Berkshire Hills in Pittsfield, Mass., reported higher quarterly earnings because of loan growth and gains from the purchase of 20 Bank of America branches.
The $6.3 billion-asset company's second-quarter net income rose 10% from a year earlier, to $11.5 million, or 46 cents a share. Total assets rose 21%, reflecting the company's purchase of New York branches from B of A.
Net interest income rose 8%, to $44.3 million, driven primarily by balance sheet growth. Total loans rose 14%, to $4.4 billion, primarily because of residential and commercial mortgage loan growth. Total deposits increased 17%, to $4.5 billion. The net interest margin compressed by 37 basis points, to 3.26%.
Noninterest income fell 7%, to $14.5 million.