BHLB - Earnings call transcript Q3 2019 | Berkshire Hills Bancorp, Inc.

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Operator

Good morning and welcome to the Berkshire Hills Bancorp Q3 Earnings Release Conference Call. All participants will be in listen only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to David Gonci, Capital Markets Director. ahead. go Please

David Gonci

thank quarter and joining discussion this Good you third results. of morning for

release the to Our of available is news on berkshirebank.com, will our Investor and be SEC. furnished the website, section Relations

from include will actual differ statements Our those remarks forward-looking statements. results and could materially

SEC For recent factors, and related XX-K Forms and see our on detail release and earnings please most reports XX-Q.

our measures measures results reconciliation included in this is conference you to non-GAAP our are In should provided relied on in performance not addition, results comparison measures call. on measures and discussed future understanding certain trends, release. and as and news will be projections. A GAAP non-GAAP of assist only financial or to be to References actual financial

to Marotta. And with CEO, that, Richard I’ll over turn call the

Richard Marotta

morning, for Thank our everyone, today for call. you quarter and us thank third joining earnings you. Good

Moses, With a who and George Officer; CFO; it Jamie, our will Sean me Gray, our Credit over into numbers. then the dive Bacigalupo, today are Commercial begin morning President; Chief the our and to quarter Melas, overview I’ll of call this our Jamie turn Georgia deeper our high-level Leader. with

on third The eventful fronts. quarter several was

guidance. we’ve since the our have on in teams together initiatives was in bringing had performance last plans financial works that previous to and our Our the year. and forward In cultural ways, fruition moved financial most with line

loan charge-offs announced performance, discuss our we I’ll take address a that I the now week. Before moments few last to

articles provide about our that that there don’t which names we to upfront I from been discuss fraud. a customer or is As specifics various potential need borrowers in you $XX million announced know, relationships. resulted policy in problem this, loan, we of identified we September, media about that mention the but the have borrower

situations on third EPS balance. which $XX $X.XX reports, that by comment charging after reduced that with collateral significantly us. off tax. we our a is is of address information assessment judgment participation in news the to the loan and I that, impaired, quarter on loan resulted And fraud, the be was potential million this any business assets. based and our no available loan it situation, This should but credit charge realizability In will balance have us we the Given off of secured approximately by can

portfolio of our quality. our confident our reviewed We’ve and remain overall exposures we overall participations credit in loan

prudently borrower reviewed we underwriting fraud strong business And While that a disciplines. and to eliminate, we is our never we fully can risk controlling administrative risk. sure we’re practices fully make have

would leaving have expectations both outlook our achieved well the Before we as this as for earnings charge, year. unchanged our

have Our results. strategies produced solid

reduce costs initiative to wholesale lowered NIM. stock by and We book our value up supported loan bought funding strategies. and our returned funding back freed capital Our our below

the projects. efficiency Financial our for this with further our operations integration the made this progress track of with and month, earlier We SI objectives completed We are acquisition. on

had the the our let in you quarter. teams I’ll XXst bank. of Jamie? community century Our some through progress take relationship-oriented numbers solid Jamie for building

James Moses

would that included in earlier systems at in before the EPS We charge, in in of loan we been GAAP have conversion, the the third $X.XX full-year pace month. our the completed quarter the on and charges for Richard. which came was third had $X.XX impact income quarter, $X.XX towards Thanks, this prepared as and objective. core $X.XX which merger-related we

had and the commercial Institute outstandings acquired auto across quarter, good return. interest our of on off little benefit targeted including and declined as were indirect moved based criteria about mortgage with $XX franchise. sheet loans a the million runoff loans our in and relationship prepays deposits of Savings declined. the balance selective We Total rates accelerated We��ve up experience for

targeted our deposit reduction payroll decreased deposits to balances. due to in a fluctuations in and broker due daily Total deposits also

down continue our $X.X during the decreased by XXX% this and of We use about wholesale deposits XX% to billion are which our reducing since of ratio loans far to year. funds, quarter $XXX million focus nearly to start the from decreased by of year. so The on strategy of the

quarter-over-quarter The the net accretion, impaired Measured We we as X interest basis by our to X.XX% basis resolving higher margin slightly brought purchased points before decreased increased higher-than-expected and by recoveries in from benefited X.XX%. to teams points in X loans. accretion, anticipated. credit margin

basis a our funding in to quarter-over-quarter. full sensitivity strategy which of wholesale grew cost balances, rate the environment. SI higher falling acquired net of Our X Including income quarter points, offset interest Financial mostly costs reduce lowered X% asset the funds by impact interest by

