Enhances efficiency and profitability of the overall branch network Strengthens focus in core New York markets Combined branch and securities sale is neutral to full year 2024 earnings outlook BOSTON, March 4, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) announced today that its wholly owned subsidiary Berkshire Bank has entered into definitive agreements with three buyers to sell 10 of its upstate and eastern New York branches, consisting of eight offices in Albany, Saratoga, Schenecta ...

Loan Portfolio - The total loan portfolio amounts to $9,039.686 million, with significant segments including Commercial Real Estate Non-Owner Occupied at $2,606.409 million and Residential Real Estate at $2,760.312 million [167]. - The Bank's allowance for credit losses on loans is $105.357 million, with the highest allocation to Commercial Real Estate Non-Owner Occupied at $38.221 million, representing 28.8% of that loan category [175]. - The Bank's construction loans have a maximum loan-to-value limit of 85%, with a focus on mitigating credit risk through presale or preleasing requirements [161]. Credit Risk Management - The Bank's commercial real estate portfolio is under close monitoring, particularly for loans maturing in the next five years, focusing on debt service coverage and lease expirations [169]. - The Company has heightened monitoring of its 25 largest borrower relationships, particularly in the commercial real estate sector, adhering to federal regulatory guidelines [170]. - In 2023, the net charge-offs to average loans for Commercial and Industrial loans was 0.17%, while for Consumer Other loans it was 0.10% [173]. Interest Rate Sensitivity - The Company aims to support net interest margin and net interest income over entire interest rate cycles, managing interest rate risk through simulations of net interest income and equity at risk [865]. - The Bank's commercial and industrial loans are commonly structured as variable rate loans, making them sensitive to the rising interest rate environment [163]. Mortgage Originations - The majority of residential mortgages originated in 2022 were jumbo mortgages, exceeding government-sponsored enterprise guidelines [165]. - The Bank is a preferred SBA lender, with its 44 Business Capital team being one of the top 20 bank originators of SBA 7A loans in the U.S. [164].

BOSTON, Feb. 12, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today announced that its Annual Meeting of Shareholders will be held at 10:00 am on Thursday, May 16, 2024 at Berkshire Bank's offices at 99 North Street, Pittsfield, Massachusetts.  The date of March 21, 2024 has been established as the record date for the determination of shareholders entitled to notice of, and to vote at, the Annual Meeting. The agenda for the Annual Meeting will include proposals related to director electio ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Berkshire Hills Bancorp, Inc. (BHLB) is a bank holding company. The Zacks Consensus Estimate for its current year earnings has been revised 3.4% downward over the last 60 days.Blackstone Inc. (BX) is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions. The Zacks Consensus Estimate for its current year earnings has been revised 7.5% downward over the last 60 days.CNX Resources Corporat ...

