July 16, 2010
United Financial Nets $2.9M
By Brandon Butler
United Financial Bancorp Inc., which purchased Worcester's Commonwealth National Bank last year, reported a $2.9 million profit in the second quarter, up from a $560,000 profit during the same time period last year.
The West Springfield-based bank credited the increased profit in part to a widening net interest margin, which is the difference between interest income and interest expenses.
While assets for the bank increased by a scant 0.3 percent to $1.5 billion from Dec. 30, 2009 to June 30, 2010, loans actually decreased 2.5 percent to just over $1 billion. However, the bank reported a healthy 6.6 percent increase in deposits, which totaled $1.1 billion.
The bank has 16 branches in Western and Central Massachusetts.
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