Berkshire Hills Q1 net loss $20.2M ($0.47/sh); $362M securities sale triggers $49.9M loss

Beacon Financial Corp

2024-Q1 EPS reported -$0.47 revenue$55,541,000

Net loss of $20.2M ($0.47 per share) vs. year-ago net income of $27.6M ($0.63).
Operating earnings of $20.9M ($0.49 per share), roughly flat year-over-year.
Securities sale of $362M resulted in $49.9M net non-operating loss ($0.89 per share after-tax).
Net interest margin (FTE) 3.15%, down from 3.58% a year ago; net loan charge-offs 18 bps annualized.
Tangible common equity ratio 8.2%, CET1 ratio 11.6%; tangible book value per share $22.84.

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