Berkshire Hills Bancorp (BHLB) Reports In-Line Q3 EPS

Berkshire Hills Bancorp (NYSE: BHLB) reported Q3 EPS of $0.70, in-line with the analyst estimate of $0.70. Revenue for the quarter came in at $118.62 million versus the consensus estimate of $89.94 million.

• $0.70 GAAP EPS and Non-GAAP Core EPS
• 6% annualized commercial loan growth
• 3.32% net interest margin
• 57.2% efficiency ratio
• 1.08% ROA
• 0.19% net loan charge-offs/average loans
• 0.30% non-performing assets/assets

CEO Michael Daly stated, "Our third quarter earnings came in as expected. Quarterly loan related fees reached a record high, supported by strong SBA lending activity and other commercial lending related fees. We once again moved up in the annual SBA rankings, breaking into the top 30 nationally based on dollar volume. Our profitability and efficiency have also improved over last year due to the positive operating leverage from our increased business scale and diversified revenues. We\'re seeing good growth in our Greater Boston and Mid-Atlantic markets, and steady business activity across the rest of our franchise. The Bank was recognized in the quarter by a United Nations IMPACT2030 Innovation Award for our support of volunteerism. This was our first full quarter following the completed integration of acquired operations and our teams are coordinating across our markets to engage our customers with our unique brand and culture promise."

For earnings history and earnings-related data on Berkshire Hills Bancorp (BHLB) click here.

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