Q2 2025 Berkshire Hills Bancorp Inc Earnings Call
Carly: My name is Carly and I will be your conference operator today.
Carly: At this time, I would like to welcome everyone to the Berkshire Hills Bancorp second quarter earnings conference call. All lines have been placed on mute to prevent any background noise.
Thank you for standing by. My name is Carly and I will be your conference operator today.
Speaker Change: At this time, I would like to welcome everyone to the Burkshire Hills Bank corpse second quarter earnings conference call.
Carly: After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you.
Speaker Change: All lines have been placed on mute to prevent any background noise.
Kevin Conn: I would now like to turn the call over to Kevin Conn. Please go ahead.
Kevin Con: After the speakers remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again, thank you. I would now like to turn the call over. To Kevin con, please go ahead.
Kevin Conn: Good morning, and thank you for joining Berkshire Bank's second quarter earnings call. My name is Kevin Conn, Investor Relations and Corporate Development Officer. Here with me today are Nitin Mhatre, Chief Executive Officer, Sean Gray, Chief Operating Officer, Brett Brbovic, Chief Financial Officer, and Greg Lindenmuth, Chief Risk Officer.
Kevin Conn: Our remarks will include forward-looking statements and refer to non-GAAP financial measures. Actual results could differ materially from those statements. Please see our legal disclosures on page 2 of the earnings presentation referencing forward-looking statements and non-GAAP financial measures. Reconciliation of non-GAAP to GAAP measures is included in our news release.
Kevin Con: Good morning, and thank you for joining Berkshire. Bank's, second quarter earnings call my name is Kevin, Khan, investor relations and corporate development officer here with me today. Are niton mahad chief executive officer, Sean gray, Chief Operating Officer Brett for bhavik, Chief Financial Officer, and Greg lindenmuth Chief risk officer. Our remarks to include forward-looking statements and refer to non-gaap financial measures actual results could differ materially from those statements. Please see our legal disclosures on page.
Nitin Mhatre: At this time, I'll turn the call over to Nitin. Thank you, Kevin. Good morning, everyone, and thank you all for joining us today. I'll begin my comments on slide three, where you can see highlights for the second quarter. Overall, this was a very strong quarter and the best quarter yet since we began our transformational journey in early 2021. We had operating net income of $31.6 million, up 14% length quarter, and up 36% year-over-year. operating earnings per share of 69 cents was up 15% from first quarter and up 25% year-over-year. We continue to drive expenses lower with operating expenses of $67 million, down 2% link quarter, and down 7% year-over-year.
Kevin Con: Stage 2 of the earnings presentation, referencing, forward-looking statements, and non-gaap financial metrics. Reconciliation of non-gaap to gaap measures is included in our news release at this time. I'll turn the call over to n. Non. Thank you. Kevin. Good morning, everyone. And thank you all for joining us today.
Kevin Con: I'll begin my comments on slide 3 where you can see highlights for the second quarter.
Kevin Con: Overall, this was a very strong quarter and the best quarter yet since we began our transformation journey in early 2021.
Kevin Con: We had operating net income of 31.6 million up, 14% length quarter and up 36% year-over-year.
Kevin Con: Earnings per share of 69 cents, was up, 15% from first quarter and up 25% year-over-year.
Nitin Mhatre: We had positive operating leverage of 5% linked quarter and 11% year-over-year, driven by both improved revenues and lower expenses. Operating Roth C was 10.76%, up about 110 basis points linked quarter and year-over-year. Asset quality and balance sheet matrix remained strong. Net charge-offs and non-performing loans remained low at 14 basis points and 27 basis points of loans, respectively. We continue to make steady progress on our strategic initiative. Our focus on new digital deposit program has gained momentum and has delivered over 100 million of new deposits since inception earlier this year. Our bankers' commitment to delivering relationship-focused, personalized solutions to our clients has been at the core of our improved financial performance and has earned us yet another recognition this quarter, this time from Time magazine that recognized us again amongst the top-performing mid-sized U.S.
Kevin Con: We continued to drive expenses lower with operating expenses of 67 million down 2%, link quarter and down 7% year-over-year. We had positive operating leverage of 5% linked quarter and 11% year-over-year driven by both improved revenues and over expenses.
Kevin Con: operating Rod C was 10.76 percent up about 110 basis points, linked quarter and year-over-year
Kevin Con: as at quality and balance sheet Matrix remained strong.
