Earnings Improvement
Earnings in the second quarter improved with a net income of approximately $22 million or $0.25 per share.
Merger Progress with Berkshire Hills
Stockholders approved the merger with Berkshire Hills, and no significant issues have been identified. The merger is on track, with a systems combination set for early February.
Customer Deposits Increase
Customer deposits increased by $59 million during the quarter, contributing to an improved funding position.
Net Interest Margin Growth
Net interest margin increased by 10 basis points to 332 basis points due to higher asset yields and lower funding costs.
Noninterest Expense Reduction
Noninterest expense, excluding merger charges, decreased by $1.3 million from Q1, with lower expenses across nearly every category.
Loan Portfolio Strategy
Deliberate contraction of $61 million in the loan portfolio to reduce exposure to commercial real estate and specialty vehicles while growing commercial and consumer loans.