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BHLB Berkshire Hills Bancorp Inc

22.92
0.13 (0.57%)
29 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Berkshire Hills Bancorp Inc NYSE:BHLB NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.13 0.57% 22.92 23.07 22.65 22.77 193,901 00:00:00

Berkshire Hills Reports Third Quarter Results; Dividend Declared

28/10/2019 8:15pm

PR Newswire (US)


Berkshire Hills Bancorp (NYSE:BHLB)
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From Mar 2019 to Mar 2024

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BOSTON, Oct. 28, 2019 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) reported third quarter 2019 GAAP net income of $23 million, or $0.44 per share, compared to $25 million, or $0.52 per share, in the prior quarter.   The non-GAAP measure of core earnings totaled $24 million, or $0.46 per share, compared to $32 million, or $0.65 per share, in the prior quarter.  Non-core earnings are net of discontinued operations and merger charges which in 2019 were related to the May 17 acquisition of SI Financial Group, Inc.  Third quarter results included a $16 million loan loss provision ($0.23 per share after tax) related to the full charge-off of a commercial loan which defaulted in September due to potential fraud.  Before this loan charge, core EPS increased to $0.69 from $0.65 in the prior quarter due to improved revenue and efficiency.

(PRNewsfoto/Berkshire Hills Bancorp, Inc.)

THIRD QUARTER FINANCIAL HIGHLIGHTS (income statement metrics are compared to the prior quarter):

  • 8% increase in net revenue from continuing operations
  • 3.22% net interest margin, increased from 3.19%
  • 17% increase in fee income from continuing operations
  • 53.4% efficiency ratio, improved from 56.4%
  • 0.28% non-performing assets/assets

CEO Richard Marotta stated, "We made good progress with our initiatives in the third quarter. Revenue grew strongly, including the benefit of a full quarter of SI Financial operations, an improved margin, and good fee income gains.  Expense initiatives contributed to improved efficiency.  Income declined due to a charge-off of a $16 million commercial loan which defaulted in September as a result of potential borrower fraud.  Credit performance has otherwise remained solid.  Liquidity and capital measures continued to strengthen, and our per share measures of book value and tangible book value improved over the prior quarter."

Mr. Marotta continued, "We also announced that J. Williar ("Bill") Dunlaevy was elected as Chair of the Board effective December 1, 2019.  Our current Chair, William J. Ryan, is stepping down from that role due to health reasons, but will remain active on the Board.   I'm grateful to Bill Ryan for his leadership and insights built over his successful and prominent banking career.  As a career banker, Bill Dunlaevy will provide important insights as we move forward in building a 21st century community bank with a strong focus on maximizing the business benefits of expanding our operations and customer base to be more diverse and inclusive."

Mr. Marotta concluded, "During the third quarter, we introduced our Friends and Family Fund CD aimed at helping entrepreneurs of color access the seed capital they need in order to launch the businesses of their dreams.  We also made progress in developing our storefront initiative and expect to have more announcements about that program before year-end.  We completed the systems conversion of our acquired SI Financial operations early in October and expect to complete the merger integration on plan and within budget by the end of the year.    Our combined teams are well positioned to deliver the benefits of this merger as we move forward into 2020."

DIVIDEND DECLARED

The Board of Directors approved a quarterly cash dividend of $0.23 per common share to shareholders of record at the close of business on November 14, 2019 and payable on November 27, 2019.  The dividend equates to a 3.0% annualized yield based on the $30.44 average closing price of Berkshire Hills Bancorp common stock during the third quarter of 2019.  Effective on the same dates, the Board also approved a quarterly cash dividend on preferred stock totaling $0.46 per share. 

FINANCIAL CONDITION

Total assets were $13.5 billion at September 30, 2019.   Total loans decreased by 2% during the quarter, including targeted runoff of indirect auto loans and accelerated prepayments of residential mortgages resulting from a dip in mortgage interest rates.  Approximately $50 million in acquired or syndicated non-relationship commercial balances were released.   The Company continues to hold its $169 million commercial aircraft portfolio for sale.  The 0.28% ratio of nonperforming assets to assets remained below the 0.30% ratio reported a year ago.  Accruing delinquent loans were 0.55% of loans, remaining below the 0.60% year-ago ratio.  The ratio of the loan loss allowance to total loans decreased to 0.64% from 0.66% over this time.   

Total deposits decreased by 1% during the quarter due to a $53 million decrease in overnight payroll related balances and a targeted decrease of approximately $100 million in wholesale brokered deposits. Leverage and liquidity ratios improved.  Book value per share increased by $0.31 to $34.36 and the non-GAAP measure of tangible book value per share increased by $0.17 to $22.42.  During the third quarter, the Company repurchased 800 thousand shares of common stock at an average purchase price of $30.48 per share.

RESULTS OF OPERATIONS

GAAP earnings were $0.44 per share in the most recent quarter, compared to $0.52 per share in the prior quarter.  Earnings per share were reduced by $0.23 due to the charge-off of the aforementioned $16 million loan which was partially offset by a $0.08 per share reduction in after-tax merger related expenses.  Many measures of revenue and expense, as well as average diluted shares, increased over the prior quarter due to the full quarter impact of the SI Financial operations acquired for stock on May 17, 2019.

The non-GAAP measure of core earnings totaled $0.46 per share in the most recent quarter.  This measure is reconciled to GAAP earnings on pages F-9 and F-10 of the financial tables.  Core EPS totaled $0.65 in the prior quarter.  In the most recent quarter, core earnings totaled $0.69 per share before the $0.23 net impact of the $16 million aforementioned loan charge-off.  Third quarter results benefited from higher revenues and improved efficiency.   The primary non-core items in the third quarter were SI Financial merger related charges and operating earnings of the national mortgage banking operations which are deemed held for sale and classified as discontinued.

Net revenue from continuing operations increased by 8% compared to the prior quarter, including a 6% increase in net interest income and a 17% increase in fee income.  Interest income benefited from a full quarter of SI Financial earning assets, as well as an increase in the net interest margin to 3.22% from 3.19%.   As a result of lower interest rates and reduced wholesale funds, the Company's funding costs decreased quarter-over-quarter to 1.32% from 1.41%.  The total margin benefit from purchase accounting was 0.16% compared to 0.11% in the second quarter. 

