The following is a summary of the Berkshire Hills Bancorp, Inc. (BHLB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Berkshire Hills Bancorp reported a Q1 2024 operating net income of $20.9 million and an operating EPS of $0.49, both presenting a 4% increase from the previous quarter.

• The company saw a 4% reduction in non-interest expenses and a 9% decrease in net charge-offs to $4 million.

• The common equity Tier 1 ratio was reported as 11.6% and the tangible common equity ratio as 8.2% for the quarter end.

• There was an increase in net interest margin from the previous quarter.

• There was a year-over-year increase of 3% in average deposits and 6% in loans.

Business Progress:

• Berkshire Hills Bancorp continued to strengthen credit and reduce expenses, and further optimized real estate, the branch network, and balance sheet.

• The company sold 10 branches in New York state and expects to consolidate three additional branches in Q2.

• There were $4.3 million of stock repurchases at an average cost of $22.14 in Q1.

• The bank maintains its commitment to New York, aiming to be a high-performing community bank driven by relationships.

• Investments were made to acquire more frontline bankers and improve the digital platform, and there are plans for a location swap in Boston.

• Despite the investments, the company will remain focused on expense management and aims to maintain a neutral balance sheet amidst market changes.

More details: Berkshire Hills Bancorp IR

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