July 22, 2011
Profits Down At United Financial
The West Springfield-based holding company for United Bank, which has six branches in Central Massachusetts, saw profits fall to $2.7 million in the second quarter, an 8 percent drop from the same quarter last year.
Richard B. Collins, president and CEO of United Financial Bancorp, said that performance continues to be impacted by a competitive local market and a challenging economic environment
The company reported that provisions for loan losses were $673,000 for the quarter, an increase of $223,000, or 50 percent, from the prior quarter. Total deposits were at $1.1 billion as of June 30, an increase of $46 million, or 4 percent.
The company also announced a quarterly dividend payment of 9 cents per share.
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