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July 24, 2019

M&A charges drive down Berkshire Bank’s 2Q net

berkshire bank si financial boston banking PHOTO | Contributed Berkshire Bank, 16 Albany Turnpike, Simsbury.
By Matt Pilon

Berkshire Hills Bancorp said its second-quarter profits fell 25 percent, thanks to charges related to its recently completed acquisition of Windham-based Savings Institute Bank & Trust (SI Financial Group).

The Massachusetts-based lender and Berkshire Bank parent reported net income of $25.2 million, or 52 cents a diluted share, for the quarter ended June 30. That was down from $33.8 million, or 74 cents, in the second quarter last year.

Berkshire, which has over two dozen Connecticut branches, said it recorded $11.2 million in merger and restructuring expenses in the recent quarter.

Assets totaled $13.65 billion, up from $11.9 billion a year ago.

The company said SI Financial had 230 full-time equivalent employees at mid-year.

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