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Berkshire Hills Bancorp (BHLB -6.1%) tumbles after saying it took a hit from spiking long term...

Berkshire Hills Bancorp (BHLB -6.1%) tumbles after saying it took a hit from spiking long term interest rates in Q2 - with tightening mortgage origination volumes and margins, impacts on commercial loan and interest rate swap revenues, and higher expenses as integration and efficiency projects were completed. EPS is expected at $0.48 vs. $0.55 consensus. The full report is expected on July 24. KBW downgrades to Hold from Buy. Previous: Berkshire is busy on the acquisition trail.
Comments (1)
  • jayapal
    , contributor
    Comments (8) | Send Message
     
    my nose tells me there is more to this story. the cfo is out as of friday. i understand the impact of tightening on mtg initiations but the "impact on commercial loan and interest rate swap revenues" may be a euphemism for some bad decisions by the cfo.
    22 Jul 2013, 10:48 AM Reply Like
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