Second Quarter 2025 GAAP EPS $0.66; Operating EPS $0.69
- 15% increase in operating EPS linked quarter; 25% increase year-over-year
- 3% increase in operating revenue linked quarter, 2% decrease in operating non-interest expense
- 3.27% net interest margin, 3 bps increase linked quarter and 7 bps year-over-year
- 56.7% efficiency ratio; improved from 59.5% linked quarter
- 0.48% delinquent and non-performing loans to total loans
BOSTON, July 24, 2025 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE:BHLB) today reported results for the second quarter of 2025. These results along with comparison periods are summarized below:
($ in millions, except per share data) | Three Months Ended | ||||||
June 30, | Mar. 31, | June 30, | |||||
Net income | $ | 30.4 | $ | 25.7 | $ | 24.0 | |
Per share | 0.66 | 0.56 | 0.57 | ||||
Operating earnings1 | 31.6 | 27.6 | 23.2 | ||||
Per share | 0.69 | 0.60 | 0.55 | ||||
Net interest income, non FTE | $ | 91.9 | $ | 89.8 | $ | 88.5 | |
Net interest income, FTE | 93.8 | 91.7 | 90.5 | ||||
Net interest margin, FTE | 3.27 % | 3.24 % | 3.20 % | ||||
Non-interest income | $ | 21.8 | $ | 20.7 | $ | 20.1 | |
Operating non-interest income1 | 21.8 | 20.7 | 20.1 | ||||
Non-interest expense | 68.1 | 70.4 | 70.9 | ||||
Operating non-interest expense1 | 66.7 | 67.9 | 71.3 | ||||
Efficiency ratio1 | 56.7 % | 59.5 % | 63.4 % | ||||
Average balances | |||||||
Loans | $ | 9,484 | $ | 9,389 | $ | 9,157 | |
Deposits | 9,817 | 9,847 | 9,296 | ||||
Period-end balances | |||||||
Loans | 9,499 | 9,429 | 9,229 | ||||
Deposits | 9,979 | 9,880 | 9,621 | ||||
1. See non-GAAP financial measures and reconciliation to GAAP measures beginning on page 12. | |||||||
Berkshire CEO Nitin Mhatre stated, "Second quarter operating earnings grew 36% year-over-year due to revenue growth and lower expenses. Loans, deposits and the net interest margin increased over the linked quarter, boosting net interest income, and were accompanied by solid non-interest income growth. Quarterly operating revenue has increased sequentially over the last six quarters, growing 8% over this period, including 3% growth linked quarter. Quarterly operating income, operating EPS, and efficiency were the strongest since 2019. Second quarter 2025 operating return on tangible common equity advanced to 10.8%. TIME and Newsweek have once again honored Berkshire with national awards, the former for being one of the top-performing U.S. companies of our size and the latter for being one of the best workplaces in the financial services sector. Following months of preparation among our teams, we look forward to completing our transformative merger of equals with Brookline Bancorp and creating a powerful financial institution serving the Northeast."
"As I reflect on our progress since we began our transformation program in early 2021, I want to express my deepest gratitude to every member of the Berkshire team, our clients and our board of directors. Our bankers' dedication, resilience, and commitment to our clients have been the driving force behind our improved operating and financial performance. Together, we've navigated challenges, embraced change, and delivered results for our clients, shareholders and communities. I'm incredibly proud of what we've accomplished and excited to see what the combined company will achieve next," added Mhatre.
Berkshire CFO Brett Brbovic stated, "Second quarter net interest income increased 2% linked quarter and the net interest margin increased 3 basis points to 3.27%, benefiting from loan growth and lower deposit cost. Operating non-interest income increased $1.1 million linked quarter. Operating non-interest expense decreased $1.3 million linked quarter and $4.7 million year-over-year. The provision for credit losses decreased $1.5 million linked quarter and the allowance for credit losses on loans was unchanged at 1.24%. Quarterly results were very solid across the board."
As of and For the Three Months Ended | |||||||
June 30, 2025 | Mar. 31, 2025 | June 30, 2024 | |||||
Asset Quality | |||||||
Net loan charge-offs to average loans | 0.14 % | 0.15 % | 0.07 % | ||||
Non-performing loans to total loans | 0.27 % | 0.25 % | 0.23 % | ||||
Returns10 | |||||||
Return on average assets | 1.03 % | 0.88 % | 0.82 % | ||||
Operating return on average assets | 1.07 % | 0.94 % | 0.79 % | ||||
Return on tangible common equity | 10.35 % | 9.02 % | 9.99 % | ||||
Operating return on tangible common equity | 10.76 % | 9.66 % | 9.65 % | ||||
Capital1 | |||||||
Tangible common equity/tangible assets | 10.1 % | 9.9 % | 8.2 % | ||||
Book value per share | $26.40 | $25.81 | $23.58 | ||||
Tangible book value per share | $26.12 | $25.50 | $23.18 | ||||
1. See non-GAAP measures and reconciliation to GAAP beginning on page 12. All performance ratios are annualized and are based on average balance sheet amounts, where applicable. | |||||||
Berkshire Hills Bancorp, Inc. ((BHLB) is the parent company of Berkshire Bank, a relationship-driven, community-focused bank with $12.0 billion in assets and 83 financial centers in New England and New York. Berkshire is headquartered in Boston and offers commercial, retail, wealth, and private banking solutions. Berkshire has a pending agreement to merge with Brookline Bancorp, Inc., a multi-bank holding company with $11.6 billion in assets and branches in Massachusetts, Rhode Island, and New York.
2Q 2025 Financial Highlights (comparisons are to the linked quarter unless otherwise noted).
Income Statement. Second quarter GAAP income was $30 million, or $0.66 per share. Operating earnings totaled $32 million, or $0.69 per share. GAAP results included $1.5 million in primarily merger-related non-operating expenses. Operating earnings increased $4.0 million, or 14%, linked quarter and 36% year-over-year, with ongoing positive operating leverage from operating revenue growth and expense reduction. Reflecting the merger-related share issuance in December 2024, quarterly operating EPS was up 25% year-over-year. The efficiency ratio was 56.7% in the second quarter, improving to the best quarterly result since 2019.