Kevin Con: Net charge offs and non-performing Loans, remained low at 14 basis, points and 27 basis points of loans respectively.
Kevin Con: We continue to make steady progress on our strategic initiatives.
Kevin Con: Our focus on new digital deposit program has gained momentum and has delivered over 100 million of new deposits. Since Inception earlier this year,
Nitin Mhatre: companies in 2025.
Nitin Mhatre: As you know, in December we announced a merger of equals with Brookline Bancorp. The transaction improves scale and meaningfully improves profitability, as reflected in the estimated 40% and 23% accretion to Berkshire's 2026 consensus estimate on GAAP and cash basis, respectively. Berkshire's net income in the first half of 2025 annualizes to over $118 million and is tracking well ahead of the 2025 consensus net income of $101 million shared in our MOE Investor Deck in December.
Kevin Con: Performing. Midsize us companies in 2025.
Kevin Con: As you know, in December, we announced a merger of equals with Brookline bankrupt.
Kevin Con: The transaction improves scale and meaningfully improves profitability as reflected in the estimated 40% and 23% accretion to berkshire's 2026 and census estimate on Gap and cash basis respectively.
Nitin Mhatre: Our team continues to work proactively on requisite integration planning for a seamless transition.
Kevin Con: Berkshire's net income in the first half of 2025 and utilizes to over 118 million and is tracking. Well, ahead of the 2025 consensus. Net income of 101 million shared in our Moe, investor deck in December.
Sean Gray: And on that note, I'll turn the call over to Sean Gray to provide an overview of the merger integration planning process, Sean. Thanks, Nitin. You know, as we await regulatory approval, there's only so much in detail we can share, but I can say this. The combined organization's leadership team has made really good progress and continues to work towards our pro forma cost-save goal of 12.6%. I can speak to where our tech stack expenses are coming in, as most of that work is complete, and where that is coming in versus plan. So I'm very pleased with the favorable outcome of where our tech stack expense is showing up, and that will bid favorably for the overall goal of the 12.6%.
Kevin Con: Our team continues to work. Proactively on requisite integration planning for a seamless transition.
Speaker Change: And on that note, I'll turn the call over to Sean, gray to provide an overview of the merger, integration planning process. Champs,
Speaker Change: Thanks sentence. Um, you know, as we await regulatory approval um, there's there's only so much in in detail we can share, but I can say this, the, the combined organization's leadership team has made really good progress and continued to work towards our ProForm of cost. Save goal of 12.6%. I can speak to where our Tech stack expenses um are coming as as most of that work is complete.
Sean Gray: Thanks, Nitin. Thanks, Sean.
Speaker Change: And where that is coming in versus plan. So I'm very pleased with the favorable outcome of where our Tech stack expense, um, is showing up and, um, that will bid favorably, uh, for the overall goal of the 12.6%. Thanks then
Brett Brbovic: I'll begin going over the financial details for the quarter. I'll begin on slide 5, which shows an overview of the second quarter metrics. As Nitin mentioned, our operating earnings were $31.6 million, or $0.69 per share. Our net interest margin was $3.27, up three basis points linked to quarter. Operating expenses were down $1.3 million or 2% linked quarter and our efficiency ratio was 56.7%.
Speaker Change: Thanks, Sean. Um, I'll begin going over the uh Financial details uh for the quarter.
Speaker Change: Uh I'll begin on slide 5 which shows an overview of the second quarter metrics. As in mentioned, our operating earnings were 31.6 million or 69 cents per share.
Speaker Change: Our net interest margin was 3.27 up, 3 basis points, linked quarter.
Speaker Change: Operating expenses were down 1.3 million or 2% linked quarter in. Our efficiency ratio was 56.7%.
Brett Brbovic: Slide six shows our average loan balance. Average loans were up $95 million, or 1% linked quarter, unannualized, and up $327 million, or 4% year-over-year.
Brett Brbovic: Linked quarter we had solid broad-based growth led by C&I. Slide 7 shows average to po...
Speaker Change: Slide 6 shows, our average loan balances average loans were up 95 million or 1% linked quarter on annualized and up to 327 million or 4% year-over-year.
Speaker Change: We had solid broad-based growth led by cni.
Speaker Change: slide 7 shows average Depp
Speaker Change: Quarter and up 6% year-over-year.
