Connect with us

Business Insider

Berkshire Hills Announces First Quarter Results

Avatar

Published

on

BOSTON, April 28, 2021 /PRNewswire/ — Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today announced first quarter 2021 net income of $13 million, or $0.26 per share, compared to $15 million, or $0.30 per share, in the prior quarter.  The first quarter non-GAAP measure of adjusted earnings totaled $16 million, or $0.32 per share, compared to $14 million, or $0.28 per share, in the prior quarter.   First quarter adjusted income excludes $3 million in restructuring and other expenses.  Quarterly results benefited from higher revenues and lower credit loss provision expense.

(PRNewsfoto/Berkshire Hills Bancorp, Inc.)

FIRST QUARTER FINANCIAL HIGHLIGHTS (Comparisons are to the prior quarter unless otherwise stated; non-GAAP measures are reconciled on page F-8)

  • 33% increase in total non-interest income excluding gains/(losses)
  • 13% decrease in GAAP income; 14% increase in adjusted income (non-GAAP measure)
  • 2.62% net interest margin, stable for last four quarters
  • 35% reduction in provision for credit losses on loans
  • 42% reduction in annualized net loan charge-offs to 0.51% of loans from 0.80%
  • 86% decrease in COVID-19 loan modifications compared to June 30, 2020
  • 26% reduction in wholesale funding to 7% of assets
  • $23.05 book value per share; $22.39 tangible book value per share (non-GAAP measure)

CEO Nitin Mhatre stated, “Berkshire’s operating results improved in the first quarter, driven primarily by higher loan-related fees and revenues.  The quarter also benefited from growth in demand deposits and the paydown of higher cost wholesale funding.  This increase in our lending and deposit activities reflected the benefit of our engagement with our customers in processing government lending and fiscal relief to support further economic recovery in our markets from pandemic conditions.  We also consolidated nine of our branch offices during the quarter as part of our branch optimization plan.  This resulted in restructuring charges which reduced our GAAP results.”

Mr. Mhatre continued, “Public health and the economic outlook improved in our footprint during the quarter.  Key measures of loan performance improved, resulting in reductions in net loan charge-offs, nonperforming loans, and loans with COVID-19 related modifications.   Our loan loss provision decreased quarter-over-quarter, contributing to our improved operating results.”

Mr. Mhatre concluded, “During the quarter we announced key appointments to further strengthen the Company, including welcoming Subhadeep Basu to the position of SEVP/Chief Financial Officer, and Kevin Conn, as SVP/Investor Relations and Corporate Development.  We announced other senior hires supporting our financial planning and our diversity, equity, and inclusion program.  We also recently recruited new senior hires in our growing asset based lending and private banking business lines and added to our business banking team.   Consistent with our longstanding emphasis on diversity and replenishment, we are nominating two new directors to our board.  Our management team and board are focused on the development of our transformational strategic plan, which we plan to announce on May 18, 2021.  This plan will make our purpose-driven community-dedicated bank better and stronger, faster; with the goal of enhancing results for all stakeholders.”

BALANCE SHEET

Total assets remained steady at $12.8 billion in the first quarter, and there was further progress in improving the structure and composition of the balance sheet.

Investments:  Short-term investments increased by $352 million to $1.82 billion in the first quarter due to the funds inflows from loan paydowns.  The Company is targeting to use some of these balances to settle the planned branch sale and also to fund payoffs of maturing wholesale funds.  The portfolio of investment securities increased by $68 million to $2.29 billion

Loans:  Total loans decreased by $423 million, or 5%, including $189 million attributable to the forgiveness of SBA guaranteed Paycheck Protection Program (“PPP”) loans.  Through its relationship with a funding third party, Berkshire participated in the origination of $206 million of new PPP loans during the quarter, many of which provided further assistance to existing borrowers.  Loan balances decreased in the other major loan categories reflecting targeted runoff and impacts from the pandemic and government relief programs.  Included in assets held for sale are $284 million in Mid-Atlantic loan balances which are targeted to be sold as part of the planned branch sale.

Asset Quality:  Most loan performance metrics improved during the first quarter.  Total net loan charge-offs decreased by 42% to $10 million from $17 million in the prior quarter. Total non-performing loans decreased by 14% to $56 million due primarily to loans exited during the quarter.  Total COVID-19 related loan modifications, including in-process modifications, decreased to $214 million, or 2.8% of total loans from $350 million, or 4.3% of total loans, at the start of the quarter.  

The Company’s estimate of expected credit losses at quarter-end resulted in a ratio of the allowance to total loans measuring 1.62%, which was little changed from 1.58% at the start of the quarter.  Excluding the $444 million balance of PPP loans, the allowance was also little changed, measuring 1.72% of total loans at quarter-end.

Deposits and Borrowings:  The Company continues to pay off maturing brokered deposits, which decreased by $179 million to $431 million during the quarter.  Higher cost retail deposit accounts decreased by $102 million and daily fluctuating payroll balances decreased by $81 million to $965 million.  Growth of other deposits was concentrated in non-interest bearing deposits, which increased by $266 million.  Payroll balances shifted from money market accounts to NOW accounts due to calendar impacts related to payroll cycles.  Due to deposit growth and the reduction in total loans, the ratio of loans/deposits decreased to 75% at quarter-end.  Wholesale funds, which include brokered deposits and borrowings, decreased during the quarter by $303 million to $880 million, or 7% of total assets.  At period-end, liabilities held for sale included $647 million in Mid-Atlantic branch deposit balances which are targeted for sale in the second quarter.

Equity:  Quarter-end book value per share totaled $23.05 and the non-GAAP measure of tangible book value per share measured $22.39.  Capital metrics remained strong, with equity/assets measuring 9.2% and the non-GAAP measure of tangible equity/tangible assets was 9.0%.  Changes in shareholders’ equity included the impact of lower unrealized bond gains on accumulated comprehensive income due to the increase in medium term interest rates during the quarter.

RESULTS OF OPERATIONS

Earnings:  Berkshire reported $0.26 in GAAP EPS and $0.32 in the non-GAAP measure of adjusted EPS in the first quarter of 2021.  GAAP EPS decreased by $0.04, or 13%, quarter-over-quarter primarily due to $3 million in charges related to the consolidation of nine branch offices during the quarter.  Adjusted EPS increased by $0.04, or 14%, and benefited from the 6% increase in revenue before gains and losses.  The impact of a higher tax rate was partially offset by the benefit of a lower credit loss provision.   Adjusted earnings exclude restructuring and certain other expenses.  GAAP Pre-tax Pre-Provision Net Revenue (“PPNR”) totaled $23 million, while Adjusted PPNR totaled $27 million.  The measure of ROTCE was 5.0%, and adjusted ROTCE was 6.0%.  GAAP ROA was 0.42% and Adjusted ROA was 0.51%.

Revenue:  First quarter results benefited from Berkshire’s engagement with its markets in bringing federal pandemic support to customers.  The Company processed nearly $200 million in PPP loan forgiveness requests to the SBA, resulting in recognition of deferred interest income.  It handled more than $200 million in new PPP loan requests, which provided new fee income in the quarter.  Funds from these loans and other support programs contributed to growth in non-interest bearing balances, which lowered funding costs and supported net interest income.