Quarterly net interest income increased linked quarter by $2.2 million to $92 million in 2Q25.
- The net interest margin increased 3 basis points to 3.27%.
- The earning asset yield increased 3 basis points to 5.38%.
- The loan yield increased 2 basis points to 5.82%.
- The cost of funds decreased 1 basis point to 2.29%
- The cost of deposits decreased 3 basis points to 2.15%.
- The earning asset yield increased 3 basis points to 5.38%.
- Provision for credit losses totaled $4.0 million, decreasing 1.5 million linked quarter.
- Net loan charge-offs totaled $3.3 million, compared to $3.5 million linked quarter.
- The annualized loan net charge-off ratio was 0.14% for the quarter and 0.15% year-to-date.
- GAAP and operating non-interest income was $22 million, increasing $1.1 million linked quarter primarily due to higher loan related fee income.
- Non-interest expense totaled $68 million on a GAAP basis and $67 million on an operating basis. The operating measure decreased $1.3 million linked quarter and $4.7 million year-over-year.
- Compensation and occupancy expense decreased $1.8 million from seasonally higher levels in the linked quarter.
- The effective tax rate was 27% in 2Q25 compared to 26% in the linked quarter.
Loans. Compared to the linked quarter, total loans increased $70 million, or 1%, to $9.5 billion. Growth was primarily in commercial and industrial loans which increased $56 million, or 4%.
- The quarter-end allowance for credit losses on loans was unchanged at 1.24% of total loans.
- The period-end allowance was 462% of non-performing loans.
- Non-performing loans were 0.27% of total loans at period-end.
- Delinquent and non-performing loans were 0.48% of total loans at period-end.
Deposits. Compared to the linked quarter, total end of period deposits increased $99 million, or 1%, to $10.0 billion. Total end of period deposits excluding payroll and brokered deposits increased $66 million, or 1%, linked quarter, and increased $541 million, or 7%, year-over year.
Equity. Total shareholders' equity increased $26 million, or 2%, linked quarter to $1.2 billion. The ratio of tangible common equity to tangible assets measured 10.1%, increasing from 9.9% linked quarter. Tangible book value per share grew 13% year-over-year to $26.12 at period-end.
Proposed Transaction with Brookline Bancorp, Inc. On December 16, 2024, Berkshire Hills Bancorp, Inc., Commerce Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Berkshire formed solely to facilitate the merger ("Merger Sub") and Brookline Bancorp, Inc., a Delaware corporation ("Brookline"), entered into an Agreement and Plan of Merger (the "Merger Agreement"). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Brookline, with Brookline as the surviving entity, and immediately thereafter, Brookline will merge with and into Berkshire, with Berkshire as the surviving entity (collectively, the "Merger"). As a result of the Merger, the separate corporate existence of Brookline will cease, and Berkshire will continue as the surviving corporation. Under the terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of both companies, each outstanding share of Brookline common stock will be exchanged for the right to receive 0.42 shares of Berkshire common stock. Holders of Brookline common stock will receive cash in lieu of fractional shares of Berkshire common stock. As a result of the proposed transaction and a $100 million common stock offering completed by Berkshire to support the proposed transaction, Berkshire stockholders will own approximately 55% and Brookline stockholders will own approximately 45% of the outstanding shares of the combined company. The proposed transaction is expected to close in 2025, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals. Shareholders of both companies approved merger-related proposals in May 2025.
Conference Call and Investor Presentation. Berkshire will conduct a conference call/webcast at 9:00 a.m. Eastern time on Thursday, July 24, 2025 to discuss results for the quarter and the Company's outlook. Instructions for listening to the call may be found at the Company's website at ir.berkshirebank.com. Additional materials relating to the call may also be accessed at this website. The call will be archived at the website and will be available for an extended period of time.
Forward Looking Statements: This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these statements from the use of the words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "remain," "target" and similar expressions. There are many factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see the sections titled "Forward-Looking Statements" and "Risk Factors" in Berkshire's most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC's website at www.sec.gov. These factors include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of Berkshire or Brookline to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Brookline; delays in completing the proposed transaction with Brookline; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and Brookline to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties' ability to pursue certain business opportunities and strategic transactions; diversion of management's attention from ongoing business operations and opportunities; and potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction. You should not place undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Berkshire does not undertake any obligation to update forward-looking statements.
