BOSTON (AP) — BOSTON (AP) — Berkshire Hills Bancorp Inc. (BHLB) on Thursday reported a first-quarter loss of $20.2 million, after reporting a profit in the same period a year earlier.
The Boston-based company said it had a loss of 47 cents per share. Earnings, adjusted for one-time gains and costs, came to 49 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The bank holding company posted revenue of $169.3 million in the period. Its adjusted revenue was $107.5 million, which missed Street forecasts. Three analysts surveyed by Zacks expected $107.9 million.
Berkshire Hills shares have declined 17% since the beginning of the year. The stock has decreased 12% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BHLB at https://www.zacks.com/ap/BHLB