Berkshire Hills Now Expects Lower Q2 Earnings - Quick Facts

(RTTNews) - Berkshire Hills Bancorp (BHLB), the parent company of Berkshire Bank, Monday said it now expects to report core earnings of $0.48 per share for the second quarter, compared with $0.47 per share during the same quarter last year. The company added that the results are lower than its earlier expectations, primarily related to the spike in long term interest rates in the second half of the quarter. The company cited tightening mortgage origination volumes and margins, impacts on commercial loan and interest rate swap revenues and higher expenses due to the completion of integration and efficiency projects.

On average, three analysts polled by Thomson Reuters expect earnings per share of $0.55 for the second quarter. Analysts' estimates typically exclude one-time items.

GAAP earnings anticipated is $0.48 per share for the second quarter, compared with $0.37 per share during the corresponding quarter previous year.