Berkshire Bank Updates Q2 Guidance
Berkshire Hills Bancorp announced updated guidance ahead of the release of its second-quarter earnings on Wednesday.
The Pittsfield-based parent of Berkshire Bank, which has a commercial lending office in Westborough, said it expects core earnings of 48 cents per share, compared to 47 cents a year ago in the second quarter of 2012. Second-quarter GAAP earnings are expected to be 48 centers per share, compared to 37 cents in 2012.
Expected results are lower than Berkshire management’s expectations, the bank said, and are primarily related to the spike in long-term interest rates in the second half of the quarter. The bank also cited tightening mortgage origination volumes and margins, impacts on commercial loan and interest swap revenues, and increased expenses from the completion of integration and efficiency projects, as factors.
“Our expected second quarter core results are an increase over the second quarter of 2012, but lower than our guidance. We are initiating course corrections to adjust to current conditions. We continue to achieve our targets for double-digit annualized commercial business loan growth while we pursue the long-term benefits of our strategic positioning,” Berkshire CEO Michael Daly said in a statement.
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