Fee income increased by $3 million quarter-over-quarter as a result of volume gains in several areas.  Loan related fee income increased by $2 million including higher commercial interest rate swap fees and higher SBA loan sale gains.  For the SBA fiscal year ended September 30, Berkshire's team ranked as the 18th largest lender in the country for SBA 7A loan originations, advancing from 28th position last year.  Deposit fee income increased quarter-over-quarter by $1 million including income from acquired SI Financial operations.

The provision for loan losses increased to $22.6 million in the most recent quarter, compared to $3.5 million in the prior quarter.  This increase included $16 million provided for the previously mentioned charge-off, together with a write-down of a nonperforming commercial real estate loan which was disclosed in prior periods. 

Total non-interest expense from continuing operations decreased quarter-over-quarter by $6 million, due to a $6 million reduction in merger related expenses.  Net of merger and other non-core charges, the non-GAAP measure of core expense increased quarter-over-quarter by $1 million, or 2%.  A $1.9 million rebate of FDIC premiums benefited expense by 3% during the quarter.  The positive operating leverage driven by the 8% revenue increase resulted in an improvement in the efficiency ratio to 53.4% from 56.4% quarter-over quarter.   With the completion of the SI Financial systems integration in early October on time and on plan, the Company is expecting to complete its targeted merger related cost saves by year-end.  Full-time equivalent staff in continuing operations totaled 1,594 positions at period-end, compared to 1,621 at the start of the quarter.  The effective tax rate was 17% in the third quarter, down from 18% in the prior quarter, due to the decrease in taxable income.

The FCLS national mortgage banking operations contributed $0.04 in non-core EPS in the most recent quarter, compared to $0.03 in the prior quarter.  Mortgage banking fees totaled $15 million in the quarter, which was up 14% over the prior quarter and 63% year-over-year.  The company generated $1.1 billion in residential mortgages in the most recent quarter.  Due to the decision to sell the FCLS operations, they are accounted for as discontinued in the financial statements, and most references to revenue and expense refer to continuing operations and exclude FCLS revenue and expense. 

BE FIRST PROGRAM UPDATE

Expanding our base of commercial and individual customers.  Including our new SI Financial operations, Berkshire has a strong geographic footprint throughout the Northeast. This footprint provides an array of diverse market demographics which provide significant opportunity for expansion.    Berkshire Bank is pursuing a number of initiatives to increase market share among demographics that have typically been left behind by traditional banks (and their products/services), with a particular focus on African Americans and Latinos.

Pilot Projects to support minority business enterprises.  Berkshire Bank is creating storefronts in traditionally minority communities/downtown areas to provide access to working space, business advice and financial products.  The first storefront is being developed in Roxbury, MA and there are plans to expand these storefronts in our footprint and selectively in adjacent markets.  In the third quarter, the Bank launched the "Friends and Family" fund in coordination with the Runway Project to provide seed capital to minority business enterprises funded by CD products offered for this purpose.  The Bank is also taking a leadership role in the Boston area Business Equity Fund, which provides rigorously vetted traditional loan products to minority business enterprises that have participated in the existing Business Equity Initiative. 

Efforts to better connect Berkshire Bank to minority communities.  The Bank is sponsoring and actively participating in community-based events, including the Dimock Community Health Center (Stepping Out), NAACP (Freedom Fund Dinner), LGBT Chamber, Union Chapel Speaker series, and the Black Economic Alliance.

Enhancing diversity, equity and inclusion initiatives within Berkshire Bank.  The Bank is focusing on bank products, services and operations that are conducted in a way that draws minority customers.  The Bank is participating in the CEO Action for Diversity and Inclusion.  Earlier this year, the Bank launched its Be FIRST values program, which is being enhanced throughout the year.

INVESTOR CONFERENCE CALL

Berkshire will conduct a conference call/webcast at 10:00 a.m. eastern time on Tuesday, October 29, 2019 to discuss the results for the quarter and provide guidance about expected future results. Participants are encouraged to pre-register for the conference call using the following link:  http://dpregister.com/10135510.  Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the call.  Participants may pre-register at any time prior to the call, and will immediately receive simple instructions via email. Additionally, participants may reach the registration link and access the webcast by logging in through the investor section of our website at http://ir.berkshirebank.com. Those parties who do not have internet access or are otherwise unable to pre-register for this event, may still participate at the above time by dialing 1-844-792-3726 and asking the Operator to join the Berkshire Hills Bancorp (BHLB) earnings call.  A telephone replay of the call will be available through Tuesday, November 5, 2019 by dialing 877-344-7529 and entering access number 10135510.  The webcast will be available on Berkshire's website for an extended period of time.

BACKGROUND

Berkshire Hills Bancorp is the parent of Berkshire Bank which is transforming into a 21st century community bank with a culture of belonging.    Headquartered in Boston, Berkshire operates 132 banking offices in seven Northeastern states, with approximately $13.5 billion in assets.  

FORWARD LOOKING STATEMENTS

This document contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. There are several factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see Berkshire's most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC's website at www.sec.gov. Berkshire does not undertake any obligation to update forward-looking statements.

NON-GAAP FINANCIAL MEASURES

This document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles ("GAAP").  These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition.  They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company's GAAP financial information.  A reconciliation of non-GAAP financial measures to GAAP measures is included on pages F-9 and F-10 in the accompanying financial tables.  In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders. 

The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends, including components for core revenue and expense.  These measures exclude items which the Company does not view as related to its normalized operations.  These items primarily include securities gains/losses, merger costs, restructuring costs, and discontinued operations.  Merger costs consist primarily of severance/benefit related expenses, contract termination costs, systems conversion costs, variable compensation expenses, and professional fees.  Merger costs in 2018 and 2019 are primarily related to the acquisitions of Commerce Bancshares Corp. and SI Financial Group.  Restructuring costs generally consist of costs and losses associated with the disposition of assets and liabilities and lease terminations, including costs related to branch sales.  Restructuring costs also include severance and consulting expenses related to the Company's strategic review.   Discontinued operations are the Company's national mortgage banking operations for which the Company is pursuing sale opportunities.  In 2018, the Company recorded $8 million in charges related to the restructuring of banking systems vendor relationships.  The Company recorded a $3 million cost in 2018 for the settlement of an existing legal proceeding with a plaintiff claiming to be representing a class of depositors.  Non-core charges in 2018 also included a $1.5 million net charge related to the CEO transition. 

