Berkshire Hills Bancorp (BHLB) in Pittsfield, Mass., has a new chief financial officer.
The $5.7 billion-asset company said Monday that it had promoted Josephine Iannelli as its CFO, effective immediately. Iannelli, 41, had been the company's principal accounting officer since July. She joined Berkshire Hills as chief accounting officer in March. She succeeded Kevin Riley, who resigned in July, according to a regulatory filing.
Iannelli's "extensive experience and demonstrated leadership over the last six months make her the best choice for CFO," Berkshire Hills' Chairman and Chief Executive Michael Daly said in a press release. "She has made many important contributions to our financial function and overall management since joining us and is poised to add significant value to the continued implementation of our growth strategy."
Separately, Berkshire Hills said its fourth-quarter earnings rose 13% from a year earlier, to $10.5 million. Earnings per share of 42 cents were 4 cents higher than the average estimate of analysts polled by Bloomberg.
The increased profit was primarily because of cost-cutting efforts; noninterest expense fell 16% from a year earlier, to $37.2 million. Last July, Berkshire Hills announced a plan to reduce most major categories of core expenses.
Net interest income fell 5% from a year earlier, to $40 million, as income from loans fell by $2 million. The downturn was partially offset by increased revenue from securities. The net interest margin compressed by 41 basis points from a year earlier, to 3.26%.
Noninterest income dropped 11% from a year earlier, to $15.7 million. Mortgage banking fees plunged by 92%, to $445,000, as refinancing activity slowed.
The loan-loss provision increased by 11% from a year earlier, to $3.1 million. Net chargeoffs grew 28% from a year earlier, to $11.3 million.