BOSTON (AP) — BOSTON (AP) — Berkshire Hills Bancorp Inc. (BHLB) on Thursday reported first-quarter net income of $25.7 million, after reporting a loss in the same period a year earlier.
The Boston-based company said it had profit of 56 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 60 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.
The bank holding company posted revenue of $169 million in the period. Its adjusted revenue was $110.4 million.
Berkshire Hills shares have declined 15% since the beginning of the year. The stock has increased 9% in the last 12 months.
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