Total net revenue increased quarter-over-quarter by $2 million to $101 million.  Total revenue excluding gains and losses increased quarter-over-quarter by $6 million to $101 million due primarily to a $5 million increase in loan fees and revenue.  This included $1.5 million related to new PPP loan requests handled in the quarter.  This also included a $3 million increase in revenue related to fair valued instruments as a result of the increase in medium term interest rates during the quarter.  Net interest income decreased by $1 million due to the decrease in total loans.   The first quarter net interest margin of 2.62% was little changed from 2.61% in the prior quarter.   The cost of deposits was reduced by 0.11% to 0.36% due to the paydown of higher cost time deposits, including brokered deposits. First quarter gross interest income included $3.5 million in deferred PPP fees recognized from loan forgiveness, compared to $1.5 million in the prior quarter.  The unamortized balance of deferred PPP fees decreased to $7 million from $13 million during the quarter.

Credit Loss Provision:  The provision for expected credit losses on loans decreased to $6.5 million from $10 million in the prior quarter.  The provision expense is an amount sufficient to maintain the allowance for expected credit losses on loans.  The decrease in the provision primarily reflects the impact on the allowance of the decrease in the loan portfolio during the quarter.  The allowance also reflects improvements in economic conditions and non-accruing loans. 

Expense:  Non-interest expense increased quarter-over-quarter by $6 million, or 9%, including a $3 million increase in restructuring expenses primarily related to branch consolidation.  Excluding these expenses, the non-GAAP measure of adjusted non-interest expense increased by $3 million, or 5%.  This was primarily due to a $3 million increase in professional services expense, including legal, financial, and other advisory services related to management and board matters during the quarter.    During the first quarter, the Company completed the consolidation of nine branch offices, reducing its total branch count from 130 offices at the start of the quarter to 121 offices at the end of the quarter.  Full-time equivalent staff decreased to 1,467 positions at quarter-end, compared to 1,505 positions at year-end 2020.  The first quarter effective income tax rate was 22%.

CORPORATE RESPONSIBILITY UPDATE

Berkshire is committed to purpose-driven, community-dedicated banking that enhances value for all its stakeholders. Learn more about the steps Berkshire is taking at www.berkshirebank.com/csr and in its most recent Corporate Responsibility Report.

Key developments in the quarter include:

  • Corporate Responsibility Report– Earlier this month, the Company released its 2020 Corporate Responsibility Report, Meaningful Moments: Answering the Call. The report highlights how the Company’s 175 year heritage guided its response to the COVID-19 pandemic as well as its environmental, social, and governance performance. Berkshire seeks to enhance its purpose-driven, community-dedicated approach to banking to be the leading socially responsible bank in the communities it serves.
  • Chief Diversity Officer- As the Bank continues to build on its efforts to be a diverse, inclusive and equitable Company, it has appointed Angela Dixon, a 30-year veteran in the Human Resources and the Diversity, Equity, Inclusion space to the role of Chief Diversity Officer. As Chief Diversity Officer, Dixon will be responsible for driving the Company’s diversity, equity and inclusion strategy in collaboration with executive management and each of Berkshire’s business lines. She will also work to enhance the impact of Berkshire’s existing diversity initiatives and programs.
  • Bloomberg Gender Equality Index – Berkshire Bank’s focus on diversity, ensuring gender equality and pay equity was highlighted as Bloomberg announced the company would be included in the 2021 Bloomberg Gender-Equality Index (GEI) for the second consecutive year. The GEI tracks the performance of public companies committed to disclosing their efforts to support gender equality through policy development, representation and transparency and rewards the top performing companies with inclusion in the index.
  • Human Rights Campaign Best Places to Work for LGBTQ EqualityBerkshire received the top adjusted score of 100 on the Human Rights Campaign Foundation’s 2021 Corporate Equality Index (CEI), the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ workplace equality. The CEI rates employers providing these crucial protections across four central pillars including non-discrimination policies; equitable benefits for LGBTQ workers and their families; supporting an inclusive culture; and corporate social responsibility

INVESTOR CONFERENCE CALL AND INVESTOR PRESENTATION

Berkshire will post an investor presentation at its website at ir.berkshirebank.com with additional financial information and other information about the quarter.

Berkshire will also conduct a conference call/webcast at 10:00 a.m. Eastern time on Thursday, April 29, 2021 to discuss the results for the quarter and provide guidance about expected future results.  Participants are encouraged to pre-register for the conference call using the following link:  https://dpregister.com/sreg/10153685/e58f650abb.  Callers who pre-register will be given dial-in instructions and a unique PIN to gain immediate access to the call.  Participants may pre-register at any time prior to the call and will immediately receive simple instructions via email. Additionally, participants may reach the registration link and access the webcast by logging in through the investor section of Berkshire’s website at https://ir.berkshirebank.com.  Those parties who do not have Internet access or are otherwise unable to pre-register for this event, may still participate at the above time by dialing 1-844-792-3726 and asking the Operator to join the Berkshire Hills Bancorp (BHLB) earnings call.  Participants are requested to dial-in a few minutes before the scheduled start of the call.  A telephone replay of the call will be available through Tuesday, May 6, 2021 by dialing 877-344-7529 and entering access number 10153685.  The webcast will be available on Berkshire’s website for an extended period of time.

ABOUT BERKSHIRE HILLS BANCORP

Berkshire Hills Bancorp is the parent of Berkshire Bank, which is committed to purpose-driven, community-dedicated banking and to be the leading socially responsible omni-channel bank in the communities it serves.  Headquartered in Boston, Berkshire operates 121 banking offices primarily in New England and New York. 

FORWARD LOOKING STATEMENTS

This document contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. You can identify these statements from the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. There are many factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see Berkshire’s most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC’s website at www.sec.gov.

Accordingly, you should not place undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Berkshire does not undertake any obligation to update forward-looking statements.

NON-GAAP FINANCIAL MEASURES

This document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”).  These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition.  They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information.  A reconciliation of non-GAAP financial measures to GAAP measures is included on page F-8 in the accompanying financial tables.  In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders. 

The Company utilizes the non-GAAP measure of adjusted earnings in evaluating operating trends, including components for adjusted revenue and expense.  These measures exclude items which the Company does not view as related to its normalized operations.  These items primarily include securities gains/losses, merger costs, restructuring costs, goodwill impairment, and discontinued operations.  In 2020, the Company recorded a full impairment of its goodwill and exited its discontinued national mortgage banking operations. Other non-adjusted expense in 2020 was primarily related to costs of the separation with the former CEO, as well as consulting for the CEO succession process.  A 2020 non-adjusted gain was recognized on the sale of a specialty commercial insurance business line.  In 2021, restructuring expense was primarily related to branch consolidation costs.

The Company measures of Adjusted Pre-Provision Net Revenue (“Adjusted PPNR”) which measures adjusted income before credit loss provision and tax expense.  PPNR is used by the investment community due to the volatility and variability across banks related to credit loss provision expense under the Current Expected Credit Loss accounting standard.  The Company also calculates adjusted PPNR/assets in order to utilize the PPNR measure in assessing its comparative operating profitability.