Non-core adjustments are presented net of an adjustment for income tax expense.  This adjustment is determined as the difference between the GAAP tax rate and the effective tax rate applicable to core income.  The efficiency ratio is adjusted for non-core revenue and expense items and for tax preference items.  The Company also calculates measures related to tangible equity, which adjust equity (and assets where applicable) to exclude intangible assets due to the importance of these measures to the investment community. 

CONTACTS

Investor Relations Contact
David Gonci; Capital Markets Director; 413-281-1973
Media Contact
Diana Pisciotta; Communications Contact; 617-784-5256

 

TABLE

INDEX

 

CONSOLIDATED UNAUDITED FINANCIAL SCHEDULES

F-1

Selected Financial Highlights

F-2

Balance Sheets

F-3

Loan and Deposit Analysis

F-4

Statements of Income

F-5

Statements of Operations (Five Quarter Trend)

F-6

Average Yields and Costs

F-7

Average Balances

F-8

Asset Quality Analysis

F-9  

Reconciliation of Non-GAAP Financial Measures


and Supplementary Data (Five Quarter Trend)

F-10

Reconciliation of Non-GAAP Financial Measures


and Supplementary Data (Year-to-Date)

 

 

BERKSHIRE HILLS BANCORP, INC.

SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED - (F-1)




At or for the Quarters Ended (1)




Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,





2019


2019 (2)


2019


2018


2018















PER SHARE DATA












Net earnings per common share, diluted

$          0.44


$          0.52


$          0.51


$          0.31


$          0.70



Core earnings per common share, diluted (3)

0.46


0.65


0.60


0.69


0.72



Total book value per common share

34.36


34.05


33.75


33.30


32.84



Tangible book value per common share (3)

22.42


22.25


21.66


21.15


20.68



Market price at period end

29.29


31.39


27.24


26.97


40.70



Dividends per common share

0.23


0.23


0.23


0.22


0.22



Dividends per preferred share

0.46


0.46


0.46


0.44


0.44















PERFORMANCE RATIOS (4)












Return on assets

0.67

%

0.79

%

0.78

%

0.47

%

1.08

%


Core return on assets (3)

0.71


1.01


0.92


1.07


1.12



Return on equity

5.12


6.07


5.97


3.61


8.27



Core return on equity (3)

5.35


7.67


7.00


8.09


8.49



Core return on tangible common equity (3)

8.74


12.21


11.44


13.21


14.02



Net interest margin, fully taxable equivalent (FTE) (5)(6)

3.22


3.19


3.17


3.41


3.32



Fee income/Net interest and fee income from continuing operations

17.61


16.20


17.56


15.59


18.06



Efficiency ratio (3)

53.37


56.41


59.54


54.88


52.20















GROWTH (Year-to-date)












Total commercial loans (organic, annualized)

(9)

%

(10)

%

(3)

%

6

%

5

%


Total loans (organic, annualized)

(9)


(9)


(4)


9


10



Total deposits (organic, annualized)

2


6


8


3


0



Total net revenues from continuing operations (compared to prior year)

4


1


3


17


22



Earnings per common share (compared to prior year) 

(26)


(20)


(7)


65


28



Core earnings per common share (compared to prior year)(3)

(18)


(9)


(8)


32


37















FINANCIAL DATA (in millions)












Total assets


$      13,532


$      13,653


$      12,173


$      12,212


$      12,030



Total earning assets

12,174


12,343


11,039


11,140


10,957



Total securities

1,861


1,905


1,881


1,919


1,918



Total loans


9,719


9,942


8,947


9,043


8,905



Allowance for loan losses

62


62


62


61


58



Total intangible assets

602


603


551


552


553



Total deposits


10,423


10,566


9,166


8,982


8,766



Total shareholders' equity

1,772


1,779


1,577


1,553


1,532



Net income


22.6


25.4


23.6


14.3


32.2



Core income (3)

23.7


32.1


27.7


32.0


33.1



Purchase accounting accretion

4.8


3.2


1.3


8.2


4.6















ASSET QUALITY AND CONDITION RATIOS 












Net charge-offs (current quarter annualized)/average loans

0.92

%

0.14

%

0.15

%

0.17

%

0.19

%


Total non-performing assets/total assets

0.28


0.27


0.26


0.28


0.30



Allowance for loan losses/total loans

0.64


0.63


0.69


0.68


0.66



Loans/deposits

93


94


98


101


102



Shareholders' equity to total assets

13.10


13.03


12.95


12.72


12.74



Tangible shareholders' equity to tangible assets (3)

9.05


9.01


8.83


8.59


8.53




























(1)

Reconciliations of non-GAAP financial measures, including all references to core and tangible amounts, appear on pages F-9 and F-10.




(2)

The Company acquired SI Financial Group, Inc. on May 17, 2019.











(3)

Non-GAAP financial measure. Core measurements are non-GAAP financial measures that are adjusted to exclude net non-core charges primarily  



related to acquisitions and restructuring activities. See pages F-9 and F-10 for reconciliations of non-GAAP financial measures.





(4)

All performance ratios are annualized and are based on average balance sheet amounts, where applicable.








(5)

Fully taxable equivalent considers the impact of tax advantaged investment securities and loans.









(6)

The effect of purchase accounting accretion for loans, time deposits, and borrowings on the quarterly net interest margin was an increase in all quarters, 



which is shown sequentially as follows beginning with the most recent quarter and ending with the earliest quarter: 0.16%, 0.11%, 0.05%, 0.30%, 0.17%.


