Berkshire Hills Reports Third Quarter Results; Dividend Declared

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October 28, 2019 4:15 PM EDT

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; 413-281-1973Media ContactDiana 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, 2019Balance

June 30, 2019Balance

Acquired SavingsInstitute Balances (2)

December 31, 2018Balance

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, 2019Balance

June 30, 2019Balance

Acquired SavingsInstitute Balances (2)

December 31, 2018Balance

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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