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Mar 31, 2020
Berkshire Hills Bancorp Q1 2020 Earnings Report
Berkshire Hills Bancorp reported a net loss per share and a core loss per share due to a pre-tax provision for projected future credit losses related to the COVID-19 pandemic.
Key Takeaways
Berkshire Hills Bancorp reported a GAAP net loss of $0.40 per share and a core loss of $0.07 per share for Q1 2020. The results were impacted by a non-cash $0.69 per share pre-tax provision for projected future credit losses primarily related to the COVID-19 pandemic. The company processed $650 million in loan approvals under the Paycheck Protection Program.
Reported $0.40 GAAP net loss per share, including $0.69 pre-tax non-cash credit loss provision.
Reported $0.07 core loss per share.
Core PPNR per share was $0.61.
Serviced $650 million first round Paycheck Protection Program (“PPP”) loan approvals.
Berkshire Hills Bancorp
Berkshire Hills Bancorp
Forward Guidance
The Board of Directors intends to declare and pay a regular quarterly cash dividend of $0.24 per common share in the second quarter. The Board also plans to declare and pay the regular preferred stock dividend as part of this intended future declaration.