INVESTOR CONTACT
Kevin Conn
Investor Relations
617.641.9206
[email protected]
MEDIA CONTACT
Gary Levante
Corporate Communications
413.447.1737
[email protected]
Berkshire Hills Bancorp | ||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (1) | ||||||||||||
At or for the Quarters Ended | ||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||
2025 | 2025 | 2024 | 2024 | 2024 | ||||||||
NOMINAL AND PER SHARE DATA | ||||||||||||
Net earnings/(loss) per common share, diluted | $ 0.66 | $ 0.56 | $ 0.46 | $ 0.88 | $ 0.57 | |||||||
Operating earnings per common share, diluted (2)(3) | 0.69 | 0.60 | 0.60 | 0.58 | 0.55 | |||||||
Net income/(loss), (thousands) | 30,366 | 25,719 | 19,657 | 37,509 | 24,025 | |||||||
Operating net income, (thousands) (2)(3) | 31,587 | 27,621 | 25,982 | 24,789 | 23,168 | |||||||
Net interest income, (thousands) non FTE | 91,921 | 89,771 | 86,855 | 88,059 | 88,532 | |||||||
Net interest income, FTE (5) | 93,761 | 91,655 | 88,798 | 90,082 | 90,545 | |||||||
Total common shares outstanding, end of period (thousands) | 46,303 | 46,377 | 46,424 | 42,982 | 42,959 | |||||||
Average diluted shares, (thousands) | 46,007 | 46,061 | 43,064 | 42,454 | 42,508 | |||||||
Total book value per common share, end of period | 26.40 | 25.81 | 25.15 | 24.90 | 23.58 | |||||||
Tangible book value per common share, end of period (2)(3) | 26.12 | 25.50 | 24.82 | 24.53 | 23.18 | |||||||
Dividends declared per common share | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | |||||||
Dividend payout ratio (6) | 27.54 | % | 32.52 | % | 39.40 | % | 20.63 | % | 32.74 | % | ||
PERFORMANCE RATIOS (4) | ||||||||||||
Return on equity | 9.97 | % | 8.63 | % | 7.18 | % | 14.29 | % | 9.49 | % | ||
Operating return on equity (2)(3) | 10.37 | 9.28 | 9.49 | 9.44 | 9.15 | |||||||
Return on tangible common equity (2)(3) | 10.35 | 9.02 | 7.59 | 14.83 | 9.99 | |||||||
Operating return on tangible common equity (2)(3) | 10.76 | 9.66 | 9.93 | 9.91 | 9.65 | |||||||
Return on assets | 1.03 | 0.88 | 0.68 | 1.28 | 0.82 | |||||||
Operating return on assets (2)(3) | 1.07 | 0.94 | 0.90 | 0.85 | 0.79 | |||||||
Net interest margin, FTE (5) | 3.27 | 3.24 | 3.14 | 3.16 | 3.20 | |||||||
Efficiency ratio (3) | 56.73 | 59.45 | 62.43 | 63.74 | 63.40 | |||||||
FINANCIAL DATA (in millions, end of period) | ||||||||||||
Total assets | $ 12,035 | $ 12,013 | $ 12,273 | $ 11,605 | $ 12,219 | |||||||
Total earning assets | 11,346 | 11,334 | 11,523 | 10,922 | 11,510 | |||||||
Total loans | 9,499 | 9,429 | 9,385 | 9,212 | 9,229 | |||||||
Total funding liabilities | 10,565 | 10,564 | 10,813 | 10,285 | 10,907 | |||||||
Total deposits | 9,979 | 9,880 | 10,375 | 9,577 | 9,621 | |||||||
Loans/deposits (%) | 95 | % | 95 | % | 90 | % | 96 | % | 96 | % | ||
Total accumulated other comprehensive (loss) net of tax, end of period | $ (91) | $ (95) | $ (106) | $ (89) | $ (115) | |||||||
Total shareholders' equity | 1,222 | 1,197 | 1,167 | 1,070 | 1,013 | |||||||
ASSET QUALITY | ||||||||||||
Allowance for credit losses, (millions) | $ 117 | $ 117 | $ 115 | $ 112 | $ 112 | |||||||
Net charge-offs, (millions) | (3) | (4) | (3) | (6) | (2) | |||||||
Net charge-offs (QTD annualized)/average loans | 0.14 | % | 0.15 | % | 0.14 | % | 0.24 | % | 0.07 | % | ||
Provision (benefit)/expense, (millions) | $ 4 | $ 6 | $ 6 | $ 6 | $ 6 | |||||||
Non-performing assets, (millions) | 28 | 26 | 27 | 27 | 24 | |||||||
Non-performing loans/total loans | 0.27 | % | 0.25 | % | 0.26 | % | 0.26 | % | 0.23 | % | ||
Allowance for credit losses/non-performing loans | 462 | 501 | 469 | 467 | 525 | |||||||
Allowance for credit losses/total loans | 1.24 | 1.24 | 1.22 | 1.22 | 1.22 | |||||||
CAPITAL RATIO | ||||||||||||
Tangible common shareholders' equity/tangible assets (3) | 10.1 | 9.9 | 9.4 | 9.1 | 8.2 | |||||||
(1) | All financial tables presented are unaudited. | |||||||||||
(2) | Reconciliation of non-GAAP financial measures, including all references to operating and tangible amounts, appear on page 13 and 14. | |||||||||||
(3) | Non-GAAP financial measure. Operating measurements are non-GAAP financial measures that are adjusted to exclude net non-operating charges primarily related to acquisitions and restructuring activities. See page 13 and 14 for reconciliations of non-GAAP financial measures. | |||||||||||
(4) | All performance ratios are annualized and are based on average balance sheet amounts, where applicable. | |||||||||||
(5) | Fully taxable equivalent considers the impact of tax advantaged investment securities and loans. | |||||||||||
(6) | Dividend payout ratio is based on dividends declared. | |||||||||||
Berkshire Hills Bancorp | ||||
CONSOLIDATED BALANCE SHEETS | ||||
June 30, | March 31, | December 31, | June 30, | |
(in thousands) | 2025 | 2025 | 2024 | 2024 |
Assets | ||||
Cash and due from banks | $ 131,970 | $ 121,137 | $ 182,776 | $ 112,085 |
Short-term investments | 670,761 | 705,199 | 945,633 | 988,207 |
Total cash and cash equivalents | 802,731 | 826,336 | 1,128,409 | 1,100,292 |
Trading securities, at fair value | 4,835 | 5,010 | 5,258 | 5,699 |
