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 | Philip Jurgeleit Executive Vice President, Chief Credit 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 | George F. Bacigalupo Executive Vice President, Director - Commercial / Enterprise Sales Management |
| Lucia Bellomia Senior Executive Vice President, Head of Retail Banking of Berkshire Bank | James Brown Senior Executive Vice President, Head of Commercial Banking | Jennifer M. Carmichael Executive Vice President, Chief Internal Audit Officer of Berkshire Bank | Jacqueline Courtwright Senior Executive Vice President; Chief Human Resources and Culture Officer of Berkshire Bank |
| 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 fiscal year ended 31 December 2023, Berkshire Hills Bancorp Inc interest income increased 49% to $576.3M. Net interest income after loan loss provision increased 1% to $337M. Net income decreased 25% to $69.6M. Net interest income after loan loss provision reflects Net Interest Margin, Total -% increase of less than 1% to 3.27%, Loans increase of 53% to $512.5M, Securities and other increase of 23% to $63.8M. |
| Employees: | 1,340 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $889.41M as of Dec 31, 2023 |
| Annual revenue (TTM): | $576.30M as of Dec 31, 2023 |
| EBITDA (TTM): | $146.19M as of Dec 31, 2023 |
| Net annual income (TTM): | $69.60M as of Dec 31, 2023 |
| Free cash flow (TTM): | $123.63M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | N/A |
| Shares outstanding: | 43,463,525 as of Mar 21, 2024 |
| Index Membership: | S&P 600 Small Cap |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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