Berkshire Hills Bancorp Reports Increased Income for Fourth Quarter
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Berkshire Hills Bancorp reported a net income of $19.66 million for Q4, a significant increase from the previous year's loss, although net interest income decreased.
Berkshire Hills Bancorp, Inc. (BHLB) reported a significant increase in net income for the fourth quarter. The company announced a net income of $19.66 million or $0.46 per share, in contrast to a net loss of $1.45 million or $0.03 per share during the same period last year.
Operating net income also saw an increase, rising to $25.98 million, or $0.60 per share, compared to $20.19 million or $0.47 per share from the previous year.
However, net interest income, on a fully taxable equivalent basis, decreased to $88.79 million from $90.44 million a year earlier.
The provision for credit losses was reported at $6 million, a reduction from $7 million in the prior year.
