Berkshire Hills Bancorp, Inc. - BHLB STOCK NEWS

Berkshire Hills Bancorp (BHLB) reported a fourth-quarter 2020 net income of $15 million, or $0.30 per share, down from $21 million, or $0.42 per share, in the previous quarter. This decline is attributed to pandemic-related impacts, including a $9 million rise in noncash expected credit loss provisions. Financial highlights include a 2.61% net interest margin and a 71% efficiency ratio. Total assets grew by 2% to $12.8 billion, while total loans fell by $901 million. The bank is consolidating branches and focusing on digital banking to adapt to changing customer preferences.

Berkshire Hills Bancorp (NYSE: BHLB) will announce its fourth quarter earnings on January 25, 2021. A conference call is scheduled for January 26, 2021, at 10:00 a.m. ET to discuss these results and provide future guidance. The company operates 130 banking offices across seven Northeastern states, managing approximately $12.6 billion in assets. Investors can pre-register for the call to receive dial-in instructions. The earnings release and conference call details are available through the investor section of Berkshire's website.

Berkshire Hills Bancorp (NYSE: BHLB) announced plans to sell eight Mid-Atlantic branches to Investors Bank, totaling deposit balances of approximately $639 million and loans of $308 million. This sale, aimed at reducing branch footprint by 18%, is anticipated to conclude in the first half of 2021, alongside the consolidation of 16 additional branches in New England and New York. Acting CEO Sean Gray stated these moves are intended to enhance profitability and align with increasing customer preference for digital banking.

Berkshire Hills Bancorp (NYSE: BHLB) announced a quarterly cash dividend of $0.12 per common share, which will be distributed to shareholders of record on December 17, 2020. The dividend is scheduled for payment on December 29, 2020. Berkshire Hills Bancorp operates through Berkshire Bank, serving the underbanked and emphasizing a corporate responsibility culture. The company is headquartered in Boston and manages approximately $12.6 billion in assets across seven Northeastern states.

Berkshire Hills Bancorp (BHLB) reported a Q3 2020 net income of $21 million ($0.42/share), down from $23 million ($0.44/share) in Q3 2019. However, core earnings rose to $26 million ($0.53/share) from $24 million ($0.46/share). The company achieved a 2% revenue increase and a 9% rise in fee income. Operating expenses fell 88%, with an efficiency ratio improvement to 65%. Total assets decreased 3% to $12.6 billion, attributed to a 4% drop in loans. The net interest margin remained steady at 2.61%. A conference call is scheduled for October 27, 2020 to discuss results further.

Berkshire Hills Bancorp (NYSE: BHLB) will release its third-quarter earnings on October 26, 2020, after market close. A conference call to discuss these results is scheduled for October 27, 2020, at 10:00 a.m. ET, offering guidance for future performance. Participants can pre-register for easier access. Berkshire Bank operates 130 branches across seven Northeastern states, with total assets of approximately $13.1 billion.

Berkshire Bank has partnered with Narmi to enhance its digital account opening process, achieving significant efficiency gains. The platform allows Berkshire to process 100% of digital account openings with a rapid application completion time of just 2 minutes and 13 seconds, which is four times faster than the industry average. Additionally, the platform ensures compliance and fraud detection through integration with Alloy. The improved process leads to a 57% decrease in application time and a 100% account funding rate, promoting organic growth in new accounts.

Berkshire Hills Bancorp (NYSE: BHLB) announced a cash dividend of $0.12 per share for common stockholders, effective for shareholders on record by September 22, 2020, with payment on September 30, 2020. The preferred stock dividend is set at $0.24 per share. Due to the impact of COVID-19, both dividends are reduced by 50%. Acting CEO Sean Gray stated that this decision aligns them with industry peers and preserves capital for future distribution increases as conditions improve.

Berkshire Hills Bancorp (NYSE: BHLB) announced the resignation of Richard M. Marotta as President and CEO to pursue new opportunities, effective Aug. 10, 2020. The Board appointed Sean A. Gray, the current Senior Executive Vice President, as Acting President and CEO. A search for a permanent CEO will commence, with Gray as a candidate. Marotta’s tenure saw the bank's assets double to $13.1 billion, and he implemented significant community-focused initiatives. The leadership transition aims to leverage Gray's deep knowledge of the bank and maintain its commitment to corporate responsibility.