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Mar 31, 2023
Berkshire Hills Bancorp Q1 2023 Earnings Report
Berkshire Hills Bancorp reported first quarter results with net income of $27.6 million.
Key Takeaways
Berkshire Hills Bancorp reported a net income of $27.6 million, or $0.63 per share, for the first quarter of 2023. The company saw improvements in key financial metrics year-over-year, driven by the execution of its BEST strategic initiatives. Loan growth was diversified, and deposit demand was managed effectively during the quarter.
Net income for the first quarter was $27.6 million, or $0.63 per share.
Operating income was $27.6 million, reflecting a 9.6 percent operating return on average tangible common equity.
Loans increased by $347 million, or four percent, from the previous quarter, driven by higher commercial and residential mortgage balances.
Cash and equivalents increased by $321 million to support on-balance sheet liquidity.
Forward Guidance
This document contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended.
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