Berkshire Hills Bancorp Inc (NYSE:BHLB)
$ 30.75 -0.44 (-1.41%) Market Cap: 1.32 Bil Enterprise Value: 1.46 Bil PE Ratio: 32.36 PB Ratio: 1.23 GF Score: 65/100
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Q2 2024 Berkshire Hills Bancorp Inc Earnings Call Transcript

Jul 18, 2024 / 01:00PM GMT
Release Date Price: $27.13 (+0.63%)

Key Points

Positve
  • Operating EPS increased by 12% quarter-over-quarter to $0.55.
  • Operating net income rose by 11% quarter-over-quarter to $23.2 million.
  • Net charge-offs have declined for six consecutive quarters, reaching a low of 7 basis points.
  • Operating expenses decreased by 2% quarter-over-quarter, reflecting cost optimization efforts.
  • The bank's digital initiatives have led to record-high Net Promoter Scores and strong mobile app ratings.
Negative
  • Average deposits decreased by 2% quarter-over-quarter.
  • Net interest income was up only modestly quarter-over-quarter and down 5% year-over-year.
  • Provision expense increased by $0.5 million quarter-over-quarter.
  • The bank's loan growth is expected to be at the low end of the previously provided range.
  • Deposit costs increased by 6 basis points in the quarter, indicating ongoing funding cost pressures.
Operator

Good morning, ladies and gentlemen, and welcome to the Berkshire Hills Bancorp second-quarter 2024 earnings conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session (Operator Instructions) This call is being recorded on July 18, 2024.

I would now like to turn the conference over to Kevin Conn, Investor Relations Officer. Please go ahead.

Kevin Conn
Berkshire Hills Bancorp Inc - Senior Vice President, Investor Relations & Corporate Development

Good morning, and thank you for joining Berkshire Bank's second-quarter earnings call. My name is Kevin Conn, Investor Relations and Corporate Development Officer. Here with me today are Nitin Mhatre, Chief Executive Officer; Sean A. Gray, Chief Operating Officer; Brett Brbovic, Chief Financial Officer; and Greg Lindenmuth, Chief Risk Officer.

Our remarks will include forward-looking statements and refer to non-GAAP financial measures. Actual results could differ materially from those statements.

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