Berkshire Hills Bancorp, Inc. (NYSE: BHLB), parent of Berkshire Bank, earned $9.3 million in the fourth quarter, up from $8.5 million a year earlier.
Earnings per share for the period totaled 38 cents, down from 40 cents in the fourth quarter of 2011. Excluding the effects of acquisition and system conversion costs, Berkshire earned $13.2 million, or 54 cents a share.
For the full year, Berkshire earned $33.2 million, or $1.49 per share, up from $17.3 million, or 97 cents a share, in 2011. Excluding acquisition and system conversion costs, the company earned $44.2 million, or $1.98 per share, in 2012.
“The success of our business initiatives produced record core earnings and a double digit total stock return for our shareholders in 2012,” Berkshire Chairman and CEO Michael Daly said in a news release. “We maintained strong organic growth while successfully integrating our bank acquisitions in northern Connecticut and Central New York and expanding our lending in eastern Massachusetts.
“Our fourth quarter net interest margin increased and our core return on equity rose above 8 percent. With these achievements, we raised our quarterly dividend to the highest level in our history.”
Berkshire has assets of $5.3 billion and 75 branches in Massachusetts, New York, Connecticut, and Vermont. The company first entered the Central New York market in 2011 with its acquisition of Rome Savings Bank and acquired DeWitt–based Beacon Federal in October.
Contact Tampone at ktampone@cnybj.com
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