Berkshire Bank’s 4Q soars
PHOTO | Contributed
Berkshire Bank, 16 Albany Turnpike, Simsbury.
Boston lender Berkshire Hills Bancorp Inc., which has a central Connecticut presence, said its fourth-quarter profits jumped 80 percent after recording a loss in the year-ago period.
For the three months ended Dec. 31, the parent of Berkshire Bank on Wednesday reported net income of $14.3 million, or 31 cents a diluted share, up from a loss of $2.8 million, or a loss of 6 cents a diluted share, in the same quarter a year earlier. Higher interest and dividend income and lower income tax expense drove Berkshire’s profit surge, it said.
Last year’s fourth-quarter loss was driven by a multimillion dollar charge tied with federal tax reform.
Berkshire ended the fourth quarter with assets of $12.2 billion, up from $11.6 billion a year prior, and $9.2 billion at year-end 2016. A 2 percent increase in commercial loans and residential mortgages helped drive that asset growth, Berkshire said.
In December, Berkshire announced its acquisition of Windham lender Savings Institute Bank & Trust Co. for $180 million in an all-stock deal.
Richard M. Marotta weeks before took over the CEO reins of Berkshire bank and its parent from Michael P. Daly, who served the post for six years.
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