Berkshire Hills Bancorp has recently released its 10-K report, providing a detailed look at its financial performance and operations. The bank holding company operates as the parent company for Berkshire Bank, offering a range of banking products and services, including various deposit accounts, loans, wealth management services, investment products, and electronic banking services. The company serves personal, commercial, non-profit, and municipal deposit customers and has financial centers in Massachusetts, New York, Connecticut, Rhode Island, and Vermont.
In the 10-K report, Berkshire Hills Bancorp's net earnings from continuing operations for 2023 were $1.60 per diluted share, compared to $2.02 in 2022. The total book value per common share was $23.27 in 2023, compared to $21.51 in 2022. The company paid dividends of $0.72 per common share in 2023, compared to $0.54 in 2022. The common stock price ranged from a high of $31.52 to a low of $18.07 in 2023.
The return on assets for 2023 was 0.59%, and the return on equity, including unrealized losses on AFS securities, was 7.07%. The net interest margin, fully taxable equivalent, was 3.27% in 2023.
In terms of selected financial data, Berkshire Hills Bancorp reported total assets of $12,430,821,000 in 2023, compared to $11,662,864,000 in 2022. The total earning assets were $11,704,515,000 in 2023, compared to $10,913,069,000 in 2022. Total loans amounted to $9,039,686,000 in 2023, compared to $8,335,309,000 in 2022. The company's total deposits were $10,633,384,000 in 2023, compared to $10,327,269,000 in 2022.
Berkshire Hills Bancorp's net interest income for 2023 was $369,047,000, compared to $344,597,000 in 2022. The company reported a provision for credit losses of $31,999,000 in 2023, compared to $11,000,000 in 2022. The total non-interest expense was $301,508,000 in 2023, compared to $288,716,000 in 2022.
The company's net income for 2023 was $69,598,000, compared to $92,533,000 in 2022. The basic earnings per common share from continuing operations were $1.61 in 2023, compared to $2.03 in 2022.
Berkshire Hills Bancorp also provided a rate/volume analysis, showing the effects of rate and volume changes on the fully taxable equivalent net interest income for 2023 compared with 2022. The company reported non-GAAP financial measures, including operating earnings, which exclude amounts unrelated to its normalized operations, such as securities gains/losses, merger costs, and restructuring costs.
The market has reacted to these announcements by moving the company's shares -1.1% to a price of $21.57. For the full picture, make sure to review Berkshire Hills Bancorp's 10-K report.
