Berkshire Hills Bancorp (BHLB) Misses Q1 EPS by 44c

Berkshire Hills Bancorp (NYSE: BHLB) reported Q1 EPS of $0.07, $0.44 worse than the analyst estimate of $0.51.

First quarter results reflect a non-cash $0.69 per share pre-tax provision for projected future credit losses primarily related to the COVID-19 pandemic. The company's core pre-provision net revenue ("Core PPNR"), was $0.61 per share. This is a non-GAAP financial measure of the Company\'s ongoing operations before provision and tax expense, and before discontinued operations and securities losses. Berkshire\'s liquidity and regulatory capital metrics continued to strengthen during the quarter, supporting its 21st century community bank mission.

In response to the pandemic, Berkshire took decisive actions to protect the health and safety of its team, customers and the communities it serves during the first quarter, including adjusting its operations to ensure the continued availability of essential banking services for all customers, providing support and financial flexibility to customers potentially impacted by the pandemic, and providing funding to minority-owned small businesses through the Berkshire Bank Foundation and its community-based partners. The company also processed $650 million in loan approvals under the first round of the Paycheck Protection Program ("PPP").

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

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