Berkshire Hills Bancorp ( (BHLB) ) has released its Q4 earnings. Here is a breakdown of the information Berkshire Hills Bancorp presented to its investors.
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Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, a community-focused bank headquartered in Boston with $12.3 billion in assets and 83 financial centers across New England and New York. The bank provides a range of commercial, retail, wealth, and private banking solutions.
Berkshire Hills Bancorp reported strong fourth-quarter results for 2024 with a GAAP EPS of $0.46 and an operating EPS of $0.60, reflecting a 3% growth quarter-over-quarter and a significant 28% increase year-over-year. The company highlighted its strategic initiatives and strong financial performance throughout the year as driving factors for this growth.
Key financial highlights from the fourth quarter include a 3% increase in average deposits and a 0.4% rise in average loans, leading to an improved loans-to-deposits ratio. The company also reported a return on tangible common equity of 7.6% and a common equity Tier 1 ratio of 13.0%. Additionally, the efficiency ratio improved to 62.4% due to higher fee revenue and lower operating expenses. Notably, delinquent and non-performing loans reached their lowest levels in nearly two decades at 0.52% of total loans.
Berkshire Hills Bancorp’s strategic move, including a pending merger with Brookline Bancorp, Inc., aims to create a leading Northeast banking franchise. This merger is supported by a successful capital raise of $100 million, reflecting investor confidence in the company’s growth plans.
Looking ahead, Berkshire Hills Bancorp remains committed to its strategic initiatives and growth plans. The company aims to continue optimizing its operations and enhancing shareholder value through its upcoming merger and ongoing investments in digital platforms and customer service enhancements.