Brett Brbovic: https://www.nitinmhatre.com Average deposits were up 1% linked quarter and up 6% year over year. Average non-interest bearing deposits as a percentage of total deposits remain steady at 23%. Turning to slide 8, net interest income was up $2.2 million or a 2% linked quarter and up 4% year over year. Net interest margin was up three basis points linked order to $3.27. Slide nine shows operating non-interest income up 1.1 million or 5% linked quarter and up 1.6 million or 8% year over year.
Speaker Change: And broker deposits average, deposits were up 1% linked quarter and up 6% year-over-year.
Speaker Change: Average, non-interest bearing deposits as a percentage of total deposits remain steady at 23%.
Speaker Change: Turning to slide 8, net interest income was up 2.2 million or 2% linked quarter and up 4% year-over-year.
Speaker Change: Basis points, linked to order to 327.
Brett Brbovic: Loan-related fees were up linked quarter, driven by higher loan servicing fees and BOLI gains, offsetting lower SBA gains in the quarter.
Speaker Change: Slide 9 shows, operating non-interest income up, 1.1, million, or 5%, linked quarter and up, 1.6 million or 8% year-over-year.
Speaker Change: And related fees were up linked quarter driven by higher Loan Servicing fees and Bully gains offsetting lower SBA gains in the quarter.
Brett Brbovic: Slide 10 shows expenses. Operating expenses were down $1.3 million, were down 2% linked quarter to $67 million, and down $4.7 million or 7% year over year.
Speaker Change: Slide 10, shows expenses.
Brett Brbovic: linked quarter and year-over-year expense declines were broad-based.
Speaker Change: Operating expenses were down 1.3 million, we're down 2% linked quarter to 67 million and down 4.7 million or 7% year-over-year.
Brett Brbovic: Non-operating expenses of $1.5 million were primarily related to the merger.
Speaker Change: Linked quarter and year-over-year. Expense declines were broad-based.
Brett Brbovic: Slide 11 shows a summary of asset quality metrics.
Speaker Change: Non-operating expenses of 1.5 million were primarily related to the merger.
Brett Brbovic: Non-performing loans as a percentage of total loans was 27 basis points, and loan reserves to NPLs was 462%. Net charge-offs of $3.3 million were down $200,000 last quarter, and our coverage ratio remained flat at 124 basis points.
Speaker Change: Slide 11 shows a summary of asset quality metrics.
Speaker Change: Non-performing loans as a percentage of total loans was 27 basis points.
Speaker Change: And Loan, reserves 10pl was 462%.
Brett Brbovic: And with that, I'll turn it back to Nitin for further comments. Nitin?
Speaker Change: Net charge offs of 3.3 million were down 200,000 Lynx quarter and our coverage ratio remained flat at 124 basis points.
Nitin Mhatre: Thank you, Brett. As Brett outlined, we had a very strong second quarter that has continued the EPS growth momentum over multiple quarters. This quarter was in fact the best quarter since we launched our transformation program in early 2021.
Speaker Change: And with that, I'll turn it back to and for further comments and
Speaker Change: Thank you, Brett.
Speaker Change: At spread outlined. We had a very strong second quarter that has continued, the EPS growth momentum over multiple quarters.
Nitin Mhatre: Over the last four and a half years, our turnaround has been a journey of efficient growth and profitability while creating a positive impact for all stakeholders. We made significant strategic decisions, embraced innovation to invest in technology, reignited organic growth, and remained committed to our community. We've not only improved our financial performance despite the macroeconomic headwinds that have impacted the industry over the last few years, but have also positioned ourselves for continued strength in the long term. Our progress is a testament to the unwavering dedication and hard work of our employees, the trust and loyalty of our clients, and the confidence and support of our shareholders.
Speaker Change: This quarter was in fact the best quarter since we launched our transformation program in early 2021.
Speaker Change: The last 4 and a half years. A turnaround has been a journey of efficient growth and profitability while creating a positive impact for all stakeholders.
Speaker Change: We made significant strategic decisions embraced Innovation to invest in technology reignited, organic growth and remained committed to our communities.
Speaker Change: We've not only improved our financial performance, despite the macroeconomic headwinds that have impacted the industry over the last few years, but I've also positioned ourselves for continued strength in the long term.
Nitin Mhatre: As I reflect on our progress since we began our transformation program in early 2021, I want to express my deepest gratitude to every member of Berkshire team, our clients, and our Board of Directors. Our bankers' dedication, resilience, and commitment to our clients has been the driving force behind our improved operating and financial performance. Together, we've navigated challenges, embraced change, and delivered strong results for our clients, shareholders, and communities.
