Berkshire Hills Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Declares Cash Dividend, Payable on February 28, 2013; Reports Net Loans Charged-Off for the Fourth Quarter Ended December 31, 2012
January 28, 2013 at 04:28 pm
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Berkshire Hills Bancorp Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported total interest and dividend income of $51,488,000 against $39,028,000 a year ago. Net interest income was $41,965,000 against $31,135,000 a year ago. Total net revenue was $59,618,000 against $39,960,000 a year ago. Income from continuing operations before income taxes were $12,512,000 against $8,167,000 a year ago. Net income from continuing operations was $9,329,000 against $7,558,000 a year ago. Diluted earnings per share from continuing operations were $0.38 against $0.36 a year ago. Total diluted earnings per share were $0.38 against $0.40 a year ago. Return on assets was 0.72% against 0.85% a year ago. Return on equity was 5.79% against 6.16% a year ago. Core return on assets was 1.02% against 0.93% a year ago. Core return on equity was 8.23% against 6.74% a year ago. Net income was $9,329,000 against $8,477,000 for the same period last year.
For the year, the company reported total interest and dividend income $175,939,000 against $138,260,000 a year ago. Net interest income $143,388,000 against $106,520,000 a year ago. Total net revenue $197,444,000 against $142,323,000 a year ago. Income from continuing operations before income taxes were $47,048,000 against $18,318,000 a year ago. Net income from continuing operations $33,825,000 against $16,434,000 a year ago. Diluted earnings per share from continuing operations were $1.52 against $0.92 a year ago. Total diluted earnings per share $1.49 against $0.97 a year ago. Core return (annualized) on assets was 0.98% against 0.80% a year ago. Core return (annualized) on equity was 7.52% against 5.76% a year ago. Non-GAAP net income was $33,188,000 against $17,348,000 a year ago. Net income was $33,188,000 against $17,348,000 for the same period last year. Tangible book value as at December 31, 2012 was $15.56 against $15.51 as at December 31, 2011. Total book value per share increased to $26.53 due mainly to retained earnings
The company declared a cash dividend of $0.18 per share to shareholders of record at the close of business on February 14, 2013, payable on February 28, 2013. The dividend was increased in the prior quarter by 6% from the previous $0.17 per share level. This dividend equates to a 3.1% annualized yield based on the $23.03 average closing price of Berkshire's common stock in the fourth quarter of 2012.
The company reported net loans charged-off of $2,722,000 against $2,000,000 a year ago.
Berkshire Hills Bancorp, Inc. is a holding company for Berkshire Bank (the Bank). The Bank provides commercial banking, retail banking, consumer lending, private banking and wealth management services. The Bank provides various loans, including commercial real estate, commercial and industrial loans, residential mortgages and consumer loans. The Bank originates commercial real estate loans on properties used for business purposes, such as retail, multifamily, office, healthcare, hospitality, industrial and manufacturing facilities. The Bank is engaged in prime home equity lending, following its conforming mortgage underwriting guidelines with streamlined verifications and documentation. The Bank offers fixed-rate and adjustable-rate residential mortgage loans. The Company's Wealth Management Group provides consultative investment management, trust administration, and financial planning to individuals, businesses, and institutions, with an emphasis on personal investment management.
Berkshire Hills Bancorp Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Declares Cash Dividend, Payable on February 28, 2013; Reports Net Loans Charged-Off for the Fourth Quarter Ended December 31, 2012