Berkshire Hills Bancorp Inc Stock Price, News & Analysis

Berkshire Hills Bancorp (NYSE: BHLB) announced a quarterly cash dividend of $0.12 per common share for shareholders of record by August 26, 2021, payable on September 9, 2021. This reflects the company's commitment to returning value to its investors. Berkshire Hills, headquartered in Boston, manages $12.3 billion in assets and operates 115 banking offices across New England and New York, focusing on socially responsible banking to empower local communities.

Investors Bancorp announced that the FDIC has approved its acquisition of eight branches from Berkshire Bank, a subsidiary of Berkshire Hills Bancorp. The transaction includes the acquisition of approximately $633 million in deposits and $253 million in loans. This acquisition is expected to finalize on August 27, 2021, pending customary closing conditions. With this acquisition, Investors Bank aims to strengthen its market presence in New Jersey and eastern Pennsylvania.

Berkshire Hills Bancorp (BHLB) reported a strong second quarter in 2021, with earnings per share of $0.43, a significant recovery from last year's loss and a 65% increase from the previous quarter. Adjusted EPS rose 38% to $0.44. Key highlights include a 27% growth in non-interest income, a substantial reduction in expenses, and no provision for credit losses. The bank returned $26.8 million to shareholders via stock repurchases and dividends, equating to 124% of GAAP net income for the quarter. CEO Nitin Mhatre emphasized improved credit performance and efficiency as part of their strategic transformation plan.

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) will release its second quarter earnings on July 21, 2021, before the market opens. An investor presentation will be available on their website. A conference call/webcast is scheduled for 10:00 a.m. ET the same day to discuss the quarterly results and future guidance. Interested investors can pre-register for the call or dial in at the scheduled time. Berkshire Hills Bancorp, headquartered in Boston, has $12.8 billion in assets and operates 118 branches mainly in New England and New York.

Berkshire Hills Bancorp (BHLB) has announced a quarterly cash dividend of $0.12 per common share. Shareholders on record as of June 29, 2021, will receive this payment on July 8, 2021. Berkshire Hills Bancorp, headquartered in Boston, has total assets of $12.8 billion and operates 118 banking offices mainly in New England and New York, focusing on socially responsible and community-centered banking.

Berkshire Hills Bancorp (NYSE: BHLB) announced the promotion of Heather Lashway to Senior Vice President Director of Retail Banking, effective immediately, as Tami Gunsch will step down on June 30, 2021. Lashway, a ten-year veteran, will oversee the retail banking consumer experience, including optimizing and digitizing services as part of the BEST plan. She brings over 25 years of experience, previously leading retail distribution at Berkshire and holding key roles at Citizens Bank. CEO Nitin Mhatre commended her leadership and expertise.

Berkshire Hills Bancorp (NYSE: BHLB) held its Annual Meeting of Shareholders on May 20, 2021, where Deborah P. Bailey and Michael A. Zaitzeff were elected to the Board of Directors. David M. Brunelle was appointed Vice Chairperson, having served as a Director since March 2019. Shareholders approved all proposals, including executive compensation and the selection of Crowe LLP as the independent accounting firm for 2021, with significant support (at least 96% of votes). CEO Nitin Mhatre welcomed the new board members as part of a strategic plan aimed at enhancing financial performance.

Berkshire Hills Bancorp (NYSE: BHLB) announced its strategic plan, BEST, aimed at enhancing the customer experience and driving profitable growth. The plan focuses on increasing Return on Average Tangible Common Equity to 10%-12%, Return on Average Assets to 100-105 bps, and boosting Pre-Tax Pre-Provision Net Revenue by $71-$91 million over three years. Key initiatives include optimizing operations, enhancing business verticals like small business lending, and digitizing customer interactions. The company aims to be among the top quartile banks in ESG and NPS rankings.

Berkshire Hills Bancorp (NYSE: BHLB) will unveil its Berkshire's Exciting Strategic Transformation (BEST) on May 18, 2021, at 10:00 a.m. ET. The virtual event aims to outline the strategic plan focusing on enhancing performance metrics and community banking services. CEO Nitin Mhatre expressed confidence that BEST will strengthen the bank and create more value for stakeholders. Participants can pre-register for the event online. A replay will be available until June 8, 2021.