The holding company for United Bank, which is based in Connecticut and has branches in Central Mass., reported commercial loan growth in the first full fiscal quarter as the combined United Financial following the merger of Rockville Financial, Inc. (“Rockville”) and United Financial Bancorp Inc. in April.
The company had net income of $10.0 million, or $0.19 per diluted share, for the quarter ended September 30, 2014, compared to Rockville’s net income of $4.6 million, or $0.18 per diluted share, for the quarter ended September 30, 2013, it said.
The company’s total commercial loans grew during the third quarter by $60 million, or 10 percent annualized, it said.
For the quarter, commercial loan growth was comprised of a commercial real estate portfolio increase of $24 million, or 1 percent; a commercial business portfolio increase of $21 million, or 4 percent; and an increase in the commercial construction portfolio of $15 million, or 14 percent, it reported.
