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Jun 30, 2021
Berkshire Hills Bancorp Q2 2021 Earnings Report
Berkshire Hills Bancorp reported increased earnings per share and revenue due to higher consumer activity and disciplined expense control.
Key Takeaways
Berkshire Hills Bancorp reported a solid quarter with improved earnings, increased business activity, and a stable margin. The company's efficiency improved, and the return on tangible common equity advanced. Credit performance also improved as customers returned to more normalized operations.
Earnings per share (EPS) of $0.43 compared to a loss in the second quarter last year and represented a 65% increase over the previous quarter.
Total net revenue increased by 3% year over year to $97 million from $95 million due to higher non-interest income resulting from increased customer activity.
There was no provision required for expected credit losses on loans in the second quarter, down from $30 million in the second quarter of 2020.
During the second quarter, Berkshire announced a board authorization for the repurchase of 2.5 million shares and repurchased 745 thousand shares.
Berkshire Hills Bancorp
Berkshire Hills Bancorp
Berkshire Hills Bancorp Revenue by Segment
Revenue by Segment
Deposit related fees Revenue
CapyFin.comGain on SBA loans Revenue
CapyFin.com Forward Guidance
Berkshire Hills Bancorp will conduct a conference call/webcast at 10:00 a.m. Eastern Time on Wednesday, July 21, 2021 to discuss results for the quarter and provide guidance about expected future results.