Berkshire Hills Bancorp, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2020
January 26, 2021 at 02:45 am IST
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Berkshire Hills Bancorp, Inc. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2020. For the quarter, Net interest income from continuing operations was $75,709,000 against $91,333,000 reported a year ago. Net income from continuing operations was $18,899,000 against $32,636,000 reported a year ago. Net income was $15,009,000 against $25,751,000 reported a year ago. Basic and diluted eps from continuing operation was $0.38 against $0.65 reported a year ago. Basic and diluted eps was $0.30 against $0.51 reported a year ago.
For the full year, Net interest income from continuing operations was $316,782,000 against $365,258,000 reported a year ago. Net loss from continuing operations was $513,175,000 against income of $101,521,000 reported a year ago. Net loss was $533,017,000 against income of $97,450,000 reported a year ago. Basic and diluted lps from continuing operation was $10.21 against earnings of $2.06 basic and $2.05 diluted reported a year ago. Basic and diluted eps was $10.60 against earnings of $1.98 basic and $1.97 diluted reported 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.