Non-adjusted adjustments are presented net of an adjustment for income tax expense.  This adjustment is determined as the difference between the GAAP tax rate and the effective tax rate applicable to adjusted income.  The efficiency ratio is adjusted for non-adjusted revenue and expense items and for tax preference items.  The Company also calculates measures related to tangible equity, which adjust equity (and assets where applicable) to exclude intangible assets due to the importance of these measures to the investment community.

CONTACTS

Investor Relations Contacts

Kevin Conn, SVP, Investor Relations & Corporate Development
Email: KAConn2@berkshirebank.com
Tel: (617) 641-9206

David Gonci, Capital Markets Director
Email: dgonci@berkshirebank.com
Tel: (413) 281-1973

Media Contacts:

John Lovallo
Email: jlavollo@levick.com
Tel: (917) 612-8419

Cate Cronin
Email: ccronin@levick.com
Tel: (202) 738-7302

TABLE

INDEX

CONSOLIDATED UNAUDITED FINANCIAL SCHEDULES

F-1

Selected Financial Highlights

F-2

Balance Sheets

F-3

Loan and Deposit Analysis

F-4

Statements of Operations (Five Quarter Trend)

F-5

Average Balances and Average Yields and Costs

F-6

Asset Quality Analysis

F-7

Asset Quality Analysis (continued)

F-8 

Reconciliation of Non-GAAP Financial Measures and Supplementary Data (Five Quarter Trend)

      

         

BERKSHIRE HILLS BANCORP, INC.
SELECTED FINANCIAL HIGHLIGHTS – UNAUDITED – (F-1)

March 31,

June 30,

Sept. 30,

Dec. 31,

March 31,

2020

2020

2020

2020

2021

NOMINAL AND PER SHARE DATA

Net earnings/(loss) per common share, diluted

$        (0.40)

$      (10.93)

$          0.42

$          0.30

$          0.26

Adjusted earnings/(loss) per common share, diluted (2)

(0.07)

(0.13)

0.53

0.28

0.32

Net income/(loss), (thousands)

(19,870)

(549,381)

21,225

15,009

13,031

Adjusted net income/(loss), (thousands)(2)

(3,645)

(6,464)

26,424

14,062

16,015

Total common shares outstanding, period-end (thousands)               

50,199

50,192

50,306

50,833

50,988

Average diluted shares, (thousands)

50,204

50,246

50,329

50,355

50,565

Total book value per common share, (end of period)

33.90

22.79

23.03

23.37

23.05

Tangible book value per common share, (end of period) (2)

22.00

21.94

22.22

22.68

22.39

Dividends per common share

0.24

0.24

0.12

0.12

0.12

Full-time equivalent staff, continuing operations

1,548

1,511

1,507

1,505

1,467

PERFORMANCE RATIOS (3)

Return on equity

(4.58)

%

(131.17)

%

7.50

%

5.22

%

4.50

%

Adjusted return on equity (2)

(0.84)

(1.54)

9.33

4.89

5.53

Return on tangible common equity (2)

(6.76)

(206.08)

8.32

5.85

4.98

Adjusted return on tangible common equity (2)

(0.94)

(2.05)

10.27

5.50

6.04

Return on assets

(0.62)

(16.38)

0.67

0.48

0.42

Adjusted return on assets (2)

(0.11)

(0.19)

0.84

0.45

0.51

Net interest margin, fully taxable equivalent (FTE) (4)(5)

3.04

2.62

2.61

2.61

2.62

Efficiency ratio (2)

66.92

71.01

65.39

71.03

71.32

FINANCIAL DATA (in millions, end of period)

Total assets

$      13,122

$      13,063

$      12,614

$      12,838

$      12,757

Total earning assets

11,785

12,267

11,832

12,090

12,071

Total loans

9,303

9,370

8,982

8,082

7,659

Allowance for credit losses

114

139

134

127

124

Total deposits

10,072

10,776

10,467

10,216

10,244

Loans/deposits (%)

92

%

87

%

86

%

79

%

75

%

Total shareholders’ equity

$        1,722

$        1,164

$        1,179

$        1,188

$        1,175

ASSET QUALITY

Allowance for credit losses, (millions)

$           114

$           139

$           134

$           127

$           124

Net charge-offs, (millions)

(10)

(4)

(6)

(17)

(10)

Net charge-offs (QTD annualized)/average loans

0.45

%

0.17

%

0.27

%

0.80

%

0.51

%

Provision expense, (millions)

$             35

$             30

$               1

$             10

$               7

Non-performing assets, (millions)

53

47

49

67

58

Non-performing loans/total loans

0.55

%

0.48

%

0.53

%

0.80

%

0.73

%

Allowance for credit losses/non-performing loans

222

311

284

196

222

Allowance for credit losses/total loans

1.22

1.49

1.50

1.58

1.62

CAPITAL RATIOS

Common equity tier 1 capital to risk weighted assets(6)

12.0

%

12.7

%

13.2

%

13.8

%

14.0

%

Tier 1 capital leverage ratio(6)

9.4

8.6

9.2

9.4

9.2

Tangible common shareholders’ equity/tangible assets(2)

8.8

8.5

8.9

9.0

9.0

(1)

Reconciliations of non-GAAP financial measures, including all references to adjusted and tangible amounts, appear on page F-8.

(2)

Non-GAAP financial measure. adjusted measurements are non-GAAP financial measures that are adjusted to exclude net non-adjusted charges primarily related to acquisitions and restructuring activities. See page F-8 for reconciliations of non-GAAP financial measures.

(3)

All performance ratios are annualized and are based on average balance sheet amounts, where applicable.

(4)

Fully taxable equivalent considers the impact of tax advantaged investment securities and loans.

(5)

The effect of purchase accounting accretion for loans, time deposits, and borrowings on the quarterly net interest margin was an increase in all quarters, which is shown sequentially as follows beginning with the earliest quarter and ending with the most recent quarter: 0.11%, 0.07%, 0.08%, 0.07%, 0.05%.

(6)

Presented as projected for March 31, 2021 and actual for the remaining periods.

BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED BALANCE SHEETS – UNAUDITED – (F-2)

March 31,

December 31,

March 31,

(in thousands)

2020

2020

2021

Assets

Cash and due from banks

$                   90,280

$                   91,219

$                   81,285

Short-term investments

515,140

1,466,656

1,818,323

Total cash and short-term investments

605,420

1,557,875

1,899,608

Trading security

9,829

9,708

9,350

Marketable equity securities, at fair value

32,283

18,513

15,801

Securities available for sale, at fair value

1,403,858

1,695,232

1,627,330

Securities held to maturity, at amortized cost

336,802

465,091

610,637

Federal Home Loan Bank stock and other restricted securities

54,306

34,873

28,680

Total securities

1,837,078

2,223,417

2,291,798

Less: Allowance for credit losses on investment securities

(141)

(104)

(111)

Net securities

1,836,937

2,223,313

2,291,687

Loans held for sale

4,252

17,748

18,377

Total loans

9,303,177

8,081,519

7,658,778

Less: Allowance for credit losses on loans 

(113,510)

(127,302)

(123,800)

Net loans

9,189,667

7,954,217

7,534,978

Premises and equipment, net

120,667

112,663

108,538

Other real estate owned

224

149

149

Goodwill and other intangible assets

597,797

34,819

33,500

Other assets

626,485

619,925

566,809

Assets held for sale(1)

