Berkshire Hills Bancorp(BHLB) - 2025 Q4 - Annual Results

Financial Performance - Net income for the fourth quarter of 2025 was $53.4 million, with an EPS of $0.64[2] - For the year ended December 31, 2025, net income was $90.3 million, or $1.03 per share, excluding $70.1 million of merger-related charges, operating earnings after tax (non-GAAP) was $142.3 million[3] - Net income for the three months ended December 31, 2025, was $53,366,000, a significant recovery from a loss of $4,221,000 in the prior quarter[33] - Operating pretax income for the three months ended December 31, 2025, was $89,611, compared to $27,197 for the same period in 2024, a significant increase of 229.5%[59] Asset and Liability Management - Total assets increased by $352.9 million to $23.2 billion from September 30, 2025, and increased by $11.3 billion from December 31, 2024, primarily due to the merger[6] - Total assets reached $23,220,372,000, compared to $22,867,458,000 in the previous quarter[33] - Total liabilities rose to $13,572,510, an increase of 32.5% from $10,262,388 in the prior year[55] - Total interest-bearing liabilities were $15,666,035 million, with a total interest expense of $112,842 million, resulting in an average cost of 2.86%[49] Loan and Lease Performance - Total loans and leases were $18.0 billion, a decrease of $275.8 million from September 30, 2025, but an increase of $8.3 billion from December 31, 2024[7] - Provision for credit losses on loans and unfunded commitments was $8,141,000 for the latest quarter, down from $20,268,000 in the prior quarter[31] - Nonperforming loans and leases as a percentage of total loans and leases was 0.63% as of December 31, 2025, compared to 0.54% in the previous quarter[46] - Net loan and lease charge-offs were $9,019 million, which is 0.20% of average loans and leases (annualized)[34] Income and Expense Analysis - Net interest income rose by $70.9 million to $199.7 million during the fourth quarter of 2025, with a net interest margin of 3.82 percent[12] - Total non-interest income for the fourth quarter increased by $13.6 million to $25.9 million compared to the previous quarter[13] - Non-interest expense, excluding merger and restructuring expenses, increased by $44.5 million to $127.9 million from the previous quarter[18] - Total non-interest expense increased to $142,366,000 for the three months ended December 31, 2025, compared to $129,296,000 in the previous quarter, marking a 10.4% rise[41] Equity and Capital Ratios - Stockholders' equity reached $2,496,061 million, compared to $2,461,015 million in the previous period[38] - The capital ratio of stockholders' equity to total assets was 10.75%[34] - The tangible stockholders' equity to tangible assets ratio was 8.62%[34] - Return on average stockholders' equity (annualized) increased to 8.70% from (1.01)% in the previous quarter[33] Dividend and Shareholder Information - The Company declared a dividend of $0.3225 per share for the quarter ended December 31, 2025, to be paid on February 27, 2026[24] - The number of common shares outstanding decreased to 83,816,086 from 83,908,861, a reduction of approximately 0.11%[64] - Tangible book value per common share increased to $23.32 from $22.75, representing a growth of about 2.5%[64] Year-over-Year Comparisons - Net interest income for the twelve months ended December 31, 2025, was $503,106, compared to $329,585 for the previous year, reflecting a 52.6% increase[55] - The net interest margin improved to 3.56% from 3.06% year-over-year, indicating enhanced profitability on interest-earning assets[55] - Total assets increased to $15,230,648, up from $11,473,424, representing a growth of 32.5% year-over-year[54]