Equity securities, at fair value | 647 | 647 | 655 | 12,736 |
Securities available for sale, at fair value | 664,713 | 669,182 | 655,723 | 611,711 |
Securities held to maturity, at amortized cost | 476,756 | 494,242 | 507,658 | 520,239 |
Federal Home Loan Bank stock | 25,579 | 29,688 | 19,565 | 35,010 |
Total securities | 1,172,530 | 1,198,769 | 1,188,859 | 1,185,395 |
Less: Allowance for credit losses on investment securities | (63) | (63) | (64) | (65) |
Net securities | 1,172,467 | 1,198,706 | 1,188,795 | 1,185,330 |
Loans held for sale | 4,014 | 1,322 | 3,076 | 52,072 |
Commercial real estate loans | 4,898,078 | 4,882,927 | 4,848,824 | 4,706,810 |
Commercial and industrial loans | 1,511,362 | 1,455,847 | 1,461,341 | 1,421,921 |
Residential mortgages | 2,720,363 | 2,721,885 | 2,701,227 | 2,674,611 |
Consumer loans | 369,046 | 368,226 | 373,602 | 425,184 |
Total loans | 9,498,849 | 9,428,885 | 9,384,994 | 9,228,526 |
Less: Allowance for credit losses on loans | (117,344) | (116,678) | (114,700) | (112,167) |
Net loans | 9,381,505 | 9,312,207 | 9,270,294 | 9,116,359 |
Premises and equipment, net | 58,439 | 57,680 | 56,609 | 55,893 |
Other real estate owned | 124 | - | - | - |
Other intangible assets | 12,809 | 13,936 | 15,064 | 17,319 |
Other assets | 596,140 | 596,082 | 604,231 | 615,882 |
Assets held for sale | 6,519 | 6,930 | 6,930 | 76,307 |
Total assets | $ 12,034,748 | $ 12,013,199 | $ 12,273,408 | $ 12,219,454 |
Liabilities and shareholders' equity | ||||
Non-interest bearing deposits | $ 2,296,268 | $ 2,295,040 | $ 2,324,879 | $ 2,222,012 |
NOW and other deposits | 814,600 | 789,418 | 841,406 | 766,641 |
Money market deposits | 3,153,241 | 3,197,331 | 3,610,521 | 3,278,753 |
Savings deposits | 1,105,009 | 1,065,530 | 1,021,716 | 1,004,320 |
Time deposits | 2,609,913 | 2,532,558 | 2,576,682 | 2,349,733 |
Total deposits | 9,979,031 | 9,879,877 | 10,375,204 | 9,621,459 |
Federal Home Loan Bank advances | 463,861 | 562,921 | 316,482 | 689,606 |
Subordinated borrowings | 121,736 | 121,674 | 121,612 | 121,487 |
Total borrowings | 585,597 | 684,595 | 438,094 | 811,093 |
Other liabilities | 247,809 | 251,967 | 292,686 | 287,312 |
Liabilities held for sale | - | - | - | 486,648 |
Total liabilities | 10,812,437 | 10,816,439 | 11,105,984 | 11,206,512 |
Common shareholders' equity | 1,222,311 | 1,196,760 | 1,167,424 | 1,012,942 |
Total shareholders' equity | 1,222,311 | 1,196,760 | 1,167,424 | 1,012,942 |
Total liabilities and shareholders' equity | $ 12,034,748 | $ 12,013,199 | $ 12,273,408 | $ 12,219,454 |
Berkshire Hills Bancorp | |||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
(in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | |||
Interest income | $ 151,469 | $ 154,109 | $ 299,799 | $ 306,115 | |||
Interest expense | 59,548 | 65,577 | 118,107 | 129,443 | |||
Net interest income, non FTE | 91,921 | 88,532 | 181,692 | 176,672 | |||
Non-interest income | |||||||
Deposit related fees | 8,193 | 8,561 | 16,142 | 16,866 | |||
Loan related fees | 5,100 | 2,364 | 8,887 | 5,027 | |||
Gain on SBA loans | 2,288 | 3,294 | 5,564 | 4,993 | |||
Wealth management fees | 2,657 | 2,613 | 5,612 | 5,497 | |||
Fair value adjustments on securities | 46 | (42) | (6) | (157) | |||
Other | 3,468 | 3,343 | 6,225 | 5,217 | |||
Total non-interest income excluding gains and losses | 21,752 | 20,133 | 42,424 | 37,443 | |||
(Loss) on sale of securities | - | - | - | (49,909) | |||
Total non-interest income | 21,752 | 20,133 | 42,424 | (12,466) | |||
Total net revenue | 113,673 | 108,665 | 224,116 | 164,206 | |||
Provision expense for credit losses | 4,000 | 6,499 | 9,500 | 12,499 | |||
Non-interest expense | |||||||
Compensation and benefits | 39,303 | 40,126 | 79,938 | 80,861 | |||
Occupancy and equipment | 7,203 | 8,064 | 14,869 | 16,762 | |||
Technology | 9,756 | 10,236 | 19,821 | 20,140 | |||
Professional services | 961 | 2,757 | 2,675 | 5,433 | |||
Regulatory expenses | 1,648 | 1,848 | 3,275 | 3,693 | |||
Amortization of intangible assets | 1,128 | 1,140 | 2,256 | 2,345 | |||
Marketing | 1,541 | 532 | 2,808 | 1,648 | |||
Merger, restructuring and other non-operating expenses | 1,491 | (384) | 3,945 | 3,233 | |||
Other expenses | 5,113 | 6,612 | 8,923 | 12,836 | |||
Total non-interest expense | 68,144 | 70,931 | 138,510 | 146,951 | |||
Total non-interest expense excluding non-operating expenses | 66,653 | 71,315 | 134,565 | 143,718 | |||
Income before income taxes | 41,529 | 31,235 | 76,106 | 4,756 | |||
Income tax expense | 11,163 | 7,210 | 20,021 | 919 | |||
Net income | 30,366 | 24,025 | 56,085 | 3,837 | |||
Basic earnings per common share | $ 0.66 | $ 0.57 | $ 1.23 | $ 0.09 | |||
Diluted earnings per common share | $ 0.66 | $ 0.57 | $ 1.22 | $ 0.09 | |||
Weighted average shares outstanding: | |||||||
Basic | 45,764 | 42,437 | 45,731 | 42,602 | |||
Diluted | 46,007 | 42,508 | 46,042 | 42,763 | |||
Berkshire Hills Bancorp | ||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (5 Quarter Trend) | ||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||
