Berkshire Hills Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, total interest and dividend income was $72.4 million against $68.4 million last year. Net interest income was $59.2 million against $58.7 million last year. Total net revenue was $75.9 million against $71 million last year. Income before income taxes was $10.7 million against $18.3 million last year. Net income was $10.3 million or $0.32 per basic and diluted share against $16.0 million or $0.52 per diluted share last year. Total core income was $18.0 million against $16.5 million last year. Total core revenue was $76.0 million against $71.4 million last year. Core earnings per diluted share were $0.56 against $0.54 last year. GAAP return on assets was 0.50% against 0.82% last year. Core return on assets was 0.87% against 0.85% last year. GAAP return on equity was 4.29% against 7.34% last year. Core return on equity was 7.49% against 7.58% last year. Core return on tangible equity was 12.23% against 12.68% last year. GAAP earnings per share were net of non-core charges (after-tax) totaling $0.24 per share, which were primarily related to merger- related costs. GAAP earnings decreased in the most recent quarter compared to the linked quarter and the fourth quarter of the prior year due primarily to the merger-related charges recorded for the First Choice acquisition.

For the year, total interest and dividend income was $280.4 million against $247.0 million last year. Net interest income was $232.3 million against $213.8 million last year. Total net revenue was $298.1 million against $268.1 million last year. Income before income taxes was $77.5 million against $54.6 million last year. Net income was $58.7 million or $1.88 per diluted share against $49.5 million or $1.73 per diluted share last year. Earnings grew due to positive operating leverage from business expansion and improved efficiency. Total core income was $68.4 million against $59.6 million last year. Total core revenue was $297.6 million against $266.0 million last year. Core earnings per diluted share were $2.20 against $2.09 last year. Tangible book value per share was $18.81 against $17.84 at December 31, 2015. GAAP return on assets was 0.74% against 0.68% last year. Core return on assets was 0.86% against 0.82% last year. GAAP return on equity was 6.44% against 6.15% last year. Core return on equity was 7.51% against 7.40% last year. Core return on tangible equity was 12.47% against 12.49% last year. Book value per share increased to $30.65 against $28.64 at December 31, 2015.

For the quarter, net loans charged-off were $3.2 million against $3.3 million last year.

For the year 2017, the company expects to deliver 5% to 7% of EPS growth in 2017. Tax rate to be around 18%.

For the first quarter 2017, the company expects the first quarter EPS to be a $0.01 or $0.02 lower from the fourth quarter.