Speaker Change: Our progress is a testament to the unwavering dedication and hard work of our employees. The trust and loyalty of our clients and the confidence and support of our shareholders.
Speaker Change: As I reflect on our progress since we began our transformation program in early 2021, I want to express my deepest gratitude to every member of worksheet team, our clients and our board of directors.
Speaker Change: Our Bankers dedication, resilience and commitment to our clients has been the driving force behind our improved operating and financial performance.
Nitin Mhatre: It has truly been an honor and a privilege to lead such an outstanding team of purpose-driven, values-guided, talented bankers. I'm incredibly proud of what we've accomplished together and excited to see what the combined company will achieve next.
Speaker Change: Together, we've navigated challenges Embrace change and delivered strong results for our clients, shareholders and communities.
Speaker Change: It has truly been an honor and a privilege to lead such an outstanding team of purpose-driven values. Guided talented, bankers,
Carly: With that, I'll turn it over to the operator for questions, Carly. At this time, I would like to remind everyone, in order to ask a question, press star, then the number 1 on your telephone keypad. We'll pause for just a moment to compile the Q&A roster.
Speaker Change: I'm incredibly proud of what we've accomplished together and excited to see what the combined company will achieve next.
Carly: With that, I'll turn it over to the operator for questions Carly.
Speaker Change: At this time, I would like to remind everyone in order to ask a question. Press star, then the number 1 on your telephone keypad, we'll pause for just a moment to compile the Q&A roster.
Lori Hunsicker: Your first question comes from Lori Hunsicker with Seaport Research Partners. Hi, good morning. Just wondered, just wondered if we could just start with with margin. You guys had that 100 million drop in FHLB. Please remind us when in the quarter that spell and then also your spot margin for June and just how you're thinking about it.
Carly: Your first question comes from Lori Hunsinger with cport research partners.
Lori Hunsinger: Hi, good morning, oh sorry. I just wondered just wondered. Um if we could just start with with margin um you guys had that 100 million drop in fhlb.
Brett Brbovic: Hey, Laurie, this is Brett. Our spot in him for June was about 322. The FHLB drop. Sorry, I'm sorry. I think that yeah, there was a dead spot there. Can you can you start over? Thanks. Sure, the the spotname for June was 322. And the FHLB decline coincided with an increase in our deposits throughout the quarter. So it wasn't, you know, at a specific point in time, it was just based on, you know, what we needed to borrow to to or what we didn't need to borrow to, you know, based on the deposit growth that we saw this quarter.
Lori Hunsinger: Just remind us when in a quarter that that fell and then also your spot margin for June and just how you're how you're thinking about it. Thanks.
Lori Hunsinger: Hey Lori. This is Brett, our. Our spot nym for June uh was about 3:22.
Speaker Change: Um oh, the fhl B drop. Oh
Speaker Change: Sorry Lori. I'm sorry I think there. Yeah there was a dead spot there. Can you? Can you start over? Thanks.
Speaker Change: Sure, the the spot nym for June was 3:22.
Speaker Change: Okay, and the fhlb decline coincided with an increase in our, our deposits throughout the quarter. So it, it wasn't um, you know, at a specific point in time, it was just based on, you know, what we needed to borrow to, to or what we didn't need to borrow to, um, you know, based on the deposit growth that we saw this quarter,
Brett Brbovic: Okay, gotcha. And do you have do you have any any sort of near term large maturities coming due and CDs or borrowings that we think about here in the next quarter? No, nothing. I wouldn't say anything significant. Okay, okay, great.
Speaker Change: Gotcha. Okay, gotcha. And do you have, do you have any, um, any sort of near-term large maturities coming to you and CDs or
Speaker Change: Or borrowings that we think about here in the next quarter.
Speaker Change: No nothing. I I wouldn't say anything significant.
Lori Hunsicker: And then just jumping over to credit, obviously your credit is looking great, but just wondered if you can help us think about that jump in the C&I non-performers to 11 and a half million from 9 million, and then also Firestone. I know it's small, but if you could just give us, you know, what is the Firestone C&I balance? and how much are non-performers in charge of.
Greg Lindenmuth: Yeah, Greg, you want to give some color on it?