Financial Data and Key Metrics Changes - Operating net income for Q4 2023 was $20.2 million, with operating EPS of $0.47, a decline of 6% linked quarter primarily due to a decrease in net interest income [8][31] - Full year 2023 EPS was $2.14, down 2% year-over-year [8] - Net interest margin decreased to 3.11%, down 7 basis points linked quarter, and net interest income declined by $1.9 million or 2% [13][32] - Average loan balances increased by 11% year-over-year but were up less than 1% linked quarter due to lower loan demand [3][14] Business Line Data and Key Metrics Changes - Average deposits increased by $306 million or 3% linked quarter, driven by growth in money market and time deposits [18] - Operating non-interest income was $16.7 million, down 5% linked quarter, with several fee line items below historic quarterly run rates [13][19] - Average loans increased by $38 million linked quarter, with growth in commercial real estate and residential loans, while C&I and consumer loans declined [16] Market Data and Key Metrics Changes - The liquidity position remains robust, with available liquidity coverage of core uninsured deposits at 146% [3] - Non-interest-bearing deposits as a percentage of total deposits decreased to 25% in Q4 from 26% in Q3 [18] - Cumulative total deposit beta was 37% through 525 basis points of Fed tightening [18] Company Strategy and Development Direction - The company aims for expense optimization, deposit growth, and credit management as top priorities for 2024 [2] - Strategic focus includes optimizing the real estate and branch network, with plans to consolidate branches and exit non-strategic office spaces [30] - The company is committed to self-funding investments that support its vision of being a high-performing, relationship-focused community bank [2][30] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a challenging operating environment due to historic increases in interest rates but remains focused on controlling internal factors [35][36] - There is optimism about future deposit growth and the potential for a more normalized banking environment in 2024 and 2025 [36] - The management emphasizes the importance of maintaining revenue generation capabilities while managing expenses [51][66] Other Important Information - The company incurred a severance charge of $3.7 million related to workforce reduction [2][144] - The Board has authorized a new share repurchase program of $40 million for 2024, with plans to continue opportunistic repurchases [24][44] - The company’s ESG score remains in the top quartile nationally, and it was recognized as one of the best regional banks [11] Q&A Session Summary Question: Can you elaborate on the impact of the repositioning on NII and margin? - The security sale occurred late in December and had no significant impact on Q4 margin, which was reported at 3.11% [51] Question: Are there any additional efficiency actions assumed in the expense guidance? - The company had a modest workforce reduction and is focused on targeted expense management as the year progresses [63][66] Question: What is the intrinsic value of the company? - The management believes the stock is undervalued and sees significant growth potential in the Eastern Massachusetts market [76] Question: How do you view the branch rationalization process? - The company plans to continue consolidating branches and optimizing its footprint based on customer service needs [112] Question: What are the plans for cannabis-related services? - Currently, the company is only providing deposit services related to cannabis, with deposit balances under $10 million [117]

Rate environment weighed on earnings1 3 4,385 4,469 1,436 84 38 1,367 2,618 2,656 513 498 3Q23 CRE C&I Resi Consumer 4Q23 8,952 -69 -15 8,990 +38 (+0.4%) CRE C&I Resi Consumer QoQ Accordingly, you should not place undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Berkshire does not undertake any obligation to update forward-looking statements. | --- | --- | --- | --- | |----------------|--------------------------------------------------------- ...

Berkshire Hills Bancorp (BHLB) reported $125.48 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 6.6%. EPS of $0.47 for the same period compares to $0.64 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $109.05 million, representing a surprise of +15.07%. The company delivered an EPS surprise of -6.00%, with the consensus EPS estimate being $0.50.While investors closely watch year-over-year changes in headline numbers -- revenue and ...

Announces $40 Million Share Repurchase Authorization Fourth quarter loss of $1 million, ($0.03) per share; operating income of $20 million, $0.47 per share $267 million securities sale resulting in $25.1 million pre-tax non-operating loss Net loan charge-offs and non-performing assets decreased 18% linked quarter TCE ratio of 8.0% and CET1 ratio of 12.0% Tangible book value per share of $22.82, up $1.57, or 7%, in the quarter BOSTON, Jan. 25, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) ...

In its upcoming report, Berkshire Hills Bancorp (BHLB) is predicted by Wall Street analysts to post quarterly earnings of $0.50 per share, reflecting a decline of 21.9% compared to the same period last year. Revenues are forecasted to be $109.05 million, representing a year-over-year decrease of 7.4%.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ahead o ...

BOSTON, Jan. 12, 2024 /PRNewswire/ -- The Berkshire Hills Bancorp, Inc. (NYSE: BHLB) fourth quarter 2023 earnings release and conference call are scheduled as follows:Earnings Release: Thursday, January 25, 2024, at approximately 7:30 a.m. (Eastern)Conference Call: Thursday, January 25, 2024, at 9:00 a.m. (Eastern)Webcast (listen-only): Register at: https://events.q4inc.com/attendee/627795005Dial-in Number: Toll Free: 888-259-6580; Conference ID: 33077376Webcast Replay: https://ir.berkshirebank.com (for the ...