Berkshire Hills Bancorp, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
January 25, 2024 at 07:30 am EST
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Berkshire Hills Bancorp, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported net interest income was USD 88.42 million compared to USD 102.09 million a year ago. Net loss was USD 1.45 million compared to net income of USD 30.51 million a year ago. Basic loss per share from continuing operations was USD 0.03 compared to basic earnings per share from continuing operations of USD 0.69 a year ago. Diluted loss per share from continuing operations was USD 0.03 compared to diluted earnings per share from continuing operations of USD 0.69 a year ago.
For the full year, net interest income was USD 369.05 million compared to USD 344.6 million a year ago. Net income was USD 69.6 million compared to USD 92.53 million a year ago. Basic earnings per share from continuing operations was USD 1.61 compared to USD 2.03 a year ago. Diluted earnings per share from continuing operations was USD 1.6 compared to USD 2.02 a year ago.
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.