Berkshire Hills Bancorp Reports Positive Q4 Earnings, Exceeding Expectations
PITTSFIELD, Mass.--(BUSINESS WIRE)--Berkshire Hills Bancorp Inc. (NYSE: BHLB) today announced its financial results for the fourth quarter ended December 31, 2023.
Fourth Quarter Highlights
* Net income: $19.7 million
* Earnings per share: $0.46
* Adjusted earnings per share (non-GAAP): $0.60
* Revenue: $173.9 million
* Adjusted revenue: $110 million
Full Year 2023 Results
* Net income: $61 million
* Earnings per share: $1.43
* Revenue: $400 million
Analyst Expectations
The company's fourth-quarter results surpassed analysts' estimates. Zacks Investment Research surveyed three analysts, with an average earnings forecast of $0.54 per share.
Stock Performance and Outlook
Berkshire Hills shares have experienced a slight increase year-to-date and a 14% gain over the past 12 months. The company remains optimistic about its prospects for continued growth and profitability in the future.