Berkshire Hills Bancorp Inc Stock Price, News & Analysis

Berkshire Hills Bancorp (NYSE: BHLB) announced a $50 million share repurchase program aimed at buying back approximately 4% of its outstanding shares by December 31, 2023. CEO Nitin Mhatre highlighted the company’s strong balance sheet and capital ratios, which exceed regulatory requirements for well-capitalized banks. The initiative follows a 50% increase in the quarterly dividend, from $0.12 to $0.18 per share. This program reflects the company’s balanced approach to deploying capital and commitment to improving shareholder returns under its strategic transformation plan.

Berkshire Hills Bancorp, Inc. (NYSE: BHLB) has appointed James 'Jim' Brown as the Senior Executive Vice President and Head of Commercial Banking, and Philip Jurgeleit as Executive Vice President and Chief Credit Officer as of January 17, 2023. Brown, who has over 30 years of experience, will lead commercial banking operations, replacing George Bacigalupo, who will retire in December 2023. Jurgeleit, bringing 30 years of credit expertise, will oversee credit underwriting and policies, succeeding Georgia Melas. Both executives aim to support Berkshire's Exciting Strategic Transformation (BEST) program, enhancing performance and customer experience.

Berkshire Hills Bancorp (BHLB) will release its fourth quarter earnings on January 26, 2023, before market open. An investor presentation will also be available on their website. The company is set to conduct a conference call at 10:00 AM ET on the same day to discuss quarterly results and future guidance. Participants can pre-register for the call to receive dial-in instructions. Berkshire Hills Bancorp is headquartered in Boston and manages approximately $11.3 billion in assets across various states.

KBRA has published its third-quarter 2022 U.S. Bank Compendium and 2023 Sector Outlook, analyzing results for U.S. banks. The report acknowledges the resilience of rated banks amid tightening economic conditions, citing improved capital profiles and higher loss buffers. Despite economic uncertainties, the report maintains a Stable Outlook for the U.S. banking industry. Key metrics, trends, and the top performing banks based on deposit costs and reserves are discussed. The Compendium also includes a quarterly ESG Bulletin featuring Berkshire Hills Bancorp, Inc. (BHLB).

Berkshire Hills Bancorp (BHLB) celebrated its tenth anniversary on the NYSE by ringing the opening bell on November 9, 2022. CEO Nitin Mhatre highlighted the bank's strong financial performance, a 50% increase in quarterly dividends, and its top quartile ranking in ESG performance. The bank has approximately 45 million outstanding shares with a market cap of around $1.3 billion. Mhatre noted the progress in their BEST program and their commitment to socially responsible banking across New England and Upstate New York.

Berkshire Hills Bancorp (NYSE: BHLB) announced a quarterly cash dividend of $0.18 per share, a 50% increase from the previous $0.12, for shareholders of record by November 17, 2022. The dividend is payable on December 1, 2022. CEO Nitin Mhatre emphasized that this decision aligns with the company’s BEST strategic plan aimed at enhancing shareholder returns. With earnings up 62% since early 2021, the dividend yield is approximately 2.6% based on the closing price of $27.44 as of November 3, 2022.

Berkshire Hills Bancorp (BHLB) reported Q3 2022 earnings per share (EPS) of $0.42, down from $0.50 in Q2 due to $11 million in restructuring costs. However, adjusted EPS rose 21% to $0.62. Net interest income jumped 13% quarter-over-quarter, supported by a 37 basis point increase in net interest margin to 3.48% amid rising interest rates. The efficiency ratio improved to 62%. Year-over-year, GAAP EPS decreased from $1.31, primarily due to prior gains from asset sales. The bank's strategic initiatives are delivering positive operating leverage and growth.

Berkshire Hills Bancorp (NYSE: BHLB) announced the resignation of Chief Financial Officer Subhadeep Basu, effective October 7, 2022, for personal reasons. Brett Brbovic, previously Senior Vice President and Chief Accounting Officer, has been appointed as Interim CFO. The company has retained Spencer Stuart for a national CFO search. Despite this leadership change, CEO Nitin Mhatre confirmed that there are no updates to the 2022 financial guidance and that they look forward to releasing the third quarter results on October 20, 2022.

Berkshire Hills Bancorp (NYSE: BHLB) will release its third quarter earnings on October 20, 2022, before market opening. An investor presentation will accompany the release on its website. A conference call is scheduled for 10:00 a.m. ET the same day to discuss the results and provide future guidance. Participants can pre-register for the call to receive dial-in instructions. Berkshire Hills Bancorp operates with approximately $11.6 billion in assets and focuses on community banking in New England and Upstate New York.