Q3 2024 Berkshire Hills Bancorp Inc Earnings Call Transcript
Key Points
- Berkshire Hills Bancorp Inc (BHLB) reported a strong quarter with operating earnings per share up 5% quarter-over-quarter and 16% year-over-year.
- Asset quality metrics remain robust, with total past due loans at their lowest level in 15 years.
- The company successfully completed the sale of 10 branches in New York, enhancing network efficiency and profitability.
- Capital ratios improved, with CET1 at 11.9% and TCE at 9.1%, indicating strong capital management.
- The loan pipeline was stable quarter-over-quarter and up 20% year-over-year, suggesting potential for future growth.
- Net interest income decreased by 1% quarter-over-quarter and 3% year-over-year, reflecting pressure on margins.
- Deposit costs increased by seven basis points during the quarter, indicating rising funding expenses.
- Non-performing loans increased by 12% quarter-over-quarter, driven by an isolated multi-use property.
- The pre-tax gain from the branch sale was lower than expected due to higher-than-anticipated deposit retention.
- A significant check fraud incident resulted in $1.5 million in expenses, highlighting operational risk.
Good morning, ladies and gentlemen and welcome to the Berkshire Hills Bank Corp third quarter, 2024 earnings conference call at this time. All lines are in listen-only mode following the presentation, we will conduct a question and answer section. Ask a question, please press star one on your touchtone phone. Should you wish to decline from the pulling process? Please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. If at any time during this call, you require immediate assistance. Please press star zero for the operator. This call is being recorded on October 24th 2024. I would now like to turn the conference over to Kevin Conn Investor Relations Officer. Please go ahead.
Good morning and thank you for joining Berkshire Bank's third quarter earnings call. My name is Kevin Conn Investor Relations and corporate development Officer. Here with me today are N Mahat, Chief Executive Officer
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