(in thousands, except per share data) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||
Interest income | $ 151,469 | $ 148,330 | $ 150,555 | $ 157,268 | $ 154,109 | |||||
Interest expense | 59,548 | 58,559 | 63,700 | 69,209 | 65,577 | |||||
Net interest income, non FTE | 91,921 | 89,771 | 86,855 | 88,059 | 88,532 | |||||
Non-interest income | ||||||||||
Deposit related fees | 8,193 | 7,949 | 8,237 | 8,656 | 8,561 | |||||
Loan related fees | 5,100 | 3,787 | 3,039 | 3,214 | 2,364 | |||||
Gain on SBA loans | 2,288 | 3,276 | 4,635 | 3,020 | 3,294 | |||||
Wealth management fees | 2,657 | 2,955 | 2,658 | 2,685 | 2,613 | |||||
Fair value adjustments on securities | 46 | (52) | (352) | 516 | (42) | |||||
Other | 3,468 | 2,757 | 4,943 | 3,416 | 3,343 | |||||
Total non-interest income excluding gains and losses | 21,752 | 20,672 | 23,160 | 21,507 | 20,133 | |||||
Gain on sale of business operations and assets, net | - | - | 193 | 16,048 | - | |||||
Loss on sale of securities | - | - | (28) | - | - | |||||
Total non-interest income | 21,752 | 20,672 | 23,325 | 37,555 | 20,133 | |||||
Total net revenue | 113,673 | 110,443 | 110,180 | 125,614 | 108,665 | |||||
Provision expense for credit losses | 4,000 | 5,500 | 6,000 | 5,500 | 6,499 | |||||
Non-interest expense | ||||||||||
Compensation and benefits | 39,303 | 40,635 | 38,929 | 40,663 | 40,126 | |||||
Occupancy and equipment | 7,203 | 7,666 | 7,334 | 7,373 | 8,064 | |||||
Technology | 9,756 | 10,065 | 10,241 | 10,014 | 10,236 | |||||
Professional services | 961 | 1,714 | 2,765 | 2,109 | 2,757 | |||||
Regulatory expenses | 1,648 | 1,627 | 1,851 | 1,851 | 1,848 | |||||
Amortization of intangible assets | 1,128 | 1,128 | 1,128 | 1,128 | 1,140 | |||||
Marketing | 1,541 | 1,267 | 2,013 | 861 | 532 | |||||
Merger, restructuring and other non-operating expenses | 1,491 | 2,454 | 6,557 | (297) | (384) | |||||
Other expenses | 5,113 | 3,810 | 6,757 | 8,258 | 6,612 | |||||
Total non-interest expense | 68,144 | 70,366 | 77,575 | 71,960 | 70,931 | |||||
Total non-interest expense excluding non-operating expenses | 66,653 | 67,912 | 71,018 | 72,257 | 71,315 | |||||
Income/(loss) before income taxes | $ 41,529 | $ 34,577 | $ 26,605 | $ 48,154 | $ 31,235 | |||||
Income tax expense/(benefit) | 11,163 | 8,858 | 6,948 | 10,645 | 7,210 | |||||
Net income/(loss) | $ 30,366 | $ 25,719 | $ 19,657 | $ 37,509 | $ 24,025 | |||||
Diluted earnings/(loss) per common share | $ 0.66 | $ 0.56 | $ 0.46 | $ 0.88 | $ 0.57 | |||||
Weighted average shares outstanding: | ||||||||||
Basic | 45,764 | 45,684 | 42,661 | 42,170 | 42,437 | |||||
Diluted | 46,007 | 46,061 | 43,064 | 42,454 | 42,508 | |||||
Berkshire Hills Bancorp | |||||||||||||||
AVERAGE BALANCES AND AVERAGE YIELDS AND COSTS | |||||||||||||||
Quarters Ended | |||||||||||||||
June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||||||||
(in millions) | Average | Interest (1) | Average | Average | Interest (1) | Average | Average | Interest (1) | Average | ||||||
Assets | |||||||||||||||
Commercial real estate | $ 4,903 | 76 | 6.19 | % | $ 4,865 | $ 75 | 6.19 | % | 4,649 | 77 | 6.52 | % | |||
Commercial and industrial loans | 1,501 | 27 | 6.99 | 1,446 | 25 | 7.00 | 1,384 | 27 | 7.62 | ||||||
Residential mortgages | 2,711 | 30 | 4.39 | 2,708 | 30 | 4.35 | 2,694 | 28 | 4.21 | ||||||
Consumer loans | 369 | 5 | 6.58 | 370 | 6 | 6.57 | 430 | 8 | 7.47 | ||||||
Total loans | 9,484 | 138 | 5.82 | 9,389 | 136 | 5.80 | 9,157 | 140 | 6.05 | ||||||
Securities (2) | 1,299 | 8 | 2.59 | 1,312 | 9 | 2.62 | 1,332 | 8 | 2.44 | ||||||
Short-term investments and loans held for sale | 540 | 5 | 4.31 | 534 | 6 | 4.19 | 597 | 8 | 5.07 | ||||||
New York branch loans held for sale (3) | - | - | - | - | - | - | 57 | 1 | 5.86 | ||||||
Total earning assets | 11,323 | 151 | 5.38 | 11,235 | 151 | 5.35 | 11,143 | 157 | 5.57 | ||||||
Goodwill and other intangible assets | 13 | 14 | 18 | ||||||||||||
Other assets | 513 | 505 | 531 | ||||||||||||
Total assets | 11,849 | $ 11,754 | 11,692 | ||||||||||||
Non-interest-bearing demand deposits | 2,281 | $ - | - | % | $ 2,262 | $ - | - | % | 2,244 | $ - | - | % | |||
NOW and other | 800 | 3 | 1.48 | 758 | 2 | 1.32 | 763 | 3 | 1.44 | ||||||
Money market | 3,095 | 23 | 2.92 | 3,247 | 23 | 2.87 | 2,909 | 24 | 3.32 | ||||||
Savings | 1,081 | 3 | 1.24 | 1,038 | 3 | 1.13 | 1,004 | 3 | 1.06 | ||||||
Time | 2,560 | 24 | 3.73 | 2,542 | 25 | 3.91 | 2,376 | 25 | 4.22 | ||||||
Total deposits | 9,817 | 53 | 2.15 | 9,847 | 53 | 2.18 | 9,296 | 55 | 2.35 | ||||||
Borrowings (4) | 590 | 7 | 4.65 | 463 | 6 | 4.90 | 610 | 9 | 5.55 | ||||||
New York branch non-interest-bearing deposits held for sale (3) | - | - | - | - | - | - | 97 | - | - | ||||||
New York branch interest-bearing deposits held for sale (3) | - | - | - | - | - | - | 386 | 3 | 2.80 | ||||||
Total funding liabilities | 10,407 | 60 | 2.29 | 10,310 | 59 | 2.30 | 10,389 | 67 | 2.53 | ||||||
Other liabilities | 224 | 253 | 290 | ||||||||||||
Total liabilities | 10,631 | 10,563 | 10,679 | ||||||||||||
Common shareholders' equity (5) | 1,218 | 1,191 | 1,013 | ||||||||||||
