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Mar 31, 2021
Berkshire Hills Bancorp Q1 2021 Earnings Report
Berkshire Hills Bancorp's operating results improved due to higher loan-related fees and revenues, growth in demand deposits, and the paydown of higher cost wholesale funding.
Key Takeaways
Berkshire Hills Bancorp reported a net income of $13 million, or $0.26 per share, for Q1 2021. Adjusted earnings were $16 million, or $0.32 per share, excluding $3 million in restructuring and other expenses. The quarter benefited from higher revenues and lower credit loss provision expense.
Net income was $13 million, or $0.26 per share, compared to $15 million, or $0.30 per share, in the prior quarter.
Adjusted earnings totaled $16 million, or $0.32 per share, compared to $14 million, or $0.28 per share, in the prior quarter.
Total assets remained steady at $12.8 billion.
Total net revenue increased quarter-over-quarter by $2 million to $101 million.
Berkshire Hills Bancorp
Berkshire Hills Bancorp
Forward Guidance
Berkshire is focused on the development of their transformational strategic plan, which they plan to announce on May 18, 2021, with the goal of enhancing results for all stakeholders.