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) is set to release its second quarter earnings on July 20, 2022, before market opening. An investor presentation will also be accessible on their website. A conference call is scheduled for 10:00 a.m. ET that day to discuss quarterly results and future guidance. Participants can register for the call online, receiving dial-in instructions via email. A telephone replay will be available for a week post-call. Berkshire Hills Bancorp, headquartered in Boston, has approximately $12.1 billion in assets and operates 105 branch offices.
Berkshire Hills Bancorp (NYSE: BHLB) has priced its offering of $100 million in 5.50% fixed-to-floating rate subordinated notes due July 1, 2032. Initially, these notes will pay a fixed interest rate of 5.50% until July 1, 2027, after which the rate will adjust quarterly based on a benchmark rate. The proceeds will finance sustainable assets and support corporate growth. The offering is expected to close around June 30, 2022, and the company is advised by Keefe, Bruyette & Woods and PNC Capital Markets.
Berkshire Bank has selected Salt Security to enhance its API security as its operations expand. This partnership aims to protect against rising API-based cybersecurity threats while supporting the bank's zero trust security model. Salt's platform is designed to deliver comprehensive visibility and protection across the API lifecycle. The urgency for advanced API security is underscored by a reported 681% rise in API attacks in 2021. This strategic move reflects the bank's commitment to securing customer data amidst increasing digital transformation demands.
Berkshire Hills Bancorp (BHLB) announced the approval of all four proposals at its Annual Meeting of Shareholders on May 18, 2022, with 93% of eligible shares represented. All twelve director nominees were elected, each receiving at least 95% of votes. Key proposals included an advisory vote on executive compensation, ratification of Crowe LLP as independent auditors, and adoption of the 2022 Equity Incentive Plan, all supported by over 96% of votes. CEO Nitin Mhatre highlighted a 69% total shareholder return in 2021, emphasizing improved earnings and strong governance.
Berkshire Hills Bancorp (NYSE: BHLB) has declared a quarterly cash dividend of $0.12 per common share, payable to shareholders on May 26, 2022, with a record date of May 12, 2022. This decision reflects the company's commitment to return value to its investors. Berkshire Bank, the parent company, manages approximately $12.1 billion in assets and operates 105 branches across New England and New York, focusing on socially responsible banking services.
Berkshire Hills Bancorp (NYSE: BHLB) reported a 62% year-over-year increase in first-quarter earnings per share (EPS) to $0.42, with adjusted EPS rising 37% to $0.43. Loan growth of 6% quarter-over-quarter, alongside a $4 million benefit from a release of the credit loss allowance, contributed to the strong performance. Asset quality improved, with non-performing assets declining to 0.26% of total assets. Despite a 7% reduction in total shareholders' equity, the company's position is poised for future growth in a rising rate environment. Berkshire also introduced a $140 million share repurchase program.
Berkshire Hills Bancorp (BHLB) is set to release its first quarter earnings on April 20, 2022, before the market opens. An investor presentation will be available on their website. A conference call will take place at 10:00 a.m. ET on the same day to discuss the results and provide guidance on future performance. Participants can pre-register for the call for immediate access.
Berkshire Hills Bancorp, Inc. (NYSE: BHLB) has expanded its partnership with financial technology firm Narmi to enhance digital banking services. This collaboration aims to launch an advanced mobile app and online banking platform by early next year, allowing for a streamlined banking experience for consumers and small businesses. Key features will include a unified dashboard, personalized tools, and seamless money transfers, supporting Berkshire's DigiTouch strategy to blend personal service with digital convenience.
Berkshire Hills Bancorp (NYSE: BHLB) announced the election of Mihir A. Desai to its Board of Directors effective March 10, 2022. Desai, an esteemed professor at Harvard, brings extensive expertise in finance and law, expected to enhance the board's governance and support Berkshire's strategic transformation plan. He's appointed to both the Compliance & Regulatory and Risk Management & Capital Committees. Chairperson David M. Brunelle and CEO Nitin Mhatre emphasized that Desai's insights will be invaluable for stakeholders and assist in the company's commitment to socially responsible banking.
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