Berkshire Hills Bancorp (BHLB) Tops Q2 EPS by 15c

Berkshire Hills Bancorp (NYSE: BHLB) reported Q2 EPS of $0.44, $0.15 better than the analyst estimate of $0.29.

• 27% increase in non-interest income
• 89% decrease in non-interest expense; 2% decrease in adjusted non-interest expense (non-GAAP measure)
• Stable net interest margin and net interest income over last four quarters
• No provision for credit losses on loans, compared to $30 million in 2Q\'20
• 53% reduction in net loan charge-offs from prior quarter, while relatively flat over 2Q\'20
• 65% reduction in wholesale funding to 5% of assets
• Deposit costs down to 25bps compared to 79bps in 2Q\'20 and 36bps in the first quarter of 2021
• Stock repurchases of 745,000 shares (1.5% of outstanding stock)
• Returned $26.8 million of capital to shareholders in 2Q\'21 through buybacks and dividends amounting to 124% of 2Q\'21 GAAP net income

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

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