Berkshire Hills, Bancorp, Inc. (NYSE: BHLB) (“the company”) is the financial holding company for primary subsidiary, Berkshire Bank (est. 1846) (“the bank”). Headquartered in Boston, MA, BHLB primarily operates in the Southern New England region, offering traditional retail and commercial banking solutions.
BHLB has been engaged in a multi-year strategy shift that has included the right sizing of the balance sheet, exiting of less profitable business lines, and gaining efficiencies through various branch sales or consolidations. Through this initiative, BHLB expects to improve the long-term profitability of the company, becoming a high-performing, relationship-driven, community-focused bank.
Recent loan growth has been primarily driven by 1-4 family lending, which comprised 33% of total loans at 1Q24. The C&D portfolio (7% of total loans) was largely comprised of multi-family and residential construction loans. C&I loans totaled…
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