Looking sheet changes, forward, both balance SI due NII year-over-year expect and to Financial fourth quarter as while of decrease contribution. margin the result we strongly to advancing a

non-interest XX% income. to Total income increased the Turning over quarter. fee by prior

SBA revenue. quarterly a Our had quarter team achieved strong record and

ending of quarter XA year fiscal based XXth to in the also third gains, from and was September solutions XX, markets. delivering fees XXth due the the year. experienced to in SBA on approvals in prior the spot SI This For swap our is loans. Commercial the swap team largest country volume the in improved Berkshire loan up was lender their Financial

operations. including Deposit related fee benefit from full our income increased, acquired quarter Financial a SI

charge commercial recent real on $XX again included from further total have income million write-down based that that targeting loan range within a the balance net an and achieve in fourth commented charge-off, charge-offs the were based on updated We’re of quarter. of estate million related appraisal. quarters. the All in other fees. we was down write quarters, a were previous also Including to quarter on in This offs the net loan $XX.X contribution fee higher gains

be expect quarters. range in within recent the those our previous the of quarter provision We fourth to

I impaired disclosed, CECL of time. would the this on to XXXX, of providing credit effective balance change impact for turn won��t process, forward but methodologies we’ve Looking as we of $XX was loan non-accretable loans accretion to these the our discount validating well do. note transferred along the million be the XX. we previously estimates as recoveries XXXX. we credited at at when we’re of will will will accounting which presently September implement the discount future be of with credit at income year, be CECL the interest to rather that allowance on reserving loss this allowance Also, The loans than of any start the of at to purchased new be the balance

Core in $X.X expense fourth the SI FDIC including and rebate $X.X to the insurance turn of by expense. to Financial million GAAP quarter recorded prior X%, from I’ll now charges. a increased a merger full lower premium quarter. acquired non-interest quarter We due operations. expense million anticipate another decreased

as ratio the and complete down integration. quarter. it XX% expect in XX% Our the to We improved from in bring efficiency brought merger fourth quarter to prior again our our we down headcount

We merger original our our to within estimate. saves expect cost as related planned achieve costs merger to and total keep

an of we We’re quarter. loan at of XX% for core we in discussed. area have the or $X.XX bring the the targeting of in it efficiency achieve year Putting the our together, all to $X.XX charge-off for that the ratio before impact EPS more target fourth expect to the

plan will share Financial be also potential record results, GAAP maintain FCLS outlook depend Our we market on We costs, to SI cannot will affected and EPS mortgage sale of our by the will, provide quarter. course, that our including We repurchases, impacts. pace final GAAP of which results any merger for conditions. guidance anticipates our

and concludes back the This Richard. call comments, my I’ll to turn over

Richard Marotta

impact keeping $X.XX Thanks, together earnings the of start the are the pace more at target the we of $X.XX strategies Jamie. our The charge-off. or put before for at on loan year us core of

Ryan, Bill In yesterday, our addition the stepping we responsibilities. from to earnings our announced Chair, Chairman is release that aside also

We’re years and leadership of grateful for he his taking has position contributed vision the Chair Board that X ago. since

pleased he’ll and I the for Board like Bill the continue to his reasons, Directors. health he wisdom thank Bill, reducing me he’s of a assumed on CEO remain personal provided that thank for to guidance level, we’re While the position. role On since you. I’d active

Board to supports is have of executive lead well our our XXst a effective Board Dunlaevy oversight Bill also bank X. career community knows and belonging. the a is vision positioned of our since to Chair The of our XXXX. building position a elected has of enterprise. Bill take culture Board’s December fully bank He with the on served and markets century Bill

thank Project capital they pleased to to at to access Runway the I’m Murphy on for in partner CD, moved Rick with to has their service. be businesses the quarter, launch Director the order that helping will also seed due of former fund to Family Rick during missed. the his of to and entrepreneurs aimed He dreams. need report create third color I increased proud Friends like professional were opportunities. we

by of help Together, close we’re color. communities doing investing in the gap our to wealth part racial

communities news pursue this we to as community also our collaborative forward engage and expand with to of support initiative on the storefront our open We plans We’ll influencers. under-banked these have months. more workspaces coming moved with in our

Looking moving fully to we’ll our next and in the Eastern ahead benefit year, our of integrated with initiatives Island forward Rhode strategic operations. be Connecticut

in targeting evolving in in while the community can XXXX leadership investing our While needs meeting guidance and improve be bank this providing communities. I diverse providing we’ll that won’t call, all our to we share of of and be century our profitability XXst

call I’ll operator the time, the ask this questions. open At to to

Operator

O’Neill begin Instructions] question with comes from will Our & Mark [Operator first the Sandler We question-and-answer session. Fitzgibbon now Partners.