 

 

 

BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED BALANCE SHEETS - UNAUDITED - (F-2)


September 30,


June 30,


December 31,


(in thousands)

2019


2019


2018


Assets







Cash and due from banks

$            121,629


$            100,588


$                100,972


Short-term investments

180,466


128,718


82,217


Total cash and short-term investments

302,095


229,306


183,189









Trading security

11,145


11,210


11,212


Marketable equity securities, at fair value

59,596


59,578


56,638


Securities available for sale, at fair value

1,369,604


1,410,078


1,399,647


Securities held to maturity, at amortized cost

364,675


364,463


373,763


Federal Home Loan Bank stock and other restricted securities

56,049


59,356


77,344


Total securities

1,861,069


1,904,685


1,918,604









Loans held for sale

204,900


184,810


2,183









Commercial real estate loans

4,028,461


4,005,347


3,400,221


Commercial and industrial loans

1,845,086


1,987,297


1,980,046


Residential mortgages

2,838,657


2,882,380


2,566,424


Consumer loans

1,006,437


1,066,804


1,096,562


Total loans

9,718,641


9,941,828


9,043,253


Less: Allowance for loan losses

(62,230)


(62,156)


(61,469)


Net loans

9,656,411


9,879,672


8,981,784









Premises and equipment, net

123,195


121,619


106,500


Other real estate owned

-


154


-


Goodwill 

554,704


554,704


518,325


Other intangible assets

47,198


48,724


33,418


Cash surrender value of bank-owned life insurance

227,085


227,458


190,609


Deferred tax asset, net

49,543


51,118


42,434


Other assets

263,464


238,950


120,926


Assets from discontinued operations

242,279


212,745


114,259


Total assets 

$       13,531,943


$       13,653,945


$           12,212,231









Liabilities and shareholders' equity







Demand deposits

$         1,887,621


$         1,827,016


$             1,603,019


NOW and other deposits

1,267,057


997,685


1,122,321


Money market deposits

2,478,947


2,811,158


2,245,195


Savings deposits

831,972


848,699


724,129


Time deposits

3,957,721


4,081,398


3,287,717


Total deposits

10,423,318


10,565,956


8,982,381









Senior borrowings

904,149


904,814


1,428,298


Subordinated borrowings

96,991


96,927


89,518


Total borrowings

1,001,140


1,001,741


1,517,816









Other liabilities 

301,647


280,155


149,519


Liabilities from discontinued operations

33,614


26,256


9,597


Total liabilities

11,759,719


11,874,108


10,659,313









Preferred shareholders' equity

40,633


40,633


40,633


Common shareholders' equity

1,731,591


1,739,204


1,512,285


Total shareholders' equity

1,772,224


1,779,837


1,552,918


Total liabilities and shareholders' equity

$       13,531,943


$       13,653,945


$           12,212,231









Net common shares outstanding 

50,394


51,045


45,417









 

 

 

BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED - (F-3)

LOAN ANALYSIS







































Organic Annualized Growth %(1)

(in millions)


September 30, 2019
Balance


June 30, 2019
Balance


Acquired Savings
Institute Balances (2)


December 31, 2018
Balance


Quarter ended
September 30, 2019


Year to Date  
















Total commercial real estate


$                      4,029


$                      4,006


$                         624


$                       3,400


2

%

0

%

Commercial and industrial loans 


1,845


1,987


244


1,980


(29)


(26)


Total commercial loans 


5,874


5,993


868


5,380


(8)


(9)
















Total residential mortgages


2,839


2,882


375


2,566


(6)


(5)
















Home equity 


394


404


58


377


(10)


(15)


Auto and other


612


663


2


720


(31)


(20)


Total consumer loans


1,006


1,067


60


1,097


(23)


(18)


Total loans


$                      9,719


$                      9,942


$                      1,303


$                       9,043


(9)

%

(9)

%

(1) Non-GAAP financial measure.














(2) The acquired balances for Savings Institute are as of May 17, 2019.


































































DEPOSIT ANALYSIS
























Organic Annualized Growth % (1)

(in millions)


September 30, 2019
Balance


June 30, 2019
Balance


Acquired Savings
Institute Balances (2)


December 31, 2018
Balance


Quarter ended
September 30, 2019


Year to Date


Demand


$                      1,887


$                      1,827


$                         258


$                       1,603


13

%

2

%

NOW and other


1,267


998


138


1,122


108


1


Money market


2,479


2,811


190


2,245


(47)


3


Savings


832


849


164


724


(8)


(10)


Time deposits


3,958


4,081


585


3,288


(12)


3


Total deposits 


$                    10,423


$                    10,566


$                      1,335


$                       8,982


(5)

%

2

%

(1) Non-GAAP financial measure.














(2) The acquired balances for Savings Institute are as of May 17, 2019.










 

 

 

BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - (F-4)


Three Months Ended


Nine Months Ended


September 30,


September 30,

(in thousands, except per share data)

2019


2018


2019


2018

Interest and dividend income from continuing operations    








Loans

$         118,371


$         102,651


$           338,012


$            294,646

Securities and other    

15,354


14,918


46,060


44,553

Total interest and dividend income    

133,725


117,569


384,072


339,199

Interest expense from continuing operations 








Deposits

31,501


21,460


86,396


54,553

Borrowings

5,353


7,724


23,751


21,212

Total interest expense    

36,854


29,184


110,147


75,765

Net interest income from continuing operations

96,871


88,385


273,925


263,434

Non-interest income from continuing operations 








Mortgage banking originations

292


15


616


487

Loan related income

6,493


7,246


17,318


18,068

Deposit related fees

8,705


7,004


23,088


22,675

Insurance commissions and fees    

2,895


2,930


8,486


8,504

Wealth management fees    

2,325


2,283


7,114


7,160

Total fee income    

20,710


19,478


56,622


56,894

Other

609


468


1,363


1,891

Securities gains/(losses), net     

87


88


2,655


(696)

Gain on sale of business operations and assets, net

-


-


-


460

Total non-interest income      

21,406


20,034


60,640


58,549

Total net revenue from continuing operations

118,277


108,419


334,565


321,983

Provision for loan losses   

22,600


6,628


30,068


18,735

Non-interest expense from continuing operations








Compensation and benefits

37,272


31,746


105,551


99,092

Occupancy and equipment     

9,893


9,145


28,788


27,561

Technology and communications

6,849


7,507


19,821


21,044

Marketing and promotion     

1,006


1,167


3,428


3,473

Professional services

2,282


1,481


8,510


4,041

FDIC premiums and assessments

-


1,640


3,390


4,246

Other real estate owned and foreclosures

150


(1)


