Last $24.64 USD
Change Today -0.16 / -0.65%
Volume 1.5K
BHLB On Other Exchanges
New York
As of 9:50 AM 08/22/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

24 North Street

Pittsfield, MA 01201

United States

Phone: 413-443-5601


Berkshire Hills Bancorp, Inc. operates as the holding company for Berkshire Bank (the bank) and Berkshire Insurance Group, Inc. (BIG) that provide retail and commercial banking, along with wealth management and investment services. The bank operates under the brand America’s Most Exciting Bank. The bank has 75 full-service banking offices and 10 lending offices in its New England and upstate New York footprint. The bank’s operations also include mortgage operations from Greenpark Mortgage Corporation that acquired in 2012. The company offers a range of deposit, lending, insurance, and wealth management products to retail, commercial, not-for-profit, and municipal customers in its market areas. The company’s product offerings also include retail and commercial electronic banking, commercial cash management, and commercial interest rate swaps. Lending Activities Residential Mortgages: The bank offers fixed-rate and adjustable-rate residential mortgage loans with maturities of approximately 30 years that are amortizing with monthly loan payments. Residential mortgages are underwritten according to the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Association (Freddie Mac) guidelines for loans they designate as ‘A’ or ‘A-’ (these are referred to as ‘conforming loans’). The bank sells majority of its newly originated fixed rate mortgages. The bank is approved as a direct seller to Fannie Mae, retaining the servicing rights. Beginning in 2012, the bank sold the majority of its mortgages to national institutional secondary market investors on a servicing released basis. Sales of mortgages involve customary representations and warranties and are nonrecourse in the event of borrower default. The bank is also an approved originator of loans for sale to the Federal Housing Administration (FHA), U.S. Department of Veteran Affairs (VA), and state housing agency programs. The bank offers adjustable rate (ARM) mortgages, which do not contain interest-only or negative amortization features. Commercial Mortgages: The bank originates commercial mortgages on properties used for business purposes, such as small office buildings, industrial, healthcare, lodging, recreation, or retail facilities. This portfolio also includes commercial 1-4 family and multifamily properties. Loans might be made with amortizations of approximately 25 years and with interest rates that adjust periodically (primarily from short-term to 5 years). The bank originates construction loans to builders and commercial borrowers in and around its markets. Construction loans finance the acquisition and/or improvement of commercial and residential properties. Commercial Business Loans: The bank offers secured commercial term loans with repayment terms, which are limited to the expected useful life of the asset being financed, not exceeding seven years. The bank also offers revolving loans, lines of credit, letters of credit, time notes, and Small Business Administration guaranteed loans. Commercial business loans are secured by various collateral, such as accounts receivable, inventory and equipment, and are supported by personal guarantees. Consumer Loans: The bank’s consumer loans consist principally of home equity lines of credit, together with second mortgage loans and automobile loans. The bank’s home equity lines of credit are secured by first or second mortgages on borrowers’ residences. Home equity lines have an initial revolving period approximately 15 years, followed by an amortizing term approximately 20 years. These loans are normally indexed to the prime rate. Home equity loans also include amortizing fixed-rate second mortgages with terms approximately 15 years. The bank also includes all other consumer loans in this portfolio total, including personal secured and unsecured loans and overdraft protection facilities. Investment Securities Activities As of December 31, 2012, the company’s investment portfolio included municipal bonds and obligations; mortgage-backed securities; other bonds and obligations; and marketable equity securities. Deposits The bank serves personal, commercial, non-pr

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Valuation BHLB Industry Range
Price/Earnings 21.3x
Price/Sales 2.9x
Price/Book 0.9x
Price/Cash Flow 21.5x
TEV/Sales NM Not Meaningful

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