Financial Data and Key Metrics Changes - Operating net income for Q1 2024 was $20.9 million, or $0.49 per fully diluted share, up 4% linked quarter [27][14] - Net interest income was flat linked quarter at $88.1 million, down 10% year-over-year [7][15] - Net interest margin (NIM) increased to 3.15%, up 4 basis points linked quarter [7][14] - Average loan balances increased by $69 million, or 1% linked quarter [3][15] - Average deposit balances increased by $42 million linked quarter [6][15] - Operating expenses decreased by 4% linked quarter to $72.4 million [10][15] - Net charge-offs were $4 million, or 18 basis points of average loans, down 14 basis points year-over-year [16][19] Business Line Data and Key Metrics Changes - Operating fee income increased by $636,000, or 4% linked quarter, driven by higher swap fees and commercial loan servicing fees [8][15] - Wealth management income rose by $490,000 due to higher seasonal tax preparation fees and market appreciation [8] - Gain on sale of SBA loans decreased by $683,000 due to lower market premiums [8] Market Data and Key Metrics Changes - Average deposits increased by 3% year-over-year [30] - Non-interest-bearing deposits as a percentage of total deposits decreased from 25% in Q4 to 24% in Q1 [6] - Cumulative total deposit beta was 41% through 525 basis points of Fed tightening [6] Company Strategy and Development Direction - The company intends to self-fund investments in strategic priorities to enhance its position as a high-performing community bank [4] - The strategy includes optimizing the real estate and branch network, with plans to consolidate three additional branches [39][49] - The company aims to deepen relationships with existing clients and selectively extend credit, particularly in commercial real estate [31][64] Management's Comments on Operating Environment and Future Outlook - The management noted that the operating environment remains challenging due to historic interest rate increases and an inverted yield curve [63] - There is an expectation for a more normal banking environment in late 2024 and into 2025 [64] - The management remains focused on expense management, opportunistic hiring, and proactive asset quality management [64] Other Important Information - The company sold branches in New York, which included $485 million in deposits and $58 million in loans, expecting an annualized revenue loss of $4.3 million and an expense reduction of $6.4 million post-transaction [11][12] - The company repurchased 182,000 shares for $4.3 million in Q1 [29] Q&A Session Summary Question: Impact of new senior talent on loan and deposit growth - Management confirmed that new hires are positively impacting both loan and deposit pipelines, with increased referrals in the Wealth Management Group [59] Question: Future capital management targets - Management stated they are pleased with current capital metrics and do not have specific targets for risk-weighted assets [75] Question: Credit losses and potential bulk sale of the Upstart portfolio - Management indicated that the Upstart portfolio is on a runoff mode and they are exploring options to manage and potentially divest it [76] Question: Fee income guidance for 2024 - Management acknowledged that fee income was light in Q1 but expects improvements in subsequent quarters due to seasonal factors and market conditions [86] Question: Future security sales - Management indicated that they do not anticipate further security sales in the near term, having completed two significant sales recently [79] Question: Branch network size and consolidation strategy - Management believes they are close to the right size for their branch network but will continue to evaluate opportunities for consolidation based on performance and market conditions [80][81]

Exhibt 99.1 BOSTON, April 18, 2024 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today reported results for the first quarter of 2024. These results along with comparison periods are summarized below: 1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12. 1Q24 operating noninterest income excludes $49.9 million securities loss ($38.3 million after-tax, or $0.89 per share). Operating non-interest expense excludes $3.6 million branch sale costs ($2.8 million after-tax, or ...

For the quarter ended March 2024, Berkshire Hills Bancorp (BHLB) reported revenue of $107.46 million, down 5.9% over the same period last year. EPS came in at $0.49, compared to $0.63 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $107.89 million, representing a surprise of -0.40%. The company delivered an EPS surprise of +4.26%, with the consensus EPS estimate being $0.47.While investors scrutinize revenue and earnings changes year-over-year and how they compare wi ...

Berkshire Hills Bancorp (BHLB) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.47 per share. This compares to earnings of $0.63 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.26%. A quarter ago, it was expected that this bank holding company would post earnings of $0.50 per share when it actually produced earnings of $0.47, delivering a surprise of -6%.Over the last four quart ...

• ROTCE of 8.73% (-17 bps QoQ and -323 bps YoY) • Announced sale of ten branches in New York which enhances the efficiency and profitability of our branch network and strengthens focus in core New York markets • Successfully executed a securities sale in the first quarter to partially offset deposits to be sold in branch transaction | --- | --- | |---------------|---------------------------------------------------------------------------------------------------| | | Maintained strong liquidity, asset qualit ...

Berkshire Hills Bancorp (BHLB) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on A ...

Torrance Childs, Former President of Private Banking at Boston Private, 40-Year Boston Banking Veteran, Joins Berkshire to Accelerate Client Growth & ExperienceBOSTON, March 21, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, a relationship-driven, community-focused bank with financial centers in New England and New York, is pleased to welcome Torrance Childs, former President of Private Banking at Boston Private Bank & Trust, to the Company as Chief Co ...

BOSTON, March 7, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today announced that its Board of Directors has approved a quarterly cash dividend of $0.18 per common share to shareholders of record at the close of business on March 21, 2024, payable on April 4, 2024.  About Berkshire Hills Bancorp Headquartered in Boston, Berkshire Hills Bancorp is the parent of Berkshire Bank. With $12.4 billion in assets and 96 branches in New England and New York, the Bank provides Commercial Banking, R ...

Berkshire Hills Bancorp, Inc. (BHLB) announced that its wholly-owned subsidiary Berkshire Bank has entered into an agreement to divest 10 branches in upstate and eastern New York to three separate buyers. Through this strategic move, the company aims to enhance the efficiency and profitability of its overall branch network.The divestiture comprises roughly $485.5 million in deposits and $60.5 million of related residential mortgage and consumer loans. Further, branch premises and equipment are part of the t ...

GLENS FALLS, N.Y., March 4, 2024 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® - AROW) today announced that its bank subsidiary, Glens Falls National Bank and Trust Company, has entered into a definitive agreement with Berkshire Bank, a subsidiary of Berkshire Hills Bancorp, Inc. (NYSE: BHLB), under which Glens Falls National Bank will acquire the branch office at 184 Broadway, Whitehall, New York. The sale is targeted for completion by the end of the third quarter of 2024, subject to customary reg ...