Berkshire Hills Bancorp Inc (N:BHLB)
Business Focus: Retail & Mortgage Banks
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 60 State Street, 38Th Floor BOSTON MA 2109 |
| Tel: | 1-617-6419206 |
| Website: | https://ir.berkshirebank.com |
| IR: | See website |
| Key People | ||
| Nitin J. Mhatre President, Chief Executive Officer, Director | Sumant Pustake Executive Vice President, Chief Transformation & Strategy Officer | David Rosato Chief Financial Officer, Senior Executive Vice President |
| Sean A. Gray Senior Executive Vice President, Chief Operating Officer; President of Berkshire Bank | Ashlee Flores Executive Vice President, Chief Compliance Officer | James Brown Senior Executive Vice President, Head of Commercial Banking |
| Jacqueline Courtwright Senior Executive Vice President; Chief Human Resources and Culture Officer of Berkshire Bank | Philip Jurgeleit Executive Vice President, Chief Credit Officer | Gregory D. Lindenmuth Senior Executive Vice President; Chief Risk Officer of Berkshire Bank | Andrew Plumridge Executive Vice President, Chief Internal Audit Officer |
| Business Overview |
| Berkshire Hills Bancorp, Inc. is a holding company for Berkshire Bank (the Bank). The Bank provides commercial banking, retail banking, consumer lending, private banking and wealth management services. The Bank provides various loans, including commercial real estate, commercial and industrial loans, residential mortgages and consumer loans. The Bank originates commercial real estate loans on properties used for business purposes, such as retail, multifamily, office, healthcare, hospitality, industrial and manufacturing facilities. The Bank is engaged in prime home equity lending, following its conforming mortgage underwriting guidelines with streamlined verifications and documentation. The Bank offers fixed-rate and adjustable-rate residential mortgage loans. The Company's Wealth Management Group provides consultative investment management, trust administration, and financial planning to individuals, businesses, and institutions, with an emphasis on personal investment management. |
| Financial Overview |
| For the three months ended 31 March 2024, Berkshire Hills Bancorp Inc interest income increased 15% to $152M. Net interest income after loan loss provision decreased 7% to $82.1M. Net loss totaled $20.2M vs. income of $27.6M. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities. Net loss reflects Deposits increase from $26.1M to $56.9M (expense). |
| Employees: | 1,340 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $1,029M as of Mar 31, 2024 |
| Annual revenue (TTM): | $595.99M as of Mar 31, 2024 |
| EBITDA (TTM): | $88.20M as of Mar 31, 2024 |
| Net annual income (TTM): | $21.77M as of Mar 31, 2024 |
| Free cash flow (TTM): | $98.02M as of Mar 31, 2024 |
| Net Debt Last Fiscal Year: | $10.68M as of Mar 31, 2024 |
| Shares outstanding: | 43,292,906 as of May 8, 2024 |
| Index Membership: | S&P 600 Small Cap |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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