Berkshire Hills Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Declares Cash Dividend, Payable on February 26, 2015
January 27, 2015 at 02:45 am IST
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Berkshire Hills Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $11,398,000 or $0.46 per basic and diluted share on total net revenue of $60,847,000 compared to net income of $10,537,000 or $0.42 per diluted share on total net revenue of $55,556,000 for the corresponding period last year.
For the year, the company reported the company reported net income of $33,744,000 or $1.36 per basic and diluted share on total net revenue of $226,461,000 compared to net income of $41,143,000 or $1.65 per diluted share on total net revenue of $226,984,000 for the corresponding period last year. Core return on assets was 0.75% compared to 0.73% a year ago. Return on assets was 0.71% compared to 0.77% a year ago. Core return on equity was 6.89% compared to 5.87% a year ago. Core return on tangible equity was 11.96% compared to 10.47% a year ago. Return on tangible equity was 6.52% compared to 6.18% a year ago. Tangible book value was $17.19 against $16.27 a year ago. Total book value per share increased by 4% to $28.17.
The Board of Directors of the company declared a cash dividend of $0.19 per share to shareholders of record at the close of business on February 12, 2015, payable on February 26, 2015. This is a penny increase from $0.18 and the new dividend equates to a 3.0% annualized yield based on the $25.05 average closing price of Berkshire's common stock during the fourth quarter.
Berkshire Hills Bancorp, Inc. is a holding company for Berkshire Bank (the Bank). The Bank provides commercial banking, retail banking, consumer lending, private banking and wealth management services. The Bank provides various loans, including commercial real estate, commercial and industrial loans, residential mortgages and consumer loans. The Bank originates commercial real estate loans on properties used for business purposes, such as retail, multifamily, office, healthcare, hospitality, industrial and manufacturing facilities. The Bank is engaged in prime home equity lending, following its conforming mortgage underwriting guidelines with streamlined verifications and documentation. The Bank offers fixed-rate and adjustable-rate residential mortgage loans. The Company's Wealth Management Group provides consultative investment management, trust administration, and financial planning to individuals, businesses, and institutions, with an emphasis on personal investment management.
Berkshire Hills Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Declares Cash Dividend, Payable on February 26, 2015