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Legacy Bancorp Swings Back To Black In Q1

Apr 29, 2011 | Reprints | Unlock Link | Print

legacy_logo Pittsfield-based Legacy Bancorp, the holding company for Legacy Banks, has reported net income of $723,000 for the quarter ended March 31, compared to a net loss of $1.2 million in the first quarter of 2010.

The company attributed the first quarter increase in net income to a decrease in the provision for loan losses, higher non-interest income and lower operating expenses, all of which helped offset a decrease in net interest income.

"Our many risk and cost based initiatives have addressed areas of weakness in our balance sheet and earnings performance," Legacy President Patrick J. Sullivan said in a statement. "These initiatives along with our pending merger with a strong community based partner in Berkshire Hills Bancorp should enable our combined operations to build increased shareholder value."

Banking & Lending