Massachusetts lender Berkshire Hills Bancorp, pursuer of Hartford’s Connecticut Bank & Trust Co. said Wednesday that its fourth quarter earnings more than doubled as the company benefited from a pair of recent acquisitions.
The parent of Berkshire Bank said its profits for the quarter ending Dec. 31 were $8.5 million, or 40 cents a share, compared to $3.6 million, or 26 cents a share, a year earlier.
Berkshire purchased two lenders in 2011 which helped grow the bank’s bottom line, and is waiting for final regulatory approval to complete its proposed $30 million acquisition of Hartford’s Connecticut Bank & Trust Co.
On Tuesday, CBT reported a net loss of $2.6 million for the fourth quarter, as the bank boosted its reserves to guard again bad loans.
