Successful Merger and Integration
The merger between Brookline and Berkshire was completed on September 1, creating Beacon Financial Corporation with $23 billion in assets. The integration is proceeding as expected, with a strong retention of client-facing talent and enthusiasm among employees.
Increase in Customer Deposits
Combined customer deposits increased by $89 million, indicating strong client retention and growth potential post-merger.
Strong Dividend Increase
The quarterly dividend was increased to $0.3225 per share, representing a 79% increase for Berkshire shareholders and maintaining the level for Brookline stockholders.
Optimistic Outlook on Loan Growth
The company anticipates mid-single-digit growth in interest-earning assets, driven by strong C&I lending with coupons just south of 7%.
Solid Noninterest Income Run Rate
Noninterest income was $8.5 million for September, reflecting a $25 million to $26 million quarterly run rate.