Financial Performance - Net earnings per common share increased to $0.88 for the three months ended September 30, 2024, compared to $0.45 for the same period in 2023, representing a 95.6% increase[213]. - Operating net income for the three months ended September 30, 2024, was $24,789 thousand, up from $21,516 thousand in the same period last year, reflecting a 10.5% increase[213]. - GAAP total revenue for Q3 2024 was $125.614 million, compared to $107.799 million in Q3 2023, reflecting a year-over-year increase of approximately 16.5%[223]. - Total operating income (non-GAAP) for Q3 2024 was $24.789 million, up from $21.516 million in Q3 2023, marking an increase of about 10.5%[223]. - Net income for Q3 2024 increased by $18 million, or 92%, to $38 million, primarily due to a non-operating gain of $16 million from the sale of ten branches[240]. - Non-GAAP operating earnings per share rose 16% to $0.58 from $0.50, driven by fee income growth, reduced operating expenses, and lower credit loss provision expense[230]. Asset and Liability Management - Total assets decreased to $11,605 million as of September 30, 2024, down from $12,140 million a year earlier, indicating a decline of 4.4%[213]. - Total liabilities were $10,645 million, down from $10,872 million year-over-year[216]. - Total average assets as of Q3 2024 were $11.695 billion, slightly down from $11.860 billion in the previous year[223]. - Total deposits decreased to $9,360 million with a net interest margin of 2.42%, compared to $9,630 million and 1.81% last year[216]. - Total assets decreased 7% to $11.6 billion from $12.4 billion at year-end 2023, reflecting lower cash and equivalents due to branch sale[233]. Equity and Shareholder Returns - Total shareholders' equity increased to $1,070 million as of September 30, 2024, compared to $951 million a year earlier, representing a growth of 12.5%[213]. - The dividend payout ratio was 20.63% for the three months ended September 30, 2024, down from 40.56% in the same period last year, indicating a more conservative approach to dividend distribution[213]. - Book value per share increased by $1.63, or 7%, to $24.90, while tangible book value per share increased by $1.71, or 7%, to $24.53[271]. Loan and Credit Quality - Total loans increased to $9,212 million as of September 30, 2024, compared to $8,984 million a year earlier, reflecting a growth of 2.5%[213]. - The allowance for credit losses was $112 million as of September 30, 2024, up from $103 million in the same period last year, indicating an 8.7% increase in provisions for potential loan losses[213]. - Total delinquent and non-performing loans measured 0.53% of loans, the lowest quarterly level in over 15 years[262]. - The yield on total loans was 6.11% in Q3 2024, compared to 5.97% in the final quarter of 2023[258]. Operational Efficiency - The efficiency ratio for Q3 2024 improved to 63.74% from 65.05% in the same quarter last year[223]. - Non-interest expense decreased year-over-year by $5 million, or 6%, for Q3 and by $4 million, or 2%, for the first nine months[252]. - The efficiency ratio for the first nine months was 64.45% in 2024 compared to 62.65% in 2023, improving to 63.74% in the most recent quarter[242]. Market Strategy and Growth - The company plans to continue focusing on market expansion and new product development to enhance growth opportunities[218]. - Berkshire Hills Bancorp is focusing on expanding its market presence in the Northeast region, targeting a market share increase of EE%[101]. - The company is investing in new technology development, with a budget allocation of $FF million for innovative banking solutions[101]. - The company plans to launch a new product line in Q1 2025, aiming to capture a market segment worth $II billion[101]. Risk Management and Compliance - The Company has not reported any material changes in internal control over financial reporting during the last fiscal quarter[303]. - As of September 30, 2024, there were no pending legal proceedings believed to be material to the Company's financial condition[305]. - The Company’s interest rate risk management includes key assumptions such as loan prepayment projections and deposit pricing assumptions, which are subject to periodic review[292].

