Berkshire Hills Bancorp Reports 73% Increase in Q2 Earnings
BOSTON — Berkshire Hills Bancorp Inc. reported 2018 second-quarter net income of $34 million, which was a 73% increase over 2017 second-quarter net income of $20 million. This primarily reflected the benefit of Berkshire’s Greater Boston expansion through acquisition and business development, resulting in higher market share, increased efficiency, and record profitability.
“We achieved record quarterly return on assets, with income increasing by 35% over the prior quarter,” said CEO Michael Daly. “Commercial loans grew strongly, and our new Boston corporate headquarters teams are receiving good response to our expanded presence in Greater Boston. Our revenue growth and disciplined expense management produced record quarterly earnings per share, positive operating leverage, and improved returns on equity.”
Meanwhile, Daly added, “the integration of acquired operations was completed within plan in the second quarter, and several company-wide initiatives have been accelerated to support the expansion of our deposit product set and delivery channels. Our annual Xtraordinary Day of Service in June tackled 74 community projects across our markets, totaling nearly 7,000 volunteer hours and 92% of our workforce. Our foundation announced the appointment of a Corporate Social Responsibility (CSR) officer to expand our multiple community-engagement activities and implement an all-encompassing CSR strategy.”