Mark Fitzgibbon

morning. Good guys. Hey,

Richard Marotta

Mark. Hey,

James Moses

How are you doing, Mark?

Mark Fitzgibbon

size if the of wonder you some of I balance those us think you help portfolios selected given the the previously. Jamie, of sheet at planned sort year, end of about the Terrific. runoff in the could discussed

James Moses

third the sheet year. end is smaller Yeah, balance I the I think of it of mean, than by will slightly quarter the the at end the be

We’re to we’re look to on as auto to the going sales run well. portfolio. portfolio indirect aircraft going down And to continue for continue the

commercial the moment. while we pipeline at for look strong this So at is – us

be bring selective the are sure making relationships the loans We’re the on as very as balance profitability. there going that the to in that we sheet, to well

you’d to down, balance So think slightly be still Mark. overall see sheet the I

Mark Fitzgibbon

another for And does of continue think of that or…? do quarters couple kind you

James Moses

Yeah.

close beginning wholesale billion funding we balance so, think Mark. to When in of year. the the almost sheet on at the I look $X it, we had at

down try that our manageable core we’d we depend drive going the much on wholesale right. to Ideally, that’s But to as organic drive to We’re growth. funding on more ability no to balance go deposit going forward. have levels to sheet,

to And profitability. of we’re prudently actively and manage consideration going in that earnings and

Mark Fitzgibbon

NII, about on thoughts curious I but then, margin? comments And your as heard the your to I’m Okay.

James Moses

Yeah.

So, X points was ex we from In quarter. of had, guess, to yeah, rate or end rate I quarter We another end September there anticipating we’re cut. cut quarter, organically at October. second accretion, the I’ll fourth third were say, of right, a so we basis down here

through sort And sheet, the in basis point X or two X the balance when probably fourth cuts so, of expect those quarter. decline in flow we NIM

Mark Fitzgibbon

not the NIM, correct? reported The NIM, core

James Moses

that’s Yes, right.

the recovery do by in as workouts the accretion, they the And decline same expect would points that if and that in so, quarter or are you basis you the assume were that the also so. fourth we quarter, third X to

Mark Fitzgibbon

effective rate XX% And should will tax we be the assume going around forward?

James Moses

think be could range. I XX%, right. in Yeah, Maybe that that’s XX%, it somewhere

think you’re in you’re If the flat, right spot. I

Mark Fitzgibbon

a that estate for the I I place I related in filed there this it through charges at then they coming, noticed thought quarter. also, you And Okay. you or additional because are point X? up in most that took do that assume that ski I noticed are Vermont. commercial of Are of Chapter was that, think real to charge-off sort we

James Moses

like in this our borrowers the don’t on to customers comment regard. and We

of at but are the kind previously still have air, feel we this the on where on in that off other mentioned We moment. loan up It’s we charged loan comfortable calls.

Richard Marotta

you underlying know, to their to of go finality, collateral. continues bank value as the situations Mark, as update the these And, the

Mark Fitzgibbon

FIRST then, Be us what I think And will could about from wonder this help the just program cost lastly, standpoint? be implications if a you and

Richard Marotta

cultural I Mark. FIRST mean our as very Be excited question, proud about. that overall of to of, continue Be a we’re cost manage very initiative great So, part expense. FIRST we is

efficiency don’t to go-forward range. And so, going continue efficiency costs, a additional manage from XX%, expense basis, that perspective, that going any ratio to that in you’re gained think right, on I XX% the we’re expense see or

James Moses

of I we who mean the it’s Mark. are. Yeah, core

us, built all it’s of And core so is that things expense all seen. that to the you’ve and basically a into

Mark Fitzgibbon

Thank you.

Operator

question next comes from Bishop Our with Davidson. Dave D.A.

David Bishop

Yeah, good morning, gentlemen.

James Moses

Good morning, Dave.

