Business lending growth boosts United Bank numbers
United Bank
Connecticut-based United Bank, which has seven branches in Central Massachusetts, reported record earnings in its second quarter, helped by a 19-percent jump in commercial lending and a jump in home loans.
United’s parent, United Financial Bancorp, brought its second-quarter net income back into the black amid skyrocketing second-quarter demand for its home and business loans. For the three months ended June 30, United – formerly Rockville Bank – said Tuesday it netted $13.3 million, or 27 cents a share.
That compares to a net loss of $5.6 million, or 13 cents a share, in the second quarter of 2014, reflecting the costs of its merger with Rockville.
“Commercial and residential mortgage loan pipelines remain robust, continuing the expectation that the company will achieve single digit total loan growth for 2015,” CEO William H. W. Crawford IV said.
United reported 17 percent total annualized loan growth, with a 19 percent increase in commercial loans. In January, United expanded its commercial lending team in Central and Western Massachusetts, recruiting six lenders from banks in the Worcester and Springfield markets.
Meanwhile, United's board declared a cash dividend of 12 cents a share, payable Aug. 12 to common stockholders as of July 31.
(Material from the Hartford Business Journal was used in this report.)
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