Reports Q1 NII $88.1M, consensus $89.01M. CEO Nitin Mhatre stated, “We had a solid start to the year, increasing operating earnings, growing loans, and maintaining solid asset quality and capital strength. In March, we announced the planned sale of ten branches which will enhance efficiency and profitability, while strengthening our focus in core New York markets. In anticipation of completing the branch sale in Q3, we sold lower yielding investment securities, resulting in a non-operating charge. During the quarter, we announced key hires bolstering Berkshire’s commercial and private banking teams. Newsweek magazine also ranked Berkshire as one of the top 10 most trusted banks in America, recognizing our commitment to integrity, respect, and transparency as a trusted client advisor and financial partner.” CFO David Rosato added, “Q1 operating earnings were $20.9M, increasing $744K linked quarter. We sold $362M in securities, resulting in a $49.9M non-operating charge- $38.3M after-tax, or 89c per share. Net interest margin of 3.15% increased 4 basis points including the benefit of the 4Q23 securities sales…Total shareholders’ equity was not impacted by the securities sale and the common equity Tier 1 ratio remained a healthy 11.6% at period-end.”
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