Speaker Change: Okay. Okay, great. And then, uh, just jumping over to credit. Obviously your credit is looking great, um, but just wondered, if, if you can help us think about that jump in the cni non-performers to 11 and a half million from 9 million and then also a firestone. I know it's small, um, but if you could just give us, you know, what is the Firestone saying? I balance. And, and how much in non-performers and charge offs
Greg Lindenmuth: Sure, hi Lori, how are you? The, sure, the jump in MPLs, it's a handful of just smaller credits, probably just a half dozen of smaller credits with just individual problems related to each business.
Um, yeah, Greg you want to give some color on it.
Greg Lindenmuth: As far as Firestone, the balance is down 15%, quarter over quarter, to $28 million, and NPLs have historically ranged in the $1.5 million range. They're at $1.3 million right now, and for NCOs, there's a net $900,000 for the quarter. Okay, and then again, you had outside...
Sure. Hi Lori. How are you? Good thanks. Um the sure the uh jump in in mpls it's it's a handful of just smaller credits, probably just a half dozen of smaller credits with just individual problems related to each, uh, business. As far as Firestone, the balance is down. 15% quarter over quarter to 28 million.
Speaker Change: Um, and mpls have historically ranged in the 1 and a half million range, they're at 1.3 million. Um, right now and, uh, for ncos is a net 900,000 for the quarter.
Greg Lindenmuth: I have a question for Josh, just in the CNI bucket. Was there anything specific there that's worth calling out? No, very similar to the MPLs, nothing noteworthy, just a handful of individual credits on the smaller side.
Lori Hunsinger: You had you had outside. Um,
Speaker Change: Charge off, just in the cni bucket. Was there? Was there? Anything specific there? That's, that's worth calling out.
Speaker Change: no, very similar to the mpls, nothing noteworthy, uh, just a handful of, um, individual credits on the smaller side,
Greg Lindenmuth: OK, and then I think I know the answer to this, but I just want to triple check. Your 700 million multifamily book, anything rent controlled in that. There, you know, we have no rent control in our footprint, even though New York City is technically within our footprint, we do not have any loans.
Speaker Change: Gotcha, gotcha.
Speaker Change: Okay, and then, um, I think I know the answer to this but I just want to triple check. Um, your 700 million multi-family book. Um, anything rent, controlled in that.
Greg Lindenmuth: Okay, and then I know Mondami He's expressed a desire to target other markets too, i.e. Albany. Do you have any rent controlled anywhere? Not in our footprint, no. And not in all of them.
Speaker Change: In that box there. You know, we have no rent rent control in a footprint even though New York City is uh, technically, within our footprint, we do not have any loans there.
Speaker Change: Okay and then I know mandami, he's expressed a desire to Target other markets too, IE Albany. Do you have any rent controlled anywhere?
Greg Lindenmuth: Okay, that's great.
Speaker Change: We do not not in our footprint know and not nobody.
Brett Brbovic: And then, non-interest income, the loan-related fees that were really strong, what were the BOLI gains in this quarter? They were about 800,000 above normal. Okay, just non-recurring benefit, death benefit, correct. Okay.
Speaker Change: Okay.
Speaker Change: Um, that's great. And then not interesting. Can the loan related fees that were really strong? What what were the by gains in this quarter?
Speaker Change: Uh, they were about 800,000 above.
Speaker Change: Normal.
Sean Gray: And then how do we think about the drop in the SBA loan, gain on sale of SBA loans? How should we be thinking about that? So I think we have a very...
Speaker Change: Okay, just non-recurring benefit death benefit or correct. Okay okay and then how do we think about the the drop in the SBA loan? Gain on, gain on sale of SBA Loans? How how should we be thinking about that?
Speaker Change: so I I think we
Sean Gray: Hey, it's Sean. You know, Brett's probably going to say the same thing. You know, we're coming off a really good Q4 and Q1. We pulled some of that value forward. So a little bit of a move back to the the mean. But when we look at the core business, we look at pipeline and volume looks very healthy. Okay, so this current run rate QQ is probably a better run rate. I would say it's in between the Q1, Q2. Okay, great.
Speaker Change: Hey, it's Sean. Um, you know, we in Brett's probably going to say the same thing. Um, you know, we're coming off a really good Q4 and q1, uh, we pulled some of that value forward. Uh, so a little bit of a, uh, a move back to the, uh, the mean. Um, but when we look at the core business, we look at Pipeline and volume looks very healthy.
Speaker Change: Okay, so so this current run rate to Q is probably a better run rate.
