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) announced the promotion of Heather Lashway to Senior Vice President Director of Retail Banking, effective immediately, as Tami Gunsch will step down on June 30, 2021. Lashway, a ten-year veteran, will oversee the retail banking consumer experience, including optimizing and digitizing services as part of the BEST plan. She brings over 25 years of experience, previously leading retail distribution at Berkshire and holding key roles at Citizens Bank. CEO Nitin Mhatre commended her leadership and expertise.
Berkshire Hills Bancorp (NYSE: BHLB) held its Annual Meeting of Shareholders on May 20, 2021, where Deborah P. Bailey and Michael A. Zaitzeff were elected to the Board of Directors. David M. Brunelle was appointed Vice Chairperson, having served as a Director since March 2019. Shareholders approved all proposals, including executive compensation and the selection of Crowe LLP as the independent accounting firm for 2021, with significant support (at least 96% of votes). CEO Nitin Mhatre welcomed the new board members as part of a strategic plan aimed at enhancing financial performance.
Berkshire Hills Bancorp (NYSE: BHLB) announced its strategic plan, BEST, aimed at enhancing the customer experience and driving profitable growth. The plan focuses on increasing Return on Average Tangible Common Equity to 10%-12%, Return on Average Assets to 100-105 bps, and boosting Pre-Tax Pre-Provision Net Revenue by $71-$91 million over three years. Key initiatives include optimizing operations, enhancing business verticals like small business lending, and digitizing customer interactions. The company aims to be among the top quartile banks in ESG and NPS rankings.
Berkshire Hills Bancorp (NYSE: BHLB) will unveil its Berkshire's Exciting Strategic Transformation (BEST) on May 18, 2021, at 10:00 a.m. ET. The virtual event aims to outline the strategic plan focusing on enhancing performance metrics and community banking services. CEO Nitin Mhatre expressed confidence that BEST will strengthen the bank and create more value for stakeholders. Participants can pre-register for the event online. A replay will be available until June 8, 2021.
Berkshire Hills Bancorp (BHLB) reported a first-quarter 2021 net income of $13 million ($0.26/share), down from $15 million ($0.30/share) in Q4 2020. Adjusted earnings rose to $16 million ($0.32/share) from $14 million ($0.28/share), excluding $3 million in restructuring costs. Revenue increased by $2 million to $101 million, driven by higher loan fees and lower credit losses, with a 35% drop in loan loss provisions. The company reduced its branch count from 130 to 121 and improved asset quality metrics, including a 42% decline in net loan charge-offs.
Berkshire Hills Bancorp (BHLB) has announced the approval of a stock repurchase program allowing the buyback of up to 2,500,000 shares, approximately 5% of its outstanding shares as of March 31, 2021. This program is valid through April 30, 2022, though it does not constitute a commitment to buy back shares and may occur through various methods, including open market purchases and block trades. The initiative underscores the company's approach to enhance shareholder value while navigating market opportunities.
Berkshire Hills Bancorp (NYSE: BHLB) will release its first quarter earnings on April 28, 2021, after market close.
A conference call/webcast is set for April 29 at 10:00 a.m. ET to discuss results and future guidance.
Interested participants can pre-register for the call or join by dialing 1-844-792-3726. The earnings call replay will be available until May 6, 2021.
Berkshire operates 121 banking offices across seven states, with approximately $12.8 billion in assets.
Berkshire Hills Bancorp (NYSE: BHLB) announced the appointment of Subhadeep Basu as the new Senior Executive Vice President and Chief Financial Officer, effective March 19, 2021. He succeeds James M. Moses, who is leaving to pursue other interests. Basu brings over 20 years of financial and risk management experience, most recently serving at State Street. He is expected to enhance shareholder value and improve financial flexibility as Berkshire executes its transformational strategic plan. Berkshire operates 124 banking offices across seven Northeastern states with approximately $12.8 billion in assets.
Berkshire Hills Bancorp (NYSE: BHLB) has appointed Kevin Conn as Senior Vice President for Investor Relations and Corporate Development. Conn, with over 30 years of experience in financial stocks and institutional investment, previously served as Director of Research at Hudson Executive Capital. His role will involve enhancing the investor relations program and fostering shareholder relationships. CEO Nitin Mhatre highlighted Conn's expertise in equity research and strategy, which aligns with their transformational strategic plan aimed at increasing stakeholder value.
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) has announced a quarterly cash dividend of $0.12 per common share for shareholders of record on March 23, 2021. The dividend will be payable on March 30, 2021. Berkshire Hills Bancorp, the parent company of Berkshire Bank, has $12.8 billion in assets and operates 124 banking offices across seven Northeastern states. This dividend reflects the company's commitment to returning value to its shareholders amidst its business operations.
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