Profile: Berkshire Hills Bancorp Inc (BHLB.N)
24 May 2019
Berkshire Hills Bancorp, Inc. (Berkshire), incorporated on January 10, 2000, is a holding company for Berkshire Bank (the Bank) and Berkshire Insurance Group. Berkshire offers a range of deposit, lending, insurance and wealth management products to retail, commercial, not-for-profit and municipal customers in its market areas. Berkshire product offerings also include retail and commercial electronic banking, commercial cash management and commercial interest rate swaps. The Bank has commercial and retail lending offices located in Eastern Massachusetts. As of October 16, 2017, the Bank had 113 full service branch offices in Massachusetts, New York, Connecticut, Vermont, New Jersey and Pennsylvania.
The Bank's loan portfolio consists of commercial loans, which include residential mortgages, commercial real estate, commercial and industrial loans, and consumer loans. Berkshire's loan products are available through Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), government insured and state programs. The Bank originates commercial real estate loans on properties used for business purposes, such as small office buildings, industrial, healthcare, lodging, recreation, or retail facilities. The Bank originates construction loans to builders and commercial borrowers in and around its markets. The Bank also offers revolving loans, lines of credit, letters of credit, time notes and small business administration guaranteed loans.
The Bank's consumer loans consist of home equity lines of credit and indirect automobile loans, together with second mortgage loans and other consumer loans. The Bank's home equity lines of credit are secured by mortgages on borrowers' residences. The Bank offers adjustable rate (ARM) mortgages. The Bank also originates loans to individuals for the construction and acquisition of personal residences. As of December 31, 2015, the Bank's total net loans were $5.6 billion.
The Bank's securities available for sale include municipal bonds and obligations, mortgage-backed securities, other bonds and obligations, and marketable equity securities. The Bank invests in investment grade corporate bonds and non-investment grade fixed income securities consisting of capital instruments issued by local and regional financial institutions and a mutual fund investing in non-investment grade bonds of national corporate issues. The Bank also invests in equity securities of local financial institutions, as well as dividend yielding equity securities of national corporate exchange traded issuers. As of December 31, 2015, the Bank's total securities were $1.37 billion.
Sources of Funds
Deposits are the source of funds for the Bank's lending and investment activities. The Bank serves personal, commercial, non-profit and municipal deposit customers. The Bank offers various deposit accounts with a range of interest rates and terms. The Bank's deposit accounts consist of demand deposits (non-interest-bearing checking), negotiable order of withdrawal (NOW) (interest-bearing checking), regular savings, money market savings and time certificates of deposit. As of December 31, 2015, the Bank's total deposits were $5.5 billion.
Berkshire Hills Bancorp Inc
60 State St Ste 38
BOSTON MA 02109-1803