Massachusetts lender Berkshire Hills Bancorp’s second-quarter net fell, impacted largely by the cost of a bank merger completed in April.
For three months ended June 30, the Pittsfield, Mass., parent of Berkshire Bank, which has a Hartford region presence, said Thursday it netted $10 million, or 35 cents a diluted share, down from $11.5 million, or 46 cents a share, netted the same quarter in 2014.
The latest results included $8.7 million in costs associated with Berkshire’s April closing of its Massachusetts acquisition of former Hampden Bancorp.
“We had a good second quarter in organic business development across our regions and business lines,’’ CEO Michael Daly said. “Commercial loan activity remained strong and deposits grew nicely after the slower winter quarter. Loan and deposit fee income also advanced and mortgage banking revenues remained elevated.”
Berkshire’s board declared a cash dividend of 19 cents a share to be paid Aug. 20 to common stockholders on record as of Aug. 6.
Berkshire finished the quarter with assets of $7.5 billion vs. $6.6 billion a year earlier.