Berkshire Hills Bancorp Inc Stock Price, News & Analysis

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.

Investors Bancorp, Inc. (NASDAQ: ISBC) announced the completion of its acquisition of eight branches of Berkshire Bank in New Jersey and eastern Pennsylvania on August 27, 2021. The deal includes approximately $630 million in deposits and $220 million in loans. Investors Bank also extinguished $600 million of FHLB borrowings at an average rate of 2.13%, incurring around $10 million in pre-tax costs. This strategic acquisition aims to expand market presence and operational capabilities.

Berkshire Hills Bancorp (NYSE: BHLB) announced the retirement of Board Chairperson J. Williar Dunlaevy effective September 22, 2021, as part of a pre-established succession plan. David M. Brunelle, currently Vice Chairperson, will succeed him. The Board also welcomed Jeffrey W. Kip, CEO of Angi International, to fill the vacancy left by Dunlaevy's retirement, appointing him as an Audit Committee Financial Expert. The leadership transition is aimed at strengthening governance and enhancing the company’s strategic transformation plan, with a strong focus on community commitment.

Berkshire Hills Bancorp (NYSE: BHLB) has entered a definitive agreement to sell its subsidiary Berkshire Insurance Group (BIG) to Brown & Brown (NYSE: BRO) of Massachusetts. This transaction is part of Berkshire's strategic transformation plan aimed at simplifying operations and reallocating resources. The deal is expected to close in Q3 2021, with a projected net gain of $0.55 per share on a GAAP basis. However, Berkshire anticipates a decrease of $0.02 in earnings per share for the second half of 2021 due to this sale.

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.