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) 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.
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) has appointed James 'Jim' Brown as the Senior Executive Vice President and Head of Commercial Banking, and Philip Jurgeleit as Executive Vice President and Chief Credit Officer as of January 17, 2023. Brown, who has over 30 years of experience, will lead commercial banking operations, replacing George Bacigalupo, who will retire in December 2023. Jurgeleit, bringing 30 years of credit expertise, will oversee credit underwriting and policies, succeeding Georgia Melas. Both executives aim to support Berkshire's Exciting Strategic Transformation (BEST) program, enhancing performance and customer experience.
Berkshire Hills Bancorp (BHLB) will release its fourth quarter earnings on January 26, 2023, before market open. An investor presentation will also be available on their website. The company is set to conduct a conference call at 10:00 AM ET on the same day to discuss quarterly results and future guidance. Participants can pre-register for the call to receive dial-in instructions. Berkshire Hills Bancorp is headquartered in Boston and manages approximately $11.3 billion in assets across various states.
KBRA has published its third-quarter 2022 U.S. Bank Compendium and 2023 Sector Outlook, analyzing results for U.S. banks. The report acknowledges the resilience of rated banks amid tightening economic conditions, citing improved capital profiles and higher loss buffers. Despite economic uncertainties, the report maintains a Stable Outlook for the U.S. banking industry. Key metrics, trends, and the top performing banks based on deposit costs and reserves are discussed. The Compendium also includes a quarterly ESG Bulletin featuring Berkshire Hills Bancorp, Inc. (BHLB).
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.
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