Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Q1 2024 Earnings Call Transcript

Chris O’Connell: Got it. That’s helpful. And is the plan to keep cash somewhat elevated here until the time of the transaction in the third quarter and then bring that down?

David Rosato: Yes, two comments there. So, we do have some more wholesale borrowings that will come off in the second quarter. It’s a little less than $200 million if memory serves. So, that will take some of that cash balance down. Some of it is just excess liquidity we’re holding. So, expect it to come down, but not significantly. I don’t think we’ll wind up cutting it in half until after the transaction settles. So, you’re really talking end of the third quarter into the fourth quarter.

Chris O’Connell: Got it. Okay, great. And then as far as the buyback appetite from here you guys did $4 million here. You have a $40 million authorization and you’re trading at touchwood a little bit below tangible book. Do you expect to get a little bit more aggressive throughout the year, especially with the upcoming gain?

David Rosato: Yes, I would say market-dependent Chris, but we’ve been under just under tangible book value for quite a while now. I would point out in Q1, we blacked ourselves out because of Project A. So, Q1 was a little lighter than it otherwise would have been.

Chris O’Connell: Okay, got it. Appreciate the time. Thank you.

David Rosato: Thank you, Chris.

Operator: Thank you. At this time, I would like to turn the call over back to Mr. Mhatre. Please go ahead.

Nitin Mhatre: Thank you, Sylvie and thank you all for joining us today on our call and for your continued interest in Berkshire. Have a great day and be well.

Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again thank you for attending and at this time, we do ask that you please disconnect your lines.