Fourth quarter profit at Pittsfield-based Berkshire Hills Bancorp Inc., holding company for Berkshire Bank, jumped to $8.5 million in the fourth quarter compared to $3.6 million in the same quarter a year ago.
For the year, the bank reported a profit of $17.6 million, compared to $13.9 million a year ago.
The bank said its acquisitions in 2011 of Vermont-based Legacy Bancorp and New York-based Rome Bancorp boosted earnings, as well as other aspects of Berkshire’s balance sheet.
The company made $914,000 by closing several Legacy and Rome branches.
Net revenue increased to $142.3 million from $106.7 million a year prior. Net interest income and non-interest income remained flat for the year.
Provisions for loan losses decreased to $7.6 million for the year from $8.5 million at the end of 2010 while the bank’s other real estate owned jumped to $2 million from $311,000.
The bank ended the quarter with a return on assets of 0.85 percent compared to 0.51 percent in the same quarter a year ago. Its return on equity for the quarter was 6.16 percent compared to 3.72 percent a year earlier.