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 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.
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