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Berkshire Hills Bancorp (BHLB)
NYSE:BHLB
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.55Last Year’s EPS
$0.47Same Quarter Last Year
Based on 4 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: 4.57%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a balanced view with notable improvements in operating earnings, asset quality, and strategic initiatives. However, these were offset by declines in net interest income, an increase in nonperforming loans, and significant one-time expenses related to fraud and loan charge-offs.Company Guidance
During the Berkshire Hills Bancorp third-quarter 2024 earnings call, the guidance provided highlighted several key financial metrics and expectations. The company reported operating earnings per share (EPS) of $0.58, marking a 5% increase from the previous quarter and a 16% rise year-over-year. Operating net income reached $24.8 million, which was up by 7% from the last quarter and 15% compared to the previous year. The operating return on tangible common equity (ROTCE) was noted at 9.91%, showing an increase of 26 basis points from the prior quarter and 64 basis points year-over-year. The net interest margin (NIM) for the fourth quarter is expected to be between 3.10% and 3.20%. Additionally, Berkshire Hills Bancorp completed the sale of 10 branches in New York, resulting in a pretax gain of $16 million. The company highlighted improvements in asset quality, with net charge-offs at 16 basis points of loans, and maintained a reserve to loans ratio of 122 basis points. The company's liquidity remained robust, with a loan-to-deposit ratio of 96%. Berkshire Hills Bancorp also indicated that funding costs are expected to decline as the Federal Reserve continues to cut interest rates.Strong Operating Earnings Growth
Operating EPS of $0.58 was up 5% quarter-over-quarter and 16% year-over-year, with operating net income up 7% quarter-over-quarter and 15% year-over-year.
Improved Asset Quality
Total past due loans at 53 basis points, the lowest level in 15 years, and reserve for losses at 122 basis points, approximately 5x the total nonperforming loans.
Branch Sale Completion
Completed the sale of 10 branches, resulting in a pretax gain of $16 million, slightly below the $19 million expected due to better-than-expected client deposit retention.
Capital and Liquidity Strength
Increased capital ratios with CET1 at 11.9% and TCE at 9.1%, and maintained a solid liquidity position with a loan-to-deposit ratio at 96%.
Digital Product Expansion
Continued rollout of Berkshire One, enhancing digital deposit products and investing in digital customer experiences.
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BHLB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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BHLB Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $27.33 | $27.14 | -0.70% |
| Jul 18, 2024 | $26.62 | $26.79 | +0.64% |
| Apr 18, 2024 | $20.10 | $20.54 | +2.19% |
| Jan 25, 2024 | $23.71 | $23.80 | +0.38% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Berkshire Hills Bancorp (BHLB) report earnings?
Berkshire Hills Bancorp (BHLB) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Berkshire Hills Bancorp (BHLB) earnings time?
Berkshire Hills Bancorp (BHLB) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BHLB EPS forecast?
BHLB EPS forecast for the fiscal quarter 2024 (Q4) is $0.55.
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