Speaker Change: I would say it's in between um, the q1 Q2, okay.
Brett Brbovic: And then how should we be thinking about tax rate going forward? So, our tax rate is a bit elevated right now due to timing and merger-related aspects. I would expect it to normalize going forward. Okay, and so what what would be a good, you know, like 23-24%? I would say about 24-25%. Okay, okay.
Okay.
Speaker Change: Okay, great. And then how should we be thinking about tax rate going forward?
Speaker Change: So our our tax rate is a bit elevated. Uh, right now due to timing and and merger related aspects. Um, you know, I would I would expect it to normalize, um, going forward.
Speaker Change: Okay. And so what what would be a good? You know, like 23 24%?
Lori Hunsicker: And then this last sort of more high-level question here, can you help us think about Your deal tangible solution at announcement. I'm going to start with you, Kate. So, you've mentioned that you're going to be doing a tangible book dilution with 17 percent and then a 40 percent earnings pick-up.
Speaker Change: Uh, I would say about 242%.
Speaker Change: Okay. Okay, and then just last sort of more high level question here. Um, can you help us? Think about
Speaker Change: you know, your, your deal tangible dilution at announcement
Brett Brbovic: Can you just help us think about, you know, what the new FASB impact on CECL updates and the double count sort of means for your tangible book dilution? Can you help quantify that? And also, you know, presumably your tangible book dilution is something less, but your earnings pick-up is also something less. Just how do we think about that?
Tangible book dilution with 17% and then a 40% earnings pickup. Can you just help us think about you know what the
Brett Brbovic: And then also, geo-related, can you help us think about the timing of that? Sure, so. Obviously, the ASU hasn't been finalized yet, you know, it's expected to be adopted at the, you know, third or fourth quarter of this year, it will have an impact on our combined entity as we move forward.
Speaker Change: What the new fasbee impact on on Tesla updates, the double count sort of means for your tangible book. Dilution, can you help quantify that? And also, you know, presumably your tangible book, dilution is something less. But your earnings pick up is also something less. Just how should we think about that? And then also deal related. Can you help us think about the timing
Speaker Change: Sure. So
Brett Brbovic: I don't think at this time, you know, we can quantify that right now on this call. But it definitely will have an impact and it's something we're continuing to analyze as we get more information on the ASU and what it's going to look like in its final state.
Speaker Change: Obviously, the ASU hasn't been finalized yet. Um, you know, it's expected to be adopted at the, you know, third or fourth quarter of this year, it will have an impact, um, on our about the combined entity as we move, uh, forward. Um, I don't think at this time, you know, we, we can quantify that right now, on on this call, um, but it definitely will have an impact and it's something we're continuing to analyze as, as we get more information on the ASU and what it's going to look like.
Speaker Change: Looks like in its final state.
Lori Hunsicker: Okay, and then what about what about deal closing? We've seen things really ramp up on the M&A side on deal closings just happen really, really a lot faster.
Brett Brbovic: Any any color on that? Yeah, Laurie, I think we in the investor materials we did say we expect the closing to be end of September. Everything's on track so far, so we're just awaiting the regulatory approval and the teams are already working on the integration planning as Sean highlighted.
Okay. And then what about what about deal closing? We've seen things really ramped up on the m&a side on Deal closing just happened. Really really a lot faster. Um any any color on that?
Speaker Change: Yeah, Lori. I think, uh, we uh, in the investor materials we did say, we expect the closing to be end of September. Uh, everything's on track so far. So we just are waiting the regulatory approval, and the teams are already working on the integration planning, as Sean. I like,
Lori Hunsicker: Great.
Nitin Mhatre: Thanks, Nitin.
Lori Hunsicker: Thanks for taking my question.
Carly: Thank you, Laurie.
Lori Hunsinger: Okay. Great thanks D. Thanks for taking my question.
Carly: Thanks, Laurie.
Speaker Change: Thank you Lori. Thanks Laurie.
Carly: There are no further questions at this time.
Nitin Mhatre: I will now turn the conference back over to Nitin Mhatre for closing remarks. Thank you all for joining us today for a call and for your continued interest in Berkshire.
There are no further questions at this time. I will now turn the conference back over to nit, and
Nitin Mhatre: Have a great day and be well.
Speaker Change: Have a great day and be well.
Carly: This concludes today's conference.
Carly: You may now disconnect.
Speaker Change: this concludes today's conference, you may now disconnect