Nearly a year after Berkshire Hills Bancorp, Inc. (NASDAQ: BHLB) closed on the acquisition of Rome Bancorp, the deal continues to boost earnings for the Massachusetts–based financial company.
Berkshire reported first-quarter net income of $5.8 million and earnings per share (EPS) of 28 cents, up from $2.3 million and 20 cents per share for the first quarter of 2011. The bank directly credited the acquisition of Rome, as well as Legacy Bancorp, for the gain.
“We maintained strong momentum as we started the year, including a 9 percent annualized increase in core [earnings per share] compared to the prior quarter,” Berkshire President and CEO Michael P. Daly said in a news release. “We continue to have strong growth in our balance sheet, while maintaining a solid net-interest margin. Our fee revenue also grew strongly during the quarter, while our focused expense discipline resulted in operating costs a little better than our expectations.”
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Daly expects that momentum to continue benefiting Berkshire going forward, especially as it completes the acquisitions of Greenpark Mortgage Corporation and The Connecticut Bank and Trust Company. Berkshire will close on the Greenpark acquisition this quarter and completed the acquisition of The Connecticut Bank and Trust Company on April 20. Berkshire now operates eight branches in the greater Hartford, Conn. Area, bringing its total branch count to 68.
“We look forward to additional revenue and earnings growth from both of these strategic initiatives, along with the benefits to all of our business lines from this further expansion of our footprint,” Daly said.
Berkshire acquired Rome Bancorp and its five branches in Rome, Lee, and New Hartford last April.
Headquartered in Pittsfield, Mass., Berkshire Hills Bancorp (www.berkshirebank.com) is the parent company of Berkshire Bank, which has $4.3 billion in assets and 68 branches in Massachusetts, New York, Connecticut, and Vermont.
Contact DeLore at tgregory@tmvbj.com
