Berkshire Hills Bancorp Q4 net income up

Berkshire Hills Bancorp, a holding company for the Berkshire Bank and Berkshire Insurance Group, has reported that net income for the fourth quarter ended December 31, 2012 was $9.33 million, or $0.38 per share, compared to $8.48 million, or $0.40 per share, for the same quarter ended December 31, 2011.

Net interest income for the fourth quarter of 2012 was $41.96 million, compared to $31.13 million for the same quarter of 2011.

Net income for the year ended December 31, 2012 was $33.19 million, or $1.49 per share, compared to $17.35 million, or $0.97 per share, for the year ended December 31, 2011.

Net interest income for the year ended December 31, 2012 was $143.39 million, compared to $106.52 million for the year ended December 31, 2011.

Berkshire Chairman and CEO Michael Daly stated, "The success of our business initiatives produced record core earnings and a double digit total stock return for our shareholders in 2012. 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%. With these achievements, we raised our quarterly dividend to the highest level in our history."

Mr Daly continued, "We have produced these results through positive core operating leverage based on disciplined growth. We achieved 49% year over year revenue growth in the fourth quarter. Our total assets reached $5.3 billion, placing us among the 100 largest exchange traded banks in the US. This scale has enabled ongoing infrastructure investment in products and services which we deliver with a responsive local focus in our regions. We have a competitive advantage that we expect will result in sustainable market share growth delivered with increased efficiency and profitability."