Berkshire Hills Bancorp(US:BHLB)2025-04-24 14:34Financial Performance - First quarter 2025 GAAP EPS was $0.56, with operating EPS at $0.60, reflecting a 22% year-over-year increase[1][2] - Net income for Q1 2025 was $25,719, compared to a net loss of $20,188 in Q1 2024[26] - Diluted earnings per share improved to $0.56 from a loss of $0.47 in the previous year[26] - Operating net income rose to $27,621,000 for the quarter ended March 31, 2025, up from $25,982,000 in the previous quarter[20] - Return on equity improved to 8.63% for the quarter ended March 31, 2025, compared to 7.18% in the previous quarter[20] - Net income for March 31, 2025, reached $25,719 thousand, compared to $19,657 thousand for December 31, 2024, reflecting a growth of 30.4%[39] Revenue and Income - Total net revenue reached $110,443, significantly higher than $55,541 in Q1 2024, marking a 98.7% increase[26] - Total operating revenue for March 31, 2025, was $110,443 thousand, showing an increase from $110,180 thousand in December 31, 2024[39] - Total non-interest income was $20,672, a recovery from a loss of $32,599 in the same quarter last year[26] - Total non-interest income for March 31, 2025, was $20,672 thousand, a decrease from $23,325 thousand in December 31, 2024[39] Expenses and Efficiency - Total non-interest expense decreased to $70,366, down from $76,020 in Q1 2024, reflecting a 7.4% reduction[26] - Total non-interest expense for March 31, 2025, was $70,366 thousand, down from $77,575 thousand in December 31, 2024, representing a reduction of 9.5%[39] - The efficiency ratio improved to 59.5%, marking the best result in two years[3][9] - The efficiency ratio improved to 59.45% for the quarter ended March 31, 2025, down from 62.43% in the previous quarter[20] Loans and Deposits - Total loans increased by $44 million, or 0.5%, to $9.4 billion compared to the linked quarter[1][11] - Total loans increased to $9,429 million as of March 31, 2025, compared to $9,385 million in the previous quarter[24] - Total deposits at the end of the period decreased by $495 million to $9.9 billion, while deposits excluding payroll and brokered deposits increased by $11 million linked quarter[1][12] - Total deposits increased to $9,847 million, with a net interest expense of $53 million, compared to $9,659 million and $56 million respectively in the previous quarter[30] Credit Quality - The allowance for credit losses on loans increased by 2 basis points to 1.24% of total loans, with non-performing loans at 0.25%[4][15] - The allowance for credit losses increased to $117 million as of March 31, 2025, from $115 million in the previous quarter[21] - Non-performing loans as a percentage of total loans remained stable at 0.25% for the quarter ended March 31, 2025[20] - Non-performing loans as a percentage of total loans remained stable at 0.25% for the quarter ended March 31, 2025, compared to 0.26% in the previous quarter[33] Capital and Ratios - The tangible common equity ratio increased to 9.9% of assets, with tangible book value per share advancing 3% linked quarter to $25.50[4][13] - Common equity Tier 1 capital to risk-weighted assets increased to 13.3% for the quarter ended March 31, 2025, compared to 13.0% in the previous quarter[21] - Operating return on tangible common equity improved to 9.7% from 8.7% year-over-year[2][4] Mergers and Future Outlook - The proposed merger with Brookline Bancorp is expected to close in the second half of 2025, pending regulatory approvals[7][14]