Company Notebook

Berkshire Hills Reports Second-quarter Results

PITTSFIELD — Berkshire Hills Bancorp Inc. reported second-quarter GAAP earnings of $0.52 per share in 2016 compared to $0.35 in 2015. Core earnings increased to $0.54 per share from $0.51 for these respective periods. Results increased due to expanded operations and improved profitability. Core EPS is a non-GAAP financial measure and is adjusted to exclude net non-core charges primarily related to acquisitions and restructuring activities. GAAP results last year included higher non-core charges related to the Hampden Bancorp acquisition. Second-quarter financial highlights, compared to the prior quarter, include 5% total loan growth, 4% total commercial loan growth, 3.31% net interest margin (fully taxable equivalent), 58.7% efficiency ratio (non-GAAP financial measure), 0.26% non-performing assets/assets, and 0.22% net loan charge-offs/average loans.

NAI Plotkin Makes Move to Heart of Springfield

SPRINGFIELD — NAI Plotkin announced it will relocate to the MassLive building, 1350 Main St., in mid-August. 1350 Formerly known as One Financial Plaza, the building is well-known throughout Springfield for its first-, third-, and ninth-floor galleries activating the spaces. This move brings a third-generation family business into the dynamic and changing heart of downtown. NAI Plotkin’s team of commercial real-estate professionals will occupy 5,884 square feet on the 14th floor in the class-A office tower. The space is currently being renovated to best suit the contemporary property management team. “As we continue to grow our business in and around the Springfield market, we needed to put down roots in a new space that will grow with us,” said Evan Plotkin, company president. “We’re excited to start this new chapter of our company’s history.”

United Financial Bancorp Announces Q2 Earnings

GLASTONBURY, Conn. — United Financial Bancorp Inc., the holding company for United Bank, announced results for the quarter ended June 30, 2016. The company had net income of $9.1 million, or $0.18 per diluted share, for the quarter ended June 30, 2016, compared to net income for the linked quarter of $11.9 million, or $0.24 per diluted share. Operating net income (non-GAAP) for the second quarter of 2016 was $10.0 million, or $0.20 per diluted share, compared to $10.9 million, or $0.22 per diluted share, for the linked quarter. Operating net income for the second quarter of 2016 is adjusted for purchase accounting impacts, net gain from sales of securities, and the effect of position eliminations as a result of the company’s previously disclosed reorganization plan. Additionally, in the first quarter of 2016, operating income was also adjusted for Federal Home Loan Bank of Boston pre-payment penalties. The company reported net income of $13.3 million, or $0.27 per diluted share, for the quarter ended June 30, 2015. Total assets at June 30, 2016 increased by $95.8 million to $6.42 billion from $6.32 billion at March 31, 2016. At June 30, 2016, total loans were $4.73 billion, representing an increase of $81 million, or 2%, from the linked quarter. Loan growth during the second quarter of 2016 was highlighted by a $58 million, or 9%, increase in commercial business loans; a $14 million, or 3%, increase in home-equity loans; and an $8 million, or 2%, increase in owner-occupied commercial real-estate loans. Residential mortgages declined during the second quarter of 2016 by $5 million, reflecting the company’s continued strategy to reduce on-balance sheet exposure to residential mortgage loans. Deposits totaled $4.46 billion at June 30, 2016 and decreased by $79 million, or 2%, from $4.53 billion at March 31, 2016.

Smith & Wesson Purchases Laser-sight Maker for $95M

SPRINGFIELD — Smith & Wesson Holding Corp. announced it has signed a definitive agreement to acquire Crimson Trace Corp., an industry leader in laser-sighting systems and tactical lighting for firearms, for $95 million. Crimson Trace has long been a key supplier of laser-sighting systems for Smith & Wesson. For more than two decades, Crimson Trace has provided consumers, military units, and law-enforcement officers around the globe with laser-sight and tactical-light products. Offering more than 225 products, its award-winning innovations include the Lasergrips, Laserguard, and Rail Master platforms. The company’s product line also includes the Defender Series, Lightguard, and its new LiNQ wireless activation system. Based in Wilsonville, Ore., Crimson Trace operates from a 50,000-square-foot, leased facility where it engineers and manufactures its products. Crimson Trace was founded 22 years ago and has organically generated a 10-year compound annual revenue growth rate in excess of 10%. Its products maintain a premium position with hundreds of independent retailers as well as large sporting-goods retailers, including Cabela’s, MidwayUSA, Nation’s Best Sports, and internet retailer Optics Planet Inc. “Crimson Trace provides us with an exceptional opportunity to acquire a thriving company that is completely aligned with our strategy to become a leader in the market for shooting, hunting, and rugged outdoor enthusiasts,” said James Debney, Smith & Wesson president and CEO. “As the undisputed leader in the market for laser-sighting products, Crimson Trace serves as an ideal platform for our new Electro-Optics Division.”