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Berkshire Hills Reports Second-quarter Earnings

PITTSFIELD — Berkshire Hills Bancorp Inc. reported second-quarter 2017 net income of $19.7 million, or $0.53 per share. Core earnings totaled $21.6 million, or $0.58 per share. Net income was up 23% year-over-year, while core earnings grew 31% due to the benefit of business expansion. Net income per share increased by 2%, while core EPS increased by 7%. Net income was impacted by net non-core charges related primarily to acquisitions.

“We had a strong second quarter, extending the operating momentum from the first quarter,” CEO Michael Daly said. “We also conducted a successful stock offering and completed an agreement to acquire Worcester-based Commerce Bancshares. These actions support our plan to cross the $10 billion asset threshold and provide the capital resources to accelerate our growth. Total assets increased at a 10% annualized rate in the first half, reaching $9.6 billion at mid-year. We announced a planned move of our headquarters to Boston and are accelerating our business development in New England’s largest and fastest-growing markets.”

Daly also noted that net interest income advanced and fee income grew by 15% to 32% of total revenue. “Our strong and diversified revenue sources produced a 42% year-over-year increase in total revenue, which now exceeds $400 million on an annualized basis. The resulting positive operating leverage led to the achievement of a profitability milestone, with core return on assets advancing to 92 basis points. GAAP return on assets was 84 basis points after non-core charges primarily related to merger activity.”

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