Berkshire Hills: 1Q Earnings Snapshot
BOSTON (AP) _ Berkshire Hills Bancorp Inc. (BHLB) on Monday reported a first-quarter loss of $19.9 million, after reporting a profit in the same period a year earlier.
The Boston-based company said it had a loss of 40 cents per share. Losses, adjusted for non-recurring costs and to account for discontinued operations, came to 7 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The bank holding company posted revenue of $121.8 million in the period. Its adjusted revenue was $92.1 million, also missing Street forecasts. Three analysts surveyed by Zacks expected $107.7 million.
Berkshire Hills shares have fallen 53% since the beginning of the year. In the final minutes of trading on Monday, shares hit $15.56, a decrease of 48% in the last 12 months.