January 26, 2018

Berkshire Bank parent posts 4Q loss

Photo | Contributed
Photo | Contributed
Berkshire Bank's new Farmington office.

Massachusetts lender Berkshire Hills Bancorp Inc., with Hartford operations, posted a net loss in the fourth quarter.

For three months ended Dec. 31, the Pittsfield, Mass. parent of Berkshire Bank, said it posted an after-tax net loss of $2.8 million, or 6 cents a diluted share. That compares to net income of $10.3 million, or 32 cents a diluted share, booked the same quarter a year ago.

CEO Michael Daly said earnings were impacted by an $18 million non-core charge to income tax expense tied to recent federal tax reform.

For 2017, Berkshire Hills said it netted $55 million, or $1.39 a diluted share, vs. $59 million, or $1.88 a diluted share, in 2016.

In October, the bank acquired Commerce Bancshares Corp., of Worcester, Mass.

Berkshire Hills ended 2017 with assets of $11.6 billion vs. $9.2 billion to end 2016.

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