150


67

Amortization of intangible assets     

1,526


1,218


4,201


3,732

Merger, restructuring and other expense 

4,163


198


22,333


6,138

Other

7,870


5,526


23,398


17,126

Total non-interest expense     

71,011


59,627


219,570


186,520









Income from continuing operations before income taxes       

$           24,666


$           42,164


$             84,927


$            116,728

Income tax expense

4,007


9,095


16,042


24,577

Net income from continuing operations

$           20,659


$           33,069


$             68,885


$              92,151









Income/(loss) from discontinued operations before income taxes

$             2,747


$           (1,147)


$               3,975


$                 (883)

Income tax expense/(benefit)

790


(305)


1,161


(238)

Net income/(loss) from discontinued operations

$             1,957


$              (842)


$               2,814


$                 (645)









Net income

$           22,616


$           32,227


$             71,699


$              91,506

Preferred stock dividend

240


230


720


689

Income available to common shareholders

$           22,376


$           31,997


$             70,979


$              90,817









Basic earnings per common share:








Continuing Operations

$               0.40


$               0.72


$                 1.41


$                  2.00

Discontinued Operations

0.04


(0.02)


0.06


(0.01)

Total

$               0.44


$               0.70


$                 1.47


$                  1.99









Diluted earnings per common share:








Continuing Operations

$               0.40


$               0.72


$                 1.40


$                  1.99

Discontinued Operations

0.04


(0.02)


0.06


(0.01)

Total

$               0.44


$               0.70


$                 1.46


$                  1.98









Weighted average shares outstanding:      








Basic

51,422


46,030


48,846


46,009

Diluted

51,545


46,263


48,987


46,226

















 

 

 

BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (5 Quarter Trend) - UNAUDITED - (F-5)




Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


(in thousands, except per share data)

2019


2019


2019


2018


2018


Interest and dividend income from continuing operations    











Loans

$      118,371


$      113,990


$      105,651


$      111,576


$      102,651


Securities and other    

15,354


15,248


15,458


15,119


14,918


Total interest and dividend income    

133,725


129,238


121,109


126,695


117,569


Interest expense from continuing operations











Deposits

31,501


28,273


26,622


23,811


21,460


Borrowings

5,353


9,370


9,028


10,118


7,724


Total interest expense    

36,854


37,643


35,650


33,929


29,184


Net interest income from continuing operations

96,871


91,595


85,459


92,766


88,385


Non-interest income from continuing operations











Mortgage banking originations

292


278


46


148


15


Loan related income

6,493


4,822


6,003


5,087


7,246


Deposit related fees

8,705


7,525


6,858


7,131


7,004


Insurance commissions and fees    

2,895


2,738


2,853


2,479


2,930


Wealth management fees    

2,325


2,348


2,441


2,287


2,283


Total fee income    

20,710


17,711


18,201


17,132


19,478


Other

609


(216)


970


1,666


468


Securities gains/(losses), net     

87


17


2,551


(3,023)


88


(Loss) on sale of business operations and assets, net

-


-


-


-


-


Total non-interest income      

21,406


17,512


21,722


15,775


20,034


Total net revenue from continuing operations

118,277


109,107


107,181


108,541


108,419


Provision for loan losses   

22,600


3,467


4,001


6,716


6,628


Non-interest expense from continuing operations











Compensation and benefits

37,272


34,779


33,500


34,927


31,746


Occupancy and equipment     

9,893


9,449


9,446


9,366


9,145


Technology and communications

6,849


6,715


6,257


6,103


7,507


Marketing and promotion  

1,006


1,155


1,267


1,224


1,167


Professional services

2,282


3,953


2,275


3,302


1,481


FDIC premiums and assessments

-


1,751


1,639


1,488


1,640


Other real estate owned and foreclosures

150


(2)


2


1


(1)


Amortization of intangible assets     

1,526


1,475


1,200


1,202


1,218


Merger, restructuring and other expense 

4,163


11,155


7,015


16,006


198


Other

7,870


6,138


9,390


6,754


5,526


Total non-interest expense     

71,011


76,568


71,991


80,373


59,627













Income from continuing operations before income taxes

$        24,666


$        29,072


$        31,189


$        21,452


$        42,164


Income tax expense 

4,007


5,118


6,917


4,384


9,095


Net income from continuing operations

$        20,659


$        23,954


$        24,272


$        17,068


$        33,069













Income/(loss) from discontinued operations before income taxes

$          2,747


$          2,082


$            (854)


$         (3,884)


$         (1,147)


Income tax expense/(benefit)

790


588


(217)


(1,075)


(305)


Net income/(loss) from discontinued operations

$          1,957


$          1,494


$            (637)


$         (2,809)


$            (842)













Net income

$        22,616


$        25,448


$        23,635


$        14,259


$        32,227


Preferred stock dividend

240


240


240


229


230


Income available to common shareholders

$        22,376


$        25,208


$        23,395


$        14,030


$        31,997
























Basic earnings per common share:











Continuing Operations

$            0.40


$            0.49


$            0.52


$            0.37


$            0.72


Discontinued Operations

0.04


0.03


(0.01)


(0.06)


(0.02)


Total

$            0.44


$            0.52


$            0.51


$            0.31


$            0.70













Diluted earnings per common share:











Continuing Operations

$            0.40


$            0.49


$            0.52


$            0.37


$            0.72


Discontinued Operations

0.04


0.03


(0.01)


(0.06)


(0.02)


Total

$            0.44


$            0.52


$            0.51


$            0.31


$            0.70













Weighted average shares outstanding:      











Basic

51,422


48,961


46,113


46,061


46,030


Diluted

51,545


49,114


46,261


46,240


46,263



































 

 

BERKSHIRE HILLS BANCORP, INC.

