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Berkshire Hills Bancorp reports bank holding company developments for BHLB, including quarterly earnings, common-stock dividends, and operating metrics tied to net interest income, net interest margin, loans, deposits, expenses, and credit quality. Company updates also address capital-structure actions, material agreements, shareholder voting matters, and governance disclosures connected to its public-company status.
Berkshire Hills Bancorp (NYSE: BHLB) announced a cash dividend of $0.12 per share for common stockholders, effective for shareholders on record by September 22, 2020, with payment on September 30, 2020. The preferred stock dividend is set at $0.24 per share. Due to the impact of COVID-19, both dividends are reduced by 50%. Acting CEO Sean Gray stated that this decision aligns them with industry peers and preserves capital for future distribution increases as conditions improve.
Berkshire Hills Bancorp (NYSE: BHLB) announced the resignation of Richard M. Marotta as President and CEO to pursue new opportunities, effective Aug. 10, 2020. The Board appointed Sean A. Gray, the current Senior Executive Vice President, as Acting President and CEO. A search for a permanent CEO will commence, with Gray as a candidate. Marotta’s tenure saw the bank's assets double to $13.1 billion, and he implemented significant community-focused initiatives. The leadership transition aims to leverage Gray's deep knowledge of the bank and maintain its commitment to corporate responsibility.
Berkshire Hills Bancorp reported a second quarter net loss of $549 million, or $10.93 per share, mainly due to a $554 million non-cash goodwill impairment charge and a $30 million provision for credit losses related to COVID-19 impacts. Despite these charges, the company maintained strong liquidity and regulatory capital ratios, with total deposits increasing by $704 million to $10.8 billion. Core earnings showed a loss of $6 million, and the bank's loans to deposits ratio improved to 87%. The bank's ongoing transformation into a community-focused institution remains a priority.
Berkshire Hills Bancorp (NYSE: BHLB) will announce its Q2 2020 earnings on July 29, 2020, after market close. A conference call to discuss the financial results and provide future guidance is scheduled for July 30, 2020, at 10:00 a.m. ET. Participants can pre-register for the call to receive dial-in instructions. Berkshire Hills Bancorp operates 130 banking offices across seven Northeastern states, holding approximately $13.1 billion in assets. This earnings release may influence investor sentiment regarding the bank's performance.
Berkshire Hills Bancorp (NYSE: BHLB) announced a quarterly cash dividend of $0.24 per common share for shareholders of record on June 29, 2020, payable on July 6, 2020. Additionally, a cash dividend of $0.48 per preferred share was approved for the same dates. Headquartered in Boston, the company manages approximately $13.2 billion in assets and operates 130 banking offices across seven Northeastern states. The bank focuses on community-driven performance and offers a range of financial services.