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Sep 30, 2021
Berkshire Hills Bancorp Q3 2021 Earnings Report
Berkshire Hills Bancorp's earnings per share increased due to gains from sales and strategic transformations.
Key Takeaways
Berkshire Hills Bancorp reported a significant increase in third-quarter earnings per share (EPS) compared to the previous year, driven by net non-operating income from asset sales and strategic initiatives. Adjusted EPS, excluding these gains, remained stable year-over-year and increased compared to the previous quarter. The company also completed a share repurchase program and focused on strategic transformations and community investments.
Third quarter GAAP earnings per share (EPS) increased to $1.31, up from $0.42 in 2020.
Adjusted EPS, excluding gains from sales, totaled $0.53, stable year-over-year and up 20% quarter-over-quarter.
Completed a 2.5 million share repurchase program, returning nearly $75 million to shareholders.
Recorded a $4 million benefit to the third quarter provision for credit losses.