AVERAGE YIELDS AND COSTS (Fully Taxable Equivalent - Annualized) - UNAUDITED - (F-6)



Quarters Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,




2019


2019


2019


2018


2018














Earning assets 












Loans:












Commercial real estate


4.92

%

5.01

%

4.91

%

5.40

%

4.67

%

Commercial and industrial loans


5.58


5.79


5.83


5.97


6.22


Residential mortgages


3.73


3.74


3.74


3.72


3.66


Consumer loans


4.55


4.52


4.45


4.52


4.27


Total loans


4.67


4.76


4.73


4.94


4.66


Securities


3.41


3.38


3.46


3.34


3.32


Short-term investments and loans held for sale


4.11


3.37


3.59


3.74


3.82


Total earning assets


4.45


4.51


4.49


4.64


4.41














Funding liabilities












Deposits:












NOW and other


0.61


0.66


0.65


0.59


0.58


Money market


1.27


1.27


1.23


1.10


0.92


Savings


0.13


0.15


0.18


0.16


0.15


Time


2.02


2.06


2.07


1.93


1.76


Total interest-bearing deposits


1.43


1.44


1.44


1.31


1.18


Borrowings


3.12


2.92


2.85


2.67


2.42


Total interest-bearing liabilities


1.57


1.66


1.65


1.55


1.38














Net interest spread


2.88


2.85


2.84


3.09


3.03


Net interest margin


3.22


3.19


3.17


3.41


3.32














Cost of funds (1)


1.32


1.41


1.41


1.31


1.16


Cost of deposits 


1.18


1.18


1.19


1.07


0.96














(1) Cost of funds includes all deposits and borrowings.










 

 

BERKSHIRE HILLS BANCORP, INC.

AVERAGE BALANCES - UNAUDITED - (F-7)


Quarters Ended


Sept. 30, 


June 30, 


March 31, 


Dec. 31, 


Sept. 30, 


(in thousands)

2019


2019


2019


2018


2018


Assets











Loans











Commercial real estate

$            3,998,144


$            3,716,130


$            3,377,902


$            3,373,936


$            3,331,097


Commercial and industrial loans

1,951,205


2,056,384


1,986,792


1,921,361


1,824,369


Residential mortgages

2,849,216


2,711,348


2,556,299


2,539,592


2,459,943


Consumer loans

1,035,893


1,064,579


1,079,583


1,112,433


1,120,942


Total loans (1) 

9,834,458


9,548,441


9,000,576


8,947,322


8,736,351


Securities (2)

1,846,985


1,893,298


1,895,768


1,933,891


1,928,851


Short-term investments and loans held for sale

309,897


117,029


67,367


51,827


47,752


Total earning assets (3)

11,991,340


11,558,768


10,963,711


10,933,040


10,712,954


Goodwill and other intangible assets

603,762


555,606


550,966


552,206


554,359


Other assets

668,218


593,917


557,442


494,377


501,739


Assets from discontinued operations

204,339


192,466


115,721


101,464


141,443


Total assets

$          13,467,659


$          12,900,757


$          12,187,840


$          12,081,087


$          11,910,495













Liabilities and shareholders' equity











Deposits 











NOW and other

$            1,111,637


$            1,053,335


$               963,043


$               920,225


$               844,888


Money market

2,624,639


2,474,071


2,378,496


2,339,699


2,348,516


Savings

838,445


780,797


736,707


728,853


740,765


Time

4,158,688


3,593,022


3,429,375


3,229,521


3,274,518


Total interest-bearing deposits

8,733,409


7,901,225


7,507,621


7,218,298


7,208,687


Borrowings

805,035


1,415,614


1,351,834


1,566,478


1,363,914


Total interest-bearing liabilities

9,538,444


9,316,839


8,859,455


8,784,776


8,572,601


Non-interest-bearing demand deposits

1,864,964


1,673,560


1,538,767


1,579,013


1,635,564


Other liabilities 

267,922


215,704


192,119


127,370


132,521


Liabilities from discontinued operations

28,206


18,434


13,962


8,854


11,880


Total liabilities

11,699,536


11,224,537


10,604,303


10,500,013


10,352,566













Preferred shareholders' equity

40,633


40,633


40,633


40,633


40,633


Common shareholders' equity

1,727,490


1,635,587


1,542,904


1,540,441


1,517,296


Total shareholders' equity

1,768,123


1,676,220


1,583,537


1,581,074


1,557,929


Total liabilities and shareholders' equity

$          13,467,659


$          12,900,757


$          12,187,840


$          12,081,087


$          11,910,495
























Supplementary data











Total average non-maturity deposits

$            6,439,685


$            5,981,763


$            5,617,013


$            5,567,790


$            5,569,733


Total average deposits 

10,598,373


9,574,785


9,046,388


8,797,311


8,844,251


Fully taxable equivalent income adjustment

1,826


1,882


1,809


1,763


1,807


Total average tangible equity (4)

1,164,361


1,120,614


1,032,571


1,028,868


1,003,570













(1) Total loans include non-accruing loans.











(2) Average balances for securities available-for-sale are based on amortized cost.








(3) Excludes discontinued operations for presentation purposes. Performance ratios are calculated including the impact of discontinued operations. 


(4) See page F-9 for details on the calculation of total average tangible equity.








 

 

 

BERKSHIRE HILLS BANCORP, INC.

ASSET QUALITY ANALYSIS - UNAUDITED - (F-8)



At or for the Quarters Ended



Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,


(in thousands)


2019


2019


2019


2018


2018


NON-PERFORMING ASSETS












Non-accruing loans:












Commercial real estate


$          15,829


$          19,366


$          18,513


$          20,371


$          22,639


Commercial and industrial loans


12,224


9,256


5,614


6,003


4,914


Residential mortgages


3,062


3,579


2,341


2,217


2,683


Consumer loans


5,191


3,570


4,038


3,834


4,401


Total non-accruing loans


36,306


35,771


30,506


32,425


34,637


Other real estate owned


-


154


-


-


-


Repossessed assets


1,003


874


742


1,209


1,069


Total non-performing assets


$          37,309


$          36,799


$          31,248


$          33,634


$          35,706














Total non-accruing loans/total loans


0.37%


0.36%


0.34%


0.36%


0.39%


Total non-performing assets/total assets


0.28%


0.27%


0.26%


0.28%


0.30%














PROVISION AND ALLOWANCE FOR LOAN LOSSES











Balance at beginning of period


$          62,156


$          62,038


$          61,469


$          58,457


$          55,925


Charged-off loans


(23,524)


