Welcome to our dedicated page for Berkshire Hills Bancorp news (Ticker: BHLB), a resource for investors and traders seeking the latest updates and insights on Berkshire Hills Bancorp stock.
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) is the parent company of Berkshire Bank, known as 'America's Most Exciting Bank®'. With approximately $12.4 billion in assets, Berkshire Bank operates 96 financial centers across New England and New York. Headquartered in Boston, the bank provides a comprehensive suite of financial services, including Commercial Banking, Retail Banking, Consumer Lending, Private Banking, and Wealth Management.
Founded over 175 years ago, Berkshire Bank has established itself as a relationship-driven, community-focused institution, delivering financial expertise to both personal and business clients. In recent years, the bank has continued to enhance its operational efficiency and customer service. For instance, Berkshire recently announced the planned sale of ten branches in upstate and eastern New York to streamline its footprint and invest further in core areas.
In terms of financial performance, Berkshire Hills Bancorp has shown resilience despite industry challenges. For the fourth quarter of 2023, the bank reported an operating earnings of $20.2 million, achieving a steady full year net interest margin of 3.27%. The company also authorized a $40 million share repurchase program, aiming to balance capital return and growth.
Berkshire Bank is recognized for its commitment to corporate responsibility and sustainability. It has been named one of America's Most Trustworthy Companies and one of America's Best Regional Banks by Newsweek. The bank's strategic efforts are led by CEO Nitin Mhatre, who emphasizes balance sheet strength, credit performance, and operational discipline as key pillars for sustainable growth.
Financial highlights and other updates, such as earnings releases and conference calls, are regularly communicated to investors. Most recently, the bank announced its earnings for the first quarter of 2024, showing operational earnings growth and continued strong asset quality.
For more information on Berkshire Hills Bancorp, including investor relations and latest news, visit their website.
Berkshire Hills Bancorp (NYSE: BHLB) has declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on November 27, 2024, to shareholders of record as of November 14, 2024. This announcement follows the Board of Directors' approval of the quarterly shareholder distribution.
Berkshire Hills Bancorp (NYSE: BHLB) reported strong Q3 2024 results with net income of $37.5 million, or $0.88 per share, including a $16 million non-operating gain from branch sales. Operating EPS reached $0.58, up 5% quarter-over-quarter and 16% year-over-year. The company completed the sale of ten branch offices, reducing total branches by 14% to 83 offices. Operating revenue grew 1% linked quarter, while net interest margin slightly decreased to 3.16%. The company's balance sheet was strengthened through the sale of $46.5 million in consumer loans, and capital position improved with tangible common equity ratio rising to 9.1% from 8.2%.
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) has announced its schedule for the third quarter 2024 earnings release and conference call. The earnings release is set for October 24, 2024, at approximately 7:30 a.m. (Eastern). The conference call will follow on the same day at 9:00 a.m. (Eastern).
Investors can access the webcast through a provided link or join via phone using the toll-free number 800-549-8228 with Conference ID 47447. A webcast replay will be available on the company's investor relations website, and a telephone replay can be accessed using the toll-free number 888-660-6264 with passcode 47447 #.
Investor presentation materials will be made available prior to the conference call on the company's investor relations website. Participants are advised to join a few minutes before the scheduled start time, with listen-only participants encouraged to use the webcast link where practical.
Berkshire Hills Bancorp (NYSE: BHLB) has announced a quarterly cash dividend of $0.18 per common share. The dividend will be paid on October 10, 2024, to shareholders of record at the close of business on September 30, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders and reflects its current financial stability. The consistent dividend payout may be viewed positively by income-focused investors, potentially supporting the stock's appeal in the market.
Arrow Financial (NasdaqGS® - AROW) has completed the acquisition of the Whitehall, New York branch from Berkshire Bank. The transaction, which closed on August 2, 2024, included:
- Deposit accounts with an approximate balance of $37.5 million
- Loans with an approximate balance of $3 million
- The branch premises and substantially all related property and equipment
This strategic move expands Glens Falls National Bank's presence in Washington County to nine branches. All on-site employees of the Whitehall branch have been retained. The acquisition aligns with Arrow's commitment to broadening its presence, enhancing offerings, and increasing shareholder value.
Berkshire Hills Bancorp (NYSE: BHLB) reported solid Q2 2024 results with net income of $24.0 million, or $0.57 per share. Operating EPS increased 12% to $0.55, driven by 3% growth in operating revenue and a 2% decrease in operating expenses. Key highlights include:
- Net interest margin improved to 3.20%, up 5 basis points
- Net loan charge-offs were low at 7 basis points annualized
- Loan growth of $143 million, primarily in commercial loans
- Efficiency ratio improved to 63.4% from 66.3%
- Tangible book value per share increased to $23.18
The company completed the consolidation of three branch offices and remains on track to conclude the sale of ten offices in H2 2024. Berkshire also bolstered its cash management and government banking capabilities through promotions and new hires.
Berkshire Hills Bancorp (NYSE: BHLB) has announced its second quarter 2024 earnings release and conference call schedule.
The earnings release will be published on July 18, 2024, at approximately 7:30 a.m. (Eastern Time). This will be followed by a conference call at 9:00 a.m. on the same day.
Interested parties can listen to the live webcast by registering at https://events.q4inc.com/attendee/633018241 or dial in toll-free at 800-549-8228 using Conference ID 27778. A webcast replay will be available at https://ir.berkshirebank.com, and a telephone replay can be accessed using toll-free number 888-660-6264 with the passcode 27778#.
Investor presentation materials will be made available before the conference call at ir.berkshirebank.com. Participants are encouraged to join a few minutes before the scheduled start time.
Berkshire Hills Bancorp (NYSE: BHLB) has declared a quarterly cash dividend of $0.18 per common share. The dividend is payable on June 28, 2024, to shareholders on record as of June 20, 2024. This announcement reflects the bank's ongoing commitment to returning value to its shareholders.
Berkshire Hills Bancorp (NYSE: BHLB) announced the results of its Annual Meeting held on May 16, 2024. All three proposals were approved by shareholders, with a quorum of approximately 91% of outstanding shares. All eleven director nominees, including CEO Nitin Mhatre, were elected to serve a one-year term, each receiving at least 96% support.
Executive compensation practices were also approved, and Crowe LLP was ratified as the independent registered public accounting firm for fiscal year 2024. CEO Nitin Mhatre thanked board members and retiring directors for their service and recognized the hard work of Berkshire’s employees.
The company highlighted its strong performance in 2023, with a 10% operating return on tangible common equity and increased annual dividends per share. CEO Mhatre emphasized that Berkshire continues to build momentum for long-term shareholder returns and aims to become a high-performing, community-focused bank.
Berkshire Hills Bancorp (NYSE: BHLB) announced CFO R. David Rosato will step down on June 14, 2024, with Chief Accounting Officer Brett Brbovic succeeding him. Rosato's tenure saw significant financial improvements, including balance sheet strengthening, expense management, and divesting 10 financial centers. Brbovic, a company veteran since 2012, previously served as Interim CFO and brings deep institutional knowledge. CEO Nitin Mhatre praised Rosato's contributions and expressed confidence in Brbovic's ability to drive continued growth and profitability.
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