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Sep 30, 2022
Berkshire Hills Bancorp Q3 2022 Earnings Report
Berkshire Hills Bancorp reported strong revenue growth and the highest adjusted per share earnings since 2019.
Key Takeaways
Berkshire Hills Bancorp reported third quarter EPS of $0.42, with adjusted EPS totaling $0.62. Results benefited from a 13% increase in net interest income driven by a 37 basis point increase in the net interest margin due to loan growth and higher market interest rates.
Third quarter EPS was $0.42, while adjusted EPS increased by 21% to $0.62 from the prior quarter.
Net interest income increased by $11 million, or 13%, compared to the linked quarter.
The efficiency ratio improved to 62% in the most recent quarter.
Total loans grew by 2% quarter over quarter and by 16% year-over-year.