(3,966)


(4,579)


(4,029)


(4,471)


Recoveries on charged-off loans


998


617


1,147


325


375


Net loans charged-off


(22,526)


(3,349)


(3,432)


(3,704)


(4,096)


Provision for loan losses


22,600


3,467


4,001


6,716


6,628


Balance at end of period


$          62,230


$          62,156


$          62,038


$          61,469


$          58,457














Allowance for loan losses/total loans


0.64%


0.63%


0.69%


0.68%


0.66%


Allowance for loan losses/non-accruing loans


171%


174%


203%


190%


169%














NET LOAN CHARGE-OFFS












Commercial real estate


$          (2,759)


$          (1,235)


$             (752)


$          (1,357)


$          (3,074)


Commercial and industrial loans


(18,850)


(995)


(1,580)


(1,538)


(189)


Residential mortgages


(140)


(139)


(95)


(108)


61


Home equity 


(71)


(300)


(257)


(116)


(242)


Auto and other consumer


(706)


(680)


(748)


(585)


(652)


Total, net


$        (22,526)


$          (3,349)


$          (3,432)


$          (3,704)


$          (4,096)














Net charge-offs (QTD annualized)/average loans 

0.92%


0.14%


0.15%


0.17%


0.19%


Net charge-offs (YTD annualized)/average loans 

0.41%


0.15%


0.15%


0.18%


0.19%














DELINQUENT AND NON-ACCRUING LOANS/TOTAL LOANS










30-89 Days delinquent


0.26%


0.20%


0.22%


0.27%


0.38%


90+ Days delinquent and still accruing


0.29%


0.28%


0.23%


0.22%


0.22%


Total accruing delinquent loans


0.55%


0.48%


0.45%


0.49%


0.60%


Non-accruing loans


0.37%


0.36%


0.34%


0.36%


0.39%


Total delinquent and non-accruing loans


0.92%


0.84%


0.79%


0.85%


0.99%














 

 


 

BERKSHIRE HILLS BANCORP, INC.


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA- UNAUDITED - (F-9)




At or for the Quarters Ended




Sept. 30,


June 30,


March 31,


Dec. 31,


Sept. 30,



(in thousands)


2019


2019


2019


2018


2018



Net income


$       22,616


$       25,448


$       23,635


$       14,259


$       32,227



Adj: Net securities (gains)/losses (1)


(87)


(17)


(2,551)


3,023


(88)



Adj: Net (gains) on sale of business operations and assets


-


-


-


-


-



Adj: Merger and acquisition expense


3,802


9,711


1,609


2,792


198



Adj: Restructuring expense and other expense


361


1,444


5,406


1,822


-



Adj: Legal settlements


-


-


-


3,000


-



Adj: Systems vendor restructuring costs


-


-


-


8,379


-



Adj: (Income)/loss from discontinued operations before income taxes

(2,747)


(2,082)


854


3,884


1,147



Adj: Income taxes


(281)


(2,385)


(1,223)


(5,185)


(397)



Total core income (2)

(A)

$       23,664


$       32,119


$       27,730


$       31,974


$       33,087
















Total revenue from continuing operations


$     118,277


$     109,107


$     107,181


$     108,541


$     108,419



Adj: Net securities (gains)/losses (1)


(87)


(17)


(2,551)


3,023


(88)



Adj: Net (gains) on sale of business operations and assets


-


-


-


-


-



Total core revenue (2)

(B)

$     118,190


$     109,090


$     104,630


$     111,564


$     108,331
















Total non-interest expense from continuing operations


$       71,011


$       76,568


$       71,991


$       80,373


$       59,627



Less: Merger, restructuring and other expense (see above)


(4,163)


(11,155)


(7,015)


(4,614)


(198)



Less: Legal settlements


-


-


-


(3,000)


-



Less: Systems vendor restructuring costs


-


-


-


(8,379)


-



Core non-interest expense (2)                                    

(C)

$       66,848


$       65,413


$       64,976


$       64,380


$       59,429
















(in millions, except per share data)













Total average assets                                                

(D)

$       13,468


$       12,901


$       12,188


$       12,081


$       11,910



Total average shareholders' equity                         

(E)

1,768


1,676


1,584


1,581


1,558



Total average tangible shareholders' equity (2)                        

(F)

1,164


1,121


1,033


1,029


1,004



Total average tangible common shareholders' equity (2)                        

(G)

1,124


1,080


992


988


963



Total tangible shareholders' equity, period-end (2)(3)

(H)

1,170


1,176


1,026


1,001


979



Total tangible common shareholders' equity, period-end (2)(3)

(I)

1,130


1,136


986


961


939



Total tangible assets, period-end (2)(3)

(J)

12,930


13,051


11,623


11,660


11,477
















Total common shares outstanding, period-end (thousands)               

(K)

50,394


51,045


45,522


45,417


45,420



Average diluted shares outstanding (thousands)

(L)

51,545


49,114


46,261


46,240


46,263
















Core earnings per common share, diluted(2)

(A/L)

$           0.46


$           0.65


$           0.60


$           0.69


$           0.72



Tangible book value per common share, period-end (2)

(I/K)

22.42


22.25


21.66


21.15


20.68



Total tangible shareholders' equity/total tangible assets (2)

(H)/(J)

9.05


9.01


8.83


8.59


8.53
















Performance ratios (4)













GAAP return on assets


0.67

%

0.79

%

0.78


0.47

%

1.08

%


Core return on assets (2)


0.71


1.01


0.92


1.07


1.12



GAAP return on equity 


5.12


6.07


5.97


3.61


8.27



Core return on equity (2)

(A/E)

5.35


7.67


7.00


8.09


8.49



Core return on tangible common equity (2)(5)

(A+O)/(G)

8.74


12.21


11.44


13.21


14.02



Efficiency ratio (2)(6)                                                                                

(C-O)/(B+M+P)

53.37


56.41


59.54


54.88


52.20



Net interest margin


3.22


3.19


3.17


3.41


3.32
















Supplementary data (in thousands)













Tax benefit on tax-credit investments (7)

(M)

$         2,382


$         2,381


$            684


$         1,787


$         1,374



Non-interest income charge on tax-credit investments (8)

(N)

(1,942)


(1,938)


(579)


(1,610)


(1,112)



Net income on tax-credit investments

(M+N)

440


443


105


177


262
















Intangible amortization

(O)

$         1,526


$         1,475


$         1,200


$         1,202


$         1,218



Fully taxable equivalent income adjustment 

(P)

1,826


1,882


1,809


1,763


1,807




























(1)

Net securities (gains)/losses include the change in fair value of the Company's equity securities in compliance with the Company's adoption of ASU 2016-01.


