Published on 25 Jan 2024 on GuruFocus.com via Yahoo Finance
Berkshire Hills Bancorp Inc Reports Mixed Q4 Results and Announces Share Buyback
Net Loss: Reported a net loss of $1.4 million for Q4 2023.Operating Earnings: Operating earnings stood at $20.2 million for the quarter.Net Interest Income: Non-FTE net interest income was $88.4 million for Q4 2023.Share Repurchase Authorization: Announced a $40 million share repurchase authorization.Asset Quality: Net loan charge-offs to average loans were 0.20% for Q4 2023.Capital Ratios: Common equity Tier 1 ratio remained healthy at 12.0% at year-end.
Warning! GuruFocus has detected 1 Warning Sign with BHLB.
Berkshire Hills Bancorp Inc (NYSE:BHLB) released its 8-K filing on January 25, 2024, revealing a mixed financial performance for the fourth quarter of 2023. The company, a holding entity for Berkshire Bank, which provides a range of deposit, lending, investment, wealth management, and insurance services, faced a net loss of $1.4 million, or $0.03 per share, compared to a net income of $30.5 million, or $0.69 per share, in the same quarter of the previous year. Despite the downturn, BHLB announced a $40 million share repurchase authorization, signaling confidence in its financial stability and commitment to shareholder value.