317,304

303,697

Assets from discontinued operations

140,064

Total assets

$            13,121,513

$            12,838,013

$            12,757,343

Liabilities and shareholders’ equity

Demand deposits

$              1,922,490

$              2,484,249

$              2,750,393

NOW and other deposits

1,546,626

1,003,005

1,856,988

Money market deposits

2,391,835

3,371,353

2,486,261

Savings deposits

867,024

972,116

1,047,506

Time deposits

3,343,700

2,385,085

2,103,222

Total deposits

10,071,675

10,215,808

10,244,370

Senior borrowings

944,053

474,357

351,354

Subordinated borrowings

97,107

97,280

97,338

Total borrowings

1,041,160

571,637

448,692

Other liabilities 

255,846

232,730

229,832

Liabilities held for sale(1)

630,065

659,310

Liabilities from discontinued operations

30,554

Total liabilities

11,399,235

11,650,240

11,582,204

Preferred shareholders’ equity

20,325

Common shareholders’ equity

1,701,953

1,187,773

1,175,139

Total shareholders’ equity

1,722,278

1,187,773

1,175,139

Total liabilities and shareholders’ equity

$            13,121,513

$            12,838,013

$            12,757,343

(1) Includes loans and deposits from planned branch sales in the Mid-Atlantic region. 

BERKSHIRE HILLS BANCORP, INC.

CONSOLIDATED LOAN & DEPOSIT ANALYSIS – UNAUDITED – (F-3)

LOAN ANALYSIS

Growth %

(in millions)

December 31, 2020
Balance

March 31, 2021
Balance

Quarter ended March 31, 2021

Total commercial real estate

$                     3,647

$                     3,645

%

Commercial and industrial loans 

1,959

1,741

(11)

Total commercial loans 

5,606

5,386

(4)

Total residential mortgages

1,813

1,668

(8)

Home equity 

295

280

(5)

Auto and other

368

325

(12)

Total consumer loans

663

605

(9)

Total loans

$                     8,082

$                     7,659

(5)

%

DEPOSIT ANALYSIS

Growth %

(in millions)

December 31, 2020
Balance

March 31, 2021
Balance

Quarter ended
March 31, 2021

Demand

$                     2,484

$                     2,750

11

%

NOW and other

1,003

1,857

85

Money market

3,372

2,486

(26)

Savings

972

1,048

8

Time deposits

2,385

2,103

(12)

Total deposits 

$                   10,216

$                   10,244

%

 

BERKSHIRE HILLS BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (5 Quarter Trend) – UNAUDITED – (F-4)

March 31,

June 30,

Sept. 30,

Dec. 31,

March 31,

(in thousands, except per share data)

2020

2020

2020

2020

2021

Interest income    

116,195

103,688

97,768

92,131

88,153

Interest expense    

29,767

26,098

20,713

16,422

13,060

Net interest income from continuing operations, not FTE

86,428

77,590

77,055

75,709

75,093

Non-interest income from continuing operations 

Deposit related fees

7,947

5,373

7,062

7,523

7,126

Insurance commissions and fees    

3,024

2,767

2,660

2,319

3,130

Wealth management fees    

2,570

2,057

2,299

2,359

2,772

Mortgage banking originations

959

1,644

2,044

543

802

Loan fees and revenue

1,302

5,717

4,988

4,833

10,246

Other

(436)

(999)

1,927

2,105

2,148

Total non-interest income excluding (losses)/gains

15,366

16,559

20,980

19,682

26,224

Securities (losses)/gains, net     

(9,730)

822

(1,017)

2,405

(31)

Gain on sale of business operations and assets, net

1,240

Total non-interest income      

5,636

17,381

19,963

23,327

26,193

Total net revenue from continuing operations

92,064

94,971

97,018

99,036

101,286

Total net revenue from continuing operations excluding (losses)/gains

101,794

94,149

98,035

95,391

101,317

Provision for credit losses   

34,807

29,871

1,200

10,000

6,500

Compensation and benefits

36,909

39,403

34,809

36,719

38,735

Occupancy and equipment     

11,132

10,195

11,084

10,948

11,024

Technology and communications

8,081

7,755

8,540

7,988

8,593

Professional services

2,720

2,565

2,567

4,055

6,614

Other expenses

12,483

10,595

10,527

11,563

9,702

Merger, restructuring and other non-operating expenses

553,762

5,316

523

3,486

Total non-interest expense     

71,325

624,275

72,843

71,796

78,154

Total non-interest expense excluding merger, restructuring and other

71,325

70,513

67,527

71,273

74,668

Income/(loss) from continuing operations before income taxes

$       (14,068)

$     (559,175)

$        22,975

$        17,240

$        16,632

Income tax expense/(benefit)

(1,996)

(16,130)

(68)

(1,659)

3,601

Net income/(loss) from continuing operations

$       (12,072)

$     (543,045)

$        23,043

$        18,899

$        13,031

(Loss) from discontinued operations before income taxes

$       (10,629)

$         (8,635)

$         (2,477)

$         (5,114)

$                  –

Income tax (benefit)

(2,831)

(2,299)

(659)

(1,224)

Net (loss) from discontinued operations

$         (7,798)

$         (6,336)

$         (1,818)

$         (3,890)

$                  –

Net income/(loss)

$       (19,870)

$     (549,381)

$        21,225

$        15,009

$        13,031

Preferred stock dividend

125

130

58

Income/(loss) available to common shareholders

$       (19,995)

$     (549,511)

$        21,167

$        15,009

$        13,031

Diluted earnings/(loss) per common share:

Continuing Operations

$           (0.24)

$         (10.80)

$            0.46

$           0.38

$            0.26

Discontinued Operations

(0.16)

(0.13)

(0.04)

(0.08)

Total

$           (0.40)

$         (10.93)

$            0.42

$            0.30

$            0.26

Weighted average shares outstanding:      

Basic

50,204

50,246

50,329

50,308

50,330

Diluted

50,204

50,246

50,329

50,355

50,565

BERKSHIRE HILLS BANCORP, INC.
AVERAGE BALANCES AND AVERAGE YIELDS AND COSTS – UNAUDITED – (F-5)

Dec. 31, 2020

March 31, 2021

March 31, 2020

June 30, 2020

Sept. 30, 2020

(in millions)

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Average Balance

Average Yield/Rate

Assets

Commercial real estate

4,000

4.41

%

4,005

3.78

%

3,986

3.52

%

3,843

3.34

%

3,630

3.27

%

Commercial and industrial loans

1,796

5.03

2,153

4.02

2,192

3.88

2,056

4.05

1,865

4.62

Residential mortgages

2,654

3.77

2,453

3.78

2,224

3.78

1,971

3.78

1,740

3.71

Consumer loans

922

4.28

865

3.72

801

3.59

726

3.41

634

3.79

Total loans (1) 

9,372

4.33

9,476

3.83

9,203

3.68

8,596

3.62

7,869

3.73

Securities (2)

1,745

3.32

1,793

3.07

1,874

2.78

1,968

2.69

2,195

2.36

Short-term investments and loans held for sale

375

1.78

697

0.50

766

0.21

977

0.57

1,351

0.13

Mid-Atlantic region loans held for sale

101

295

Total earning assets (3)