Richard Marotta

Good Dave. morning,

David Bishop

fee core of remind contribution just maybe related of for I confidence, some quarter outlook Maybe terms in SIFI. maintaining fee some the where income sort income the You some the terms of level generation and flow you’re in fee the guess, and this anticipating their of of seeing of the moving us to forward? mentioned from through income competencies

James Moses

Yeah.

and we income. there gains So is team, – was delivering the SI as experienced Financial call the on swaps to some said markets. on swap in The their

or I’m add And on that to deliver deposits, markets. deposit in very they obviously, side, pleased get of you how the based well. of then their $X also, billion So fees higher right, to and off with going that customers you’re so as

that’s a bit little in little QX. we’ll the on fee better income So did QX delivering they’re there’s here things. We we generally room a the – And fee think in income in we side. the overall do on an from side bit than how of think perspective, of

David Bishop

far? sort Okay. And several about Got sort early you’re on success the any sort quarters. loan success of or that relationship thus of stories the here core in of indications the commercial it. sort deposit more core talked on you’ve and on of story then deposit focusing And past generation and core any generation side winning

James Moses

it’s is at the year deposit right? this we Overall, count And think So in I’ll I in has that healthy, payroll – we’re say, this consider probably story, been we or So throughout what what not. our would success regard. doing well from organic an number. looking individual deposits very we’re brokered growth guess, wouldn’t Dave, I

So ahead. go

Richard Marotta

And I as anything, is, and think, some growth. runoff successes one been minimal, of if I integration think the there’s any, acquisition happened, other SI If been has I also there. actually there’s think the

James Moses

point. Yeah. good a That’s

Richard Marotta

talked we’ve communities, here, deposits in other we’ve start the new historically to thing guess gone is we Family consistently going whole And core we drive the some of as go start things our CD, done say as we’re I we some that start the that the anticipation would and into to is to Friends and think, about so gone that markets. that underbanked I it tie into and that, to in to process. through I

So future. we stories very good will not-too-distant in win the have, I’m assuming,

David Bishop

sort Just provide? aircraft of maybe any that? the on outlook any the portfolio, you it. update Got And just then for can update

James Moses

Yeah.

letting operation. We continue to runoff it an the In that as market portfolio. existing we meantime, are

So that’s have basically on you Dave. the for that, only update I

David Bishop

Thank it. you. Got

Operator

question next with Point. Our comes Laurie from Compass Hunsicker

Laurie Hunsicker

good Yeah. Hi, morning.

Richard Marotta

Good morning, Laurie.

Laurie Hunsicker

the for aircraft Just a wanted to go back minute. to

would be to it? you actually you when So sell don’t expect that would run if book completely that, X

James Moses

We X-year at were life. weighted to average looking X.X-

Laurie Hunsicker

on is coupon that? remind just what And Okay. me, the

James Moses

It’s in the mid-Xs.

Laurie Hunsicker

that? Okay. there in And are currently any delinquencies

James Moses

on that None there must Laurie. a I sure get that, material. can are be you in or X loan there. delinquent I’m to offline back

Laurie Hunsicker

that in question elevated, in were And your aircraft charge-offs there number? then Okay. $XX anything of charge-offs Was million. because, same that from obviously, just terms C&I even excluding

James Moses

No.

Laurie Hunsicker

Okay. come last Great. did what total then, were your were And Where they million? substandards? quarter, those to in at $XXX relative

James Moses

Yeah, Laurie.

that kick We’re to going Georgia. to over

Georgia Melas

It’s Hi, just total, good total morning, The criticized of Laurie. the for the Georgia. substandard? you’re looking

Laurie Hunsicker

substandard. the Just

Georgia Melas

Okay.

there $XXX So roughly million. the is total

Laurie Hunsicker

$XXX million.

of C&I? And Okay. is much then how that

Georgia Melas

quarter. actually last C&I is It’s $XX.X million. a – well, down roughly bit from little

Laurie Hunsicker

Okay. then how how And [ph]? is and much – [CRE]

Georgia Melas

actually, the million [ph], million] that’s and up – from hand [CRE from roughly is a and last $XX well, primarily X.XX due to that’s quarter, Institute. X to – Savings accounts

Laurie Hunsicker

by name, you’re – that that number? Okay. not mentioning in includes that guess, ski resort? or, Is Hermitage includes that I the And the

Georgia Melas

commercial, This is total Yeah. yeah.

Laurie Hunsicker

Okay.

us Can did about it, on guys ago, no XX% ago. million? I I year update mean, guess, you us that year reserve that? About at think million, $XX specific about loan you I about a $XX it still that against just is a loan so had And help LTV.

