Berkshire Hills Bancorp, Inc. - BHLB STOCK NEWS

Berkshire Hills Bancorp reported its Q1 2023 financial results, showing a 5% growth in average loans but a 1% decline in average deposits. The company achieved a tangible book value per share of $21.89, reflecting a 4% increase.

Net income for the quarter was $27.6 million, down from $30.5 million in the previous quarter. Net interest income decreased to $97.5 million, with a margin of 3.58%, impacted by higher funding costs. The bank's non-interest income rose slightly to $16.6 million.

Key metrics included a loan-to-deposit ratio of 86% and a common equity Tier 1 ratio of 12.1%. Notably, the board was enhanced with the addition of two experienced members.

Berkshire Hills Bancorp (NYSE: BHLB) announced the election of Eric S. Rosengren to its Board of Directors, effective April 5, 2023. Rosengren, the former President and CEO of the Federal Reserve Bank of Boston, brings extensive financial and regulatory expertise. He will serve on the Risk Management, Capital and Compliance, and Audit Committees. The company aims to leverage his knowledge of the New England economy and financial regulations to enhance its strategic oversight and performance.

Chairperson David M. Brunelle emphasized the value of Rosengren's insights, while CEO Nitin Mhatre highlighted the anticipated benefits for stakeholders. Berkshire Hills Bancorp owns Berkshire Bank, which focuses on socially responsible banking with $11.7 billion in assets and 100 financial centers in five states.

Berkshire Hills Bancorp (NYSE: BHLB) will release its first quarter earnings before the market opens on April 20, 2023. An investor presentation will accompany the earnings release and can be accessed on their website. A conference call/webcast is scheduled for 10:00 a.m. ET the same day to discuss the results and provide future guidance. Participants are encouraged to pre-register for the call to receive instructions and a unique access PIN. A telephone replay of the call will be available for one week post-event. Berkshire Hills Bancorp manages approximately $11.7 billion in assets.

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) has announced that its Annual Shareholders' Meeting will take place virtually on May 18, 2023, at 10:00 am. The record date for shareholders entitled to vote is set for March 24, 2023. More details will be provided in early April on the company's investor relations website.

The bank, headquartered in Boston, operates approximately $11.7 billion in assets and has a presence in multiple states, including Massachusetts, New York, Vermont, Connecticut, and Rhode Island.

Berkshire Hills Bancorp (NYSE: BHLB) has declared a quarterly cash dividend of $0.18 per common share. Shareholders of record as of February 16, 2023 will receive the dividend, which is scheduled for payment on March 2, 2023. This announcement reflects the company's ongoing commitment to returning value to its shareholders.

Berkshire Hills Bancorp (NYSE: BHLB) announced the election of Karyn Polito to its Board of Directors as of February 2, 2023. Polito, a former Lieutenant Governor of Massachusetts, brings extensive experience in both public and private sectors. She will serve on the Risk Management, Capital and Compliance, and Corporate Responsibility and Culture committees. Chairperson David M. Brunelle emphasized that her diverse skills will strengthen the Board's composition, while CEO Nitin Mhatre noted that Polito's experience will enhance customer focus and community impact, aligning with Berkshire's vision of being a leading socially responsible community bank.

Berkshire Hills Bancorp (BHLB) reported a remarkable fourth quarter in 2022, with EPS rising 64% year-over-year to $0.69, marking a record. Adjusted EPS increased by 52% to $0.64, driven by an 11% rise in net interest income and enhanced operating efficiency, reflected in a 58% efficiency ratio. Despite a 15% annual EPS decline to $2.02, total net revenue grew 9% quarter-over-quarter and 30% year-over-year. The bank maintained a strong balance sheet with a 5% loan growth and a 1.08% return on assets. Additionally, a 50% increase in the quarterly dividend highlights strong shareholder returns amid a challenging market.

Berkshire Hills Bancorp (NYSE: BHLB) has appointed David Rosato as Senior Executive Vice President and Chief Financial Officer, effective February 6, 2023. Rosato brings over 35 years of banking experience, having most recently served as CFO at People's United Financial, where he oversaw significant asset growth from $14 billion to over $65 billion. CEO Nitin Mhatre expressed confidence in Rosato's ability to enhance shareholder value and support the company's strategic transformation. Long-time finance leader Brett Brbovic will continue on as Chief Accounting Officer. Berkshire Hills Bancorp aims to position itself as a top socially responsible community bank.

Berkshire Hills Bancorp (NYSE: BHLB) announced a $50 million share repurchase program aimed at buying back approximately 4% of its outstanding shares by December 31, 2023. CEO Nitin Mhatre highlighted the company’s strong balance sheet and capital ratios, which exceed regulatory requirements for well-capitalized banks. The initiative follows a 50% increase in the quarterly dividend, from $0.12 to $0.18 per share. This program reflects the company’s balanced approach to deploying capital and commitment to improving shareholder returns under its strategic transformation plan.