Berkshire Hills Bancorp (BHLB) Reports In-Line Q4 EPS

Berkshire Hills Bancorp (NYSE: BHLB) reported Q4 EPS of $0.70, in-line with the analyst estimate of $0.70. Revenue for the quarter came in at $114.7 million versus the consensus estimate of $95.9 million.

FOURTH QUARTER FINANCIAL HIGHLIGHTS

• $0.51 GAAP EPS; $0.70 Core EPS
• GAAP ROA 0.78%; Core ROA 1.08%
• 3.11% net interest margin
• 53.7% efficiency ratio
• 0.17% net loan charge-offs/average loans
• 0.31% non-performing assets/assets

CEO Richard Marotta stated, "Berkshire's fourth quarter profitability measures were the best of the year. We completed the systems integration of acquired operations, further trimmed non-strategic assets, and reduced higher cost wholesale funds. Measures of liquidity, capital, and asset quality improved quarter-over quarter. Additional capital was returned to shareholders through stock repurchases and we are now announcing a 4% dividend increase beginning in 2020. Our shares produced a 26% total shareholder return for the year, based on the year-end stock price."

Mr. Marotta continued, "Our Be FIRST social responsibility commitment is at the heart of our efforts to transform our communities and future-proof the company. In November, we were recognized by the U.S. Chamber of Commerce with the 2019 Citizens Award, in the category of Top Corporate Steward- Small – Middle Market Business. Last week, for the first time, we announced our inclusion in the Bloomberg Gender Equality Index highlighting our commitment to human capital management, diversity, and ensuring gender equality. We recently opened our first Reevx Labs, a community co-working space in Boston's Roxbury neighborhood. In these Labs, entrepreneurs and non-profits connect with peers to pursue their missions and access our MyBankers for support of their financial needs. I'm proud of the recognition that our teams are earning as we evolve our company with a focus on purpose driven performance."

Mr. Marotta concluded, "We are announcing that eight of our proven leaders have been promoted to the new position of Regional President to serve our eight regional markets. In this role, they will drive our market positioning, enhance our performance, and maintain active community leadership roles. Reporting to Bank President Sean Gray, they will lead our top priority efforts around our Be FIRST values and commitment to being a 21st century community bank."

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

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