Georgia Melas

that liquidated lower received write the No. in We’ve value. level. We down quarter third the it with written value to down appraisal it did we a an earlier liquidation and to

Laurie Hunsicker

Okay.

$X.X what you so mean, in And right. is I $X Actually, have did number? that million NCO. million,

about it’s $XX that related it that, to to brings what, if So down million?

Richard Marotta

is Richard. this Hey, Laurie,

the are couple which on now, So a situation so reasons. specific reasons someone like is we think a comment are in X, that creditor. one when Chapter mentioned we a going is secured we’re deals that we’re I not of to of And for

lot We on around are not of books out it. our them carrying legality going for to give a many we’re what and just revolve reasons, the of

Laurie Hunsicker

No, it. Got perfect makes that sense.

Okay.

So more sorry, questions few just here on credit. a

the number related the running? quarter. were million they have outsized because fraud. million was guys you your where to $XX relative million $XX What to that’s other the $X So been charge-offs, C&I looking for C&I at Obviously, an

Georgia Melas

actually… Well,

Laurie Hunsicker

any that? around us give you Can color

Georgia Melas

million running $X real in and fraud typically Well, in is the for $X transaction, line run estate what the out we’ve on between quarterly a $X right the when take the been We million. basis. and quarter, you with charge-offs million

with have number. So it in charge-offs is It’s been. you’re there right there charge-off in our And is asking significant quarterly else where just line I think the isn’t. there? And anything really

Laurie Hunsicker

the me I $XXX,XXX just different back high because of a low many, I’m mean let chart, over guess many I they’ve million, So Okay. a quarters, looking a ask of your been C&I around right? and way. $X.X bouncing last this between

– the related charge-offs, C&I Firestone or was within within – there you’re that to So anything Taxi?

Georgia Melas

no Firestone. they for nothing Medallion recovery. the No. in was portfolio. Taxi had There charge-offs a Actually, there there was in And small

Laurie Hunsicker

then where on the net are a Okay. And taxies basis?

James Moses

Right around million. $XX

Georgia Melas

balances. sorry, I I’m Oh, apologize.

So balances million. $XX are actually down to

James Moses

million. $XX

Georgia Melas

about $X reduction had We quarter. million this

million. just they’re So $XX around

Laurie Hunsicker

Okay. then Great. can are where you us just And Firestone? on update you

Georgia Melas

about Firestone are for $XXX million. Balances

Laurie Hunsicker

quarter? what originations Okay. were And this then the

Georgia Melas

$XX million. Firestone,

Laurie Hunsicker

million. $XX

Okay. Firestone – any And into guys you you’re still thinking head are CECL? rate? you going be about at same the Or run there around changes? Will we are how be to as running

James Moses

change. business will any There or new on based not a be accounting decisioning impact

So we’ll Firestone same I the continue to think way. run

Laurie Hunsicker

And Great. sort of question. Okay. last then one more macro helpful. just Very

merger merger look How head on initially to the we think we were what that? we’re numbers, with anything guess we about And year, forward are that? next absent more for done charges? as should in I importantly, aircraft, we restructuring track fourth charges. and on got into left Round still obviously, As or so going $X Are you quarter, of about off see stated. more you’ve to some you million going

James Moses

should it, Yeah. That’s absolutely about how Laurie. think you

bit look left as – forward, quarters hoping terms all we’re merger our to in for, million going clean all a $X little we’ll so to the better want. we we probably get of do charges. and We’re The that than

only get there’s for potential thing showing balance up fourth we’ll mortgage So statement is here. and income The I our group, the a there. in in here our ops quarter on those sheet are discontinued other mentioned FCLS,

with so talking about And that team. excluding just that we’re we’re anything

Laurie Hunsicker

Okay. Great. last And actually, sorry, one I’m Jamie, here. question

James Moses

Yeah.

Laurie Hunsicker

other, income Going to line? other the non-interest

James Moses

Yeah.

Laurie Hunsicker

is was the So of commercial that one. in to know project loss A each a quarter And embedded in loss linked investment right? $XXX,XXX. tax-advantaged that million number unchanged, I of compared $X.X roughly that $XXX,XXX the

help forward? me there. that that, look You you Or had an going in what’s $XXX,XXX swing think about what’s should how Can nonrecurring?

James Moses

BOLI Laurie. – you that a was income, Yeah, should

a in was had in QX. there a So we benefit – in yeah, premium capture – death

hopefully, So a you won’t see next quarter. in that change

Laurie Hunsicker

got it. Oh,

Okay, so about that benefit was death XXX?

