Berkshire Hills reports Q4 net loss of $1.4M on securities sale; initiates $40M buyback

Beacon Financial Corp

2023-FY EPS reported $1.60 revenue$411,829,000

Q4 net loss $1.4M ($0.03/sh); operating earnings $20.2M ($0.47/sh).
Net interest margin 3.11%; net interest income $88.4M (non-FTE).
Securities sale of $267M resulted in $25.1M pre-tax non-operating loss.
Tangible book value $22.82, up 7% QoQ; CET1 ratio 12.0%.
Board approved $40M stock repurchase program through Dec 31, 2024.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Beacon Financial Corp reported fourth quarter ended December 31, 2023 results: net income $ (1.4 ), EPS (0.03 ).

Period: fourth quarter ended December 31, 2023
Net income: $ (1.4 )
EPS: (0.03 )
Result: reported results

Exact text from the filing

Dec.31, 2023 Sep. 30, 2023 Dec. 31, 2022 Dec.31, 2023 Dec. 31, 2022 Net (loss) income $ (1.4 ) $ 19.5 $ 30.5 $ 69.6 $ 92.5 Per share (0.03 ) 0.45 0.69 1.60 2.02

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Beacon Financial Corp reported the year ended December 31, 2023 results: net income $ 69.6, EPS 1.60.

Period: the year ended December 31, 2023
Net income: $ 69.6
EPS: 1.60
Result: reported results

Exact text from the filing

Dec.31, 2023 Sep. 30, 2023 Dec. 31, 2022 Dec.31, 2023 Dec. 31, 2022 Net (loss) income $ (1.4 ) $ 19.5 $ 30.5 $ 69.6 $ 92.5 Per share (0.03 ) 0.45 0.69 1.60 2.02

View on SEC.gov

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Beacon Financial Corp filing history →

Source: SEC EDGAR

accession 0001104659-24-006586

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