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Berkshire Hills Bancorp (BHLB) in Pittsfield, Mass., has given Michael Daly, its president and chief executive, the added title of chairman.
December 18 -
Berkshire Hills Bancorp in Pittsfield, Mass., is planning a comprehensive review designed to reduce core operating costs.
July 25 -
Berkshire Hills Bancorp in Pittsfield, Mass., and Community Bank System in DeWitt, N.Y., have struck deals to buy branches from Bank of America.
July 24
Berkshire Hills Bancorp (BHLB) in Pittsfield, Mass., recorded a decline in quarterly earnings despite improvement in its interest margin.
The $5.5 billion-asset company earned $8.1 million in the third quarter, a 20% decline from the third quarter of 2012, it announced Monday. But per-share earnings of 43 cents were 2 cents higher than the average estimate of analysts polled by Bloomberg.
Berkshire Hills' net interest income increased by 27%, to $45.9 million, as its net interest margin widened by 43 basis points, to 3.93%. Noninterest income dropped by 15%, to $12.1 million, as mortgage banking fees fell to $444,000 from $4.3 million.
Berkshire Hills's provision for loan losses increased by 27%, to $3.2 million, and its net chargeoffs rose by 40%, to $3.2 million.
Its noninterest expenses increased by 33%, to $42.8 million. Compensations costs rose 16%, to $18.5 million, and the company recorded $6.5 million in merger-related and one-time costs, up from $2.2 million. The bank agreed in July to
In July, Berkshire Hills announced that it would seek to reduce costs through a
