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, Inc. (NYSE: BHLB) announced a quarterly cash dividend of $0.12 per common share for shareholders of record at the close of business on November 11, 2021. This dividend is payable on November 24, 2021. The decision reflects the company's ongoing commitment to return value to its shareholders. Berkshire Hills Bancorp operates approximately $11.8 billion in assets and is focused on being a socially responsible community bank.
Berkshire Hills Bancorp (BHLB) reported Q3 2021 earnings per share (EPS) of $1.31, a 212% increase from $0.42 in Q3 2020, primarily due to a $52 million net gain from the sale of insurance and specific branch operations. Adjusted EPS remained stable at $0.53. The bank also noted a $4 million benefit to credit loss provisions. Total assets decreased by 3% to $11.8 billion, with loans down 5% to $6.84 billion. The net interest income dropped by 7% year-over-year, and non-interest expenses fell by 5% to $69.5 million, while total deposits rose by 5% to $10.4 billion.
Berkshire Hills Bancorp (NYSE: BHLB) has partnered with Upstart (NASDAQ: UPST), an AI lending platform, to enhance consumer lending options. This collaboration aims to provide a seamless digital experience and improve access to affordable credit, leveraging Upstart's technology for better risk assessments. The partnership is part of Berkshire's strategic transformation plan initiated in August 2021. With this alliance, Berkshire expects to boost its consumer loan portfolio and deliver more inclusive lending options, ultimately enhancing customer experience.
Berkshire Hills Bancorp (NYSE: BHLB) announced the hiring of Marissa Ames and Lynne Singletary to its 44 Business Capital team. This move aligns with the company's BEST strategic transformation initiative aimed at enhancing support for businesses and entrepreneurs. Both new hires bring extensive experience in SBA lending, with Ames having 21 years in the field and Singletary over 27 years. This expansion is designed to strengthen client relationships and improve lending expertise.
Berkshire Hills Bancorp (NYSE: BHLB) has announced the addition of two experienced wealth management professionals, Karen Heston and Stephen Crowley, to enhance its Wealth Management team. Heston, with over 25 years in investment management, will co-manage fixed-income investments and focus on empowering women in financial decisions. Crowley, also with 25 years of experience, will develop solutions for non-profit and socially responsible investments. This strategic move aims to strengthen client relations and community impact through specialized expertise.
Berkshire Hills Bancorp (NYSE: BHLB) will release its third quarter earnings on October 21, 2021, before the market opens. An investor presentation will be available on their website. Following the earnings release, a conference call will be held at 10:00 a.m. ET to discuss the results and provide future guidance. Participants can pre-register for the call using a provided link. Berkshire Hills Bancorp, headquartered in Boston, has approximately $11.7 billion in assets and operates 107 branches across New England and New York.
Berkshire Hills Bancorp (NYSE: BHLB) announced the hiring of Lucia Bellomia as EVP, Head of Retail Banking, effective September 13, 2021. Bellomia, who has over 20 years in financial services, previously worked as Executive SVP for Bank of America. In her new role, she will oversee the retail branch network and improve customer experiences as part of the company's BEST plan. CEO Nitin Mhatre praised her strong leadership skills and community commitment, emphasizing her value-driven approach to banking.
Berkshire Hills Bancorp (BHLB) has appointed Ellen Steinfeld as Executive Vice President and Head of Consumer Lending and Payments. CEO Nitin Mhatre highlighted her expertise in change management, aligning with Berkshire's Exciting Strategic Transformation (BEST) plan. Steinfeld, with extensive experience in mortgage banking, will oversee all mortgage banking sales, home equity, and consumer lending. She previously held leadership roles at TIAA-CREF and other financial institutions. Berkshire Bank is focused on enhancing its mortgage and consumer lending products across New England and Eastern New York.
Berkshire Hills Bancorp (NYSE: BHLB) has appointed Jeffrey Klaus as SVP, Regional President & Middle Market Team Leader for Southern Connecticut. Klaus brings over 30 years of experience in Connecticut's banking sector. This strategic hire is part of the Bank's Exciting Strategic Transformation (BEST) aimed at driving organic growth. CEO Nitin Mhatre emphasizes Klaus's local ties and industry knowledge as assets in expanding Berkshire's brand. Berkshire Bank, with approximately $11.7 billion in assets, aims to enhance community impact and customer experience.
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