Last $24.59 USD
Change Today -0.36 / -1.44%
Volume 54.5K
BHLB On Other Exchanges
Symbol
Exchange
New York
As of 2:02 PM 09/19/14 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

Fax:

Berkshire Hills Bancorp, Inc. operates as the holding company for Berkshire Bank (the bank) and Berkshire Insurance Group, Inc. that provide retail and commercial banking, along with wealth management and investment services. The company has 92 full-service banking offices in its New England and upstate New York footprint, which extends along Interstate 90 from Boston to Syracuse, and along Interstate 91 from Hartford into Vermont. The company also has commercial and retail lending offices located in Eastern Massachusetts. The company’s operations include Rome Bancorp, Inc.; Legacy Bancorp, Inc.; The Connecticut Bank and Trust Company; and Beacon Federal Bancorp, Inc. Its operations also include mortgage operations from Greenpark Mortgage Corporation. The company acquired 20 branches in Central New York from Bank of America in January 2014. Residential Mortgages The company offers fixed-rate and adjustable-rate residential mortgage loans with maturities of up to 30 years that are fully amortizing with monthly loan payments. The company generally sells most of its newly originated fixed rate mortgages. The company is also an approved originator of loans for sale to the Federal Housing Administration, U.S. Department of Veteran Affairs, and state housing agency programs. The company offers adjustable rate mortgages. It also originates loans to individuals for the construction and acquisition of personal residences. Commercial Mortgages The company 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. The company offers interest rate swaps to certain larger commercial mortgage borrowers. It 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. The company commits to provide the permanent mortgage financing on most of its construction loans on income-producing property. Commercial Business Loans: The company offers secured commercial term loans with repayment terms, which are normally limited to the expected useful life of the asset being financed, generally not exceeding seven years. It also offers revolving loans, lines of credit, letters of credit, time notes and Small Business Administration guaranteed loans. Business lines of credit have adjustable rates of interest and are payable on demand, subject to annual review and renewal. Consumer Loans: The company’s consumer loans consist principally of home equity lines of credit, together with second mortgage loans and automobile loans. Its home equity lines of credit are typically secured by first or second mortgages on borrowers’ residences. It also includes all other consumer loans in this portfolio total, including personal secured and unsecured loans and overdraft protection facilities. Investment Portfolio As of December 31, 2013, the company’s investment portfolio included municipal bonds and obligations; mortgage-backed securities; other bonds and obligations; and marketable equity securities. Deposits The company serves personal, commercial, non-profit, and municipal deposit customers. Most of its deposits are generated from the areas surrounding its branch offices. The company offers various deposit accounts with a range of interest rates and terms. Its deposit accounts consist of interest-bearing checking, noninterest-bearing checking, regular savings, money market savings and time certificates of deposit. The company emphasizes its transaction deposits — checking and NOW accounts for personal accounts and checking accounts promoted to businesses. The company offers various retirement deposit accounts to personal and business customers. The company offers 100% insurance on all deposits as a result of a combination of insurance from the Federal Deposit Insurance Corporation (FDIC) and the Massachusetts Depositors Insurance Fund, a mutual insurance fund sponsored by Massachusetts-chartered

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Industry Analysis

BHLB

Industry Average

Valuation BHLB Industry Range
Price/Earnings 21.4x
Price/Sales 2.9x
Price/Book 0.9x
Price/Cash Flow 21.7x
TEV/Sales NM Not Meaningful
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