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Jun 30, 2020
Berkshire Hills Bancorp Q2 2020 Earnings Report
Berkshire Hills Bancorp reported a net loss for the second quarter of 2020 due to non-cash charges related to goodwill impairment and the provision for credit losses, both stemming from the COVID-19 pandemic.
Key Takeaways
Berkshire Hills Bancorp reported a second quarter net loss of $549 million, or $10.93 per share, which included a $554 million non-cash goodwill impairment charge and a $30 million non-cash charge for projected credit losses. The company's core earnings, a non-GAAP financial measure including the $30 million credit loss provision, was a loss of $6 million, or $0.13 per share. Pre-tax pre-provision net revenue from continuing operations was ($529) million, or ($10.53) per share. The Company’s measure of Core PPNR was $0.47 per share.
Recorded a net loss of $549 million, or $10.93 per share, due to non-cash charges.
Recognized a $554 million non-cash goodwill impairment charge related to past bank acquisitions.
Recorded a $30 million non-cash charge for projected credit losses related to the pandemic.
Total assets held level at $13.1 billion.
Forward Guidance
Berkshire will conduct a conference call/webcast at 10:00 a.m. eastern time on Thursday, July 30, 2020 to discuss the results for the quarter and provide guidance about expected future results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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