Berkshire Bank has completed its acquisition of the parent company of Willimantic, Connecticut-based Savings Institute Bank & Trust, a deal first announced last December and valued at $180 million.

Berkshire CFO Jamie Moses said on a recent earnings call the bank was about 60 percent through costs associated with the merger and would be through all costs come the first quarter of 2020, which would be the bank’s first quarter without M&A related costs in nearly a decade.

Overall, Berkshire reported second quarter net income of $25 million, or $0.52 per share, compared to net income of $34 million in the second quarter of 2018. Net interest income in the quarter was $91.5 million, up about $1.3 million from the same period last year. The margin lost 31 basis points on an annual basis, finishing the quarter at 3.19 percent.

Total assets surpassed $13.6 billion, largely driven by the $1.7 billion it added from the Savings Institute acquisition. Total loans are up more than $1.2 billion on the year and are close to $10 billion, driven largely by commercial real estate.

Total non-interest income for the quarter was $17.7 million, down $2 million from the second quarter of 2018. The provision for loan losses in the quarter was $3.4 million, down from $6.5 million in the second quarter of last year. Non-performing assets as a percentage of total assets in the quarter was 0.27 percent, up seven basis points from last year.

Berkshire Completes $180M Acquisition of CT Bank

by Bram Berkowitz time to read: 1 min