Total shareholders' equity | 1,218 | 1,191 | 1,013 | ||||||||||||
Total liabilities and shareholders' equity | 11,849 | $ 11,754 | 11,692 | ||||||||||||
Net interest margin, FTE | 3.27 | 3.24 | 3.20 | ||||||||||||
Supplementary data | |||||||||||||||
Net Interest Income, non FTE | 91,921 | 89,771 | 88,532 | ||||||||||||
FTE income adjustment | 1,840 | 1,884 | 2,013 | ||||||||||||
Net Interest Income, FTE | 93,761 | 91,655 | 90,545 | ||||||||||||
(1) Interest income and expense presented on a fully taxable equivalent basis. | |||||||||||||||
(2) Average balances for securities available-for-sale are based on amortized cost. | |||||||||||||||
(3) New York branch loans and deposits moved to held for sale on March 4, 2024. | |||||||||||||||
(4) Average balances for borrowings includes the financing lease obligation which is presented under other liabilities on the consolidated balance sheet. | |||||||||||||||
(5) Unrealized gains and losses, net of tax, are included in average equity. | |||||||||||||||
Berkshire Hills Bancorp | ||||||||||
ASSET QUALITY ANALYSIS | ||||||||||
At or for the Quarters Ended | ||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||
(in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||
NON-PERFORMING ASSETS | ||||||||||
Commercial real estate | $ 9,869 | $ 9,742 | $ 10,393 | $ 10,270 | $ 5,976 | |||||
Commercial and industrial loans | 11,512 | 8,998 | 9,156 | 8,227 | 8,489 | |||||
Residential mortgages | 3,289 | 3,684 | 3,830 | 4,348 | 5,491 | |||||
Consumer loans | 734 | 856 | 1,068 | 1,124 | 1,392 | |||||
Total non-performing loans | 25,404 | 23,280 | 24,447 | 23,969 | 21,348 | |||||
Repossessed assets | 2,384 | 2,288 | 2,280 | 2,563 | 2,549 | |||||
Total non-performing assets | $ 27,788 | $ 25,568 | $ 26,727 | $ 26,532 | $ 23,897 | |||||
Total non-performing loans/total loans | 0.27 % | 0.25 % | 0.26 % | 0.26 % | 0.23 % | |||||
Total non-performing assets/total assets | 0.23 % | 0.21 % | 0.22 % | 0.23 % | 0.20 % | |||||
PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS | ||||||||||
Balance at beginning of period | $ 116,678 | $ 114,700 | $ 112,047 | $ 112,167 | $ 107,331 | |||||
Charged-off loans | (4,348) | (6,256) | (4,553) | (7,091) | (3,246) | |||||
Recoveries on charged-off loans | 1,014 | 2,734 | 1,206 | 1,471 | 1,583 | |||||
Net loans charged-off | (3,334) | (3,522) | (3,347) | (5,620) | (1,663) | |||||
Provision expense for loan credit losses | 4,000 | 5,500 | 6,000 | 5,500 | 6,499 | |||||
Balance at end of period | $ 117,344 | $ 116,678 | $ 114,700 | $ 112,047 | $ 112,167 | |||||
Allowance for credit losses/total loans | 1.24 % | 1.24 % | 1.22 % | 1.22 % | 1.22 % | |||||
Allowance for credit losses/non-performing loans | 462 % | 501 % | 469 % | 467 % | 525 % | |||||
NET LOAN CHARGE-OFFS | ||||||||||
Commercial real estate | $ (338) | $ (991) | $ (121) | $ (999) | $ 22 | |||||
Commercial and industrial loans | (3,232) | (1,518) | (2,309) | (1,009) | (711) | |||||
Residential mortgages | 48 | 161 | 552 | 273 | 316 | |||||
Home equity | (13) | 102 | 1 | 3 | 8 | |||||
Other consumer loans | 205 | (1,276) | (1,470) | (3,888) | (1,298) | |||||
Total, net | $ (3,330) | $ (3,522) | $ (3,347) | $ (5,620) | $ (1,663) | |||||
Net charge-offs (QTD annualized)/average loans | 0.14 % | 0.15 % | 0.14 % | 0.24 % | 0.07 % | |||||
Net charge-offs (YTD annualized)/average loans | 0.15 % | 0.15 % | 0.16 % | 0.16 % | 0.13 % | |||||
DELINQUENT AND NON-PERFORMING LOANS | Balance | Percent | Balance | Percent | Balance | Percent | Balance | Percent | Balance | Percent |
30-89 Days delinquent | $ 15,263 | 0.16 % | $ 9,783 | 0.10 % | $ 17,591 | 0.19 % | $ 18,526 | 0.20 % | $ 18,494 | 0.20 % |
90+ Days delinquent and still accruing | 4,675 | 0.05 % | 6,858 | 0.07 % | 6,417 | 0.07 % | 6,280 | 0.07 % | 11,672 | 0.13 % |
Total accruing delinquent loans | 19,938 | 0.21 % | 16,641 | 0.17 % | 24,008 | 0.26 % | 24,806 | 0.27 % | 30,166 | 0.33 % |
Non-performing loans | 25,404 | 0.27 % | 23,280 | 0.25 % | 24,447 | 0.26 % | 23,969 | 0.26 % | 21,348 | 0.23 % |
Total delinquent and non-performing loans | $ 45,342 | 0.48 % | $ 39,921 | 0.42 % | $ 48,455 | 0.52 % | $ 48,775 | 0.53 % | $ 51,514 | 0.56 % |
NON-GAAP FINANCIAL MEASURES
This document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles ("GAAP"). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company's GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is provided below. In all cases, it should be understood that non-GAAP measures do not depict amounts that accrue directly to the benefit of shareholders. An item which management excludes when computing non-GAAP operating earnings can be of substantial importance to the Company's results for any particular quarter or year. The Company's non-GAAP operating earnings information set forth is not necessarily comparable to non-GAAP information which may be presented by other companies. Each non-GAAP measure used by the Company in this report as supplemental financial data should be considered in conjunction with the Company's GAAP financial information.
