United Bank’s 1Q net, dividend climb
The parent of Connecticut’s United Bank posted higher first-quarter net income than any of its Connecticut and Massachusetts predecessors on strong residential and commercial loan demand and ongoing synergies from its nearly year-old merger. It also hiked its dividend.
For three months ended March 31, United Financial Bancorp Inc. said Tuesday it netted $13 million, or 26 cents a diluted share. United Bank has locations throughout New England and Central Massachusetts, in Worcester, Northborough, Shrewsbury, Whitinsville and West Boylston.
A year ago, United Bank was underway with its merger of former Rockville Financial and predecessor United Financial in West Springfield, so new United's first-quarter financial aren't exactly comparable.
However, Rockville's 2014 first-quarter net was $947,000, or 4 cents a diluted share.
CEO William H.W. Crawford IV conceded the bank's first-quarter commercial-loan growth was "below plan,'' adding, "we have record commercial and robust mortgage loan pipelines.''
As a result, Crawford said United lifted its quarterly dividend 20 percent, to 12 cents a share from a dime.
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