11,492

4.08

11,966

3.50

11,843

3.31

11,642

3.17

11,710

3.07

Goodwill and other intangible assets

598

591

41

40

34

Other assets

663

752

760

752

724

Assets from discontinued operations

99

110

16

12

Total assets

12,852

13,419

12,660

12,446

12,468

Liabilities and shareholders’ equity

NOW and other

1,159

0.46

%

1,184

0.30

%

1,244

0.24

%

1,279

0.17

%

1,325

0.15

%

Money market

2,753

0.98

2,672

0.58

2,674

0.38

2,756

0.32

2,802

0.27

Savings

847

0.13

901

0.10

940

0.10

967

0.08

1,003

0.08

Time

3,333

1.87

3,399

1.84

3,056

1.63

2,629

1.35

2,266

1.12

Total interest-bearing deposits

8,092

1.18

8,156

1.01

7,914

0.81

7,631

0.62

7,396

0.48

Borrowings

949

2.60

942

2.38

777

2.36

658

2.50

500

2.78

Mid-Atlantic region interest-bearing deposits

180

518

Total interest-bearing liabilities

9,041

1.33

9,098

1.16

8,691

0.95

8,469

0.77

8,414

0.63

Non-interest-bearing demand deposits

1,849

2,343

2,559

2,542

2,537

Other liabilities (4)

204

274

254

279

358

Liabilities from discontinued operations

24

29

23

6

Total liabilities

11,118

11,744

11,527

11,296

11,309

Preferred shareholders’ equity

21

20

20

7

Common shareholders’ equity

1,713

1,655

1,113

1,143

1,159

Total shareholders’ equity

1,734

1,675

1,133

1,150

1,159

Total liabilities and shareholders’ equity

12,852

13,419

12,660

12,446

12,468

Net interest spread

2.75

%

2.34

%

2.36

%

2.40

%

2.44

%

Net interest margin (5)

3.04

2.62

2.61

2.61

2.62

Cost of funds

1.11

0.92

0.73

0.60

0.48

Cost of deposits 

0.96

0.79

0.61

0.47

0.36

Supplementary data

Average PPP loans 

461

707

685

546

Average loans excluding PPP loans

9,372

9,015

8,496

7,911

7,323

Total PPP loans, end of period

706

708

633

444

Total loans excluding PPP loans, end of period

9,303

8,664

8,274

7,448

7,215

Total average non-maturity deposits

6,608

7,100

7,417

7,544

7,666

Total average deposits 

9,941

10,500

10,473

10,173

9,932

Fully taxable equivalent income adjustment

2

2

2

1

1

Total average tangible equity (6)

1,135

1,085

1,091

1,110

1,125

(1)  Total loans include non-accruing loans.

(2)  Average balances for securities available-for-sale are based on amortized cost.

(3)  Excludes discontinued operations for presentation purposes. Performance ratios are calculated including the impact of discontinued operations. 

(4)  Includes the Mid-Atlantic region non-interesting bearing deposits. As of March 31, 2021 and December 31, 2020, the Mid-Atlantic region average non-interest bearing deposits were $119 million and $37 million, respectively. 

(5)  The effect of PPP loans on the quarterly net interest margin as of March 31, 2021 and December 31, 2020 was an increase and the effect was a decrease as of September 31, 2020. There was no impact as of June 30, 2020 

       and March 31, 2020. This is shown sequentially as follows beginning with the earliest quarter and ending with the most recent quarter: 0.00%, 0.00%, (0.01%), 0.05%, 0.11%. This calculation excludes gross interest 

       income on PPP loans and average PPP loan balances. 

(6)  See page F-8 for details on the calculation of total average tangible equity.

BERKSHIRE HILLS BANCORP, INC.
ASSET QUALITY ANALYSIS – UNAUDITED – (F-6)

March 31,

June 30,

Sept. 30,

Dec. 31,

March 31,

(in thousands)

2020

2020

2020

2020

2021

NON-PERFORMING ASSETS

Non-accruing loans:

Commercial real estate (1)

$          16,938

$          12,486

$          14,777

$          35,581

$          28,325

Commercial and industrial loans

18,370

15,045

15,035

12,921

9,371

Residential mortgages

9,636

9,840

7,928

8,347

10,674

Consumer loans

6,172

7,513

9,650

8,099

7,447

Total non-accruing loans

51,116

44,884

47,390

64,948

55,817

Other real estate owned

224

517

401

149

149

Repossessed assets

1,316

1,581

1,646

1,932

1,701

Total non-performing assets

$          52,656

$          46,982

$          49,437

$          67,029

$          57,667

Total non-accruing loans/total loans

0.55%

0.48%

0.53%

0.80%

0.73%

Total non-accruing loans/total loans excluding PPP loans

0.55%

0.52%

0.57%

0.87%

0.77%

Total non-performing assets/total assets

0.40%

0.36%

0.39%

0.52%

0.45%

PROVISION AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

Balance at beginning of period

$          63,575

$        113,510

$        139,394

$        134,414

$        127,302

Adoption of ASU No. 2016-13 (2)

25,434

Balance after adoption of ASU No. 2016-13

89,009

113,510

139,394

134,414

127,302

Charged-off loans

(12,432)

(7,274)

(7,776)

(18,314)

(11,460)

Recoveries on charged-off loans

1,958

3,259

1,580

1,209

1,465

Net loans charged-off

(10,474)

(4,015)

(6,196)

(17,105)

(9,995)

Provision for loan credit losses

34,975

29,899

1,216

9,993

6,493

Balance at end of period

$        113,510

$        139,394

$        134,414

$        127,302

$        123,800

Allowance for credit losses/total loans

1.22%

1.49%

1.50%

1.58%

1.62%

Allowance for credit losses/total loans excluding PPP loans

1.22%

1.61%

1.62%

1.71%

1.72%

Allowance for credit losses/non-accruing loans

222%

311%

284%

196%

222%

NET LOAN CHARGE-OFFS

Commercial real estate

$          (5,990)

$          (1,679)

$             (635)

$        (11,862)

$          (6,959)

Commercial and industrial loans

(3,728)

(1,059)

(5,551)

(5,089)

(2,662)

Residential mortgages

(19)

(966)

517

250

80

Home equity 

(107)

(10)

(57)

141

(42)

Auto and other consumer

(630)

(301)

(470)

(545)

(412)

Total, net

$        (10,474)

$          (4,015)

$          (6,196)

$        (17,105)

$          (9,995)

Net charge-offs (QTD annualized)/average loans 

0.45%

0.17%

0.27%

0.80%

0.51%

Net charge-offs (YTD annualized)/average loans 

0.45%

0.31%

0.29%

0.41%

0.51%

(1) This balance includes $17 million of PCD loans.

(2) This balance includes $12 million of PCD confirmed losses as of January 1, 2020.

