United Bank Reports Profit Jump
Profits were up 38.7 percent during the first quarter of the year for the parent company of West Springfield-based United Bank, which acquired Worcester-based Commonwealth National Bank in 2009.
United Financial reported net income of $2.4 million during the first three months of 2011, up from the $1.8-million the bank reported for the same time last year.
Total assets increased a slight 1 percent to $1.6 billion, while total deposits increased 3 percent to $1.2 billion. Total loans also increased 2 percent to $1.1 billion. The bank attributed that increase to more residential mortgage activity.
Non-performing assets - or loans that are behind on payments for an extended period of time - totaled $9.8 million at the end of the quarter, which was down from $11 million as of Dec. 31, 2010.
Correction: An earlier version of this story misstated the total assets, deposits and loans at United Bank.
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