Berkshire Bank executive say the bank has raised $100 million in capital to support its upcoming merger with Brookline Bank.
“We had a strong response from investors and successfully executed a capital raise of $100 million of common stock to support the merger, a reflection of confidence in our plans and accomplishments,” Berkshire CEO Nitin Mhatre said during the bank’s earnings call Thursday.
For the year, the bank’s equity increased by $155 million, or 15 percent.
Berkshire reported a strong end to 2024 as total deposits increased $798 million to $10.4 billion. For the year, total deposits increased by $125 million, excluding $383 million in deposits sold in the sale of branches.
For the year, total loans increased $489 million, excluding $144 million in consumer and mortgage loans sold in the banks’ sale of some upstate New York branches and other transactions.
Commercial and Industrial loans saw the largest percentage increase of 4 percent to $1.5 billion. Commercial real estate loans increased $107 million to $4.8 billion.
“Our results also benefited from strong credit discipline, rigorous expense management, investments in new client-facing bankers and enhancements to our digital platform and consumer product offerings,” Mhatre said. “We achieved a 9.9 percent operating return on tangible common equity in the fourth quarter, and 9.6% for the full year, following a 10.1percent result for the year 2023.”