 

BERKSHIRE HILLS BANCORP, INC.
ASSET QUALITY ANALYSIS – UNAUDITED (F-7)

March 31, 2020

June 30, 2020

September 30, 2020

December 31, 2020

March 31, 2021

(in thousands)

Balance

Percent of Total Loans

Balance

Percent of Total Loans

Balance

Percent of Total Loans

Balance

Percent of Total Loans

Balance

Percent of Total Loans

30-89 Days delinquent

$        39,583

0.43%

$        35,128

0.37%

$        27,626

0.31%

$        16,310

0.20%

$        28,565

0.37%

90+ Days delinquent and still accruing

5,052

0.05%

13,056

0.14%

12,876

0.14%

11,450

0.14%

6,124

0.08%

Total accruing delinquent loans

44,635

0.48%

48,184

0.51%

40,502

0.45%

27,760

0.34%

34,689

0.45%

Non-accruing loans

51,116

0.55%

44,884

0.48%

47,390

0.53%

64,948

0.80%

55,817

0.73%

Total delinquent and non-accruing loans

$        95,751

1.03%

$        93,068

0.99%

$        87,892

0.98%

$        92,708

1.14%

$        90,506

1.18%

 

BERKSHIRE HILLS BANCORP, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTARY DATA- UNAUDITED – (F-8)

March 31,

June 30,

Sept. 30,

Dec. 31,

March 31,

(in thousands)

2020

2020

2020

2020

2021

Total revenue from continuing operations

(A)

$       92,064

$       94,971

$       97,018

$       99,036

$     101,286

Adj: Net securities (gains)/losses (1)

9,730

(822)

1,017

(2,405)

31

Adj: Net (gains) on sale of business operations and assets

(1,240)

Total adjusted revenue (2)

(B)

$     101,794

$       94,149

$       98,035

$       95,391

$     101,317

Total non-interest expense from continuing operations

(C)

$       71,325

$     624,275

$       72,843

$       71,796

$       78,154

Less: Merger, restructuring and other expense (see above)

(5,316)

(523)

(3,486)

Less: Goodwill impairment

(553,762)

Adjusted non-interest expense (2)                                    

(D)

$       71,325

$       70,513

$       67,527

$       71,273

$       74,668

Pre-tax, pre-provision net revenue (PPNR) from continuing operations 

(A-C)

$       20,739

$   (529,304)

$       24,175

$       27,240

$       23,132

Adjusted pre-tax, pre-provision net revenue (PPNR)

(B-D)

30,469

23,636

30,508

24,118

26,649

Net income/(loss)

$     (19,870)

$   (549,381)

$       21,225

$       15,009

$       13,031

Adj: Net securities (gains)/losses (1)

9,730

(822)

1,017

(2,405)

31

Adj: Goodwill impairment

553,762

Adj: Net (gains) on sale of business operations and assets

(1,240)

Adj: Restructuring expense and other expense

5,316

523

3,486

Adj: Loss from discontinued operations before income taxes

10,629

8,635

2,477

5,114

Adj: Income taxes benefit/(expense)

(4,134)

(18,658)

(3,611)

(2,939)

(533)

Total adjusted income/(loss) (2)

(E)

$       (3,645)

$       (6,464)

$       26,424

$       14,062

$       16,015

(in millions, except per share data)

Total average assets                                                

(F)

$       12,852

$       13,419

$       12,660

$       12,446

$       12,468

Total average shareholders’ equity                         

(G)

1,734

1,675

1,133

1,150

1,159

Total average tangible shareholders’ equity (2)(3)                        

(H)

1,135

1,085

1,091

1,110

1,125

Total average tangible common shareholders’ equity (2)(3)                        

(I)

1,115

1,064

1,071

1,103

1,125

Total tangible shareholders’ equity, period-end (2)(3)

(J)

1,124

1,122

1,138

1,153

1,142

Total tangible common shareholders’ equity, period-end (2)(3)

(K)

1,104

1,101

1,118

1,153

1,142

Total tangible assets, period-end (2)(3)

(L)

12,524

13,021

12,574

12,803

12,724

Total common shares outstanding, period-end (thousands)               

(M)

50,199

50,192

50,306

50,833

50,988

Average diluted shares outstanding (thousands)

(N)

50,204

50,246

50,329

50,355

50,565

GAAP earnings/(loss) per common share, diluted(2)

$         (0.40)

$       (10.93)

$           0.42

$           0.30

$           0.26

Adjusted earnings/(loss) per common share, diluted (2)

(E/N)

(0.07)

(0.13)

0.53

0.28

0.32

Tangible book value per common share, period-end (2)

(K/M)

22.00

21.94

22.22

22.68

22.39

Total tangible shareholders’ equity/total tangible assets (2)

(J/L)

8.98

8.61

9.05

9.01

8.98

Performance ratios (4)

GAAP return on equity 

(4.58)

%

(131.17)

%

7.50

%

5.22

%

4.50

%

Adjusted return on equity (2)

(E/G)

(0.84)

(1.54)

9.33

4.89

5.53

Return on tangible common equity (2)(5)

(6.76)

(206.08)

8.32

5.85

4.98

Adjusted return on tangible common equity (2)(5)

(E+Q)/(I)

(0.94)

(2.05)

10.27

5.50

6.04

GAAP return on assets

(0.62)

(16.38)

0.67

0.48

0.42

Adjusted return on assets(2)

(0.11)

(0.19)

0.84

0.45

0.51

PPNR from continuing operations/assets (2)

0.65

(15.78)

0.76

0.88

0.74

Adjusted PPNR/assets (2)

0.96

0.71

0.97

0.78

0.85

Efficiency ratio (2)(6)                                                                             

(D-Q)/(B+O+R)

66.92

71.01

65.39

71.03

71.32

Net interest margin

3.04

2.62

2.61

2.61

2.62

Supplementary data (in thousands)

Tax benefit on tax-credit investments (7)

(O)

$            608

$         1,379

$         1,377

$         1,334

$              41

Non-interest income charge on tax-credit investments (8)

(P)

(486)

(1,097)

(1,090)

(971)

(33)

Net income on tax-credit investments

(O+P)

122

282

287

363

9

Intangible amortization

(Q)

$         1,580

$         1,558

$         1,530

$         1,513

$         1,319

Fully taxable equivalent income adjustment 

(R)

1,824

1,580

1,512

1,485

1,494

(1)  Net securities (gains)/losses include the change in fair value of the Company’s equity securities in compliance with the Company’s adoption of ASU 2016-01.

(2)  Non-GAAP financial measure.

(3)  Total tangible shareholders’ equity is computed by taking total shareholders’ equity less the intangible assets at period-end. Total tangible assets is computed by taking

       intangible assets at period-end.  

(4)  Ratios are annualized and based on average balance sheet amounts, where applicable. Quarterly data may not sum to year-to-date data due to rounding.

(5)  Adjusted return on tangible equity is computed by dividing the total adjusted income/(loss) adjusted for the tax-effected amortization of intangible assets,

       assuming a 27% marginal rate, by tangible equity.

(6)  Efficiency ratio is computed by dividing total adjusted tangible non-interest expense by the sum of total net interest income on a fully taxable equivalent basis and 

      total adjusted non-interest income adjusted to include tax credit benefit of tax shelter investments.  The Company uses this non-GAAP measure to provide 

      important information regarding its operational efficiency.

(7)  The tax benefit is the direct reduction to the income tax provision due to tax credits and deductions generated from investments in historic  rehabilitation

      and low-income housing.