The Company utilizes the non-GAAP measure of operating earnings in evaluating operating trends, including components for operating revenue and expense. These measures exclude amounts which the Company views as unrelated to its normalized operations. These items primarily include restructuring costs. Restructuring costs generally consist of costs and losses associated with the disposition of assets and liabilities and lease terminations, including costs related to branch consolidations.
The Company also calculates operating earnings per share based on its measure of operating earnings and diluted common shares. The Company views these amounts as important to understanding its operating trends, particularly due to the impact of accounting standards related to merger and acquisition activity. Analysts also rely on these measures in estimating and evaluating the Company's performance. Adjustments in 2025 were primarily related to the pending merger. Adjustments in 2024 were primarily related to the pending merger, branch sales and consolidations, and loss on sale of securities.
Management believes that the computation of non-GAAP operating earnings and operating earnings per share may facilitate the comparison of the Company to other companies in the financial services industry. The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.
Berkshire Hills Bancorp | ||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA | ||||||||||||
At or for the Quarters Ended | ||||||||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||
(in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | |||||||
Total non-interest income | $ 21,752 | $ 20,672 | $ 23,325 | $ 37,555 | $ 20,133 | |||||||
Adj: Net (gains) on sale of business operations and assets | - | - | (193) | (16,048) | - | |||||||
Adj: Loss on sale of securities | - | - | 28 | - | - | |||||||
Total operating non-interest income (1) | $ 21,752 | $ 20,672 | $ 23,160 | $ 21,507 | $ 20,133 | |||||||
Total revenue | (A) | $ 113,673 | $ 110,443 | $ 110,180 | $ 125,614 | $ 108,665 | ||||||
Adj: Net (gains) on sale of business operations and assets | - | - | (193) | (16,048) | - | |||||||
Adj: Loss on sale of securities | - | - | 28 | - | - | |||||||
Total operating revenue (1) | (B) | $ 113,673 | $ 110,443 | $ 110,015 | $ 109,566 | $ 108,665 | ||||||
Total non-interest expense | (C) | $ 68,144 | $ 70,366 | $ 77,575 | $ 71,960 | $ 70,931 | ||||||
Adj: Merger, restructuring and other non-operating expenses | (1,491) | (2,454) | (6,557) | 297 | 384 | |||||||
Operating non-interest expense (1) | (D) | $ 66,653 | $ 67,912 | $ 71,018 | $ 72,257 | $ 71,315 | ||||||
Pre-tax, pre-provision net revenue (PPNR) | (A-C) | $ 45,529 | $ 40,077 | $ 32,605 | $ 53,654 | $ 37,734 | ||||||
Operating pre-tax, pre-provision net revenue (PPNR) (1) | (B-D) | 47,020 | 42,531 | 38,997 | 37,309 | 37,350 | ||||||
Net income/(loss) | $ 30,366 | $ 25,719 | $ 19,657 | $ 37,509 | $ 24,025 | |||||||
Adj: Net (gains) on sale of business operations and assets | - | - | (193) | (16,048) | - | |||||||
Adj: Loss on sale of securities | - | - | 28 | - | - | |||||||
Adj: Merger, restructuring expense and other non-operating expenses | 1,491 | 2,454 | 6,557 | (297) | (384) | |||||||
Adj: Income taxes (expense)/benefit | (270) | (552) | (67) | 3,625 | (473) | |||||||
Total operating income (1) | (E) | $ 31,587 | $ 27,621 | $ 25,982 | $ 24,789 | $ 23,168 | ||||||
(in millions, except per share data) | ||||||||||||
Total average assets | (F) | $ 11,849 | $ 11,754 | $ 11,596 | $ 11,695 | $ 11,692 | ||||||
Total average shareholders' equity | (G) | 1,218 | 1,191 | 1,095 | 1,050 | 1,013 | ||||||
Total average tangible shareholders' equity (1) | (I) | 1,205 | 1,177 | 1,080 | 1,034 | 995 | ||||||
Total accumulated other comprehensive (loss) net of tax, end of period | (91) | (95) | (106) | (89) | (115) | |||||||
Total tangible shareholders' equity, end of period (1) | (K) | 1,210 | 1,183 | 1,152 | 1,054 | 996 | ||||||
Total tangible assets, end of period (1) | (L) | 12,022 | 11,999 | 12,258 | 11,588 | 12,202 | ||||||
Total common shares outstanding, end of period (thousands) | (M) | 46,303 | 46,377 | 46,424 | 42,982 | 42,959 | ||||||
Average diluted shares outstanding (thousands) | (N) | 46,007 | 46,061 | 43,064 | 42,454 | 42,508 | ||||||
Earnings/(loss) per common share, diluted (1) | $ 0.66 | $ 0.56 | $ 0.46 | $ 0.88 | $ 0.57 | |||||||
Operating earnings per common share, diluted (1) | (E/N) | 0.69 | 0.60 | 0.60 | 0.58 | 0.55 | ||||||
Tangible book value per common share, end of period (1) | (K/M) | 26.12 | 25.50 | 24.82 | 24.53 | 23.18 | ||||||