(2)

Non-GAAP financial measure.












(3)

Total tangible shareholders' equity is computed by taking total shareholders' equity less the intangible assets at period-end. 







Total tangible assets is computed by taking total assets less the intangible assets at period-end.  








(4)

Ratios are annualized and based on average balance sheet amounts, where applicable. Quarterly data may not sum to year-to-date data due 





to rounding.












(5)

Core return on tangible equity is computed by dividing the total core income adjusted for the tax-effected amortization of intangible assets,





assuming a 27% marginal rate, by tangible equity.












(6)

Efficiency ratio is computed by dividing total core tangible non-interest expense by the sum of total net interest income on a fully 





taxable equivalent basis and total core non-interest income adjusted to include tax credit benefit of tax shelter investments.  The  





Company uses this non-GAAP measure to provide important information regarding its operational efficiency.







(7)

The tax benefit is the direct reduction to the income tax provision due to tax credits and deductions generated from investments in historic  





rehabilitation and low-income housing.












(8)

The non-interest income charge is the reduction to the tax-advantaged investments, which are incurred as the tax credits are generated. 




 

 


 

BERKSHIRE HILLS BANCORP, INC.


RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED - (F-10)




At or for the Nine Months Ended




Sept. 30,


Sept. 30,



(Dollars in thousands)


2019


2018



Net income 


$                   71,699


$                   91,506



Adj: Net securities(gains)/losses (1)


(2,655)


696



Adj: Net (gains) on sale of business operations and assets


-


(460)



Adj: Merger and acquisition expenses


15,122


6,138



Adj: Restructuring expense and other


7,211


-



Adj: (Income)/loss from discontinued operations before income taxes


(3,975)


883



Adj: Income taxes


(3,889)


(1,917)



Total core income (2)

(A)

$                   83,513


$                   96,846










Total revenue from continuing operations


$                 334,565


$                 321,983



Adj: Net securities(gains)/losses (1)


(2,655)


696



Adj: Net (gains) on sale of business operations and assets


-


(460)



Total core revenue(2)

(B)

$                 331,910


$                 322,219



Total non-interest expense from continuing operations


$                 219,570


$                 186,520



Less: Merger, restructuring and other expense (see above)


(22,333)


(6,138)



Core non-interest expense (2)                                    

(C)

$                 197,237


$                 180,382










(in millions, except per share data)







Total average assets                                                

(D)

$                   12,857


$                   11,687



Total average shareholders' equity                         

(E)

1,677


1,534



Total average tangible shareholders' equity (2)                        

(F)

1,106


978



Total average tangible common shareholders' equity (2)                        

(G)

1,066


937



Total tangible shareholders' equity, period-end (2)(3)

(H)

1,170


979



Total tangible common shareholders' equity, period-end (2)(3)

(I)

1,130


939



Total tangible assets, period-end (2)(3)

(J)

12,930


11,477










Total common shares outstanding, period-end (thousands)               

(K)

50,394


45,420



Average diluted shares outstanding (thousands)

(L)

48,987


46,226










Core earnings per common share, diluted(2)

(A/L)

$                       1.70


$                       2.08



Tangible book value per common share, period-end (2)

(I/K)

22.42


20.68



Total tangible shareholders' equity/total tangible assets (2)

(H)/(J)

9.05


8.53










Performance ratios (4)







GAAP return on assets


0.74

%

1.05

%


Core return on assets (2)

(A/D)

0.88


1.12



GAAP return on equity 


5.70


7.96



Core return on equity (2)

(A/E)

6.64


8.42



Core return on tangible common equity (2)(5)

(A+O)/(G)

10.74


14.07



Efficiency ratio (2)(6)                                                                               

(C-O)/(B+M+P)

56.30


53.21



Net interest margin


3.19


3.39










Supplementary data







Tax benefit on tax-credit investments (7)

(M)

$                     5,447


$                     4,089



Non-interest income charge on tax-credit investments (8)

(N)

(4,459)


(3,212)



Net income on tax-credit investments

(M+N)

988


877










Intangible amortization

(O)

4,201


3,732



Fully taxable equivalent income adjustment

(P)

5,517


5,660
















(1)

Net securities (gains)/losses include the change in fair value of the Company's equity securities in compliance with the Company's adoption 


of ASU 2016-01.

(2)

Non-GAAP financial measure.

(3)

Total tangible shareholders' equity is computed by taking total shareholders' equity less the intangible assets at period-end. 


Total tangible assets is computed by taking total assets less the intangible assets at period-end. 

(4)

Ratios are annualized and based on average balance sheet amounts, where applicable. Quarterly data may not sum to year-to-date data 


due to rounding.






(5)

Cor return on tangible equity is computed by dividing the total core income adjusted for the tax-effected amortization of 


intangible assets, assuming a 27% marginal rate, by tangible equity.

(6)

Efficiency ratio is computed by dividing total core tangible non-interest expense by the sum of total net interest income on a fully 


taxable equivalent basis and total core non-interest income adjusted to include tax credit benefit of tax shelter investments.  The  


Company uses this non-GAAP measure to provide important information regarding its operational efficiency.

(7)

The tax benefit is the direct reduction to the income tax provision due to tax credits and deductions generated from investments in  


historic rehabilitation and low-income housing.

(8)

The non-interest income charge is the reduction to the tax-advantaged investments, which are incurred as the tax credits are generated. 

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/berkshire-hills-reports-third-quarter-results-dividend-declared-300946574.html

SOURCE Berkshire Hills Bancorp, Inc.

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