(8)  The non-interest income charge is the reduction to the tax-advantaged investments, which are incurred as the tax credits are generated. 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/berkshire-hills-announces-first-quarter-results-301279584.html

SOURCE Berkshire Hills Bancorp, Inc.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://markets.businessinsider.com/news/stocks/berkshire-hills-announces-first-quarter-results-1030360342

Business Insider

Tafi Announces New Campaign with VRChat Featuring Updating Nikei Avatar

Avatar

Published

on

SALT LAKE CITY, May 18, 2021 /PRNewswire/ — Tafi, the leading provider of 3D avatar solutions, announced it is teaming up with VRChat to enhance the customer experience by providing new avatar styles and improved access to Tafi’s content. As part of the collaboration, Tafi will release a new and updated Nikei character in VRChat, a callback to the original avatar in VRChat that was launched back in 2017. VRChat has grown to become the largest virtual reality social platform, accessible to users both with a VR headset and on the PC. VRChat and Tafi continue to build on a longstanding relationship, with Tafi having created some of the first VRChat avatars.

Tafi (PRNewsfoto/Tafi)

This new release will feature Tafi Avatar content on the home Avatar mirror, home posters, and a user contest on Twitter.

“Nikei is one of the most recognizable and loved avatars in the VRChat community. We’re excited to be working on this new project with Tafi,” said Graham Gaylor, CEO of VRChat. “VRChat is always looking for ways to enhance our customer experience and the Tafi Avatar App provides our users with an easy to use, fully customizable avatar solution, so they can express themselves as they would like.”

Tafi and VRChat have worked together on projects across the digital identity space for the virtual reality social platform, including the Tafi Avatar app for VRChat. Tafi Avatar’s massive 3D library of content ranges from everyday wear to themed costumes, futuristic and genre outfits, and everything you need to accessorize your VR persona, including earrings, makeup, rings, and tattoos — all meant to be mixed and matched with content broken down into individual pieces.

“We are excited to be working with Graham and the VRChat team to release our updated Nikei character, the original Tafi avatar in VRChat,” said James Thornton, CEO of Tafi. “Nikei has become a cult favorite with longtime VRChat users and we wanted to do something to celebrate our relationship both with VRChat and their community.”

The Tafi Avatar app is an avatar editor that lets users build, save, and export custom VR compatible avatars into VRChat, making it easier than ever for VRChat users to make custom avatars for their virtual reality experience. Tafi’s avatars automatically adapt between high end HMDs and Quests, giving the user the best VR experience possible.

Tafi has collaborated with VRChat so users can use exact HEX codes on their clothing, as users continue to attach colors to their visual identity within the VR platform. And with fully customizable color pickers on all content, users can fully express themselves with millions of color combinations.

About Tafi
Founded in 2019, Tafi’s mission is to make personalized avatars and branded digital content available to anyone and everyone who wants to level-up their digital personality. Tafi’s best-in-class avatar solutions are portable across platforms including mobile, gaming, XR, social media, messaging, and video communications. Tafi’s investors include Benchmark Capital, Columbia Capital, and Ponte Partners. Learn more at www.MakeTafi.com.

Contact
Kasey Thomas
tafi@nextpr.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/tafi-announces-new-campaign-with-vrchat-featuring-updating-nikei-avatar-301294141.html

SOURCE Tafi

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://markets.businessinsider.com/news/stocks/tafi-announces-new-campaign-with-vrchat-featuring-updating-nikei-avatar-1030443002

Continue Reading

Business Insider

Real Estate Economist Dr. Peter Linneman to Serve as Economic Advisor to Capital Square

Avatar

Published

on

RICHMOND, Va., May 18, 2021 /PRNewswire/ — Capital Square, a national investment sponsor specializing in tax-advantaged real estate offerings, announced today that it has appointed Peter Linneman, Ph.D., a leading real estate economist, as economic advisor to the firm.

(PRNewsfoto/Capital Square)

“Capital Square is pleased to announce that Dr. Peter Linneman, the nation’s preeminent real estate economist, has been engaged as an external economic advisor,” said Whitson Huffman, chief strategy and investment officer.  “Dr. Linneman literally wrote the book on real estate and we are pleased to have him as a resource as we shape our investment strategies.”

Dr. Linneman brings more than 40 years of experience to his role at Capital Square. Throughout his career, he has earned accolades from around the world, including Pension Real Estate Association’s prestigious James A. Graaskamp Award for Real Estate Research, Wharton’s Zell-Lurie Real Estate Center’s Lifetime Achievement Award, Realty Stock Magazine’s Special Achievement Award, one of the “25 Most Influential People in Real Estate” by Realtor Magazine and one of The New York Observer‘s “100 Most Powerful People in New York Real Estate.”

“Capital Square is a data-driven real estate firm, making investment decisions based on the data and proprietary research,” said Louis Rogers, founder and chief executive officer.  “For example, based on Dr. Linneman’s research before the COVID-19 pandemic, our firm concluded that investors would profit from owning multifamily assets in the Southeast and Texas. Since formation, Capital Square has emphasized the acquisition of apartment communities in the Southeast and Texas, and the results have been exceptional. For the past 14 months, Capital Square’s portfolio of nearly 8,000 apartment units not only retained, but increased, occupancy and enjoyed an exceptional 99% rent collection. With Dr. Linneman’s proprietary research and assistance, we will continue to generate exceptional risk-adjusted returns for over 3,000 investors nationwide and increase the firm’s competitive advantage.”

For 35 years, Dr. Linneman was a leading faculty member of the Wharton School of the University of Pennsylvania, serving as the Albert Sussman Professor of Real Estate, Finance and Public Policy as well as the founding chairman of the real estate department and director of the prestigious Samuel Zell & Robert Lurie Real Estate Center. During this time, he was co-editor of The Wharton Real Estate Review. Additionally, he published over 100 scholarly articles, four editions of the acclaimed book Real Estate Finance and Investments: Risks and Opportunities, and the widely read Linneman Letter quarterly report.

He currently serves as the founding principal of Linneman Associates, a leading real estate advisory firm; and previously spent time as chief executive officer of American Land Fund and chief executive officer of KL Realty. For more than 35 years, he has advised leading corporations and served on over 20 public and private boards, including serving as chairman of Rockefeller Center Properties, where he led the successful restructuring and sale of Rockefeller Center in the mid-1990s.

Linneman earned a bachelor’s degree from Ashland College, a master’s degree in economics from University of Chicago and a Ph.D. in economics from University of Chicago.

About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed more than $3 billion in transaction volume. Capital Square’s executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSquare1031.com.

Contact:

Lauren Burgos

Spotlight Marketing Communications  

949.427.1399     

lauren@spotlightmarcom.com            

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/real-estate-economist-dr-peter-linneman-to-serve-as-economic-advisor-to-capital-square-301294140.html

SOURCE Capital Square

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://markets.businessinsider.com/news/stocks/real-estate-economist-dr-peter-linneman-to-serve-as-economic-advisor-to-capital-square-1030443000

Continue Reading

Business Insider

Vise Raises $65 Million in Series C Round

Avatar

Published

on

NEW YORK, May 18, 2021 /PRNewswire/ — Vise, an AI-powered investment management platform built for advisors, today announced it has raised $65 million in Series C funding. The latest round was led by Ribbit Capital, with participation from existing investors including Sequoia Capital. The Series C round brings the total capital raised since Vise’s founding to over $125 million.

