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 (BHLB) celebrated its tenth anniversary on the NYSE by ringing the opening bell on November 9, 2022. CEO Nitin Mhatre highlighted the bank's strong financial performance, a 50% increase in quarterly dividends, and its top quartile ranking in ESG performance. The bank has approximately 45 million outstanding shares with a market cap of around $1.3 billion. Mhatre noted the progress in their BEST program and their commitment to socially responsible banking across New England and Upstate New York.
Berkshire Hills Bancorp (NYSE: BHLB) announced a quarterly cash dividend of $0.18 per share, a 50% increase from the previous $0.12, for shareholders of record by November 17, 2022. The dividend is payable on December 1, 2022. CEO Nitin Mhatre emphasized that this decision aligns with the company’s BEST strategic plan aimed at enhancing shareholder returns. With earnings up 62% since early 2021, the dividend yield is approximately 2.6% based on the closing price of $27.44 as of November 3, 2022.
Berkshire Hills Bancorp (BHLB) reported Q3 2022 earnings per share (EPS) of $0.42, down from $0.50 in Q2 due to $11 million in restructuring costs. However, adjusted EPS rose 21% to $0.62. Net interest income jumped 13% quarter-over-quarter, supported by a 37 basis point increase in net interest margin to 3.48% amid rising interest rates. The efficiency ratio improved to 62%. Year-over-year, GAAP EPS decreased from $1.31, primarily due to prior gains from asset sales. The bank's strategic initiatives are delivering positive operating leverage and growth.
Berkshire Hills Bancorp (NYSE: BHLB) announced the resignation of Chief Financial Officer Subhadeep Basu, effective October 7, 2022, for personal reasons. Brett Brbovic, previously Senior Vice President and Chief Accounting Officer, has been appointed as Interim CFO. The company has retained Spencer Stuart for a national CFO search. Despite this leadership change, CEO Nitin Mhatre confirmed that there are no updates to the 2022 financial guidance and that they look forward to releasing the third quarter results on October 20, 2022.
Berkshire Hills Bancorp (NYSE: BHLB) will release its third quarter earnings on October 20, 2022, before market opening. An investor presentation will accompany the release on its website. A conference call is scheduled for 10:00 a.m. ET the same day to discuss the results and provide future guidance. Participants can pre-register for the call to receive dial-in instructions. Berkshire Hills Bancorp operates with approximately $11.6 billion in assets and focuses on community banking in New England and Upstate New York.
Berkshire Hills Bancorp (NYSE: BHLB) announced the addition of three experienced lending professionals to its 44 Business Capital team, enhancing its support for small businesses. Shay Barkley, Josh Rawls, and Tracey Tucker, with extensive SBA lending experience, will strengthen client relationships. This move aligns with Berkshire's strategic transformation program aimed at bolstering business lending. The 44 Business Capital has financed over $325 million in loans, highlighting Berkshire's commitment to empowering small businesses across various states.
Berkshire Hills Bancorp (NYSE: BHLB) announces the promotion of Ashlee Flores to EVP, Chief Compliance Officer, effective September 30, 2022. Flores succeeds Deborah A. Stephenson, who is resigning to pursue another opportunity. With over 15 years of experience in compliance and risk management, Flores previously served as SVP, Compliance at Berkshire Bank. CEO Nitin Mhatre praised her leadership qualities and commitment to compliance under the company's strategic transformation initiative. Berkshire Hills Bancorp operates over 100 financial centers in New England and New York, with approximately $11.6 billion in assets.
Berkshire Hills Bancorp (NYSE: BHLB) has approved a quarterly cash dividend of $0.12 per common share for shareholders on record by August 11, 2022. The dividend will be payable on August 25, 2022. This move underscores the company's commitment to returning value to its shareholders while reflecting its financial health amidst its substantial asset base of approximately $11.6 billion. Berkshire Bank aims to be a leading socially responsible community bank serving New England and Upstate New York.
Berkshire Hills Bancorp (NYSE: BHLB) reported a 19% increase in EPS to $0.50 for Q2 2022, driven by loan growth and higher asset yields. Adjusted EPS also rose by 19% to $0.51. Compared to Q2 2021, EPS improved by 16%. The net interest margin rose to 3.11%, and total loans increased by 7% from the previous quarter. The company maintained stable funding costs and recorded no provision for credit losses. Berkshire also issued its first Sustainability Bond, supporting social and environmental projects, while Moody's assigned an investment-grade rating.
Berkshire Hills Bancorp (NYSE: BHLB) announced a positive rating from Moody's Investors Service, which assigned an A3 Long-Term Deposit Rating to Berkshire Bank. This rating reflects the firm's strong balance sheet, high capitalization, and conservative risk appetite. Moody's expects profitability to improve over the next 12 to 18 months as Berkshire executes its strategic transformation plan known as BEST. Additionally, Berkshire successfully issued a $100 million sustainability bond, making it the first U.S. community bank holding company to do so, further enhancing its socially responsible status.
FAQ
What is the current stock price of Berkshire Hills Bancorp (BHLB)?
What is the market cap of Berkshire Hills Bancorp (BHLB)?
What services does Berkshire Hills Bancorp offer?
Where is Berkshire Hills Bancorp headquartered?
How many branches does Berkshire Bank operate?
What recent changes has Berkshire Hills Bancorp announced?
Who is the CEO of Berkshire Hills Bancorp?
What are the latest financial highlights of Berkshire Hills Bancorp?
How does Berkshire Hills Bancorp contribute to corporate responsibility?
What is the market symbol for Berkshire Hills Bancorp?
How can investors get in touch with Berkshire Hills Bancorp?
What recent strategic initiatives has Berkshire Hills Bancorp undertaken?
