Berkshire Hills to record $2.5 million charge

Regional bank Berkshire Hills Bancorp said Thursday it now expects to post fourth-quarter core earnings of about 36 cents per share as a result of an impairment charge.

The bank, which is based in Pittsfield, had previously predicted a profit of 50 cents per share for the quarter. Excluding the $2.5 million impairment charge, Berkshire said core earnings would still be about 50 cents per share.

Analysts polled by Thomson Financial expect a profit of 50 cents per share for the quarter. Analysts typically exclude one-time charges in their forecasts.

Core earnings for the full-year 2007 are expected to be about $1.90 per share, or $2.06 per share before the impairment charge. Analysts, on average, expect a profit of $2.07 per share for 2007.

Unadjusted earnings per share are expected to be about $1.44 and include net noncore charges of about 46 cents per share.

Berkshire shares fell 40 cents to $23.87 in aftermarket trading, after rising 19 cents to $24.27. (AP)