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Jun 30, 2024
Berkshire Hills Bancorp Q2 2024 Earnings Report
Berkshire Hills Bancorp's second quarter of 2024 saw a solid net income, with operating EPS increasing and strategic progress made through branch consolidation and bolstering cash management capabilities.
Key Takeaways
Berkshire Hills Bancorp reported a net income of $24.0 million, or $0.57 per share, for the second quarter of 2024. Operating EPS increased by 12% to $0.55, driven by loan growth, higher fee income, and lower operating expenses. The company completed the consolidation of three branch offices and repurchased approximately 612 thousand shares totaling $13 million during the quarter.
GAAP income was $24.0 million, or $0.57 per share.
Operating earnings totaled $23.2 million, or $0.55 per share.
Total loans increased $143 million to $9.23 billion due to commercial loan growth.
Total deposits decreased $262 million to $9.62 billion.
Berkshire Hills Bancorp
Berkshire Hills Bancorp
Forward Guidance
Berkshire will conduct a conference call/webcast at 9:00 a.m. eastern time on Thursday, July 18, 2024 to discuss results for the quarter and provide guidance about expected future results.