Financial Data and Key Metrics Changes - Operating EPS increased to $0.58, up 5% linked quarter and 16% year-over-year [3] - Operating net income rose to $24.8 million, up 7% linked quarter and 15% year-over-year [3] - Operating ROTC improved to 9.91%, up 26 basis points linked quarter and 64 basis points year-over-year [3] - Net interest income decreased slightly to $88.1 million, down less than 1% linked quarter [8] - Operating expenses were $72.3 million, up 1% linked quarter and down 2% year-over-year [12] Business Line Data and Key Metrics Changes - Average loan balances increased by 1% linked quarter and 3% year-over-year [5] - Average deposits rose by 1% linked quarter but decreased by 3% year-over-year [10] - Non-performing loans increased by 12% linked quarter but decreased by 10% year-over-year [13] - Net charge-offs were $5.6 million, including $1.9 million related to the Upstart loan sale [8][13] Market Data and Key Metrics Changes - The loan-to-deposit ratio remained solid at 96% [4] - Average noninterest-bearing deposits as a percentage of total deposits remained steady at 24% [4] - Deposit costs increased by 7 basis points to 242 basis points [10] Company Strategy and Development Direction - The company completed the sale of 10 branches in New York, enhancing efficiency and profitability [6] - Continued investment in digital banking and customer experience to accelerate growth in deposit-led client relationships [7] - Focus on organic loan growth and managing expenses while monitoring credit quality [15] Management's Comments on Operating Environment and Future Outlook - The operating environment for the banking industry is improving with expectations of lower funding costs and increased loan demand [16] - The company anticipates a more normal operating environment in the coming quarters as the Fed lowers interest rates [16] - Management is focused on accelerating deposit growth and improving client acquisition through enhanced digital offerings [17] Other Important Information - The company reported a tangible book value per share of $24.53, an increase of 6% linked quarter and 16% year-over-year [15] - The CET1 ratio increased to 11.9% and TCE ratio rose to 9.1% due to higher retained earnings [15] Q&A Session Summary Question: Is the guidance still valid for 2024? - Management expects NIM for Q4 to be between 3.10% and 3.20%, with revenue flat to slightly down and expenses modestly down [18] Question: Why is the deposit beta expected to be higher on the way down? - Management identified tailwinds such as significant CDs maturing and efforts to manage deposit pricing effectively [19][20] Question: What are the expectations for future Upstart or Firestone loan sales? - Management believes they will run off the portfolios rather than conduct further sales, as performance is exceeding expectations [31] Question: Can you provide details on the check fraud situation? - The fraud incident was related to commercial check washing, and management is implementing changes to prevent future occurrences [32][34] Question: What are the capital allocation priorities? - The first priority is organic growth, followed by dividends and buybacks, with M&A opportunities considered if they arise [35] Question: When can we expect an update on BEST goals? - Annual guidance will be provided in January, potentially including mid-term guidance [37]

Berkshire Hills Bancorp (BHLB) reported $109.57 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 0.2%. EPS of $0.58 for the same period compares to $0.50 a year ago.The reported revenue represents a surprise of +0.91% over the Zacks Consensus Estimate of $108.58 million. With the consensus EPS estimate being $0.54, the EPS surprise was +7.41%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compa ...

Exhibit 99.1 Berkshire Hills Reports Higher Third Quarter Net Income of $37.5 million, or $0.88 Per Share Operating EPS of $0.58 increased 5% linked quarter and 16% year-over-year · $16 million non-operating gain on branch sale ($0.30 per share after tax) · Operating revenue up 1% linked quarter and 2% year-over-year · 14.8% return on tangible common equity; 9.9% operating return on tangible common equity · Branch sale and loan sale are expected to further improve long-term profitability BOSTON, October 24, ...

Berkshire Hills Bancorp (BHLB) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.54 per share. This compares to earnings of $0.50 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.41%. A quarter ago, it was expected that this bank holding company would post earnings of $0.51 per share when it actually produced earnings of $0.55, delivering a surprise of 7.84%.Over the last four qua ...

Operating EPS of $0.58 increased 5% linked quarter and 16% year-over-year$16 million non-operating gain on branch sale ($0.30 per share after tax)Operating revenue up 1% linked quarter and 2% year-over-year14.8% return on tangible common equity; 9.9% operating return on tangible common equityBranch sale and loan sale are expected to further improve long-term profitability BOSTON, Oct. 24, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the third quarter of 2024. Th ...

The Zacks Savings and Loan industry is expected to benefit from a spur in mortgage originations and refinancing on the back of declining mortgage rates. Also, the Federal Reserve's easing monetary policy is likely to aid a rise in loan demand. The digitization of operations and a stable deposit base are anticipated to support industry players in the near term. Thus, some of the industry players like ServisFirst Bancshares (SFBS) , Berkshire Hills Bancorp, Inc. (BHLB) and Heritage Financial Corporation, Inc. ...

BOSTON, Oct. 1, 2024 /PRNewswire/ -- The Berkshire Hills Bancorp, Inc. (NYSE: BHLB) third quarter 2024 earnings release and conference call are scheduled as follows: Earnings Release: October 24, 2024, at approximately 7:30 a.m. (Eastern) Conference Call: Thursday, October 24, 2024, at 9:00 a.m. (Eastern) Webcast (listen-only): Register at: https://events.q4inc.com/attendee/132825795 Dial-in Number: Toll Free: 800-549-8228; Conference ID: 47447 Webcast Replay: https://ir.berkshirebank.com (for the live webc ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share BHLB The New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from t ...

Berkshire Hills Bancorp (BHLB) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analyst ...