Berkshire Hills Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 20, 2023 at 07:30 am
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Berkshire Hills Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 90.33 million compared to USD 92.08 million a year ago. Net income was USD 19.55 million compared to USD 18.72 million a year ago. Basic earnings per share from continuing operations was USD 0.45 compared to USD 0.42 a year ago. Diluted earnings per share from continuing operations was USD 0.45 compared to USD 0.42 a year ago.
For the nine months, net interest income was USD 280.63 million compared to USD 242.51 million a year ago. Net income was USD 71.04 million compared to USD 62.03 million a year ago. Basic earnings per share from continuing operations was USD 1.64 compared to USD 1.35 a year ago. Diluted earnings per share from continuing operations was USD 1.63 compared to USD 1.34 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.