Berkshire Hills Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $105,823,000 against $72,434,000 a year ago. Net interest income was $86,366,000 against $59,158,000 a year ago. Total net revenue was $115,664,000 against $75,883,000 a year ago. Income before income taxes was $19,482,000 against $10,693,000 a year ago, This improvement was due to business development and the benefit of mergers, including Commerce Bancshares Corp. which was acquired on October 13, 2017. Net loss was $2,810,000 against net income of $10,331,000 a year ago. Loss available to common shareholders was $3,029,000 or $0.06 per basic and diluted share against income available to common shareholders of $10,331,000 or $0.32 per basic and diluted share a year ago. Tangible book value per common share was $19.83 against $18.81 a year ago. Negative return on assets was 0.10% against return on assets of 0.50% a year ago. Core return on assets was 0.94% against 0.87% a year ago. Diluted core earnings per share were $0.58 against $0.56 a year ago. Negative return on equity was 0.77% against return on equity of 4.29% a year ago. Core return on equity was 7.16% against 7.49% a year ago. Core return on tangible common equity was 11.90% against 12.23% a year ago. Core income was $26.3 million against $18.0 million a year ago. Total core revenue was $115,634,000 against $76,013,000 a year ago.

For the year, the company reported total interest and dividend income of $360,258,000 against $280,439,000 a year ago. Net interest income was $294,795,000 against $232,267,000 a year ago. Total net revenue was $420,484,000 against $298,118,000 a year ago. Income before income taxes was $99,749,000 against $77,454,000 a year ago. Net income was $55,247,000 against $58,670,000 a year ago. Income available to common shareholders was $55,028,000 or $1.39 per diluted share against $58,670,000 or $1.88 per diluted share a year ago. Core income was $90,808,000 against $68,442,000 a year ago. Total core revenue was $414,219,000 against $297,584,000 a year ago. Core earnings per common share, diluted were $2.29 against $2.20 a year ago. GAAP return on assets was 0.56% against 0.74% a year ago. Core return on assets was 0.93% against 0.86% a year ago. GAAP return on equity was 4.45% against 6.44% a year ago. Core return on equity was 7.31% against 7.51% a year ago. Core return on tangible common equity was 11.82% against 12.47% a year ago.

For the fourth quarter, the company reported net loan charge-off of $3,311,000 against $3,207,000 a year ago.

For the first quarter of 2018, the company expects core earnings per share in the first quarter to be 10% to 12% higher than the fourth quarter. And the company estimates that the diluted common share count will average about 46.2 million shares.

For the year 2018, the company targeting core EPS growth in the 17% to 20% range for 2018, with its core ROA above 1% and its efficiency ratio below 60% for the full year. The company anticipates core tax rate will be in the 22% to 24% range for the full year and at the high end of that range in the first quarter.