Berkshire Hills Bancorp reported GAAP net income of $25 million, or $0.52 per share, in the second quarter of 2019. The non-GAAP measure of core earnings totaled $32 million, or $0.65 per share.
Net non-core charges were primarily related to the acquisition of Willimantic, CT-based SI Financial Group. on May 17, 2019 and are net of discontinued operations. GAAP EPS increased by 2% compared to the prior quarter, while core EPS increased by 8% due to the benefits of the Company’s initiatives.
Q2/2019 financial highlights included:
2% increase in GAAP EPS; 8% increase in core EPS
2% increase in net revenue from continuing operations
3.19% net interest margin
56.4% efficiency ratio, improved from 59.5%
0.14% net loan charge-offs/average loans
0.27% non-performing assets/assets
CEO Richard Marotta stated, “Our teams had a good quarter and contributed to improving the profitability of our operations based on revenue driven positive operating leverage. Several critical initiatives were accomplished in the most recent quarter. We completed the acquisition of SI Financial Group, which added the Savings Institute operations consisting of 23 branches and $1.7 billion in total assets in eastern Connecticut and Rhode Island. This was completed on time and on plan, including the issuance of 5.7 million Berkshire shares as merger consideration. The systems conversion remains targeted for early in the fourth quarter.”
“We completed our strategic review and moved forward on several fronts. Our commercial aircraft portfolio is in the process of being sold, and our FCLS national mortgage banking operations are being marketed for sale. We’re seeing the benefits of our efficiency initiatives, and we’re also investing in targeted areas, including our growing SBA lending team. Repurchases of common stock have begun under our recent 2.4 million share repurchase authorization,” he added.
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