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The $5.2 billion-asset company intends to use the proceeds from its sale of subordinated notes for general purposes, it said in a press release Wednesday.
September 17 -
United Bank of Glastonbury, Conn., has hired three experienced former Bank of America mortgage bankers in West Springfield, Mass.
May 28 -
Rockville Financial (RCKB) in Connecticut and United Financial Bancorp (UBNK) in West Springfield, Mass., will close four overlapping branches after their planned merger closes next year.
December 19 -
Rockville Financial (RCKB) in Rockville, Conn., will merge with United Financial Bancorp (UBNK) in West Springfield, Mass.
November 15
United Financial Bancorp in Glastonbury, Conn., saw its profits surge in the first full quarter after merging with Rockville Financial.
Net income for the $5.3 billion-asset company more than doubled from a year earlier, to $10 million. Earnings per share of 19 cents were 4 cents below the average estimate of analysts polled by Bloomberg.
Net interest income rose 150%, to $42.2 million, reflecting 10% annualized commercial loan growth and a record $116 million of residential mortgage loan production, United Financial Chief Executive William Crawford said in a press release late Wednesday.
The net interest margin widened by 24 basis points, to 3.56%. Net chargeoffs were $1.7 million.
Noninterest income fell 20%, to $4.1 million, driven by a $2.2 million loss tied to limited partnership investments. The decline also included a $1.1 million reduction in loan sales.
Noninterest expenses rose 137%, to $35 million, because of higher salaries and greater occupancy costs
