As of June 30, 2024, total loans exclude $55.4 million of loans that were reclassified to assets held-for-sale in consideration of the potential branch sale.
(6) As of June 30, 2024, total deposits exclude $474.0 million of deposits that were reclassified to liabilities held-for-sale in consideration of the potential branch sale.
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