Total tangible shareholders' equity/total tangible assets (1) | (K/L) | 10.06 | 9.86 | 9.40 | 9.10 | 8.16 | ||||||
Performance ratios (2) | ||||||||||||
Return on equity | 9.97 | % | 8.63 | % | 7.18 | % | 14.29 | % | 9.49 | % | ||
Operating return on equity (1) | (E/G) | 10.37 | 9.28 | 9.49 | 9.44 | 9.15 | ||||||
Return on tangible common equity (1)(3) | 10.35 | 9.02 | 7.59 | 14.83 | 9.99 | |||||||
Operating return on tangible common equity (1)(3) | (E+Q)/(I) | 10.76 | 9.66 | 9.93 | 9.91 | 9.65 | ||||||
Return on assets | 1.03 | 0.88 | 0.68 | 1.28 | 0.82 | |||||||
Operating return on assets (1) | (E/F) | 1.07 | 0.94 | 0.90 | 0.85 | 0.79 | ||||||
Efficiency ratio (1) | (D-Q)/(B+R) | 56.73 | 59.45 | 62.43 | 63.74 | 63.40 | ||||||
Supplementary data (in thousands) | ||||||||||||
Effective tax rate | 26.9 | % | 25.6 | % | 26.1 | % | 22.1 | % | 23.1 | % | ||
Intangible amortization | (Q) | $ 1,128 | $ 1,128 | $ 1,128 | $ 1,128 | $ 1,140 | ||||||
Fully taxable equivalent income adjustment | (R) | 1,840 | 1,884 | 1,943 | 2,023 | 2,013 | ||||||
(1) Non-GAAP financial measure. | ||||||||||||
(2) Ratios are annualized and based on average balance sheet amounts, where applicable. Quarterly data may not sum to year-to-date data due to rounding. | ||||||||||||
(3) Amortization of intangible assets is adjusted assuming a 27% marginal tax rate. | ||||||||||||
Berkshire Hills Bancorp | ||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA - UNAUDITED | ||||||
At or for the Six Months Ended | ||||||
June 30, | June 30, | |||||
(in thousands) | 2025 | 2024 | ||||
Total non-interest income | $ 42,424 | $ (12,466) | ||||
Adj: Loss on sale of securities | - | 49,909 | ||||
Total operating non-interest income (1) | $ 42,424 | $ 37,443 | ||||
Total revenue | (A) | $ 224,116 | $ 164,206 | |||
Adj: Net (gains) on sale of business operations and assets | - | - | ||||
Adj: Loss on sale of securities | - | 49,909 | ||||
Total operating revenue (1) | (B) | $ 224,116 | $ 214,115 | |||
Total non-interest expense | (C) | $ 138,510 | $ 146,951 | |||
Less: Merger, restructuring and other non-operating expenses | (3,945) | (3,233) | ||||
Operating non-interest expense (1) | (D) | $ 134,565 | $ 143,718 | |||
Pre-tax, pre-provision net revenue (PPNR) | (A-C) | $ 85,606 | $ 17,255 | |||
Operating pre-tax, pre-provision net revenue (PPNR) (1) | (B-D) | 89,551 | 70,397 | |||
Net income | $ 56,085 | $ 3,837 | ||||
Adj: Loss on sale of securities | - | 49,909 | ||||
Adj: Merger, restructuring expense and other non-operating expenses | 3,945 | 3,233 | ||||
Adj: Income taxes (expense)/benefit | (822) | (12,877) | ||||
Total operating income (1) | (E) | $ 59,208 | $ 44,102 | |||
(in millions, except per share data) | ||||||
Total average assets | (F) | $ 11,802 | $ 11,723 | |||
Total average shareholders' equity | (G) | 1,205 | 1,015 | |||
Total average tangible shareholders' equity (1) | (I) | 1,191 | 997 | |||
Total accumulated other comprehensive (loss) net of tax, end of period | (91) | (115) | ||||
Total tangible shareholders' equity, end of period (1) | (K) | 1,210 | 996 | |||
Total tangible assets, end of period (1) | (L) | 12,022 | 12,202 | |||
Total common shares outstanding, end of period (thousands) | (M) | 46,303 | 42,959 | |||
Average diluted shares outstanding (thousands) | (N) | 46,042 | 42,763 | |||
Earnings/(loss) per common share, diluted (1) | $ 1.22 | $ 0.09 | ||||
Operating earnings per common share, diluted (1) | (E/N) | 1.29 | 1.03 | |||
Tangible book value per common share, end of period (1) | (K/M) | 26.12 | 23.18 | |||
Total tangible shareholders' equity/total tangible assets (1) | (K/L) | 10.06 | 8.16 | |||
Performance ratios (2) | ||||||
Return on equity | 9.31 | % | 0.76 | % | ||
Operating return on equity (1) | (E/G) | 9.83 | 8.69 | |||
Return on tangible common equity (1)(3) | 9.69 | 1.11 | ||||
Operating return on tangible common equity (1)(3) | (E+Q)/(I) | 10.22 | 9.19 | |||
Return on assets | 0.95 | 0.07 | ||||
Operating return on assets (1) | (E/F) | 1.00 | 0.75 | |||
Efficiency ratio (1) | (D-Q)/(B+R) | 58.07 | 64.81 | |||
Net interest margin, FTE | 3.26 | 3.18 | ||||
Supplementary data (in thousands) | ||||||
Intangible amortization | (Q) | $ 2,256 | $ 2,345 | |||
Fully taxable equivalent income adjustment | (R) | 3,724 | 4,019 | |||
(1) Non-GAAP financial measure. | ||||||
(2) Ratios are annualized and based on average balance sheet amounts, where applicable. Quarterly data may not sum to year-to-date data due to rounding. | ||||||
(3) Amortization of intangible assets is adjusted assuming a 27% marginal tax rate. | ||||||
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SOURCE Berkshire Hills Bancorp, Inc.