Berkshire Hills Bancorp Inc Stock Price, News & Analysis

Berkshire Hills Bancorp (NYSE: BHLB) and Brookline Bancorp (NASDAQ: BRKL) have announced a merger of equals valued at approximately $1.1 billion. The all-stock transaction will create a $24 billion asset franchise with 148 branch offices across the Northeast. Brookline shareholders will receive 0.42 shares of Berkshire common stock for each Brookline share.

The combined entity will be supported by a $100 million capital raise through Berkshire common stock issuance at $29.00 per share. Post-merger, Berkshire shareholders will own 51%, Brookline shareholders 45%, and new investors 4%. The merger is expected to close by the end of H2 2025, subject to regulatory and shareholder approvals.

The combined company will operate under a new name and ticker symbol on the NYSE, with executive headquarters in Boston. The leadership structure will include equal board representation and a regional banking model with six divisions.

Berkshire Hills Bancorp (NYSE: BHLB) has declared a quarterly cash dividend of $0.18 per common share. The dividend will be paid on November 27, 2024, to shareholders of record as of November 14, 2024. This announcement follows the Board of Directors' approval of the quarterly shareholder distribution.

Berkshire Hills Bancorp (NYSE: BHLB) reported strong Q3 2024 results with net income of $37.5 million, or $0.88 per share, including a $16 million non-operating gain from branch sales. Operating EPS reached $0.58, up 5% quarter-over-quarter and 16% year-over-year. The company completed the sale of ten branch offices, reducing total branches by 14% to 83 offices. Operating revenue grew 1% linked quarter, while net interest margin slightly decreased to 3.16%. The company's balance sheet was strengthened through the sale of $46.5 million in consumer loans, and capital position improved with tangible common equity ratio rising to 9.1% from 8.2%.

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) has announced its schedule for the third quarter 2024 earnings release and conference call. The earnings release is set for October 24, 2024, at approximately 7:30 a.m. (Eastern). The conference call will follow on the same day at 9:00 a.m. (Eastern).

Investors can access the webcast through a provided link or join via phone using the toll-free number 800-549-8228 with Conference ID 47447. A webcast replay will be available on the company's investor relations website, and a telephone replay can be accessed using the toll-free number 888-660-6264 with passcode 47447 #.

Investor presentation materials will be made available prior to the conference call on the company's investor relations website. Participants are advised to join a few minutes before the scheduled start time, with listen-only participants encouraged to use the webcast link where practical.

Berkshire Hills Bancorp (NYSE: BHLB) has announced a quarterly cash dividend of $0.18 per common share. The dividend will be paid on October 10, 2024, to shareholders of record at the close of business on September 30, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders and reflects its current financial stability. The consistent dividend payout may be viewed positively by income-focused investors, potentially supporting the stock's appeal in the market.

Arrow Financial (NasdaqGS® - AROW) has completed the acquisition of the Whitehall, New York branch from Berkshire Bank. The transaction, which closed on August 2, 2024, included:

• Deposit accounts with an approximate balance of $37.5 million
• Loans with an approximate balance of $3 million
• The branch premises and substantially all related property and equipment

This strategic move expands Glens Falls National Bank's presence in Washington County to nine branches. All on-site employees of the Whitehall branch have been retained. The acquisition aligns with Arrow's commitment to broadening its presence, enhancing offerings, and increasing shareholder value.

Berkshire Hills Bancorp (NYSE: BHLB) reported solid Q2 2024 results with net income of $24.0 million, or $0.57 per share. Operating EPS increased 12% to $0.55, driven by 3% growth in operating revenue and a 2% decrease in operating expenses. Key highlights include:

- Net interest margin improved to 3.20%, up 5 basis points
- Net loan charge-offs were low at 7 basis points annualized
- Loan growth of $143 million, primarily in commercial loans
- Efficiency ratio improved to 63.4% from 66.3%
- Tangible book value per share increased to $23.18

The company completed the consolidation of three branch offices and remains on track to conclude the sale of ten offices in H2 2024. Berkshire also bolstered its cash management and government banking capabilities through promotions and new hires.

Berkshire Hills Bancorp (NYSE: BHLB) has announced its second quarter 2024 earnings release and conference call schedule.

The earnings release will be published on July 18, 2024, at approximately 7:30 a.m. (Eastern Time). This will be followed by a conference call at 9:00 a.m. on the same day.

Interested parties can listen to the live webcast by registering at https://events.q4inc.com/attendee/633018241 or dial in toll-free at 800-549-8228 using Conference ID 27778. A webcast replay will be available at https://ir.berkshirebank.com, and a telephone replay can be accessed using toll-free number 888-660-6264 with the passcode 27778#.

Investor presentation materials will be made available before the conference call at ir.berkshirebank.com. Participants are encouraged to join a few minutes before the scheduled start time.

Berkshire Hills Bancorp (NYSE: BHLB) has declared a quarterly cash dividend of $0.18 per common share. The dividend is payable on June 28, 2024, to shareholders on record as of June 20, 2024. This announcement reflects the bank's ongoing commitment to returning value to its shareholders.