Since the Series B funding round in December 2020, Vise’s assets under management have more than quadrupled to over $250 million and client accounts have more than doubled. The company also completed the integration with major custodians and released several new product features for customers.

Vise has further bolstered its executive leadership with the appointment of Andrew Fong, former Vice President of Infrastructure Engineering at Dropbox, as Vise’s Chief Technology Officer; and Dave Twardowski, former Vice President at Avantis Investors and Dimensional Fund Advisors, as Vice President and Head of Investment Strategy.

The additional funding will accelerate Vise’s investments in its platform, the hiring of the best available talent and the rollout of new product features. A key focus area will be continuing to scale the engineering function led by CTO Fong.

“In 2020, we successfully focused on strengthening our foundation, and now in 2021 we are focused on scaling Vise to make it an even more valuable platform for advisors and their clients,” said Samir Vasavada, Co-Founder and CEO of Vise. “In the past year our assets under management have grown by more than 60x and we’ve seen incredibly strong demand from advisors. Put simply, this funding will allow us to make even bigger investments faster.”

“Vise’s rapid growth is a reflection of the progress the team has made over the past year in advancing its technology and building a truly world-class team,” said Shaun Maguire, Partner at Sequoia and Vise board member. “Since we first partnered with Vise at the seed, the company is in an even stronger position to benefit from powerful tailwinds in the industry. We couldn’t be more excited to be further deepening our partnership with Samir, Runik and team.”

“Vise has the opportunity and potential to shape the future of investment management,” said Micky Malka, Managing Partner at Ribbit Capital. “We’re excited to partner with Samir and Runik and the entire Vise team as they work to empower financial advisors with the technology and tools they need.”

About Vise
Vise is an AI-powered investment management platform built for advisors. Founded by Samir Vasavada and Runik Mehrotra in 2016, Vise gives financial advisors the tools and technology to grow their business and help clients achieve their goals. This includes creating highly personalized portfolios, fully automating the investment management process, and providing deep insights on each investment decision. By empowering advisors, Vise advances its mission of creating financial freedom for everyone. Vise is headquartered in New York. For more information, visit www.vise.com.

Media Contact:
Julian Crowley
jcrowley@vise.com 
(917) 993-1626

Cision View original content:https://www.prnewswire.com/news-releases/vise-raises-65-million-in-series-c-round-301294138.html

SOURCE Vise

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://markets.businessinsider.com/news/stocks/vise-raises-65-million-in-series-c-round-1030443001

Continue Reading

Business Insider

Canadian Market Modestly Higher In Cautious Trade

Avatar

Published

on

(RTTNews) – After a flat start and a subsequent fall to lower levels, the Canadian market edged higher Tuesday morning, and remains modestly up in positive territory an hour past noon.

Investors are looking ahead to Canadian inflation data, and the minutes of the Federal Reserve’s latest policy meeting, both due on Wednesday.

Shares from healthcare, information technology and utilities sections are notably higher, while energy and materials shares are weak. Financial, real estate, telecom and consumer discretionary shares are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is up 40.19 points or 0.21% at 19,514.84.

Among healthcare stocks, Aurinia Pharmaceuticals (AUP.TO) is rising nearly 6%, Organigram Holdings (OGI.TO) is up 4.8% and Aurora Cannabis (ACB.TO) is gaining 4.3%. Canopy Growth Corp (WEED.TO), Cronos Group (CRON.TO), Sienna Senior Living (SIA.TO) and Bausch Health Companies (BHC.TO) are up 1.3 to 2%.

Information technology stocks BlackBerry (BB.TO), Sierra Wireless (SW.TO) and Lightspeed Pos (LSPD.TO) are gaining 4.3%, 3.6% and 3%, respectively. Shopify Inc (SHOP.TO), Absolute Software (ABST.TO) and Dye & Durham (DND.TO) are up 2.5 to 2.7%, while Kinaxis Inc (KXS.TO), Quarterhill (QTRH.TO) and Open Text Corp (OTEX.TO) are gaining 1.2 to 1.6%.

Energy stocks Parex Resources (PXT.TO), Vermilion Energy (VET.TO), PrairieSky Royalty (PSK.TO), Whitecap Resources (WCP.TO), Imperial Oil (IMO.TO) and Cenovus Energy (CVE.TO) are down 1 to 2.5%.

In the materials section, Lundin Mining (LUN.TO) is down nearly 5% and Interfor Corp (IFP.TO) is declining 3.7%. Canfor Corp (CFP.TO), MAG Silver Corp (MAG.TO), Franco-Nevad Corp (FNV.TO), Iamgold (IMG.TO) and Barrick Gold Corp (ABX.TO) are down 1.6 to 2.7%.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://markets.businessinsider.com/news/stocks/canadian-market-modestly-higher-in-cautious-trade-1030442996

Continue Reading
AR/VR3 days ago

Next Dimension Podcast – Pico Neo 3, PSVR 2, HTC Vive Pro 2 & Vive Focus 3!

Blockchain5 days ago

Hong Kong in Talks with China to Stretch Cross-Border Testing of Digital Yuan

Cyber Security3 days ago

Online Cybersecurity Certification Programs

Esports3 days ago

Technoblade’s Minecraft settings

Big Data5 days ago

Disney’s streaming growth slows as pandemic lift fades, shares fall

Blockchain3 days ago

Proof-of-Work Cryptocurrencies Spikes After Elon Musk Ditches Bitcoin

Esports5 days ago

Playbase offers an instant solution to organizing simple and cost-effective competitive gaming platforms

Big Data5 days ago

Elon Musk on crypto: to the mooooonnn! And back again

Blockchain News5 days ago

MicroStrategy Acquires an Additional 271 Bitcoins for $15 Million

Energy5 days ago

AlphaESS lance de nouveaux produits et programmes au salon Smart Energy Conference & Exhibition de 2021

ZDNET5 days ago

US pipeline ransomware attack serves as fair warning to persistent corporate inertia over security

North America
Esports4 days ago

Extra Salt, O PLANO secure wins in cs_summit 8 closed qualifier openers

Aviation5 days ago

The World’s Most Interesting Boeing 747 Uses

Esports5 days ago

Valorant Error Code VAN 81: How to Fix

Esports5 days ago

CS:GO Update 1.37.9.1 adds several updates to new map Ancient

AI4 days ago

Shiba Inu (SHIB) Mania, Dogecoin, Tesla’s Bitcoin Halt and Crypto Market Volatility: The Weekly Recap

Energy5 days ago

How Young Entrepreneur Jeff Clayton Is Innovating the Dropshipping Logistics Industry

AI2 days ago

Understanding dimensionality reduction in machine learning models

Energy5 days ago

Aero-Engine Coating Market to grow by USD 28.43 million|Key Drivers, Trends, and Market Forecasts|17000+ Technavio Research Reports

tesla-model-s-plaid-sets-a-new-1-4-mile-record-9-23-seconds.png
Cleantech5 days ago

Tesla Model S Plaid Sets A New 1/4 Mile Record: 9.23 Seconds

Trending