James Moses

That’s right.

Laurie Hunsicker

Okay, perfect. it Thanks. I’ll leave there.

Operator

next Gilbert with Our Collyn question from KBW. comes

Collyn Gilbert

Thanks. Good morning, everyone.

Richard Marotta

How are Collyn? doing,

Collyn Gilbert

Good, thanks.

first bit some to kind origination pipeline that loan as is good looking And of like, pipeline you what little of seeing offer of then, start demand? to wanted what on of on organic where you’re us the running book? just So book, what the a – if the just could kind yields are color some blended

George Bacigalupo

is this Collyn, George.

well. continuing credit. terms pricing Our be $XXX north to pipeline we’ve and is doing in pretty of selective been million. It’s of And both

So have the continuing Jersey we’re And various real New with area. seen – side around also some We’ve our that Greater for footprint, There’s on to markets. the some good totals. the but strength in estate also approach. pipeline in relationship in we we good be places the opportunity ABL, feel But in good about Boston strong. continues Boston

our about contributions various regions. from So good we feel

Collyn Gilbert

you’re tying or and to a manage then, a building to part? plan that of moves cash broader I as you the off. just near-term would going Jamie, so, you’re portfolios have lot a for balance the running cash, Do into expect Okay, long-term okay. that how and obviously, of continue kind And are sheet

James Moses

are deploy shares. is through do stock even Yeah, is we to back more our will you authorization are the some we’re buybacks. to we buying back mean, we $X.X get I we When the that near-term think Board see capital and to at to And time. in ask for thinking though have, think I building the share continue is going million go we that I what

until is asset to return generation form we’re more continue it deploy So about that right unless kind into better now opportunity that’s think we I capital we and it to of see the how thinking in and of will buybacks.

Collyn Gilbert

fourth Okay, little the in off into of of just can quarter drivers part pricing mean, wholesale I and sheet. the the And of talk coming some of the and shifting the with breaking core just cut it? tomorrow. NIM a your as obviously, funding then, you your where bit, of the just balance strategy about right you’re now deposit look we mix But the kind getting okay. customers the that, significantly is rate and terms into

James Moses

quarters, expect Yeah, reduce I comment costs. funding there. are we the in on quarter. in rates here so I going major markets, Where a there end last are on in continuing the don’t experienced fourth I The right, reliance is less in that benefit over high of is guess, a reduction things. less see just I’ll costs, see it’s our deposit wholesale Sean reduced to my seat, be muted of think to couple minute competition, will at cost be we’ll let out and the from think But the there where I same funding what thing those the things. we where the deposit we’ve

over past able the CD rates We’ve reduce quarter-and-a-half so. or to our been

people regard. do in other have you follow add? competitors we’re the anything you seeing that follow generally I want that think the market regard, else in to Sean, market

Sean Gray

Where markets, competitive there the discipline is a from in staying perspective. is flat price

Collyn Gilbert

of year? just run next should credit that then, side, be that is helpful. that through X then line? expense on similar okay. FDIC quarter, on the in this does fourth expense Okay, And if And it assume will That’s the first to we a the normalize so quarter going

James Moses

we’re so a then rate see swing that FDIC. negative Right, $XXX,XXX the see QXfor rebate million will QX. on in that. run starting you to the $X.X normalized about in after And QX So to going in

Collyn Gilbert

Okay.

plate. I M&A, lot that’s – Richard, Okay, And helpful. guys thoughts, your then, a mean, are – on in you you had just on

could thoughts and But you just into how as us about you thinking some look XXXX? such. to curious you’re restructuring as You��re if M&A give and changing

Richard Marotta

Yeah, it’s Collyn, not anybody’s certainly no answer not my have the just is in it, radar. on short on because it’s But absolutely thoughts I radar.

Collyn Gilbert

Okay. All I’ll leave there. right, Thanks, it that’s guys. good.

Richard Marotta

Thank you.

Operator

concludes closing question-and-answer Richard to remarks. CEO, over for to turn the I would session. Marotta, conference our This like back any

Richard Marotta

again you January for our Thank year. fourth speaking We the discuss us to to joining results the and Thank in for today. quarter look forward for full you.

Operator

The conference now concluded. you today’s for has attending Thank presentation.

may You disconnect. now

Berkshire Hills Bancorp (BHLB) 29 Oct 192019 Q3 Earnings call transcript