The Board of Directors of Berkshire Hills Bancorp Inc. declared a cash dividend of $0.20 per share to shareholders of record at the close of business on February 11, 2016, payable on February 25, 2016. This is a penny increase from $0.19 and the new dividend equates to a 2.8% annualized yield based on the $29.02 average closing price of Berkshire's common stock during the fourth quarter.

The company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net interest income of $58,748,000 compared to $46,647,000 a year ago. Total net revenue was $70,996,000 compared to $60,847,000 a year ago. Income before income taxes was $18,286,000 compared to $15,273,000 a year ago. Net income was $16,013,000 or $0.52 per diluted share compared to $11,398,000 or $0.46 per diluted share a year ago. Core earnings per diluted share were $0.54 against $0.48 last year. Total core income was $16,529,000 against $12,046,000 last year. Total core revenue was $71,353,000 against $60,847,000 last year. Return on assets was 0.82% compared to 0.71% a year ago. Return on equity was 7.34% compared to 6.52% a year ago. Core return on assets was 0.85% compared to 0.75% a year ago. Core return on equity was 7.58% compared to 6.89% a year ago. Core return on tangible equity was 12.68% compared to 11.96% a year ago. The earnings improvement was driven by 17% revenue growth produced by the company's expanded operations. Core revenue grew 2% quarter-over-quarter and 17% over the same period last year.

For the year, the company reported net interest income of $213,849,000 compared to $178,691,000 a year ago. Total net revenue was $268,137,000 compared to $226,461,000 a year ago. Income before income taxes was $54,582,000 compared to $45,507,000 a year ago. Net income was $49,518,000 or $1.73 per diluted share compared to $33,744,000 or $1.36 per share a year ago. As at December 31, 2015, the company's tangible book value per share was $17.84 compared to $17.19 at December 31, 2014. As at December 31, 2015, the company's total book value per share was $28.64 compared to $28.17 at December 31, 2014. Total core income was $59,610,000 against $44,742,000 last year. Total core revenue was $266,027,000 against $236,152,000 last year. Core earnings per diluted share were $2.09 against $1.80 last year. Return on assets was 0.68% compared to 0.55% a year ago. Return on equity was 6.15% compared to 4.87% a year ago. Core return on assets was 0.82% compared to 0.73% a year ago. Core return on equity was 7.40% compared to 6.46% a year ago. Core return on tangible equity was 12.49% compared to 11.48% a year ago. The tangible book value per share was a 4% improvement year-over-year despite the addition of Hampden and Firestone.

The company reported net loans charged-off for the fourth quarter ended December 31, 2015 of $3,303,000 compared to $3,202,000 a year ago.

Overall, net interest income for the first quarter in 2016 is expected to be generally flat, maybe up a little, quarter-over-quarter. The company expects core tax rate to be closer to 30%. The company expects to deliver $0.54 in core EPS. This should result in an 8% increase year-over-year with stronger revenue growth offsetting a higher tax rate. The profitability measures are similarly expected to show good improvement year-over-year due to the benefit of operating and acquisition strategies.

The company anticipates full year 2016 core tax rate will be in the 20% range.